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	a50254782ex99_1.htm
8-K - CAMDEN PROPERTY TRUST 8-K - CAMDEN PROPERTY TRUST	a50254782.htm

EXHIBIT 99.2

FIRST QUARTER 2012

Supplemental Operating and Financial Data

Camden LaVina - Orlando, FL

420 Apartment Homes

Currently in Lease-Up

Camden Property Trust

Three Greenway Plaza, Suite 1300

Houston, Texas 77046

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

www.camdenliving.com

CAMDEN	TABLE OF CONTENTS

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

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

CAMDEN PROPERTY TRUST ANNOUNCES

FIRST QUARTER 2012 OPERATING RESULTS

FFO PER DILUTED SHARE INCREASES 15%

Houston, TEXAS (April 26, 2012) – Camden Property Trust (NYSE: CPT) today announced operating results for the three months ended March 31, 2012.

Funds from Operations (“FFO”)

FFO for the first quarter of 2012 totaled $0.83 per diluted share or $68.6 million, as compared to $0.72 per diluted share or $54.1 million for the same period in 2011, an increase of 15% per diluted share.

FFO for the three months ended March 31, 2012 included a $2.1 million or $0.03 per diluted share charge related to the redemption of perpetual preferred operating partnership units. FFO for the three months ended March 31, 2011 included a net gain of $3.3 million or $0.04 per diluted share impact related to other income of $4.3 million from the sale of an available-for-sale investment, partially offset by $1.0 million of income taxes associated with that gain, and a $2.1 million or $0.03 per diluted share impact for General & Administrative (“G&A”) costs related to a one-time bonus awarded to all non-executive employees.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $88.8 million or $1.07 per diluted share for the first quarter of 2012, as compared to $7.3 million or $0.10 per diluted share for the same period in 2011. EPS for the three months ended March 31, 2012 included: a $40.2 million or $0.49 per diluted share impact related to the gain on acquisition of the controlling interest in twelve joint ventures; a $32.5 million or $0.39 per diluted share impact related to the gain on sale of discontinued operations; and, a $2.1 million or $0.03 per diluted share charge related to the redemption of perpetual preferred operating partnership units. EPS for the three months ended March 31, 2011 included a net $3.3 million or $0.05 per diluted share impact related to gain on sale of an available-for-sale investment; a $2.1 million or $0.03 per diluted share impact for G&A costs related to a one-time bonus awarded to all non-executive employees; and, a $1.1 million or $0.02 per diluted share impact from gain on the sale of three joint venture interests.

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

Same Property Results

For the 47,724 apartment homes included in consolidated same property results, first quarter 2012 same property net operating income (“NOI”) increased 9.6% compared to the first quarter of 2011, with revenues increasing 6.8% and expenses increasing 2.4%. On a sequential basis, first quarter 2012 same property NOI increased 0.8% compared to the fourth quarter of 2011, with revenues increasing 1.5% and expenses increasing 2.8% compared to the prior quarter. Same property physical occupancy levels for the portfolio averaged 94.9% during the first quarter of 2012, compared to 94.5% in the fourth quarter of 2011 and 94.0% in the first quarter of 2011.

The Company defines same property communities as communities owned and stabilized as of January 1, 2011, excluding properties held for sale and communities under major redevelopment. A reconciliation of net income attributable to common shareholders to net operating income and same property net operating income is included in the financial tables accompanying this press release.

Acquisition Activity

On January 25, 2012, Camden purchased the remaining 80% ownership interest in twelve unconsolidated joint ventures for approximately $99.5 million, and assumed approximately $272.6 million in mortgage debt which was subsequently retired. The Company now owns 100% of the interests in 4,034 apartment homes located in Dallas, Houston, Las Vegas, Phoenix, and Southern California, and consolidated those entities for financial reporting purposes as of the acquisition date. The Company also acquired one multifamily community with 350 apartment homes located in Raleigh, NC for approximately $44.2 million through one of its Funds.

Disposition Activity

The Company disposed of three operating properties during the first quarter for a total of $55.6 million, resulting in a gain on sale of $32.5 million: Camden Vista Valley, a 357-home community located in Mesa, AZ; Camden Landings, a 220-home apartment community located in Orlando, FL; and Camden Creek, a 456-home apartment community located in Houston, TX.

Development Activity

Construction was completed during the quarter at three wholly-owned communities: Camden LaVina, a $55 million project with 420 apartment homes in Orlando, FL, which is currently 67% leased; Camden Summerfield II, a $25 million project with 187 apartment homes in Landover, MD, which is currently 72% leased; and Camden Royal Oaks II, a $12 million project with 104 apartment homes in Houston, TX, which began leasing during the quarter and is currently 21% leased. Lease-up activity began during the first quarter at two communities which are currently under construction: Camden Montague, a $23 million project with 192 apartment homes in Tampa, FL which is currently 53% leased; and Camden Westchase Park, a $52 million project with 348 apartment homes in Tampa, FL which is currently 16% leased.

Construction continued during the quarter on three wholly-owned development communities: Camden Town Square in Orlando, FL, a $66 million project with 438 apartment homes; Camden City Centre II in Houston, TX, a $36 million project with 268 apartment homes, and Camden NOMA in Washington DC, a $110 million project with 320 apartment homes. Construction also continued during the quarter on two joint venture communities: Camden Amber Oaks II in Austin, TX, a $25 million project with 244 apartment homes, which is currently 8% leased, and Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes.

Equity Issuances/Redemption

During the first quarter, Camden completed a public offering of 6,612,500 common shares for net proceeds of approximately $391.6 million. The Company also issued 704,245 common shares through its ATM program at an average price of $63.89 per share, for total net consideration of approximately $44.3 million.

The Company also redeemed its 7.0% Series B Cumulative Redeemable Perpetual Preferred Units from existing holders for an aggregate of $100 million (plus an amount equal to accrued but unpaid distributions as of the redemption date), resulting in a charge to earnings of $2.1 million.

Subsequent to quarter-end, Camden issued 430,078 common shares through its ATM program at an average price of $65.23 per share, for total net consideration of approximately $27.6 million.

Earnings Guidance

Camden updated its earnings guidance for 2012 based on its current and expected views of the apartment market and general economic conditions. Full-year 2012 FFO is expected to be $3.35 to $3.55 per diluted share, and full-year 2012 EPS is expected to be $1.85 to $2.05 per diluted share. Second quarter 2012 earnings guidance is $0.85 to $0.89 per diluted share for FFO and $0.26 to $0.30 per diluted share for EPS. Guidance for EPS excludes potential future gains on real estate transactions. Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2012 earnings guidance is based on projections of same-property revenue growth between 4.75% and 6.25%, expense growth between 2.5% and 3.5%, and NOI growth between 6.0% and 8.0%. Additional information on the Company’s 2012 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, April 27, 2012 at 11:00 a.m. Central Time to review its first quarter 2012 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: 5402762, 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.

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 197 properties containing 67,025 apartment homes across the United States. Upon completion of 7 properties under development, the Company's portfolio will increase to 69,111 apartment homes in 204 properties. Camden was recently named by FORTUNE® Magazine for the fifth consecutive year as one of the “100 Best Companies to Work For” in America, placing 7th on the list.

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

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


(Unaudited)
		Three Months Ended March 31,
		2012				2011
Total property revenues (a)			$178,651				$157,602

EBITDA			98,129				87,497

Net income attributable to common shareholders			88,758				7,286
Per share - basic			1.10				0.10
Per share - diluted			1.07				0.10

Income from continuing operations attributable to common shareholders			56,534				6,494
Per share - basic			0.70				0.09
Per share - diluted			0.68				0.09

Funds from operations			68,589				54,113
Per share - diluted			0.83				0.72

Dividends per share			0.56				0.49
Dividend payout ratio			67.5	%			68.1	%

Interest expensed (including discontinued operations)			26,683				29,737
Interest capitalized			3,048				1,815
Total interest incurred			29,731				31,552

Principal amortization			1,203				1,395
Preferred distributions			776				1,750

Interest expense coverage ratio			3.7		x		2.9		x
Total interest coverage ratio			3.3		x		2.8		x
Fixed charge expense coverage ratio			3.4		x		2.7		x
Total fixed charge coverage ratio			3.1		x		2.5		x
Unencumbered real estate assets (at cost) to unsecured debt ratio			3.3		x		2.8		x

Same property NOI increase (b)			9.6	%			6.2	%
(# of apartment homes included)			47,724				47,600

Gross turnover of apartment homes (annualized)			55	%			49	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)			48	%			42	%


		As of March 31,
			2012				2011
Total assets			$5,004,015				$4,583,293
Total debt			$2,431,106				$2,474,520
Common and common equivalent shares, outstanding end of period (c)			84,718				75,102
Share price, end of period			$65.75				$56.82
Preferred units, end of period			-				$97,925
Book equity value, end of period (d)			$2,311,531				$1,836,946
Market equity value, end of period (d)			$5,570,209				$4,367,296




(a) Excludes discontinued operations.

(b) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale
and communities under major redevelopment.

(c) Includes at March 31, 2012: 82,497 common shares (including 541 common share equivalents related to share awards & options), plus common share
equivalents upon the assumed conversion of minority interest units (2,221).

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

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

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


(Unaudited)	Three Months Ended
	March 31,
OPERATING DATA	2012			2011
Property revenues
Rental revenues		$153,719			$135,835
Other property revenues		24,932			21,767
Total property revenues		178,651			157,602

Property expenses
Property operating and maintenance		49,219			44,806
Real estate taxes		18,371			17,344
Total property expenses		67,590			62,150

Non-property income
Fee and asset management		2,923			1,838
Interest and other income (loss)		(688	)		4,771
Income on deferred compensation plans		7,786			5,954
Total non-property income		10,021			12,563

Other expenses
Property management		5,284			5,319
Fee and asset management		1,743			1,220
General and administrative		8,679			9,788
Interest		26,683			29,737
Depreciation and amortization		50,118			45,851
Amortization of deferred financing costs		912			1,527
Expense on deferred compensation plans		7,786			5,954
Total other expenses		101,205			99,396


Gain on sale of unconsolidated joint venture interests		-			1,136
Gain on acquisition of controlling interests in joint ventures		40,191			-
Equity in income of joint ventures		366			374
Income from continuing operations before income taxes		60,434			10,129
Income tax expense - current		(224	)		(1,320	)
Income from continuing operations		60,210			8,809
Income from discontinued operations		353			792
Gain on sale of discontinued operations, net of tax		32,541			-
Net income		93,104			9,601
Less income allocated to noncontrolling interests from continuing operations		(825	)		(556	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		(670	)		(9	)
Less income allocated to perpetual preferred units		(776	)		(1,750	)
Less write off of original issuance costs of redeemed perpetual preferred units		(2,075	)		-
Net income attributable to common shareholders		$88,758			$7,286


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$93,104			$9,601
Other comprehensive income
Unrealized loss on cash flow hedging activities		-			(503	)
Reclassification of net losses on cash flow hedging activities		-			5,766
Reclassification of gain on available-for-sale investment to earnings, net of tax		-			(3,309	)
Reclassification of prior service cost on post retirement obligations		8			-
Comprehensive income		93,112			11,555
Less income allocated to noncontrolling interests from continuing operations		(825	)		(556	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		(670	)		(9	)
Less income allocated to perpetual preferred units		(776	)		(1,750	)
Less write off of original issuance costs of redeemed perpetual preferred units		(2,075	)		-
Comprehensive income attributable to common shareholders		$88,766			$9,240


PER SHARE DATA
Net income attributable to common shareholders - basic		$1.10			$0.10
Net income attributable to common shareholders - diluted		1.07			0.10
Income from continuing operations attributable to common shareholders - basic		0.70			0.09
Income from continuing operations attributable to common shareholders - diluted		0.68			0.09

Weighted average number of common and
common equivalent shares outstanding:
Basic		79,885			71,906
Diluted		82,855			72,783

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

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



(Unaudited)	Three Months Ended
	March 31,
FUNDS FROM OPERATIONS	2012			2011

Net income attributable to common shareholders		$88,758			$7,286
Real estate depreciation from continuing operations		49,009			44,603
Real estate depreciation and amortization from discontinued operations		186			971
Adjustments for unconsolidated joint ventures		2,275			2,006
(Gain) on sale of unconsolidated joint venture interests		-			(1,136	)
Income allocated to noncontrolling interests		1,093			383
(Gain) on acquisition of controlling interests in joint ventures		(40,191	)		-
(Gain) on sale of discontinued operations, net of tax		(32,541	)		-
Funds from operations - diluted		$68,589			$54,113

PER SHARE DATA
Funds from operations - diluted		$0.83			$0.72
Cash distributions		0.56			0.49

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		82,855			75,021

PROPERTY DATA
Total operating properties (end of period) (a)		197			187
Total operating apartment homes in operating properties (end of period) (a)		67,025			63,798
Total operating apartment homes (weighted average)		52,957			50,881
Total operating apartment homes - excluding discontinued operations (weighted average)		52,376			49,060

(a) Includes joint ventures.

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

CAMDEN	BALANCE SHEETS
	(In thousands)


(Unaudited)	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2012			2011			2011			2011			2011
ASSETS
Real estate assets, at cost
Land		$868,964			$768,016			$766,302			$760,397			$760,397
Buildings and improvements		5,068,560			4,751,654			4,758,397			4,711,552			4,690,741
		5,937,524			5,519,670			5,524,699			5,471,949			5,451,138
Accumulated depreciation		(1,458,451	)		(1,432,799	)		(1,421,867	)		(1,378,630	)		(1,335,831	)
Net operating real estate assets		4,479,073			4,086,871			4,102,832			4,093,319			4,115,307
Properties under development, including land		301,282			299,870			274,201			237,549			220,641
Investments in joint ventures		49,436			44,844			37,033			39,398			21,196
Properties held for sale		-			11,131			-			-			-
Total real estate assets		4,829,791			4,442,716			4,414,066			4,370,266			4,357,144
Accounts receivable - affiliates		29,742			31,035			31,395			30,401			29,973
Other assets, net (a)		89,706			88,089			87,657			90,346			92,051
Cash and cash equivalents		49,702			55,159			56,099			63,148			98,771
Restricted cash		5,074			5,076			5,357			4,898			5,354
Total assets		$5,004,015			$4,622,075			$4,594,574			$4,559,059			$4,583,293



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,380,952			$1,380,755			$1,380,560			$1,380,368			$1,419,681
Secured		1,050,154			1,051,357			1,052,544			1,053,699			1,054,839
Accounts payable and accrued expenses		105,370			93,747			97,613			78,460			81,972
Accrued real estate taxes		17,991			21,883			37,721			27,424			16,585
Distributions payable		47,594			39,364			39,319			38,966			38,662
Other liabilities (b)		90,423			109,276			111,043			123,829			134,608
Total liabilities		2,692,484			2,696,382			2,718,800			2,702,746			2,746,347

Commitments and contingencies

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

Equity
Common shares of beneficial interest		919			845			839			834			827
Additional paid-in capital		3,327,961			2,901,024			2,861,139			2,823,690			2,783,621
Distributions in excess of net income attributable to common shareholders		(648,074	)		(690,466	)		(700,897	)		(676,367	)		(623,740	)
Treasury shares, at cost		(437,215	)		(452,003	)		(452,244	)		(459,134	)		(460,467	)
Accumulated other comprehensive income (loss) (c)		(675	)		(683	)		201			93			(31,504	)
Total common equity		2,242,916			1,758,717			1,709,038			1,689,116			1,668,737
Noncontrolling interests		68,615			69,051			68,811			69,272			70,284
Total equity		2,311,531			1,827,768			1,777,849			1,758,388			1,739,021
Total liabilities and equity		$5,004,015			$4,622,075			$4,594,574			$4,559,059			$4,583,293



(a) Includes:
net deferred charges of:		$15,267			$16,102			$16,868			$14,484			$12,677

(b) Includes:
deferred revenues of:		$2,337			$2,140			$2,213			$2,181			$2,254
distributions in excess of investments in joint ventures of:		$16,298			$30,596			$31,799			$31,040			$33,442
fair value adjustment of derivative instruments:		$11,574			$16,486			$22,192			$27,977			$31,655

(c) Represents the fair value adjustment of derivative instruments and amortization of prior service costs on post retirement obligations.

CAMDEN		PORTFOLIO STATISTICS



(Unaudited)

COMMUNITY PORTFOLIO AT MARCH 31, 2012 (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)	5,313	291	5,604	-	5,604	187	5,791	596	6,387
	Houston, TX	4,294	1,452	5,746	3,152	8,898	104	9,002	268	9,270
	Tampa, FL	5,503	-	5,503	450	5,953	-	5,953	540	6,493
	Las Vegas, NV	3,969	949	4,918	3,098	8,016	-	8,016	-	8,016
	SE Florida	2,520	-	2,520	-	2,520	-	2,520	-	2,520
	Dallas, TX	4,273	456	4,729	1,250	5,979	-	5,979	-	5,979
	Los Angeles/Orange County, CA	2,060	421	2,481	-	2,481	-	2,481	-	2,481
	Charlotte, NC	3,574	-	3,574	-	3,574	-	3,574	-	3,574
	Orlando, FL	3,344	-	3,344	-	3,344	420	3,764	438	4,202
	Atlanta, GA	3,202	-	3,202	344	3,546	-	3,546	-	3,546
	Raleigh, NC	2,704	-	2,704	350	3,054	-	3,054	-	3,054
	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 (b)	1,853	-	1,853	1,369	3,222	-	3,222	244	3,466
	Phoenix, AZ	1,084	992	2,076	-	2,076	-	2,076	-	2,076
	Other	984	855	1,839	2,841	4,680	-	4,680	-	4,680

	Total Portfolio	47,724	5,416	53,140	13,174	66,314	711	67,025	2,086	69,111

	(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. 276 units under construction in D.C. Metro are held through a joint venture investment.
	(b) 244 units under construction in Austin, TX are held through a joint venture investment.

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


		"Same Property"	Operating	Incl. JVs at		Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
		Communities	Communities (c)	Pro Rata % (d)		2012	2011	2011	2011	2011
	D.C. Metro	18.8%	18.3%	18.2%		94.5%	94.2%	96.3%	96.0%	95.5%
	Houston, TX	9.0%	10.1%	10.4%		96.0%	95.2%	95.4%	94.2%	91.9%
	Tampa, FL	8.4%	7.7%	7.9%		94.9%	94.8%	94.8%	94.5%	93.9%
	Las Vegas, NV	6.1%	6.7%	6.3%		92.0%	92.0%	92.0%	92.5%	91.2%
	SE Florida	7.8%	7.3%	7.2%		95.5%	94.9%	94.1%	95.2%	94.7%
	Dallas, TX	6.5%	6.4%	6.4%		95.1%	94.6%	95.3%	95.6%	94.3%
	Los Angeles/Orange County, CA	6.8%	7.0%	6.3%		95.4%	95.1%	95.7%	94.8%	93.7%
	Charlotte, NC	6.4%	6.0%	5.9%		95.8%	95.3%	95.9%	96.3%	95.2%
	Orlando, FL	5.6%	5.4%	5.4%		95.3%	94.9%	95.3%	94.7%	94.2%
	Atlanta, GA	5.3%	4.8%	5.0%		94.4%	93.8%	94.9%	94.5%	93.9%
	Raleigh, NC	4.8%	4.4%	4.5%		94.8%	94.4%	94.9%	95.0%	94.6%
	Denver, CO	4.0%	3.6%	4.0%		94.1%	93.7%	94.6%	94.4%	92.9%
	San Diego/Inland Empire, CA	3.4%	3.1%	3.1%		92.9%	92.0%	94.7%	92.9%	92.7%
	Austin, TX	2.9%	2.6%	3.1%		95.5%	95.5%	96.1%	94.4%	93.6%
	Phoenix, AZ	2.2%	2.9%	2.0%		93.7%	93.2%	93.2%	91.1%	92.6%
	Other	2.0%	3.7%	4.3%		94.3%	94.0%	95.0%	95.6%	93.9%

	Total Portfolio	100.0%	100.0%	100.0%		94.7%	94.3%	94.8%	94.5%	93.5%


	(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 or under development.

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


(Unaudited)


		Apartment		Three Months Ended March 31,
Property Revenues		Homes		2012			2011			Change
"Same Property" Communities (a)			47,724		$162,171			$151,866			$10,305
Non-"Same Property" Communities (b)			5,416		13,532			4,506			9,026
Development and Lease-Up Communities (c)			2,277		1,203			-			1,203
Other (d)			-		1,745			1,230			515
Total Property Revenues			55,417		$178,651			$157,602			$21,049

Property Expenses
"Same Property" Communities (a)			47,724		$61,066			$59,610			$1,456
Non-"Same Property" Communities (b)			5,416		5,083			1,430			3,653
Development and Lease-Up Communities (c)			2,277		523			-			523
Other (d)			-		918			1,110			(192	)
Total Property Expenses			55,417		$67,590			$62,150			$5,440

Property Net Operating Income
"Same Property" Communities (a)			47,724		$101,105			$92,256			$8,849
Non-"Same Property" Communities (b)			5,416		8,449			3,076			5,373
Development and Lease-Up Communities (c)			2,277		680			-			680
Other (d)			-		827			120			707
Total Property Net Operating Income			55,417		$111,061			$95,452			$15,609





Income from Discontinued Operations (e)					Three Months Ended March 31,
					2012			2011
Property Revenues					$1,209			$3,545
Property Expenses					670			1,782
Property Net Operating Income					539			1,763
Depreciation and Amortization					(186	)		(971	)
Gain on Sale of Discontinued Operations, net of tax					32,541			-
Income, including gain on sale, allocated to noncontrolling interests					(670	)		(9	)
Income attributable to common shareholders					$32,224			$783

Notes:

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, 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, 2011, or communities which underwent major redevelopment after January 1, 2011, excluding properties held for sale. Previously reported in "Same Property" Communities, Camden Royal Oaks is now reported in Non-"Same Property" Communities while Camden Royal Oaks II is in lease-up.
(c)	Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2011, excluding properties held for sale and communities under major redevelopment.
(d)	"Other" includes results from non-multifamily rental properties, above/below market lease amortization related to acquired communities, and expenses related to land holdings not under active development.
(e)	Represents operating results for communities disposed of during 2011 and 2012, of which Camden has no continuing involvement.

	"SAME PROPERTY"
CAMDEN	FIRST QUARTER COMPARISONS
	MARCH 31, 2012
	(In thousands, except property data amounts)



(Unaudited)

	Revenues						Expenses								NOI
Quarterly Results (a)		1Q12	1Q11	Growth				1Q12		1Q11		Growth				1Q12	1Q11	Growth

D.C. Metro		$26,898	$25,817		4.2	%		$7,942		$8,210			(3.3	%)		$18,956	$17,607		7.7	%
Houston, TX		15,371	13,722		12.0	%		6,225		5,678			9.6	%		9,146	8,044		13.7	%
Tampa, FL		15,177	14,237		6.6	%		6,645		6,431			3.3	%		8,532	7,806		9.3	%
Las Vegas, NV		9,799	9,698		1.0	%		3,631		3,689			(1.6	%)		6,168	6,009		2.6	%
SE Florida		12,064	11,322		6.6	%		4,147		4,496			(7.8	%)		7,917	6,826		16.0	%
Dallas, TX		11,633	10,570		10.1	%		5,082		4,880			4.1	%		6,551	5,690		15.1	%
Los Angeles/Orange County, CA		10,395	9,796		6.1	%		3,519		3,431			2.6	%		6,876	6,365		8.0	%
Charlotte, NC		10,536	9,533		10.5	%		4,065		3,987			2.0	%		6,471	5,546		16.7	%
Orlando, FL		9,616	9,130		5.3	%		3,953		3,711			6.5	%		5,663	5,419		4.5	%
Atlanta, GA		9,338	8,849		5.5	%		4,021		3,720			8.1	%		5,317	5,129		3.7	%
Raleigh, NC		7,525	7,179		4.8	%		2,623		2,612			0.4	%		4,902	4,567		7.3	%
Denver, CO		5,975	5,426		10.1	%		1,967		1,870			5.2	%		4,008	3,556		12.7	%
San Diego/Inland Empire, CA		5,677	5,482		3.6	%		2,246		2,152			4.4	%		3,431	3,330		3.0	%
Austin, TX		5,515	4,933		11.8	%		2,600		2,340			11.1	%		2,915	2,593		12.4	%
Phoenix, AZ		3,387	3,101		9.2	%		1,194		1,258			(5.1	%)		2,193	1,843		19.0	%
Other		3,265	3,071		6.3	%		1,206		1,145			5.3	%		2,059	1,926		6.9	%

Total Same Property		$162,171	$151,866		6.8	%		$61,066		$59,610			2.4	%		$101,105	$92,256		9.6	%



	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				1Q12		1Q11		Change				1Q12	1Q11	Change

D.C. Metro		5,313			18.8	%		94.6	%	95.6	%		(1.0	%)		$1,590	$1,526		4.2	%
Houston, TX		4,294			9.0	%		96.4	%	92.2	%		4.2	%		1,101	1,028		7.1	%
Tampa, FL		5,503			8.4	%		94.8	%	93.9	%		0.9	%		803	763		5.3	%
Las Vegas, NV		3,969			6.1	%		93.0	%	92.2	%		0.8	%		756	757		(0.1	%)
SE Florida		2,520			7.8	%		95.5	%	94.7	%		0.8	%		1,499	1,419		5.6	%
Dallas, TX		4,273			6.5	%		95.3	%	94.3	%		1.0	%		812	745		8.9	%
Los Angeles/Orange County, CA		2,060			6.8	%		95.4	%	94.0	%		1.4	%		1,598	1,536		4.1	%
Charlotte, NC		3,574			6.4	%		95.8	%	95.2	%		0.6	%		896	807		11.1	%
Orlando, FL		3,344			5.6	%		95.2	%	94.1	%		1.1	%		868	831		4.5	%
Atlanta, GA		3,202			5.3	%		94.3	%	93.9	%		0.4	%		879	846		3.9	%
Raleigh, NC		2,704			4.8	%		95.2	%	94.6	%		0.6	%		829	795		4.2	%
Denver, CO		1,851			4.0	%		94.4	%	93.0	%		1.4	%		983	915		7.5	%
San Diego/Inland Empire, CA		1,196			3.4	%		92.9	%	92.7	%		0.2	%		1,525	1,485		2.7	%
Austin, TX		1,853			2.9	%		95.1	%	93.7	%		1.4	%		883	807		9.5	%
Phoenix, AZ		1,084			2.2	%		94.5	%	94.7	%		(0.2	%)		918	848		8.2	%
Other		984			2.0	%		95.3	%	94.1	%		1.2	%		1,004	962		4.3	%

Total Same Property		47,724			100.0	%		94.9	%	94.0	%		0.9	%		$1,038	$985		5.4	%

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, 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
	MARCH 31, 2012
	(In thousands, except property data amounts)



(Unaudited)

	Revenues						Expenses								NOI
Quarterly Results (a)		1Q12	4Q11	Growth				1Q12		4Q11		Growth				1Q12	4Q11	Growth

D.C. Metro		$26,898	$26,680		0.8	%		$7,942		$7,955			(0.2	%)		$18,956	$18,725		1.2	%
Houston, TX		15,371	14,945		2.9	%		6,225		5,626			10.6	%		9,146	9,319		(1.9	%)
Tampa, FL		15,177	14,956		1.5	%		6,645		6,354			4.6	%		8,532	8,602		(0.8	%)
Las Vegas, NV		9,799	9,770		0.3	%		3,631		3,649			(0.5	%)		6,168	6,121		0.8	%
SE Florida		12,064	11,777		2.4	%		4,147		3,956			4.8	%		7,917	7,821		1.2	%
Dallas, TX		11,633	11,381		2.2	%		5,082		4,893			3.9	%		6,551	6,488		1.0	%
Los Angeles/Orange County, CA		10,395	10,345		0.5	%		3,519		3,608			(2.5	%)		6,876	6,737		2.1	%
Charlotte, NC		10,536	10,382		1.5	%		4,065		4,194			(3.1	%)		6,471	6,188		4.6	%
Orlando, FL		9,616	9,508		1.1	%		3,953		3,823			3.4	%		5,663	5,685		(0.4	%)
Atlanta, GA		9,338	9,196		1.5	%		4,021		3,768			6.7	%		5,317	5,428		(2.0	%)
Raleigh, NC		7,525	7,402		1.7	%		2,623		2,502			4.8	%		4,902	4,900		0.0	%
Denver, CO		5,975	5,898		1.3	%		1,967		1,983			(0.8	%)		4,008	3,915		2.4	%
San Diego/Inland Empire, CA		5,677	5,558		2.1	%		2,246		2,261			(0.7	%)		3,431	3,297		4.1	%
Austin, TX		5,515	5,454		1.1	%		2,600		2,502			3.9	%		2,915	2,952		(1.3	%)
Phoenix, AZ		3,387	3,243		4.4	%		1,194		1,208			(1.2	%)		2,193	2,035		7.8	%
Other		3,265	3,211		1.7	%		1,206		1,127			7.0	%		2,059	2,084		(1.2	%)

Total Same Property		$162,171	$159,706		1.5	%		$61,066		$59,409			2.8	%		$101,105	$100,297		0.8	%



	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				1Q12		4Q11		Change				1Q12	4Q11	Change

D.C. Metro		5,313			18.8	%		94.6	%	94.3	%		0.3	%		$1,590	$1,590		0.0	%
Houston, TX		4,294			9.0	%		96.4	%	95.0	%		1.4	%		1,101	1,086		1.4	%
Tampa, FL		5,503			8.4	%		94.8	%	94.8	%		0.0	%		803	797		0.8	%
Las Vegas, NV		3,969			6.1	%		93.0	%	92.7	%		0.3	%		756	757		(0.1	%)
SE Florida		2,520			7.8	%		95.5	%	94.9	%		0.6	%		1,499	1,481		1.2	%
Dallas, TX		4,273			6.5	%		95.3	%	94.8	%		0.5	%		812	802		1.2	%
Los Angeles/Orange County, CA		2,060			6.8	%		95.4	%	95.1	%		0.3	%		1,598	1,594		0.3	%
Charlotte, NC		3,574			6.4	%		95.8	%	95.3	%		0.5	%		896	879		1.9	%
Orlando, FL		3,344			5.6	%		95.2	%	94.9	%		0.3	%		868	862		0.7	%
Atlanta, GA		3,202			5.3	%		94.3	%	93.9	%		0.4	%		879	875		0.5	%
Raleigh, NC		2,704			4.8	%		95.2	%	94.4	%		0.8	%		829	821		0.9	%
Denver, CO		1,851			4.0	%		94.4	%	93.8	%		0.6	%		983	975		0.9	%
San Diego/Inland Empire, CA		1,196			3.4	%		92.9	%	92.0	%		0.9	%		1,525	1,527		(0.2	%)
Austin, TX		1,853			2.9	%		95.1	%	95.1	%		0.0	%		883	869		1.6	%
Phoenix, AZ		1,084			2.2	%		94.5	%	93.8	%		0.7	%		918	898		2.2	%
Other		984			2.0	%		95.3	%	95.6	%		(0.3	%)		1,004	1,000		0.4	%

Total Same Property		47,724			100.0	%		94.9	%	94.5	%		0.4	%		$1,038	$1,031		0.7	%

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, 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
	MARCH 31, 2012
	(In thousands)


(Unaudited)
										% of Actual
										1Q12 Operating
Quarterly Comparison (a)		1Q12	1Q11	$ Change			% Change			Expenses

Property taxes		$16,730	$16,620		$110			0.7	%		27.4	%
Salaries and Benefits for On-site Employees		14,698	14,112		586			4.2	%		24.1	%
Utilities		13,687	13,197		490			3.7	%		22.4	%
Repairs and Maintenance		8,756	8,702		54			0.6	%		14.3	%
Property Insurance		3,182	3,324		(142	)		(4.3	%)		5.2	%
Other		4,013	3,655		358			9.8	%		6.6	%

Total Same Property		$61,066	$59,610		$1,456			2.4	%		100.0	%


											% of Actual
											1Q12 Operating
Sequential Comparison (a)		1Q12	4Q11	$ Change			% Change				Expenses

Property taxes		$16,730	$16,035		$695			4.3	%		27.4	%
Salaries and Benefits for On-site Employees		14,698	13,993		705			5.0	%		24.1	%
Utilities		13,687	13,692		(5	)		(0.0	%)		22.4	%
Repairs and Maintenance		8,756	9,139		(383	)		(4.2	%)		14.3	%
Property Insurance		3,182	2,975		207			7.0	%		5.2	%
Other		4,013	3,575		438			12.2	%		6.6	%

Total Same Property		$61,066	$59,409		$1,657			2.8	%		100.0	%





(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties
held for sale and communities under major redevelopment.

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



Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
	Three Months Ended
	March 31,
OPERATING DATA (a)	2012			2011
Property Revenues
Rental revenues		$7,175			$6,562
Other property revenues		1,013			1,008
Total property revenues		8,188			7,570

Property Expenses
Property operating and maintenance		2,377			2,287
Real estate taxes		1,064			792
Total property expenses		3,441			3,079

Net Operating Income (NOI)		4,747			4,491

Other expenses
Interest		1,998			1,991
Depreciation and amortization		2,305			1,996
Other		78			130
Total other expenses		4,381			4,117

Equity in income (loss) of joint ventures		$366			$374



	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
		2012			2011			2011			2011			2011
BALANCE SHEET DATA (b)
Land		$153,286			$213,106			$199,323			$192,872			$163,596
Buildings and improvements		1,016,357			1,320,795			1,284,010			1,268,982			978,703
		1,169,643			1,533,901			1,483,333			1,461,854			1,142,299
Accumulated depreciation		(156,705	)		(225,577	)		(229,212	)		(217,324	)		(207,860	)
Real estate assets, net		1,012,938			1,308,324			1,254,121			1,244,530			934,439
Properties under development and land		52,264			39,684			28,694			23,774			-
Cash and other assets, net		18,879			46,843			39,688			46,606			24,780
Total assets		$1,084,081			$1,394,851			$1,322,503			$1,314,910			$959,219

Notes payable		$852,861			$1,093,944			$1,066,924			$1,049,387			$811,319
Other liabilities		26,610			39,296			32,274			24,678			15,101
Total liabilities		879,471			1,133,240			1,099,198			1,074,065			826,420

Members' equity		204,610			261,611			223,305			240,845			132,799
Total liabilities and members' equity		$1,084,081			$1,394,851			$1,322,503			$1,314,910			$959,219

Camden's equity investment		$49,436			$44,844			$37,033			$39,398			$21,196
Distributions in excess of investment in joint ventures		($16,298	)		($30,596	)		($31,799	)		($31,040	)		($33,442	)

Camden's pro-rata share of debt		$172,942			$221,204			$212,561			$209,112			$161,526



PROPERTY DATA (end of period)
Total operating properties		44			55			54			53			44
Total operating apartment homes		13,174			16,858			16,564			16,324			12,917
Pro rata share of operating apartment homes		2,558			3,365			3,247			3,199			2,517
Total development properties		2			2			2			2			-
Total development apartment homes		520			520			520			520			-
Pro rata share of development apartment homes		104			104			104			104			-


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

CAMDEN			CURRENT DEVELOPMENT COMMUNITIES



(Unaudited)


AS OF MARCH 31, 2012 ($ in millions)

											Estimated/Actual Dates for
			Total		Total		Total				Construction		Initial		Construction		Stabilized		As of 04/22/12
Completed Communities in Lease-Up			Homes		Budget		Cost				Start		Occupancy		Completion		Operations		% Leased			% Occupied

	1.	Camden LaVina		420		$60.0		$55.4				3Q10		3Q11		1Q12		1Q13		67	%		62	%
		Orlando, FL
	2.	Camden Summerfield II		187		30.0		24.9				3Q10		3Q11		1Q12		4Q12		72	%		58	%
		Landover, MD
	3.	Camden Royal Oaks II		104		14.0		12.4				1Q11		1Q12		1Q12		3Q13		21	%		14	%
		Houston, TX

Total Completed Communities in Lease-Up				711		$104.0		$92.7												62	%		54	%


											Estimated/Actual Dates for
			Total		Total		Cost to		Amount		Construction		Initial		Construction		Stabilized		As of 04/22/12
Development Communities			Homes		Budget		Date		in CIP		Start		Occupancy		Completion		Operations		% Leased			% Occupied
IN LEASE-UP
	4.	Camden Montague		192		$23.0		$18.3		$9.7		2Q11		1Q12		3Q12		4Q12		53	%		33	%
		Tampa, FL
	5.	Camden Westchase Park		348		52.0		38.5		34.0		2Q11		1Q12		1Q13		4Q13		16	%		8	%
		Tampa, FL
	6.	Camden Town Square		438		66.0		43.2		43.2		2Q11		2Q12		3Q13		4Q14		4	%		1	%
		Orlando, FL

UNDER CONSTRUCTION
	7.	Camden City Centre II		268		36.0		11.9		11.9		4Q11		1Q13		2Q13		3Q14
		Houston, TX
	8.	Camden NOMA		320		110.0		46.3		46.3		4Q11		1Q14		2Q14		2Q15
		Washington, DC

Total Development Communities				1,566		$287.0		$158.2		$145.1

Additional Development Pipeline & Land (a)										156.2

Total Properties Under Development and Land (per Balance Sheet)										$301.3


NOI CONTRIBUTION FROM NON-STABILIZED COMMUNITIES ($ in millions)
															Total Cost		1Q12 NOI
Completed Communities in Lease-Up																$92.7		$0.6
Development Communities																158.2		0.1
Total Non-Stabilized Communities NOI Contribution																$250.9		$0.7


Joint Venture Communities			Total		Total		Cost to		Amount		Construction		Initial		Construction		Stabilized		As of 04/22/12
Under Construction			Homes		Budget		Date		in CIP		Start		Occupancy		Completion		Operations		% Leased			% Occupied

	1.	Camden Amber Oaks II		244		$25.0		$14.7		$10.7		2Q11		1Q12		3Q12		2Q13		8	%		4	%
		Austin, TX
	2.	Camden South Capitol		276		88.0		35.7		35.7		2Q11		3Q13		4Q13		3Q14
		Washington, DC

Total Joint Venture Development Communities				520		$113.0		$50.4		$46.4









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

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

CAMDEN			DEVELOPMENT PIPELINE & LAND



(Unaudited)

AS OF MARCH 31, 2012 ($ in millions)

			Projected
PIPELINE COMMUNITIES (a)			Homes		Cost to Date

	1.	Camden Lamar Heights (b)		291		$6.0
		Austin, TX
	2.	Camden McGowen Station		251		6.5
		Houston, TX
	3.	Camden Highlands		400		7.8
		Denver, CO
	4.	Camden Paces (c)		700		43.5
		Atlanta, GA
	5.	Camden Glendale Triangle		242		24.9
		Glendale, CA
	6.	Camden Boca Raton		261		5.3
		Boca Raton, FL
	7.	Camden Lincoln Station		275		4.8
		Denver, CO


Development Pipeline				2,420		$98.8

LAND HOLDINGS			Acreage		Cost to Date

		Washington, DC		0.9		$17.3
		Los Angeles, CA		2.0		17.3
		Houston, TX		13.2		6.9
		Dallas, TX		7.2		8.6
		Las Vegas, NV		19.6		4.2
		Other		4.8		3.1

Land Holdings				47.7		$57.4

Total Development Pipeline and Land						$156.2










(a) Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold
interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community.
(b) Formerly known as Camden 5400 Lamar.
(c) Project anticipated to be developed in multiple phases.

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)



2012 ACQUISITION/DISPOSITION ACTIVITY

Acquisitions			Location	Property Type	Apartment Homes	Year Built	Closing Date
	1.	Camden Addison	Dallas, TX	Multifamily	456	1996	01/25/12
	2.	Camden Holly Springs	Houston, TX	Multifamily	548	1999	01/25/12
	3.	Camden Park	Houston, TX	Multifamily	288	1995	01/25/12
	4.	Camden Sugar Grove	Houston, TX	Multifamily	380	1997	01/25/12
	5.	Camden Parkside	Los Angeles/Orange County, CA	Multifamily	421	1972	01/25/12
	6.	Camden Fountain Palms	Phoenix, AZ	Multifamily	192	1986/1996	01/25/12
	7.	Camden Pecos Ranch	Phoenix, AZ	Multifamily	272	2001	01/25/12
	8.	Camden Sierra	Phoenix, AZ	Multifamily	288	1997	01/25/12
	9.	Camden Towne Center	Phoenix, AZ	Multifamily	240	1998	01/25/12
	10.	Camden Pines	Las Vegas, NV	Multifamily	315	1997	01/25/12
	11.	Camden Summit	Las Vegas, NV	Multifamily	234	1995	01/25/12
	12.	Camden Tiara	Las Vegas, NV	Multifamily	400	1996	01/25/12

Total/Average Acquisitions			$397.0	million	4,034 apartment homes (a)	1995

Dispositions			Location	Property Type	Apartment Homes	Year Built	Closing Date
	1.	Camden Vista Valley	Phoenix, AZ	Multifamily	357	1986	01/12/12
	2.	Camden Landings	Orlando, FL	Multifamily	220	1983	03/07/12
	3.	Camden Creek	Houston, TX	Multifamily	456	1984	03/16/12

Total/Average Dispositions			$55.6	million	1,033 apartment homes	1984


Joint Venture Acquisitions			Location	Property Type	Apartment Homes	Year Built	Closing Date
	1.	Camden Asbury Village	Raleigh, NC	Multifamily	350	2009	01/27/12


Total/Average Joint Venture Acquisitions			$44.2	million	350 apartment homes	2009
Pro Rata Joint Venture Acquisitions			$8.8	million

(a) These communities were acquired from joint ventures of which Camden previously owned an 20% interest. Apartment homes were previously included in Camden's unit count.

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


(Unaudited)

DEBT MATURITIES AS OF MARCH 31, 2012:

	Future Scheduled Repayments												Weighted Average
				Secured		Unsecured				Percent			Interest Rate on
Year (a)	Amortization			Maturities		Maturities		Total		of Total			Maturing Debt
2012		$3,117			$-		$189,667		$192,784		7.9	%		5.9%
2013		3,378			125,070		200,000		328,448		13.5	%		4.9%
2014		2,187			8,827		-		11,014		0.5	%		6.0%
2015		2,359			-		250,000		252,359		10.4	%		5.1%
2016		2,594			-		-		2,594		0.1	%		N/A
Thereafter		78,050			819,107		746,750		1,643,907		67.6	%		4.6%
Total Maturing Debt		$91,685			$953,004		$1,386,417		$2,431,106		100.0	%		4.8%

Unsecured Line of Credit		-			-		-		-		-			N/A
Total Debt		$91,685			$953,004		$1,386,417		$2,431,106		100.0	%		4.8%

Weighted Average Maturity of Debt				6.6 Years


								Weighted Average
FLOATING vs. FIXED RATE DEBT:				Balance		% of Total		Interest Rate		Time to Maturity
Floating rate debt					$245,210		10.1%		1.1%	7.4 Years
Fixed rate debt					2,185,896		89.9%		5.3%	6.5 Years
Total					$2,431,106		100.0%		4.8%	6.6 Years

								Weighted Average
SECURED vs. UNSECURED DEBT:				Balance		% of Total		Interest Rate		Time to Maturity
Unsecured debt					$1,380,952		56.8%		5.3%	5.5 Years
Secured debt					1,050,154		43.2%		4.2%	8.0 Years
Total					$2,431,106		100.0%		4.8%	6.6 Years

								Weighted Average
SECURED DEBT DETAIL:				Balance		% of Total		Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt					$804,944		76.6%		5.2%	8.1 Years
Conventional variable-rate mortgage debt					206,476		19.7%		1.0%	5.7 Years
Tax exempt variable rate debt					38,734		3.7%		1.3%	16.2 Years
Total					$1,050,154		100.0%		4.2%	8.0 Years

REAL ESTATE ASSETS: (b)				Total Homes		% of Total		Total Cost		% of Total
Unencumbered real estate assets					41,231		74.4%		$4,581,834		73.4%
Encumbered real estate assets					14,186		25.6%		1,656,972		26.6%
Total					55,417		100.0%		$6,238,806		100.0%

			Ratio of unencumbered assets at cost to unsecured debt is 3.3 times



(a) Includes available extention options.
(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 2012 AND 2013:


		Future Scheduled Repayments								Weighted Average
				Secured		Unsecured				Interest Rate on
	Quarter (a)	Amortization		Maturities		Maturities		Total		Maturing Debt
	2Q 2012		$1,002		$-		$-		$1,002		N/A
	3Q 2012		1,025		-		-		1,025		N/A
	4Q 2012		1,090		-		189,667		190,757		5.9%
	2012		$3,117		$-		$189,667		$192,784		5.9%

	1Q 2013		$1,122		$-		$-		$1,122		N/A
	2Q 2013		997		25,831		-		26,828		5.0%
	3Q 2013		752		99,239		-		99,991		3.9%
	4Q 2013		507		-		200,000		200,507		5.4%
	2013		$3,378		$125,070		$200,000		$328,448		4.9%


(a) Includes available extension options.

CAMDEN	DEBT COVENANT ANALYSIS



(Unaudited)


UNSECURED LINE OF CREDIT

Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	≤	60%	34%	Yes

Secured Debt to Gross Asset Value	≤	35%	15%	Yes

Consolidated EBITDA to Total Fixed Charges	≥	150%	296%	Yes

Unencumbered Adjusted NOI to Total Unsecured Debt	>	10.5%	21%	Yes



SENIOR UNSECURED NOTES

Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	≤	60%	38%	Yes

Total Secured Debt to Total Asset Value	≤	40%	16%	Yes

Total Unencumbered Asset Value to Total Unsecured Debt	≥	150%	342%	Yes

Consolidated Income Available for Debt Service to Total	>	150%	327%	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 MARCH 31, 2012:

	Future Scheduled Repayments										Weighted Average
			Secured					Percent			Interest Rate on
Year (a)	Amortization		Maturities		Total			of Total			Maturing Debt
2012		$1,154		$15,585		$16,739			9.7	%		5.2%
2013		1,743		35,980		37,723			21.8	%		4.6%
2014		2,219		16,663		18,882			10.9	%		4.7%
2015		2,118		9,440		11,558			6.7	%		2.5%
2016		1,999		28,785		30,784			17.8	%		3.6%
Thereafter		3,744		51,550		55,294			32.0	%		4.2%
Total Maturing Debt		$12,977		$158,003		$170,980			98.9	%		4.2%

Subscription lines of credit (b)		-		1,962		1,962			1.1	%		1.6%
Total Debt		$12,977		$159,965		$172,942			100.0	%		4.2%

Weighted Average Maturity of Debt (a)			3.9 Years

								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate			Time to Maturity (a)
Floating rate debt				$20,787		12.0	%		1.8	%	3.7 Years
Fixed rate debt				152,155		88.0	%		4.5	%	3.9 Years
Total				$172,942		100.0	%		4.2	%	3.9 Years

								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate			Time to Maturity (a)
Conventional fixed-rate mortgage debt				$152,155		88.0	%		4.5	%	3.9 Years
Conventional variable-rate mortgage debt				13,936		8.0	%		1.8	%	2.5 Years
Tax exempt variable rate debt				2,014		1.2	%		0.8	%	19.1 Years
Variable-rate construction loans				2,875		1.7	%		2.4	%	0.8 Years
Subscription lines of credit				1,962		1.1	%		1.6	%	1.1 Years
Total				$172,942		100.0	%		4.2	%	3.9 Years

REAL ESTATE ASSETS: (c)			Total Homes		Total Cost
Operating real estate assets				13,174		$1,169,643
Properties under development and land				520		52,264
Total				13,694		$1,221,907






(a) Includes available extension options.
(b) As of March 31, 2012 these borrowings were drawn under the subscription secured lines of credit with $12.9 million in total capacity. Camden has a 20%
ownership interest in the borrowing entity.
(c) 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 2012 and 2013:

								Weighted Average
		Future Scheduled Repayments						Interest Rate on
	Quarter (a)	Amortization		Secured Maturities		Total		Maturing Debt
	2Q 2012		$372		$-		$372		N/A
	3Q 2012		384		2,100		2,484		2.6%
	4Q 2012 (b)		398		13,985		14,383		5.6%
	2012		$1,154		$16,085		$17,239		5.2%

	1Q 2013		$420		$-		$420		N/A
	2Q 2013 (c)		428		1,462		1,890		1.6%
	3Q 2013		442		35,980		36,422		4.7%
	4Q 2013		453		-		453		N/A
	2013		$1,743		$37,442		$39,185		4.6%



(a) Includes available extension options.
(b) 4Q 2012 maturities include a subscription secured line of credit with $500 (Camden's pro-rata share) outstanding as of March 31, 2012. The line of credit
has $4.0 million in total capacity.
(c) 2Q 2013 maturities include a subscription secured line of credit with $1,462 (Camden's pro-rata share) outstanding as of March 31, 2012. The line of credit
has $8.9 million in total capacity.

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



(Unaudited)
		First Quarter 2012 (a)
		Capitalized					Expensed
		Weighted Average
	Item	Useful Life (b)	Total		Per Unit		Total		Per Unit
	Interiors
	Floor coverings	5.5 years		$2,610		$49		$702		$13
	Appliances	9.6 years		1,150		22		208		4
	Painting	-		-		-		1,425		27
	Cabinetry/Countertops	10.0 years		425		8		-		-
	Other	8.6 years		1,150		22		465		9
	Exteriors
	Painting	5.0 years		69		1		-		-
	Carpentry	10.0 years		205		4		-		-
	Landscaping	6.1 years		360		7		3,001		57
	Roofing	20.0 years		511		10		77		1
	Site Drainage	10.0 years		76		1		-		-
	Fencing/Stair	10.0 years		42		1		-		-
	Other (c)	6.8 years		1,791		34		2,730		52
	Common Areas
	Mech., Elec., Plumbing	9.3 years		936		18		970		18
	Parking/Paving	5.0 years		73		1		-		-
	Pool/Exercise/Facility	8.1 years		1,531		29		303		6

	Total			$10,929		$207		$9,881		$187


	Weighted Average Apartment Homes					52,957				52,957

(a)	Includes discontinued operations. Capitalized expenditures for discontinued operations was $289 for the three months ended March 31, 2012.
	Maintenance expenses for discontinued operations was $111 for the same period.
(b)	Weighted average useful life of capitalized expenses for the three months ended March 31, 2012.
(c)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

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

(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's

definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP

financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating

activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance

with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization,

and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,

including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance

because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a

company's real estate between periods or as compared to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

	Three Months Ended
	March 31,
	2012			2011
Net income attributable to common shareholders		$88,758			$7,286
Real estate depreciation from continuing operations		49,009			44,603
Real estate depreciation and amortization from discontinued operations		186			971
Adjustments for unconsolidated joint ventures		2,275			2,006
(Gain) on sale of unconsolidated joint venture interests		-			(1,136	)
Income allocated to noncontrolling interests		1,093			383
(Gain) on acquisition of controlling interests in joint ventures		(40,191	)		-
(Gain) on sale of discontinued operations, net of tax		(32,541	)		-
Funds from operations - diluted		$68,589			$54,113

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		82,855			72,783
FFO diluted		82,855			75,021

Net income attributable to common shareholders - diluted		$1.07			$0.10
FFO per common share - diluted		$0.83			$0.72

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:

	2Q12 Range				2012 Range
	Low		High		Low			High

Expected net income attributable to common shareholders per share - diluted		$0.26		$0.30		$1.85			$2.05
Expected real estate depreciation from continuing operations		0.55		0.55		2.24			2.24
Expected real estate depreciation and amortization from discontinued operations		0.00		0.00		0.00			0.00
Expected adjustments for unconsolidated joint ventures		0.03		0.03		0.10			0.10
Expected income allocated to noncontrolling interests		0.01		0.01		0.04			0.04
Realized (gain) on acquistion of controlling interests in joint ventures		0.00		0.00		(0.49	)		(0.49	)
Realized (gain) on sale of discontinued operations, net of tax		0.00		0.00		(0.39	)		(0.39	)
Expected FFO per share - diluted		$0.85		$0.89		$3.35			$3.55

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

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

(Unaudited)

Net Operating Income (NOI)

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

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

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

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

	Three Months Ended
	March 31,
	2012			2011
Net income attributable to common shareholders		$88,758			$7,286
Less: Fee and asset management income		(2,923	)		(1,838	)
Less: Interest and other (income) loss		688			(4,771	)
Less: Income on deferred compensation plans		(7,786	)		(5,954	)
Plus: Property management expense		5,284			5,319
Plus: Fee and asset management expense		1,743			1,220
Plus: General and administrative expense		8,679			9,788
Plus: Interest expense		26,683			29,737
Plus: Depreciation and amortization		50,118			45,851
Plus: Amortization of deferred financing costs		912			1,527
Plus: Expense on deferred compensation plans		7,786			5,954
Less: Gain on sale of unconsolidated joint venture interests		-			(1,136	)
Less: Gain on acquisition of controlling interests in joint ventures		(40,191	)		-
Less: Equity in income of joint ventures		(366	)		(374	)
Plus: Income allocated to perpetual preferred units		776			1,750
Plus: Write off of original issuance costs of redeemed perpetual preferred units		2,075			-
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		670			9
Plus: Income allocated to noncontrolling interests from continuing operations		825			556
Plus: Income tax expense - current		224			1,320
Less: Income from discontinued operations		(353	)		(792	)
Less: Gain on sale of discontinued operations, net of tax		(32,541	)		-
Net Operating Income (NOI)		$111,061			$95,452

"Same Property" Communities		$101,105			$92,256
Non-"Same Property" Communities		8,449			3,076
Development and Lease-Up Communities		680			-
Other		827			120
Net Operating Income (NOI)		$111,061			$95,452

EBITDA

EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations,

excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures,

gain on sale of discontinued operations, net of tax, and income (loss) allocated to noncontrolling interests.

The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common

shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions.

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

	Three Months Ended
	March 31,
	2012			2011
Net income attributable to common shareholders		$88,758			$7,286
Plus: Interest expense		26,683			29,737
Plus: Amortization of deferred financing costs		912			1,527
Plus: Depreciation and amortization		50,118			45,851
Plus: Income allocated to perpetual preferred units		776			1,750
Plus: Write off of original issuance costs on redeemed perpetual preferred units		2,075			-
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		670			9
Plus: Income allocated to noncontrolling interests from continuing operations		825			556
Plus: Income tax expense - current		224			1,320
Plus: Real estate depreciation and amortization from discontinued operations		186			971
Less: Gain on sale of unconsolidated joint venture interests		-			(1,136	)
Less: Gain on acquisition of controlling interests in joint ventures		(40,191	)		-
Less: Equity in income of joint ventures		(366	)		(374	)
Less: Gain on sale of discontinued operations, net of tax		(32,541	)		-
EBITDA		$98,129			$87,497

CAMDEN

OTHER DATA

(Unaudited)

Stock Symbol:

CPT

Exchange Traded:

NYSE

Senior Unsecured Debt Ratings:

Rating

Outlook

Standard & Poors

BBB

Positive

Moody's

Baa1

Stable

Estimated Future Dates:

Q2 '12

Q3 '12

Q4 '12

Q1 '13

Earnings release & conference call

Early Aug

Early Nov

Early Feb

Late Apr

Dividend Information - Common Shares:

Q1 '12

Declaration Date

03/08/12

Record Date

03/30/12

Payment Date

04/17/12

Distributions Per Share

$0.56

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 03/31/12


(Unaudited)							1Q12 Avg
			Year Placed	Average	Apartment	1Q12 Avg	Monthly Rental Rates
Community Name	City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.


Camden Copper Square		Phoenix	AZ	2000	786	332	92%	$848	1.08
Camden Fountain Palms		Peoria	AZ	1986/1996	1,050	192	90%	693	0.66
Camden Legacy		Scottsdale	AZ	1996	1,067	428	95%	930	0.87
Camden Pecos Ranch		Chandler	AZ	2001	924	272	97%	826	0.89
Camden San Paloma		Scottsdale	AZ	1993/1994	1,042	324	96%	972	0.93
Camden Sierra		Peoria	AZ	1997	925	288	91%	684	0.74
Camden Towne Center		Glendale	AZ	1998	871	240	93%	680	0.78
	TOTAL ARIZONA	7	Properties		955	2,076	94%	825	0.86

Camden Crown Valley		Mission Viejo	CA	2001	1,009	380	95%	1,561	1.55
Camden Harbor View		Long Beach	CA	2004	975	538	95%	1,934	1.98
Camden Main and Jamboree		Irvine	CA	2008	1,011	290	96%	1,781	1.76
Camden Martinique		Costa Mesa	CA	1986	794	714	96%	1,315	1.65
Camden Parkside		Fullerton	CA	1972	836	421	96%	1,208	1.44
Camden Sea Palms		Costa Mesa	CA	1990	891	138	96%	1,481	1.66
	Total Los Angeles/Orange County	6	Properties		904	2,481	95%	1,532	1.69

Camden Old Creek		San Marcos	CA	2007	1,037	350	94%	1,581	1.52
Camden Sierra at Otay Ranch		Chula Vista	CA	2003	962	422	91%	1,508	1.57
Camden Tuscany		San Diego	CA	2003	896	160	93%	1,952	2.18
Camden Vineyards		Murrieta	CA	2002	1,053	264	94%	1,218	1.16
	Total San Diego/Inland Empire	4	Properties		995	1,196	93%	1,525	1.53

	TOTAL CALIFORNIA	10	Properties		934	3,677	95%	1,530	1.64

Camden Caley		Englewood	CO	2000	925	218	93%	964	1.04
Camden Centennial		Littleton	CO	1985	744	276	94%	743	1.00
Camden Denver West (1)		Golden	CO	1997	1,015	320	92%	1,120	1.10
Camden Highlands Ridge		Highlands Ranch	CO	1996	1,149	342	95%	1,183	1.03
Camden Interlocken		Broomfield	CO	1999	1,022	340	96%	1,175	1.15
Camden Lakeway		Littleton	CO	1997	932	451	94%	955	1.02
Camden Pinnacle		Westminster	CO	1985	748	224	95%	760	1.02
	TOTAL COLORADO	7	Properties		949	2,171	94%	1,004	1.06

Camden Ashburn Farms		Ashburn	VA	2000	1,062	162	95%	1,454	1.37
Camden Clearbrook		Frederick	MD	2007	1,048	297	93%	1,322	1.26
Camden College Park		College Park	MD	2008	942	508	95%	1,557	1.65
Camden Dulles Station		Oak Hill	VA	2009	984	366	97%	1,594	1.62
Camden Fair Lakes		Fairfax	VA	1999	1,056	530	96%	1,607	1.52
Camden Fairfax Corner		Fairfax	VA	2006	934	488	96%	1,638	1.75
Camden Fallsgrove		Rockville	MD	2004	996	268	95%	1,650	1.66
Camden Grand Parc		Washington	DC	2002	674	105	95%	2,432	3.61
Camden Lansdowne		Leesburg	VA	2002	1,006	690	94%	1,398	1.39
Camden Largo Town Center		Largo	MD	2000/2007	1,027	245	92%	1,590	1.55
Camden Monument Place		Fairfax	VA	2007	856	368	95%	1,477	1.72
Camden Potomac Yard		Arlington	VA	2008	835	378	94%	1,945	2.33
Camden Roosevelt		Washington	DC	2003	856	198	96%	2,402	2.81
Camden Russett		Laurel	MD	2000	992	426	91%	1,379	1.39
Camden Silo Creek		Ashburn	VA	2004	975	284	95%	1,405	1.44
Camden Summerfield		Landover	MD	2008	957	291	93%	1,561	1.63
Camden Summerfield II (2)		Landover	MD	2012	936	187	Lease-up	1,527	1.63
	TOTAL DC METRO	17	Properties		963	5,791	94%	1,586	1.65

Camden Aventura		Aventura	FL	1995	1,108	379	95%	1,519	1.37
Camden Brickell		Miami	FL	2003	937	405	97%	1,579	1.69
Camden Doral		Miami	FL	1999	1,120	260	95%	1,521	1.36
Camden Doral Villas		Miami	FL	2000	1,253	232	95%	1,661	1.33
Camden Las Olas		Ft. Lauderdale	FL	2004	1,043	420	96%	1,680	1.61
Camden Plantation		Plantation	FL	1997	1,201	502	95%	1,291	1.07
Camden Portofino		Pembroke Pines	FL	1995	1,112	322	94%	1,328	1.19
	Total Southeast Florida	7	Properties		1,103	2,520	95%	1,499	1.36

Camden Club		Longwood	FL	1986	1,077	436	96%	850	0.79
Camden Hunter's Creek		Orlando	FL	2000	1,075	270	96%	981	0.91
Camden Lago Vista		Orlando	FL	2005	955	366	95%	878	0.92
Camden LaVina (2)		Orlando	FL	2012	970	420	Lease-up	1,043	1.08
Camden Lee Vista		Orlando	FL	2000	937	492	95%	856	0.91
Camden Orange Court		Orlando	FL	2008	817	268	97%	1,093	1.34
Camden Renaissance		Altamonte Springs	FL	1996/1998	899	578	93%	800	0.89
Camden Reserve		Orlando	FL	1990/1991	824	526	96%	722	0.88
Camden World Gateway		Orlando	FL	2000	979	408	96%	955	0.97
	Total Orlando	9	Properties		943	3,764	95%	888	0.94

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 03/31/12


(Unaudited)							1Q12 Avg
			Year Placed	Average	Apartment	1Q12 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%	873	0.93
Camden Bay Pointe		Tampa	FL	1984	771	368	94%	692	0.90
Camden Bayside		Tampa	FL	1987/1989	748	832	96%	764	1.02
Camden Citrus Park		Tampa	FL	1985	704	247	96%	673	0.96
Camden Lakes		St. Petersburg	FL	1982/1983	732	688	94%	686	0.94
Camden Lakeside		Brandon	FL	1986	729	228	96%	733	1.01
Camden Live Oaks		Tampa	FL	1990	1,093	770	95%	779	0.71
Camden Preserve		Tampa	FL	1996	942	276	95%	1,050	1.12
Camden Providence Lakes		Brandon	FL	1996	1,024	260	93%	904	0.88
Camden Royal Palms		Brandon	FL	2006	1,017	352	95%	934	0.92
Camden Visconti (1)		Tampa	FL	2007	1,125	450	95%	1,103	0.98
Camden Westshore		Tampa	FL	1986	728	278	96%	834	1.15
Camden Woods		Tampa	FL	1986	1,223	444	93%	841	0.69
	Total Tampa/St. Petersburg	13	Properties		914	5,953	95%	826	0.92

	TOTAL FLORIDA	29	Properties		962	12,237	95%	983	1.02

Camden Brookwood		Atlanta	GA	2002	912	359	94%	962	1.05
Camden Deerfield		Alpharetta	GA	2000	1,187	292	95%	944	0.80
Camden Dunwoody		Atlanta	GA	1997	1,007	324	95%	871	0.86
Camden Ivy Hall (1)		Atlanta	GA	2010	1,181	110	96%	1,618	1.37
Camden Midtown Atlanta		Atlanta	GA	2001	935	296	94%	976	1.04
Camden Peachtree City		Peachtree City	GA	2001	1,027	399	93%	912	0.89
Camden Phipps (1)		Atlanta	GA	1996	1,018	234	95%	1,155	1.13
Camden River		Duluth	GA	1997	1,103	352	95%	887	0.80
Camden Shiloh		Kennesaw	GA	1999/2002	1,143	232	94%	857	0.75
Camden St. Clair		Atlanta	GA	1997	999	336	95%	899	0.90
Camden Stockbridge		Stockbridge	GA	2003	1,009	304	95%	745	0.74
Camden Sweetwater		Lawrenceville	GA	2000	1,151	308	94%	715	0.62
	TOTAL GEORGIA	12	Properties		1,045	3,546	94%	920	0.88

Camden Passage (1)		Kansas City	MO	1989/1997	834	596	92%	669	0.80
	Total Kansas City	1	Property		834	596	92%	669	0.80

Camden Cedar Lakes (1)		Lake St. Louis	MO	1986	852	420	91%	654	0.77
Camden Cove West (1)		Creve Coeur	MO	1990	828	276	97%	843	1.02
Camden Cross Creek (1)		St. Louis	MO	1973/1980	947	591	94%	779	0.82
Camden Westchase (1)		St. Louis	MO	1986	945	160	99%	890	0.94
	Total St. Louis	4	Properties		896	1,447	94%	767	0.86

	TOTAL MISSOURI	5	Properties		878	2,043	94%	739	0.84

Camden Bel Air		Las Vegas	NV	1988/1995	943	528	92%	714	0.76
Camden Breeze		Las Vegas	NV	1989	846	320	96%	719	0.85
Camden Canyon		Las Vegas	NV	1995	987	200	94%	854	0.86
Camden Commons		Henderson	NV	1988	936	376	90%	741	0.79
Camden Cove		Las Vegas	NV	1990	898	124	92%	707	0.79
Camden Del Mar		Las Vegas	NV	1995	986	560	95%	890	0.90
Camden Fairways		Henderson	NV	1989	896	320	94%	875	0.98
Camden Hills		Las Vegas	NV	1991	439	184	93%	495	1.13
Camden Legends		Henderson	NV	1994	792	113	96%	829	1.05
Camden Palisades		Las Vegas	NV	1991	905	624	91%	721	0.80
Camden Pines		Las Vegas	NV	1997	982	315	92%	791	0.81
Camden Pointe		Las Vegas	NV	1996	983	252	93%	727	0.74
Camden Summit		Henderson	NV	1995	1,187	234	93%	1,080	0.91
Camden Tiara		Las Vegas	NV	1996	1,043	400	92%	858	0.82
Camden Vintage		Las Vegas	NV	1994	978	368	95%	706	0.72
Oasis Bay (1)		Las Vegas	NV	1990	876	128	96%	743	0.85
Oasis Crossings (1)		Las Vegas	NV	1996	983	72	94%	744	0.76
Oasis Emerald (1)		Las Vegas	NV	1988	873	132	94%	609	0.70
Oasis Gateway (1)		Las Vegas	NV	1997	1,146	360	92%	773	0.67
Oasis Island (1)		Las Vegas	NV	1990	901	118	92%	622	0.69
Oasis Landing (1)		Las Vegas	NV	1990	938	144	95%	678	0.72
Oasis Meadows (1)		Las Vegas	NV	1996	1,031	383	93%	723	0.70
Oasis Palms (1)		Las Vegas	NV	1989	880	208	93%	677	0.77
Oasis Pearl (1)		Las Vegas	NV	1989	930	90	90%	682	0.73
Oasis Place (1)		Las Vegas	NV	1992	440	240	83%	483	1.10
Oasis Ridge (1)		Las Vegas	NV	1984	391	477	85%	413	1.06
Oasis Sierra (1)		Las Vegas	NV	1998	923	208	93%	781	0.85
Oasis Springs (1)		Las Vegas	NV	1988	838	304	92%	580	0.69
Oasis Vinings (1)		Las Vegas	NV	1994	1,152	234	90%	717	0.62
	TOTAL NEVADA	29	Properties		903	8,016	92%	726	0.80

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 03/31/12


(Unaudited)							1Q12 Avg
			Year Placed	Average	Apartment	1Q12 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	95%	927	0.89
Camden Cotton Mills		Charlotte	NC	2002	905	180	98%	1,168	1.29
Camden Dilworth		Charlotte	NC	2006	857	145	97%	1,161	1.35
Camden Fairview		Charlotte	NC	1983	1,036	135	96%	854	0.82
Camden Forest		Charlotte	NC	1989	703	208	92%	575	0.82
Camden Foxcroft		Charlotte	NC	1979	940	156	97%	784	0.83
Camden Grandview		Charlotte	NC	2000	1,057	266	96%	1,295	1.23
Camden Habersham		Charlotte	NC	1986	773	240	96%	658	0.85
Camden Park Commons		Charlotte	NC	1997	861	232	95%	670	0.78
Camden Pinehurst		Charlotte	NC	1967	1,147	407	96%	781	0.68
Camden Sedgebrook		Charlotte	NC	1999	972	368	96%	839	0.86
Camden Simsbury		Charlotte	NC	1985	874	100	97%	837	0.96
Camden South End Square		Charlotte	NC	2003	882	299	97%	1,094	1.24
Camden Stonecrest		Charlotte	NC	2001	1,098	306	95%	982	0.89
Camden Touchstone		Charlotte	NC	1986	899	132	98%	760	0.85
	Total Charlotte	15	Properties		961	3,574	96%	896	0.93

Camden Asbury Village		Raleigh	NC	2009	1,009	350	89%	983	0.97
Camden Crest		Raleigh	NC	2001	1,013	438	94%	799	0.79
Camden Governor's Village		Chapel Hill	NC	1999	1,046	242	93%	898	0.86
Camden Lake Pine		Apex	NC	1999	1,066	446	95%	836	0.78
Camden Manor Park		Raleigh	NC	2006	966	484	96%	868	0.90
Camden Overlook		Raleigh	NC	2001	1,060	320	96%	927	0.87
Camden Reunion Park		Apex	NC	2000/2004	972	420	94%	725	0.75
Camden Westwood		Morrisville	NC	1999	1,027	354	97%	790	0.77
	Total Raleigh	8	Properties		1,016	3,054	95%	846	0.83

	TOTAL NORTH CAROLINA	23	Properties		986	6,628	95%	873	0.89

Camden Valleybrook		Chadds Ford	PA	2002	992	352	95%	1,327	1.34
	TOTAL PENNSYLVANIA	1	Property		992	352	95%	1,327	1.34

Camden Amber Oaks (1)		Austin	TX	2009	862	348	96%	838	0.97
Camden Brushy Creek (1)		Cedar Park	TX	2008	882	272	96%	831	0.94
Camden Cedar Hills		Austin	TX	2008	911	208	95%	1,009	1.11
Camden Gaines Ranch		Austin	TX	1997	955	390	95%	1,058	1.11
Camden Huntingdon		Austin	TX	1995	903	398	96%	802	0.89
Camden Laurel Ridge		Austin	TX	1986	702	183	95%	639	0.91
Camden Ridgecrest		Austin	TX	1995	855	284	95%	736	0.86
Camden Shadow Brook (1)		Austin	TX	2009	909	496	96%	889	0.98
Camden South Congress (1)		Austin	TX	2001	975	253	95%	1,500	1.54
Camden Stoneleigh		Austin	TX	2001	908	390	94%	945	1.04
	Total Austin	10	Properties		895	3,222	95%	923	1.03

Camden Breakers		Corpus Christi	TX	1996	868	288	96%	966	1.11
Camden Copper Ridge		Corpus Christi	TX	1986	775	344	95%	704	0.91
Camden Miramar (3)		Corpus Christi	TX	1994-2011	488	855	97%	970	1.99
Camden South Bay (1)		Corpus Christi	TX	2007	1,055	270	95%	1,089	1.03
	Total Corpus Christi	4	Properties		693	1,757	95%	935	1.35

Camden Addison		Addison	TX	1996	942	456	96%	823	0.87
Camden Buckingham		Richardson	TX	1997	919	464	95%	843	0.92
Camden Centreport		Ft. Worth	TX	1997	911	268	95%	836	0.92
Camden Cimarron		Irving	TX	1992	772	286	95%	857	1.11
Camden Design District (1)		Dallas	TX	2009	939	355	93%	1,150	1.22
Camden Farmers Market		Dallas	TX	2001/2005	932	904	95%	958	1.03
Camden Gardens		Dallas	TX	1983	652	256	97%	580	0.89
Camden Glen Lakes		Dallas	TX	1979	877	424	95%	782	0.89
Camden Legacy Creek		Plano	TX	1995	831	240	95%	895	1.08
Camden Legacy Park		Plano	TX	1996	871	276	96%	911	1.05
Camden Panther Creek (1)		Frisco	TX	2009	946	295	95%	956	1.01
Camden Riverwalk (1)		Grapevine	TX	2008	982	600	95%	1,160	1.18
Camden Springs		Dallas	TX	1987	713	304	96%	593	0.83
Camden Valley Park		Irving	TX	1986	743	516	96%	781	1.05
Camden Westview		Lewisville	TX	1983	697	335	94%	637	0.91
	Total Dallas/Ft. Worth	15	Properties		866	5,979	95%	875	1.01

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 03/31/12


(Unaudited)							1Q12 Avg
			Year Placed	Average	Apartment	1Q12 Avg	Monthly Rental Rates
Community Name	City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.

	Camden Baytown		Baytown	TX	1999	844	272	93%	808	0.96
	Camden City Centre		Houston	TX	2007	932	379	98%	1,368	1.47
	Camden Cypress Creek (1)		Cypress	TX	2009	993	310	94%	1,043	1.05
	Camden Downs at Cinco Ranch (1)		Katy	TX	2004	1,075	318	97%	1,033	0.96
	Camden Grand Harbor (1)		Katy	TX	2008	959	300	97%	983	1.02
	Camden Greenway		Houston	TX	1999	861	756	96%	1,098	1.28
	Camden Heights (1)		Houston	TX	2004	927	352	98%	1,221	1.32
	Camden Holly Springs		Houston	TX	1999	934	548	95%	939	1.00
	Camden Lakemont (1)		Richmond	TX	2007	904	312	96%	862	0.95
	Camden Midtown		Houston	TX	1999	844	337	97%	1,338	1.58
	Camden Northpointe (1)		Tomball	TX	2008	940	384	95%	927	0.99
	Camden Oak Crest		Houston	TX	2003	870	364	97%	860	0.99
	Camden Park		Houston	TX	1995	866	288	96%	814	0.94
	Camden Piney Point (1)		Houston	TX	2004	919	318	98%	1,021	1.11
	Camden Plaza		Houston	TX	2007	915	271	96%	1,333	1.46
	Camden Royal Oaks		Houston	TX	2006	923	236	94%	1,171	1.27
	Camden Royal Oaks II (2)		Houston	TX	2012	1,054	104	Lease-up	1,438	1.36
	Camden Spring Creek (1)		Spring	TX	2004	1,080	304	95%	993	0.92
	Camden Steeplechase		Houston	TX	1982	748	290	94%	664	0.89
	Camden Stonebridge		Houston	TX	1993	845	204	97%	840	0.99
	Camden Sugar Grove		Stafford	TX	1997	921	380	96%	879	0.95
	Camden Travis Street (1)		Houston	TX	2010	819	253	98%	1,348	1.65
	Camden Vanderbilt		Houston	TX	1996/1997	863	894	97%	1,178	1.36
	Camden Whispering Oaks		Houston	TX	2008	934	274	97%	1,016	1.09
	Camden Woodson Park (1)		Houston	TX	2008	916	248	97%	958	1.05
	Camden Yorktown (1)		Houston	TX	2008	995	306	96%	952	0.96
		Total Houston	26	Properties		911	9,002	96%	1,044	1.15

	Camden Braun Station (1)		San Antonio	TX	2006	827	240	91%	822	0.99
	Camden Westover Hills (1)		San Antonio	TX	2010	959	288	96%	1,047	1.09
		Total San Antonio	2	Properties		899	528	94%	945	1.05

		TOTAL TEXAS	57	Properties		877	20,488	96%	964	1.10

TOTAL PROPERTIES			197	Properties		931	67,025	95%	$1,005	$1.08

(1)	Communities owned through investment in joint venture.
(2)	Completed communities in lease-up as of March 31, 2012 are excluded from total occupancy numbers.
(3)	Miramar is a student housing community which is excluded from total occupancy numbers.

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