Camden Property Trust (CPT) 8-K Financial statements and exhibits

EXHIBIT 99.1

CAMDEN PROPERTY TRUST ANNOUNCES
THIRD QUARTER 2003 OPERATING RESULTS

Houston, TEXAS (November 6, 2003) – Camden Property Trust (NYSE: CPT) announced that its funds from operations (“FFO”) for the third quarter of 2003 totaled $0.76 per diluted share or $32.8 million, as compared to $0.83 per diluted share or $36.7 million reported for the same period in 2002. On a year-to-date basis, Camden’s nine-month FFO totaled $2.25 per diluted share or $96.8 million in 2003, compared to $2.56 per diluted share or $114.3 million in 2002. Net income (“EPS”) for the third quarter of 2003 was $0.14 per diluted share compared to $0.24 per diluted share for the same period in 2002. For the nine months ended September 30, 2003, EPS totaled $0.49 per diluted share compared to $0.84 per diluted share in 2002. A reconciliation of net income to FFO is included in the financial tables accompanying this press release.

Physical occupancy levels averaged 94.4% during the third quarter of 2003 as compared to 92.4% in the second quarter of 2003 and 92.8% in the third quarter of 2002. For the 42,137 apartment homes included in “same-property” results, third quarter 2003 revenues decreased 1.3% while operating expenses increased 6.8%, producing a 6.4% decline in same-property net operating income (“NOI”) compared to the third quarter of 2002. On a sequential basis, third quarter 2003 same property NOI decreased 2.4% compared to second quarter 2003, with revenues increasing 0.6% and expenses increasing 5.1% compared to the prior quarter. On a year-to-date basis, 2003 same property NOI declined 6.1%, with a revenue decrease of 2.0% and expense growth of 4.6% compared to the same period in 2002. 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.

The Company completed construction at Camden Tuscany in San Diego, CA and Camden Sierra at Otay Ranch in Chula Vista, CA during the quarter. Camden Tuscany is now 96% leased and 94% occupied, and Camden Sierra at Otay Ranch is 82% leased and 82% occupied. Camden Oak Crest in Houston, TX continued its lease-up during the quarter, and the community is currently 76% leased and 77% occupied. Camden Harbor View in Long Beach, CA is currently 36% leased and 34% occupied; construction should be completed in 2004.

Camden reconfirmed its expected range for 2003 EPS between $0.66 and $0.72 per diluted share, and 2003 FFO between $3.07 and $3.13 per diluted share. For 2003, 12 research analysts have contributed FFO estimates on CPT to First Call ranging from $3.03 to $3.11 per diluted share, for a consensus average of $3.07 per diluted share. The Company also provided initial estimates for 2004 EPS between $0.58 and $0.78 per diluted share, and 2004 FFO between $3.10 and $3.30 per diluted share. The 2004 guidance is based on projections of same-property NOI growth between -2.0% and 2.0%. For 2004, 11 research analysts have contributed FFO estimates on CPT to First Call ranging from $3.10 to $3.32 per diluted share, for a consensus average of $3.24 per diluted share. Camden updates its earnings guidance to the market on a quarterly basis. A reconciliation of expected net income to expected FFO is included in the financial tables accompanying this press release.

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The Company will hold a conference call on Friday, November 7, 2003 at 10:00 AM CST to review its third quarter results and discuss its outlook for future performance. To participate in the call, please dial (800) 884-5695 (domestic) or (617) 786-2960 (international) by 9:50 AM CST and request the Camden Property Trust Third Quarter Earnings Call, Conference Passcode #99642317, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at www.camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website or by calling Camden’s Investor Relations Department at (800) 922-6336.

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.

Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities.  Camden owns interests in and operates 144 properties containing 51,344 apartment homes in the Sunbelt and Midwestern markets from Florida to California.  Upon completion of one property under development, the Company’s portfolio will increase to 51,882 apartment homes in 145 properties.

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

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

(Unaudited)	Three Months Ended September 30,				Nine Months Ended September 30,
OPERATING DATA	2003		2002		2003		2002
Revenues
Rental income	$   93,490		$   92,644		$ 274,984		$ 273,916
Other property income	8,588		8,092		24,632		23,009
Total property income	102,078		100,736		299,616		296,925
Development and construction fees	1,521		864		4,114		3,024
Management fees	423		417		1,288		1,310
Other income	802		2,212		3,447		6,420
Total revenues	104,824		104,229		308,465		307,679
Expenses
Property operating and maintenance	31,361		28,649		88,905		81,610
Real estate taxes	11,203		10,113		33,448		30,881
Property management	2,533		2,499		7,494		7,220
Fee and asset mangement	598		560		3,229		1,602
General and administrative	3,878		3,893		11,926		10,190
Other expenses	--		1,074		1,389		2,252
Losses related to early retirement of debt	--		234		--		234
Interest	18,584		18,075		55,459		52,662
Amortization of deferred financing costs	658		544		1,923		1,530
Depreciation	26,353		25,595		78,699		75,241
Total expenses	95,168		91,236		282,472		263,422
Income from continuing operations before gain on sale of properties,	9,656		12,993		25,993		44,257
equity in income of joint ventures and minority interests
Gain on sale of properties	89		3		2,171		287
Equity in income of joint ventures	4		35		3,152		388
Income allocated to minority interests
Distributions on units convertible into perpetual preferred shares	(3,218	)	(3,218	)	(9,654	)	(9,654	)
Income allocated to units convertible into common shares	(593	)	(276	)	(1,482	)	(1,207	)
Income from continuing operations	5,938		9,537		20,180		34,071
Income from discontinued operations	--		698		--		2,263
Net income	$     5,938		$   10,235		$   20,180		$   36,334
FUNDS FROM OPERATIONS
Net income	$     5,938		$   10,235		$   20,180		$   36,334
Real estate depreciation from continuing operations	25,844		25,102		77,129		73,802
Real estate depreciation from discontinued operations	--		536		--		1,605
Adjustments for unconsolidated joint ventures	529		555		1,588		1,668
(Gain) on sale of properties	(89	)	(3	)	(2,171	)	(287	)
(Gain) on sale of properties held in joint ventures	--		--		(1,436	)	(37	)
Income allocated to units convertible into common shares	593		276		1,482		1,207
Funds from operations - diluted	$   32,815		$   36,701		$   96,772		$ 114,292
PER SHARE DATA
Net income - basic	$       0.15		$       0.25		$       0.51		$       0.89
Net income - diluted	0.14		0.24		0.49		0.84
Funds from operations - diluted	0.76		0.83		2.25		2.56
Cash distributions	0.64		0.64		1.91		1.91
Weighted average number of common and
common equivalent shares outstanding:
Basic	39,290		40,645		39,224		40,843
Diluted	41,465		44,346		41,170		44,681
FFO - diluted	43,343		44,346		43,050		44,681
PROPERTY DATA
Total operating properties (end of period) *	144		146		144		146
Total operating apartment homes in operating properties
(end of period) *	51,344		52,376		51,344		52,376
Total operating apartment homes (weighted average)	46,581		47,216		46,237		46,582
Total operating apartment homes - excluding discontinued
operations (weighted average)	46,581		45,892		46,237		45,258

* Includes joint venture investments.

Note: Please refer to pages 5 and 6 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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BALANCE SHEETS
(In thousands)

(Unaudited)	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
	2003		2003		2003		2002		2002
ASSETS
Real estate assets, at cost
Land	$    397,006		$    396,527		$    392,794		$    386,246		$    381,818
Buildings and improvements	2,462,252		2,437,833		2,392,936		2,348,702		2,364,457
	2,859,258		2,834,360		2,785,730		2,734,948		2,746,275
Accumulated depreciation	(575,459	)	(549,769	)	(524,165	)	(498,776	)	(497,556	)
Net operating real estate assets	2,283,799		2,284,591		2,261,565		2,236,172		2,248,719
Properties under development, including land	236,529		242,682		264,259		285,636		204,857
Investment in joint ventures	9,994		10,247		10,919		15,386		15,846
Investment in third party development properties	--		--		--		--		49,283
Total real estate assets	2,530,322		2,537,520		2,536,743		2,537,194		2,518,705
Accounts receivable - affiliates	7,141		6,736		6,444		5,843		5,588
Notes receivable
Affiliates	--		--		1,800		1,800		1,800
Other	24,419		21,632		17,664		17,614		3,000
Other assets, net *	39,367		40,641		43,143		41,827		43,530
Cash and cash equivalents	2,341		1,550		1,945		405		1,652
Restricted cash	4,058		4,258		4,365		4,216		6,461
Total assets	$ 2,607,648		$ 2,612,337		$ 2,612,104		$ 2,608,899		$ 2,580,736
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured	$ 1,248,852		$ 1,236,681		$ 1,208,513		$ 1,177,347		$ 1,116,063
Secured	232,953		240,711		248,481		249,669		271,477
Accounts payable	24,025		34,580		36,978		36,189		27,010
Accrued real estate taxes	31,444		20,822		12,782		26,827		30,502
Accrued expenses and other liabilities	51,266		44,226		51,397		48,144		46,773
Distributions payable	30,698		30,663		30,639		30,541		31,177
Total liabilities	1,619,238		1,607,683		1,588,790		1,568,717		1,523,002
Commitments and contingencies	--		--		--		--		--
Minority interests
Units convertible into perpetual preferred shares	149,815		149,815		149,815		149,815		149,815
Units convertible into common shares	47,382		48,354		49,621		50,914		51,997
Total minority interests	197,197		198,169		199,436		200,729		201,812
Shareholders' equity
Common shares of beneficial interest	481		480		479		479		479
Additional paid-in capital	1,321,103		1,320,045		1,318,649		1,314,592		1,314,556
Distributions in excess of net income	(281,256	)	(261,577	)	(241,960	)	(224,756	)	(237,607	)
Unearned restricted share awards	(12,667	)	(15,477	)	(16,282	)	(13,714	)	(15,048	)
Treasury shares, at cost	(236,448	)	(236,986	)	(237,008	)	(237,148	)	(206,458	)
Total shareholders' equity	791,213		806,485		823,878		839,453		855,922
Total liabilities and shareholders' equity	$ 2,607,648		$ 2,612,337		$ 2,612,104		$ 2,608,899		$ 2,580,736
* includes net deferred charges of:	$        8,691		$        9,268		$        9,925		$      10,190		$        8,340

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

(Unaudited)

This document contains certain non-GAAP financial measures that management believes are useful in evaluating an equity REIT’s performance. Camden’s definitions and calculations of non-GAAP finanical 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 computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses from sales of property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion at the beginning of the period 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 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 to FFO is provided below:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2003		2002		2003		2002
Net income	$   5,938		$ 10,235		$ 20,180		$   36,334
Real estate depreciation from continuing operations	25,844		25,102		77,129		73,802
Real estate depreciation from discontinued operations	--		536		--		1,605
Adjustments for unconsolidated joint ventures	529		555		1,588		1,668
(Gain) on sale of properties	(89	)	(3	)	(2,171	)	(287	)
(Gain) on sale of properties held in joint ventures	--		--		(1,436	)	(37	)
Income allocated to units convertible into common shares	593		276		1,482		1,207
Funds from operations - diluted	$ 32,815		$ 36,701		$ 96,772		$ 114,292
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted	41,465		44,346		41,170		44,681
FFO diluted	43,343		44,346		43,050		44,681
Net income per common share - diluted	$     0.14		$     0.24		$     0.49		$       0.84
FFO per common share - diluted	$     0.76		$     0.83		$     2.25		$       2.56

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 (EPS). A reconciliation of the ranges provided for expected net income per diluted share to expected FFO per diluted share is provided below:

	4Q03 Range				2003 Range
	Low		High		Low	High
Expected net income per share - diluted	$   0.66		$   0.72		$   0.58	$   0.78
Expected real estate depreciation	2.39		2.39		2.42	2.42
Expected adjustments for unconsolidated joint ventures	0.05		0.05		0.05	0.05
Expected income allocated to units convertible into common shares	0.05		0.05		0.05	0.05
Expected (gain) on sale of properties held in joint ventures	(0.03	)	(0.03	)	0.00	0.00
Expected (gain) on sale of properties	(0.05	)	(0.05	)	0.00	0.00
Expected FFO per share - diluted	$   3.07		$   3.13		$   3.10	$   3.30

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.

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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 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 to net operating income is provided below:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2003		2002		2003		2002
Net income	$   5,938		$ 10,235		$   20,180		$   36,334
Development and construction fees	(1,521	)	(864	)	(4,114	)	(3,024	)
Management fees	(423	)	(417	)	(1,288	)	(1,310	)
Other income	(802	)	(2,212	)	(3,447	)	(6,420	)
Property management expense	2,533		2,499		7,494		7,220
Fee and asset management expense	598		560		3,229		1,602
General and administrative expense	3,878		3,893		11,926		10,190
Other expenses	--		1,074		1,389		2,252
Losses related to early retirement of debt	--		234		--		234
Interest expense	18,584		18,075		55,459		52,662
Amortization of deferred financing costs	658		544		1,923		1,530
Depreciation	26,353		25,595		78,699		75,241
Gain on sale of properties	(89	)	(3	)	(2,171	)	(287	)
Equity in income of joint ventures	(4	)	(35	)	(3,152	)	(388	)
Distributions on units convertible into perpetual preferred share	3,218		3,218		9,654		9,654
Income allocated to units convertible into common shares	593		276		1,482		1,207
Income from discontinued operations	--		(698	)	--		(2,263	)
Net Operating Income (NOI)	$ 59,514		$ 61,974		$ 177,263		$ 184,434
"Same Property" net operating income	$ 52,256		$ 55,803		$ 158,602		$ 168,862
Non-"Same Property" net operating income	5,710		4,463		16,166		10,625
Development and Lease-Up net operating income	1,523		--		2,337		--
Dispositions / Other net operating income	25		1,708		158		4,947
Net Operating Income (NOI)	$ 59,514		$ 61,974		$ 177,263		$ 184,434

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 of joint ventures, gain on sale of real estate assets, and income allocated to minority interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income 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 to EBITDA is provided below:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2003		2002		2003		2002
Net income	$   5,938		$ 10,235		$   20,180		$   36,334
Interest expense	18,584		18,075		55,459		52,662
Losses related to early retirement of debt	--		234		--		234
Amortization of deferred financing costs	658		544		1,923		1,530
Depreciation	26,353		25,595		78,699		75,241
Distributions on units convertible into perpetual preferred share	3,218		3,218		9,654		9,654
Income allocated to units convertible into common shares	593		276		1,482		1,207
Real estate depreciation from discontinued operations	--		536		--		1,605
Gain on sale of properties	(89	)	(3	)	(2,171	)	(287	)
Equity in income of joint ventures	(4	)	(35	)	(3,152	)	(388	)
EBITDA	$ 55,251		$ 58,675		$ 162,074		$ 177,792

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