Camden Property Trust 8K First Quarter 2011 Operating Results | CPT 29 Apr 11

EXHIBIT 99.2

FIRST QUARTER 2011

Supplemental Operating and Financial Data

Camden Design District - Dallas, TX

Acquired March 21, 2011 - 355 Units

Camden Property Trust

Three Greenway Plaza, Suite 1300

Houston, Texas 77046

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

www.camdenliving.com

CAMDEN	TABLE OF CONTENTS

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

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

CAMDEN PROPERTY TRUST ANNOUNCES

FIRST QUARTER 2011 OPERATING RESULTS

Houston, TEXAS (April 28, 2011) – Camden Property Trust (NYSE: CPT) today announced operating results for the three months ended March 31, 2011.

Funds from Operations (“FFO”)

FFO for the first quarter of 2011 totaled $0.72 per diluted share or $54.1 million, as compared to $0.68 per diluted share or $47.0 million for the same period in 2010. FFO for the three months ended March 31, 2011 included a net $3.3 million or $0.04 per diluted share impact related to other income of $4.3 million from the sale of an available-for-sale investment, partially offset by $1.0 million of income taxes associated with that gain, and a $2.1 million or $0.03 per diluted share impact for General & Administrative (“G&A”) costs related to a one-time bonus awarded to all non-executive employees. FFO for the three months ended March 31, 2010 included a $2.7 million or $0.04 per diluted share impact for income relating to the expiration of an indemnification provision related to one of the Company’s operating joint ventures.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $7.3 million or $0.10 per diluted share for the first quarter of 2011, as compared to $2.3 million or $0.03 per diluted share for the same period in 2010. EPS for the three months ended March 31, 2011 included a net $3.3 million or $0.05 per diluted share impact related to gain on sale of an available-for-sale investment; a $2.1 million or $0.03 per diluted share impact for G&A costs related to a one-time bonus awarded to all non-executive employees; and a $1.1 million or $0.02 per diluted share impact from gain on sale of three joint venture interests. EPS for the three months ended March 31, 2010 included a $2.7 million or $0.04 per diluted share impact for income relating to the expiration of an indemnification provision related to one of the Company’s operating joint ventures.

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

Same Property Results

For the 47,600 apartment homes included in consolidated same property results, first quarter 2011 same property net operating income (“NOI”) increased 6.2% compared to the first quarter of 2010, with revenues increasing 3.7% and expenses increasing 0.2%. On a sequential basis, first quarter 2011 same property NOI declined 0.5% compared to the fourth quarter of 2010, with revenues increasing 1.5% and expenses increasing 4.7% compared to the prior quarter. Same property physical occupancy levels for the portfolio averaged 93.9% during the first quarter of 2011, compared to 93.5% in the fourth quarter of 2010 and 93.4% in the first quarter of 2010.

The Company defines same property communities as communities owned and stabilized as of January 1, 2010, excluding properties held for sale and communities under major redevelopment. A reconciliation of net income attributable to common shareholders to net operating income and same property net operating income is included in the financial tables accompanying this press release.

Acquisition Activity

Camden completed three acquisitions during the quarter for approximately $123 million through its Multifamily Value Add Fund (“Fund), in which it owns a 20% interest. The Fund acquired Camden Heights, a 352-home stabilized apartment community located in Houston, TX; Camden Design District, a 355-home stabilized apartment community located in Dallas, TX; and Camden Phipps, a 234-home stabilized apartment community located in Atlanta, GA.

Disposition Activity

During the first quarter, Camden sold its ownership interests in three unconsolidated joint ventures for total proceeds of $19.3 million and recognized a gain of $1.1 million. The joint ventures were comprised of two operating communities with 459 apartment homes and one parcel of undeveloped land, all located in Houston, TX.

Development Activity

Lease-up continued during the first quarter at Camden Ivy Hall, a $17 million joint venture community owned by the Fund which is currently 85% leased. Construction continued during the quarter on two wholly-owned development communities: Camden LaVina, a $61 million project in Orlando, FL; and Camden Summerfield II, a $32 million project in Landover, MD. Initial occupancy at these communities is scheduled for mid- to late 2011, with construction completions expected by early to mid-2012. In addition, the Company began construction during the first quarter on Camden Royal Oaks II, a $14 million project in Houston, TX scheduled for initial occupancy in late 2011 with construction completion expected in early to mid-2012.

Subsequent to quarter-end, the Company began construction on three additional wholly-owned development communities comprising 978 apartment homes for a total cost of $141 million: Camden Montague in Tampa, FL, a $23 million project with 192 apartment homes; Camden Westchase in Tampa, FL, a $52 million project with 348 apartment homes; and Camden Town Square in Orlando, FL, a $66 million project with 438 apartment homes.

In addition, Camden sold a land parcel in Washington, DC to the Fund for approximately $9.4 million subsequent to quarter-end, and the Company was reimbursed for previously written-off third party development costs, resulting in a gain of $4.7 million that will be recorded in the second quarter of 2011. Construction on this community - Camden South Capitol, an $88 million project with 276 apartment homes – also commenced subsequent to quarter-end.

The Company has four additional development communities expected to begin construction later in 2011 or during 2012.

Equity Issuance

During the first quarter, Camden issued 71,343 common shares through its at-the-market (“ATM”) share offering program at an average price of $54.06 per share, for total net consideration of approximately $3.8 million. Subsequent to quarter-end, the Company issued an additional 181,155 common shares through its ATM program at an average price of $56.50 per share, for total net consideration of approximately $10.1 million.

Earnings Guidance

Camden updated its earnings guidance for 2011 based on its current and expected views of the apartment market and general economic conditions. Full-year 2011 FFO is expected to be $2.90 to $3.10 per diluted share, and full-year 2011 EPS is expected to be $0.39 to $0.59 per diluted share. Second quarter 2011 earnings guidance is $0.76 to $0.80 per diluted share for FFO and $0.14 to $0.18 per diluted share for EPS. The Company’s earnings guidance for second quarter 2011 and full-year 2011 both include the impact of the $4.7 million or $0.06 per diluted share gain on the sale of its South Capitol land parcel in Washington, DC, but exclude other potential future gains on the sale of properties. Camden intends to update its earnings guidance to the market on a quarterly basis.

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

Conference Call

The Company will hold a conference call on Friday, April 29, 2011 at 11:00 a.m. Central Time to review its first quarter 2011 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: 3154019, 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 187 properties containing 63,798 apartment homes across the United States. Upon completion of seven properties under development, the Company's portfolio will increase to 65,763 apartment homes in 194 properties. Camden was recently named by FORTUNE® Magazine for the fourth consecutive year as one of the “100 Best Companies to Work For” in America, placing 7th on the list.

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

CAMDEN

FINANCIAL HIGHLIGHTS

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


(Unaudited)
	Three Months Ended March 31,
	2011				2010
Total property revenues (a)		$161,147				$149,452

EBITDA		87,497				80,250

Net income attributable to common shareholders		7,286				2,285
Per share - basic		0.10				0.03
Per share - diluted		0.10				0.03

Income from continuing operations attributable to common shareholders		7,286				1,587
Per share - basic		0.10				0.02
Per share - diluted		0.10				0.02

Funds from operations		54,113				46,982
Per share - diluted		0.72				0.68

Dividends per share		0.49				0.45
Dividend payout ratio		68.1	%			66.2	%

Interest expensed (including discontinued operations)		29,737				31,555
Interest capitalized		1,815				1,299
Total interest incurred		31,552				32,854

Principal amortization		1,395				1,156
Preferred distributions		1,750				1,750

Interest expense coverage ratio		2.9		x		2.5		x
Total interest coverage ratio		2.8		x		2.4		x
Fixed charge expense coverage ratio		2.7		x		2.3		x
Total fixed charge coverage ratio		2.5		x		2.2		x
Unencumbered real estate assets (at cost) to unsecured debt ratio		2.8		x		2.5		x

Same property NOI increase (decrease) (b)		6.2	%			(9.1	%)
(# of apartment homes included)		47,600				47,359

Gross turnover of apartment homes (annualized)		49	%			53	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)		42	%			44	%

	As of March 31,
	2011		2010
Total assets		$4,583,293		$4,527,879
Total debt		$2,474,520		$2,570,661
Common and common equivalent shares, outstanding end of period (c)		75,102		69,766
Share price, end of period		$56.82		$41.63
Preferred units, end of period		$97,925		$97,925
Book equity value, end of period (d)		$1,836,946		$1,698,816
Market equity value, end of period (d)		$4,367,296		$3,004,359

(a)	Excludes discontinued operations.

(b)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and communities under major redevelopment.

(c)	Includes at March 31, 2011: 72,625 common shares (including 558 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (2,477).

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



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

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


(Unaudited)		Three Months Ended
		March 31,
OPERATING DATA		2011			2010
Property revenues
Rental revenues			$138,780			$128,851
Other property revenues			22,367			20,601
Total property revenues			161,147			149,452

Property expenses
Property operating and maintenance			46,225			43,771
Real estate taxes			17,707			18,076
Total property expenses			63,932			61,847

Non-property income
Fee and asset management			1,838			1,838
Interest and other income			4,771			3,045
Income on deferred compensation plans			5,954			3,482
Total non-property income			12,563			8,365

Other expenses
Property management			5,319			5,183
Fee and asset management			1,220			1,194
General and administrative			9,788			7,404
Interest			29,737			31,555
Depreciation and amortization			46,822			42,968
Amortization of deferred financing costs			1,527			726
Expense on deferred compensation plans			5,954			3,482
Total other expenses			100,367			92,512

Gain on sale of unconsolidated joint venture interests			1,136			-
Equity in income (loss) of joint ventures			374			(105	)
Income from continuing operations before income taxes			10,921			3,353
Income tax expense - current			(1,320	)		(270	)
Income from continuing operations			9,601			3,083
Income from discontinued operations			-			698
Net income			9,601			3,781
Less (income) loss allocated to noncontrolling interests from continuing operations			(565	)		254
Less income allocated to perpetual preferred units			(1,750	)		(1,750	)
Net income attributable to common shareholders			$7,286			$2,285


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income			$9,601			$3,781
Other comprehensive income
Unrealized loss on cash flow hedging activities			(503	)		(6,817	)
Reclassification of net losses on cash flow hedging activities			5,766			5,879
Reclassification of gain on available-for-sale investment to earnings, net of tax			(3,309	)		-
Comprehensive income			11,555			2,843
Less (income) loss allocated to noncontrolling interests from continuing operations			(565	)		254
Less income allocated to perpetual preferred units			(1,750	)		(1,750	)
Comprehensive income attributable to common shareholders			$9,240			$1,347


PER SHARE DATA
Net income attributable to common shareholders - basic			$0.10			$0.03
Net income attributable to common shareholders - diluted			0.10			0.03
Income from continuing operations attributable to common shareholders - basic			0.10			0.02
Income from continuing operations attributable to common shareholders - diluted			0.10			0.02

Weighted average number of common and
common equivalent shares outstanding:
Basic			71,906			66,475
Diluted			72,783			66,648



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

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



(Unaudited)	Three Months Ended
	March 31,
FUNDS FROM OPERATIONS	2011			2010

Net income attributable to common shareholders		$7,286			$2,285
Real estate depreciation from continuing operations		45,574			41,794
Real estate depreciation from discontinued operations		-			845
Adjustments for unconsolidated joint ventures		2,006			2,163
Gain on sale of unconsolidated joint venture interests		(1,136	)		-
Income (loss) allocated to noncontrolling interests		383			(105	)
Funds from operations - diluted		$54,113			$46,982

PER SHARE DATA
Funds from operations - diluted		$0.72			$0.68
Cash distributions		0.49			0.45

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		75,021			69,295

PROPERTY DATA
Total operating properties (end of period) (a)		187			185
Total operating apartment homes in operating properties (end of period) (a)		63,798			63,658
Total operating apartment homes (weighted average)		50,881			50,578
Total operating apartment homes - excluding discontinued operations (weighted average)		50,881			49,512


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




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

CAMDEN							BALANCE SHEETS
							(In thousands)


(Unaudited)	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2011			2010			2010			2010			2010
ASSETS
Real estate assets, at cost
Land		$760,397			$760,397			$763,559			$746,195			$748,604
Buildings and improvements		4,690,741			4,680,361			4,613,036			4,521,376			4,527,523
		5,451,138			5,440,758			5,376,595			5,267,571			5,276,127
Accumulated depreciation		(1,335,831	)		(1,292,924	)		(1,263,173	)		(1,221,422	)		(1,191,604	)
Net operating real estate assets		4,115,307			4,147,834			4,113,422			4,046,149			4,084,523
Properties under development and land		220,641			206,919			198,377			199,012			196,371
Investments in joint ventures		21,196			27,632			33,226			50,392			42,994
Properties held for sale, including land		-			-			9,737			9,692			-
Total real estate assets		4,357,144			4,382,385			4,354,762			4,305,245			4,323,888
Accounts receivable - affiliates		29,973			31,895			32,269			31,993			32,657
Notes receivable - affiliates		-			3,194			17,509			38,478			46,118
Other assets, net (a)		92,051			106,175			105,950			87,371			92,983
Cash and cash equivalents		98,771			170,575			91,071			128,155			28,553
Restricted cash		5,354			5,513			5,174			3,738			3,680
Total assets		$4,583,293			$4,699,737			$4,606,735			$4,594,980			$4,527,879



LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured		$1,419,681			$1,507,757			$1,507,858			$1,590,287			$1,590,473
Secured		1,054,839			1,055,997			1,034,354			981,816			980,188
Accounts payable and accrued expenses		81,972			81,556			82,598			63,663			69,858
Accrued real estate taxes		16,585			22,338			40,340			28,416			17,005
Distributions payable		38,662			35,295			34,548			34,275			33,403
Other liabilities (b)		134,608			141,496			144,146			137,020			138,136
Total liabilities		2,746,347			2,844,439			2,843,844			2,835,477			2,829,063

Commitments and contingencies

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

Equity
Common shares of beneficial interest		827			824			804			798			778
Additional paid-in capital		2,783,621			2,775,625			2,673,606			2,641,354			2,548,722
Distributions in excess of net income attributable to common shareholders		(623,740	)		(595,317	)		(580,046	)		(550,039	)		(520,798	)
Notes receivable secured by common shares		-			-			-			(102	)		(101	)
Treasury shares, at cost		(460,467	)		(461,255	)		(461,255	)		(461,517	)		(461,517	)
Accumulated other comprehensive loss (c)		(31,504	)		(33,458	)		(41,302	)		(43,718	)		(42,093	)
Total common shareholders' equity		1,668,737			1,686,419			1,591,807			1,586,776			1,524,991
Noncontrolling interest		70,284			70,954			73,159			74,802			75,900
Total equity		1,739,021			1,757,373			1,664,966			1,661,578			1,600,891
Total liabilities and equity		$4,583,293			$4,699,737			$4,606,735			$4,594,980			$4,527,879



(a) includes:
net deferred charges of:		$12,677			$13,336			$14,892			$10,193			$10,704

(b) includes:
deferred revenues of:		$2,254			$2,332			$2,347			$2,467			$2,467
distributions in excess of investments in joint ventures of:		$33,442			$32,288			$34,045			$33,074			$32,195
fair value adjustment of derivative instruments:		$31,655			$36,898			$43,267			$43,757			$42,119

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

CAMDEN													PORTFOLIO STATISTICS



(Unaudited)

COMMUNITY PORTFOLIO AT MARCH 31, 2011 (in apartment homes)

	"Same Property"		Non-"Same Property"		Fully Consolidated		Joint Venture		Stabilized Operating		Completed in Lease-up		Total Operating		Under Construction		Total
D.C. Metro (a)		4,730		874		5,604		-		5,604		-		5,604		187		5,791
Houston, TX		4,462		524		4,986		1,874		6,860		-		6,860		104		6,964
Tampa, FL		5,503		-		5,503		-		5,503		-		5,503		-		5,503
Las Vegas, NV		3,969		-		3,969		4,047		8,016		-		8,016		-		8,016
SE Florida		2,520		-		2,520		-		2,520		-		2,520		-		2,520
Dallas, TX		4,545		516		5,061		811		5,872		-		5,872		-		5,872
Los Angeles/Orange County, CA		1,770		290		2,060		421		2,481		-		2,481		-		2,481
Charlotte, NC		3,574		-		3,574		-		3,574		-		3,574		-		3,574
Orlando, FL		3,296		261		3,557		-		3,557		-		3,557		420		3,977
Atlanta, GA (b)		3,202		-		3,202		234		3,436		110		3,546		-		3,546
Raleigh, NC		2,704		-		2,704		-		2,704		-		2,704		-		2,704
Denver, CO		1,851		-		1,851		320		2,171		-		2,171		-		2,171
San Diego/Inland Empire, CA		1,196		-		1,196		-		1,196		-		1,196		-		1,196
Austin, TX		1,853		-		1,853		601		2,454		-		2,454		-		2,454
Phoenix, AZ		1,441		-		1,441		992		2,433		-		2,433		-		2,433
Other		984		816		1,800		3,507		5,307		-		5,307		-		5,307

Total Portfolio		47,600		3,281		50,881		12,807		63,688		110		63,798		711		64,509

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

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


	"Same Property"			Operating			Incl. JVs at			Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
	Communities			Communities (c)			Pro Rata % (d)			2011			2010			2010			2010			2010
D.C. Metro		17.7	%		19.0	%		18.4	%		95.5	%		95.2	%		96.4	%		95.8	%		94.1	%
Houston, TX		8.6	%		9.0	%		9.2	%		91.9	%		91.8	%		93.4	%		93.8	%		93.7	%
Tampa, FL		8.7	%		8.0	%		7.8	%		93.9	%		93.9	%		93.8	%		93.5	%		92.7	%
Las Vegas, NV		6.7	%		6.2	%		7.0	%		91.2	%		90.9	%		92.3	%		92.3	%		92.0	%
SE Florida		7.6	%		7.0	%		6.8	%		94.7	%		95.0	%		95.0	%		95.1	%		95.6	%
Dallas, TX		6.5	%		6.6	%		6.6	%		94.3	%		93.1	%		92.5	%		91.6	%		90.6	%
Los Angeles/Orange County, CA		6.2	%		6.6	%		6.5	%		93.7	%		92.7	%		93.3	%		94.2	%		93.5	%
Charlotte, NC		6.2	%		5.8	%		5.6	%		95.2	%		94.3	%		95.1	%		95.2	%		94.5	%
Orlando, FL		5.7	%		5.8	%		5.6	%		94.2	%		93.6	%		94.0	%		93.2	%		93.0	%
Atlanta, GA		5.7	%		5.3	%		5.1	%		93.9	%		92.9	%		94.2	%		94.2	%		92.6	%
Raleigh, NC		5.1	%		4.7	%		4.5	%		94.6	%		93.9	%		95.1	%		94.5	%		93.2	%
Denver, CO		4.0	%		3.7	%		3.9	%		92.9	%		93.9	%		95.7	%		95.3	%		92.3	%
San Diego/Inland Empire, CA		3.7	%		3.5	%		3.3	%		92.7	%		91.7	%		92.6	%		94.3	%		93.7	%
Austin, TX		2.9	%		2.7	%		2.8	%		93.6	%		93.7	%		94.8	%		93.7	%		93.0	%
Phoenix, AZ		2.5	%		2.3	%		2.4	%		92.6	%		92.1	%		92.0	%		92.0	%		93.2	%
Other		2.2	%		3.8	%		4.5	%		93.9	%		93.3	%		94.6	%		95.0	%		93.8	%

Total Portfolio		100.0	%		100.0	%		100.0	%		93.5	%		93.1	%		94.0	%		93.8	%		93.1	%


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

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


(Unaudited)


	Apartment		Three Months Ended March 31,
Property Revenues	Homes		2011		2010			Change
"Same Property" Communities (a)		47,600		$147,697		$142,398			$5,299
Non-"Same Property" Communities (b)		3,281		12,219		5,843			6,376
Development and Lease-Up Communities (c)		711		-		-			-
Other (d)		-		1,231		1,211			20
Total Property Revenues		51,592		$161,147		$149,452			$11,695

Property Expenses
"Same Property" Communities (a)		47,600		$58,401		$58,296			$105
Non-"Same Property" Communities (b)		3,281		4,477		2,336			2,141
Development and Lease-Up Communities (c)		711		-		-			-
Other (d)		-		1,054		1,215			(161	)
Total Property Expenses		51,592		$63,932		$61,847			$2,085

Property Net Operating Income
"Same Property" Communities (a)		47,600		$89,296		$84,102			$5,194
Non-"Same Property" Communities (b)		3,281		7,742		3,507			4,235
Development and Lease-Up Communities (c)		711		-		-			-
Other (d)		-		177		(4	)		181
Total Property Net Operating Income		51,592		$97,215		$87,605			$9,610

Income from Discontinued Operations (e)	Three Months Ended March 31,
	2011		2010
Property Revenues		$-		$2,754
Property Expenses		-		1,211
Property Net Operating Income		-		1,543
Depreciation and Amortization		-		(845	)
Income from Discontinued Operations		$-		$698

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

				"SAME PROPERTY"
CAMDEN							FIRST QUARTER COMPARISONS
							MARCH 31, 2011
							(In thousands, except property data amounts)



(Unaudited)

	Revenues						Expenses						NOI
Quarterly Results (a)		1Q11	1Q10	Growth				1Q11	1Q10	Growth				1Q11	1Q10	Growth

D.C. Metro		$22,940	$21,342		7.5	%		$7,162	$7,422		(3.5	%)		$15,778	$13,920		13.3	%
Houston, TX		13,238	13,341		(0.8	%)		5,604	5,636		(0.6	%)		7,634	7,705		(0.9	%)
Tampa, FL		14,237	13,660		4.2	%		6,434	6,450		(0.2	%)		7,803	7,210		8.2	%
Las Vegas, NV		9,698	9,993		(3.0	%)		3,690	3,900		(5.4	%)		6,008	6,093		(1.4	%)
SE Florida		11,322	10,756		5.3	%		4,497	4,242		6.0	%		6,825	6,514		4.8	%
Dallas, TX		10,930	10,525		3.8	%		5,135	5,060		1.5	%		5,795	5,465		6.0	%
Los Angeles/Orange County, CA		8,330	8,141		2.3	%		2,810	2,695		4.3	%		5,520	5,446		1.4	%
Charlotte, NC		9,532	9,301		2.5	%		3,989	3,971		0.5	%		5,543	5,330		4.0	%
Orlando, FL		8,708	8,448		3.1	%		3,614	3,714		(2.7	%)		5,094	4,734		7.6	%
Atlanta, GA		8,849	8,445		4.8	%		3,723	3,708		0.4	%		5,126	4,737		8.2	%
Raleigh, NC		7,179	6,631		8.3	%		2,615	2,569		1.8	%		4,564	4,062		12.4	%
Denver, CO		5,426	5,116		6.1	%		1,869	1,660		12.6	%		3,557	3,456		2.9	%
San Diego/Inland Empire, CA		5,483	5,403		1.5	%		2,153	2,257		(4.6	%)		3,330	3,146		5.8	%
Austin, TX		4,933	4,670		5.6	%		2,342	2,321		0.9	%		2,591	2,349		10.3	%
Phoenix, AZ		3,821	3,690		3.6	%		1,619	1,579		2.5	%		2,202	2,111		4.3	%
Other		3,071	2,936		4.6	%		1,145	1,112		3.0	%		1,926	1,824		5.6	%

Total Same Property		$147,697	$142,398		3.7	%		$58,401	$58,296		0.2	%		$89,296	$84,102		6.2	%




	Apartment
	Homes		% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included		Contribution (a)				1Q11		1Q10		Change				1Q11	1Q10	Change

D.C. Metro		4,730		17.7	%		95.6	%	94.1	%		1.5	%		$1,524	$1,443		5.6	%
Houston, TX		4,462		8.6	%		91.5	%	93.8	%		(2.3	%)		961	960		0.1	%
Tampa, FL		5,503		8.7	%		93.9	%	92.7	%		1.2	%		763	739		3.2	%
Las Vegas, NV		3,969		6.7	%		92.2	%	92.3	%		(0.1	%)		757	788		(3.9	%)
SE Florida		2,520		7.6	%		94.7	%	95.6	%		(0.9	%)		1,419	1,335		6.3	%
Dallas, TX		4,545		6.5	%		94.3	%	92.7	%		1.6	%		722	706		2.3	%
Los Angeles/Orange County, CA		1,770		6.2	%		93.9	%	93.0	%		0.9	%		1,508	1,498		0.7	%
Charlotte, NC		3,574		6.2	%		95.2	%	94.5	%		0.7	%		807	787		2.5	%
Orlando, FL		3,296		5.7	%		94.2	%	92.9	%		1.3	%		803	785		2.3	%
Atlanta, GA		3,202		5.7	%		93.9	%	92.6	%		1.3	%		846	816		3.7	%
Raleigh, NC		2,704		5.1	%		94.6	%	93.2	%		1.4	%		795	735		8.2	%
Denver, CO		1,851		4.0	%		93.0	%	92.3	%		0.7	%		915	872		4.9	%
San Diego/Inland Empire, CA		1,196		3.7	%		92.7	%	93.7	%		(1.0	%)		1,485	1,450		2.4	%
Austin, TX		1,853		2.9	%		93.7	%	93.2	%		0.5	%		807	766		5.3	%
Phoenix, AZ		1,441		2.5	%		93.5	%	93.6	%		(0.1	%)		789	758		4.0	%
Other		984		2.2	%		94.1	%	95.4	%		(1.3	%)		962	915		5.1	%

Total Same Property		47,600		100.0	%		93.9	%	93.4	%		0.5	%		$959	$930		3.1	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and
	communities under major redevelopment.
(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

				"SAME PROPERTY"
CAMDEN				SEQUENTIAL QUARTER COMPARISONS
				MARCH 31, 2011
				(In thousands, except property data amounts)



(Unaudited)

	Revenues						Expenses						NOI
Quarterly Results (a)		1Q11	4Q10	Growth				1Q11	4Q10	Growth				1Q11	4Q10	Growth

D.C. Metro		$22,940	$22,743		0.9	%		$7,162	$6,733		6.4	%		$15,778	$16,010		(1.4	%)
Houston, TX		13,238	13,155		0.6	%		5,604	4,930		13.7	%		7,634	8,225		(7.2	%)
Tampa, FL		14,237	13,989		1.8	%		6,434	5,818		10.6	%		7,803	8,171		(4.5	%)
Las Vegas, NV		9,698	9,712		(0.1	%)		3,690	3,781		(2.4	%)		6,008	5,931		1.3	%
SE Florida		11,322	11,139		1.6	%		4,497	4,163		8.0	%		6,825	6,976		(2.2	%)
Dallas, TX		10,930	10,685		2.3	%		5,135	4,991		2.9	%		5,795	5,694		1.8	%
Los Angeles/Orange County, CA		8,330	8,100		2.8	%		2,810	2,825		(0.5	%)		5,520	5,275		4.6	%
Charlotte, NC		9,532	9,382		1.6	%		3,989	3,874		3.0	%		5,543	5,508		0.6	%
Orlando, FL		8,708	8,561		1.7	%		3,614	3,376		7.0	%		5,094	5,185		(1.8	%)
Atlanta, GA		8,849	8,695		1.8	%		3,723	3,724		(0.0	%)		5,126	4,971		3.1	%
Raleigh, NC		7,179	6,921		3.7	%		2,615	2,498		4.7	%		4,564	4,423		3.2	%
Denver, CO		5,426	5,477		(0.9	%)		1,869	1,890		(1.1	%)		3,557	3,587		(0.8	%)
San Diego/Inland Empire, CA		5,483	5,426		1.1	%		2,153	2,186		(1.5	%)		3,330	3,240		2.8	%
Austin, TX		4,933	4,868		1.3	%		2,342	2,220		5.5	%		2,591	2,648		(2.2	%)
Phoenix, AZ		3,821	3,709		3.0	%		1,619	1,665		(2.8	%)		2,202	2,044		7.7	%
Other		3,071	3,018		1.8	%		1,145	1,118		2.4	%		1,926	1,900		1.4	%

Total Same Property		$147,697	$145,580		1.5	%		$58,401	$55,792		4.7	%		$89,296	$89,788		(0.5	%)

Apartment

Homes

% of NOI

Average Occupancy (a)

Weighted Average Rental Rate (b)

Quarterly Results (a)

Included

Contribution (a)

1Q11

4Q10

Change

1Q11

4Q10

Change

D.C. Metro	4,730	17.7	%	95.6	%	95.4	%	0.2	%	$1,524	$1,511	0.8	%
Houston, TX	4,462	8.6	%	91.5	%	91.5	%	0.0	%	961	957	0.4	%
Tampa, FL	5,503	8.7	%	93.9	%	93.9	%	0.0	%	763	755	1.1	%
Las Vegas, NV	3,969	6.7	%	92.2	%	91.9	%	0.3	%	757	762	(0.7	%)
SE Florida	2,520	7.6	%	94.7	%	95.0	%	(0.3	%)	1,419	1,396	1.7	%
Dallas, TX	4,545	6.5	%	94.3	%	93.9	%	0.4	%	722	714	1.2	%
Los Angeles/Orange County, CA	1,770	6.2	%	93.9	%	93.1	%	0.8	%	1,508	1,499	0.6	%
Charlotte, NC	3,574	6.2	%	95.2	%	94.3	%	0.9	%	807	801	0.8	%
Orlando, FL	3,296	5.7	%	94.2	%	93.5	%	0.7	%	803	795	1.0	%
Atlanta, GA	3,202	5.7	%	93.9	%	92.9	%	1.0	%	846	842	0.5	%
Raleigh, NC	2,704	5.1	%	94.6	%	93.9	%	0.7	%	795	770	3.3	%
Denver, CO	1,851	4.0	%	93.0	%	94.3	%	(1.3	%)	915	910	0.5	%
San Diego/Inland Empire, CA	1,196	3.7	%	92.7	%	91.7	%	1.0	%	1,485	1,484	0.1	%
Austin, TX	1,853	2.9	%	93.7	%	93.7	%	0.0	%	807	795	1.5	%
Phoenix, AZ	1,441	2.5	%	93.5	%	92.3	%	1.2	%	789	774	2.0	%
Other	984	2.2	%	94.1	%	92.6	%	1.5	%	962	958	0.5	%

Total Same Property	47,600	100.0	%	93.9	%	93.5	%	0.4	%	$959	$951	0.8	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and
	communities under major redevelopment.
(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

		"SAME PROPERTY" OPERATING EXPENSE
CAMDEN		DETAIL AND COMPARISONS
		MARCH 31, 2011
		(In thousands)



(Unaudited)
										% of Actual 1Q11 Operating
Quarterly Comparison (a)	1Q11		1Q10	$ Change			% Change			Expenses
		��
Property taxes	$15,775		$16,686		$(911	)		(5.5	%)		27.0	%
Salaries and Benefits for On-site Employees	14,055		13,409		646			4.8	%		24.1	%
Utilities	13,036		12,232		804			6.6	%		22.3	%
Repairs and Maintenance	8,658		8,454		204			2.4	%		14.8	%
Property Insurance	3,281		3,844		(563	)		(14.6	%)		5.6	%
Other	3,596		3,671		(75	)		(2.0	%)		6.2	%

Total Same Property	$58,401		$58,296		$105			0.2	%		100.0	%


										% of Actual 1Q11 Operating
Sequential Comparison (a)	1Q11		4Q10	$ Change			% Change				Expenses

Property taxes	$15,775		$13,674		$2,101			15.4	%		27.0	%
Salaries and Benefits for On-site Employees	14,055		13,422		633			4.7	%		24.1	%
Utilities	13,036		13,062		(26	)		(0.2	%)		22.3	%
Repairs and Maintenance	8,658		8,849		(191	)		(2.2	%)		14.8	%
Property Insurance	3,281		3,063		218			7.1	%		5.6	%
Other	3,596		3,722		(126	)		(3.4	%)		6.2	%

Total Same Property	$58,401		$55,792		$2,609			4.7	%		100.0	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and communities under major redevelopment.

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



Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
	Three Months Ended
	March 31,
OPERATING DATA (a)	2011			2010
Property Revenues
Rental revenues		$6,562			$6,743
Other property revenues		1,008			974
Total property revenues		7,570			7,717

Property Expenses
Property operating and maintenance		2,287			2,385
Real estate taxes		792			1,034
Total property expenses		3,079			3,419

Net Operating Income (NOI)		4,491			4,298

Other expenses
Interest		1,991			2,086
Depreciation and amortization		1,996			2,241
Other		130			76
Total other expenses		4,117			4,403

Equity in income (loss) of joint ventures		$374			($105	)



	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
		2011			2010			2010			2010			2010
BALANCE SHEET DATA (b)
Land		$163,596			$151,384			$207,835			$224,767			$224,767
Buildings and improvements		978,703			956,422			1,066,607			1,118,940			1,116,369
		1,142,299			1,107,806			1,274,442			1,343,707			1,341,136
Accumulated depreciation		(207,860	)		(203,673	)		(210,378	)		(208,560	)		(198,220	)
Real estate assets, net		934,439			904,133			1,064,064			1,135,147			1,142,916
Properties under development and land		-			7,530			26,516			23,304			23,067
Cash and other assets, net		24,780			23,633			30,827			28,416			25,436
Total assets		$959,219			$935,296			$1,121,407			$1,186,867			$1,191,419

Notes payable		$811,319			$810,095			$949,870			$983,370			$982,546
Notes payable due to Camden		-			3,408			17,696			43,852			50,725
Other liabilities		15,101			16,543			19,193			16,639			14,443
Total liabilities		826,420			830,046			986,759			1,043,861			1,047,714

Members' equity		132,799			105,250			134,648			143,006			143,705
Total liabilities and members' equity		$959,219			$935,296			$1,121,407			$1,186,867			$1,191,419
Camden's equity investment		$21,196			$27,632			$33,226			$50,392			$42,994
Distributions in excess of investment in joint ventures		($33,442	)		($32,288	)		($34,045	)		($33,074	)		($32,195	)

Camden's pro-rata share of debt (c)		$161,526			$193,130			$249,157			$261,102			$249,195



PROPERTY DATA (end of period)
Total operating properties		44			43			43			43			43
Total operating apartment homes		12,917			12,435			12,834			12,818			12,818
Pro rata share of operating apartment homes		2,517			2,660			2,818			2,843			2,793
Total development properties		-			-			1			-			-
Total development apartment homes		-			-			110			-			-
Pro rata share of development apartment homes		-			-			22			-			-


(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, if any.

CAMDEN

CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF MARCH 31, 2011 ($ in millions)

Estimated/Actual Dates for

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

Development Communities Under Construction

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

Camden LaVina (a)

420

$61.0

$32.8

3Q10

3Q11

2Q12

3Q14

Orlando, FL

Camden Summerfield II

187

32.0

12.9

3Q10

4Q11

1Q12

4Q12

Landover, MD

Camden Royal Oaks II

104

14.0

3.0

1Q11

4Q11

2Q12

3Q13

Houston, TX

Total Development Communities

711

$107.0

$48.7

Additional Development Pipeline & Land (b)

171.9

Total Properties Under Development and Land (per Balance Sheet)

$220.6

Camden

Cash

Estimated/Actual Dates for

Joint Venture Third Party Developed

Total

Equity

Construction

Initial

Construction

Stabilized

As of 04/24/11

Communities Completed

Homes

Cost

Invested

Start

Occupancy

Completion

Operations

% Leased

% Occupied

Camden Ivy Hall

110

$17.0

$3.0

4Q10

2Q11

Atlanta, GA

Total Joint Venture Third Party Developed Communities Completed

110

$17.0

$3.0

(a) Formerly known as Camden Lake Nona.

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

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

CAMDEN		DEVELOPMENT PIPELINE & LAND



(Unaudited)

AS OF MARCH 31, 2011 ($ in millions)

		Projected
PIPELINE COMMUNITIES (a)		Homes		Cost to Date

1.	Camden Noma		317		$30.2
	Washington, DC
2.	Camden Westchase (b)		348		18.2
	Tampa, FL
3.	Camden Town Square (c)		438		18.7
	Orlando, FL
4.	Camden Montague		192		3.8
	Tampa, FL
5.	Camden City Centre II		260		5.6
	Houston, TX
6.	Camden 5400 North Lamar		291		4.5
	Austin, TX
7.	Camden South Capitol		276		9.8
	Washington, DC
8.	Camden Amber Oaks II		244		2.4
	Austin, TX

Development Pipeline			2,366		$93.2

LAND HOLDINGS		Acreage		Cost to Date

	Washington, DC		0.9		$17.3
	Los Angeles, CA		2.0		17.3
	Houston, TX		16.3		12.9
	Denver, CO		23.3		11.6
	Dallas, TX		7.2		8.6
	Southeast Florida		2.2		4.8
	Las Vegas, NV		19.6		4.2
	Other		4.8		2.0

Land Holdings			76.3		78.7

Total Development Pipeline and Land					$171.9

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


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

CAMDEN

ACQUISITIONS & DISPOSITIONS

(Unaudited)

2011 ACQUISITION/DISPOSITION ACTIVITY

Joint Venture Acquisitions

Location

Property Type

Apartment Homes

Year Built

Closing Date

Camden Heights

Houston, TX

Multifamily

352

2004

02/16/11

Camden Design District

Dallas, TX

Multifamily

355

2009

03/21/11

Camden Phipps

Atlanta, GA

Multifamily

234

1996

03/23/11

Total Joint Venture Acquisitions

$122.6 million

941 apartment homes

Pro Rata Joint Venture Acquisitions

$24.5 million

Joint Venture Dispositions

Location

Property Type

Apartment Homes / Acreage

Year Built

Closing Date

Belle Meade

Houston, TX

Multifamily

119

2010

03/10/11

Braeswood Place

Houston, TX

Multifamily

340

2009

03/10/11

Lakes at 610

Houston, TX

Undeveloped Land

6.1

N/A

03/10/11

Total Joint Venture Dispositions

$19.3 million (a)

459 apartment homes

6.1 acres

(a) Net proceeds to Camden after debt.

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


(Unaudited)

DEBT MATURITIES AS OF MARCH 31, 2011:

	Future Scheduled Repayments											Weighted Average
			Secured		Unsecured				Percent			Interest Rate on
Year	Amortization		Maturities		Maturities		Total		of Total			Maturing Debt
2011		$3,280		$31,476		$35,000		$69,756		2.8	%		4.3%
2012		3,800		69,541		689,667		763,008		30.8	%		5.4%
2013		2,542		25,831		200,000		228,373		9.2	%		5.4%
2014		2,520		8,827		-		11,347		0.5	%		6.0%
2015		2,708		-		250,000		252,708		10.2	%		5.1%
Thereafter		83,471		819,107		246,750		1,149,328		46.5	%		4.6%
Total Maturing Debt		$98,321		$954,782		$1,421,417		$2,474,520		100.0	%		5.0%

Unsecured Line of Credit		-		-		-		-		-			N/A
Total Debt		$98,321		$954,782		$1,421,417		$2,474,520		100.0	%		5.0%

Weighted Average Maturity of Debt			5.5 Years


							Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total		Interest Rate		Time to Maturity
Floating rate debt				$229,936		9.3%		1.3%	8.7 Years
Fixed rate debt				2,244,584		90.7%		5.3%	5.1 Years
Total				$2,474,520		100.0%		5.0%	5.5 Years

							Weighted Average
SECURED vs. UNSECURED DEBT:			Balance		% of Total		Interest Rate		Time to Maturity
Unsecured debt				$1,419,681		57.4%		5.4%	2.9 Years
Secured debt				1,054,839		42.6%		4.4%	8.8 Years
Total				$2,474,520		100.0%		5.0%	5.5 Years

							Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total		Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt (a)				$824,903		78.2%		5.2%	8.9 Years
Conventional variable-rate mortgage debt (a)				189,926		18.0%		1.2%	6.9 Years
Tax exempt variable rate debt				40,010		3.8%		1.7%	17.2 Years
Total				$1,054,839		100.0%		4.4%	8.8 Years

REAL ESTATE ASSETS: (b)			Total Homes		% of Total		Total Cost		% of Total
Unencumbered real estate assets				37,406		72.5%		$4,039,728		71.2%
Encumbered real estate assets				14,186		27.5%		1,632,051		28.8%
Total				51,592		100.0%		$5,671,779		100.0%

			Ratio of unencumbered assets at cost to unsecured debt is 2.8 times

(a)	Mortgage debt includes a construction loan for Camden Travis Street with a $31.5MM balance at 3/31/11, of which $16.6MM was fixed utilizing an interest rate swap.
(b)	Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.

CAMDEN							DEBT MATURITY ANALYSIS
							(In thousands)


(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2011 AND 2012:


	Future Scheduled Repayments								Weighted Average
			Secured		Unsecured				Interest Rate on
Quarter	Amortization		Maturities		Maturities		Total		Maturing Debt
2Q 2011		$1,179		$-		$35,000		$36,179	5.0%
3Q 2011		1,035		31,476		-		32,511	3.4%
4Q 2011		1,066		-		-		1,066	N/A
2011		$3,280		$31,476		$35,000		$69,756	4.3%


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

CAMDEN		DEBT COVENANT ANALYSIS



(Unaudited)


UNSECURED LINE OF CREDIT


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

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

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

Unencumbered Adjusted NOI to Unsecured Interest Expense	> 200%	313%	Yes

Unencumbered Adjusted NOI to Total Unsecured Debt	> 11.5%	17%	Yes



SENIOR UNSECURED NOTES

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

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

Total Unencumbered Asset Value to Total Unsecured Debt	> 150%	300%	Yes

Consolidated Income Available for Debt Service to Total	> 150%	278%	Yes
Annual Service Charges

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

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

CAMDEN

UNCONSOLIDATED REAL ESTATE INVESTMENTS

DEBT ANALYSIS

(In thousands, except property data amounts)

(Unaudited)

PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF MARCH 31, 2011:


	Future Scheduled Repayments										Weighted Average
			Secured					Percent			Interest Rate on
Year (a)	Amortization		Maturities		Total			of Total			Maturing Debt
2011		$272		$2,100		$2,372			1.5	%		2.6%
2012		412		115,562		115,974			71.8	%		5.0%
2013		558		-		558			0.4	%		N/A
2014		631		11,710		12,341			7.6	%		5.7%
2015		439		5,900		6,339			3.9	%		2.0%
Thereafter		4,637		17,504		22,141			13.7	%		3.8%
Total Maturing Debt		$6,949		$152,776		$159,725			98.9	%		4.7%

Subscription line of credit (b)		-		1,801		1,801			1.1	%		1.5%
Total Debt		$6,949		$154,577		$161,526			100.0	%		4.7%

Weighted Average Maturity of Debt (a)			2.7 Years

								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate			Time to Maturity (a)
Floating rate debt				$22,447		13.9	%		1.7	%	5.9 Years
Fixed rate debt				139,079		86.1	%		5.2	%	2.1 Years
Total				$161,526		100.0	%		4.7	%	2.7 Years

								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate			Time to Maturity (a)
Conventional fixed-rate mortgage debt				$139,079		86.1	%		5.2	%	2.1 Years
Conventional variable-rate mortgage debt				9,680		6.0	%		1.7	%	3.2 Years
Tax exempt variable rate debt				4,579		2.8	%		0.9	%	21.0 Years
Variable-rate construction loans				6,387		4.0	%		2.2	%	0.8 Years
Subscription line of credit				1,801		1.1	%		1.5	%	0.4 Years
Total				$161,526		100.0	%		4.7	%	2.7 Years

REAL ESTATE ASSETS: (c)			Total Homes		Total Cost
Operating real estate assets				12,917		$1,142,299
Total				12,917		$1,142,299

(a)	Excluding unexercised extension options.
(b)	As of March 31, 2011 these borrowings were drawn under a subscription secured line of credit with $15.0 million in total capacity. Camden has a 20% ownership interest in the borrowing entity.
(c)	Balance sheet and property data reported at 100%.

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


(Unaudited)

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

								Weighted Average
		Future Scheduled Repayments						Interest Rate on
	Quarter	Amortization		Secured Maturities		Total		Maturing Debt
	2Q 2011		$75		$-		$75		-
	3Q 2011		97		1,801		1,898		1.5%
	4Q 2011		100		2,100		2,200		2.6%
	2011		$272		$3,901		$4,173		2.1%


	1Q 2012		$102		$4,287		$4,389		2.0%
	2Q 2012		101		54,521		54,622		5.1%
	3Q 2012		103		35,980		36,083		4.7%
	4Q 2012		106		20,774		20,880		5.8%
	2012		$412		$115,562		$115,974		5.0%

(a)	3Q 2011 maturities include a subscription secured line of credit with $1,801 (Camden's pro-rata share) outstanding as of March 31, 2011. The line of credit has $15.0 million in total capacity.

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



(Unaudited)
		First Quarter 2011
		Capitalized						Expensed
		Weighted Average
	Item	Useful Life (a)		Total		Per Unit		Total		Per Unit
	Interiors
	Floor coverings	5.6 years			$2,261		$44		$690		$14
	Appliances	9.6 years			1,081		21		175		3
	Painting		-		-		-		1,313		26
	Cabinetry/Countertops	10.0 years			270		5		-		-
	Other	9.2 years			788		15		479		9
	Exteriors
	Painting	5.0 years			269		5		-		-
	Carpentry	10.0 years			471		9		-		-
	Landscaping	5.6 years			372		7		2,816		55
	Roofing	20.0 years			239		5		49		1
	Site Drainage	10.0 years			115		2		-		-
	Fencing/Stair	10.0 years			159		3		-		-
	Other (b)	7.7 years			1,155		23		2,547		50
	Common Areas
	Mech., Elec., Plumbing	9.5 years			1,055		21		882		17
	Parking/Paving	5.0 years			41		1		-		-
	Pool/Exercise/Facility	8.4 years			1,360		27		292		6

					$9,636		$189		$9,243		$182

	Weighted Average Apartment Homes						50,881				50,881

(a)	Weighted average useful life of capitalized expenses for the three months ended March 31, 2011.
(b)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

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

(Unaudited)

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

FFO

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


	Three Months Ended
	March 31,
	2011	2010
Net income attributable to common shareholders	$7,286	$2,285
Real estate depreciation from continuing operations	45,574	41,794
Real estate depreciation from discontinued operations	-	845
Adjustments for unconsolidated joint ventures	2,006	2,163
(Gain) on sale of unconsolidated joint venture interests	(1,136)	-
Income (loss) allocated to noncontrolling interests	383	(105)
Funds from operations - diluted	$54,113	$46,982

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted	72,783	66,648
FFO diluted	75,021	69,295

Net income attributable to common shareholders - diluted	$0.10	$0.03
FFO per common share - diluted	$0.72	$0.68

Expected FFO

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


	2Q11 Range		2011 Range
	Low	High	Low	High

Expected net income attributable to common shareholders per share - diluted	$0.14	$0.18	$0.39	$0.59
Expected real estate depreciation	0.59	0.59	2.37	2.37
Expected adjustments for unconsolidated joint ventures	0.03	0.03	0.14	0.14
Recognized (gain) on sale of unconsolidated joint venture interests	0.00	0.00	(0.02)	(0.02)
Expected income allocated to noncontrolling interests	0.00	0.00	0.02	0.02
Expected FFO per share - diluted	$0.76	$0.80	$2.90	$3.10

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

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

(Unaudited)

Net Operating Income (NOI)

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

	Three Months Ended
	March 31,
	2011			2010
Net income attributable to common shareholders		$7,286			$2,285
Less: Fee and asset management income		(1,838	)		(1,838	)
Less: Interest and other income		(4,771	)		(3,045	)
Less: (Income) loss on deferred compensation plans		(5,954	)		(3,482	)
Plus: Property management expense		5,319			5,183
Plus: Fee and asset management expense		1,220			1,194
Plus: General and administrative expense		9,788			7,404
Plus: Interest expense		29,737			31,555
Plus: Depreciation and amortization		46,822			42,968
Plus: Amortization of deferred financing costs		1,527			726
Plus: Expense (benefit) on deferred compensation plans		5,954			3,482
Less: (Gain) on sale of unconsolidated joint venture interests		(1,136	)		-
Less: Equity in (income) loss of joint ventures		(374	)		105
Plus: Income allocated to perpetual preferred units		1,750			1,750
Plus: Income (loss) allocated to noncontrolling interests		565			(254	)
Plus: Income tax expense - current		1,320			270
Less: (Income) from discontinued operations		-			(698	)
Net Operating Income (NOI)		$97,215			$87,605

"Same Property" Communities		$89,296			$84,102
Non-"Same Property" Communities		7,742			3,507
Other		177			(4	)
Net Operating Income (NOI)		$97,215			$87,605

EBITDA

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

	Three Months Ended
	March 31,
	2011			2010
Net income attributable to common shareholders		$7,286			$2,285
Plus: Interest expense		29,737			31,555
Plus: Amortization of deferred financing costs		1,527			726
Plus: Depreciation and amortization		46,822			42,968
Plus: Income allocated to perpetual preferred units		1,750			1,750
Plus: Income (loss) allocated to noncontrolling interests		565			(254	)
Plus: Income tax expense - current		1,320			270
Plus: Real estate depreciation from discontinued operations		-			845
Less: (Gain) on sale of unconsolidated joint venture interests		(1,136	)		-
Less: Equity in (income) loss of joint ventures		(374	)		105
EBITDA		$87,497			$80,250

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:

Q2 '11

Q3 '11

Q4 '11

Q1 '12

Earnings release & conference call

Late July

Late Oct

Early Feb

Early May

Dividend Information - Common Shares:

Q1 '11

Declaration Date

03/14/11

Record Date

03/31/11

Payment Date

04/18/11

Distributions Per Share

$0.49

Investor Relations Data:

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

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

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

For questions contact:

Richard J. Campo

Chairman & Chief Executive Officer

D. Keith Oden

President

H. Malcolm Stewart

Chief Operating Officer

Dennis M. Steen

Chief Financial Officer

Kimberly A. Callahan

Vice President - Investor Relations

CAMDEN

COMMUNITY TABLE

Community Statistics as of 03/31/11


(Unaudited)												1Q11 Avg
					Year Placed	Average		Apartment		1Q11 Avg		Monthly Rental Rates
Community Name		City		State	in Service	Size		Homes		Occupancy		Per Home		Per Sq. Ft.

	Camden Copper Square	Phoenix		AZ	2000		786		332		92%		$770		$0.98
	Camden Fountain Palms (1)	Peoria		AZ	1986/1996		1,050		192		91%		671		0.64
	Camden Legacy	Scottsdale		AZ	1996		1,067		428		95%		861		0.81
	Camden Pecos Ranch (1)	Chandler		AZ	2001		924		272		94%		785		0.85
	Camden San Paloma	Scottsdale		AZ	1993/1994		1,042		324		97%		909		0.87
	Camden Sierra (1)	Peoria		AZ	1997		925		288		89%		660		0.71
	Camden Towne Center (1)	Glendale		AZ	1998		871		240		92%		677		0.78
	Camden Vista Valley	Mesa		AZ	1986		923		357		90%		610		0.66
	TOTAL ARIZONA		8	Properties			951		2,433		93%		753		0.80

	Camden Crown Valley	Mission Viejo		CA	2001		1,009		380		93%		1,510		1.50
	Camden Harbor View	Long Beach		CA	2004		975		538		95%		1,867		1.91
	Camden Main and Jamboree	Irvine		CA	2008		1,011		290		95%		1,708		1.69
	Camden Martinique	Costa Mesa		CA	1986		794		714		93%		1,250		1.57
	Camden Parkside (1)	Fullerton		CA	1972		836		421		92%		1,183		1.42
	Camden Sea Palms	Costa Mesa		CA	1990		891		138		96%		1,433		1.61
	Total Los Angeles/Orange County	��	6	Properties			904		2,481		94%		1,476		1.63

	Camden Old Creek	San Marcos		CA	2007		1,037		350		95%		1,537		1.48
	Camden Sierra at Otay Ranch	Chula Vista		CA	2003		962		422		92%		1,472		1.53
	Camden Tuscany	San Diego		CA	2003		896		160		93%		1,854		2.07
	Camden Vineyards	Murrieta		CA	2002		1,053		264		90%		1,215		1.15
	Total San Diego/Inland Empire		4	Properties			995		1,196		93%		1,485		1.49

	TOTAL CALIFORNIA		10	Properties			934		3,677		93%		1,479		1.58

	Camden Caley	Englewood		CO	2000		925		218		95%		885		0.96
	Camden Centennial	Littleton		CO	1985		744		276		92%		683		0.92
	Camden Denver West (1)	Golden		CO	1997		1,015		320		93%		1,052		1.04
	Camden Highlands Ridge	Highlands Ranch		CO	1996		1,149		342		93%		1,107		0.96
	Camden Interlocken	Broomfield		CO	1999		1,022		340		92%		1,113		1.09
	Camden Lakeway	Littleton		CO	1997		932		451		93%		884		0.95
	Camden Pinnacle	Westminster		CO	1985		748		224		93%		697		0.93
	TOTAL COLORADO		7	Properties			949		2,171		93%		935		0.99

	Camden Ashburn Farms	Ashburn		VA	2000		1,062		162		97%		1,354		1.28
	Camden Clearbrook	Frederick		MD	2007		1,048		297		97%		1,256		1.20
	Camden College Park	College Park		MD	2008		942		508		95%		1,550		1.65
	Camden Dulles Station	Oak Hill		VA	2009		984		366		95%		1,512		1.54
	Camden Fair Lakes	Fairfax		VA	1999		1,056		530		96%		1,530		1.45
	Camden Fairfax Corner	Fairfax		VA	2006		934		488		96%		1,566		1.68
	Camden Fallsgrove	Rockville		MD	2004		996		268		96%		1,569		1.57
	Camden Grand Parc	Washington		DC	2002		674		105		98%		2,375		3.52
	Camden Lansdowne	Leesburg		VA	2002		1,006		690		96%		1,301		1.29
	Camden Largo Town Center	Largo		MD	2000/2007		1,027		245		94%		1,568		1.53
	Camden Monument Place	Fairfax		VA	2007		856		368		96%		1,439		1.68
	Camden Potomac Yard	Arlington		VA	2008		835		378		94%		1,867		2.24
	Camden Roosevelt	Washington		DC	2003		856		198		99%		2,288		2.67
	Camden Russett	Laurel		MD	2000		992		426		94%		1,377		1.39
	Camden Silo Creek	Ashburn		VA	2004		975		284		97%		1,318		1.35
	Camden Summerfield	Landover		MD	2008		957		291		93%		1,516		1.59
	TOTAL DC METRO		16	Properties			963		5,604		95%		1,526		1.58

	Camden Aventura	Aventura		FL	1995		1,108		379		93%		1,390		1.25
	Camden Brickell	Miami		FL	2003		937		405		96%		1,444		1.54
	Camden Doral	Miami		FL	1999		1,120		260		95%		1,488		1.33
	Camden Doral Villas	Miami		FL	2000		1,253		232		93%		1,603		1.28
	Camden Las Olas	Ft. Lauderdale		FL	2004		1,043		420		96%		1,554		1.49
	Camden Plantation	Plantation		FL	1997		1,201		502		95%		1,266		1.05
	Camden Portofino	Pembroke Pines		FL	1995		1,112		322		94%		1,296		1.17
	Total Southeast Florida		7	Properties			1,103		2,520		95%		1,419		1.29

	Camden Club	Longwood		FL	1986		1,077		436		94%		825		0.77
	Camden Hunter's Creek	Orlando		FL	2000		1,075		270		95%		932		0.87
	Camden Lago Vista	Orlando		FL	2005		955		366		95%		851		0.89
	Camden Landings	Orlando		FL	1983		748		220		94%		647		0.86
	Camden Lee Vista	Orlando		FL	2000		937		492		94%		821		0.88
	Camden Orange Court	Orlando		FL	2008		812		261		95%		1,051		1.31
	Camden Renaissance	Altamonte Springs		FL	1996/1998		899		578		93%		773		0.86
	Camden Reserve	Orlando		FL	1990/1991		824		526		94%		686		0.83
	Camden World Gateway	Orlando		FL	2000		979		408		95%		906		0.93
	Total Orlando		9	Properties			928		3,557		94%		821		0.89

CAMDEN

COMMUNITY TABLE

Community Statistics as of 03/31/11


(Unaudited)												1Q11 Avg
					Year Placed	Average		Apartment		1Q11 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		94%		820		0.87
	Camden Bay Pointe	Tampa		FL	1984		771		368		94%		662		0.86
	Camden Bayside	Tampa		FL	1987/1989		748		832		95%		712		0.95
	Camden Citrus Park	Tampa		FL	1985		704		247		94%		640		0.91
	Camden Lakes	St. Petersburg		FL	1982/1983		732		688		93%		646		0.88
	Camden Lakeside	Brandon		FL	1986		729		228		94%		710		0.97
	Camden Live Oaks	Tampa		FL	1990		1,093		770		94%		756		0.69
	Camden Preserve	Tampa		FL	1996		942		276		94%		971		1.03
	Camden Providence Lakes	Brandon		FL	1996		1,024		260		93%		868		0.85
	Camden Royal Palms	Brandon		FL	2006		1,017		352		94%		918		0.90
	Camden Westshore	Tampa		FL	1986		728		278		94%		786		1.08
	Camden Woods	Tampa		FL	1986		1,223		444		94%		801		0.66
	Total Tampa/St. Petersburg		12	Properties			897		5,503		94%		763		0.85

	TOTAL FLORIDA		28	Properties			951		11,580		94%		923		0.97

	Camden Brookwood	Atlanta		GA	2002		912		359		94%		934		1.02
	Camden Dunwoody	Atlanta		GA	1997		1,007		324		96%		847		0.84
	Camden Deerfield	Alpharetta		GA	2000		1,187		292		92%		897		0.76
	Camden Ivy Hall (1) (2)	Atlanta		GA	2010		1,181		110	Lease Up			1,653		1.40
	Camden Midtown Atlanta	Atlanta		GA	2001		935		296		91%		936		1.00
	Camden Peachtree City	Peachtree City		GA	2001		1,027		399		97%		856		0.83
	Camden Phipps (1)	Atlanta		GA	1996		1,018		234		96%		1,166		1.15
	Camden River	Duluth		GA	1997		1,103		352		94%		848		0.77
	Camden Shiloh	Kennesaw		GA	1999/2002		1,143		232		94%		817		0.71
	Camden St. Clair	Atlanta		GA	1997		999		336		93%		862		0.86
	Camden Stockbridge	Stockbridge		GA	2003		1,009		304		94%		742		0.74
	Camden Sweetwater	Lawrenceville		GA	2000		1,151		308		93%		704		0.61
	TOTAL GEORGIA		12	Properties			1,045		3,546		94%		893		0.85

	Camden Brookside (1)	Louisville		KY	1987		732		224		93%		661		0.90
	Camden Meadows (1)	Louisville		KY	1987/1990		746		400		94%		687		0.92
	Camden Oxmoor (1)	Louisville		KY	2000		903		432		94%		834		0.92
	Camden Prospect Park (1)	Louisville		KY	1990		916		138		95%		770		0.84
	TOTAL KENTUCKY		4	Properties			820		1,194		94%		745		0.91

	Camden Passage (1)	Kansas City		MO	1989/1997		834		596		92%		654		0.78
	Total Kansas City		1	Property			834		596		92%		654		0.78

	Camden Cedar Lakes (1)	Lake St. Louis		MO	1986		852		420		92%		628		0.74
	Camden Cove West (1)	Creve Coeur		MO	1990		828		276		94%		814		0.98
	Camden Cross Creek (1)	St. Louis		MO	1973/1980		947		591		95%		745		0.79
	Camden Westchase (1)	St. Louis		MO	1986		945		160		95%		860		0.91
	Total St. Louis		4	Properties			896		1,447		94%		737		0.82

	TOTAL MISSOURI		5	Properties			878		2,043		93%		713		0.81

	Camden Bel Air	Las Vegas		NV	1988/1995		943		528		90%		720		0.76
	Camden Breeze	Las Vegas		NV	1989		846		320		93%		724		0.86
	Camden Canyon	Las Vegas		NV	1995		987		200		94%		845		0.86
	Camden Commons	Henderson		NV	1988		936		376		90%		738		0.79
	Camden Cove	Las Vegas		NV	1990		898		124		94%		718		0.80
	Camden Del Mar	Las Vegas		NV	1995		986		560		95%		883		0.90
	Camden Fairways	Henderson		NV	1989		896		320		94%		864		0.97
	Camden Hills	Las Vegas		NV	1991		439		184		86%		500		1.14
	Camden Legends	Henderson		NV	1994		792		113		95%		811		1.02
	Camden Palisades	Las Vegas		NV	1991		905		624		91%		729		0.81
	Camden Pines (1)	Las Vegas		NV	1997		982		315		90%		794		0.81
	Camden Pointe	Las Vegas		NV	1996		983		252		94%		730		0.74
	Camden Summit (1)	Henderson		NV	1995		1,187		234		95%		1,086		0.91
	Camden Tiara (1)	Las Vegas		NV	1996		1,043		400		93%		841		0.81
	Camden Vintage	Las Vegas		NV	1994		978		368		92%		715		0.73
	Oasis Bay (1)	Las Vegas		NV	1990		876		128		96%		759		0.87
	Oasis Crossings (1)	Las Vegas		NV	1996		983		72		91%		754		0.77
	Oasis Emerald (1)	Las Vegas		NV	1988		873		132		92%		637		0.73
	Oasis Gateway (1)	Las Vegas		NV	1997		1,146		360		89%		786		0.69
	Oasis Island (1)	Las Vegas		NV	1990		901		118		91%		641		0.71
	Oasis Landing (1)	Las Vegas		NV	1990		938		144		91%		695		0.74
	Oasis Meadows (1)	Las Vegas		NV	1996		1,031		383		90%		737		0.72
	Oasis Palms (1)	Las Vegas		NV	1989		880		208		90%		670		0.76
	Oasis Pearl (1)	Las Vegas		NV	1989		930		90		92%		718		0.77
	Oasis Place (1)	Las Vegas		NV	1992		440		240		89%		507		1.15
	Oasis Ridge (1)	Las Vegas		NV	1984		391		477		83%		424		1.08
	Oasis Sierra (1)	Las Vegas		NV	1998		923		208		94%		785		0.85
	Oasis Springs (1)	Las Vegas		NV	1988		838		304		90%		591		0.71
	Oasis Vinings (1)	Las Vegas		NV	1994		1,152		234		88%		737		0.64
	TOTAL NEVADA		29	Properties			903		8,016		91%		732		0.81

CAMDEN

COMMUNITY TABLE

Community Statistics as of 03/31/11


(Unaudited)									1Q11 Avg
					Year Placed	Average	Apartment	1Q11 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	96%	823	0.79
	Camden Cotton Mills	Charlotte		NC	2002	905	180	98%	1,047	1.16
	Camden Dilworth	Charlotte		NC	2006	857	145	96%	1,059	1.24
	Camden Fairview	Charlotte		NC	1983	1,036	135	95%	770	0.74
	Camden Forest	Charlotte		NC	1989	703	208	95%	557	0.79
	Camden Foxcroft	Charlotte		NC	1979	940	156	95%	711	0.76
	Camden Grandview	Charlotte		NC	2000	1,057	266	97%	1,155	1.09
	Camden Habersham	Charlotte		NC	1986	773	240	95%	607	0.79
	Camden Park Commons	Charlotte		NC	1997	861	232	92%	629	0.73
	Camden Pinehurst	Charlotte		NC	1967	1,147	407	93%	720	0.63
	Camden Sedgebrook	Charlotte		NC	1999	972	368	96%	762	0.78
	Camden Simsbury	Charlotte		NC	1985	874	100	97%	697	0.80
	Camden South End Square	Charlotte		NC	2003	882	299	96%	945	1.07
	Camden Stonecrest	Charlotte		NC	2001	1,098	306	94%	860	0.78
	Camden Touchstone	Charlotte		NC	1986	899	132	96%	708	0.79
	Total Charlotte		15	Properties		961	3,574	95%	807	0.84

	Camden Crest	Raleigh		NC	2001	1,013	438	95%	757	0.75
	Camden Governor's Village	Chapel Hill		NC	1999	1,046	242	95%	854	0.82
	Camden Lake Pine	Apex		NC	1999	1,066	446	95%	780	0.73
	Camden Manor Park	Raleigh		NC	2006	966	484	94%	812	0.84
	Camden Overlook	Raleigh		NC	2001	1,060	320	96%	857	0.81
	Camden Reunion Park	Apex		NC	2000/2004	972	420	93%	678	0.70
	Camden Westwood	Morrisville		NC	1999	1,027	354	94%	882	0.86
	Total Raleigh		7	Properties		1,017	2,704	95%	795	0.78

	TOTAL NORTH CAROLINA		22	Properties		985	6,278	95%	802	0.81

	Camden Valleybrook	Chadds Ford		PA	2002	992	352	93%	1,297	1.31
	TOTAL PENNSYLVANIA		1	Property		992	352	93%	1,297	1.31

	Camden Amber Oaks (1)	Austin		TX	2009	862	348	93%	790	0.92
	Camden Cedar Hills	Austin		TX	2008	911	208	94%	949	1.04
	Camden Gaines Ranch	Austin		TX	1997	955	390	94%	952	1.00
	Camden Huntingdon	Austin		TX	1995	903	398	93%	723	0.80
	Camden Laurel Ridge	Austin		TX	1986	702	183	93%	579	0.83
	Camden Ridgecrest	Austin		TX	1995	855	284	93%	678	0.79
	Camden South Congress (1)	Austin		TX	2001	975	253	94%	1,363	1.40
	Camden Stoneleigh	Austin		TX	2001	908	390	96%	872	0.96
	Total Austin		8	Properties		894	2,454	94%	862	0.96

	Camden Breakers	Corpus Christi		TX	1996	868	288	94%	894	1.03
	Camden Copper Ridge	Corpus Christi		TX	1986	775	344	95%	677	0.87
	Camden Miramar (3)	Corpus Christi		TX	1994-2010	485	816	97%	947	2.06
	Camden South Bay (1)	Corpus Christi		TX	2007	1,055	270	96%	1,003	0.95
	Total Corpus Christi		4	Properties		697	1,718	95%	893	1.28

	Camden Addison (1)	Addison		TX	1996	942	456	96%	768	0.81
	Camden Buckingham	Richardson		TX	1997	919	464	93%	781	0.85
	Camden Centreport	Ft. Worth		TX	1997	911	268	94%	769	0.84
	Camden Cimarron	Irving		TX	1992	772	286	96%	771	1.00
	Camden Design District (1)	Dallas		TX	2009	939	355	94%	1,056	1.12
	Camden Farmers Market	Dallas		TX	2001/2005	932	904	95%	868	0.93
	Camden Gardens	Dallas		TX	1983	652	256	96%	526	0.81
	Camden Glen Lakes	Dallas		TX	1979	877	424	94%	729	0.83
	Camden Legacy Creek	Plano		TX	1995	831	240	96%	827	0.99
	Camden Legacy Park	Plano		TX	1996	871	276	96%	851	0.98
	Camden Springs	Dallas		TX	1987	713	304	95%	549	0.77
	Camden Valley Creek	Irving		TX	1984	855	380	93%	625	0.73
	Camden Valley Park	Irving		TX	1986	743	516	93%	722	0.97
	Camden Valley Ridge	Irving		TX	1987	773	408	94%	573	0.74
	Camden Westview	Lewisville		TX	1983	697	335	93%	581	0.83
	Total Dallas/Ft. Worth		15	Properties		843	5,872	94%	746	0.89

CAMDEN

COMMUNITY TABLE

Community Statistics as of 03/31/11


(Unaudited)									1Q11 Avg
					Year Placed	Average	Apartment	1Q11 Avg	Monthly Rental Rates
Community Name		City		State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.

	Camden Baytown	Baytown		TX	1999	844	272	88%	772	0.92
	Camden City Centre	Houston		TX	2007	932	379	97%	1,260	1.35
	Camden Creek	Houston		TX	1984	639	456	89%	577	0.90
	Camden Greenway	Houston		TX	1999	861	756	92%	1,022	1.19
	Camden Heights (1)	Houston		TX	2004	927	352	97%	1,079	1.16
	Camden Holly Springs (1)	Houston		TX	1999	934	548	93%	880	0.94
	Camden Midtown	Houston		TX	1999	844	337	96%	1,199	1.42
	Camden Oak Crest	Houston		TX	2003	870	364	90%	817	0.94
	Camden Park (1)	Houston		TX	1995	866	288	92%	775	0.90
	Camden Plaza	Houston		TX	2007	915	271	91%	1,234	1.35
	Camden Royal Oaks	Houston		TX	2006	923	236	87%	1,119	1.21
	Camden Steeplechase	Houston		TX	1982	748	290	89%	620	0.83
	Camden Stonebridge	Houston		TX	1993	845	204	90%	786	0.93
	Camden Sugar Grove (1)	Stafford		TX	1997	921	380	91%	844	0.92
	Camden Travis Street (1)	Houston		TX	2010	819	253	96%	1,267	1.55
	Camden Vanderbilt	Houston		TX	1996/1997	863	894	93%	1,110	1.29
	Camden Whispering Oaks	Houston		TX	2008	934	274	91%	974	1.04
	Camden Yorktown (1)	Houston		TX	2008	995	306	93%	897	0.90
	Total Houston		18	Properties		869	6,860	92%	966	1.11

	TOTAL TEXAS		45	Properties		846	16,904	93%	867	1.02

TOTAL PROPERTIES			187	Properties		921	63,798	94%	$941	$1.02

(1)	Communities owned through investment in joint venture.
(2)	Completed communities in lease-up as of March 31, 2011 are excluded from total occupancy numbers.
(3)	Miramar is a student housing community which is excluded from total occupancy numbers.

Camden Property Trust (CPT) 8-KFirst Quarter 2011 Operating Results