Camden Property Trust 8K Third Quarter 2009 Operating Results | CPT 30 Oct 09

EXHIBIT 99.2

THIRD QUARTER 2009

Supplemental Operating and Financial Data

Camden Dulles Station - Oak Hill, VA
366 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




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.

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" Third Quarter Comparisons		12
"Same Property" Sequential Quarter Comparisons		13
"Same Property" Year to Date Comparisons		14
Joint Venture Operations		15
Current Development Pipeline		16
Joint Venture Development Pipeline		17
Development Pipeline, Land & Land Held for Sale		18
Redevelopment Summary		19
Notes Receivable Summary		20
Acquisitions and Dispositions		21
Debt Analysis		22
Debt Maturity Analysis		23
Debt Covenant Analysis		24
Unconsolidated Real Estate Investments Debt Analysis		25
Unconsolidated Real Estate Investments Debt Maturity Analysis		26
Capitalized Expenditures & Maintenance Expense		27
Non-GAAP Financial Measures - Definitions & Reconciliations		28
Other Data		30
Community Table		31

CAMDEN PROPERTY TRUST ANNOUNCES

THIRD QUARTER 2009 OPERATING RESULTS

Houston, TEXAS (October 29, 2009) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and nine months ended September 30, 2009.

Funds from Operations (“FFO”)

FFO for the third quarter of 2009 totaled $0.70 per diluted share or $48.1 million, as compared to $0.89 per diluted share or $52.3 million for the same period in 2008. FFO for the three months ended September 30, 2008 included a $0.04 per diluted share impact from gains related to early retirement of debt, and a $0.02 per diluted share charge for insurance deductible costs related to hurricane damage.

FFO for the nine months ended September 30, 2009 totaled $2.29 per diluted share or $146.3 million, as compared to $2.72 per diluted share or $159.5 million for the same period in 2008. FFO for the nine months ended September 30, 2009 included a $0.04 per diluted share impact from losses related to early retirement of debt. FFO for the nine months ended September 30, 2008 included an $0.08 per diluted share impact from gains related to early retirement of debt, and a $0.02 per diluted share charge for insurance deductible costs related to hurricane damage.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported net income attributable to common shareholders (“EPS”) of $3.9 million or $0.06 per diluted share for the third quarter of 2009, as compared to $73.7 million or $1.30 per diluted share for the same period in 2008. EPS for the three months ended September 30, 2008 included a $1.20 per diluted share impact from gain on sale of properties including discontinued operations, a $0.04 per diluted share impact from gains related to early retirement of debt, and a $0.02 per diluted share charge for insurance deductible costs related to hurricane damage.

For the nine months ended September 30, 2009, net income attributable to common shareholders totaled $28.5 million or $0.46 per diluted share, as compared to $105.9 million or $1.88 per diluted share for the same period in 2008. EPS for the nine months ended September 30, 2009 included a $0.27 per diluted share impact from gain on sale of discontinued operations, and a $0.04 per diluted share impact from losses related to early retirement of debt. EPS for the nine months ended September 30, 2008 included a $1.49 per diluted share impact from gain on sale of properties including discontinued operations, an $0.08 per diluted share impact from gains related to early retirement of debt, and a $0.02 per diluted share charge for insurance deductible costs related to hurricane damage.

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 42,670 apartment homes included in consolidated same-property results, third quarter 2009 same-property NOI declined 7.0% compared to the third quarter of 2008, with revenues declining 4.5% and expenses declining 0.6%. On a sequential basis, third quarter 2009 same-property NOI declined 3.3% compared to the second quarter of 2009, with revenues declining 1.3% and expenses increasing 1.7% compared to the prior quarter. On a year-to-date basis, 2009 same-property NOI declined 6.2%, with revenues declining 2.4% and expenses increasing 3.8% compared to the same period in 2008. Same-property physical occupancy levels for the portfolio averaged 93.7% during the third quarter of 2009, compared to 94.9% in the third quarter of 2008 and 94.2% in the second quarter of 2009.

The Company defines same-property communities as communities owned and stabilized as of January 1, 2008, excluding properties held for sale and communities under 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.

Development Activity

During the third quarter, the Company completed lease-ups at three development communities: Camden Whispering Oaks in Houston, TX; Camden Potomac Yard in Arlington, VA; and Camden Summerfield in Landover, MD. Camden currently has two wholly-owned apartment communities completed and in lease-up: Camden Orange Court in Orlando, FL, a $45.5 million project that is currently 93% leased; and Camden Dulles Station in Oak Hill, VA, a $72.3 million project that is currently 81% leased.

The Company completed lease-up at one joint venture development community, Camden College Park in College Park, MD, during the quarter. Camden also had two joint venture communities which were completed and in lease-up: Camden Amber Oaks in Austin, TX, a $35.2 million project that is currently 74% leased; and Braeswood Place in Houston, TX, a $50.3 million project that is currently 52% leased. Camden has two additional joint venture communities currently under construction in Houston, TX: Belle Meade, a $33.2 million project that is currently 20% leased; and Camden Travis Street, a $39.0 million project that is currently 2% leased.

Earnings Guidance

Camden updated its earnings guidance for 2009 based on its current and expected views of the apartment market and general economic conditions. Full-year 2009 FFO is expected to be $2.97 to $3.01 per diluted share, and full-year 2009 EPS is expected to be $0.49 to $0.53 per diluted share. The Company’s previous FFO guidance was $2.91 to $3.05 per diluted share. Fourth quarter 2009 earnings guidance is $0.69 to $0.73 per diluted share for FFO and $0.04 to $0.08 per diluted share for EPS. Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2009 earnings guidance is based on projections of same-property NOI declines between 5.5% and 6.5%. Same-property revenue is expected to decline between 2.75% and 3.25%, and same-property expense growth is projected to increase between 1.75% and 2.25%. A reconciliation of expected net income attributable to common shareholders to expected FFO is included in the financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Friday, October 30, 2009 at 11:00 a.m. Central Time to review its third quarter 2009 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: 9392035, 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 183 properties containing 63,286 apartment homes across the United States. Upon completion of two properties under development, the Company’s portfolio will increase to 63,658 apartment homes in 185 properties. Camden was recently named by FORTUNE® Magazine for the second consecutive year as one of the “100 Best Companies to Work For” in America.

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

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

(Unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
Total property revenues (a)		$156,374			$159,383			$470,863			$466,374

EBITDA		81,050			84,788			251,510			260,448

Net income attributable to common shareholders		3,937			73,673			28,486			105,882
Per share - basic		0.06			1.32			0.46			1.90
Per share - diluted		0.06			1.30			0.46			1.88

Income from continuing operations attributable to common shareholders		4,013			7,529			10,515			21,670
Per share - basic		0.06			0.12			0.17			0.38
Per share - diluted		0.06			0.12			0.17			0.37

Funds from operations		48,112			52,283			146,266			159,481
Per share - diluted		0.70			0.89			2.29			2.72

Dividends per share		0.45			0.70			1.60			2.10
Dividend payout ratio		64.3	%		78.7	%		69.9	%		77.2	%

Interest expensed (including discontinued operations)		31,117			32,924			97,364			99,163
Interest capitalized		2,670			4,019			7,579			13,642
Total interest incurred		33,787			36,943			104,943			112,805

Principal amortization		1,099			3,130			5,320			9,541
Preferred distributions		1,750			1,750			5,250			5,250

Interest expense coverage ratio		2.6	x		2.6	x		2.6	x		2.6	x
Total interest coverage ratio		2.4	x		2.3	x		2.4	x		2.3	x
Fixed charge expense coverage ratio		2.4	x		2.2	x		2.3	x		2.3	x
Total fixed charge coverage ratio		2.2	x		2.0	x		2.2	x		2.0	x
Unencumbered real estate assets (at cost) to unsecured debt ratio		2.5	x		2.1	x		2.5	x		2.1	x

Same property NOI increase (b)		(7.0	%)		(0.3	%)		(6.2	%)		0.5	%
(# of apartment homes included)		42,670			41,011			42,670			41,011

Gross turnover of apartment homes (annualized)		81	%		90	%		72	%		75	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)		70	%		78	%		59	%		65	%

	As of September 30,
	2009		2008
Total assets		$4,734,097		$4,832,880
Total debt		$2,622,157		$2,823,520
Common and common equivalent shares, outstanding end of period (c)		69,036		58,571
Share price, end of period		$40.30		$45.86
Preferred units, end of period		$97,925		$97,925
Book equity value, end of period (d)		$1,812,596		$1,714,145
Market equity value, end of period (d)		$2,882,151		$2,786,066

(a) Excludes discontinued operations.

(b) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and communities

under redevelopment.

(c) Includes at September 30, 2009: 66,231 common shares (including 112 common share equivalents related to share awards & options), plus common share equivalents

upon the assumed conversion of minority interest units (2,805).

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

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

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



(Unaudited)		Three Months Ended						Nine Months Ended
		September 30,						September 30,
OPERATING DATA		2009			2008			2009			2008
Property revenues
Rental revenues			$133,702			$138,979			$406,002			$409,797
Other property revenues			22,672			20,404			64,861			56,577
Total property revenues			156,374			159,383			470,863			466,374

Property expenses
Property operating and maintenance			46,772			47,519			133,617			126,916
Real estate taxes			17,893			17,921			54,957			53,033
Total property expenses			64,665			65,440			188,574			179,949

Non-property income
Fee and asset management income			1,818			2,350			6,093			6,893
Interest and other income			582			1,234			2,414			3,659
Income (loss) on deferred compensation plans			8,194			(10,550	)		11,702			(19,730	)
Total non-property income (loss)			10,594			(6,966	)		20,209			(9,178	)

Other expenses
Property management			4,377			5,007			13,848			15,188
Fee and asset management			1,074			1,198			3,512			4,619
General and administrative			7,532			7,513			23,010			23,887
Interest			31,117			32,838			97,364			98,697
Depreciation and amortization			42,895			43,808			130,763			128,514
Amortization of deferred financing costs			682			798			2,356			2,121
Expense (benefit) on deferred compensation plans			8,194			(10,550	)		11,702			(19,730	)
Total other expenses			95,871			80,612			282,555			253,296

Income from continuing operations before gain on sale of properties,
including land, gain (loss) on early retirement of debt, and equity in
income (loss) of joint ventures			6,432			6,365			19,943			23,951
Gain on sale of properties, including land			-			1,823			-			2,929
Gain (loss) on early retirement of debt			-			2,440			(2,550	)		4,738
Equity in income (loss) of joint ventures			(38	)		(261	)		592			(782	)
Income from continuing operations before income taxes			6,394			10,367			17,985			30,836
Income tax expense - current			(126	)		(83	)		(772	)		(516	)
Income from continuing operations			6,268			10,284			17,213			30,320
Income (loss) from discontinued operations			(76	)		545			1,084			3,937
Gain on sale of discontinued operations			-			65,599			16,887			80,275
Net income			6,192			76,428			35,184			114,532
Less net income allocated to noncontrolling interests			(505	)		(1,005	)		(1,448	)		(3,400	)
Less net income allocated to perpetual preferred units			(1,750	)		(1,750	)		(5,250	)		(5,250	)
Net income attributable to common shareholders			$3,937			$73,673			$28,486			$105,882


CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net income			$6,192			$76,428			$35,184			$114,532
Other comprehensive income (loss)
Unrealized loss on cash flow hedging activities			(8,732	)		(4,475	)		(10,307	)		(8,277	)
Reclassification of net losses on cash flow hedging activities			5,697			2,905			16,442			6,875
Gain on postretirement obligations			-			103			-			103
Comprehensive income			3,157			74,961			41,319			113,233
Less net income allocated to noncontrolling interests			(505	)		(1,005	)		(1,448	)		(3,400	)
Less net income allocated to perpetual preferred units			(1,750	)		(1,750	)		(5,250	)		(5,250	)
Comprehensive income attributable to common shareholders			$902			$72,206			$34,621			$104,583


PER SHARE DATA
Net income attributable to common shareholders - basic			$0.06			$1.32			$0.46			$1.90
Net income attributable to common shareholders - diluted			0.06			1.30			0.46			1.88
Income from continuing operations attributable to common shareholders - basic			0.06			0.12			0.17			0.38
Income from continuing operations attributable to common shareholders - diluted			0.06			0.12			0.17			0.37

Weighted average number of common and
common equivalent shares outstanding:
Basic			66,094			55,367			61,087			55,228
Diluted			66,602			56,008			61,579			55,889



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

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



(Unaudited)		Three Months Ended						Nine Months Ended
		September 30,						September 30,
FUNDS FROM OPERATIONS		2009			2008			2009			2008

Net income attributable to common shareholders			$3,937			$73,673			$28,486			$105,882
Real estate depreciation and amortization from continuing operations			41,834			42,913			127,707			125,861
Real estate depreciation from discontinued operations			-			346			-			2,745
Adjustments for unconsolidated joint ventures			1,935			1,889			5,812			5,143
Income allocated to noncontrolling interests			406			884			1,148			3,044
Gain on sale of operating properties, net of taxes			-			(1,823	)		-			(2,929	)
Gain on sale of discontinued operations			-			(65,599	)		(16,887	)		(80,265	)
Funds from operations - diluted			$48,112			$52,283			$146,266			$159,481

PER SHARE DATA
Funds from operations - diluted			$0.70			$0.89			2.29			2.72
Cash distributions			0.45			0.70			1.60			2.10

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted			68,959			58,561			63,967			58,572

PROPERTY DATA
Total operating properties (end of period) (a)			183			179			183			179
Total operating apartment homes in operating properties (end of period) (a)			63,286			62,421			63,286			62,421
Total operating apartment homes (weighted average)			50,383			50,877			50,639			51,532
Total operating apartment homes - excluding discontinued operations (weighted average)			50,383			49,560			50,191			49,136


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

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

CAMDEN	BALANCE SHEETS
	(In thousands)


(Unaudited)		Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
		2009			2009			2009			2008			2008
ASSETS
Real estate assets, at cost
Land			$746,825			$746,936			$746,935			$744,059			$745,085
Buildings and improvements			4,484,335			4,473,906			4,466,296			4,447,587			4,442,067
			5,231,160			5,220,842			5,213,231			5,191,646			5,187,152
Accumulated depreciation			(1,107,227	)		(1,065,861	)		(1,023,466	)		(981,049	)		(952,883	)
Net operating real estate assets			4,123,933			4,154,981			4,189,765			4,210,597			4,234,269
Properties under development and land			279,620			268,655			258,239			264,188			323,300
Investments in joint ventures			43,236			22,334			15,158			15,106			15,663
Properties held for sale, including land			6,622			6,732			20,696			20,653			9,495
Total real estate assets			4,453,411			4,452,702			4,483,858			4,510,544			4,582,727
Accounts receivable - affiliates			35,971			35,909			36,105			37,000			36,868
Notes receivable
Affiliates			54,462			54,033			58,481			58,109			58,240
Other			-			-			-			8,710			8,710
Other assets, net (a)			104,669			92,421			84,905			103,013			111,847
Cash and cash equivalents			81,683			157,665			7,256			7,407			29,517
Restricted cash			3,901			5,190			4,437			5,559			4,971
Total assets			$4,734,097			$4,797,920			$4,675,042			$4,730,342			$4,832,880



LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured			$1,646,106			$1,728,150			$2,151,492			$2,103,187			$2,096,285
Secured			976,051			969,668			680,631			729,209			727,235
Accounts payable and accrued expenses			78,466			65,012			73,250			82,575			86,668
Accrued real estate taxes			42,386			30,154			19,113			23,600			40,664
Other liabilities (b)			145,464			132,763			137,397			149,554			124,915
Distributions payable			33,028			33,050			43,136			42,936			42,968
Total liabilities			2,921,501			2,958,797			3,105,019			3,131,061			3,118,735

Commitments and contingencies

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

Shareholders' equity
Common shares of beneficial interest			770			769			666			660			660
Additional paid-in capital			2,522,525			2,517,788			2,242,940			2,237,703			2,232,436
Distributions in excess of net income attributable to common shareholders			(383,265	)		(357,168	)		(345,481	)		(312,309	)		(238,301	)
Notes receivable secured by common shares			(101	)		(287	)		(291	)		(295	)		(298	)
Treasury shares, at cost			(462,188	)		(462,751	)		(462,751	)		(463,209	)		(463,108	)
Accumulated other comprehensive loss (c)			(44,921	)		(41,886	)		(48,716	)		(51,056	)		(17,423	)
Total common shareholders' equity			1,632,820			1,656,465			1,386,367			1,411,494			1,513,966
Noncontrolling interest			81,851			84,733			85,731			89,862			102,254
Total shareholders' equity			1,714,671			1,741,198			1,472,098			1,501,356			1,616,220
Total liabilities and shareholders' equity			$4,734,097			$4,797,920			$4,675,042			$4,730,342			$4,832,880



(a) includes:
net deferred charges of:			$11,617			$12,108			$10,061			$10,505			$11,388

(b) includes:
deferred revenues of:			$2,938			$3,183			$2,402			$2,640			$2,940
distributions in excess of investments in joint ventures of:			$30,507			$30,287			$31,318			$30,105			$27,977
fair value adjustment of derivative instruments:			$44,730			$41,797			$48,693			$51,068			$17,511

(c) Represents the fair value adjustment of derivative instruments and gain on post retirement obligations.

CAMDEN				PORTFOLIO STATISTICS


(Unaudited)

COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2009 (in apartment homes)

	"Same Property"				Non-"Same Property" (a)			Wholly - Owned			Joint Venture		Stabilized Operating			Completed in Lease-up			Total Operating			Under Construction			Total
D.C. Metro (b)		4,157				1,037			5,194			508		5,702			366			6,068			-			6,068
Las Vegas, NV		2,889				1,080			3,969			4,047		8,016			-			8,016			-			8,016
Los Angeles/Orange County, CA		1,770				-			1,770			711		2,481			-			2,481			-			2,481
San Diego/Inland Empire, CA		846				350			1,196			-		1,196			-			1,196			-			1,196
Tampa, FL		4,965				538			5,503			-		5,503			-			5,503			-			5,503
Dallas, TX		4,723				940			5,663			456		6,119			-			6,119			-			6,119
Houston, TX (c)		2,679				1,783			4,462			1,487		5,949			340			6,289			372			6,661
SE Florida		2,520				-			2,520			-		2,520			-			2,520			-			2,520
Charlotte, NC		3,286				288			3,574			-		3,574			-			3,574			-			3,574
Orlando, FL		3,296				-			3,296			-		3,296			261			3,557			-			3,557
Atlanta, GA		3,202				-			3,202			-		3,202			-			3,202			-			3,202
Denver, CO		1,851				-			1,851			320		2,171			-			2,171			-			2,171
Raleigh, NC		2,704				-			2,704			-		2,704			-			2,704			-			2,704
Phoenix, AZ		1,441				-			1,441			992		2,433			-			2,433			-			2,433
Austin, TX (d)		1,645				208			1,853			253		2,106			348			2,454			-			2,454
Other		696				1,066			1,762			3,237		4,999			-			4,999			-			4,999
Total Portfolio		42,670				7,290			49,960			12,011		61,971			1,315			63,286			372			63,658

(a) Includes two redevelopment properties (672 apartment homes).
(b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
(c) 340 units completed in lease up in Houston, TX are held through a joint venture investment. 372 units under construction in Houston, TX are held through joint venture investments, of which 253 units are fully consolidated.
(d) 348 units in lease-up in Austin, TX are held through a joint venture investment.


THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION													WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (g)


		"Same Property" Communities				Operating Comm- unities(e)			Incl. JVs at Pro Rata % (f)					Sep 30 2009			Jun 30 2009			Mar 31 2009			Dec 31 2008			Sep 30 2008
D.C. Metro		16.6	%			18.2	%		17.8	%				95.9	%		95.0	%		94.2	%		94.8	%		96.5	%
Las Vegas, NV		5.8	%			7.1	%		8.0	%				91.4	%		93.1	%		93.0	%		93.0	%		95.2	%
Los Angeles/Orange County, CA		7.6	%			6.4	%		6.6	%				94.1	%		93.4	%		92.3	%		94.2	%		94.4	%
San Diego/Inland Empire, CA		3.0	%			3.6	%		3.4	%				93.8	%		94.1	%		91.6	%		91.0	%		94.4	%
Tampa, FL		8.7	%			8.1	%		7.8	%				92.9	%		93.3	%		93.5	%		93.3	%		93.5	%
Dallas, TX		7.3	%			7.2	%		7.0	%				92.8	%		94.5	%		93.4	%		93.0	%		94.1	%
Houston, TX		5.3	%			8.5	%		8.7	%				94.8	%		95.5	%		95.0	%		95.6	%		95.0	%
SE Florida		8.4	%			7.1	%		6.8	%				94.8	%		95.4	%		94.5	%		95.1	%		95.8	%
Charlotte, NC		6.8	%			6.1	%		5.9	%				93.4	%		93.8	%		92.6	%		92.4	%		94.6	%
Orlando, FL		6.7	%			6.0	%		5.7	%				93.6	%		93.6	%		94.2	%		93.3	%		95.0	%
Atlanta, GA		6.6	%			5.6	%		5.4	%				93.4	%		94.2	%		92.4	%		93.3	%		94.7	%
Denver, CO		4.5	%			3.8	%		4.0	%				95.2	%		95.6	%		93.7	%		93.5	%		96.0	%
Raleigh, NC		5.4	%			4.5	%		4.3	%				94.6	%		94.1	%		94.0	%		92.7	%		95.0	%
Phoenix, AZ		2.7	%			2.3	%		2.4	%				90.3	%		91.5	%		92.7	%		92.0	%		92.4	%
Austin, TX		2.9	%			2.7	%		2.8	%				94.2	%		94.0	%		93.1	%		93.8	%		95.1	%
Other		1.7	%			2.8	%		3.4	%				95.1	%		95.6	%		94.4	%		94.6	%		95.4	%
Total Portfolio		100.0	%			100.0	%		100.0	%				93.6	%		94.2	%		93.6	%		93.6	%		94.9	%


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

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

(Unaudited)

	Apartment		Three Months Ended September 30,								Nine Months Ended September 30,
Property Revenues	Homes		2009		2008			Change			2009		2008		Change
"Same Property" Communities (a)		42,670		$129,459		$135,505			($6,046	)		$391,851		$401,655		($9,804	)
Non-"Same Property" Communities (b)		6,618		22,255		19,755			2,500			65,948		52,986		12,962
Development and Lease-Up Communities (c)		880		1,992		805			1,187			5,238		1,008		4,230
Redevelopment Communities (d)		672		1,387		1,458			(71	)		4,133		4,380		(247	)
Dispositions / Other (e)		-		1,281		1,860			(579	)		3,693		6,345		(2,652	)
Total Property Revenues		50,840		$156,374		$159,383			($3,009	)		$470,863		$466,374		$4,489

Property Expenses
"Same Property" Communities (a)		42,670		$53,151		$53,470			($319	)		$155,766		$150,039		$5,727
Non-"Same Property" Communities (b)		6,618		9,064		8,447			617			25,716		22,743		2,973
Development and Lease-Up Communities (c)		880		866		501			365			2,556		961		1,595
Redevelopment Communities (d)		672		682		732			(50	)		2,035		2,124		(89	)
Dispositions / Other (e)		-		902		2,290			(1,388	)		2,501		4,082		(1,581	)
Total Property Expenses		50,840		$64,665		$65,440			($775	)		$188,574		$179,949		$8,625

Property Net Operating Income
"Same Property" Communities (a)		42,670		$76,308		$82,035			($5,727	)		$236,085		$251,616		($15,531	)
Non-"Same Property" Communities (b)		6,618		13,191		11,308			1,883			40,232		30,243		9,989
Development and Lease-Up Communities (c)		880		1,126		304			822			2,682		47		2,635
Redevelopment Communities (d)		672		705		726			(21	)		2,098		2,256		(158	)
Dispositions / Other (e)		-		379		(430	)		809			1,192		2,263		(1,071	)
Total Property Net Operating Income		50,840		$91,709		$93,943			($2,234	)		$282,289		$286,425		($4,136	)

Income (loss) from Discontinued Operations (f)
	Three Months Ended September 30,							Nine Months Ended September 30,
		2009			2008			2009		2008
Property Revenues			$0			$2,690			$2,408		$14,659
Property Expenses			76			1,711			1,324		7,494
Property Net Operating Income			(76	)		979			1,084		7,165
Interest			-			(86	)		-		(466	)
Depreciation and Amortization			-			(348	)		-		(2,762	)
Gain on sale of discontinued operations			-			65,599			16,887		80,275
Income (loss) from Discontinued Operations			($76	)		$66,144			$17,971		$84,212

Notes:
(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and Redevelopment Communities.
(b)	Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2008, or completely redeveloped prior to January 1, 2009, excluding properties held for sale.
(c)	Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2008, excluding properties held for sale and Redevelopment Communities.
(d)	Redevelopment Communities are communities redeveloped by the Company after January 1, 2009, excluding properties held for sale.
(e)	Disposition Communities include those communities disposed of by the Company which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental properties.
(f)	Represents operating results for communities disposed of during 2008 and 2009, or held for sale at September 30, 2009, of which Camden has, or expects to have, no continuing involvement.

				"SAME PROPERTY"
CAMDEN				THIRD QUARTER COMPARISONS
				September 30, 2009
				(In thousands, except property data amounts)

(Unaudited)


		Revenues								Expenses									NOI
Quarterly Results (a)			3Q09		3Q08		Growth				3Q09			3Q08		Growth				3Q09		3Q08	Growth

D.C. Metro		$18,682		$18,726				(0.2	%)	$5,982			$5,775				3.6	%	$12,700		$12,951			(1.9	%)
Las Vegas, NV			7,418		8,190			(9.4	%)		2,991			2,996			(0.2	%)		4,427		5,194		(14.8	%)
Los Angeles/Orange County, CA			8,591		9,103			(5.6	%)		2,789			2,853			(2.2	%)		5,802		6,250		(7.2	%)
San Diego/Inland Empire, CA			3,870		4,021			(3.8	%)		1,599			1,561			2.4	%		2,271		2,460		(7.7	%)
Tampa, FL			12,641		13,014			(2.9	%)		6,022			6,328			(4.8	%)		6,619		6,686		(1.0	%)
Dallas, TX			11,016		11,347			(2.9	%)		5,434			5,610			(3.1	%)		5,582		5,737		(2.7	%)
Houston, TX			7,502		7,545			(0.6	%)		3,451			3,163			9.1	%		4,051		4,382		(7.6	%)
SE Florida			10,872		11,628			(6.5	%)		4,495			4,621			(2.7	%)		6,377		7,007		(9.0	%)
Charlotte, NC			8,831		9,876			(10.6	%)		3,657			3,742			(2.3	%)		5,174		6,134		(15.7	%)
Orlando, FL			8,804		9,088			(3.1	%)		3,703			3,788			(2.2	%)		5,101		5,300		(3.8	%)
Atlanta, GA			8,769		9,400			(6.7	%)		3,705			3,750			(1.2	%)		5,064		5,650		(10.4	%)
Denver, CO			5,437		5,536			(1.8	%)		1,971			1,984			(0.7	%)		3,466		3,552		(2.4	%)
Raleigh, NC			6,876		7,201			(4.5	%)		2,750			2,674			2.8	%		4,126		4,527		(8.9	%)
Phoenix, AZ			3,752		4,069			(7.8	%)		1,678			1,583			6.0	%		2,074		2,486		(16.6	%)
Austin, TX			4,230		4,487			(5.7	%)		2,042			2,202			(7.3	%)		2,188		2,285		(4.2	%)
Other			2,168		2,274			(4.7	%)		882			840			5.0	%		1,286		1,434		(10.3	%)
Total Same Property		$129,459		$135,505				(4.5	%)	$53,151			$53,470				(0.6	%)	$76,308		$82,035			(7.0	%)


	Apartment Homes						% of NOI			Average Occupancy (a)									Weighted Average Rental Rate (b)
Quarterly Results (a)		Included				Contribution (a)					3Q09			3Q08		Change				3Q09		3Q08	Change

D.C. Metro			4,157					16.6	%		96.1	%		96.7	%		(0.6	%)	$1,398		$1,443			(3.1	%)
Las Vegas, NV			2,889					5.8	%		91.3	%		95.2	%		(3.9	%)		793		862		(8.0	%)
Los Angeles/Orange County, CA			1,770					7.6	%		94.8	%		94.6	%		0.2	%		1,543		1,662		(7.2	%)
San Diego/Inland Empire, CA			846					3.0	%		93.4	%		95.0	%		(1.6	%)		1,448		1,530		(5.3	%)
Tampa, FL			4,965					8.7	%		92.7	%		93.5	%		(0.8	%)		749		793		(5.6	%)
Dallas, TX			4,723					7.3	%		92.8	%		94.0	%		(1.2	%)		705		727		(3.0	%)
Houston, TX			2,679					5.3	%		95.2	%		95.5	%		(0.3	%)		871		879		(0.9	%)
SE Florida			2,520					8.4	%		94.8	%		95.8	%		(1.0	%)		1,348		1,451		(7.1	%)
Charlotte, NC			3,286					6.8	%		93.4	%		94.6	%		(1.2	%)		824		921		(10.5	%)
Orlando, FL			3,296					6.7	%		93.6	%		95.0	%		(1.4	%)		811		877		(7.6	%)
Atlanta, GA			3,202					6.6	%		93.4	%		94.7	%		(1.3	%)		840		912		(7.8	%)
Denver, CO			1,851					4.5	%		95.1	%		96.0	%		(0.9	%)		882		916		(3.6	%)
Raleigh, NC			2,704					5.4	%		94.6	%		95.0	%		(0.4	%)		748		793		(5.7	%)
Phoenix, AZ			1,441					2.7	%		90.1	%		92.2	%		(2.1	%)		784		883		(11.2	%)
Austin, TX			1,645					2.9	%		94.2	%		95.7	%		(1.5	%)		767		813		(5.7	%)
Other			696					1.7	%		94.6	%		95.8	%		(1.2	%)		957		993		(3.6	%)

Total Same Property			42,670					100.0	%		93.7	%		94.9	%		(1.2	%)	$929		$986			(5.8	%)

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and communities under redevelopment since January 1, 2008.
(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
																	September 30, 2009
																(In thousands, except property data amounts)


(Unaudited)

	Revenues							Expenses									NOI
Quarterly Results (a)		3Q09		2Q09	Growth				3Q09			2Q09		Growth				3Q09			2Q09	Growth

D.C. Metro	$18,682		$18,708			(0.1	%)	$5,982			$5,803				3.1	%	$12,700			$12,905			(1.6	%)
Las Vegas, NV		7,418		7,658		(3.1	%)		2,991			2,735			9.4	%		4,427			4,923		(10.1	%)
Los Angeles/Orange County, CA		8,591		8,672		(0.9	%)		2,789			2,716			2.7	%		5,802			5,956		(2.6	%)
San Diego/Inland Empire, CA		3,870		3,803		1.8	%		1,599			1,547			3.4	%		2,271			2,256		0.7	%
Tampa, FL		12,641		12,735		(0.7	%)		6,022			6,194			(2.8	%)		6,619	��		6,541		1.2	%
Dallas, TX		11,016		11,285		(2.4	%)		5,434			5,404			0.6	%		5,582			5,881		(5.1	%)
Houston, TX		7,502		7,582		(1.1	%)		3,451			3,263			5.8	%		4,051			4,319		(6.2	%)
SE Florida		10,872		11,112		(2.2	%)		4,495			4,667			(3.7	%)		6,377			6,445		(1.1	%)
Charlotte, NC		8,831		9,128		(3.3	%)		3,657			3,574			2.3	%		5,174			5,554		(6.8	%)
Orlando, FL		8,804		8,860		(0.6	%)		3,703			3,895			(4.9	%)		5,101			4,965		2.7	%
Atlanta, GA		8,769		9,017		(2.8	%)		3,705			3,462			7.0	%		5,064			5,555		(8.8	%)
Denver, CO		5,437		5,416		0.4	%		1,971			1,865			5.7	%		3,466			3,551		(2.4	%)
Raleigh, NC		6,876		6,888		(0.2	%)		2,750			2,542			8.2	%		4,126			4,346		(5.1	%)
Phoenix, AZ		3,752		3,876		(3.2	%)		1,678			1,566			7.2	%		2,074			2,310		(10.2	%)
Austin, TX		4,230		4,248		(0.4	%)		2,042			2,191			(6.8	%)		2,188			2,057		6.4	%
Other		2,168		2,173		(0.2	%)		882			832			6.0	%		1,286			1,341		(4.1	%)

Total Same Property	$129,459		$131,161			(1.3	%)	$53,151			$52,256				1.7	%	$76,308			$78,905			(3.3	%)





	Apartment
	Homes				% of NOI				Average Occupancy (a)									Weighted Average Rental Rate (b)
Quarterly Results (a)	Included				Contribution (a)				3Q09			2Q09		Change				3Q09			2Q09	Change

D.C. Metro		4,157				16.6	%		96.1	%		95.2	%		0.9	%	$1,398			$1,405			(0.5	%)
Las Vegas, NV		2,889				5.8	%		91.3	%		93.8	%		(2.5	%)		793			813		(2.5	%)
Los Angeles/Orange County, CA		1,770				7.6	%		94.8	%		93.5	%		1.3	%		1,543			1,580		(2.4	%)
San Diego/Inland Empire, CA		846				3.0	%		93.4	%		93.3	%		0.1	%		1,448			1,460		(0.8	%)
Tampa, FL		4,965				8.7	%		92.7	%		93.4	%		(0.7	%)		749			757		(1.1	%)
Dallas, TX		4,723				7.3	%		92.8	%		94.3	%		(1.5	%)		705			712		(1.0	%)
Houston, TX		2,679				5.3	%		95.2	%		95.8	%		(0.6	%)		871			875		(0.5	%)
SE Florida		2,520				8.4	%		94.8	%		95.4	%		(0.6	%)		1,348			1,370		(1.6	%)
Charlotte, NC		3,286				6.8	%		93.4	%		93.8	%		(0.4	%)		824			852		(3.2	%)
Orlando, FL		3,296				6.7	%		93.6	%		93.6	%		0.0	%		811			825		(1.8	%)
Atlanta, GA		3,202				6.6	%		93.4	%		94.2	%		(0.8	%)		840			858		(2.1	%)
Denver, CO		1,851				4.5	%		95.1	%		95.6	%		(0.5	%)		882			889		(0.7	%)
Raleigh, NC		2,704				5.4	%		94.6	%		94.1	%		0.5	%		748			753		(0.7	%)
Phoenix, AZ		1,441				2.7	%		90.1	%		91.8	%		(1.7	%)		784			815		(3.9	%)
Austin, TX		1,645				2.9	%		94.2	%		93.8	%		0.4	%		767			780		(1.7	%)
Other		696				1.7	%		94.6	%		94.7	%		(0.1	%)		957			966		(1.0	%)

Total Same Property		42,670				100.0	%		93.7	%		94.2	%		(0.5	%)	$929			$943			(1.5	%)

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and communities
under redevelopment since January 1, 2008.
(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

					"SAME PROPERTY"
CAMDEN								YEAR TO DATE COMPARISONS
														September 30, 2009
														(In thousands, except property data amounts)


(Unaudited)

	Revenues							Expenses									NOI
Year to Date Results (a)	2009		2008		Growth			2009			2008			Growth			2009		2008		Growth

D.C. Metro	$55,751		$55,772			(0.0	%)	$17,434			$16,053				8.6	%	$38,317		$39,719			(3.5	%)
Las Vegas, NV		22,748		24,138		(5.8	%)		8,392			8,254			1.7	%		14,356		15,884		(9.6	%)
Los Angeles/Orange County, CA		26,002		27,182		(4.3	%)		8,128			7,992			1.7	%		17,874		19,190		(6.9	%)
San Diego/Inland Empire, CA		11,466		11,920		(3.8	%)		4,663			4,459			4.6	%		6,803		7,461		(8.8	%)
Tampa, FL		38,240		38,757		(1.3	%)		18,153			17,720			2.4	%		20,087		21,037		(4.5	%)
Dallas, TX		33,464		33,236		0.7	%		16,090			15,682			2.6	%		17,374		17,554		(1.0	%)
Houston, TX		22,601		22,256		1.6	%		9,858			9,094			8.4	%		12,743		13,162		(3.2	%)
SE Florida		33,259		34,765		(4.3	%)		13,562			13,341			1.7	%		19,697		21,424		(8.1	%)
Charlotte, NC		27,208		29,171		(6.7	%)		10,708			10,657			0.5	%		16,500		18,514		(10.9	%)
Orlando, FL		26,596		27,218		(2.3	%)		11,182			10,491			6.6	%		15,414		16,727		(7.8	%)
Atlanta, GA		26,782		27,669		(3.2	%)		10,799			10,577			2.1	%		15,983		17,092		(6.5	%)
Denver, CO		16,198		16,322		(0.8	%)		5,472			5,286			3.5	%		10,726		11,036		(2.8	%)
Raleigh, NC		20,703		21,315		(2.9	%)		7,744			7,635			1.4	%		12,959		13,680		(5.3	%)
Phoenix, AZ		11,597		12,204		(5.0	%)		4,794			4,346			10.3	%		6,803		7,858		(13.4	%)
Austin, TX		12,765		13,214		(3.4	%)		6,277			6,132			2.4	%		6,488		7,082		(8.4	%)
Other		6,471		6,516		(0.7	%)		2,510			2,320			8.2	%		3,961		4,196		(5.6	%)

Total Same Property	$391,851		$401,655			(2.4	%)	$155,766			$150,039				3.8	%	$236,085		$251,616			(6.2	%)



	Apartment
	Homes				% of NOI			Average Occupancy (a)									Weighted Average Rental Rate (b)
Year to Date Results (a)	Included				Contribution (a)				2009			2008		Change				2009		2008	Change

D.C. Metro		4,157				16.2	%		95.2	%		95.7	%		(0.5	%)	$1,407		$1,440			(2.3	%)
Las Vegas, NV		2,889				6.1	%		92.8	%		94.6	%		(1.8	%)		814		865		(5.8	%)
Los Angeles/Orange County, CA		1,770				7.6	%		93.6	%		94.4	%		(0.8	%)		1,581		1,660		(4.8	%)
San Diego/Inland Empire, CA		846				2.9	%		92.8	%		94.7	%		(1.9	%)		1,470		1,526		(3.7	%)
Tampa, FL		4,965				8.5	%		93.2	%		93.6	%		(0.4	%)		761		801		(5.0	%)
Dallas, TX		4,723				7.4	%		93.5	%		93.2	%		0.3	%		712		722		(1.4	%)
Houston, TX		2,679				5.4	%		95.5	%		95.3	%		0.2	%		876		865		1.2	%
SE Florida		2,520				8.3	%		94.9	%		95.2	%		(0.3	%)		1,374		1,462		(6.0	%)
Charlotte, NC		3,286				7.0	%		93.2	%		94.0	%		(0.8	%)		851		923		(7.8	%)
Orlando, FL		3,296				6.5	%		93.8	%		94.2	%		(0.4	%)		828		885		(6.4	%)
Atlanta, GA		3,202				6.8	%		93.4	%		94.3	%		(0.9	%)		859		910		(5.6	%)
Denver, CO		1,851				4.5	%		94.8	%		95.5	%		(0.7	%)		891		905		(1.6	%)
Raleigh, NC		2,704				5.5	%		94.2	%		94.5	%		(0.3	%)		754		791		(4.7	%)
Phoenix, AZ		1,441				2.9	%		91.6	%		93.0	%		(1.4	%)		813		901		(9.8	%)
Austin, TX		1,645				2.7	%		93.7	%		94.9	%		(1.2	%)		782		812		(3.6	%)
Other		696				1.7	%		94.7	%		94.9	%		(0.2	%)		963		978		(1.6	%)

Total Same Property		42,670				100.0	%		93.8	%		94.4	%		(0.6	%)	$944		$986			(4.3	%)

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and communities
under redevelopment since January 1, 2008.
(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

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


Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
	Three Months Ended									Nine Months Ended
	September 30,									September 30,
OPERATING DATA (a)	2009			2008						2009			2008
Property Revenues
Rental revenues	$6,666			$6,202						$19,622			$17,583
Other property revenues		1,234			1,050						3,347			2,554
Total property revenues		7,900			7,252						22,969			20,137

Property Expenses
Property operating and maintenance		2,724			2,292						7,203			6,254
Real estate taxes		945			743						2,668			1,985
Total property expenses		3,669			3,035						9,871			8,239

Net Operating Income (NOI)		4,231			4,217						13,098			11,898

Other expenses
Interest		2,143			2,417						6,325			6,725
Depreciation and amortization		2,079			1,969						6,027			5,252
Other		47			92						154			703
Total other expenses		4,269			4,478						12,506			12,680

Equity in income (loss) of joint ventures	$(38		)	$(261		)				$592			$(782		)



	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
		2009			2009			2009			2008			2008
BALANCE SHEET DATA (b)
Land	$219,549			$215,497			$209,453			$217,730			$213,838
Buildings and improvements		1,084,279			1,070,426			1,050,523			1,030,486			1,016,545
		1,303,828			1,285,923			1,259,976			1,248,216			1,230,383
Accumulated depreciation		(176,799	)		(166,101	)		(155,928	)		(145,828	)		(135,850	)
Real estate assets, net		1,127,029			1,119,822			1,104,048			1,102,388			1,094,533
Properties under development and land		53,093			63,333			82,106			81,719			81,139
Cash and other assets, net		27,947			29,566			26,305			26,629			34,820
Total assets	$1,208,069			$1,212,721			$1,212,459			$1,210,736			$1,210,492

Notes payable	$979,032			$1,001,462			$996,356			$984,200			$967,930
Notes payable due to Camden		57,574			54,273			57,645			56,928			56,748
Other liabilities		21,319			19,791			21,647			24,578			27,716
Total liabilities		1,057,925			1,075,526			1,075,648			1,065,706			1,052,394

Members' equity		150,144			137,195			136,811			145,030			158,098
Total liabilities and members' equity	$1,208,069			$1,212,721			$1,212,459			$1,210,736			$1,210,492

Camden's equity investment	$43,236			$22,334			$15,158			$15,106			$15,663
Distributions in excess of investment in joint ventures	$(30,507		)	$(30,287		)	$(31,318		)	$(30,105		)	$(27,977		)

Camden's pro-rata share of debt (c)	$232,716			$239,337			$239,377			$236,407			$231,417



PROPERTY DATA (end of period)
Total operating properties		42			41			40			40			40
Total operating apartment homes		12,699			12,359			12,011			12,011			12,011
Pro rata share of operating apartment homes		2,615			2,513			2,443			2,443			2,443
Total development properties		1			2			3			3			4
Total development apartment homes		119			459			807			807			1,126
Pro rata share of development apartment homes		36			138			207			207			303


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

CAMDEN

CURRENT DEVELOPMENT PIPELINE

(Unaudited)

DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2009 ($ in millions)

Estimated/Actual Dates for

Total

Construction

Initial

Construction

Stabilized

As of 10/25/09

Completed Communities

Homes

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

Camden Orange Court

261

$45.5

2Q06

1Q08

2Q08

4Q09

Orlando, FL

Camden Dulles Station

366

72.3

1Q06

2Q08

1Q09

2Q10

Oak Hill, VA

Total Completed Communities

627

$117.8

Estimated/Actual Dates for

Total

Cost

Amount

Construction

Initial

Construction

Stabilized

As of 10/25/09

Development Communities

Homes

Budget

to Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

Camden Travis Street (a)

253

$39.0

$26.1

3Q08

4Q09

1Q10

3Q10

Houston, TX

Total Development Communities

253

$39.0

$26.1

Additional land (b)

253.5

Total Properties Under Development and Land (per Balance Sheet)

$279.6

NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)

Total Cost

3Q09 NOI

Development Communities stabilized at quarter end

$195.0

$2.4

Completed Communities in lease-up

117.8

1.1

Development Communities

26.1

0.0

Total Development NOI Contribution

$338.9

$3.5

(a) Camden Travis Street is owned in a fully consolidated joint venture, of which Camden retains a 25% ownership.

(b) Please refer to the development pipeline and land summary on page 18.

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

CAMDEN

JOINT VENTURE DEVELOPMENT PIPELINE

(Unaudited)

JOINT VENTURE DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2009 ($ in millions)

Estimated/Actual Dates for

As of 10/25/09

Joint Venture Camden Developed Communities Completed

Total

Homes

Total

Cost

Construction

Start

Initial

Occupancy

Construction

Completion

Stabilized

Operations

Leased

% Occupied

Camden Amber Oaks

348

$35.2

4Q07

4Q08

2Q09

1Q10

Austin, TX

Total Joint Venture Camden Developed Communities Completed

348

$35.2

Camden

Cash

Camden

Estimated/Actual Dates for

As of 10/25/09

Joint Venture Third Party Developed Communities Completed

Total

Homes

Total

Cost

Equity

Invested

Mezzanine

Invested

Construction

Start

Initial

Occupancy

Construction

Completion

Stabilized

Operations

Leased

% Occupied

Braeswood Place

340

$50.3

$1.6

$9.2

1Q07

1Q09

3Q09

2Q10

Houston, TX

Total Joint Venture Third Party Developed Communities Completed

340

$50.3

$1.6

$9.2

Camden

Cash

Camden

Estimated/Actual Dates for

As of 10/25/09

Joint Venture Third Party Developed Communities Under Construction

Total

Homes

Total

Budget

Cost

to Date

��

Equity

Invested

Mezzanine

Invested

Construction

Start

Initial

Occupancy

Construction

Completion

Stabilized

Operations

Leased

% Occupied

Belle Meade

119

$33.2

$35.0

$1.2

$6.6

4Q07

3Q09

4Q09

3Q10

Houston, TX

Total Joint Venture Third Party Developed Communities Under Construction

119

$33.2

$35.0

$1.2

$6.6

Camden

Cash

Camden

Joint Venture Third Party Developed Pipeline Communities

Total

Acres

Cost

to Date

Equity

Invested

Mezzanine

Invested

Lakes at 610

6.1

$7.0

$1.1

$3.1

Houston, TX

Town Lake

25.9

40.0

9.3

Austin, TX

Total Joint Venture Third Party Developed Pipeline Communities

32.0

$47.0

$10.4

$3.1

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

CAMDEN			DEVELOPMENT PIPELINE, LAND
			& LAND HELD FOR SALE

(Unaudited)

DEVELOPMENT PIPELINE AND LAND AS OF SEPTEMBER 30, 2009 ($ in millions)


PIPELINE COMMUNITIES (a)				Projected Homes		Cost to Date

	1.	Camden South Capitol			276	$29.8
		Washington, DC
	2.	Camden Lake Nona			432		23.4
		Orlando, FL
	3.	Camden Noma I			313		26.4
		Washington, DC
	4.	Camden Deer Springs			428		21.5
		Las Vegas, NV
	5.	Camden North Lamar			290		8.7
		Austin, TX
	6.	Camden McGowen Station			237		11.6
		Houston, TX
	7.	Camden Summerfield II			187		19.7
		Landover, MD
	8.	Camden City Centre II			239		8.5
		Houston, TX
	9.	Camden Amber Oaks II			244		4.4
		Austin, TX
	10.	Camden Andrau			601		9.7
		Houston, TX
	11.	Camden Countryway			348		17.3
		Tampa, FL
	12.	Camden Celebration			438		16.2
		Orlando, FL

Development Pipeline					4,033	$197.2

Other (b)						$56.3

Total Development Pipeline and Land						$253.5

						Current
LAND HELD FOR SALE AS OF SEPTEMBER 30, 2009 ($ in millions)				Acres		Book Value
	1.	Southeast Florida			2.2	$4.5
	2.	Dallas			2.4		1.8

Total Land Parcels Held For Sale:					4.6	$6.3

(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) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments.















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

CAMDEN

REDEVELOPMENT SUMMARY

(Unaudited)

REDEVELOPMENT SUMMARY AS OF SEPTEMBER 30, 2009 ($ in millions)

Homes

Estimated/Actual Dates for

Total

Redeveloped

Total

Cost

Redevelopment

Project

3Q09 Average

Communities Under Redevelopment

Homes

To Date

Budget

to Date

Start

Completion

Restabilization

% Occupied

1. Camden Foxcroft

156

$1.4

4Q07

2Q09

Charlotte, NC

2. Camden Valley Park

516

439

5.5

4.2

2Q08

3Q10

Irving, TX

Total Communities Under Redevelopment

672

595

$6.9

$5.6

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

CAMDEN

NOTES RECEIVABLE SUMMARY

(Unaudited)

NOTES RECEIVABLE AS OF SEPTEMBER 30, 2009 ($ in thousands)

09/30/09

06/30/09

Total

Note

Location

Current Property Type

Current Status

Homes

Balance

Irvine, CA

Multifamily

Stable

290

$21,352

$21,963

Houston, TX

Multifamily

Stable/Development/Predevelopment

1,049

23,606

22,565

College Park, MD

Multifamily

Stable

508

9,506

9,505

Total Notes Receivable:

1,847

$54,462

$54,033

Weighted Average Interest Rate Recognized:

4.1

CAMDEN					ACQUISITIONS & DISPOSITIONS




(Unaudited)



2009 ACQUISITION/DISPOSITION ACTIVITY

Dispositions		Location		Property Type	Apartment Homes	Year Built	Closing Date
1.	Camden West Oaks	Houston, TX		Multifamily	671	1982	06/30/09


Total Disposition Volume:		$28.7	million		671 apartment homes

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


(Unaudited)

DEBT MATURITIES AS OF SEPTEMBER 30, 2009:

	Future Scheduled Repayments												Weighted Average
			Secured		Unsecured						Percent		Interest Rate on
Year	Amortization		Maturities		Maturities			Total			of Total		Maturing Debt
2009	$1,001		$0		$0			$1,001				0.0%		N/A
2010		3,986		0		137,571			141,557			5.4%		5.7%
2011		3,489		22,724		122,966			149,179			5.7%		6.4%
2012		2,697		69,541		689,667			761,905			29.1%		5.4%
2013		1,386		25,831		200,000			227,217			8.7%		5.4%
Thereafter		35,721		808,827		496,750			1,341,298			51.2%		4.7%
Total Maturing Debt	$48,280		$926,923		$1,646,954		��	$2,622,157				100.0%		5.1%

Unsecured Line of Credit		0		0		0			0			0.0%		N/A
Total Debt	$48,280		$926,923		$1,646,954			$2,622,157				100.0%		5.1%

Weighted Average Maturity of Debt			5.9 Years


								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate		Time to Maturity
Floating rate debt			$226,691			8.6%			1.2%		10.5 Years
Fixed rate debt				2,395,466		91.4%			5.5%		5.4 Years
Total			$2,622,157			100.0%			5.1%		5.9 Years

								Weighted Average
SECURED vs. UNSECURED DEBT:			Balance		% of Total			Interest Rate		Time to Maturity
Unsecured debt			$1,646,106			62.8%			5.6%		4.0 Years
Secured debt				976,051		37.2%			4.3%		9.0 Years
Total			$2,622,157			100.0%			5.1%		5.9 Years

								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt (a)			$749,360			76.8%			5.2%		8.6 Years
Conventional variable-rate mortgage debt (a)				184,920		18.9%			1.1%		8.6 Years
Tax exempt variable rate debt				41,771		4.3%			1.7%		18.7 Years
Total			$976,051			100.0%			4.3%		9.0 Years

REAL ESTATE ASSETS: (b)			Total Homes		% of Total			Total Cost			% of Total
Unencumbered real estate assets				37,215		73.2%		$4,034,828				73.1%
Encumbered real estate assets				13,625		26.8%			1,482,574			26.9%
Total				50,840		100.0%		$5,517,402				100.0%

			Ratio of unencumbered assets at cost to unsecured debt is										2.5 times







(a) Mortgage debt includes a construction loan for Camden Travis Street with a $22.7MM balance at 9/30/09, of which $12.8MM was fixed utilizing an interest rate swap.
(b) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.

CAMDEN					DEBT MATURITY ANALYSIS
							(In thousands)


(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2009 AND 2010:


	Future Scheduled Repayments								Weighted Average
			Secured		Unsecured				Interest Rate on
Quarter	Amortization		Maturities		Maturities		Total		Maturing Debt
4Q 2009	$1,001		$0		$0		$1,001			N/A
2009	$1,001		$0		$0		$1,001			N/A

1Q 2010	$1,030		$0		$55,270		$56,300			4.4%
2Q 2010		1,016		0		0		1,016		N/A
3Q 2010		971		0		82,301		83,272		6.5%
4Q 2010		969		0		0		969		N/A
2010	$3,986		$0		$137,571		$141,557			5.7%

CAMDEN	DEBT COVENANT ANALYSIS

(Unaudited)


UNSECURED LINE OF CREDIT


Covenant (a)	Required	Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	<60%	48%	Yes

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

Consolidated EBITDA to Total Fixed Charges	>150%	218%	Yes

Unencumbered Adjusted NOI to Unsecured Interest Expense	>200%	260%	Yes


SENIOR UNSECURED NOTES

Covenant (a)	Required	Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	<60%	46%	Yes

Total Secured Debt to Total Asset Value	<40%	17%	Yes

Total Unencumbered Asset Value to Total Unsecured Debt	>150%	259%	Yes

Consolidated Income Available for Debt Service to Total	>150%	240%	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 SEPTEMBER 30, 2009:

		Future Scheduled Repayments				Weighted Average
			Secured		Percent	Interest Rate on
	Year (a)	Amortization	Maturities	Total	of Total	Maturing Debt
	2009	$90	$10,731	$10,821	4.6%	1.3%
	2010	370	74,538	74,908	32.2%	1.7%
	2011	419	5,242	5,661	2.4%	1.9%
	2012	461	111,275	111,736	48.0%	5.1%
	2013	548	0	548	0.2%	N/A
	Thereafter	5,400	23,642	29,042	12.5%	4.2%
	Total Maturing Debt	$7,288	$225,428	$232,716	100.0%	3.6%

	Subscription line of credit (b)	0	0	0	0.0%	N/A
	Total Debt	$7,288	$225,428	$232,716	100.0%	3.6%

	Weighted Average Maturity of Debt (a)		3.0 Years

	Total Recourse Exposure (c)		$56,936

					Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance	% of Total	Interest Rate	Time to Maturity (a)
	Floating rate debt		$105,071	45.1%	1.6%	2.3 Years
	Fixed rate debt		127,645	54.9%	5.3%	3.6 Years
	Total		$232,716	100.0%	3.6%	3.0 Years

					Weighted Average
SECURED DEBT DETAIL:			Balance	% of Total	Interest Rate	Time to Maturity (a)
	Conventional fixed-rate mortgage debt		$127,646	54.9%	5.3%	3.6 Years
	Conventional variable-rate mortgage debt		9,980	4.3%	1.8%	5.0 Years
	Tax exempt variable rate debt		4,579	2.0%	0.8%	22.8 Years
	Variable-rate construction loans (d)		90,511	38.9%	1.7%	0.9 Years
	Subscription line of credit		0	0.0%	1.5%	1.1 Years
	Total		$232,716	100.0%	3.6%	3.0 Years

REAL ESTATE ASSETS: (e)			Total Homes	Total Cost
	Operating real estate assets		12,699	$1,275,046
	Development real estate assets		119	81,875
	Total		12,818	$1,356,921






(a) Excluding extension options.
(b) As of September 30, 2009 there were no borrowings drawn under the subscription secured line of credit with $15,000 in total capacity. Camden has a 20%
	ownership interest in the borrowing entity.
(c) Represents Camden's potential liability under joint venture construction loan guarantees as of September 30, 2009.
(d) Excludes Camden's pro-rata share of Notes Payable due to Camden.
(e) Balance sheet and property data reported at 100%.

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


(Unaudited)

ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2009 and 2010: (a)

							Weighted Average
	Future Scheduled Repayments						Interest Rate on
Quarter	Amortization		Secured Maturities		Total		Maturing Debt
4Q 2009	$90		$10,731		$10,821			1.3%
2009	$90		$10,731		$10,821			1.3%

1Q 2010	$94		$6,366		$6,460			2.1%
2Q 2010		90		35,567		35,657		1.4%
3Q 2010		91		32,606		32,697		1.3%
4Q 2010		95		0		95		N/A
2010	$370		$74,539		$74,909			1.7%

(a) The unsecured line of credit, after all extensions, matures in January 2011.












(a) 3Q 2010 maturities include a subscription secured line of credit with $0 (Camden's 20% pro-rata share) outstanding as of September 30, 2009. The line of credit has $15,000 in total capacity.

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



(Unaudited)
	Third Quarter 2009 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.4 years		$2,957		$59		$998		$20
Appliances	9.3 years			736		15		204		4
Painting		-		-		-		1,800		36
Cabinetry/Countertops	10.0 years			242		5		-		-
Other	8.7 years			770		15		542		11
Exteriors
Painting	5.0 years			282		6		-		-
Carpentry	10.0 years			705		14		-		-
Landscaping	5.9 years			229		5		2,347		47
Roofing	20.0 years			385		8		68		1
Site Drainage	10.0 years			70		1		-		-
Fencing/Stair	10.0 years			143		3		-		-
Other (c)	7.5 years			1,051		21		3,165		63
Common Areas
Mech., Elec., Plumbing	9.5 years			932		18		900		18
Parking/Paving	5.0 years			120		2		-		-
Pool/Exercise/Facility	7.5 years			248		5		451		9

			$8,870		$176		$10,475		$208

Weighted Average Apartment Homes						50,383				50,383


	Year to Date 2009 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.4 years		$7,157		$141		$2,445		$48
Appliances	9.3 years			1,621		32		512		10
Painting		-		-		-		4,437		88
Cabinetry/Countertops	10.0 years			625		12		-		-
Other	8.7 years			2,147		42		1,369		27
Exteriors
Painting	5.0 years			428		8		-		-
Carpentry	10.0 years			1,094		22		-		-
Landscaping	5.9 years			704		14		7,797		154
Roofing	20.0 years			854		17		165		3
Site Drainage	10.0 years			164		3		-		-
Fencing/Stair	10.0 years			378		7		-		-
Other (c)	7.5 years			2,318		46		7,990		158
Common Areas
Mech., Elec., Plumbing	9.5 years			2,212		44		2,316		46
Parking/Paving	5.0 years			230		5		-		-
Pool/Exercise/Facility	7.5 years			1,276		25		1,071		21

			$21,208		$419		$28,102		$555

Weighted Average Apartment Homes						50,639				50,639


(a) Includes discontinued operations. Capitalized expenditures for discontinued operations were $0 and $87 for the three and nine months
ended September 30, 2009. Maintenance expenses for discontinued operations were $0 and $183 for the same periods.
(b) Weighted average useful life of capitalized expenses for the three and nine months ended September 30, 2009.
(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					Nine Months Ended
		September 30,					September 30,
		2009		2008			2009			2008
Net income attributable to common shareholders		$3,937		$73,673			$28,486			$105,882
Real estate depreciation and amortization from continuing operations			41,834		42,913			127,707			125,861
Real estate depreciation from discontinued operations			-		346			-			2,745
Adjustments for unconsolidated joint ventures			1,935		1,889			5,812			5,143
Income allocated to noncontrolling interests			406		884			1,148			3,044
Gain on sale of operating properties, net of taxes			-		(1,823	)		-			(2,929	)
Gain on sale of discontinued operations			-		(65,599	)		(16,887	)		(80,265	)
Funds from operations - diluted		$48,112		$52,283			$146,266			$159,481

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted			66,602		56,008			61,579			55,889
FFO diluted			68,959		58,561			63,967			58,572

Net income attributable to common shareholders - diluted		$0.06		$1.30			$0.46			$1.88
FFO per common share - diluted		$0.70		$0.89			$2.29			$2.72


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:

		4Q09 Range					2009 Range
		Low		High			Low			High

Expected net income attributable to common shareholders per share - diluted		$0.04		$0.08			$0.49			$0.53
Expected difference between EPS and fully diluted FFO shares			0.00		0.00			(0.01	)		(0.01	)
Expected real estate depreciation			0.61		0.61			2.61			2.61
Expected adjustments for unconsolidated joint ventures			0.03		0.03			0.12			0.12
Expected income allocated to noncontrolling interests			0.01		0.01			0.02			0.02
Expected (gain) on sale of properties and properties held for sale			0.00		0.00			(0.26	)		(0.26	)
Expected FFO per share - diluted			0.69		0.73		$2.97			$3.01






Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 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						Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
Net income attributable to common shareholders	$3,937			$73,673			$28,486			$105,882
Fee and asset management income		(1,818	)		(2,350	)		(6,093	)		(6,893	)
Interest and other income		(582	)		(1,234	)		(2,414	)		(3,659	)
Income (loss) on deferred compensation plans		(8,194	)		10,550			(11,702	)		19,730
Property management expense		4,377			5,007			13,848			15,188
Fee and asset management expense		1,074			1,198			3,512			4,619
General and administrative expense		7,532			7,513			23,010			23,887
Interest expense		31,117			32,838			97,364			98,697
Depreciation and amortization		42,895			43,808			130,763			128,514
Amortization of deferred financing costs		682			798			2,356			2,121
Expense (benefit) on deferred compensation plans		8,194			(10,550	)		11,702			(19,730	)
Gain on sale of properties, including land		-			(1,823	)		-			(2,929	)
Gain (loss) on early retirement of debt		-			(2,440	)		2,550			(4,738	)
Equity in income (loss) of joint ventures		38			261			(592	)		782
Less net income allocated to perpetual preferred units		1,750			1,750			5,250			5,250
Net income allocated to noncontrolling interests		505			1,005			1,448			3,400
Income tax expense - current		126			83			772			516
Income (loss) from discontinued operations		76			(545	)		(1,084	)		(3,937	)
Gain on sale of discontinued operations		-			(65,599	)		(16,887	)		(80,275	)
Net Operating Income (NOI)	$91,709			$93,943			$282,289			$286,425

"Same Property" Communities	$76,308			$82,035			$236,085			$251,616
Non-"Same Property" Communities		13,191			11,308			40,232			30,243
Development and Lease-Up Communities		1,126			304			2,682			47
Redevelopment Communities		705			726			2,098			2,256
Dispositions / Other		379			(430	)		1,192			2,263
Net Operating Income (NOI)	$91,709			$93,943			$282,289			$286,425


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 net income 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						Nine Months Ended
	September 30,						September 30,
		2009			2008			2009			2008
Net income attributable to common shareholders	$3,937			$73,673			$28,486			$105,882
Interest expense		31,117			32,924			97,364			99,163
Amortization of deferred financing costs		682			798			2,356			2,121
Depreciation and amortization		42,895			43,808			130,763			128,514
Less net income allocated to perpetual preferred units		1,750			1,750			5,250			5,250
Net income allocated to noncontrolling interests		505			1,005			1,448			3,400
Income tax expense - current		126			83			772			516
Real estate depreciation and amortization from discontinued operations		-			348			-			2,762
Gain on sale of properties, including land		-			(1,823	)		-			(2,929	)
Gain (loss) on early retirement of debt		-			(2,440	)		2,550			(4,738	)
Equity in income (loss) of joint ventures		38			261			(592	)		782
Gain on sale of discontinued operations		-			(65,599	)		(16,887	)		(80,275	)
EBITDA	$81,050			$84,788			$251,510			$260,448

CAMDEN

OTHER DATA

(Unaudited)

Stock Symbol:

CPT

Exchange Traded:

NYSE

Senior Unsecured Debt Ratings:

Rating

Outlook

Standard & Poors

BBB

Stable

Moody's

Baa1

Stable

Estimated Future Dates:

Q4 '09

Q1 '10

Q2 '10

Q3 '10

Earnings release & conference call

Early Feb

Early May

Early Aug

Late Oct

Dividend Information - Common Shares:

Q1 '09

Q2 '09

Q3 '09

Declaration Date

03/16/09

06/15/09

09/15/09

Record Date

03/31/09

06/30/09

09/30/09

Payment Date

04/17/09

07/17/09

10/16/09

Distributions Per Share

$0.70

$0.45

Investor Relations Data:

Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases and

Supplemental Data upon request.

For Investor Relations: recent press releases, 10-Q's, 10-K's and other information, call

1-800-9CAMDEN or (713) 354-2787.

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

For questions contact:

Richard J. Campo

Chairman & Chief Executive Officer

D. Keith Oden

President

H. Malcolm Stewart

Chief Operating Officer

Dennis M. Steen

Chief Financial Officer

Kimberly A. Callahan

Vice President - Investor Relations

CAMDEN					COMMUNITY TABLE
				Community Statistics as of 9/30/09


(Unaudited)									3Q09 Avg
					Year Placed	Average	Apartment	3Q09 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	90%	$747	$0.95
	Camden Fountain Palms (1)		Peoria	AZ	1986/1996	1,050	192	88%	680	0.65
	Camden Legacy		Scottsdale	AZ	1996	1,067	428	92%	867	0.81
	Camden Pecos Ranch (1)		Chandler	AZ	2001	924	272	94%	750	0.81
	Camden San Paloma		Scottsdale	AZ	1993/1994	1,042	324	90%	881	0.85
	Camden Sierra (1)		Peoria	AZ	1997	925	288	90%	663	0.72
	Camden Towne Center (1)		Glendale	AZ	1998	871	240	89%	688	0.79
	Camden Vista Valley		Mesa	AZ	1986	923	357	88%	629	0.68
		TOTAL ARIZONA	8	Properties		951	2,433	90%	748	0.79

	Camden Crown Valley		Mission Viejo	CA	2001	1,009	380	96%	1,531	1.52
	Camden Harbor View		Long Beach	CA	2004	975	538	93%	1,908	1.96
	Camden Main and Jamboree (1)		Irvine	CA	2008	1,011	290	93%	1,894	1.87
	Camden Martinique		Costa Mesa	CA	1986	794	714	95%	1,289	1.62
	Camden Parkside (1)		Fullerton	CA	1972	836	421	92%	1,202	1.44
	Camden Sea Palms		Costa Mesa	CA	1990	891	138	95%	1,466	1.65
		Total Los Angeles/Orange County	6	Properties		904	2,481	94%	1,526	1.69

	Camden Old Creek		San Marcos	CA	2007	1,037	350	95%	1,515	1.46
	Camden Sierra at Otay Ranch		Chula Vista	CA	2003	962	422	95%	1,492	1.55
	Camden Tuscany		San Diego	CA	2003	896	160	96%	1,797	2.01
	Camden Vineyards		Murrieta	CA	2002	1,053	264	89%	1,168	1.11
		Total San Diego/Inland Empire	4	Properties		995	1,196	94%	1,468	1.47

		TOTAL CALIFORNIA	10	Properties		934	3,677	94%	1,507	1.61

	Camden Caley		Englewood	CO	2000	925	218	95%	879	0.95
	Camden Centennial		Littleton	CO	1985	744	276	95%	666	0.89
	Camden Denver West (1)		Golden	CO	1997	1,015	320	96%	1,017	1.00
	Camden Highlands Ridge		Highlands Ranch	CO	1996	1,149	342	97%	1,048	0.91
	Camden Interlocken		Broomfield	CO	1999	1,022	340	96%	1,046	1.02
	Camden Lakeway		Littleton	CO	1997	932	451	95%	880	0.94
	Camden Pinnacle		Westminster	CO	1985	748	224	93%	657	0.88
		TOTAL COLORADO	7	Properties		949	2,171	95%	902	0.95

	Camden Ashburn Farms		Ashburn	VA	2000	1,062	162	97%	1,309	1.23
	Camden Clearbrook		Frederick	MD	2007	1,048	297	97%	1,200	1.15
	Camden College Park (1)		College Park	MD	2008	942	508	93%	1,571	1.67
	Camden Dulles Station (2)		Oak Hill	VA	2009	984	366	Lease-up	1,526	1.55
	Camden Fair Lakes		Fairfax	VA	1999	1,056	530	97%	1,441	1.36
	Camden Fairfax Corner		Fairfax	VA	2006	934	488	96%	1,485	1.59
	Camden Fallsgrove		Rockville	MD	2004	996	268	97%	1,487	1.49
	Camden Grand Parc		Washington	DC	2002	674	105	96%	2,188	3.24
	Camden Lansdowne		Leesburg	VA	2002	1,006	690	96%	1,218	1.21
	Camden Largo Town Center		Largo	MD	2000/2007	1,027	245	89%	1,524	1.48
	Camden Monument Place		Fairfax	VA	2007	856	368	96%	1,360	�� 1.59
	Camden Potomac Yard		Arlington	VA	2008	835	378	96%	1,813	2.17
	Camden Roosevelt		Washington	DC	2003	856	198	96%	2,231	2.61
	Camden Russett		Laurel	MD	2000	992	426	95%	1,308	1.32
	Camden Silo Creek		Ashburn	VA	2004	975	284	98%	1,212	1.24
	Camden Summerfield		Landover	MD	2008	957	291	92%	1,557	1.63
	Camden Westwind		Ashburn	VA	2006	1,036	464	98%	1,227	1.18
		TOTAL DC METRO	17	Properties		969	6,068	96%	1,451	1.50

	Camden Aventura		Aventura	FL	1995	1,108	379	93%	1,318	1.19
	Camden Brickell		Miami	FL	2003	937	405	94%	1,307	1.40
	Camden Doral		Miami	FL	1999	1,120	260	97%	1,407	1.26
	Camden Doral Villas		Miami	FL	2000	1,253	232	97%	1,519	1.21
	Camden Las Olas		Ft. Lauderdale	FL	2004	1,043	420	95%	1,510	1.45
	Camden Plantation		Plantation	FL	1997	1,201	502	95%	1,231	1.02
	Camden Portofino		Pembroke Pines	FL	1995	1,112	322	94%	1,236	1.11
		Total Southeast Florida	7	Properties		1,103	2,520	95%	1,348	1.22

	Camden Club		Longwood	FL	1986	1,077	436	93%	827	0.77
	Camden Hunter's Creek		Orlando	FL	2000	1,075	270	95%	931	0.87
	Camden Lago Vista		Orlando	FL	2005	955	366	92%	877	0.92
	Camden Landings		Orlando	FL	1983	748	220	94%	669	0.89
	Camden Lee Vista		Orlando	FL	2000	937	492	93%	829	0.88
	Camden Orange Court (2)		Orlando	FL	2008	812	261	Lease-up	1,057	1.32
	Camden Renaissance		Altamonte Springs	FL	1996/1998	899	578	93%	763	0.85
	Camden Reserve		Orlando	FL	1990/1991	824	526	94%	721	0.87
	Camden World Gateway		Orlando	FL	2000	979	408	95%	893	0.91
		Total Orlando	9	Properties		928	3,557	94%	829	0.89

CAMDEN

COMMUNITY TABLE

Community Statistics as of 9/30/09

(Unaudited)

3Q09 Avg

Year Placed

Average

Apartment

3Q09 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	93%	789	0.84
Camden Bay Pointe		Tampa	FL	1984	771	368	92%	659	0.85
Camden Bayside		Tampa	FL	1987/1989	748	832	93%	703	0.94
Camden Citrus Park		Tampa	FL	1985	704	247	92%	642	0.91
Camden Lakes		St. Petersburg	FL	1982/1983	732	688	91%	646	0.88
Camden Lakeside		Brandon	FL	1986	729	228	91%	704	0.97
Camden Live Oaks		Tampa	FL	1990	1,093	770	95%	760	0.70
Camden Preserve		Tampa	FL	1996	942	276	93%	993	1.05
Camden Providence Lakes		Brandon	FL	1996	1,024	260	95%	846	0.83
Camden Royal Palms		Brandon	FL	2006	1,017	352	92%	912	0.90
Camden Westshore		Tampa	FL	1986	728	278	95%	766	1.05
Camden Woods		Tampa	FL	1986	1,223	444	93%	785	0.64
	Total Tampa/St. Petersburg	12	Properties		897	5,503	93%	755	0.84

	TOTAL FLORIDA	28	Properties		951	11,580	94%	907	0.95

Camden Brookwood		Atlanta	GA	2002	912	359	93%	906	0.99
Camden Dunwoody		Atlanta	GA	1997	1,007	324	93%	858	0.85
Camden Deerfield		Alpharetta	GA	2000	1,187	292	96%	870	0.73
Camden Midtown Atlanta		Atlanta	GA	2001	935	296	94%	967	1.03
Camden Peachtree City		Peachtree City	GA	2001	1,027	399	93%	838	0.82
Camden River		Duluth	GA	1997	1,103	352	93%	812	0.74
Camden Shiloh		Kennesaw	GA	1999/2002	1,143	232	96%	793	0.69
Camden St. Clair		Atlanta	GA	1997	999	336	94%	891	0.89
Camden Stockbridge		Stockbridge	GA	2003	1,009	304	92%	726	0.72
Camden Sweetwater		Lawrenceville	GA	2000	1,151	308	91%	723	0.63
	TOTAL GEORGIA	10	Properties		1,042	3,202	93%	840	0.81

Camden Brookside (1)		Louisville	KY	1987	732	224	91%	622	0.85
Camden Meadows (1)		Louisville	KY	1987/1990	746	400	97%	655	0.88
Camden Oxmoor (1)		Louisville	KY	2000	903	432	97%	811	0.90
Camden Prospect Park (1)		Louisville	KY	1990	916	138	97%	748	0.82
	TOTAL KENTUCKY	4	Properties		820	1,194	96%	716	0.87

Camden Passage (1)		Kansas City	MO	1989/1997	834	596	96%	658	0.79
	Total Kansas City	1	Property		834	596	96%	658	0.79

Camden Cedar Lakes (1)		Lake St. Louis	MO	1986	852	420	93%	612	0.72
Camden Cove West (1)		Creve Coeur	MO	1990	828	276	98%	833	1.01
Camden Cross Creek (1)		St. Louis	MO	1973/1980	947	591	95%	737	0.78
Camden Westchase (1)		St. Louis	MO	1986	945	160	97%	827	0.88
	Total St. Louis	4	Properties		896	1,447	95%	729	0.81

	TOTAL MISSOURI	5	Properties		878	2,043	95%	708	0.81

Camden Bel Air		Las Vegas	NV	1988/1995	943	528	91%	809	0.86
Camden Breeze		Las Vegas	NV	1989	846	320	92%	789	0.93
Camden Canyon		Las Vegas	NV	1995	987	200	96%	926	0.94
Camden Commons		Henderson	NV	1988	936	376	91%	812	0.87
Camden Cove		Las Vegas	NV	1990	898	124	92%	803	0.89
Camden Del Mar		Las Vegas	NV	1995	986	560	94%	947	0.96
Camden Fairways		Henderson	NV	1989	896	320	93%	932	1.04
Camden Hills		Las Vegas	NV	1991	439	184	89%	586	1.34
Camden Legends		Henderson	NV	1994	792	113	94%	846	1.07
Camden Palisades		Las Vegas	NV	1991	905	624	91%	811	0.90
Camden Pines (1)		Las Vegas	NV	1997	982	315	94%	863	0.88
Camden Pointe		Las Vegas	NV	1996	983	252	93%	835	0.85
Camden Summit (1)		Henderson	NV	1995	1,187	234	96%	1,149	0.97
Camden Tiara (1)		Las Vegas	NV	1996	1,043	400	93%	915	0.88
Camden Vintage		Las Vegas	NV	1994	978	368	91%	779	0.80
Oasis Bay (1)		Las Vegas	NV	1990	876	128	91%	826	0.94
Oasis Crossing (1)		Las Vegas	NV	1996	983	72	94%	836	0.85
Oasis Emerald (1)		Las Vegas	NV	1988	873	132	91%	698	0.80
Oasis Gateway (1)		Las Vegas	NV	1997	1,146	360	91%	862	0.75
Oasis Island (1)		Las Vegas	NV	1990	901	118	94%	696	0.77
Oasis Landing (1)		Las Vegas	NV	1990	938	144	93%	772	0.82
Oasis Meadows (1)		Las Vegas	NV	1996	1,031	383	91%	800	0.78
Oasis Palms (1)		Las Vegas	NV	1989	880	208	91%	755	0.86
Oasis Pearl (1)		Las Vegas	NV	1989	930	90	95%	782	0.84
Oasis Place (1)		Las Vegas	NV	1992	440	240	86%	567	1.29
Oasis Ridge (1)		Las Vegas	NV	1984	391	477	83%	494	1.26
Oasis Sierra (1)		Las Vegas	NV	1998	923	208	94%	855	0.93
Oasis Springs (1)		Las Vegas	NV	1988	838	304	91%	666	0.79
Oasis Vinings (1)		Las Vegas	NV	1994	1,152	234	88%	800	0.69
	TOTAL NEVADA	29	Properties		903	8,016	91%	804	0.89

CAMDEN

COMMUNITY TABLE

Community Statistics as of 9/30/09

(Unaudited)

3Q09 Avg

Year Placed

Average

Apartment

3Q09 Avg

Monthly Rental Rates

Community Name

City

State

in Service

Size

Homes

Occupancy

Per Home

Per Sq. Ft.

Camden Ballantyne		Charlotte	NC	1998	1,045	400	94%	800	0.77
Camden Cotton Mills		Charlotte	NC	2002	905	180	95%	1,119	1.24
Camden Dilworth		Charlotte	NC	2006	857	145	95%	1,074	1.25
Camden Fairview		Charlotte	NC	1983	1,036	135	96%	767	0.74
Camden Forest		Charlotte	NC	1989	703	208	89%	582	0.83
Camden Foxcroft		Charlotte	NC	1979	940	156	94%	712	0.76
Camden Grandview		Charlotte	NC	2000	1,057	266	96%	1,200	1.14
Camden Habersham		Charlotte	NC	1986	773	240	93%	604	0.78
Camden Park Commons		Charlotte	NC	1997	861	232	91%	649	0.75
Camden Pinehurst		Charlotte	NC	1967	1,147	407	92%	721	0.63
Camden Sedgebrook		Charlotte	NC	1999	972	368	94%	747	0.77
Camden Simsbury		Charlotte	NC	1985	874	100	95%	709	0.81
Camden South End Square		Charlotte	NC	2003	882	299	93%	973	1.10
Camden Stonecrest		Charlotte	NC	2001	1,098	306	94%	857	0.78
Camden Touchstone		Charlotte	NC	1986	�� 899	132	93%	716	0.80
	Total Charlotte	15	Properties		961	3,574	93%	815	0.85

Camden Crest		Raleigh	NC	2001	1,013	438	96%	727	0.72
Camden Governor's Village		Chapel Hill	NC	1999	1,046	242	95%	786	0.75
Camden Lake Pine		Apex	NC	1999	1,066	446	93%	753	0.71
Camden Manor Park		Raleigh	NC	2006	966	484	96%	785	0.81
Camden Overlook		Raleigh	NC	2001	1,060	320	95%	837	0.79
Camden Reunion Park		Apex	NC	2000/2004	972	420	93%	647	0.67
Camden Westwood		Morrisville	NC	1999	1,027	354	95%	727	0.71
	Total Raleigh	7	Properties		1,017	2,704	95%	748	0.74

	TOTAL NORTH CAROLINA	22	Properties		985	6,278	94%	786	0.80

Camden Valleybrook		Chadds Ford	PA	2002	992	352	96%	1,243	1.25
	TOTAL PENNSYLVANIA	1	Property		992	352	96%	1,243	1.25

Camden Amber Oaks (1) (2)		Austin	TX	2009	862	348	Lease-up	846	0.98
Camden Cedar Hills		Austin	TX	2008	911	208	96%	931	1.02
Camden Gaines Ranch		Austin	TX	1997	955	390	94%	920	0.96
Camden Huntingdon		Austin	TX	1995	903	398	93%	713	0.79
Camden Laurel Ridge		Austin	TX	1986	702	183	94%	591	0.84
Camden Ridgecrest		Austin	TX	1995	855	284	94%	655	0.77
Camden South Congress (1)		Austin	TX	2001	975	253	93%	1,298	1.33
Camden Stoneleigh		Austin	TX	2001	908	390	95%	833	0.92
	Total Austin	8	Properties		894	2,454	94%	847	0.95

Camden Breakers		Corpus Christi	TX	1996	868	288	93%	878	1.01
Camden Copper Ridge		Corpus Christi	TX	1986	775	344	93%	664	0.86
Camden Miramar (4)		Corpus Christi	TX	1994-2004	482	778	67%	906	1.88
	Total Corpus Christi	3	Properties		632	1,410	93%	841	1.33

Camden Addison (1)		Addison	TX	1996	942	456	93%	793	0.84
Camden Buckingham		Richardson	TX	1997	919	464	95%	769	0.84
Camden Centreport		Ft. Worth	TX	1997	911	268	93%	755	0.83
Camden Cimarron		Irving	TX	1992	772	286	94%	785	1.02
Camden Farmers Market		Dallas	TX	2001/2005	932	904	92%	883	0.95
Camden Gardens		Dallas	TX	1983	652	256	95%	546	0.84
Camden Glen Lakes		Dallas	TX	1979	877	424	93%	760	0.87
Camden Legacy Creek		Plano	TX	1995	831	240	94%	801	0.96
Camden Legacy Park		Plano	TX	1996	871	276	95%	827	0.95
Camden Oasis		Euless	TX	1986	548	602	88%	547	1.00
Camden Springs		Dallas	TX	1987	713	304	93%	560	0.78
Camden Valley Creek		Irving	TX	1984	855	380	94%	652	0.76
Camden Valley Park (3)		Irving	TX	1986	743	516	80%	697	0.94
Camden Valley Ridge		Irving	TX	1987	773	408	94%	583	0.75
Camden Westview		Lewisville	TX	1983	697	335	91%	605	0.87
	Total Dallas/Ft. Worth	15	Properties		808	6,119	93%	715	0.88

CAMDEN

COMMUNITY TABLE

Community Statistics as of 9/30/09

(Unaudited)

3Q09 Avg

Year Placed

Average

Apartment

3Q09 Avg

Monthly Rental Rates

Community Name

City

State

in Service

Size

Homes

Occupancy

Per Home

Per Sq. Ft.


	Braeswood Place (1) (2)		Houston	TX	2009	1,042	340	Lease-up		1,433	1.38
	Camden Baytown		Baytown	TX	1999	844	272	93%		861	1.02
	Camden City Centre		Houston	TX	2007	932	379	92%		1,343	1.44
	Camden Creek		Houston	TX	1984	639	456	94%		597	0.93
	Camden Greenway		Houston	TX	1999	861	756	96%		1,022	1.19
	Camden Holly Springs (1)		Houston	TX	1999	934	548	95%		877	0.94
	Camden Midtown		Houston	TX	1999	844	337	95%		1,208	1.43
	Camden Oak Crest		Houston	TX	2003	870	364	97%		820	0.94
	Camden Park (1)		Houston	TX	1995	866	288	96%		780	0.90
	Camden Plaza (1)		Houston	TX	2007	915	271	93%		1,255	1.37
	Camden Royal Oaks		Houston	TX	2006	923	236	91%		1,079	1.17
	Camden Steeplechase		Houston	TX	1982	748	290	93%		630	0.84
	Camden Stonebridge		Houston	TX	1993	845	204	97%		814	0.96
	Camden Sugar Grove (1)		Stafford	TX	1997	921	380	93%		859	0.93
	Camden Vanderbilt		Houston	TX	1996/1997	863	894	96%		1,131	1.31
	Camden Whispering Oaks		Houston	TX	2008	934	274	96%		1,007	1.08
		Total Houston	16	Properties		870	6,289	95%		993	1.14
									��
		TOTAL TEXAS	42	Properties		830	16,272	94%		853	1.03

TOTAL PROPERTIES			183	Properties		918	63,286	94%		$937	$1.02

(1)	Communities owned through investment in joint venture.
(2)	Completed communities in lease-up as of September 30, 2009 are excluded from total occupancy numbers.
(3)	Communities under redevelopment during 3Q09 are excluded from total occupancy numbers.
(4)	Miramar is a student housing community which is excluded from total occupancy numbers.

Camden Property Trust (CPT) 8-KThird Quarter 2009 Operating Results