CAMDEN PROPERTY TRUST - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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EX-99.1 - EXHIBIT 99.1 - CAMDEN PROPERTY TRUST	a6597913ex99_1.htm
8-K - CAMDEN PROPERTY TRUST 8-K - CAMDEN PROPERTY TRUST	a6597913.htm

EXHIBIT 99.2

FOURTH QUARTER 2010

Supplemental Operating and Financial Data

Camden College Park - College Park, MD

508 Apartment Homes

Currently 96% Occupied

Camden Property Trust

Three Greenway Plaza, Suite 1300

Houston, Texas 77046

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

www.camdenliving.com

CAMDEN	TABLE OF CONTENTS


	Page
Press Release Text	3
Financial Highlights	6
Operating Results	7
Funds from Operations	8
Balance Sheets	9
Portfolio Statistics	10
Components of Property Net Operating Income	11
"Same Property" Fourth Quarter Comparisons	12
"Same Property" Sequential Quarter Comparisons	13
"Same Property" Year to Date Comparisons	14
"Same Property" Operating Expense Detail & Comparisons	15
Joint Venture Operations	16
Current Development Communities	17
Joint Venture Development Communities	18
Development Pipeline & Land	19
Acquisitions and Dispositions	20
Debt Analysis	21
Debt Maturity Analysis	22
Debt Covenant Analysis	23
Unconsolidated Real Estate Investments Debt Analysis	24
Unconsolidated Real Estate Investments Debt Maturity Analysis	25
Capitalized Expenditures & Maintenance Expense	26
2011 Financial Outlook	27
Non-GAAP Financial Measures - Definitions & Reconciliations	28
Other Data	30
Community Table	31

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

CAMDEN PROPERTY TRUST ANNOUNCES FOURTH QUARTER

AND FULL YEAR 2010 OPERATING RESULTS

Houston, TEXAS (February 3, 2011) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and twelve months ended December 31, 2010.

Funds from Operations (“FFO”)

FFO for the fourth quarter of 2010 totaled $0.73 per diluted share or $53.9 million, as compared to ($0.53) per diluted share or ($36.3) million for the same period in 2009. FFO for the three months ended December 31, 2010 included a net $0.04 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, offset by an impairment associated with a technology investment. FFO for the three months ended December 31, 2009 included a $1.24 per diluted share impact from impairment losses on land held for development and predevelopment investments.

FFO for the twelve months ended December 31, 2010 totaled $2.72 per diluted share or $194.3 million, as compared to $1.68 per diluted share or $109.9 million for the same period in 2009. FFO for the twelve months ended December 31, 2010 included a net $0.04 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, offset by an impairment associated with a technology investment. FFO for the twelve months ended December 31, 2009 included a $1.31 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.04 per diluted share impact from losses related to early retirement of debt.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported net income attributable to common shareholders (“EPS”) of $17.1 million or $0.24 per diluted share for the fourth quarter of 2010, as compared to a net loss of $79.3 million or $1.19 per diluted share for the same period in 2009. EPS for the three months ended December 31, 2010 included a $0.13 per diluted share impact from the gain on sale of discontinued operations, and a net $0.04 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, offset by an impairment associated with a technology investment. EPS for the three months ended December 31, 2009 included a $1.24 per diluted share impact from impairment losses on land held for development and predevelopment investments.

For the twelve months ended December 31, 2010, Camden reported net income attributable to common shareholders of $23.2 million or $0.33 per diluted share, as compared to a net loss of $50.8 million or $0.80 per diluted share for the same period in 2009. EPS for the twelve months ended December 31, 2010 included a $0.14 per diluted share impact from the gain on sale of discontinued operations, and a net $0.05 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, offset by an impairment associated with a technology investment. EPS for the twelve months ended December 31, 2009 included a $1.31 per diluted share impact from impairment losses on land held for development and predevelopment investments, a $0.27 per diluted share impact from gain on sale of discontinued operations, and a $0.04 per diluted share impact from losses related to early retirement of debt.

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

Same-Property Results

For the 46,293 apartment homes included in consolidated same-property results, fourth quarter 2010 same-property net operating income (“NOI”) increased 0.1% compared to the fourth quarter of 2009, with revenues increasing 1.3% and expenses increasing 3.3%. On a sequential basis, fourth quarter 2010 same-property NOI increased 3.4% compared to the third quarter of 2010, with revenues declining 0.3% and expenses declining 5.8% compared to the prior quarter. On a full-year basis, 2010 same-property NOI declined 3.5%, with a revenue decline of 2.0% and expense growth of 0.4% compared to the same period in 2009. Same-property physical occupancy levels for the combined portfolio averaged 93.5% during the fourth quarter of 2010, compared to 93.1% in the fourth quarter of 2009 and 94.3% in the third quarter of 2010.

The Company defines same-property communities as communities owned and stabilized as of January 1, 2009, excluding properties held for sale and communities under redevelopment. A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Acquisition Activity

Camden completed one acquisition during the quarter for approximately $23 million through its Multifamily Value Add Fund, in which it owns a 20% interest. The Fund acquired Camden South Bay, a 270-home stabilized apartment community located in Corpus Christi, TX.

In addition, on December 21, 2010, the Company acquired substantially all of the ownership of Camden Plaza and Camden College Park, two of the Company’s joint ventures, resulting in Camden’s ownership interest in each joint venture increasing from 30.0% to 99.9%. The two communities had a combined value of $146 million, and the joint ventures were consolidated for financial reporting purposes on the acquisition date. The Company did not record a gain or loss on these transactions, as the net consideration approximated the fair market value of the net assets received.

Disposition Activity

The Company disposed of two properties during the fourth quarter for a total of $104.0 million and a gain of $9.6 million: Camden Westwind, a 464-home community in Ashburn, VA, and Camden Oasis, a 602-home apartment community in Euless, TX.

Development Activity

Construction was completed during the fourth quarter at Camden Ivy Hall, a $17 million joint venture community which is currently 68% leased. Construction continued during the quarter on two wholly-owned development communities: Camden Lake Nona, a $61 million project in Orlando, FL; and Camden Summerfield II, a $32 million project in Landover, MD. Initial occupancy at these communities is scheduled for mid- to late 2011, with construction completions expected by early to mid-2012. Subsequent to quarter-end, the Company began construction on Camden Royal Oaks II, a $14 million project in Houston, TX scheduled for initial occupancy in late 2011 with construction completion expected by mid-2012.

Camden has two additional joint venture communities which recently completed lease-up: Belle Meade, a $38 million project that is currently 98% leased; and Braeswood Place, a $50 million project that is currently 91% leased.

The Company has eight additional development communities which may begin construction in 2011 or 2012.

Equity Issuance

During the fourth quarter, Camden issued 1,949,070 common shares through its at-the-market (“ATM”) share offering program at an average price of $50.55 per share, for total net consideration of approximately $97.0 million. During full-year 2010, Camden issued a total of 4,867,705 common shares through its ATM program at an average price of $48.37 per share, for total net consideration of approximately $231.7 million. Subsequent to quarter-end, Camden issued an additional 71,343 common shares at an average price of $54.06 per share, for total net consideration of approximately $3.8 million, relating to trades executed in December 2010 but settled in January 2011.

Earnings Guidance

Camden provided initial earnings guidance for 2011 based on its current and expected views of the apartment market and general economic conditions. Full-year 2011 FFO is expected to be $2.70 to $3.00 per diluted share, and full-year 2011 EPS is expected to be $0.20 to $0.50 per diluted share. First quarter 2011 earnings guidance is $0.65 to $0.69 per diluted share for FFO and $0.01 to $0.05 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s initial 2011 earnings guidance is based on projections of same-property revenue growth between 3.25% and 5.0%, expense growth between 2.5% and 3.5%, and NOI growth between 4.0% and 6.0%. Additional information on the Company’s 2011 financial outlook and a reconciliation of expected net income attributable to common shareholders to expected FFO are included in the financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Friday, February 4, 2011 at 11:00 a.m. Central Time to review its fourth quarter and full-year 2010 results and discuss its outlook for future performance. To participate in the call, please dial (866) 843-0890 (Domestic) or (412) 317-9250 (International) by 10:50 a.m. Central Time and enter passcode: 5729208, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.

Forward-Looking Statements

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

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 186 properties containing 63,316 apartment homes across the United States. Upon completion of two properties under development, the Company’s portfolio will increase to 63,923 apartment homes in 188 properties. Camden was recently named by FORTUNE® Magazine for the fourth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #7.

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

CAMDEN	FINANCIAL HIGHLIGHTS
	(In thousands, except per share, property data amounts and ratios)


(Unaudited)
	Three Months Ended December 31,				Twelve Months Ended December 31,
	2010		2009		2010		2009
Total property revenues (a)	$155,387		$150,161		$610,404		$612,010

EBITDA	88,581		82,739		330,267		334,249

Net income attributable to common shareholders	17,147		(79,286	)	23,216		(50,800	)
Per share - basic	0.24		(1.19	)	0.33		(0.80	)
Per share - diluted	0.24		(1.19	)	0.33		(0.80	)

Income from continuing operations attributable to common shareholders	6,795		(80,150	)	10,121		(72,788	)
Per share - basic	0.09		(1.20	)	0.14		(1.15	)
Per share - diluted	0.09		(1.20	)	0.14		(1.15	)

Funds from operations	53,948		(36,319	)	194,309		109,947
Per share - diluted	0.73		(0.53	)	2.72		1.68

Dividends per share	0.45		0.45		1.80		2.05
Dividend payout ratio (b)	60.5	%	63.4	%	65.8	%	68.6	%

Interest expensed (including discontinued operations)	30,815		30,932		125,893		128,296
Interest capitalized	1,721		2,720		5,687		10,298
Total interest incurred	32,536		33,652		131,580		138,594

Principal amortization	1,273		1,125		4,674		6,445
Preferred distributions	1,750		1,750		7,000		7,000

Interest expense coverage ratio	2.9	x	2.7	x	2.6	x	2.6	x
Total interest coverage ratio	2.7	x	2.5	x	2.5	x	2.4	x
Fixed charge expense coverage ratio	2.6	x	2.4	x	2.4	x	2.4	x
Total fixed charge coverage ratio	2.5	x	2.3	x	2.3	x	2.2	x
Unencumbered real estate assets (at cost) to unsecured debt ratio	2.7	x	2.4	x	2.7	x	2.4	x

Same property NOI increase (decrease) (c)	0.1	%	(5.5	%)	(3.5	%)	(6.0	%)
(# of apartment homes included)	46,293		42,670		46,293		42,670

Gross turnover of apartment homes (annualized)	58	%	62	%	64	%	69	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)	50	%	52	%	55	%	58	%


					As of December 31,
					2010		2009
Total assets					$4,699,737		$4,607,999
Total debt					$2,563,754		$2,625,199
Common and common equivalent shares, outstanding end of period (d)					74,795		69,190
Share price, end of period					$53.98		$42.37
Preferred units, end of period					$97,925		$97,925
Book equity value, end of period (e)					$1,855,298		$1,706,938
Market equity value, end of period (e)					$4,137,434		$3,031,580



(a) Excludes discontinued operations.

(b) Excludes ($0.01) and ($0.01) per diluted share in the fourth quarter 2010 and year to date 2010, respectively, for non-cash impairments related to technology investments. Excludes ($1.24) and ($1.31) per diluted share in the fourth quarter 2009 and year to date 2009, respectively, for non-cash impairments on land held for development and pre-development activities.

(c) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major redevelopment.

(d) Includes at December 31, 2010: 72,269 common shares (including 643 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (2,526).

(e) Includes: common shares, preferred and common units, and common share equivalents.

Note: Please refer to pages 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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


(Unaudited)	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
OPERATING DATA	2010		2009		2010		2009
Property revenues
Rental revenues	$133,929		$128,995		$524,305		$527,429
Other property revenues	21,458		21,166		86,099		84,581
Total property revenues	155,387		150,161		610,404		612,010

Property expenses
Property operating and maintenance	44,989		41,213		179,644		172,397
Real estate taxes	15,089		15,631		67,856		69,674
Total property expenses	60,078		56,844		247,500		242,071

Non-property income
Fee and asset management income	2,144		1,915		8,172		8,008
Interest and other income	4,596		412		8,584		2,826
Income on deferred compensation plans	4,763		2,907		11,581		14,609
Total non-property income	11,503		5,234		28,337		25,443

Other expenses
Property management	4,988		5,016		19,982		18,864
Fee and asset management	1,230		1,366		4,841		4,878
General and administrative	8,423		8,233		30,762		31,243
Interest	30,815		30,932		125,893		128,296
Depreciation and amortization	44,837		43,073		172,849		171,322
Amortization of deferred financing costs	1,478		1,569		4,102		3,925
Expense on deferred compensation plans	4,763		2,907		11,581		14,609
Total other expenses	96,534		93,096		370,010		373,137

Gain on sale of properties, including land	-		-		236		-
Loss on early retirement of debt	-		-		-		(2,550	)
Impairment associated with land development activities	-		(85,614	)	-		(85,614	)
Impairment provision for technology investments	(1,000	)	-		(1,000	)	-
Equity in income (loss) of joint ventures	(54	)	103		(839	)	695
Income from continuing operations before income taxes	9,224		(80,056	)	19,628		(65,224	)
Income tax expense - current	(295	)	(195	)	(1,581	)	(967	)
Income from continuing operations	8,929		(80,251	)	18,047		(66,191	)
Income from discontinued operations	738		864		3,481		5,101
Gain on sale of discontinued operations	9,614		-		9,614		16,887
Net income	19,281		(79,387	)	31,142		(44,203	)
Less (income) loss allocated to noncontrolling interests from continuing operations	(384	)	1,851		(926	)	403
Less income allocated to perpetual preferred units	(1,750	)	(1,750	)	(7,000	)	(7,000	)
Net income attributable to common shareholders	$17,147		($79,286	)	$23,216		($50,800	)


CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net income	$19,281		($79,387	)	$31,142		($44,203	)
Other comprehensive income (loss)
Unrealized gain (loss) on cash flow hedging activities	490		(1,984	)	(19,059	)	(12,291	)
Reclassification of net losses on cash flow hedging activities	5,897		5,750		23,385		22,192
Unrealized gain on available-for-sale securities, net of tax	1,392		-		3,306		-
Unrealized gain on postretirement obligations	65		-		65		-
Comprehensive income (loss)	27,125		(75,621	)	38,839		(34,302	)
Less (income) loss allocated to noncontrolling interests from continuing operations	(384	)	1,851		(926	)	403
Less income allocated to perpetual preferred units	(1,750	)	(1,750	)	(7,000	)	(7,000	)
Comprehensive income (loss) attributable to common shareholders	$24,991		($75,520	)	$30,913		($40,899	)


PER SHARE DATA
Net income (loss) attributable to common shareholders - basic	$0.24		($1.19	)	$0.33		($0.80	)
Net income (loss) attributable to common shareholders - diluted	0.24		(1.19	)	0.33		(0.80	)
Income (loss) from continuing operations attributable to common shareholders - basic	0.09		(1.20	)	0.14		(1.15	)
Income (loss) from continuing operations attributable to common shareholders - diluted	0.09		(1.20	)	0.14		(1.15	)

Weighted average number of common and
common equivalent shares outstanding:
Basic	70,716		66,134		68,608		62,359
Diluted	71,587		66,134		68,957		62,359

Note: Please refer to pages 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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


(Unaudited)	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
FUNDS FROM OPERATIONS	2010		2009		2010		2009

Net income (loss) attributable to common shareholders	$17,147		($79,286	)	$23,216		($50,800	)
Real estate depreciation from continuing operations	43,550		41,927		167,949		167,120
Real estate depreciation from discontinued operations	435		846		2,711		3,360
Adjustments for unconsolidated joint ventures	2,190		1,988		8,943		7,800
Income (loss) allocated to noncontrolling interests	240		(1,794	)	1,104		(646	)
Gain on sale of discontinued operations	(9,614	)	-		(9,614	)	(16,887	)
Funds from operations - diluted	$53,948		($36,319	)	$194,309		$109,947

PER SHARE DATA
Funds from operations - diluted	$0.73		($0.53	)	$2.72		$1.68
Cash distributions	0.45		0.45		1.80		2.05

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted	73,847		69,119		71,552		65,266

PROPERTY DATA
Total operating properties (end of period) (a)	186		183		186		183
Total operating apartment homes in operating properties (end of period) (a)	63,316		63,286		63,316		63,286
Total operating apartment homes (weighted average)	50,970		50,515		50,794		50,608
Total operating apartment homes - excluding discontinued operations (weighted average)	50,194		49,449		49,801		49,206

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

Note: Please refer to pages 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN	BALANCE SHEETS
	(In thousands)


(Unaudited)	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
	2010		2010		2010		2010		2009
ASSETS
Real estate assets, at cost
Land	$760,397		$763,559		$746,195		$748,604		$747,921
Buildings and improvements	4,680,361		4,613,036		4,521,376		4,527,523		4,512,124
	5,440,758		5,376,595		5,267,571		5,276,127		5,260,045
Accumulated depreciation	(1,292,924	)	(1,263,173	)	(1,221,422	)	(1,191,604	)	(1,149,056	)
Net operating real estate assets	4,147,834		4,113,422		4,046,149		4,084,523		4,110,989
Properties under development and land	206,919		198,377		199,012		196,371		201,581
Investments in joint ventures	27,632		33,226		50,392		42,994		43,542
Properties held for sale, including land	-		9,737		9,692		-		-
Total real estate assets	4,382,385		4,354,762		4,305,245		4,323,888		4,356,112
Accounts receivable - affiliates	31,895		32,269		31,993		32,657		36,112
Notes receivable - affiliates	3,194		17,509		38,478		46,118		45,847
Other assets, net (a)	106,175		105,950		87,371		92,983		102,114
Cash and cash equivalents	170,575		91,071		128,155		28,553		64,156
Restricted cash	5,513		5,174		3,738		3,680		3,658
Total assets	$4,699,737		$4,606,735		$4,594,980		$4,527,879		$4,607,999



LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured	$1,507,757		$1,507,858		$1,590,287		$1,590,473		$1,645,926
Secured	1,055,997		1,034,354		981,816		980,188		979,273
Accounts payable and accrued expenses	81,556		82,598		63,663		69,858		74,420
Accrued real estate taxes	22,338		40,340		28,416		17,005		23,241
Other liabilities (b)	141,496		144,146		137,020		138,136		145,176
Distributions payable	35,295		34,548		34,275		33,403		33,025
Total liabilities	2,844,439		2,843,844		2,835,477		2,829,063		2,901,061

Commitments and contingencies

Perpetual preferred units	97,925		97,925		97,925		97,925		97,925

Shareholders' equity
Common shares of beneficial interest	824		804		798		778		770
Additional paid-in capital	2,775,625		2,673,606		2,641,354		2,548,722		2,525,656
Distributions in excess of net income attributable to common shareholders	(595,317	)	(580,046	)	(550,039	)	(520,798	)	(492,571	)
Notes receivable secured by common shares	-		-		(102	)	(101	)	(101	)
Treasury shares, at cost	(461,255	)	(461,255	)	(461,517	)	(461,517	)	(462,188	)
Accumulated other comprehensive loss (c)	(33,458	)	(41,302	)	(43,718	)	(42,093	)	(41,155	)
Total common shareholders' equity	1,686,419		1,591,807		1,586,776		1,524,991		1,530,411
Noncontrolling interest	70,954		73,159		74,802		75,900		78,602
Total shareholders' equity	1,757,373		1,664,966		1,661,578		1,600,891		1,609,013
Total liabilities and shareholders' equity	$4,699,737		$4,606,735		$4,594,980		$4,527,879		$4,607,999



(a) includes:
net deferred charges of:	$13,336		$14,892		$10,193		$10,704		$11,113

(b) includes:
deferred revenues of:	$2,332		$2,347		$2,467		$2,467		$2,664
distributions in excess of investments in joint ventures of:	$32,288		$34,045		$33,074		$32,195		$31,410
fair value adjustment of derivative instruments:	$36,898		$43,267		$43,757		$42,119		$41,083

(c) Represents the fair value adjustment of derivative instruments, gain on post retirement obligations and unrealized gain on available-for-sale securities, net of tax.

CAMDEN	PORTFOLIO STATISTICS

(Unaudited)

COMMUNITY PORTFOLIO AT DECEMBER 31, 2010 (in apartment homes)

	"Same Property"		Non-"Same Property"		Fully Consolidated		Joint Venture		Stabilized Operating		Completed in Lease-up		Total Operating		Under Construction		Total
D.C. Metro (a)		4,061		1,543		5,604		-		5,604		-		5,604		187		5,791
Houston, TX (b)		4,188		798		4,986		1,641		6,627		340		6,967		-		6,967
Tampa, FL		5,503		-		5,503		-		5,503		-		5,503		-		5,503
Las Vegas, NV		3,969		-		3,969		4,047		8,016		-		8,016		-		8,016
SE Florida		2,520		-		2,520		-		2,520		-		2,520		-		2,520
Dallas, TX		4,545		516		5,061		456		5,517		-		5,517		-		5,517
Los Angeles/Orange County, CA		1,770		290		2,060		421		2,481		-		2,481		-		2,481
Charlotte, NC		3,418		156		3,574		-		3,574		-		3,574		-		3,574
Orlando, FL		3,296		261		3,557		-		3,557		-		3,557		420		3,977
Atlanta, GA (b)		3,202		-		3,202		-		3,202		110		3,312		-		3,312
Raleigh, NC		2,704		-		2,704		-		2,704		-		2,704		-		2,704
Denver, CO		1,851		-		1,851		320		2,171		-		2,171		-		2,171
San Diego/Inland Empire, CA		1,196		-		1,196		-		1,196		-		1,196		-		1,196
Austin, TX		1,645		208		1,853		601		2,454		-		2,454		-		2,454
Phoenix, AZ		1,441		-		1,441		992		2,433		-		2,433		-		2,433
Other		984		816		1,800		3,507		5,307		-		5,307		-		5,307

Total Portfolio		46,293		4,588		50,881		11,985		62,866		450		63,316		607		63,923

(a)	D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
(b)	340 units completed in lease-up in Houston, TX and 110 units completed in lease-up in Atlanta, GA are held through joint venture investments.

FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION											WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (e)

	"Same
	Property"			Operating				Incl. JVs at			Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
	Communities				Communities (c)			Pro Rata % (d)			2010			2010			2010			2010			2009
D.C. Metro		15.7	%			18.2	%		17.7	%		95.2	%		96.4	%		95.8	%		94.1	%		94.1	%
Houston, TX		8.9	%			9.2	%		10.3	%		91.8	%		93.4	%		93.8	%		93.7	%		93.3	%
Tampa, FL		9.5	%			8.5	%		8.1	%		93.9	%		93.8	%		93.5	%		92.7	%		92.6	%
Las Vegas, NV		6.9	%			6.2	%		6.9	%		90.9	%		92.3	%		92.3	%		92.0	%		90.6	%
SE Florida		8.1	%			7.1	%		6.8	%		95.0	%		95.0	%		95.1	%		95.6	%		94.6	%
Dallas, TX		6.6	%			6.6	%		6.4	%		93.1	%		92.5	%		91.6	%		90.6	%		90.9	%
Los Angeles/Orange County, CA		6.1	%			6.5	%		6.4	%		92.7	%		93.3	%		94.2	%		93.5	%		94.1	%
Charlotte, NC		6.2	%			5.9	%		5.6	%		94.3	%		95.1	%		95.2	%		94.5	%		94.0	%
Orlando, FL		6.0	%			6.1	%		5.8	%		93.6	%		94.0	%		93.2	%		93.0	%		92.8	%
Atlanta, GA		5.8	%			5.2	%		5.0	%		92.9	%		94.2	%		94.2	%		92.6	%		93.0	%
Raleigh, NC		5.1	%			4.6	%		4.4	%		93.9	%		95.1	%		94.5	%		93.2	%		92.9	%
Denver, CO		4.1	%			3.8	%		3.9	%		93.9	%		95.7	%		95.3	%		92.3	%		93.1	%
San Diego/Inland Empire, CA		3.7	%			3.4	%		3.3	%		91.7	%		92.6	%		94.3	%		93.7	%		92.4	%
Austin, TX		2.7	%			2.8	%		2.8	%		93.7	%		94.8	%		93.7	%		93.0	%		93.3	%
Phoenix, AZ		2.4	%			2.1	%		2.2	%		92.1	%		92.0	%		92.0	%		93.2	%		91.6	%
Other		2.2	%			3.8	%		4.4	%		93.3	%		94.6	%		95.0	%		93.8	%		93.8	%

Total Portfolio		100.0	%			100.0	%		100.0	%		93.1	%		94.0	%		93.8	%		93.1	%		92.7	%

(c)	Operating communities include fully-consolidated communities and completed communities in lease-up at quarter end and exclude communities sold during the quarter.
(d)	Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities.
(e)	Occupancy figures include apartment homes held through joint venture investments but exclude communities in lease-up, under development, or under major redevelopment.

CAMDEN	COMPONENTS OF
	PROPERTY NET OPERATING INCOME
	(In thousands, except property data amounts)

(Unaudited)


	Apartment		Three Months Ended December 31,								Twelve Months Ended December 31,
Property Revenues	Homes		2010			2009		Change			2010			2009		Change
"Same Property" Communities (a)		46,293		$140,274			$138,429		$1,845			$557,542			$568,926		($11,384	)
Non-"Same Property" Communities (b)		4,588		14,275			10,671		3,604			48,596			38,265		10,331
Development and Lease-Up Communities (c)		607		-			-		-			-			-		-
Other (d)		-		838			1,061		(223	)		4,266			4,819		(553	)
Total Property Revenues		51,488		$155,387			$150,161		$5,226			$610,404			$612,010		($1,606	)

Property Expenses
"Same Property" Communities (a)		46,293		$53,960			$52,219		$1,741			$223,528			$222,689		$839
Non-"Same Property" Communities (b)		4,588		4,961			3,795		1,166			18,987			15,954		3,033
Development and Lease-Up Communities (c)		607		-			-		-			-			-		-
Other (d)		-		1,157			830		327			4,985			3,428		1,557
Total Property Expenses		51,488		$60,078			$56,844		$3,234			$247,500			$242,071		$5,429

Property Net Operating Income
"Same Property" Communities (a)		46,293		$86,314			$86,210		$104			$334,014			$346,237		($12,223	)
Non-"Same Property" Communities (b)		4,588		9,314			6,876		2,438			29,609			22,311		7,298
Development and Lease-Up Communities (c)		607		-			-		-			-			-		-
Other (d)		-		(319	)		231		(550	)		(719	)		1,391		(2,110	)
Total Property Net Operating Income		51,488		$95,309			$93,317		$1,992			$362,904			$369,939		($7,035	)

Income from Discontinued Operations (e)	Three Months Ended December 31,							Twelve Months Ended December 31,
		2010			2009			2010			2009
Property Revenues			$2,240			$2,902			$10,774			$14,324
Property Expenses			1,067			1,192			4,582			5,863
Property Net Operating Income			1,173			1,710			6,192			8,461
Depreciation and Amortization			(435	)		(846	)		(2,711	)		(3,360	)
Gain on sale of discontinued operations			9,614			-			9,614			16,887
Income from Discontinued Operations			$10,352			$864			$13,095			$21,988

Notes:
(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major redevelopment.
(b)	Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2009, or communities which underwent major redevelopment after January 1, 2009, excluding properties held for sale.
(c)	Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2009, excluding properties held for sale and communities under major redevelopment.
(d)	"Other" includes results from non-multifamily rental properties and expenses related to land holdings no longer under active development.
(e)	Represents operating results for communities disposed of during 2009 and 2010, of which Camden has no continuing involvement.

	"SAME PROPERTY"
CAMDEN	FOURTH QUARTER COMPARISONS
	DECEMBER 31, 2010
	(In thousands, except property data amounts)

(Unaudited)

			Revenues								Expenses								NOI
Quarterly Results (a)		4Q10	4Q09		Growth				4Q10		4Q09			Growth				4Q10	4Q09		Growth

D.C. Metro		$19,238		$18,134		6.1	%		$5,654			$5,573			1.5	%		$13,584		$12,561		8.1	%
Houston, TX		12,344		12,666		(2.5	%)		4,643			4,628			0.3	%		7,701		8,038		(4.2	%)
Tampa, FL		13,989		13,660		2.4	%		5,818			5,968			(2.5	%)		8,171		7,692		6.2	%
Las Vegas, NV		9,712		10,136		(4.2	%)		3,781			3,914			(3.4	%)		5,931		6,222		(4.7	%)
SE Florida		11,139		10,608		5.0	%		4,161			3,830			8.6	%		6,978		6,778		3.0	%
Dallas, TX		10,685		10,766		(0.8	%)		4,990			4,600			8.5	%		5,695		6,166		(7.6	%)
Los Angeles/Orange County, CA		8,100		8,262		(2.0	%)		2,825			2,702			4.6	%		5,275		5,560		(5.1	%)
Charlotte, NC		9,013		9,088		(0.8	%)		3,699			3,485			6.1	%		5,314		5,603		(5.2	%)
Orlando, FL		8,561		8,486		0.9	%		3,376			3,340			1.1	%		5,185		5,146		0.8	%
Atlanta, GA		8,695		8,632		0.7	%		3,721			3,381			10.1	%		4,974		5,251		(5.3	%)
Raleigh, NC		6,921		6,711		3.1	%		2,498			2,428			2.9	%		4,423		4,283		3.3	%
Denver, CO		5,477		5,184		5.7	%		1,890			1,778			6.3	%		3,587		3,406		5.3	%
San Diego/Inland Empire, CA		5,426		5,354		1.3	%		2,186			2,175			0.5	%		3,240		3,179		1.9	%
Austin, TX		4,247		4,159		2.1	%		1,935			1,731			11.8	%		2,312		2,428		(4.8	%)
Phoenix, AZ		3,709		3,656		1.4	%		1,665			1,578			5.5	%		2,044		2,078		(1.6	%)
Other		3,018		2,927		3.1	%		1,118			1,108			0.9	%		1,900		1,819		4.5	%

Total Same Property		$140,274		$138,429		1.3	%		$53,960			$52,219			3.3	%		$86,314		$86,210		0.1	%




	Apartment
	Homes				% of NOI			Average Occupancy (a)									Weighted Average Rental Rate (b)
Quarterly Results (a)	Included				Contribution (a)				4Q10			4Q09		Change				4Q10		4Q09	Change

D.C. Metro		4,061				15.7	%		95.7	%		95.0	%		0.7	%		$1,478		$1,409		4.9	%
Houston, TX		4,188				8.9	%		91.6	%		93.1	%		(1.5	%)		956		969		(1.3	%)
Tampa, FL		5,503				9.5	%		93.9	%		92.6	%		1.3	%		755		744		1.4	%
Las Vegas, NV		3,969				6.9	%		91.9	%		91.5	%		0.4	%		762		804		(5.2	%)
SE Florida		2,520				8.1	%		95.0	%		94.6	%		0.4	%		1,396		1,334		4.6	%
Dallas, TX		4,545				6.6	%		93.9	%		92.4	%		1.5	%		714		717		(0.4	%)
Los Angeles/Orange County, CA		1,770				6.1	%		93.1	%		94.2	%		(1.1	%)		1,499		1,513		(0.9	%)
Charlotte, NC		3,418				6.2	%		94.3	%		94.0	%		0.3	%		805		799		0.7	%
Orlando, FL		3,296				6.0	%		93.5	%		92.7	%		0.8	%		795		793		0.3	%
Atlanta, GA		3,202				5.8	%		92.9	%		93.0	%		(0.1	%)		842		823		2.4	%
Raleigh, NC		2,704				5.1	%		93.9	%		92.9	%		1.0	%		770		737		4.4	%
Denver, CO		1,851				4.1	%		94.3	%		93.0	%		1.3	%		910		876		3.9	%
San Diego/Inland Empire, CA		1,196				3.7	%		91.7	%		92.4	%		(0.7	%)		1,484		1,454		2.0	%
Austin, TX		1,645				2.7	%		93.9	%		92.9	%		1.0	%		777		759		2.5	%
Phoenix, AZ		1,441				2.4	%		92.3	%		92.3	%		0.0	%		774		760		1.8	%
Other		984				2.2	%		92.6	%		94.3	%		(1.7	%)		958		920		4.1	%

Total Same Property		46,293				100.0	%		93.5	%		93.1	%		0.4	%		$941		$928		1.4	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major redevelopment.
(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

	"SAME PROPERTY"
CAMDEN	SEQUENTIAL QUARTER COMPARISONS
	DECEMBER 31, 2010
	(In thousands, except property data amounts)

(Unaudited)

			Revenues								Expenses								NOI
Quarterly Results (a)		4Q10	3Q10		Growth				4Q10		3Q10			Growth				4Q10	3Q10		Growth

D.C. Metro		$19,238		$19,138		0.5	%		$5,654			$5,695			(0.7	%)		$13,584		$13,443		1.0	%
Houston, TX		12,344		12,552		(1.7	%)		4,643			5,267			(11.8	%)		7,701		7,285		5.7	%
Tampa, FL		13,989		13,993		(0.0	%)		5,818			6,420			(9.4	%)		8,171		7,573		7.9	%
Las Vegas, NV		9,712		9,985		(2.7	%)		3,781			3,929			(3.8	%)		5,931		6,056		(2.1	%)
SE Florida		11,139		10,907		2.1	%		4,161			4,460			(6.7	%)		6,978		6,447		8.2	%
Dallas, TX		10,685		10,706		(0.2	%)		4,990			5,264			(5.2	%)		5,695		5,442		4.6	%
Los Angeles/Orange County, CA		8,100		8,200		(1.2	%)		2,825			2,887			(2.1	%)		5,275		5,313		(0.7	%)
Charlotte, NC		9,013		9,085		(0.8	%)		3,699			3,925			(5.8	%)		5,314		5,160		3.0	%
Orlando, FL		8,561		8,563		(0.0	%)		3,376			3,697			(8.7	%)		5,185		4,866		6.6	%
Atlanta, GA		8,695		8,741		(0.5	%)		3,721			3,836			(3.0	%)		4,974		4,905		1.4	%
Raleigh, NC		6,921		6,957		(0.5	%)		2,498			2,667			(6.3	%)		4,423		4,290		3.1	%
Denver, CO		5,477		5,507		(0.5	%)		1,890			2,021			(6.5	%)		3,587		3,486		2.9	%
San Diego/Inland Empire, CA		5,426		5,449		(0.4	%)		2,186			2,296			(4.8	%)		3,240		3,153		2.8	%
Austin, TX		4,247		4,250		(0.1	%)		1,935			2,072			(6.6	%)		2,312		2,178		6.2	%
Phoenix, AZ		3,709		3,673		1.0	%		1,665			1,697			(1.9	%)		2,044		1,976		3.4	%
Other		3,018		3,040		(0.7	%)		1,118			1,166			(4.1	%)		1,900		1,874		1.4	%

Total Same Property		$140,274		$140,746		(0.3	%)		$53,960			$57,299			(5.8	%)		$86,314		$83,447		3.4	%




	Apartment
	Homes				% of NOI			Average Occupancy (a)									Weighted Average Rental Rate (b)
Quarterly Results (a)	Included				Contribution (a)				4Q10			3Q10		Change				4Q10		3Q10	Change

D.C. Metro		4,061				15.7	%		95.7	%		96.8	%		(1.1	%)		$1,478		$1,453		1.7	%
Houston, TX		4,188				8.9	%		91.6	%		93.2	%		(1.6	%)		956		956		0.1	%
Tampa, FL		5,503				9.5	%		93.9	%		93.8	%		0.1	%		755		747		1.0	%
Las Vegas, NV		3,969				6.9	%		91.9	%		92.9	%		(1.0	%)		762		771		(1.1	%)
SE Florida		2,520				8.1	%		95.0	%		95.0	%		0.0	%		1,396		1,365		2.3	%
Dallas, TX		4,545				6.6	%		93.9	%		94.4	%		(0.5	%)		714		709		0.8	%
Los Angeles/Orange County, CA		1,770				6.1	%		93.1	%		93.3	%		(0.2	%)		1,499		1,498		0.1	%
Charlotte, NC		3,418				6.2	%		94.3	%		95.0	%		(0.7	%)		805		798		0.8	%
Orlando, FL		3,296				6.0	%		93.5	%		94.0	%		(0.5	%)		795		784		1.4	%
Atlanta, GA		3,202				5.8	%		92.9	%		94.2	%		(1.3	%)		842		835		0.9	%
Raleigh, NC		2,704				5.1	%		93.9	%		95.1	%		(1.2	%)		770		758		1.5	%
Denver, CO		1,851				4.1	%		94.3	%		95.4	%		(1.1	%)		910		900		1.1	%
San Diego/Inland Empire, CA		1,196				3.7	%		91.7	%		92.6	%		(0.9	%)		1,484		1,476		0.5	%
Austin, TX		1,645				2.7	%		93.9	%		94.9	%		(1.0	%)		777		765		1.7	%
Phoenix, AZ		1,441				2.4	%		92.3	%		92.4	%		(0.1	%)		774		764		1.2	%
Other		984				2.2	%		92.6	%		93.5	%		(0.9	%)		958		950		0.8	%

Total Same Property		46,293				100.0	%		93.5	%		94.3	%		(0.8	%)		$941		$932		1.0	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major redevelopment.
(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

	"SAME PROPERTY"
CAMDEN	YEAR TO DATE COMPARISONS
	DECEMBER 31, 2010
	(In thousands, except property data amounts)

(Unaudited)


			Revenues								Expenses								NOI
Year to Date Results (a)	2010		2009		Growth			2010			2009			Growth			2010		2009		Growth

D.C. Metro		$74,988		$72,990		2.7	%		$23,022			$22,726			1.3	%		$51,966		$50,264		3.4	%
Houston, TX		49,934		51,850		(3.7	%)		20,413			20,729			(1.5	%)		29,521		31,121		(5.1	%)
Tampa, FL		55,458		56,342		(1.6	%)		25,257			26,215			(3.7	%)		30,201		30,127		0.2	%
Las Vegas, NV		39,697		42,854		(7.4	%)		15,521			15,737			(1.4	%)		24,176		27,117		(10.8	%)
SE Florida		43,581		43,868		(0.7	%)		17,138			17,395			(1.5	%)		26,443		26,473		(0.1	%)
Dallas, TX		42,549		44,224		(3.8	%)		20,398			20,225			0.9	%		22,151		23,999		(7.7	%)
Los Angeles/Orange County, CA		32,644		34,263		(4.7	%)		11,084			10,830			2.3	%		21,560		23,433		(8.0	%)
Charlotte, NC		36,115		37,271		(3.1	%)		15,218			14,668			3.7	%		20,897		22,603		(7.5	%)
Orlando, FL		34,051		35,082		(2.9	%)		14,518			14,528			(0.1	%)		19,533		20,554		(5.0	%)
Atlanta, GA		34,507		35,413		(2.6	%)		14,956			14,185			5.4	%		19,551		21,228		(7.9	%)
Raleigh, NC		27,372		27,413		(0.1	%)		10,314			10,172			1.4	%		17,058		17,241		(1.1	%)
Denver, CO		21,483		21,381		0.5	%		7,502			7,254			3.4	%		13,981		14,127		(1.0	%)
San Diego/Inland Empire, CA		21,736		21,786		(0.2	%)		9,006			8,922			0.9	%		12,730		12,864		(1.0	%)
Austin, TX		16,706		16,924		(1.3	%)		8,049			8,010			0.5	%		8,657		8,914		(2.9	%)
Phoenix, AZ		14,732		15,253		(3.4	%)		6,528			6,374			2.4	%		8,204		8,879		(7.6	%)
Other		11,989		12,012		(0.2	%)		4,604			4,719			(2.4	%)		7,385		7,293		1.3	%

Total Same Property		$557,542		$568,926		(2.0	%)		$223,528			$222,689			0.4	%		$334,014		$346,237		(3.5	%)




	Apartment
	Homes				% of NOI			Average Occupancy (a)									Weighted Average Rental Rate (b)
Year to Date Results (a)	Included				Contribution (a)				2010			2009		Change				2010		2009	Change

D.C. Metro		4,061				15.6	%		95.8	%		95.1	%		0.7	%		$1,441		$1,420		1.4	%
Houston, TX		4,188				8.8	%		93.1	%		94.8	%		(1.7	%)		956		983		(2.7	%)
Tampa, FL		5,503				9.0	%		93.5	%		93.1	%		0.4	%		745		761		(2.0	%)
Las Vegas, NV		3,969				7.2	%		92.5	%		92.8	%		(0.3	%)		775		842		(8.0	%)
SE Florida		2,520				7.9	%		95.2	%		94.8	%		0.4	%		1,360		1,364		(0.3	%)
Dallas, TX		4,545				6.6	%		93.7	%		93.7	%		0.0	%		708		735		(3.6	%)
Los Angeles/Orange County, CA		1,770				6.5	%		93.3	%		93.7	%		(0.4	%)		1,497		1,564		(4.2	%)
Charlotte, NC		3,418				6.3	%		94.7	%		93.5	%		1.2	%		797		834		(4.5	%)
Orlando, FL		3,296				5.8	%		93.4	%		93.5	%		(0.1	%)		787		819		(4.0	%)
Atlanta, GA		3,202				5.9	%		93.5	%		93.3	%		0.2	%		828		850		(2.6	%)
Raleigh, NC		2,704				5.1	%		94.2	%		93.9	%		0.3	%		752		750		0.3	%
Denver, CO		1,851				4.2	%		94.4	%		94.3	%		0.1	%		891		887		0.4	%
San Diego/Inland Empire, CA		1,196				3.8	%		93.1	%		93.0	%		0.1	%		1,467		1,479		(0.8	%)
Austin, TX		1,645				2.6	%		93.9	%		93.5	%		0.4	%		762		777		(1.9	%)
Phoenix, AZ		1,441				2.5	%		92.7	%		91.8	%		0.9	%		764		800		(4.5	%)
Other		984				2.2	%		94.0	%		94.4	%		(0.4	%)		936		934		0.3	%

Total Same Property		46,293				100.0	%		93.8	%		93.7	%		0.1	%		$929		$951		(2.3	%)

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major redevelopment.
(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

	"SAME PROPERTY" OPERATING EXPENSE
CAMDEN	DETAIL AND COMPARISONS
	DECEMBER 31, 2010
	(In thousands, except property data amounts)

(Unaudited)
									% of Actual 4Q10 Operating
Quarterly Comparison (a)	4Q10	4Q09	$ Change			% Change			Expenses

Property taxes	$13,148	$14,153		($1,005	)		(7.1	%)		24.4	%
Salaries and Benefits for On-site Employees	12,954	11,928		1,026			8.6	%		24.0	%
Utilities	12,691	11,703		988			8.4	%		23.5	%
Repairs and Maintenance	8,600	8,447		153			1.8	%		16.0	%
Property Insurance	2,984	2,659		325			12.2	%		5.5	%
Other	3,583	3,329		254			7.7	%		6.6	%

Total Same Property	$53,960	$52,219		$1,741			3.3	%		100.0	%


									% of Actual 4Q10 Operating
Sequential Comparison (a)	4Q10	3Q10	$ Change			% Change				Expenses

Property taxes	$13,148	$14,618		($1,470	)		(10.1	%)		24.4	%
Salaries and Benefits for On-site Employees	12,954	13,745		(791	)		(5.8	%)		24.0	%
Utilities	12,691	13,588		(897	)		(6.6	%)		23.5	%
Repairs and Maintenance	8,600	9,049		(449	)		(5.0	%)		16.0	%
Property Insurance	2,984	2,646		338			12.8	%		5.5	%
Other	3,583	3,653		(70	)		(1.9	%)		6.6	%

Total Same Property	$53,960	$57,299		($3,339	)		(5.8	%)		100.0	%


									% of Actual 2010 Operating
Year to Date Comparison (a)	2010	2009	$ Change			% Change				Expenses

Property taxes	$59,559	$63,630		($4,071	)		(6.4	%)		26.6	%
Salaries and Benefits for On-site Employees	52,402	51,728		674			1.3	%		23.4	%
Utilities	49,995	47,172		2,823			6.0	%		22.4	%
Repairs and Maintenance	34,681	34,325		356			1.0	%		15.5	%
Property Insurance	12,654	12,032		622			5.2	%		5.7	%
Other	14,237	13,802		435			3.2	%		6.4	%

Total Same Property	$223,528	$222,689		$839			0.4	%		100.0	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major redevelopment.

CAMDEN	JOINT VENTURE OPERATIONS
	(In thousands, except per share and property data amounts)


Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
OPERATING DATA (a)		2010			2009					2010			2009
Property Revenues
Rental revenues			$6,935			$6,649					$27,882			$26,271
Other property revenues			1,071			1,141					4,209			4,488
Total property revenues			8,006			7,790					32,091			30,759

Property Expenses
Property operating and maintenance			2,698			2,478					10,686			9,681
Real estate taxes			748			892					3,756			3,560
Total property expenses			3,446			3,370					14,442			13,241

Net Operating Income (NOI)			4,560			4,420					17,649			17,518

Other expenses
Interest			2,148			2,135					8,683			8,460
Depreciation and amortization			2,264			2,124					9,241			8,151
Other			202			58					564			212
Total other expenses			4,614			4,317					18,488			16,823

Equity in income (loss) of joint ventures			($54	)		$103					($839	)		$695




			Dec 31,			Sep 30,		Jun 30,			Mar 31,			Dec 31,
			2010			2010		2010			2010			2009
BALANCE SHEET DATA (b)
Land			$151,384			$207,835		$224,767			$224,767			$221,570
Buildings and improvements			956,422			1,066,607		1,118,940			1,116,369			1,097,778
			1,107,806			1,274,442		1,343,707			1,341,136			1,319,348
Accumulated depreciation			(203,673	)		(210,378	)	(208,560	)		(198,220	)		(187,455	)
Real estate assets, net			904,133			1,064,064		1,135,147			1,142,916			1,131,893
Properties under development and land			7,530			26,516		23,304			23,067			42,930
Cash and other assets, net			23,633			30,827		28,416			25,436			27,180
Total assets			$935,296			$1,121,407		$1,186,867			$1,191,419			$1,202,003

Notes payable			$810,095			$949,870		$983,370			$982,546			$980,944
Notes payable due to Camden			3,408			17,696		43,852			50,725			49,710
Other liabilities			16,543			19,193		16,639			14,443			19,425
Total liabilities			830,046			986,759		1,043,861			1,047,714			1,050,079

Members' equity			105,250			134,648		143,006			143,705			151,924
Total liabilities and members' equity			$935,296			$1,121,407		$1,186,867			$1,191,419			$1,202,003

Camden's equity investment			$27,632			$33,226		$50,392			$42,994			$43,542
Distributions in excess of investment in joint ventures			($32,288	)		($34,045	)	($33,074	)		($32,195	)		($31,410	)

Camden's pro-rata share of debt (c)			$193,130			$249,157		$261,102			$249,195			$248,410



PROPERTY DATA (end of period)
Total operating properties			43			43		43			43			42
Total operating apartment homes			12,435			12,834		12,818			12,818			12,699
Pro rata share of operating apartment homes			2,660			2,818		2,843			2,793			2,758
Total development properties			0			1		0			0			1
Total development apartment homes			0			110		0			0			119
Pro rata share of development apartment homes			0			22		0			0			36

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

CAMDEN

CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF DECEMBER 31, 2010 ($ in millions)

Estimated/Actual Dates for

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

Development Communities Under Construction

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

Camden Lake Nona

420

$61.0

$28.6

3Q10

3Q11

2Q12

3Q14

Orlando, FL

Camden Summerfield II

187

32.0

7.2

3Q10

4Q11

1Q12

4Q12

Landover, MD

Total Development Communities

607

$93.0

$35.8

Additional Development Pipeline & Land (a)

171.1

Total Properties Under Development and Land (per Balance Sheet)

$206.9

(a)	Please refer to the Development Pipeline & Land Summary on page 19.

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

CAMDEN

JOINT VENTURE DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF DECEMBER 31, 2010 ($ in millions)

Camden

Cash

Estimated/Actual Dates for

Joint Venture Third Party Developed

Total

Equity

Construction

Initial

Construction

Stabilized

As of 01/30/11

Communities Completed

Homes

Cost

Invested

Start

Occupancy

Completion

Operations

% Leased

% Occupied

Braeswood Place

340

$50.4

$10.9

1Q07

1Q09

3Q09

1Q11

91%

92%

Houston, TX

Camden Ivy Hall

110

16.9

3.0

4Q10

2Q11

68%

60%

Atlanta, GA

Total Joint Venture Third Party Developed Communities Completed

450

$67.3

$13.9

85%

84%

Camden

Cash

Camden

Joint Venture Third Party Developed

Total

Cost

Equity

Mezzanine

Pipeline Communities

Acres

to Date

Invested

Lakes at 610

6.1

$7.4

$1.1

$3.4

Houston, TX

Total Joint Venture Third Party Developed Pipeline Communities

6.1

$7.4

$1.1

$3.4

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

CAMDEN

DEVELOPMENT PIPELINE & LAND



(Unaudited)

AS OF DECEMBER 31, 2010 ($ in millions)

		Projected
PIPELINE COMMUNITIES (a)		Homes	Cost to Date

1.	Camden Noma	317	$29.4
	Washington, DC
2.	Camden Royal Oaks II	103	5.7
	Houston, TX
3.	Camden Countryway	348	17.7
	Tampa, FL
4.	Camden Celebration	438	18.1
	Orlando, FL
5.	Camden Montague	192	3.7
	Tampa, FL
6.	Camden City Centre II	260	5.3
	Houston, TX
7.	Camden 5400 North Lamar	291	4.4
	Austin, TX
8.	Camden South Capitol	276	9.4
	Washington, DC
9.	Camden Amber Oaks II	244	1.9
	Austin, TX

Development Pipeline		2,469	$95.6

LAND HOLDINGS		Acreage	Cost to Date

	Washington, DC	0.9	$17.3
	Los Angeles, CA	2.0	17.3
	Houston, TX	16.3	9.9
	Denver, CO	23.3	11.6
	Dallas, TX	7.2	8.6
	Southeast Florida	2.2	4.6
	Las Vegas, NV	19.6	4.2
	Other	4.8	2.0

Land Holdings		76.3	$75.5

Total Development Pipeline and Land			$171.1

(a)

Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community.

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

CAMDEN		ACQUISITIONS & DISPOSITIONS



(Unaudited)



2010 ACQUISITION/DISPOSITION ACTIVITY

Joint Venture Acquisitions		Location	Property Type	Apartment Homes	Year Built	Closing Date
1.	Camden Yorktown	Houston, TX	Multifamily	306	2008	07/08/10
2.	Camden Ivy Hall	Atlanta, GA	Multifamily	110	2010	07/27/10
3.	Camden South Bay	Corpus Christi, TX	Multifamily	270	2007	12/01/10

Total Joint Venture Acquisitions		$63.0	million	686 apartment homes
Pro Rata Joint Venture Acquisitions		$12.6	million

Balance Sheet Acquisitions (a)
1.	Camden Main and Jamboree	Irvine, CA	Multifamily	291	2008	08/17/10
2.	Camden College Park	College Park, MD	Multifamily	508	2008	12/21/10
3.	Camden Plaza	Houston, TX	Multifamily	271	2007	12/21/10

Total Balance Sheet Acquisitions		$238.9	million	1,070 apartment homes (a)

Total Acquisition Volume:		$301.9	million	1,756 apartment homes




Dispositions		Location	Property Type	Apartment Homes / Acreage	Year Built	Closing Date
1.	Andrau Land Parcel 1	Houston, TX	Undeveloped Land	0.7	N/A	04/19/10
2.	Andrau Land Parcel 2	Houston, TX	Undeveloped Land	1.0	N/A	05/25/10
3.	Camden Oasis	Euless, TX	Multifamily	602	1986	11/30/10
4.	Camden Westwind	Ashburn, VA	Multifamily	464	2006	12/14/10

Total Disposition Volume:		$104.9	million	1,066 apartment homes
				1.7 acres

(a)	These communities were acquired from Joint Ventures of which Camden previously owned a 30% interest. Apartment homes were previously accounted for in Camden's unit count.

CAMDEN	DEBT ANALYSIS
	(In thousands, except property data amounts)


(Unaudited)

DEBT MATURITIES AS OF DECEMBER 31, 2010:

		Future Scheduled Repayments										Weighted Average
				Secured		Unsecured				Percent		Interest Rate on
Year		Amortization		Maturities		Maturities		Total		of Total		Maturing Debt
2011			$4,548		$31,476		$122,966		$158,990		6.2%		6.2%
2012			3,800		69,541		689,667		763,008		29.8%		5.4%
2013			2,542		25,831		200,000		228,373		8.9%		5.4%
2014			2,520		8,827		0		11,347		0.4%		6.0%
2015			2,708		0		250,000		252,708		9.9%		5.1%
Thereafter			83,471		819,107		246,750		1,149,328		44.8%		4.6%
Total Maturing Debt			$99,589		$954,782		$1,509,383		$2,563,754		100.0%		5.1%

Unsecured Line of Credit			0		0		0		0		0.0%		N/A
Total Debt			$99,589		$954,782		$1,509,383		$2,563,754		100.0%		5.1%

Weighted Average Maturity of Debt				5.5 Years


								Weighted Average
FLOATING vs. FIXED RATE DEBT:				Balance		% of Total		Interest Rate		Time to Maturity
Floating rate debt					$230,242		9.0%		1.3%	9.0 Years
Fixed rate debt					2,333,512		91.0%		5.4%	5.2 Years
Total					$2,563,754		100.0%		5.1%	5.5 Years

								Weighted Average
SECURED vs. UNSECURED DEBT:				Balance		% of Total		Interest Rate		Time to Maturity
Unsecured debt					$1,507,757		58.8%		5.5%	3.0 Years
Secured debt					1,055,997		41.2%		4.4%	9.1 Years
Total					$2,563,754		100.0%		5.1%	5.5 Years

								Weighted Average
SECURED DEBT DETAIL:				Balance		% of Total		Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt (a)					$825,755		78.2%		5.2%	9.1 Years
Conventional variable-rate mortgage debt (a)					189,926		18.0%		1.2%	7.2 Years
Tax exempt variable rate debt					40,316		3.8%		1.8%	17.5 Years
Total					$1,055,997		100.0%		4.4%	9.1 Years

REAL ESTATE ASSETS: (b)				Total Homes		% of Total		Total Cost		% of Total
Unencumbered real estate assets					37,302		72.4%		$4,018,106		71.1%
Encumbered real estate assets					14,186		27.6%		1,629,571		28.9%
Total					51,488		100.0%		$5,647,677		100.0%

				Ratio of unencumbered assets at cost to unsecured debt is 2.7 times

(a)	Mortgage debt includes a construction loan for Camden Travis Street with a $31.5MM balance at 12/31/10, of which $16.6MM was fixed utilizing an interest rate swap.
(b)	Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.

CAMDEN	DEBT MATURITY ANALYSIS
	(In thousands)


(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2011 AND 2012:


		Future Scheduled Repayments								Weighted Average
				Secured		Unsecured				Interest Rate on
Quarter		Amortization		Maturities		Maturities		Total		Maturing Debt
1Q 2011			$1,268		$0		$87,966		$89,234		7.7%
2Q 2011			1,179		0		35,000		36,179		5.0%
3Q 2011			1,035		31,476		0		32,511		3.4%
4Q 2011			1,066		0		0		1,066		N/A
2011			$4,548		$31,476		$122,966		$158,990		6.2%


1Q 2012			$1,080		$0		$0		$1,080		N/A
2Q 2012			1,078		0		0		1,078		N/A
3Q 2012			922		69,541		0		70,463		5.0%
4Q 2012			720		0		689,667		690,387		5.4%
2012			$3,800		$69,541		$689,667		$763,008		5.4%

CAMDEN	DEBT COVENANT ANALYSIS



(Unaudited)


UNSECURED LINE OF CREDIT


Covenant (a)	Required	Actual (b)		Compliance
Total Consolidated Debt to Gross Asset Value	< 60%		42%	Yes

Secured Debt to Gross Asset Value	< 35%		17%	Yes

Consolidated EBITDA to Total Fixed Charges	> 150%		238%	Yes

Unencumbered Adjusted NOI to Unsecured Interest Expense	> 200%		298%	Yes

Unencumbered Adjusted NOI to Total Unsecured Debt	> 11.5%		16%	Yes



SENIOR UNSECURED NOTES

Covenant (a)	Required	Actual (b)		Compliance
Total Consolidated Debt to Total Asset Value	< 60%		43%	Yes

Total Secured Debt to Total Asset Value	< 40%		18%	Yes

Total Unencumbered Asset Value to Total Unsecured Debt	> 150%		287%	Yes

Consolidated Income Available for Debt Service to Total	> 150%		268%	Yes
Annual Service Charges

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

(b)	Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.


CAMDEN	UNCONSOLIDATED REAL ESTATE INVESTMENTS
	DEBT ANALYSIS
	(In thousands, except property data amounts)


(Unaudited)

PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF DECEMBER 31, 2010:

		Future Scheduled Repayments (a)									Weighted Average
				Secured					Percent		Interest Rate on
Year (b)		Amortization		Maturities		Total			of Total		Maturing Debt
2011			$346		$51,024		$51,370			26.6%		2.0%
2012			412		111,275		111,687			57.8%		5.1%
2013			495		0		495			0.3%		N/A
2014			467		11,710		12,177			6.3%		5.7%
2015			242		5,900		6,142			3.2%		2.1%
Thereafter			4,372		6,328		10,700			5.5%		3.0%
Total Maturing Debt			$6,334		$186,237		$192,571			99.7%		4.1%

Subscription line of credit (c)			0		559		559			0.3%		1.5%
Total Debt			$6,334		$186,796		$193,130			100.0%		4.1%

Weighted Average Maturity of Debt (b)				2.1 Years

Total Recourse Exposure (d)					$11,009

									Weighted Average
FLOATING vs. FIXED RATE DEBT:				Balance		% of Total			Interest Rate		Time to Maturity (a)
Floating rate debt					$65,841		34.1	%		1.9%	2.2 Years
Fixed rate debt					127,289		65.9	%		5.2%	2.0 Years
Total					$193,130		100.0	%		4.1%	2.1 Years

									Weighted Average
SECURED DEBT DETAIL:				Balance		% of Total			Interest Rate		Time to Maturity (a)
Conventional fixed-rate mortgage debt					$127,288		65.9	%		5.2%	2.0 Years
Conventional variable-rate mortgage debt					9,680		5.0	%		1.8%	3.5 Years
Tax exempt variable rate debt					4,579		2.4	%		0.7%	21.3 Years
Variable-rate construction loans					51,024		26.4	%		2.0%	0.3 Years
Subscription line of credit					559		0.3	%		1.5%	0.6 Years
Total					$193,130		100.0	%		4.1%	2.1 Years

REAL ESTATE ASSETS: (e)				Total Homes		Total Cost
Operating real estate assets					12,435		$1,107,951
Predevelopment real estate assets					-		7,385
Total					12,435		$1,115,336

(a)	Excludes Camden's pro-rata share of Notes Payable due to Camden.
(b)	Excluding unexercised extension options.
(c)	As of December 31, 2010 these borrowings were drawn under a subscription secured line of credit with $5.0 million in total capacity. Camden has a 20% ownership interest in the borrowing entity.
(d)	Represents Camden's potential liability under joint venture construction loan guarantees as of December 31, 2010.
(e)	Balance sheet and property data reported at 100%.

CAMDEN		UNCONSOLIDATED REAL ESTATE INVESTMENTS
		DEBT MATURITY ANALYSIS
		(In thousands)


(Unaudited)

ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2011 and 2012: (a)

									Weighted Average
			Future Scheduled Repayments						Interest Rate on
	Quarter		Amortization		Secured Maturities		Total		Maturing Debt
	1Q 2011			$74		$5,287		$5,361		1.9%
	2Q 2011			75		44,036		44,111		2.0%
	3Q 2011			97		560		657		1.5%
	4Q 2011			100		1,700		1,800		2.6%
	2011			$346		$51,583		$51,929		2.0%


	1Q 2011			$102		$0		$102		N/A
	2Q 2011			$101		$54,521		54,622		5.1%
	3Q 2011			$103		$35,980		36,083		4.7%
	4Q 2011			$106		$20,774		20,880		5.8%
	2011			$412		$111,275		$111,687		5.1%

(a)	3Q 2011 maturities include a subscription secured line of credit with $559 (Camden's pro-rata share) outstanding as of December 31, 2010. The line of credit has $5.0 million in total capacity.

CAMDEN	CAPITALIZED EXPENDITURES
	& MAINTENANCE EXPENSE
	(In thousands, except per unit data)


(Unaudited)
	Fourth Quarter 2010 (a)
	Capitalized					Expensed
	Weighted Average
Item	Useful Life (b)	Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.5 years		$2,284		$45		$914		$18
Appliances	9.7 years		1,646		32		202		4
Painting	-		-		-		1,526		30
Cabinetry/Countertops	10.0 years		300		6		-		-
Other	10.1 years		998		20		462		9
Exteriors
Painting	5.0 years		689		14		-		-
Carpentry	10.0 years		209		4		-		-
Landscaping	6.0 years		478		9		2,286		45
Roofing	20.0 years		172		3		92		2
Site Drainage	10.0 years		38		1		-		-
Fencing/Stair	10.0 years		111		2		-		-
Other (b)	8.3 years		1,531		30		2,818		55
Common Areas
Mech., Elec., Plumbing	9.6 years		1,243		24		884		17
Parking/Paving	5.0 years		378		7		-		-
Pool/Exercise/Facility	6.8 years		794		16		275		5

			$10,871		$213		$9,459		$186

Weighted Average Apartment Homes					50,970				50,970

	Year to Date 2010 (a)
	Capitalized					Expensed
	Weighted Average
Item	Useful Life (b)	Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.5 years		$9,524		$188		$3,447		$68
Appliances	9.7 years		4,973		98		787		15
Painting	-		-		-		6,003		118
Cabinetry/Countertops	10.0 years		971		19		-		-
Other	10.1 years		3,676		72		1,839		36
Exteriors
Painting	5.0 years		2,218		44		-		-
Carpentry	10.0 years		2,134		42		-		-
Landscaping	6.0 years		1,299		26		10,428		205
Roofing	20.0 years		1,880		37		373		7
Site Drainage	10.0 years		320		6		-		-
Fencing/Stair	10.0 years		648		13		-		-
Other (c)	8.3 years		4,699		93		10,145		200
Common Areas
Mech., Elec., Plumbing	9.6 years		3,914		77		3,601		71
Parking/Paving	5.0 years		1,115		22		-		-
Pool/Exercise/Facility	6.8 years		3,478		68		1,370		27

			$40,849		$804		$37,993		$748

Weighted Average Apartment Homes					50,794				50,794

(a)	Includes discontinued operations. Capitalized expenditures for discontinued operations were $99 and $268 for the three and twelve months ended December 31, 2010, respectively. Maintenance expenses for discontinued operations were $162 and $657 for the same periods.
(b)	Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2010.
(c)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

CAMDEN	2011 Financial Outlook
	as of February 3, 2011


(Unaudited)

2010 Reported FFO, Adjusted for Non-Routine Items

	Total		Per Share
2010 Reported FFO	$194,309		$2.72
Adjustments for 2010 non-routine items:
Less: Gain on final resolution of a contingent liability on previously sold assets (1Q2010)	(2,677	)	(0.04	)
Less: Other income recognized as a result of the dissolution of a joint venture (4Q2010)	(4,175	)	(0.06	)
Plus: Impairment associated with a technology investment (4Q2010)	1,000		0.01

2010 FFO adjusted for non-routine items	$188,457		$2.63

2010 Fully Diluted Shares Outstanding - FFO			71,552

December 31, 2010 Fully Diluted Shares Outstanding - FFO			74,795

2010 FFO adjusted for non-routine items and December 31, 2010 Fully Diluted Shares Outstanding - FFO			$2.52

2011 Financial Outlook

Earnings Guidance - Per Diluted Share
Expected net income attributable to common shareholders per share - diluted			$0.20 - $0.50
Expected real estate depreciation			$2.34
Expected adjustments for unconsolidated joint ventures			$0.14
Expected income allocated to noncontrolling interests			$0.02
Expected FFO per share - diluted			$2.70 - $3.00

"Same Property" Communities
Number of Units			47,600
2010 Base Net Operating Income			$347 million
Total Revenue Growth			3.25% - 5.00%
Total Expense Growth			2.50% - 3.50%
Net Operating Income Growth			4.00% - 6.00%
Physical Occupancy			94.70%
∙ Impact from 1.0% change in NOI Growth is approximately $0.05 / share

Acquisitions/Dispositions
Future Dispositions Volume			$0 - $100 million
Future Acquisitions Volume (consolidated on balance sheet)			$0 - $100 million
Future Acquisitions Volume (joint venture)			$300 - $800 million

Development
Development Starts (consolidated on balance sheet)			$200 - $400 million
Development Starts (joint venture)			$50 - $150 million

Capitalized Maintenance Expenditures			$44 - $48 million

Non-Property Income
Non-Property Income, Net			$2 - $4 million
Includes: Fee and asset management income, net of expenses and
Interest and other income

Corporate Expenses
General and administrative and property management expenses			$50 - $54 million

Debt
Capitalized Interest			$7 - $10 million
Expensed Interest			$113 - $117 million

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document. Additionally, please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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


(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities, including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a company's real estate between periods or as compared to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2010		2009		2010		2009
Net income (loss) attributable to common shareholders	$17,147		($79,286	)	$23,216		($50,800	)
Real estate depreciation from continuing operations	43,550		41,927		167,949		167,120
Real estate depreciation from discontinued operations	435		846		2,711		3,360
Adjustments for unconsolidated joint ventures	2,190		1,988		8,943		7,800
Income (loss) allocated to noncontrolling interests	240		(1,794	)	1,104		(646	)
Gain on sale of discontinued operations	(9,614	)	-		(9,614	)	(16,887	)
Funds from operations - diluted	$53,948		($36,319	)	$194,309		$109,947

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted	71,587		66,134		68,957		62,359
FFO diluted	73,847		69,119		71,552		65,266

Net income attributable to common shareholders - diluted	$0.24		($1.19	)	$0.33		($0.80	)
FFO per common share - diluted	$0.73		($0.53	)	$2.72		$1.68


Expected FFO
Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected net income attributable to common shareholders (EPS). A reconciliation of the ranges provided for expected net income attributable to common shareholders per diluted share to expected FFO per diluted share is provided below:

	1Q11 Range				2011 Range
	Low		High		Low		High

Expected net income attributable to common shareholders per share - diluted	$0.01		$0.05		$0.20		$0.50
Expected real estate depreciation	$0.61		$0.61		$2.34		$2.34
Expected adjustments for unconsolidated joint ventures	$0.03		$0.03		$0.14		$0.14
Expected income allocated to noncontrolling interests	$0.00		$0.00		$0.02		$0.02
Expected FFO per share - diluted	$0.65		$0.69		$2.70		$3.00

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

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


(Unaudited)

Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2010		2009		2010		2009
Net income attributable to common shareholders	$17,147		($79,286	)	$23,216		($50,800	)
Less: Fee and asset management income	(2,144	)	(1,915	)	(8,172	)	(8,008	)
Less: Interest and other income	(4,596	)	(412	)	(8,584	)	(2,826	)
Less: (Income) loss on deferred compensation plans	(4,763	)	(2,907	)	(11,581	)	(14,609	)
Plus: Property management expense	4,988		5,016		19,982		18,864
Plus: Fee and asset management expense	1,230		1,366		4,841		4,878
Plus: General and administrative expense	8,423		8,233		30,762		31,243
Plus: Interest expense	30,815		30,932		125,893		128,296
Plus: Depreciation and amortization	44,837		43,073		172,849		171,322
Plus: Amortization of deferred financing costs	1,478		1,569		4,102		3,925
Plus: Expense (benefit) on deferred compensation plans	4,763		2,907		11,581		14,609
Less: (Gain) on sale of properties, including land	-		-		(236	)	-
Plus: Loss on early retirement of debt	-		-		-		2,550
Less: Equity in (income) loss of joint ventures	54		(103	)	839		(695	)
Plus: Impairment associated with land development activities	-		85,614		-		85,614
Plus: Impairment provision for technology investments	1,000		-		1,000		-
Plus: Income allocated to perpetual preferred units	1,750		1,750		7,000		7,000
Plus: Income (loss) allocated to noncontrolling interests	384		(1,851	)	926		(403	)
Plus: Income tax expense - current	295		195		1,581		967
Less: (Income) from discontinued operations	(738	)	(864	)	(3,481	)	(5,101	)
Less: (Gain) loss on sale of discontinued operations	(9,614	)	-		(9,614	)	(16,887	)
Net Operating Income (NOI)	$95,309		$93,317		$362,904		$369,939

"Same Property" Communities	$86,314		$86,210		$334,014		$346,237
Non-"Same Property" Communities	9,314		6,876		29,609		22,311
Other	(319	)	231		(719	)	1,391
Net Operating Income (NOI)	$95,309		$93,317		$362,904		$369,939


EBITDA
EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on early retirement of debt, and income (loss) allocated to noncontrolling interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income attributable to common shareholders to EBITDA is provided below:

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2010		2009		2010		2009
Net income attributable to common shareholders	$17,147		($79,286	)	$23,216		($50,800	)
Plus: Interest expense	30,815		30,932		125,893		128,296
Plus: Amortization of deferred financing costs	1,478		1,569		4,102		3,925
Plus: Depreciation and amortization	44,837		43,073		172,849		171,322
Plus: Income allocated to perpetual preferred units	1,750		1,750		7,000		7,000
Plus: Income (loss) allocated to noncontrolling interests	384		(1,851	)	926		(403	)
Plus: Income tax expense - current	295		195		1,581		967
Plus: Real estate depreciation and amortization from discontinued operations	435		846		2,711		3,360
Less: (Gain) on sale of properties, including land	-		-		(236	)	-
Plus: Loss on early retirement of debt	-		-		-		2,550
Less: Equity in (income) loss of joint ventures	54		(103	)	839		(695	)
Plus: Impairment associated with land development activities	-		85,614		-		85,614
Plus: Impairment provision for technology investments	1,000		-		1,000		-
Less: (Gain) loss on sale of discontinued operations	(9,614	)	-		(9,614	)	(16,887	)
EBITDA	$88,581		$82,739		$330,267		$334,249

CAMDEN		OTHER DATA


(Unaudited)

Stock Symbol:		CPT

Exchange Traded:		NYSE

Senior Unsecured Debt Ratings:			Rating	Outlook
		Standard & Poors	BBB	Stable
		Moody's	Baa1	Stable



Estimated Future Dates:			Q1 '11	Q2 '11	Q3 '11	Q4 '11
	Earnings release & conference call		Early May	Early Aug	Late Oct	Early Feb

Dividend Information - Common Shares:			Q1 '10	Q2 '10	Q3 '10	Q4 '10
	Declaration Date		03/15/10	06/15/10	09/15/10	12/06/10
	Record Date		03/31/10	06/30/10	09/30/10	12/20/10
	Payment Date		04/16/10	07/16/10	10/18/10	01/18/11
	Distributions Per Share		$0.45	$0.45	$0.45	$0.45

Investor Relations Data:

	Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases and Supplemental Data upon request.

	For Investor Relations: recent press releases, 10-Q's, 10-K's and other information, call 1-800-9CAMDEN or (713) 354-2787.

	To access Camden's Quarterly Conference Call, please visit our web site at camdenliving.com.

	For questions contact:

		Richard J. Campo	Chairman & Chief Executive Officer
		D. Keith Oden	President
		H. Malcolm Stewart	Chief Operating Officer
		Dennis M. Steen	Chief Financial Officer
		Kimberly A. Callahan	Vice President - Investor Relations

CAMDEN			COMMUNITY TABLE
			Community Statistics as of 12/31/10


(Unaudited)									4Q10 Avg
					Year Placed	Average	Apartment	4Q10 Avg	Monthly Rental Rates
Community Name			City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.

	Camden Copper Square		Phoenix	AZ	2000	786	332	91%	$766	$0.97
	Camden Fountain Palms (1)		Peoria	AZ	1986/1996	1,050	192	90%	657	0.63
	Camden Legacy		Scottsdale	AZ	1996	1,067	428	94%	841	0.79
	Camden Pecos Ranch (1)		Chandler	AZ	2001	924	272	96%	751	0.81
	Camden San Paloma		Scottsdale	AZ	1993/1994	1,042	324	95%	884	0.85
	Camden Sierra (1)		Peoria	AZ	1997	925	288	89%	647	0.70
	Camden Towne Center (1)		Glendale	AZ	1998	871	240	92%	664	0.76
	Camden Vista Valley		Mesa	AZ	1986	923	357	90%	601	0.65
		TOTAL ARIZONA	8	Properties		951	2,433	92%	736	0.78

	Camden Crown Valley		Mission Viejo	CA	2001	1,009	380	93%	1,508	1.50
	Camden Harbor View		Long Beach	CA	2004	975	538	94%	1,846	1.89
	Camden Main and Jamboree		Irvine	CA	2008	1,011	290	90%	1,746	1.73
	Camden Martinique		Costa Mesa	CA	1986	794	714	92%	1,247	1.57
	Camden Parkside (1)		Fullerton	CA	1972	836	421	93%	1,183	1.42
	Camden Sea Palms		Costa Mesa	CA	1990	891	138	97%	1,427	1.60
		Total Los Angeles/Orange County	6	Properties		904	2,481	93%	1,474	1.63

	Camden Old Creek		San Marcos	CA	2007	1,037	350	92%	1,536	1.48
	Camden Sierra at Otay Ranch		Chula Vista	CA	2003	962	422	92%	1,474	1.53
	Camden Tuscany		San Diego	CA	2003	896	160	93%	1,841	2.05
	Camden Vineyards		Murrieta	CA	2002	1,053	264	90%	1,214	1.15
		Total San Diego/Inland Empire	4	Properties		995	1,196	92%	1,484	1.49

		TOTAL CALIFORNIA	10	Properties		934	3,677	92%	1,477	1.58

	Camden Caley		Englewood	CO	2000	925	218	97%	867	0.94
	Camden Centennial		Littleton	CO	1985	744	276	95%	673	0.90
	Camden Denver West (1)		Golden	CO	1997	1,015	320	91%	1,055	1.04
	Camden Highlands Ridge		Highlands Ranch	CO	1996	1,149	342	94%	1,107	0.96
	Camden Interlocken		Broomfield	CO	1999	1,022	340	95%	1,117	1.09
	Camden Lakeway		Littleton	CO	1997	932	451	93%	879	0.94
	Camden Pinnacle		Westminster	CO	1985	748	224	93%	692	0.93
		TOTAL COLORADO	7	Properties		949	2,171	94%	932	0.98

	Camden Ashburn Farms		Ashburn	VA	2000	1,062	162	95%	1,359	1.28
	Camden Clearbrook		Frederick	MD	2007	1,048	297	94%	1,238	1.18
	Camden College Park		College Park	MD	2008	942	508	93%	1,525	1.62
	Camden Dulles Station		Oak Hill	VA	2009	984	366	95%	1,489	1.51
	Camden Fair Lakes		Fairfax	VA	1999	1,056	530	96%	1,517	1.44
	Camden Fairfax Corner		Fairfax	VA	2006	934	488	96%	1,557	1.67
	Camden Fallsgrove		Rockville	MD	2004	996	268	95%	1,554	1.56
	Camden Grand Parc		Washington	DC	2002	674	105	96%	2,345	3.48
	Camden Lansdowne		Leesburg	VA	2002	1,006	690	96%	1,283	1.28
	Camden Largo Town Center		Largo	MD	2000/2007	1,027	245	94%	1,544	1.50
	Camden Monument Place		Fairfax	VA	2007	856	368	95%	1,431	1.67
	Camden Potomac Yard		Arlington	VA	2008	835	378	94%	1,867	2.24
	Camden Roosevelt		Washington	DC	2003	856	198	100%	2,272	2.65
	Camden Russett		Laurel	MD	2000	992	426	95%	1,357	1.37
	Camden Silo Creek		Ashburn	VA	2004	975	284	97%	1,304	1.34
	Camden Summerfield		Landover	MD	2008	957	291	93%	1,513	1.58
		TOTAL DC METRO	16	Properties		963	5,604	95%	1,511	1.57

	Camden Aventura		Aventura	FL	1995	1,108	379	95%	1,356	1.22
	Camden Brickell		Miami	FL	2003	937	405	96%	1,402	1.50
	Camden Doral		Miami	FL	1999	1,120	260	95%	1,472	1.31
	Camden Doral Villas		Miami	FL	2000	1,253	232	96%	1,571	1.25
	Camden Las Olas		Ft. Lauderdale	FL	2004	1,043	420	95%	1,532	1.47
	Camden Plantation		Plantation	FL	1997	1,201	502	95%	1,255	1.05
	Camden Portofino		Pembroke Pines	FL	1995	1,112	322	94%	1,286	1.16
		Total Southeast Florida	7	Properties		1,103	2,520	95%	1,396	1.26

	Camden Club		Longwood	FL	1986	1,077	436	94%	818	0.76
	Camden Hunter's Creek		Orlando	FL	2000	1,075	270	95%	920	0.86
	Camden Lago Vista		Orlando	FL	2005	955	366	95%	845	0.89
	Camden Landings		Orlando	FL	1983	748	220	93%	631	0.84
	Camden Lee Vista		Orlando	FL	2000	937	492	94%	812	0.87
	Camden Orange Court		Orlando	FL	2008	812	261	94%	1,046	1.30
	Camden Renaissance		Altamonte Springs	FL	1996/1998	899	578	92%	762	0.85
	Camden Reserve		Orlando	FL	1990/1991	824	526	93%	682	0.83
	Camden World Gateway		Orlando	FL	2000	979	408	93%	902	0.92
		Total Orlando	9	Properties		928	3,557	94%	813	0.88

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 12/31/10


(Unaudited)							4Q10 Avg
			Year Placed	Average	Apartment	4Q10 Avg	Monthly Rental Rates
Community Name	City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.


Camden Bay		Tampa	FL	1997/2001	943	760	95%	806	0.85
Camden Bay Pointe		Tampa	FL	1984	771	368	93%	652	0.84
Camden Bayside		Tampa	FL	1987/1989	748	832	95%	700	0.94
Camden Citrus Park		Tampa	FL	1985	704	247	93%	637	0.90
Camden Lakes		St. Petersburg	FL	1982/1983	732	688	93%	639	0.87
Camden Lakeside		Brandon	FL	1986	729	228	92%	706	0.97
Camden Live Oaks		Tampa	FL	1990	1,093	770	93%	760	0.69
Camden Preserve		Tampa	FL	1996	942	276	95%	959	1.02
Camden Providence Lakes		Brandon	FL	1996	1,024	260	93%	861	0.84
Camden Royal Palms		Brandon	FL	2006	1,017	352	93%	906	0.89
Camden Westshore		Tampa	FL	1986	728	278	96%	778	1.07
Camden Woods		Tampa	FL	1986	1,223	444	95%	791	0.65
	Total Tampa/St. Petersburg	12	Properties		897	5,503	94%	755	0.84

	TOTAL FLORIDA	28	Properties		951	11,580	94%	912	0.96

Camden Brookwood		Atlanta	GA	2002	912	359	94%	932	1.02
Camden Dunwoody		Atlanta	GA	1997	1,007	324	95%	839	0.83
Camden Deerfield		Alpharetta	GA	2000	1,187	292	92%	897	0.76
Camden Ivy Hall (1) (2)		Atlanta	GA	2010	1,181	110	Lease-Up	1,646	1.39
Camden Midtown Atlanta		Atlanta	GA	2001	935	296	92%	929	0.99
Camden Peachtree City		Peachtree City	GA	2001	1,027	399	93%	843	0.82
Camden River		Duluth	GA	1997	1,103	352	93%	846	0.77
Camden Shiloh		Kennesaw	GA	1999/2002	1,143	232	93%	813	0.71
Camden St. Clair		Atlanta	GA	1997	999	336	94%	862	0.86
Camden Stockbridge		Stockbridge	GA	2003	1,009	304	92%	735	0.73
Camden Sweetwater		Lawrenceville	GA	2000	1,151	308	88%	708	0.62
	TOTAL GEORGIA	11	Properties		1,047	3,312	93%	869	0.83

Camden Brookside (1)		Louisville	KY	1987	732	224	95%	654	0.89
Camden Meadows (1)		Louisville	KY	1987/1990	746	400	94%	686	0.92
Camden Oxmoor (1)		Louisville	KY	2000	903	432	94%	830	0.92
Camden Prospect Park (1)		Louisville	KY	1990	916	138	95%	765	0.84
	TOTAL KENTUCKY	4	Properties		820	1,194	94%	741	0.90

Camden Passage (1)		Kansas City	MO	1989/1997	834	596	93%	647	0.78
	Total Kansas City	1	Property		834	596	93%	647	0.78

Camden Cedar Lakes (1)		Lake St. Louis	MO	1986	852	420	91%	622	0.73
Camden Cove West (1)		Creve Coeur	MO	1990	828	276	96%	818	0.99
Camden Cross Creek (1)		St. Louis	MO	1973/1980	947	591	93%	740	0.78
Camden Westchase (1)		St. Louis	MO	1986	945	160	96%	854	0.90
	Total St. Louis	4	Properties		896	1,447	93%	733	0.82

	TOTAL MISSOURI	5	Properties		878	2,043	93%	708	0.81

Camden Bel Air		Las Vegas	NV	1988/1995	943	528	92%	727	0.77
Camden Breeze		Las Vegas	NV	1989	846	320	92%	724	0.86
Camden Canyon		Las Vegas	NV	1995	987	200	92%	850	0.86
Camden Commons		Henderson	NV	1988	936	376	92%	745	0.80
Camden Cove		Las Vegas	NV	1990	898	124	91%	722	0.80
Camden Del Mar		Las Vegas	NV	1995	986	560	94%	887	0.90
Camden Fairways		Henderson	NV	1989	896	320	95%	866	0.97
Camden Hills		Las Vegas	NV	1991	439	184	89%	506	1.15
Camden Legends		Henderson	NV	1994	792	113	89%	813	1.03
Camden Palisades		Las Vegas	NV	1991	905	624	91%	741	0.82
Camden Pines (1)		Las Vegas	NV	1997	982	315	92%	793	0.81
Camden Pointe		Las Vegas	NV	1996	983	252	91%	737	0.75
Camden Summit (1)		Henderson	NV	1995	1,187	234	93%	1,088	0.92
Camden Tiara (1)		Las Vegas	NV	1996	1,043	400	93%	846	0.81
Camden Vintage		Las Vegas	NV	1994	978	368	90%	717	0.73
Oasis Bay (1)		Las Vegas	NV	1990	876	128	96%	756	0.86
Oasis Crossings (1)		Las Vegas	NV	1996	983	72	91%	761	0.77
Oasis Emerald (1)		Las Vegas	NV	1988	873	132	92%	639	0.73
Oasis Gateway (1)		Las Vegas	NV	1997	1,146	360	90%	793	0.69
Oasis Island (1)		Las Vegas	NV	1990	901	118	91%	646	0.72
Oasis Landing (1)		Las Vegas	NV	1990	938	144	91%	699	0.75
Oasis Meadows (1)		Las Vegas	NV	1996	1,031	383	87%	733	0.71
Oasis Palms (1)		Las Vegas	NV	1989	880	208	89%	673	0.76
Oasis Pearl (1)		Las Vegas	NV	1989	930	90	91%	716	0.77
Oasis Place (1)		Las Vegas	NV	1992	440	240	90%	505	1.15
Oasis Ridge (1)		Las Vegas	NV	1984	391	477	84%	424	1.09
Oasis Sierra (1)		Las Vegas	NV	1998	923	208	92%	788	0.85
Oasis Springs (1)		Las Vegas	NV	1988	838	304	87%	595	0.71
Oasis Vinings (1)		Las Vegas	NV	1994	1,152	234	88%	733	0.64
	TOTAL NEVADA	29	Properties		903	8,016	91%	735	0.81

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 12/31/10


(Unaudited)							4Q10 Avg
			Year Placed	Average	Apartment	4Q10 Avg	Monthly Rental Rates
Community Name	City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.

Camden Ballantyne		Charlotte	NC	1998	1,045	400	94%	814	0.78
Camden Cotton Mills		Charlotte	NC	2002	905	180	98%	1,036	1.15
Camden Dilworth		Charlotte	NC	2006	857	145	97%	1,059	1.24
Camden Fairview		Charlotte	NC	1983	1,036	135	95%	760	0.73
Camden Forest		Charlotte	NC	1989	703	208	91%	544	0.77
Camden Foxcroft		Charlotte	NC	1979	940	156	94%	705	0.75
Camden Grandview		Charlotte	NC	2000	1,057	266	98%	1,157	1.10
Camden Habersham		Charlotte	NC	1986	773	240	94%	603	0.78
Camden Park Commons		Charlotte	NC	1997	861	232	92%	627	0.73
Camden Pinehurst		Charlotte	NC	1967	1,147	407	91%	719	0.63
Camden Sedgebrook		Charlotte	NC	1999	972	368	95%	752	0.77
Camden Simsbury		Charlotte	NC	1985	874	100	93%	686	0.79
Camden South End Square		Charlotte	NC	2003	882	299	96%	934	1.06
Camden Stonecrest		Charlotte	NC	2001	1,098	306	94%	855	0.78
Camden Touchstone		Charlotte	NC	1986	899	132	96%	703	0.78
	Total Charlotte	15	Properties		961	3,574	94%	801	0.83

Camden Crest		Raleigh	NC	2001	1,013	438	94%	749	0.74
Camden Governor's Village		Chapel Hill	NC	1999	1,046	242	97%	839	0.80
Camden Lake Pine		Apex	NC	1999	1,066	446	95%	769	0.72
Camden Manor Park		Raleigh	NC	2006	966	484	93%	814	0.84
Camden Overlook		Raleigh	NC	2001	1,060	320	93%	853	0.80
Camden Reunion Park		Apex	NC	2000/2004	972	420	93%	668	0.69
Camden Westwood		Morrisville	NC	1999	1,027	354	94%	737	0.72
	Total Raleigh	7	Properties		1,017	2,704	94%	770	0.76

	TOTAL NORTH CAROLINA	22	Properties		985	6,278	94%	787	0.80

Camden Valleybrook		Chadds Ford	PA	2002	992	352	93%	1,291	1.30
	TOTAL PENNSYLVANIA	1	Property		992	352	93%	1,291	1.30

Camden Amber Oaks (1)		Austin	TX	2009	862	348	93%	779	0.90
Camden Cedar Hills		Austin	TX	2008	911	208	92%	933	1.02
Camden Gaines Ranch		Austin	TX	1997	955	390	95%	940	0.98
Camden Huntingdon		Austin	TX	1995	903	398	94%	706	0.78
Camden Laurel Ridge		Austin	TX	1986	702	183	94%	572	0.82
Camden Ridgecrest		Austin	TX	1995	855	284	93%	665	0.78
Camden South Congress (1)		Austin	TX	2001	975	253	94%	1,342	1.38
Camden Stoneleigh		Austin	TX	2001	908	390	94%	866	0.95
	Total Austin	8	Properties		894	2,454	94%	849	0.95

Camden Breakers		Corpus Christi	TX	1996	868	288	93%	892	1.03
Camden Copper Ridge		Corpus Christi	TX	1986	775	344	92%	671	0.87
Camden Miramar (3)		Corpus Christi	TX	1994-2010	485	816	98%	947	1.95
Camden South Bay (1)		Corpus Christi	TX	2007	1,055	270	96%	990	0.94
	Total Corpus Christi	4	Properties		697	1,718	93%	890	1.28

Camden Addison (1)		Addison	TX	1996	942	456	95%	762	0.81
Camden Buckingham		Richardson	TX	1997	919	464	94%	771	0.84
Camden Centreport		Ft. Worth	TX	1997	911	268	94%	767	0.84
Camden Cimarron		Irving	TX	1992	772	286	96%	763	0.99
Camden Farmers Market		Dallas	TX	2001/2005	932	904	95%	853	0.91
Camden Gardens		Dallas	TX	1983	652	256	96%	520	0.80
Camden Glen Lakes		Dallas	TX	1979	877	424	92%	720	0.82
Camden Legacy Creek		Plano	TX	1995	831	240	96%	816	0.98
Camden Legacy Park		Plano	TX	1996	871	276	96%	832	0.96
Camden Springs		Dallas	TX	1987	713	304	93%	542	0.76
Camden Valley Creek		Irving	TX	1984	855	380	92%	624	0.73
Camden Valley Park		Irving	TX	1986	743	516	94%	706	0.95
Camden Valley Ridge		Irving	TX	1987	773	408	92%	570	0.74
Camden Westview		Lewisville	TX	1983	697	335	91%	578	0.83
	Total Dallas/Ft. Worth	14	Properties		837	5,517	94%	717	0.86

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 12/31/10


(Unaudited)							4Q10 Avg
			Year Placed	Average	Apartment	4Q10 Avg	Monthly Rental Rates
Community Name	City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.

	Belle Meade (1)		Houston	TX	2010	1,414	119	93%	2,612	1.85
	Braeswood Place (1) (2)		Houston	TX	2009	1,042	340	Lease-up	1,380	1.32
	Camden Baytown		Baytown	TX	1999	844	272	86%	770	0.91
	Camden City Centre		Houston	TX	2007	932	379	93%	1,250	1.34
	Camden Creek		Houston	TX	1984	639	456	89%	578	0.91
	Camden Greenway		Houston	TX	1999	861	756	93%	1,016	1.18
	Camden Holly Springs (1)		Houston	TX	1999	934	548	92%	871	0.93
	Camden Midtown		Houston	TX	1999	844	337	97%	1,179	1.40
	Camden Oak Crest		Houston	TX	2003	870	364	90%	812	0.93
	Camden Park (1)		Houston	TX	1995	866	288	90%	768	0.89
	Camden Plaza		Houston	TX	2007	915	271	92%	1,226	1.34
	Camden Royal Oaks		Houston	TX	2006	923	236	90%	1,116	1.21
	Camden Steeplechase		Houston	TX	1982	748	290	88%	619	0.83
	Camden Stonebridge		Houston	TX	1993	845	204	94%	794	0.94
	Camden Sugar Grove (1)		Stafford	TX	1997	921	380	90%	852	0.92
	Camden Travis Street (1)		Houston	TX	2010	819	253	97%	1,242	1.52
	Camden Vanderbilt		Houston	TX	1996/1997	863	894	93%	1,108	1.28
	Camden Whispering Oaks		Houston	TX	2008	934	274	91%	969	1.04
	Camden Yorktown (1)		Houston	TX	2008	995	306	95%	963	0.97
		Total Houston	19	Properties		883	6,967	92%	1,007	1.14

		TOTAL TEXAS	45	Properties		850	16,656	94%	875	1.03

TOTAL PROPERTIES			186	Properties		922	63,316	93%	$937	$1.02

(1)	Communities owned through investment in joint venture.
(2)	Completed communities in lease-up as of December 31, 2010 are excluded from total occupancy numbers.
(3)	Miramar is a student housing community which is excluded from total occupancy numbers.

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