Camden Property Trust 8K Results of Operations and Financial Condition | CPT 4 Nov 11

EXHIBIT 99.2

THIRD QUARTER 2011

Supplemental Operating and Financial Data

Camden Westover Hills - San Antonio, TX

Acquired June 15, 2011 - 288 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" Third Quarter Comparisons		12
"Same Property" Sequential Quarter Comparisons		13
"Same Property" Year to Date Comparisons		14
"Same Property" Operating Expense Detail & Comparisons		15
Joint Venture Operations		16
Current Development Communities		17
Development Pipeline & Land		18
Acquisitions and Dispositions		19
Debt Analysis		20
Debt Maturity Analysis		21
Debt Covenant Analysis		22
Unconsolidated Real Estate Investments Debt Analysis		23
Unconsolidated Real Estate Investments Debt Maturity Analysis		24
Capitalized Expenditures & Maintenance Expense		25
Non-GAAP Financial Measures - Definitions & Reconciliations		26
Other Data		28
Community Table		29

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

THIRD QUARTER 2011 OPERATING RESULTS;

FFO PER DILUTED SHARE INCREASES 18%

Houston, TEXAS (November 3, 2011) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and nine months ended September 30, 2011.

Funds From Operations (“FFO”)

FFO for the third quarter of 2011 totaled $0.77 per diluted share or $58.8 million, as compared to $0.65 per diluted share or $46.7 million for the same period in 2010, an increase of 18% per diluted share.

FFO for the nine months ended September 30, 2011 totaled $1.89 per diluted share or $143.3 million, as compared to $1.98 per diluted share or $140.4 million for the same period in 2010. FFO for the nine months ended September 30, 2011 included: a $0.40 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.04 per diluted share impact related to the sale of an available-for-sale investment; 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 nine months ended September 30, 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 $11.8 million or $0.16 per diluted share for the third quarter of 2011, as compared to $1.7 million or $0.02 per diluted share for the same period in 2010.

For the nine months ended September 30, 2011, Camden reported EPS of $2.5 million or $0.03 per diluted share, as compared to $6.1 million or $0.09 per diluted share for the same period in 2010. EPS for the nine months ended September 30, 2011 included: a $0.41 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land; 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 nine months ended September 30, 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 47,309 apartment homes included in consolidated same property results, third quarter 2011 same property NOI increased 7.4% compared to the third quarter of 2010, with revenues increasing 6.3% and expenses increasing 4.6%. On a sequential basis, third quarter 2011 same property NOI increased 0.9% compared to the second quarter of 2011, with revenues increasing 2.1% and expenses increasing 3.9% compared to the prior quarter. On a year-to-date basis, 2011 same property NOI increased 6.8%, with revenues increasing 5.1% and expenses increasing 2.6% compared to the same period in 2010. Same property physical occupancy levels for the portfolio averaged 95.0% during the third quarter of 2011, compared to 94.3% in the third quarter of 2010 and 94.8% in the second quarter of 2011.

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

During the quarter, the Company acquired 30 acres of land in Atlanta, GA for approximately $40 million, which it intends to utilize for future development.

Camden also completed the acquisition of a 240-home apartment community in San Antonio, TX during the quarter for approximately $15 million through one of its discretionary investment funds (“Funds”), in which it owns a 20% interest. Subsequent to quarter-end, the Company acquired five additional communities with 1,488 apartment homes located in Houston, TX for approximately $136 million through its Funds.

Development Activity

Lease-up was completed during the third quarter at Camden Ivy Hall, a $17 million joint venture community which is currently 94% occupied. Lease-ups began during the quarter at two wholly-owned communities: Camden LaVina in Orlando, FL, which is currently 35% leased; and Camden Summerfield II in Landover, MD, which is currently 19% leased.

Construction continued during the quarter on six wholly-owned development communities: Camden LaVina in Orlando, FL, a $60 million project with 420 apartment homes; Camden Summerfield II in Landover, MD, a $30 million project with 187 apartment homes; Camden Royal Oaks II in Houston, TX, a $14 million project with 104 apartment homes; Camden Montague in Tampa, FL, a $23 million project with 192 apartment homes; Camden Westchase Park 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. Construction also continued during the quarter on two joint venture communities: Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes, and Camden Amber Oaks II in Austin, TX, a $25 million project with 244 apartment homes.

Subsequent to quarter-end, the Company began construction on two additional wholly-owned development communities: Camden City Centre II in Houston, TX, a $36 million project with 268 apartment homes, and Camden NOMA in Washington DC, a $110 million project with 320 apartment homes.

Equity Issuance

During the third quarter, Camden issued 506,200 common shares through its at-the-market (“ATM”) share offering programs at an average price of $65.76 per share, for total net consideration of approximately $32.7 million. Year-to-date Camden has issued 1,127,898 common shares through its ATM programs at an average price of $63.13 per share, for total net consideration of approximately $69.9 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 $2.70 to $2.74 per diluted share, and full-year 2011 EPS is expected to be $0.24 to $0.28 per diluted share. Fourth quarter 2011 earnings guidance is $0.81 to $0.85 per diluted share for FFO and $0.20 to $0.24 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2011 earnings guidance is based on projections of same property revenue growth between 5.2% and 5.6%, expense growth between 2.75% and 3.25%, and NOI growth between 6.75% and 7.25%. 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.

Camden expects to issue earnings guidance for 2012 in conjunction with its fourth quarter 2011 earnings release on February 2, 2012.

Conference Call

The Company will hold a conference call on Friday, November 4, 2011 at 11:00 a.m. Central Time to review its third 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: 9252989, 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 202 properties containing 68,979 apartment homes across the United States. Upon completion of 10 properties under development, the Company's portfolio will increase to 71,776 apartment homes in 212 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 September 30,								Nine Months Ended September 30,
		2011				2010				2011				2010
Total property revenues (a)			$168,934				$154,274				$495,187				$455,017

EBITDA (b)			88,476				81,439				263,203				241,686

Net income attributable to common shareholders			11,840				1,650				2,529				6,069
Per share - basic			0.16				0.02				0.03				0.09
Per share - diluted			0.16				0.02				0.03				0.09

Income from continuing operations attributable to common shareholders			11,840				569				2,529				3,326
Per share - basic			0.16				0.01				0.03				0.05
Per share - diluted			0.16				0.01				0.03				0.05

Funds from operations			58,807				46,680				143,271				140,361
Per share - diluted			0.77				0.65				1.89				1.98

Dividends per share			0.49				0.45				1.47				1.35
Dividend payout ratio (b)			63.6	%			69.2	%			64.5	%			68.2	%

Interest expensed (including discontinued operations)			27,354				31,781				85,472				95,078
Interest capitalized			2,459				1,347				6,099				3,967
Total interest incurred			29,813				33,128				91,571				99,045

Principal amortization			1,155				1,100				3,847				3,401
Preferred distributions			1,750				1,750				5,250				5,250

Interest expense coverage ratio			3.2		x		2.6		x		3.1		x		2.5		x
Total interest coverage ratio			3.0		x		2.5		x		2.9		x		2.4		x
Fixed charge expense coverage ratio			2.9		x		2.4		x		2.8		x		2.3		x
Total fixed charge coverage ratio			2.7		x		2.3		x		2.6		x		2.2		x
Unencumbered real estate assets (at cost) to unsecured debt ratio			3.0		x		2.7		x		3.0		x		2.7		x

Same property NOI increase (decrease) (c)			7.4	%			(0.6	%)			6.8	%			(4.6	%)
(# of apartment homes included)			47,309				46,757				47,309				46,757

Gross turnover of apartment homes (annualized)			83	%			79	%			66	%			66	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)			73	%			68	%			57	%			56	%

	As of September 30,
	2011		2010
Total assets		$4,594,574		$4,606,735
Total debt		$2,433,104		$2,542,212
Common and common equivalent shares, outstanding end of period (d)		76,578		72,621
Share price, end of period		$55.26		$47.97
Preferred units, end of period		$97,925		$97,925
Book equity value, end of period (e)		$1,875,774		$1,762,891
Market equity value, end of period (e)		$4,331,700		$3,583,629

(a)	Excludes discontinued operations.

(b)	Excludes $29.8 million or $0.39 per diluted share for the nine months ended September 30, 2011 related to a loss on the discontinuation of a hedging relationship.

(c)	"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.

(d)	Includes at September 30, 2011: 74,119 common shares (including 703 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (2,459).

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

Note: Please refer to pages 26 and 27 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	2011			2010			2011			2010
Property revenues
Rental revenues		$144,211			$131,911			$424,210			$390,376
Other property revenues		24,723			22,363			70,977			64,641
Total property revenues		168,934			154,274			495,187			455,017

Property expenses
Property operating and maintenance		50,715			46,999			144,666			134,655
Real estate taxes		17,329			16,652			52,932			52,767
Total property expenses		68,044			63,651			197,598			187,422

Non-property income (loss)
Fee and asset management		2,646			2,145			6,955			6,028
Interest and other income (loss)		(108	)		451			4,749			3,988
Income (loss) on deferred compensation plans		(6,096	)		6,918			1,233			6,818
Total non-property income (loss)		(3,558	)		9,514			12,937			16,834

Other expenses
Property management		5,050			4,789			15,478			14,994
Fee and asset management		1,330			1,155			4,220			3,611
General and administrative		8,572			7,568			26,392			22,339
Interest		27,354			31,781			85,472			95,078
Depreciation and amortization		44,558			43,034			137,111			128,012
Amortization of deferred financing costs		1,344			1,185			4,761			2,624
Expense (benefit) on deferred compensation plans		(6,096	)		6,918			1,233			6,818
Total other expenses		82,112			96,430			274,667			273,476


Loss on discontinuation of hedging relationship		-			-			(29,791	)		-
Gain on sale of properties, including land		-			-			4,748			236
Gain on sale of unconsolidated joint venture interests		-			-			1,136			-
Equity in loss of joint ventures		(556	)		(244	)		(166	)		(785	)
Income from continuing operations before income taxes		14,664			3,463			11,786			10,404
Income tax expense - current		(313	)		(712	)		(1,889	)		(1,286	)
Income from continuing operations		14,351			2,751			9,897			9,118
Income from discontinued operations		-			1,081			-			2,743
Net income		14,351			3,832			9,897			11,861
Less income allocated to noncontrolling interests from continuing operations		(761	)		(432	)		(2,118	)		(542	)
Less income allocated to perpetual preferred units		(1,750	)		(1,750	)		(5,250	)		(5,250	)
Net income attributable to common shareholders		$11,840			$1,650			$2,529			$6,069


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$14,351			$3,832			$9,897			$11,861
Other comprehensive income
Unrealized loss on cash flow hedging activities		-			(5,323	)		(2,692	)		(19,549	)
Reclassification of net losses on cash flow hedging activities		108			5,825			39,660			17,488
Unrealized gain on available-for-sale securities, net of tax		-			1,914			-			1,914
Reclassification of gain on available-for-sale investment to earnings, net of tax		-			-			(3,309	)		-
Comprehensive income		14,459			6,248			43,556			11,714
Less income allocated to noncontrolling interests from continuing operations		(761	)		(432	)		(2,118	)		(542	)
Less income allocated to perpetual preferred units		(1,750	)		(1,750	)		(5,250	)		(5,250	)
Comprehensive income attributable to common shareholders		$11,948			$4,066			$36,188			$5,922


PER SHARE DATA
Net income attributable to common shareholders - basic		$0.16			$0.02			$0.03			$0.09
Net income attributable to common shareholders - diluted		0.16			0.02			0.03			0.09
Income from continuing operations attributable to common shareholders - basic		0.16			0.01			0.03			0.05
Income from continuing operations attributable to common shareholders - diluted		0.16			0.01			0.03			0.05

Weighted average number of common and
common equivalent shares outstanding:
Basic		73,242			69,100			72,502			67,898
Diluted		74,274			69,441			73,217			68,169



Note: Please refer to pages 26 and 27 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	2011		2010		2011			2010

Net income attributable to common shareholders (a)		$11,840		$1,650		$2,529			$6,069
Real estate depreciation from continuing operations		43,286		41,806		133,342			124,399
Real estate depreciation from discontinued operations		-		651		-			2,276
Adjustments for unconsolidated joint ventures		3,223		2,292		7,042			6,753
(Gain) on sale of unconsolidated joint venture interests		-		-		(1,136	)		-
Income allocated to noncontrolling interests		458		281		1,494			864
Funds from operations - diluted		$58,807		$46,680		$143,271			$140,361

PER SHARE DATA
Funds from operations - diluted		$0.77		$0.65		$1.89			$1.98
Cash distributions		0.49		0.45		1.47			1.35

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		76,494		72,025		75,685			70,779

PROPERTY DATA
Total operating properties (end of period) (b)		197		186		197			186
Total operating apartment homes in operating properties (end of period) (b)		67,491		63,964		67,491			63,964
Total operating apartment homes (weighted average)		50,921		50,950		50,895			50,736
Total operating apartment homes - excluding discontinued operations (weighted average)		50,921		49,884		50,895			49,670

(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the nine months ended September 30,2011.
(b) Includes joint ventures and properties held for sale.

Note: Please refer to pages 26 and 27 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,
	2011			2011			2011			2010			2010
ASSETS
Real estate assets, at cost
Land		$766,302			$760,397			$760,397			$760,397			$763,559
Buildings and improvements		4,758,397			4,711,552			4,690,741			4,680,361			4,613,036
		5,524,699			5,471,949			5,451,138			5,440,758			5,376,595
Accumulated depreciation		(1,421,867	)		(1,378,630	)		(1,335,831	)		(1,292,924	)		(1,263,173	)
Net operating real estate assets		4,102,832			4,093,319			4,115,307			4,147,834			4,113,422
Properties under development, including land		274,201			237,549			220,641			206,919			198,377
Investments in joint ventures		37,033			39,398			21,196			27,632			33,226
Properties held for sale, including land		-			-			-			-			9,737
Total real estate assets		4,414,066			4,370,266			4,357,144			4,382,385			4,354,762
Accounts receivable - affiliates		31,395			30,401			29,973			31,895			32,269
Notes receivable - affiliates		-			-			-			3,194			17,509
Other assets, net (a)		87,657			90,346			92,051			106,175			105,950
Cash and cash equivalents		56,099			63,148			98,771			170,575			91,071
Restricted cash		5,357			4,898			5,354			5,513			5,174
Total assets		$4,594,574			$4,559,059			$4,583,293			$4,699,737			$4,606,735



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,380,560			$1,380,368			$1,419,681			$1,507,757			$1,507,858
Secured		1,052,544			1,053,699			1,054,839			1,055,997			1,034,354
Accounts payable and accrued expenses		97,613			78,460			81,972			81,556			82,598
Accrued real estate taxes		37,721			27,424			16,585			22,338			40,340
Distributions payable		39,319			38,966			38,662			35,295			34,548
Other liabilities (b)		111,043			123,829			134,608			141,496			144,146
Total liabilities		2,718,800			2,702,746			2,746,347			2,844,439			2,843,844

Commitments and contingencies

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

Equity
Common shares of beneficial interest		839			834			827			824			804
Additional paid-in capital		2,861,139			2,823,690			2,783,621			2,775,625			2,673,606
Distributions in excess of net income attributable to common shareholders		(700,897	)		(676,367	)		(623,740	)		(595,317	)		(580,046	)
Treasury shares, at cost		(452,244	)		(459,134	)		(460,467	)		(461,255	)		(461,255	)
Accumulated other comprehensive income (loss) (c)		201			93			(31,504	)		(33,458	)		(41,302	)
Total common equity		1,709,038			1,689,116			1,668,737			1,686,419			1,591,807
Noncontrolling interest		68,811			69,272			70,284			70,954			73,159
Total equity		1,777,849			1,758,388			1,739,021			1,757,373			1,664,966
Total liabilities and equity		$4,594,574			$4,559,059			$4,583,293			$4,699,737			$4,606,735



(a) Includes:
net deferred charges of:		$16,868			$14,484			$12,677			$13,336			$14,892

(b) Includes:
deferred revenues of:		$2,213			$2,181			$2,254			$2,332			$2,347
distributions in excess of investments in joint ventures of:		$31,799			$31,040			$33,442			$32,288			$34,045
fair value adjustment of derivative instruments:		$22,192			$27,977			$31,655			$36,898			$43,267

(c) Represents the fair value adjustment of derivative instruments, unrealized 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 SEPTEMBER 30, 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)		4,439		1,165		5,604		-		5,604		-		5,604		463		6,067
Houston, TX		4,462		524		4,986		2,880		7,866		-		7,866		104		7,970
Tampa, FL		5,503		-		5,503		450		5,953		-		5,953		540		6,493
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		1,706		6,767		-		6,767		-		6,767
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		268		3,564		-		3,564		-		3,564		858		4,422
Atlanta, GA		3,202		-		3,202		344		3,546		-		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 (b)		1,853		-		1,853		1,369		3,222		-		3,222		244		3,466
Phoenix, AZ		1,441		-		1,441		992		2,433		-		2,433		-		2,433
Other		984		855		1,839		4,035		5,874		-		5,874		-		5,874

Total Portfolio		47,309		3,618		50,927		16,564		67,491		-		67,491		2,209		69,700

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

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


	"Same Property"			Operating			Incl. JVs at			Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
	Communities			Communities (c)			Pro Rata % (d)			2011			2011			2011			2010			2010
D.C. Metro		17.2	%		19.5	%		18.5	%		96.3	%		96.0	%		95.5	%		95.2	%		96.4	%
Houston, TX		9.4	%		9.8	%		10.2	%		95.4	%		94.2	%		91.9	%		91.8	%		93.4	%
Tampa, FL		8.8	%		8.1	%		7.9	%		94.8	%		94.5	%		93.9	%		93.9	%		93.8	%
Las Vegas, NV		6.5	%		5.9	%		6.6	%		92.0	%		92.5	%		91.2	%		90.9	%		92.3	%
SE Florida		7.5	%		7.0	%		6.7	%		94.1	%		95.2	%		94.7	%		95.0	%		95.0	%
Dallas, TX		6.5	%		6.7	%		6.9	%		95.3	%		95.6	%		94.3	%		93.1	%		92.5	%
Los Angeles/Orange County, CA		6.1	%		6.6	%		6.5	%		95.7	%		94.8	%		93.7	%		92.7	%		93.3	%
Charlotte, NC		6.4	%		5.9	%		5.6	%		95.9	%		96.3	%		95.2	%		94.3	%		95.1	%
Orlando, FL		5.6	%		5.7	%		5.4	%		95.3	%		94.7	%		94.2	%		93.6	%		94.0	%
Atlanta, GA		5.6	%		5.1	%		5.0	%		94.9	%		94.5	%		93.9	%		92.9	%		94.2	%
Raleigh, NC		5.0	%		4.5	%		4.3	%		94.9	%		95.0	%		94.6	%		93.9	%		95.1	%
Denver, CO		4.0	%		3.7	%		3.9	%		94.6	%		94.4	%		92.9	%		93.9	%		95.7	%
San Diego/Inland Empire, CA		3.8	%		3.5	%		3.3	%		94.7	%		92.9	%		92.7	%		91.7	%		92.6	%
Austin, TX		2.9	%		2.7	%		3.0	%		96.1	%		94.4	%		93.6	%		93.7	%		94.8	%
Phoenix, AZ		2.4	%		2.2	%		2.3	%		93.2	%		91.1	%		92.6	%		92.1	%		92.0	%
Other		2.3	%		3.1	%		3.9	%		95.0	%		95.6	%		93.9	%		93.3	%		94.6	%

Total Portfolio		100.0	%		100.0	%		100.0	%		94.8	%		94.5	%		93.5	%		93.1	%		94.0	%


(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 September 30,								Nine Months Ended September 30,
Property Revenues	Homes		2011		2010			Change			2011		2010			Change
"Same Property" Communities (a)		47,309		$153,740		$144,688			$9,052			$450,739		$428,919			$21,820
Non-"Same Property" Communities (b)		3,618		13,762		8,514			5,248			40,549		22,672			17,877
Development and Lease-Up Communities (c)		1,689		110		-			110			110		-			110
Other (d)		-		1,322		1,072			250			3,789		3,426			363
Total Property Revenues		52,616		$168,934		$154,274			$14,660			$495,187		$455,017			$40,170

Property Expenses
"Same Property" Communities (a)		47,309		$61,586		$58,892			$2,694			$178,836		$174,333			$4,503
Non-"Same Property" Communities (b)		3,618		5,464		3,448			2,016			15,585		9,316			6,269
Development and Lease-Up Communities (c)		1,689		27		-			27			27		-			27
Other (d)		-		967		1,311			(344	)		3,150		3,773			(623	)
Total Property Expenses		52,616		$68,044		$63,651			$4,393			$197,598		$187,422			$10,176

Property Net Operating Income
"Same Property" Communities (a)		47,309		$92,154		$85,796			$6,358			$271,903		$254,586			$17,317
Non-"Same Property" Communities (b)		3,618		8,298		5,066			3,232			24,964		13,356			11,608
Development and Lease-Up Communities (c)		1,689		83		-			83			83		-			83
Other (d)		-		355		(239	)		594			639		(347	)		986
Total Property Net Operating Income		52,616		$100,890		$90,623			$10,267			$297,589		$267,595			$29,994

Income from Discontinued Operations (e)	Three Months Ended September 30,					Nine Months Ended September 30,
	2011		2010			2011		2010
Property Revenues	$ - '			$2,954		$ - '			$8,534
Property Expenses		-		1,222			-		3,515
Property Net Operating Income		-		1,732			-		5,019
Depreciation and Amortization		-		(651	)		-		(2,276	)
Income from Discontinued Operations	$ - '			$1,081		$ - '			$2,743

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. Previously reported in "Same Property" Communities, Camden Summerfield is now reported in Non-"Same Property" Communities while Camden Summerfield II is in lease-up.
(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 not under active development.
(e)	Represents operating results for communities disposed of during 2010, of which Camden has no continuing involvement.

				"SAME PROPERTY"
CAMDEN									THIRD QUARTER COMPARISONS

											SEPTEMBER 30, 2011
											(In thousands, except property data amounts)


(Unaudited)

	Revenues						Expenses							NOI
Quarterly Results (a)		3Q11	3Q10	Growth				3Q11		3Q10	Growth				3Q11	3Q10	Growth

D.C. Metro		$22,616	$21,284		6.3	%		$6,761		$6,415		5.4	%		$15,855	$14,869		6.6	%
Houston, TX		14,354	13,348		7.5	%		5,715		5,657		1.0	%		8,639	7,691		12.3	%
Tampa, FL		14,850	13,993		6.1	%		6,700		6,421		4.3	%		8,150	7,572		7.6	%
Las Vegas, NV		9,890	9,984		(0.9	%)		3,902		3,930		(0.7	%)		5,988	6,054		(1.1	%)
SE Florida		11,623	10,907		6.6	%		4,688		4,452		5.3	%		6,935	6,455		7.4	%
Dallas, TX		11,648	10,707		8.8	%		5,644		5,266		7.2	%		6,004	5,441		10.3	%
Los Angeles/Orange County, CA		8,673	8,199		5.8	%		3,042		2,888		5.3	%		5,631	5,311		6.0	%
Charlotte, NC		10,166	9,460		7.5	%		4,301		4,093		5.1	%		5,865	5,367		9.3	%
Orlando, FL		9,049	8,564		5.7	%		3,850		3,696		4.2	%		5,199	4,868		6.8	%
Atlanta, GA		9,219	8,741		5.5	%		4,088		3,837		6.5	%		5,131	4,904		4.6	%
Raleigh, NC		7,399	6,957		6.4	%		2,823		2,667		5.8	%		4,576	4,290		6.7	%
Denver, CO		5,842	5,506		6.1	%		2,117		2,022		4.7	%		3,725	3,484		6.9	%
San Diego/Inland Empire, CA		5,745	5,448		5.5	%		2,264		2,297		(1.4	%)		3,481	3,151		10.5	%
Austin, TX		5,370	4,876		10.1	%		2,682		2,386		12.4	%		2,688	2,490		8.0	%
Phoenix, AZ		3,979	3,673		8.3	%		1,771		1,699		4.2	%		2,208	1,974		11.9	%
Other		3,317	3,041		9.1	%		1,238		1,166		6.2	%		2,079	1,875		10.9	%

Total Same Property		$153,740	$144,688		6.3	%		$61,586		$58,892		4.6	%		$92,154	$85,796		7.4	%

	Apartment
	Homes		% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included		Contribution (a)				3Q11		3Q10		Change				3Q11	3Q10	Change

D.C. Metro		4,439		17.2	%		96.4	%	96.7	%		(0.3	%)		$1,584	$1,485		6.7	%
Houston, TX		4,462		9.4	%		95.2	%	93.0	%		2.2	%		999	956		4.4	%
Tampa, FL		5,503		8.8	%		94.7	%	93.8	%		0.9	%		788	747		5.5	%
Las Vegas, NV		3,969		6.5	%		93.0	%	92.9	%		0.1	%		758	771		(1.6	%)
SE Florida		2,520		7.5	%		94.1	%	95.0	%		(0.9	%)		1,461	1,365		7.0	%
Dallas, TX		4,545		6.5	%		95.3	%	94.4	%		0.9	%		759	709		7.2	%
Los Angeles/Orange County, CA		1,770		6.1	%		95.7	%	93.3	%		2.4	%		1,547	1,498		3.2	%
Charlotte, NC		3,574		6.4	%		95.9	%	95.1	%		0.8	%		858	794		8.1	%
Orlando, FL		3,296		5.6	%		95.5	%	94.0	%		1.5	%		822	784		4.9	%
Atlanta, GA		3,202		5.6	%		94.9	%	94.2	%		0.7	%		869	835		4.2	%
Raleigh, NC		2,704		5.0	%		94.9	%	95.1	%		(0.2	%)		811	758		7.0	%
Denver, CO		1,851		4.0	%		94.2	%	95.4	%		(1.2	%)		959	900		6.5	%
San Diego/Inland Empire, CA		1,196		3.8	%		94.7	%	92.6	%		2.1	%		1,525	1,476		3.3	%
Austin, TX		1,853		2.9	%		95.9	%	94.8	%		1.1	%		847	783		8.2	%
Phoenix, AZ		1,441		2.4	%		93.7	%	92.4	%		1.3	%		822	764		7.6	%
Other		984		2.3	%		94.0	%	93.5	%		0.5	%		1,006	950		5.9	%

Total Same Property		47,309		100.0	%		95.0	%	94.3	%		0.7	%		$989	$939		5.3	%

(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
											SEPTEMBER 30, 2011
											(In thousands, except property data amounts)


(Unaudited)

	Revenues						Expenses							NOI
Quarterly Results (a)		3Q11	2Q11	Growth				3Q11		2Q11	Growth				3Q11	2Q11	Growth

D.C. Metro		$22,616	$22,160		2.1	%		$6,761		$6,657		1.6	%		$15,855	$15,503		2.3	%
Houston, TX		14,354	13,925		3.1	%		5,715		5,921		(3.5	%)		8,639	8,004		7.9	%
Tampa, FL		14,850	14,573		1.9	%		6,700		6,369		5.2	%		8,150	8,204		(0.7	%)
Las Vegas, NV		9,890	9,869		0.2	%		3,902		3,785		3.1	%		5,988	6,084		(1.6	%)
SE Florida		11,623	11,638		(0.1	%)		4,688		4,298		9.1	%		6,935	7,340		(5.5	%)
Dallas, TX		11,648	11,387		2.3	%		5,644		5,396		4.6	%		6,004	5,991		0.2	%
Los Angeles/Orange County, CA		8,673	8,445		2.7	%		3,042		2,842		7.0	%		5,631	5,603		0.5	%
Charlotte, NC		10,166	9,880		2.9	%		4,301		4,102		4.9	%		5,865	5,778		1.5	%
Orlando, FL		9,049	8,906		1.6	%		3,850		3,682		4.6	%		5,199	5,224		(0.5	%)
Atlanta, GA		9,219	9,080		1.5	%		4,088		3,913		4.5	%		5,131	5,167		(0.7	%)
Raleigh, NC		7,399	7,248		2.1	%		2,823		2,687		5.1	%		4,576	4,561		0.3	%
Denver, CO		5,842	5,690		2.7	%		2,117		2,019		4.9	%		3,725	3,671		1.5	%
San Diego/Inland Empire, CA		5,745	5,574		3.1	%		2,264		2,277		(0.6	%)		3,481	3,297		5.6	%
Austin, TX		5,370	5,158		4.1	%		2,682		2,491		7.7	%		2,688	2,667		0.8	%
Phoenix, AZ		3,979	3,862		3.0	%		1,771		1,664		6.4	%		2,208	2,198		0.5	%
Other		3,317	3,236		2.5	%		1,238		1,182		4.7	%		2,079	2,054		1.2	%

Total Same Property		$153,740	$150,631		2.1	%		$61,586		$59,285		3.9	%		$92,154	$91,346		0.9	%


	Apartment
	Homes	% of NOI		Average Occupancy (a)						Weighted Average Rental Rate (b)
Quarterly Results (a)	Included	Contribution (a)		3Q11		3Q10		Change		3Q11	3Q10	Change
D.C. Metro	4,439	17.2	%	96.4	%	96.3	%	0.1	%	$1,584	$1,548	2.3	%
Houston, TX	4,462	9.4	%	95.2	%	94.4	%	0.8	%	999	975	2.4	%
Tampa, FL	5,503	8.8	%	94.7	%	94.4	%	0.3	%	788	774	1.9	%
Las Vegas, NV	3,969	6.5	%	93.0	%	93.6	%	(0.6	%)	758	757	0.1	%
SE Florida	2,520	7.5	%	94.1	%	95.2	%	(1.1	%)	1,461	1,437	1.7	%
Dallas, TX	4,545	6.5	%	95.3	%	95.6	%	(0.3	%)	759	737	3.1	%
Los Angeles/Orange County, CA	1,770	6.1	%	95.7	%	94.7	%	1.0	%	1,547	1,523	1.5	%
Charlotte, NC	3,574	6.4	%	95.9	%	96.3	%	(0.4	%)	858	825	4.0	%
Orlando, FL	3,296	5.6	%	95.5	%	94.7	%	0.8	%	822	813	1.1	%
Atlanta, GA	3,202	5.6	%	94.9	%	94.5	%	0.4	%	869	855	1.7	%
Raleigh, NC	2,704	5.0	%	94.9	%	95.0	%	(0.1	%)	811	791	2.5	%
Denver, CO	1,851	4.0	%	94.2	%	94.5	%	(0.3	%)	959	931	3.0	%
San Diego/Inland Empire, CA	1,196	3.8	%	94.7	%	92.9	%	1.8	%	1,525	1,497	1.9	%
Austin, TX	1,853	2.9	%	95.9	%	94.7	%	1.2	%	847	822	3.1	%
Phoenix, AZ	1,441	2.4	%	93.7	%	92.0	%	1.7	%	822	802	2.5	%
Other	984	2.3	%	94.0	%	95.6	%	(1.6	%)	1,006	985	2.2	%

Total Same Property	47,309	100.0	%	95.0	%	94.8	%	0.2	%	$989	$968	2.2	%

(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												YEAR TO DATE COMPARISONS
															SEPTEMBER 30, 2011
															(In thousands, except property data amounts)


(Unaudited)

	Revenues							Expenses							NOI
Year to Date Results (a)	2011		2010		Growth			2011		2010		Growth			2011		2010		Growth

D.C. Metro		$66,385		$62,007		7.1	%		$20,144		$19,557		3.0	%		$46,241		$42,450		8.9	%
Houston, TX		41,516		40,032		3.7	%		17,240		16,956		1.7	%		24,276		23,076		5.2	%
Tampa, FL		43,661		41,470		5.3	%		19,504		19,437		0.3	%		24,157		22,033		9.6	%
Las Vegas, NV		29,457		29,985		(1.8	%)		11,378		11,741		(3.1	%)		18,079		18,244		(0.9	%)
SE Florida		34,583		32,442		6.6	%		13,483		12,968		4.0	%		21,100		19,474		8.3	%
Dallas, TX		33,965		31,864		6.6	%		16,175		15,408		5.0	%		17,790		16,456		8.1	%
Los Angeles/Orange County, CA		25,448		24,544		3.7	%		8,692		8,259		5.2	%		16,756		16,285		2.9	%
Charlotte, NC		29,578		28,218		4.8	%		12,392		12,005		3.2	%		17,186		16,213		6.0	%
Orlando, FL		26,664		25,490		4.6	%		11,147		11,138		0.1	%		15,517		14,352		8.1	%
Atlanta, GA		27,148		25,812		5.2	%		11,725		11,234		4.4	%		15,423		14,578		5.8	%
Raleigh, NC		21,826		20,451		6.7	%		8,125		7,816		4.0	%		13,701		12,635		8.4	%
Denver, CO		16,958		16,006		5.9	%		6,004		5,610		7.0	%		10,954		10,396		5.4	%
San Diego/Inland Empire, CA		16,804		16,310		3.0	%		6,694		6,820		(1.8	%)		10,110		9,490		6.5	%
Austin, TX		15,461		14,295		8.2	%		7,514		7,033		6.8	%		7,947		7,262		9.4	%
Phoenix, AZ		11,662		11,023		5.8	%		5,054		4,865		3.9	%		6,608		6,158		7.3	%
Other		9,623		8,970		7.3	%		3,565		3,486		2.3	%		6,058		5,484		10.5	%

Total Same Property		$450,739		$428,919		5.1	%		$178,836		$174,333		2.6	%		$271,903		$254,586		6.8	%

	Apartment
	Homes	% of NOI		Average Occupancy (a)						Weighted Average Rental Rate (b)
Quarterly Results (a)	Included	Contribution (a)		3Q11		3Q10		Change		3Q11	3Q10	Change
D.C. Metro	4,439	17.0	%	96.1	%	95.6	%	0.5	%	$1,552	$1,460	6.3	%
Houston, TX	4,462	8.9	%	93.7	%	93.5	%	0.2	%	978	957	2.2	%
Tampa, FL	5,503	8.9	%	94.3	%	93.3	%	1.0	%	775	742	4.4	%
Las Vegas, NV	3,969	6.6	%	92.9	%	92.7	%	0.2	%	757	779	(2.8	%)
SE Florida	2,520	7.8	%	94.7	%	95.3	%	(0.6	%)	1,439	1,348	6.7	%
Dallas, TX	4,545	6.5	%	95.1	%	93.7	%	1.4	%	740	706	4.7	%
Los Angeles/Orange County, CA	1,770	6.2	%	94.7	%	93.4	%	1.3	%	1,526	1,497	1.9	%
Charlotte, NC	3,574	6.3	%	95.8	%	94.9	%	0.9	%	830	790	5.1	%
Orlando, FL	3,296	5.7	%	94.8	%	93.3	%	1.5	%	813	784	3.6	%
Atlanta, GA	3,202	5.7	%	94.4	%	93.7	%	0.7	%	857	823	4.2	%
Raleigh, NC	2,704	5.1	%	94.8	%	94.3	%	0.5	%	799	746	7.2	%
Denver, CO	1,851	4.1	%	93.9	%	94.4	%	(0.5	%)	935	884	5.7	%
San Diego/Inland Empire, CA	1,196	3.7	%	93.5	%	93.5	%	0.0	%	1,502	1,461	2.8	%
Austin, TX	1,853	2.9	%	94.8	%	94.0	%	0.8	%	825	772	6.8	%
Phoenix, AZ	1,441	2.4	%	93.1	%	92.9	%	0.2	%	804	760	5.8	%
Other	984	2.2	%	94.6	%	94.5	%	0.1	%	984	929	5.9	%

Total Same Property	47,309	100.0	%	94.5	%	93.9	%	0.6	%	$971	$932	4.2	%

(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
	SEPTEMBER 30, 2011
										(In thousands)



(Unaudited)
										% of Actual 2Q11 Operating
Quarterly Comparison (a)		3Q11	3Q10	$ Change			% Change			Expenses

Property taxes		$15,395	$15,125		$270			1.8	%	25.0	%
Salaries and Benefits for On-site Employees		14,759	14,137		622			4.4	%	24.0	%
Utilities		14,501	13,885		616			4.4	%	23.5	%
Repairs and Maintenance		10,239	9,276		963			10.4	%	16.6	%
Property Insurance		2,771	2,701		70			2.6	%	4.5	%
Other		3,921	3,768		153			4.1	%	6.4	%

Total Same Property		$61,586	$58,892		$2,694			4.6	%	100.0	%


										% of Actual 2Q11 Operating
Sequential Comparison (a)		3Q11	2Q11	$ Change			% Change			Expenses

Property taxes		$15,395	$15,733		$(338	)		(2.1	%)	25.0	%
Salaries and Benefits for On-site Employees		14,759	14,322		437			3.1	%	24.0	%
Utilities		14,501	13,219		1,282			9.7	%	23.5	%
Repairs and Maintenance		10,239	9,233		1,006			10.9	%	16.6	%
Property Insurance		2,771	2,998		(227	)		(7.6	%)	4.5	%
Other		3,921	3,780		141			3.7	%	6.4	%

Total Same Property		$61,586	$59,285		$2,301			3.9	%	100.0	%


										% of Actual 2011 Operating
Year to Date Comparison (a)		2011	2010	$ Change			% Change			Expenses

Property taxes		$46,780	$48,056		$(1,276	)		(2.7	%)	26.2	%
Salaries and Benefits for On-site Employees		43,039	40,548		2,491			6.1	%	24.1	%
Utilities		40,648	38,139		2,509			6.6	%	22.7	%
Repairs and Maintenance		28,065	26,744		1,321			4.9	%	15.7	%
Property Insurance		9,032	9,851		(819	)		(8.3	%)	5.0	%
Other		11,272	10,995		277			2.5	%	6.3	%

Total Same Property		$178,836	$174,333		$4,503			2.6	%	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									Nine Months Ended
	September 30,									September 30,
OPERATING DATA (a)	2011			2010						2011			2010
Property Revenues
Rental revenues		$7,937			$7,214						$20,700			$20,947
Other property revenues		1,239			1,110						3,257			3,138
Total property revenues		9,176			8,324						23,957			24,085

Property Expenses
Property operating and maintenance		2,999			2,929						7,619			7,988
Real estate taxes		980			889						2,521			3,008
Total property expenses		3,979			3,818						10,140			10,996

Net Operating Income (NOI)		5,197			4,506						13,817			13,089

Other expenses
Interest		2,377			2,226						6,384			6,535
Depreciation and amortization		3,273			2,363						7,133			6,977
Other		103			161						466			362
Total other expenses		5,753			4,750						13,983			13,874

Equity in income (loss) of joint ventures		$(556	)		$(244	)					$(166	)		$(785	)



	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
		2011			2011			2011			2010			2010
BALANCE SHEET DATA (b)
Land		$199,323			$192,872			$163,596			$151,384			$207,835
Buildings and improvements		1,284,010			1,268,982			978,703			956,422			1,066,607
		1,483,333			1,461,854			1,142,299			1,107,806			1,274,442
Accumulated depreciation		(229,212	)		(217,324	)		(207,860	)		(203,673	)		(210,378	)
Real estate assets, net		1,254,121			1,244,530			934,439			904,133			1,064,064
Properties under development and land		28,694			23,774			-			7,530			26,516
Cash and other assets, net		39,688			46,606			24,780			23,633			30,827
Total assets		$1,322,503			$1,314,910			$959,219			$935,296			$1,121,407

Notes payable		$1,066,924			$1,049,387			$811,319			$810,095			$949,870
Notes payable due to Camden		-			-			-			3,408			17,696
Other liabilities		32,274			24,678			15,101			16,543			19,193
Total liabilities		1,099,198			1,074,065			826,420			830,046			986,759

Members' equity		223,305			240,845			132,799			105,250			134,648
Total liabilities and members' equity		$1,322,503			$1,314,910			$959,219			$935,296			$1,121,407

Camden's equity investment		$37,033			$39,398			$21,196			$27,632			$33,226
Distributions in excess of investment in joint ventures		$(31,799	)		$(31,040	)		$(33,442	)		$(32,288	)		$(34,045	)

Camden's pro-rata share of debt (c)		$212,561			$209,112			$161,526			$193,130			$249,157



PROPERTY DATA (end of period)
Total operating properties		54			53			44			43			43
Total operating apartment homes		16,564			16,324			12,917			12,435			12,834
Pro rata share of operating apartment homes		3,247			3,199			2,517			2,660			2,818
Total development properties		2			2			-			-			1
Total development apartment homes		520			520			-			-			110
Pro rata share of development apartment homes		104			104			-			-			22

(a) Operating data represents Camden's pro-rata share of revenues and expenses.

(b) Balance sheet and property data reported at 100%.

CAMDEN

CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF SEPTEMBER 30, 2011 ($ in millions)

Estimated/Actual Dates for

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 10/30/11

Development Communities Under Construction

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

IN LEASE-UP

Camden La Vina

420

$60.0

$49.9

$27.4

3Q10

3Q11

2Q12

1Q13

35%

25%

Orlando, FL

Camden Summerfield II

187

30.0

23.6

17.8

3Q10

3Q11

1Q12

4Q12

19%

13%

Landover, MD

UNDER CONSTRUCTION

Camden Royal Oaks II

104

14.0

8.0

1Q11

4Q11

2Q12

3Q13

Houston, TX

Camden Montague

192

23.0

9.0

2Q11

2Q12

4Q12

2Q13

Tampa, FL

Camden Town Square

438

66.0

23.1

2Q11

2Q12

3Q13

4Q14

Orlando, FL

Camden Westchase Park

348

52.0

24.6

2Q11

2Q12

1Q13

4Q13

Tampa, FL

Total Development Communities

1,689

$245.0

$138.2

$109.9

Additional Development Pipeline & Land (a)

164.3

Total Properties Under Development and Land (per Balance Sheet)

$274.2

Estimated/Actual Dates for

Joint Venture Camden Developed Communities Under Construction

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

Camden South Capitol

276

$88.0

$23.5

2Q11

��

3Q13

4Q13

3Q14

Washington, DC

Camden Amber Oaks II

244

25.0

4.0

2Q11

2Q12

3Q12

2Q13

Austin, TX

Total Joint Venture Development Communities

520

$113.0

$27.5

(a) Please refer to the Development Pipeline & Land Summary on page 18.

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 SEPTEMBER 30, 2011 ($ in millions)

		Projected
PIPELINE COMMUNITIES (a)		Homes		Cost to Date

1.	Camden NOMA (b)		320		$32.0
	Washington, DC
2.	Camden City Centre II (b)		268		7.0
	Houston, TX
3.	Camden 5400 North Lamar		291		4.9
	Austin, TX
4.	Camden McGowen Station		251		6.2
	Houston, TX
5.	Camden Highlands		400		7.0
	Denver, Co
6.	Camden Paces (c)		700		40.9
	Atlanta, GA

Development Pipeline			2,230		$98.0

LAND HOLDINGS		Acreage		Cost to Date

	Washington, DC		0.9		$17.3
	Los Angeles, CA		2.0		17.3
	Houston, TX		13.2		6.9
	Denver, CO		4.4		4.6
	Dallas, TX		7.2		8.6
	Southeast Florida		2.2		5.0
	Las Vegas, NV		19.6		4.2
	Other		4.8		2.4

Land Holdings			54.3		$66.3

Total Development Pipeline and Land					$164.3

(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)	Construction began subsequent to September 30, 2011.
(c)	Project anticipated to be developed in multiple phases.


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

CAMDEN

ACQUISITIONS & DISPOSITIONS

(Unaudited)

2011 ACQUISITION/DISPOSITION ACTIVITY

Potential

Dispositions to Joint Ventures

Location

Property Type

Apartment Homes

Year Built

Closing Date

1. South Capitol (a)

Washington, DC

Land under development

276

N/A

04/12/11

2. Amber Oaks II (a)

Austin, TX

Land under development

244

N/A

06/16/11

Total Dispositions to Joint Ventures

$12.5

million

520 potential apartment homes

Joint Venture Acquisitions

Location

Property Type

Apartment Homes

Year Built

Closing Date

1. Camden Heights

Houston, TX

Multifamily

352

2004

02/16/11

2. Camden Design District

Dallas, TX

Multifamily

355

2009

03/21/11

3. Camden Phipps

Atlanta, GA

Multifamily

234

1996

03/23/11

4. Camden Visconti

Tampa, FL

Multifamily

450

2007

05/25/11

5. Camden Brushy Creek

Austin, TX

Multifamily

272

2008

06/15/11

6. Camden Cypress Creek

Houston, TX

Multifamily

310

2009

06/15/11

7. Camden Lakemont

Houston, TX

Multifamily

312

2007

06/15/11

8. Camden Northpointe

Houston, TX

Multifamily

384

2008

06/15/11

9. Camden Panther Creek

Dallas, TX

Multifamily

295

2009

06/15/11

10. Camden Westover Hills

San Antonio, TX

Multifamily

288

2010

06/15/11

11. Camden Riverwalk

Dallas, TX

Multifamily

600

2008

06/23/11

12. Camden Shadow Brook

Austin, TX

Multifamily

496

2009

06/23/11

13. Camden Braun Station

San Antonio, TX

Multifamily

240

2006

08/23/11

Total Joint Venture Acquisitions

$455.0

million

4,588 apartment homes

Pro Rata Joint Venture Acquisitions

$91.0

million

Joint Venture Dispositions

Location

Property Type

Apartment Homes / Acreage

Year Built

Closing Date

1. Belle Meade

Houston, TX

Multifamily

119

2010

03/10/11

2. Braeswood Place

Houston, TX

Multifamily

340

2009

03/10/11

3. Lakes at 610

Houston, TX

Undeveloped Land

6.1

N/A

03/10/11

Total Joint Venture Dispositions

$19.3

million (b)

459 apartment homes

6.1 acres

(a) Land parcel sold to a joint venture of which Camden owns a 20% interest.

(b) Net proceeds to Camden after debt.

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


(Unaudited)

DEBT MATURITIES AS OF SEPTEMBER 30, 2011:

	Future Scheduled Repayments													Weighted Average
			Secured		Unsecured						Percent			Interest Rate on
Year	Amortization		Maturities		Maturities			Total			of Total			Maturing Debt
2011		$993		$-		$-			$993			0.0	%		N/A
2012		3,499		101,017		189,667			294,183			12.1	%		5.2	%
2013		2,225		25,831		200,000			228,056			9.4	%		5.4	%
2014		2,187		8,827		-			11,014			0.5	%		6.0	%
2015		2,359		-		250,000			252,359			10.4	%		5.1	%
Thereafter		80,642		819,107		746,750			1,646,499			67.6	%		4.6	%
Total Maturing Debt		$91,905		$954,782		$1,386,417			$2,433,104			100.0	%		4.8	%

Unsecured Line of Credit		-		-		-			-			-			N/A
Total Debt		$91,905		$954,782		$1,386,417			$2,433,104			100.0	%		4.8	%

Weighted Average Maturity of Debt			7.0 Years


								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt				$245,858		10.1	%		1.1	%	7.8 Years
Fixed rate debt				2,187,246		89.9	%		5.3	%	6.9 Years
Total				$2,433,104		100.0	%		4.8	%	7.0 Years

								Weighted Average
SECURED vs. UNSECURED DEBT:			Balance		% of Total			Interest Rate			Time to Maturity
Unsecured debt				$1,380,560		56.7	%		5.3	%	6.0 Years
Secured debt				1,052,544		43.3	%		4.2	%	8.4 Years
Total				$2,433,104		100.0	%		4.8	%	7.0 Years

								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt				$806,686		76.6	%		5.2	%	8.6 Years
Conventional variable-rate mortgage debt				206,476		19.6	%		1.1	%	6.1 Years
Tax exempt variable rate debt				39,382		3.8	%		1.6	%	16.7 Years
Total				$1,052,544		100.0	%		4.2	%	8.4 Years

REAL ESTATE ASSETS: (a)			Total Homes		% of Total			Total Cost			% of Total
Unencumbered real estate assets				38,430		73.0	%		$4,154,050			71.6	%
Encumbered real estate assets				14,186		27.0	%		1,644,850			28.4	%
Total				52,616		100.0	%		$5,798,900			100.0	%

			Ratio of unencumbered assets at cost to unsecured debt is 3.0 times

(a) 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
4Q 2011	$993	$-	$-	$993	N/A
2011	$993	$-	$-	$993	N/A


1Q 2012	$1,006	$-	$-	$1,006	N/A
2Q 2012	1,003	-	-	1,003	N/A
3Q 2012	846	101,017	-	101,863	3.9%
4Q 2012	644	-	189,667	190,311	5.9%
2012	$3,499	$101,017	$189,667	$294,183	5.2%

CAMDEN		DEBT COVENANT ANALYSIS



(Unaudited)


UNSECURED LINE OF CREDIT


Covenant (a)	Required	Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	≤ 60%	39%	Yes

Secured Debt to Gross Asset Value	≤ 35%	16%	Yes

Consolidated EBITDA to Total Fixed Charges	≥ 150%	259%	Yes

Unencumbered Adjusted NOI to Total Unsecured Debt	> 10.5%	18%	Yes



SENIOR UNSECURED NOTES

Covenant (a)	Required	Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	≤ 60%	41%	Yes

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

Total Unencumbered Asset Value to Total Unsecured Debt	≥ 150%	312%	Yes

Consolidated Income Available for Debt Service to Total	> 150%	292%	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, 2011:

	Future Scheduled Repayments									Weighted Average
			Secured				Percent			Interest Rate on
Year (a)	Amortization		Maturities		Total		of Total			Maturing Debt
2011		$321		$0		$321		0.2	%		N/A
2012		1,378		117,662		119,040		56.0	%		4.9	%
2013		1,646	- '			1,646		0.8	%		N/A
2014		1,763		11,710		13,473		6.3	%		5.7	%
2015		1,635		9,363		10,998		5.2	%		2.5	%
Thereafter		7,076		57,604		64,679		30.4	%		4.0	%
Total Maturing Debt		$13,819		$196,338		$210,157		98.9	%		4.5	%

Subscription lines of credit (b)	- '			2,404		2,404		1.1	%		1.5	%
Total Debt		$13,819		$198,742		$212,561		100.0	%		4.5	%

Weighted Average Maturity of Debt (a)			3.1 Years

						Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total			Interest Rate			Time to Maturity (a)
Floating rate debt		$23,050		10.8	%		1.5	%	5.4 Years
Fixed rate debt		189,511		89.2	%		4.9	%	2.8 Years
Total		$212,561		100.0	%		4.5	%	3.1 Years

						Weighted Average
SECURED DEBT DETAIL:	Balance		% of Total			Interest Rate			Time to Maturity (a)
Conventional fixed-rate mortgage debt		$189,511		89.2	%		4.9	%	2.8 Years
Conventional variable-rate mortgage debt		9,680		4.6	%		1.5	%	2.7 Years
Tax exempt variable rate debt		4,579		2.1	%		0.5	%	20.5 Years
Variable-rate construction loans		6,387		3.0	%		2.1	%	0.4 Years
Subscription lines of credit		2,404		1.1	%		1.5	%	0.8 Years
Total		$212,561		100.0	%		4.5	%	3.1 Years

REAL ESTATE ASSETS: (c)	Total Homes		Total Cost
Operating real estate assets		16,564		$1,483,333
Properties under development and land		520		28,694
Total		17,084		$1,512,027

(a)	Excluding unexercised extension options.
(b)	As of September 30, 2011 these borrowings were drawn under the subscription secured lines of credit with $22.5 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:

				Weighted Average
	Future Scheduled Repayments			Interest Rate on
Quarter	Amortization	Secured Maturities	Total	Maturing Debt
4Q 2011(a)	$321	$1,431	$1,752	1.5%
2011	$321	$1,431	$1,752	1.5%


1Q 2012	$334	$6,387	$6,721	2.1%
2Q 2012	337	54,521	54,858	5.1%
3Q 2012	347	35,980	36,327	4.7%
4Q 2012	360	20,774	21,134	5.8%
2012	$1,378	$117,662	$119,040	4.9%

(a)	4Q 2011 maturities include a subscription secured line of credit with $1,431 (Camden's pro-rata share) outstanding as of September 30, 2011. The line of credit
	has $7.5 million in total capacity.

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



(Unaudited)
	Third Quarter 2011
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (a)	Total		Per Unit				Total		Per Unit
Interiors
Floor coverings	5.5 years		$3,760		$74				$1,062		$21
Appliances	9.7 years		1,810		36				220		4
Painting	-		-		-				2,006		39
Cabinetry/Countertops	10.0 years		390		8				-		-
Other	8.9 years		1,328		26				481		9
Exteriors
Painting	5.0 years		2,312		45				-		-
Carpentry	10.0 years		784		15				-		-
Landscaping	5.9 years		427		8				2,518		49
Roofing	20.0 years		472		9				79		2
Site Drainage	10.0 years		71		1				-		-
Fencing/Stair	10.0 years		288		6				-		-
Other (b)	8.5 years		1,632		32				3,224		63
Common Areas
Mech., Elec., Plumbing	9.6 years		1,221		24				1,170		23
Parking/Paving	5.0 years		342		7				-		-
Pool/Exercise/Facility	8.4 years		981		19				414		8

Total			$15,818		$311				$11,174		$219

Weighted Average Apartment Homes					50,921						50,921

	Year to Date 2011
	Capitalized							Expensed
	Weighted Average
Item	Useful Life (c)	Total		Per Unit				Total		Per Unit
Interiors
Floor coverings	5.5 years		$8,513		$167				$2,553		$50
Appliances	9.7 years		4,157		82				583		11
Painting	-		-		-				4,778		94
Cabinetry/Countertops	10.0 years		950		19				-		-
Other	8.9 years		3,117		61				1,422		28
Exteriors
Painting	5.0 years		4,544		89				-		-
Carpentry	10.0 years		2,072		41				-		-
Landscaping	5.9 years		1,231		24				8,168		160
Roofing	20.0 years		1,945		38				185		4
Site Drainage	10.0 years		234		5				-		-
Fencing/Stair	10.0 years		734		14				-		-
Other (b)	8.5 years		4,976		98				8,595		169
Common Areas
Mech., Elec., Plumbing	9.6 years		3,929		77				3,069		60
Parking/Paving	5.0 years		949		19				-		-
Pool/Exercise/Facility	8.4 years		4,049		80				1,095		22

Total			$41,400		$813				$30,448		$598


Weighted Average Apartment Homes					50,895						50,895

(a)	Weighted average useful life of capitalized expenses for the three months ended September 30, 2011.
(b)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(c)	Weighted average useful life of capitalized expenses for the nine months ended September 30, 2011.

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,
	2011		2010		2011			2010
Net income attributable to common shareholders (a)		$11,840		$1,650		$2,529			$6,069
Real estate depreciation from continuing operations		43,286		41,806		133,342			124,399
Real estate depreciation from discontinued operations		-		651		-			2,276
Adjustments for unconsolidated joint ventures		3,223		2,292		7,042			6,753
(Gain) on sale of unconsolidated joint venture interests		-		-		(1,136	)		-
Income allocated to noncontrolling interests		458		281		1,494			864
Funds from operations - diluted		$58,807		$46,680		$143,271			$140,361

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		74,274		69,441		73,217			68,169
FFO diluted		76,494		72,025		75,685			70,779

Net income attributable to common shareholders - diluted		$0.16		$0.02		$0.03			$0.09
FFO per common share - diluted		$0.77		$0.65		$1.89			$1.98

(a)	Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship
	for the nine months ended September 30,2011.

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:

	4Q11 Range						2011 Range
	Low			High			Low			High

Expected net income attributable to common shareholders per share - diluted		$0.20			$0.24			$0.24			$0.28
Expected difference between fully diluted EPS and FFO shares		(0.02	)		(0.02	)		(0.07	)		(0.07	)
Expected real estate depreciation		0.58			0.58			2.38			2.38
Expected adjustments for unconsolidated joint ventures		0.04			0.04			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		0.01			0.01			0.03			0.03
Expected FFO per share - diluted		$0.81			$0.85			$2.70			$2.74

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						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Net income attributable to common shareholders		$11,840			$1,650			$2,529			$6,069
Less: Fee and asset management income		(2,646	)		(2,145	)		(6,955	)		(6,028	)
Less: Interest and other (income) loss		108			(451	)		(4,749	)		(3,988	)
Less: (Income) loss on deferred compensation plans		6,096			(6,918	)		(1,233	)		(6,818	)
Plus: Property management expense		5,050			4,789			15,478			14,994
Plus: Fee and asset management expense		1,330			1,155			4,220			3,611
Plus: General and administrative expense		8,572			7,568			26,392			22,339
Plus: Interest expense		27,354			31,781			85,472			95,078
Plus: Depreciation and amortization		44,558			43,034			137,111			128,012
Plus: Amortization of deferred financing costs		1,344			1,185			4,761			2,624
Plus: Expense (benefit) on deferred compensation plans		(6,096	)		6,918			1,233			6,818
Less: Gain on sale of properties, including land		-			-			(4,748	)		(236	)
Less: Gain on sale of unconsolidated joint venture interests		-			-			(1,136	)		-
Less: Equity in (income) loss of joint ventures		556			244			166			785
Plus: Loss on discontinuation of hedging relationship		-			-			29,791			-
Plus: Income allocated to perpetual preferred units		1,750			1,750			5,250			5,250
Plus: Income allocated to noncontrolling interests		761			432			2,118			542
Plus: Income tax expense - current		313			712			1,889			1,286
Less: Income from discontinued operations		-			(1,081	)		-			(2,743	)
Net Operating Income (NOI)		$100,890			$90,623			$297,589			$267,595

"Same Property" Communities		$92,154			$85,796			$271,903			$254,586
Non-"Same Property" Communities		8,298			5,066			24,964			13,356
Development and Lease-Up Communities		83			-			83			-
Other		355			(239	)		639			(347	)
Net Operating Income (NOI)		$100,890			$90,623			$297,589			$267,595

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				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011			2010
Net income attributable to common shareholders		$11,840		$1,650		$2,529			$6,069
Plus: Interest expense		27,354		31,781		85,472			95,078
Plus: Amortization of deferred financing costs		1,344		1,185		4,761			2,624
Plus: Depreciation and amortization		44,558		43,034		137,111			128,012
Plus: Income allocated to perpetual preferred units		1,750		1,750		5,250			5,250
Plus: Income allocated to noncontrolling interests		761		432		2,118			542
Plus: Income tax expense - current		313		712		1,889			1,286
Plus: Real estate depreciation from discontinued operations		-		651		-			2,276
Less: Gain on sale of properties, including land		-		-		(4,748	)		(236	)
Less: Gain on sale of unconsolidated joint venture interests		-		-		(1,136	)		-
Less: Equity in (income) loss of joint ventures		556		244		166			785
Plus: Loss on discontinuation of hedging relationship		-		-		29,791			-
EBITDA		$88,476		$81,439		$263,203			$241,686

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 '11

Q1 '12

Q2 '12

Q3 '12

Earnings release & conference call

Early Feb

Early May

Late July

Early Nov

Dividend Information - Common Shares:

Q1 '11

Q2 '11

Q3 '11

Declaration Date

03/14/11

06/15/11

09/15/11

Record Date

03/31/11

06/30/11

09/30/11

Payment Date

04/18/11

07/18/11

10/17/11

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 09/30/11
(Unaudited)
								3Q11 Avg
				Year Placed	Average	Apartment	3Q11 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	95%		$817		$1.04
Camden Fountain Palms (1)	Peoria		AZ	1986/1996	1,050	192	91%		672		0.64
Camden Legacy	Scottsdale		AZ	1996	1,067	428	94%		898		0.84
Camden Pecos Ranch (1)	Chandler		AZ	2001	924	272	95%		802		0.87
Camden San Paloma	Scottsdale		AZ	1993/1994	1,042	324	93%		933		0.90
Camden Sierra (1)	Peoria		AZ	1997	925	288	91%		664		0.72
Camden Towne Center (1)	Glendale		AZ	1998	871	240	92%		663		0.76
Camden Vista Valley	Mesa		AZ	1986	923	357	93%		636		0.69
TOTAL ARIZONA	8		Properties		951	2,433	93%		774		0.81

Camden Crown Valley	Mission Viejo	��	CA	2001	1,009	380	96%		1,542		1.53
Camden Harbor View	Long Beach		CA	2004	975	538	94%		1,922		1.97
Camden Main and Jamboree	Irvine		CA	2008	1,011	290	96%		1,801		1.78
Camden Martinique	Costa Mesa		CA	1986	794	714	96%		1,284		1.62
Camden Parkside (1)	Fullerton		CA	1972	836	421	95%		1,185		1.42
Camden Sea Palms	Costa Mesa		CA	1990	891	138	97%		1,455		1.63
Total Los Angeles/Orange County	6		Properties		904	2,481	96%		1,515		1.68

Camden Old Creek	San Marcos		CA	2007	1,037	350	95%		1,581		1.52
Camden Sierra at Otay Ranch	Chula Vista		CA	2003	962	422	95%		1,507		1.57
Camden Tuscany	San Diego		CA	2003	896	160	96%		1,937		2.16
Camden Vineyards	Murrieta		CA	2002	1,053	264	94%		1,230		1.17
Total San Diego/Inland Empire	4		Properties		995	1,196	95%		1,525		1.53

TOTAL CALIFORNIA	10		Properties		934	3,677	95%		1,518		1.63

Camden Caley	Englewood		CO	2000	925	218	95%		940		1.02
Camden Centennial	Littleton		CO	1985	744	276	94%		704		0.95
Camden Denver West (1)	Golden		CO	1997	1,015	320	97%		1,095		1.08
Camden Highlands Ridge	Highlands Ranch		CO	1996	1,149	342	94%		1,172		1.02
Camden Interlocken	Broomfield		CO	1999	1,022	340	95%		1,164		1.14
Camden Lakeway	Littleton		CO	1997	932	451	94%		917		0.98
Camden Pinnacle	Westminster		CO	1985	748	224	93%		738		0.99
TOTAL COLORADO	7		Properties		949	2,171	95%		979		1.03

Camden Ashburn Farms	Ashburn		VA	2000	1,062	162	99%		1,443		1.36
Camden Clearbrook	Frederick		MD	2007	1,048	297	98%		1,311		1.25
Camden College Park	College Park		MD	2008	942	508	96%		1,563		1.66
Camden Dulles Station	Oak Hill		VA	2009	984	366	97%		1,567		1.59
Camden Fair Lakes	Fairfax		VA	1999	1,056	530	97%		1,601		1.52
Camden Fairfax Corner	Fairfax		VA	2006	934	488	96%		1,620		1.74
Camden Fallsgrove	Rockville		MD	2004	996	268	98%		1,631		1.64
Camden Grand Parc	Washington		DC	2002	674	105	93%		2,485		3.68
Camden Lansdowne	Leesburg		VA	2002	1,006	690	97%		1,378		1.37
Camden Largo Town Center	Largo		MD	2000/2007	1,027	245	95%		1,597		1.55
Camden Monument Place	Fairfax		VA	2007	856	368	96%		1,477		1.73
Camden Potomac Yard	Arlington		VA	2008	835	378	96%		1,939		2.32
Camden Roosevelt	Washington		DC	2003	856	198	98%		2,348		2.74
Camden Russett	Laurel		MD	2000	992	426	94%		1,390		1.40
Camden Silo Creek	Ashburn		VA	2004	975	284	97%		1,388		1.42
Camden Summerfield	Landover		MD	2008	957	291	94%		1,557		1.63
TOTAL DC METRO	16		Properties		963	5,604	96%		1,579		1.64

Camden Aventura	Aventura		FL	1995	1,108	379	92%		1,446		1.30
Camden Brickell	Miami		FL	2003	937	405	96%		1,524		1.63
Camden Doral	Miami		FL	1999	1,120	260	95%		1,505		1.34
Camden Doral Villas	Miami		FL	2000	1,253	232	94%		1,619		1.29
Camden Las Olas	Ft. Lauderdale		FL	2004	1,043	420	93%		1,623		1.56
Camden Plantation	Plantation		FL	1997	1,201	502	94%		1,280		1.07
Camden Portofino	Pembroke Pines		FL	1995	1,112	322	94%		1,320		1.19
Total Southeast Florida	7		Properties		1,103	2,520	94%		1,461		1.32

Camden Club	Longwood		FL	1986	1,077	436	95%		841		0.78
Camden Hunter's Creek	Orlando		FL	2000	1,075	270	97%		955		0.89
Camden Lago Vista	Orlando		FL	2005	955	366	96%		866		0.91
Camden Landings	Orlando		FL	1983	748	220	95%		658		0.88
Camden Lee Vista	Orlando		FL	2000	937	492	97%		834		0.89
Camden Orange Court	Orlando		FL	2008	817	268	93%		1,080		1.32
Camden Renaissance	Altamonte Springs		FL	1996/1998	899	578	94%		796		0.89
Camden Reserve	Orlando		FL	1990/1991	824	526	95%		707		0.86
Camden World Gateway	Orlando		FL	2000	979	408	94%		935		0.95
Total Orlando	9		Properties		928	3,564	95%		841		0.91

CAMDEN						COMMUNITY TABLE
						Community Statistics as of 09/30/11
(Unaudited)
							3Q11 Avg
			Year Placed	Average	Apartment	3Q11 Avg	Monthly Rental Rates
Community Name	City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.
Camden Bay	Tampa	FL	1997/2001	943	760	95%	849	0.90
Camden Bay Pointe	Tampa	FL	1984	771	368	94%	684	0.89
Camden Bayside	Tampa	FL	1987/1989	748	832	96%	748	1.00
Camden Citrus Park	Tampa	FL	1985	704	247	96%	660	0.94
Camden Lakes	St. Petersburg	FL	1982/1983	732	688	94%	669	0.91
Camden Lakeside	Brandon	FL	1986	729	228	93%	724	0.99
Camden Live Oaks	Tampa	FL	1990	1,093	770	94%	777	0.71
Camden Preserve	Tampa	FL	1996	942	276	95%	1,008	1.07
Camden Providence Lakes	Brandon	FL	1996	1,024	260	93%	892	0.87
Camden Royal Palms	Brandon	FL	2006	1,017	352	93%	939	0.92
Camden Visconti (1)	Tampa	FL	2007	1,125	450	97%	1,083	0.96
Camden Westshore	Tampa	FL	1986	728	278	95%	816	1.12
Camden Woods	Tampa	FL	1986	1,223	444	96%	821	0.67
Total Tampa/St. Petersburg	13	Properties		914	5,953	95%	811	0.89

TOTAL FLORIDA	29	Properties		958	12,037	95%	956	1.00

Camden Brookwood	Atlanta	GA	2002	912	359	97%	959	1.05
Camden Deerfield	Alpharetta	GA	2000	1,187	292	94%	929	0.78
Camden Dunwoody	Atlanta	GA	1997	1,007	324	96%	872	0.87
Camden Ivy Hall (1)	Atlanta	GA	2010	1,181	110	95%	1,616	1.37
Camden Midtown Atlanta	Atlanta	GA	2001	935	296	95%	960	1.03
Camden Peachtree City	Peachtree City	GA	2001	1,027	399	95%	898	0.87
Camden Phipps (1)	Atlanta	GA	1996	1,018	234	95%	1,125	1.11
Camden River	Duluth	GA	1997	1,103	352	94%	869	0.79
Camden Shiloh	Kennesaw	GA	1999/2002	1,143	232	96%	845	0.74
Camden St. Clair	Atlanta	GA	1997	999	336	94%	881	0.88
Camden Stockbridge	Stockbridge	GA	2003	1,009	304	93%	742	0.73
Camden Sweetwater	Lawrenceville	GA	2000	1,151	308	94%	713	0.62
TOTAL GEORGIA	12	Properties		1,045	3,546	95%	909	0.87

Camden Brookside (1)	Louisville	KY	1987	732	224	95%	700	0.96
Camden Meadows (1)	Louisville	KY	1987/1990	746	400	96%	712	0.95
Camden Oxmoor (1)	Louisville	KY	2000	903	432	97%	878	0.97
Camden Prospect Park (1)	Louisville	KY	1990	916	138	98%	795	0.87
TOTAL KENTUCKY	4	Properties		820	1,194	96%	779	0.95

Camden Passage (1)	Kansas City	MO	1989/1997	834	596	92%	667	0.80
Total Kansas City	1	Property		834	596	92%	667	0.80

Camden Cedar Lakes (1)	Lake St. Louis	MO	1986	852	420	92%	645	0.76
Camden Cove West (1)	Creve Coeur	MO	1990	828	276	98%	847	1.02
Camden Cross Creek (1)	St. Louis	MO	1973/1980	947	591	95%	773	0.82
Camden Westchase (1)	St. Louis	MO	1986	945	160	98%	870	0.92
Total St. Louis	4	Properties		896	1,447	95%	761	0.85

TOTAL MISSOURI	5	Properties		878	2,043	94%	733	0.84

Camden Bel Air	Las Vegas	NV	1988/1995	943	528	92%	714	0.76
Camden Breeze	Las Vegas	NV	1989	846	320	93%	721	0.85
Camden Canyon	Las Vegas	NV	1995	987	200	95%	844	0.86
Camden Commons	Henderson	NV	1988	936	376	91%	742	0.79
Camden Cove	Las Vegas	NV	1990	898	124	90%	709	0.79
Camden Del Mar	Las Vegas	NV	1995	986	560	96%	896	0.91
Camden Fairways	Henderson	NV	1989	896	320	97%	869	0.97
Camden Hills	Las Vegas	NV	1991	439	184	89%	502	1.14
Camden Legends	Henderson	NV	1994	792	113	93%	821	1.04
Camden Palisades	Las Vegas	NV	1991	905	624	93%	723	0.80
Camden Pines (1)	Las Vegas	NV	1997	982	315	93%	793	0.81
Camden Pointe	Las Vegas	NV	1996	983	252	94%	735	0.75
Camden Summit (1)	Henderson	NV	1995	1,187	234	92%	1,089	0.92
Camden Tiara (1)	Las Vegas	NV	1996	1,043	400	92%	847	0.81
Camden Vintage	Las Vegas	NV	1994	978	368	91%	717	0.73
Oasis Bay (1)	Las Vegas	NV	1990	876	128	97%	750	0.86
Oasis Crossings (1)	Las Vegas	NV	1996	983	72	94%	748	0.76
Oasis Emerald (1)	Las Vegas	NV	1988	873	132	94%	625	0.72
Oasis Gateway (1)	Las Vegas	NV	1997	1,146	360	92%	781	0.68
Oasis Island (1)	Las Vegas	NV	1990	901	118	91%	636	0.71
Oasis Landing (1)	Las Vegas	NV	1990	938	144	94%	697	0.74
Oasis Meadows (1)	Las Vegas	NV	1996	1,031	383	92%	734	0.71
Oasis Palms (1)	Las Vegas	NV	1989	880	208	92%	674	0.77
Oasis Pearl (1)	Las Vegas	NV	1989	930	90	92%	711	0.76
Oasis Place (1)	Las Vegas	NV	1992	440	240	86%	495	1.12
Oasis Ridge (1)	Las Vegas	NV	1984	391	477	84%	421	1.08
Oasis Sierra (1)	Las Vegas	NV	1998	923	208	95%	787	0.85
Oasis Springs (1)	Las Vegas	NV	1988	838	304	91%	591	0.71
Oasis Vinings (1)	Las Vegas	NV	1994	1,152	234	91%	733	0.64
TOTAL NEVADA	29	Properties		903	8,016	92%	731	0.81

CAMDEN						COMMUNITY TABLE
						Community Statistics as of 09/30/11
(Unaudited)
							3Q11 Avg
			Year Placed	Average	Apartment	3Q11 Avg	Monthly Rental Rates
Community Name	City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.
Camden Ballantyne	Charlotte	NC	1998	1,045	400	95%	889	0.85
Camden Cotton Mills	Charlotte	NC	2002	905	180	99%	1,083	1.20
Camden Dilworth	Charlotte	NC	2006	857	145	97%	1,119	1.31
Camden Fairview	Charlotte	NC	1983	1,036	135	97%	820	0.79
Camden Forest	Charlotte	NC	1989	703	208	90%	577	0.82
Camden Foxcroft	Charlotte	NC	1979	940	156	97%	758	0.81
Camden Grandview	Charlotte	NC	2000	1,057	266	97%	1,223	1.16
Camden Habersham	Charlotte	NC	1986	773	240	97%	644	0.83
Camden Park Commons	Charlotte	NC	1997	861	232	93%	650	0.76
Camden Pinehurst	Charlotte	NC	1967	1,147	407	97%	762	0.66
Camden Sedgebrook	Charlotte	NC	1999	972	368	96%	810	0.83
Camden Simsbury	Charlotte	NC	1985	874	100	95%	764	0.87
Camden South End Square	Charlotte	NC	2003	882	299	97%	1,032	1.17
Camden Stonecrest	Charlotte	NC	2001	1,098	306	96%	926	0.84
Camden Touchstone	Charlotte	NC	1986	899	132	98%	737	0.82
Total Charlotte	15	Properties		961	3,574	96%	858	0.89

Camden Crest	Raleigh	NC	2001	1,013	438	94%	778	0.77
Camden Governor's Village	Chapel Hill	NC	1999	1,046	242	93%	893	0.85
Camden Lake Pine	Apex	NC	1999	1,066	446	95%	820	0.77
Camden Manor Park	Raleigh	NC	2006	966	484	97%	847	0.88
Camden Overlook	Raleigh	NC	2001	1,060	320	95%	902	0.85
Camden Reunion Park	Apex	NC	2000/2004	972	420	92%	713	0.73
Camden Westwood	Morrisville	NC	1999	1,027	354	97%	774	0.75
Total Raleigh	7	Properties		1,017	2,704	95%	811	0.80

TOTAL NORTH CAROLINA	22	Properties		985	6,278	95%	838	0.85

Camden Valleybrook	Chadds Ford	PA	2002	992	352	94%	1,351	1.36
TOTAL PENNSYLVANIA	1	Property		992	352	94%	1,351	1.36

Camden Amber Oaks (1)	Austin	TX	2009	862	348	95%	820	0.95
Camden Brushy Creek (1)	Cedar Park	TX	2008	882	272	98%	791	0.90
Camden Cedar Hills	Austin	TX	2008	911	208	97%	986	1.08
Camden Gaines Ranch	Austin	TX	1997	955	390	96%	1,011	1.06
Camden Huntingdon	Austin	TX	1995	903	398	97%	767	0.85
Camden Laurel Ridge	Austin	TX	1986	702	183	95%	607	0.87
Camden Ridgecrest	Austin	TX	1995	855	284	96%	705	0.82
Camden Shadow Brook (1)	Austin	TX	2009	909	496	97%	880	0.97
Camden South Congress (1)	Austin	TX	2001	975	253	96%	1,446	1.48
Camden Stoneleigh	Austin	TX	2001	908	390	95%	906	1.00
Total Austin	10	Properties		895	3,222	96%	891	1.00

Camden Breakers	Corpus Christi	TX	1996	868	288	95%	947	1.09
Camden Copper Ridge	Corpus Christi	TX	1986	775	344	93%	702	0.91
Camden Miramar (2)	Corpus Christi	TX	1994-2011	488	855	64%	992	2.14
Camden South Bay (1)	Corpus Christi	TX	2007	1,055	270	94%	1,082	1.03
Total Corpus Christi	4	Properties		693	1,757	94%	942	1.36

Camden Addison (1)	Addison	TX	1996	942	456	96%	800	0.85
Camden Buckingham	Richardson	TX	1997	919	464	97%	810	0.88
Camden Centreport	Ft. Worth	TX	1997	911	268	97%	800	0.88
Camden Cimarron	Irving	TX	1992	772	286	96%	826	1.07
Camden Design District (1)	Dallas	TX	2009	939	355	93%	1,119	1.19
Camden Farmers Market	Dallas	TX	2001/2005	932	904	95%	928	1.00
Camden Gardens	Dallas	TX	1983	652	256	97%	556	0.85
Camden Glen Lakes	Dallas	TX	1979	877	424	97%	776	0.89
Camden Legacy Creek	Plano	TX	1995	831	240	96%	866	1.04
Camden Legacy Park	Plano	TX	1996	871	276	97%	875	1.01
Camden Panther Creek (1)	Frisco	TX	2009	946	295	96%	961	1.02
Camden Riverwalk (1)	Grapevine	TX	2008	982	600	95%	1,135	1.16
Camden Springs	Dallas	TX	1987	713	304	95%	570	0.80
Camden Valley Creek	Irving	TX	1984	855	380	93%	640	0.75
Camden Valley Park	Irving	TX	1986	743	516	95%	761	1.02
Camden Valley Ridge	Irving	TX	1987	773	408	92%	599	0.77
Camden Westview	Lewisville	TX	1983	697	335	94%	610	0.88
Total Dallas/Ft. Worth	17	Properties		860	6,767	95%	823	0.96

CAMDEN						COMMUNITY TABLE
						Community Statistics as of 09/30/11
(Unaudited)
							3Q11 Avg
			Year Placed	Average	Apartment	3Q11 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	94%	790	0.94
Camden City Centre	Houston	TX	2007	932	379	97%	1,309	1.41
Camden Creek	Houston	TX	1984	639	456	93%	592	0.93
Camden Cypress Creek (1)	Cypress	TX	2009	993	310	97%	1,044	1.05
Camden Greenway	Houston	TX	1999	861	756	96%	1,071	1.24
Camden Heights (1)	Houston	TX	2004	927	352	97%	1,170	1.26
Camden Holly Springs (1)	Houston	TX	1999	934	548	94%	905	0.97
Camden Lakemont (1)	Richmond	TX	2007	904	312	97%	867	0.96
Camden Midtown	Houston	TX	1999	844	337	96%	1,272	1.51
Camden Northpointe (1)	Tomball	TX	2008	940	384	96%	922	0.98
Camden Oak Crest	Houston	TX	2003	870	364	93%	845	0.97
Camden Park (1)	Houston	TX	1995	866	288	95%	800	0.92
Camden Plaza	Houston	TX	2007	915	271	96%	1,305	1.43
Camden Royal Oaks	Houston	TX	2006	923	236	91%	1,155	1.25
Camden Steeplechase	Houston	TX	1982	748	290	93%	639	0.85
Camden Stonebridge	Houston	TX	1993	845	204	96%	814	0.96
Camden Sugar Grove (1)	Stafford	TX	1997	921	380	94%	858	0.93
Camden Travis Street (1)	Houston	TX	2010	819	253	98%	1,290	1.58
Camden Vanderbilt	Houston	TX	1996/1997	863	894	97%	1,155	1.34
Camden Whispering Oaks	Houston	TX	2008	934	274	96%	998	1.07
Camden Yorktown (1)	Houston	TX	2008	995	306	95%	923	0.93
Total Houston	21	Properties		878	7,866	95%	996	1.13

Camden Braun Station (1)	San Antonio	TX	2006	827	240	98%	823	1.00
Camden Westover Hills (1)	San Antonio	TX	2010	959	288	97%	1,025	1.07
Total San Antonio	2	Properties		899	528	97%	933	1.04

TOTAL TEXAS	54	Properties		859	20,140	95%	915	1.06

TOTAL PROPERTIES	197	Properties		923	67,491	95%	$972	$1.05

(1)	Communities owned through investment in joint venture.
(2)	Miramar is a student housing community which is excluded from total occupancy numbers.

Camden Property Trust (CPT) 8-KResults of Operations and Financial Condition