Camden Property Trust 8K 12.5% Dividend Increase and 2013 Financial Outlook | CPT 1 Feb 13

EXHIBIT 99.2

FOURTH QUARTER 2012

Supplemental Operating and Financial Data

Camden Belleview Station - Denver, CO

Year Built -2009

270 Apartment Homes

Acquired December 20, 2012

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" Fourth 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
2013 Financial Outlook		26
Non-GAAP Financial Measures - Definitions & Reconciliations		27
Other Data		29
Community Table		30

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 2012 OPERATING RESULTS,

12.5% DIVIDEND INCREASE AND 2013 FINANCIAL OUTLOOK

Houston, TEXAS (January 31, 2013) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and twelve months ended December 31, 2012.

Funds from Operations (“FFO”)

FFO for the fourth quarter of 2012 totaled $0.97 per diluted share or $85.9 million, as compared to $0.84 per diluted share or $64.3 million for the same period in 2011. FFO for the twelve months ended December 31, 2012 totaled $3.62 per diluted share or $313.3 million, as compared to $2.73 per diluted share or $207.5 million for the same period in 2011.

FFO for the twelve months ended December 31, 2012 included a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units. FFO for the twelve months ended December 31, 2011 included: a $0.40 per diluted share charge 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; and a net $3.3 million or $0.04 per diluted share gain on sale of an available-for-sale investment.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $142.2 million or $1.60 per diluted share for the fourth quarter of 2012, as compared to $46.8 million or $0.62 per diluted share for the same period in 2011. EPS for the three months ended December 31, 2012 included: a $17.2 million or $0.20 per diluted share gain on acquisition of controlling interests in joint ventures; an $82.5 million or $0.94 per diluted share gain on sale of discontinued operations; and a $14.5 million or $0.17 per diluted share gain on sale of unconsolidated joint venture properties. EPS for the three months ended December 31, 2011 included a $24.6 million or $0.33 per diluted share gain on sale of discontinued operations, and a $6.4 million or $0.09 per diluted share gain on sale of unconsolidated joint venture properties.

For the twelve months ended December 31, 2012, Camden reported net income attributable to common shareholders of $283.4 million or $3.30 per diluted share, as compared to $49.4 million or $0.66 per diluted share for the same period in 2011. EPS for the twelve months ended December 31, 2012 included: a $57.4 million or $0.67 per diluted share gain on acquisition of controlling interests in joint ventures; a $115.1 million or $1.34 per diluted share gain on sale of discontinued operations; a $17.4 million or $0.20 per diluted share gain on sale of unconsolidated joint venture properties; and a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units. EPS for the twelve months ended December 31, 2011 included: a $24.6 million or $0.34 per diluted share gain on sale of discontinued operations; a $6.4 million or $0.09 per diluted share gain on sale of unconsolidated joint venture properties; a $0.41 per diluted share charge 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 gain on sale of an available-for-sale investment; and a $1.1 million or $0.02 per diluted share gain on sale of unconsolidated joint venture interests.

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

Same-Property Results

For the 44,774 apartment homes included in consolidated same-property results, fourth quarter 2012 same-property net operating income (“NOI”) increased 8.0% compared to the fourth quarter of 2011, with revenues increasing 6.6% and expenses increasing 4.1%. On a sequential basis, fourth quarter 2012 same-property NOI increased 1.7% compared to the third quarter of 2012, with revenues up slightly and expenses declining 2.8% compared to the prior quarter. On a full-year basis, 2012 same-property NOI increased 9.2%, with revenues increasing 6.5% and expenses increasing 2.2% compared to the same period in 2011. Same-property physical occupancy levels for the combined portfolio averaged 95.1% during the fourth quarter of 2012, compared to 94.6% in the fourth quarter of 2011 and 95.6% in the third quarter of 2012.

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

Acquisition Activity

During the fourth quarter, Camden acquired three communities with 839 apartment homes for a total of $145.0 million: Camden Montierra, a 249-home apartment community in Scottsdale, AZ; Camden San Marcos, a 320-home apartment community in Scottsdale, AZ; and Camden Belleview Station, a 270-home apartment community in Denver, CO. The Company also purchased the remaining 50% ownership interest in an unconsolidated joint venture for approximately $15.9 million and assumed approximately $26.2 million in mortgage debt. The Company now owns 100% of Camden Denver West, a 320-home apartment community located in Denver, CO.

In addition, Camden acquired 2.4 acres of land in Plantation, FL and 3.5 acres of land in Charlotte, NC during the fourth quarter for future development of two multifamily communities.

Disposition Activity

The Company disposed of eight wholly-owned communities with 2,180 apartment homes during the quarter for a total of $177.6 million. The eight communities had an average age of 19 years and were located in Houston, Austin, Dallas, Atlanta, Charlotte and Philadelphia. Camden also sold six joint venture communities with 2,153 apartment homes during the quarter for a total of $178.5 million. The six joint venture communities had an average age of 25 years and were located in Atlanta, St. Louis and Kansas City, MO.

Subsequent to quarter-end, the Company disposed of an additional wholly-owned community. Camden Live Oaks, a 770-home apartment community in Tampa, FL with an age of 23 years was sold for approximately $63.4 million.

Development Activity

Lease-up was completed during the quarter at Camden Westchase Park, a 348-home project in Tampa, FL which is currently 97% occupied. Leasing continued at Camden Royal Oaks II, a 104-home project in Houston, TX, which is currently 81% leased; and Camden Town Square, a 438-home project in Orlando, FL which completed construction during the quarter and is currently 72% leased.

Construction began during the quarter at three communities: Camden Glendale, in Glendale, CA, a $115 million project with 303 apartment homes; Camden Boca Raton in Boca Raton, FL, a $54 million project with 261 apartment homes; and Camden Paces in Atlanta, GA, a $110 million project with 379 apartment homes.

Construction continued at four additional wholly-owned development communities: Camden City Centre II in Houston, TX, a $36 million project with 268 apartment homes; Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes; Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes; and Camden Flatirons in Denver, CO, a $78 million project with 424 apartment homes.

Lease-up was completed during the quarter at one joint venture community, Camden Amber Oaks II in Austin, TX, a 244-home project which is currently 95% occupied. Construction continued at Camden South Capitol in Washington, DC, an $88 million joint venture project with 276 apartment homes, and construction began at Camden Waterford Lakes in Orlando, FL, a $40 million joint venture project with 300 apartment homes.

Quarterly Dividend Declaration

Camden’s Board of Trust Managers declared a first quarter 2013 dividend of $0.63 per common share, which is a 12.5% increase over the Company’s prior quarterly dividend of $0.56 per share. The dividend is payable on April 17, 2013 to holders of record as of March 28, 2013. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company’s past performance and future prospects, as described in this release.

Earnings Guidance

Camden provided initial earnings guidance for 2013 based on its current and expected views of the apartment market and general economic conditions. Full-year 2013 FFO is expected to be $3.85 to $4.05 per diluted share, and full-year 2013 EPS is expected to be $1.38 to $1.58 per diluted share. First quarter 2013 earnings guidance is $0.92 to $0.96 per diluted share for FFO and $0.28 to $0.32 per diluted share for EPS. Guidance for EPS excludes gains on real estate transactions. Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s initial 2013 earnings guidance is based on projections of same-property revenue growth between 4.75% and 6.25%, expense growth between 3.2% and 4.0%, and NOI growth between 5.5% and 7.5%. Additional information on the Company’s 2013 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, February 1, 2013 at 11:00 a.m. Central Time to review its fourth quarter and full-year 2012 results and discuss its outlook for future performance. To participate in the call, please dial (888) 317-6003 (Domestic) or (412) 317-6061 (International) by 10:50 a.m. Central Time and enter passcode: 6680150, 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. 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 today’s press release represent management’s current opinions, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

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 192 properties containing 65,005 apartment homes across the United States. Upon completion of nine properties under development, the Company’s portfolio will increase to 67,850 apartment homes in 201 properties. Camden was recently named by FORTUNE® Magazine for the sixth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #10.

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

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

(Unaudited)

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2012				2011				2012				2011
Total property revenues (a)		$191,432				$158,888				$727,908				$621,074

EBITDA (b)		110,942				93,041				420,209				356,244

Net income attributable to common shareholders		142,166				46,850				283,390				49,379
Per share - basic		1.63				0.63				3.35				0.67
Per share - diluted		1.60				0.62				3.30				0.66

Income from continuing operations attributable to common shareholders		59,582				19,135				161,665				13,172
Per share - basic		0.67				0.25				1.90				0.17
Per share - diluted		0.66				0.25				1.88				0.17

Funds from operations		85,928				64,264				313,337				207,535
Per share - diluted		0.97				0.84				3.62				2.73

Dividends per share		0.56				0.49				2.24				1.96
Dividend payout ratio (b)		57.7	%			58.3	%			61.9	%			62.8	%

Interest expensed (including discontinued operations, if any)		25,487				26,942				104,282				112,414
Interest capitalized		3,071				2,664				12,457				8,764
Total interest incurred		28,558				29,606				116,739				121,178

Principal amortization		841				1,187				4,150				5,034
Preferred distributions		-				1,750				776				7,000

Net Debt to Annualized EBITDA (c)		5.6		x		6.4		x		5.9		x		6.7		x
Interest expense coverage ratio		4.4		x		3.5		x		4.0		x		3.2		x
Total interest coverage ratio		3.9		x		3.1		x		3.6		x		2.9		x
Fixed charge expense coverage ratio		4.2		x		3.1		x		3.8		x		2.9		x
Total fixed charge coverage ratio		3.8		x		2.9		x		3.5		x		2.7		x
Unencumbered real estate assets (at cost) to unsecured debt ratio		3.3		x		3.0		x		3.3		x		3.0		x

Same property NOI increase (d)		8.0	%			8.0	%			9.2	%			7.1	%
(# of apartment homes included)		44,774				46,164				44,774				46,164

Gross turnover of apartment homes (annualized)		60	%			60	%			66	%			64	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)		52	%			52	%			57	%			56	%

	As of December 31,
	2012		2011
Total assets		$5,385,172		$4,622,075
Total debt		$2,510,468		$2,432,112
Common and common equivalent shares, outstanding end of period (e)		89,039		77,227
Share price, end of period		$68.21		$62.24
Preferred units, end of period		-		$97,925
Book equity value, end of period (f)		$2,626,708		$1,925,693
Market equity value, end of period (f)		$6,073,350		$4,906,608

(a)	Excludes discontinued operations.

(b)	Excludes $29.8 million or $0.39 per diluted share for the twelve months ended December 31, 2011 related to a loss on the discontinuation of a hedging relationship.

(c)	Net Debt is Notes Payable as reported at period end less Cash and Cash Equivalents as reported at period end. Annualized EBITDA is EBITDA as reported for the period multiplied by either 4 for quarter results or 1 for 12 month results.

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

(e)	Includes at December 31, 2012: 87,137 common shares (including 662 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (1,902).

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

Note: Please refer to pages 27 and 28 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						Twelve Months Ended
	December 31,						December 31,
OPERATING DATA	2012			2011			2012			2011
Property revenues
Rental revenues		$165,464			$137,113			$626,127			$533,937
Other property revenues		25,968			21,775			101,781			87,137
Total property revenues		191,432			158,888			727,908			621,074

Property expenses
Property operating and maintenance		50,226			42,722			196,811			175,000
Real estate taxes		18,621			15,809			72,858			65,128
Total property expenses		68,847			58,531			269,669			240,128

Non-property income
Fee and asset management		2,773			3,018			12,345			9,973
Interest and other income (loss)		40			(100	)		(710	)		4,649
Income on deferred compensation plans		952			5,540			4,772			6,773
Total non-property income		3,765			8,458			16,407			21,395

Other expenses
Property management		6,152			5,208			21,796			20,686
Fee and asset management		1,580			1,715			6,631			5,935
General and administrative		9,816			9,064			37,528			35,456
Interest		25,487			26,942			104,282			112,414
Depreciation and amortization		52,501			42,428			203,077			171,127
Amortization of deferred financing costs		887			1,116			3,608			5,877
Expense on deferred compensation plans		952			5,540			4,772			6,773
Total other expenses		97,375			92,013			381,694			358,268


Gain on acquisition of controlling interests in joint ventures		17,227			-			57,418			-
Gain on sale of properties, including land		-			-			-			4,748
Gain on sale of unconsolidated joint venture interests		-			-			-			1,136
Loss on discontinuation of hedging relationship		-			-			-			(29,791	)
Equity in income of joint ventures		15,489			5,845			20,175			5,679
Income from continuing operations before income taxes		61,691			22,647			170,545			25,845
Income tax expense - current		(216	)		(331	)		(1,208	)		(2,220	)
Income from continuing operations		61,475			22,316			169,337			23,625
Income from discontinued operations		2,144			3,127			9,495			11,715
Gain on sale of discontinued operations, net of tax		82,527			24,621			115,068			24,621
Net income		146,146			50,064			293,900			59,961
Less income allocated to noncontrolling interests from continuing operations		(1,893	)		(1,431	)		(4,821	)		(3,453	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		(2,087	)		(33	)		(2,838	)		(129	)
Less income allocated to perpetual preferred units		-			(1,750	)		(776	)		(7,000	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			-			(2,075	)		-
Net income attributable to common shareholders		$142,166			$46,850			$283,390			$49,379


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$146,146			$50,064			$293,900			$59,961
Other comprehensive income
Unrealized loss on cash flow hedging activities		-			-			-			(2,692	)
Reclassification of net (gain) loss on cash flow hedging activities		-			(3	)		-			39,657
Reclassification of (gain) loss on available-for-sale investment to earnings, net of tax		-			3			-			(3,306	)
Reclassification of prior service cost and net loss on post retirement obligation		7			-			30			-
Unrealized loss and unamortized prior service cost on postretirement obligation		(409	)		(884	)		(409	)		(884	)
Comprehensive income		145,744			49,180			293,521			92,736
Less income allocated to noncontrolling interests from continuing operations		(1,893	)		(1,431	)		(4,821	)		(3,453	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		(2,087	)		(33	)		(2,838	)		(129	)
Less income allocated to perpetual preferred units		-			(1,750	)		(776	)		(7,000	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			-			(2,075	)		-
Comprehensive income attributable to common shareholders		$141,764			$45,966			$283,011			$82,154


PER SHARE DATA
Net income attributable to common shareholders - basic		$1.63			$0.63			$3.35			$0.67
Net income attributable to common shareholders - diluted		1.60			0.62			3.30			0.66
Income from continuing operations attributable to common shareholders - basic		0.67			0.25			1.90			0.17
Income from continuing operations attributable to common shareholders - diluted		0.66			0.25			1.88			0.17

Weighted average number of common and
common equivalent shares outstanding:
Basic		86,298			73,510			83,772			72,756
Diluted		88,020			74,428			85,556			73,462




Note: Please refer to pages 27 and 28 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						Twelve Months Ended
	December 31,						December 31,
FUNDS FROM OPERATIONS	2012			2011			2012			2011

Net income attributable to common shareholders (a)		$142,166			$46,850			$283,390			$49,379
Real estate depreciation from continuing operations		51,399			41,219			198,642			166,149
Real estate depreciation and amortization from discontinued operations		948			2,626			6,795			11,038
Adjustments for unconsolidated joint ventures		1,741			3,492			7,939			10,534
Income allocated to noncontrolling interests		3,971			1,092			6,475			2,586
(Gain) on sale of unconsolidated joint venture properties		(14,543	)		(6,394	)		(17,418	)		(7,530	)
(Gain) on acquisition of controlling interests in joint ventures		(17,227	)		-			(57,418	)		-
(Gain) on sale of discontinued operations, net of tax		(82,527	)		(24,621	)		(115,068	)		(24,621	)
Funds from operations - diluted		$85,928			$64,264			$313,337			$207,535

PER SHARE DATA
Funds from operations - diluted		$0.97			$0.84			$3.62			$2.73
Cash distributions		0.56			0.49			2.24			1.96

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		88,991			76,649			86,619			75,928

PROPERTY DATA
Total operating properties (end of period) (b)		193			196			193			196
Total operating apartment homes in operating properties (end of period) (b)		65,775			66,997			65,775			66,997
Total operating apartment homes (weighted average)		55,163			50,934			54,194			50,905
Total operating apartment homes - excluding discontinued operations (weighted average)		53,052			46,294			51,308			46,167

(a)	Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the twelve months ended December 31, 2011.

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

Note: Please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN	BALANCE SHEETS
	(In thousands)

(Unaudited)	Dec 31,			Sept 30,			Jun 30,			Mar 31,			Dec 31,
	2012			2012			2012			2012			2011
ASSETS
Real estate assets, at cost
Land		$949,777			$929,289			$893,910			$868,964			$768,016
Buildings and improvements		5,389,674			5,359,707			5,203,675			5,068,560			4,751,654
		6,339,451			6,288,996			6,097,585			5,937,524			5,519,670
Accumulated depreciation		(1,518,896	)		(1,542,530	)		(1,505,862	)		(1,458,451	)		(1,432,799	)
Net operating real estate assets		4,820,555			4,746,466			4,591,723			4,479,073			4,086,871
Properties under development, including land		334,463			280,948			297,712			301,282			299,870
Investments in joint ventures		45,092			46,566			47,776			49,436			44,844
Properties held for sale		30,517			6,373			-			-			11,131
Total real estate assets		5,230,627			5,080,353			4,937,211			4,829,791			4,442,716
Accounts receivable - affiliates		33,625			28,874			29,940			29,742			31,035
Other assets, net (a)		88,260			96,401			88,002			89,706			88,089
Cash and cash equivalents		26,669			5,590			52,126			49,702			55,159
Restricted cash		5,991			6,742			5,295			5,074			5,076
Total assets		$5,385,172			$5,217,960			$5,112,574			$5,004,015			$4,622,075



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,538,212			$1,415,354			$1,381,152			$1,380,952			$1,380,755
Secured		972,256			978,371			1,015,260			1,050,154			1,051,357
Accounts payable and accrued expenses		101,896			118,879			87,041			105,370			93,747
Accrued real estate taxes		28,452			43,757			31,607			17,991			21,883
Distributions payable		49,969			49,940			49,135			47,594			39,364
Other liabilities (b)		67,679			78,551			83,471			90,423			109,276
Total liabilities		2,758,464			2,684,852			2,647,666			2,692,484			2,696,382

Commitments and contingencies

Perpetual preferred units		-			-			-			-			97,925

Equity
Common shares of beneficial interest		962			959			945			919			845
Additional paid-in capital		3,587,505			3,580,528			3,501,354			3,327,961			2,901,024
Distributions in excess of net income attributable to common shareholders		(598,951	)		(692,235	)		(674,221	)		(648,074	)		(690,466	)
Treasury shares, at cost		(425,355	)		(425,756	)		(430,958	)		(437,215	)		(452,003	)
Accumulated other comprehensive income (loss) (c)		(1,062	)		(660	)		(667	)		(675	)		(683	)
Total common equity		2,563,099			2,462,836			2,396,453			2,242,916			1,758,717
Noncontrolling interests		63,609			70,272			68,455			68,615			69,051
Total equity		2,626,708			2,533,108			2,464,908			2,311,531			1,827,768
Total liabilities and equity		$5,385,172			$5,217,960			$5,112,574			$5,004,015			$4,622,075



(a) Includes:
net deferred charges of:		$15,635			$13,695			$14,432			$15,267			$16,102

(b) Includes:
deferred revenues of:		$2,521			$1,746			$2,012			$2,337			$2,140
distributions in excess of investments in joint ventures of:		$9,509			$16,708			$16,499			$16,298			$30,596
fair value adjustment of derivative instruments:		$(1	)		$185			$5,918			$11,574			$16,486

(c) Represents the unrealized (loss)/gain and unamortized prior service costs on post retirement obligations.

CAMDEN	PORTFOLIO STATISTICS

(Unaudited)

COMMUNITY PORTFOLIO AT DECEMBER 31, 2012 (in apartment homes)


	Fully Consolidated												Non-Consolidated

	"Same Property"		Non-"Same Property"		Completed in Lease-up		Under Construction		Held For Sale		Total		Operating		Under Construction		Total		Grand Total
D.C. Metro (a)		5,313		478		-		320		-		6,111		-		276		276		6,387
Houston, TX		3,732		1,452		104		268		-		5,556		3,152		-		3,152		8,708
Tampa, FL		4,733		540		-		-		770		6,043		450		-		450		6,493
Las Vegas, NV		3,969		949		-		-		-		4,918		3,098		-		3,098		8,016
SE Florida		2,520		-		-		261		-		2,781		-		-		-		2,781
Dallas, TX		3,938		1,039		-		-		-		4,977		1,250		-		1,250		6,227
Los Angeles/Orange County, CA		2,060		421		-		303		-		2,784		-		-		-		2,784
Charlotte, NC		3,134		-		-		-		-		3,134		-		-		-		3,134
Orlando, FL		3,344		420		438		-		-		4,202		-		300		300		4,502
Atlanta, GA		2,894		223		-		379		-		3,496		234		-		234		3,730
Raleigh, NC		2,704		-		-		-		-		2,704		350		-		350		3,054
Denver, CO		1,851		590		-		424		-		2,865		-		-		-		2,865
San Diego/Inland Empire, CA		1,196		469		-		-		-		1,665		-		-		-		1,665
Austin, TX		1,670		-		-		314		-		1,984		1,360		-		1,360		3,344
Phoenix, AZ		1,084		1,561		-		-		-		2,645		-		-		-		2,645
Other		632		855		-		-		-		1,487		798		-		798		2,285

Total Portfolio		44,774		8,997		542		2,269		770		57,352		10,692		576		11,268		68,620

(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.

FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION										WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d)


	"Same Property"			Operating			Incl. JVs at			Dec 31			Sept 30			Jun 30			Mar 31			Dec 31
	Communities			Communities (b)			Pro Rata % (c)			2012			2012			2012			2012			2011
D.C. Metro		19.1	%		17.3	%		16.7	%		95.7	%		96.2	%		95.5	%		94.5	%		94.2	%
Houston, TX		9.5	%		10.1	%		10.7	%		95.4	%		96.1	%		96.5	%		96.0	%		95.2	%
Tampa, FL		7.6	%		8.6	%		8.5	%		94.7	%		95.2	%		94.4	%		94.9	%		94.8	%
Las Vegas, NV		6.0	%		6.5	%		6.8	%		92.4	%		92.9	%		93.0	%		92.0	%		92.0	%
SE Florida		7.7	%		6.5	%		6.5	%		95.3	%		95.4	%		94.9	%		95.5	%		94.9	%
Dallas, TX		6.5	%		7.2	%		7.4	%		94.6	%		95.3	%		95.6	%		95.1	%		94.6	%
Los Angeles/Orange County, CA		6.8	%		6.9	%		6.6	%		96.2	%		95.4	%		95.6	%		95.4	%		95.1	%
Charlotte, NC		6.7	%		5.8	%		5.6	%		95.6	%		96.5	%		95.9	%		95.8	%		95.3	%
Orlando, FL		6.0	%		6.3	%		6.1	%		95.3	%		95.4	%		95.5	%		95.3	%		94.9	%
Atlanta, GA		5.3	%		4.7	%		4.7	%		95.5	%		95.6	%		94.9	%		94.4	%		93.8	%
Raleigh, NC		5.1	%		4.3	%		4.3	%		94.6	%		95.7	%		95.3	%		94.8	%		94.4	%
Denver, CO		4.3	%		3.7	%		3.9	%		95.2	%		95.6	%		95.2	%		94.1	%		93.7	%
San Diego/Inland Empire, CA		3.4	%		3.8	%		3.7	%		93.3	%		94.9	%		94.2	%		92.9	%		92.0	%
Austin, TX		2.8	%		2.4	%		2.6	%		95.0	%		95.6	%		95.3	%		95.5	%		95.5	%
Phoenix, AZ		2.1	%		3.1	%		3.0	%		92.5	%		93.5	%		92.3	%		93.7	%		93.2	%
Other		1.1	%		2.8	%		2.9	%		94.4	%		95.0	%		95.4	%		94.3	%		94.0	%

Total Portfolio		100.0	%		100.0	%		100.0	%		94.7	%		95.2	%		95.1	%		94.7	%		94.3	%


(b) Operating communities represent all fully-consolidated communities at period end, excluding communities under construction.
(c) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities.
(d) Occupancy figures include all stabilized operating communities including those held through non-consolidated joint venture investments.

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


(Unaudited)

	Apartment		Three Months Ended December 31,							Twelve Months Ended December 31,
Property Revenues	Homes		2012		2011		Change			2012		2011		Change
"Same Property" Communities (a)		44,774		$162,266		$152,230		$10,036			$636,904		$598,003		$38,901
Non-"Same Property" Communities (b)		8,997		26,704		5,393		21,311			82,733		18,028		64,705
Development and Lease-Up Communities (c)		2,811		1,156		1		1,155			2,161		1		2,160
Other (d)		-		1,306		1,264		42			6,110		5,042		1,068
Total Property Revenues		56,582		$191,432		$158,888		$32,544			$727,908		$621,074		$106,834

Property Expenses
"Same Property" Communities (a)		44,774		$58,336		$56,037		$2,299			$234,391		$229,434		$4,957
Non-"Same Property" Communities (b)		8,997		9,255		1,741		7,514			31,208		6,537		24,671
Development and Lease-Up Communities (c)		2,811		558		-		558			1,035		-		1,035
Other (d)		-		698		753		(55	)		3,035		4,157		(1,122	)
Total Property Expenses		56,582		$68,847		$58,531		$10,316			$269,669		$240,128		$29,541

Property Net Operating Income
"Same Property" Communities (a)		44,774		$103,930		$96,193		$7,737			$402,513		$368,569		$33,944
Non-"Same Property" Communities (b)		8,997		17,449		3,652		13,797			51,525		11,491		40,034
Development and Lease-Up Communities (c)		2,811		598		1		597			1,126		1		1,125
Other (d)		-		608		511		97			3,075		885		2,190
Total Property Net Operating Income		56,582		$122,585		$100,357		$22,228			$458,239		$380,946		$77,293

Income from Discontinued Operations (e)	Three Months Ended December 31,						Twelve Months Ended December 31,
	2012			2011			2012			2011
Property Revenues		$5,871			$10,999			$30,608			$44,000
Property Expenses		2,779			5,246			14,318			21,247
Property Net Operating Income		3,092			5,753			16,290			22,753
Depreciation and Amortization		(948	)		(2,626	)		(6,795	)		(11,038	)
Gain on Sale of Discontinued Operations, net of tax		82,527			24,621			115,068			24,621
Income attributable to common shareholders		$84,671			$27,748			$124,563			$36,336

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

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

(Unaudited)

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

D.C. Metro		$28,069	$26,680		5.2	%		$8,254	$7,956		3.7	%		$19,815	$18,724		5.8	%
Houston, TX		15,191	13,670		11.1	%		5,338	5,068		5.3	%		9,853	8,602		14.5	%
Tampa, FL		13,491	12,868		4.8	%		5,610	5,367		4.5	%		7,881	7,501		5.1	%
Las Vegas, NV		9,985	9,770		2.2	%		3,792	3,651		3.9	%		6,193	6,119		1.2	%
SE Florida		12,625	11,777		7.2	%		4,606	3,956		16.4	%		8,019	7,821		2.5	%
Dallas, TX		11,540	10,688		8.0	%		4,775	4,553		4.9	%		6,765	6,135		10.3	%
Los Angeles/Orange County, CA		10,791	10,346		4.3	%		3,688	3,604		2.3	%		7,103	6,742		5.4	%
Charlotte, NC		10,490	9,522		10.2	%		3,530	3,764		(6.2	%)		6,960	5,758		20.9	%
Orlando, FL		9,973	9,508		4.9	%		3,722	3,825		(2.7	%)		6,251	5,683		10.0	%
Atlanta, GA		9,221	8,475		8.8	%		3,703	3,436		7.8	%		5,518	5,039		9.5	%
Raleigh, NC		7,857	7,402		6.1	%		2,579	2,502		3.1	%		5,278	4,900		7.7	%
Denver, CO		6,396	5,898		8.4	%		1,936	1,984		(2.4	%)		4,460	3,914		13.9	%
San Diego/Inland Empire, CA		5,834	5,559		4.9	%		2,287	2,264		1.0	%		3,547	3,295		7.6	%
Austin, TX		5,417	5,050		7.3	%		2,493	2,272		9.7	%		2,924	2,778		5.3	%
Phoenix, AZ		3,445	3,243		6.2	%		1,260	1,208		4.3	%		2,185	2,035		7.4	%
Corpus Christi, TX		1,941	1,774		9.4	%		763	627		21.7	%		1,178	1,147		2.7	%

Total Same Property		$162,266	$152,230		6.6	%		$58,336	$56,037		4.1	%		$103,930	$96,193		8.0	%

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

D.C. Metro		5,313		19.1	%		95.8	%	94.3	%		1.5	%		$1,639	$1,590		3.1	%
Houston, TX		3,732		9.5	%		96.2	%	95.5	%		0.7	%		1,269	1,141		11.2	%
Tampa, FL		4,733		7.6	%		94.5	%	94.9	%		(0.4	%)		830	800		3.8	%
Las Vegas, NV		3,969		6.0	%		93.4	%	92.7	%		0.7	%		756	757		(0.0	%)
SE Florida		2,520		7.7	%		95.3	%	94.9	%		0.4	%		1,572	1,481		6.1	%
Dallas, TX		3,938		6.5	%		95.0	%	95.1	%		(0.1	%)		883	817		8.1	%
Los Angeles/Orange County, CA		2,060		6.8	%		96.4	%	95.1	%		1.3	%		1,653	1,594		3.7	%
Charlotte, NC		3,134		6.7	%		95.7	%	95.9	%		(0.2	%)		1,025	915		12.0	%
Orlando, FL		3,344		6.0	%		95.5	%	94.9	%		0.6	%		896	862		4.0	%
Atlanta, GA		2,894		5.3	%		95.6	%	94.3	%		1.3	%		950	893		6.4	%
Raleigh, NC		2,704		5.1	%		94.8	%	94.4	%		0.4	%		874	821		6.4	%
Denver, CO		1,851		4.3	%		95.0	%	93.8	%		1.2	%		1,049	975		7.6	%
San Diego/Inland Empire, CA		1,196		3.4	%		93.0	%	92.0	%		1.0	%		1,560	1,527		2.2	%
Austin, TX		1,670		2.8	%		94.5	%	95.3	%		(0.8	%)		967	896		8.0	%
Phoenix, AZ		1,084		2.1	%		92.9	%	93.8	%		(0.9	%)		966	898		7.6	%
Corpus Christi, TX		632		1.1	%		94.8	%	96.5	%		(1.7	%)		888	817		8.7	%

Total Same Property		44,774		100.0	%		95.1	%	94.6	%		0.5	%		$1,107	$1,047		5.7	%

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

(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

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

(Unaudited)

	Revenues						Expenses						NOI
Quarterly Results (a)		4Q12	3Q12	Growth				4Q12	3Q12	Growth				4Q12	3Q12	Growth

D.C. Metro		$28,069	$28,159		(0.3	%)		$8,254	$8,225		0.4	%		$19,815	$19,934		(0.6	%)
Houston, TX		15,191	15,037		1.0	%		5,338	5,337		0.0	%		9,853	9,700		1.6	%
Tampa, FL		13,491	13,541		(0.4	%)		5,610	5,863		(4.3	%)		7,881	7,678		2.6	%
Las Vegas, NV		9,985	10,164		(1.8	%)		3,792	3,982		(4.8	%)		6,193	6,182		0.2	%
SE Florida		12,625	12,496		1.0	%		4,606	4,536		1.5	%		8,019	7,960		0.7	%
Dallas, TX		11,540	11,518		0.2	%		4,775	5,006		(4.6	%)		6,765	6,512		3.9	%
Los Angeles/Orange County, CA		10,791	10,635		1.5	%		3,688	3,527		4.6	%		7,103	7,108		(0.1	%)
Charlotte, NC		10,490	10,478		0.1	%		3,530	3,671		(3.8	%)		6,960	6,807		2.2	%
Orlando, FL		9,973	9,971		0.0	%		3,722	4,065		(8.4	%)		6,251	5,906		5.8	%
Atlanta, GA		9,221	9,161		0.7	%		3,703	3,802		(2.6	%)		5,518	5,359		3.0	%
Raleigh, NC		7,857	7,865		(0.1	%)		2,579	2,821		(8.6	%)		5,278	5,044		4.6	%
Denver, CO		6,396	6,358		0.6	%		1,936	2,089		(7.3	%)		4,460	4,269		4.5	%
San Diego/Inland Empire, CA		5,834	5,959		(2.1	%)		2,287	2,310		(1.0	%)		3,547	3,649		(2.8	%)
Austin, TX		5,417	5,411		0.1	%		2,493	2,618		(4.8	%)		2,924	2,793		4.7	%
Phoenix, AZ		3,445	3,460		(0.4	%)		1,260	1,340		(6.0	%)		2,185	2,120		3.1	%
Corpus Christi, TX		1,941	1,981		(2.0	%)		763	799		(4.5	%)		1,178	1,182		(0.3	%)

Total Same Property		$162,266	$162,194		0.0	%		$58,336	$59,991		(2.8	%)		$103,930	$102,203		1.7	%

	Apartment
	Homes		% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included		Contribution (a)				4Q12		3Q12		Change				4Q12	3Q12	Change

D.C. Metro		5,313		19.1	%		95.8	%	96.3	%		(0.5	%)		$1,639	$1,627		0.7	%
Houston, TX		3,732		9.5	%		96.2	%	96.6	%		(0.4	%)		1,269	1,238		2.5	%
Tampa, FL		4,733		7.6	%		94.5	%	95.3	%		(0.8	%)		830	824		0.8	%
Las Vegas, NV		3,969		6.0	%		93.4	%	94.0	%		(0.6	%)		756	760		(0.4	%)
SE Florida		2,520		7.7	%		95.3	%	95.4	%		(0.1	%)		1,572	1,544		1.8	%
Dallas, TX		3,938		6.5	%		95.0	%	95.5	%		(0.5	%)		883	870		1.5	%
Los Angeles/Orange County, CA		2,060		6.8	%		96.4	%	95.2	%		1.2	%		1,653	1,638		0.9	%
Charlotte, NC		3,134		6.7	%		95.7	%	96.8	%		(1.1	%)		1,025	1,008		1.7	%
Orlando, FL		3,344		6.0	%		95.5	%	95.4	%		0.1	%		896	894		0.3	%
Atlanta, GA		2,894		5.3	%		95.6	%	95.8	%		(0.2	%)		950	937		1.4	%
Raleigh, NC		2,704		5.1	%		94.8	%	95.7	%		(0.9	%)		874	862		1.4	%
Denver, CO		1,851		4.3	%		95.0	%	95.5	%		(0.5	%)		1,049	1,029		1.9	%
San Diego/Inland Empire, CA		1,196		3.4	%		93.0	%	94.9	%		(1.9	%)		1,560	1,553		0.5	%
Austin, TX		1,670		2.8	%		94.5	%	95.7	%		(1.2	%)		967	948		2.1	%
Phoenix, AZ		1,084		2.1	%		92.9	%	93.7	%		(0.8	%)		966	939		2.9	%
Corpus Christi, TX		632		1.1	%		94.8	%	95.6	%		(0.8	%)		888	874		1.6	%

Total Same Property		44,774		100.0	%		95.1	%	95.6	%		(0.5	%)		$1,107	$1,094		1.2	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale andcommunities 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
	December 31, 2012
	(In thousands, except property data amounts)


(Unaudited)

	Revenues							Expenses							NOI
Year to Date Results (a)	2012		2011		Growth			2012		2011		Growth			2012		2011		Growth

D.C. Metro		$110,468		$105,972		4.2	%		$32,679		$32,741		(0.2	%)		$77,789		$73,231		6.2	%
Houston, TX		58,886		53,080		10.9	%		22,065		20,746		6.4	%		36,821		32,334		13.9	%
Tampa, FL		53,248		50,356		5.7	%		22,677		21,825		3.9	%		30,571		28,531		7.2	%
Las Vegas, NV		39,949		39,228		1.8	%		15,120		15,023		0.6	%		24,829		24,205		2.6	%
SE Florida		49,444		46,361		6.6	%		17,740		17,428		1.8	%		31,704		28,933		9.6	%
Dallas, TX		45,188		41,586		8.7	%		19,377		18,814		3.0	%		25,811		22,772		13.3	%
Los Angeles/Orange County, CA		42,298		40,429		4.6	%		13,893		14,074		(1.3	%)		28,405		26,355		7.8	%
Charlotte, NC		40,582		36,614		10.8	%		14,472		14,829		(2.4	%)		26,110		21,785		19.9	%
Orlando, FL		39,408		37,442		5.3	%		15,679		15,329		2.3	%		23,729		22,113		7.3	%
Atlanta, GA		35,807		33,439		7.1	%		14,805		14,070		5.2	%		21,002		19,369		8.4	%
Raleigh, NC		30,943		29,229		5.9	%		10,706		10,622		0.8	%		20,237		18,607		8.8	%
Denver, CO		24,885		22,857		8.9	%		8,063		7,985		1.0	%		16,822		14,872		13.1	%
San Diego/Inland Empire, CA		23,258		22,362		4.0	%		9,155		8,958		2.2	%		14,103		13,404		5.2	%
Austin, TX		21,189		19,342		9.5	%		9,941		9,130		8.9	%		11,248		10,212		10.1	%
Phoenix, AZ		13,732		12,678		8.3	%		5,054		5,153		(1.9	%)		8,678		7,525		15.3	%
Corpus Christi, TX		7,619		7,028		8.4	%		2,965		2,707		9.5	%		4,654		4,321		7.7	%

Total Same Property		$636,904		$598,003		6.5	%		$234,391		$229,434		2.2	%		$402,513		$368,569		9.2	%

	Apartment
	Homes		% of NOI			Average Occupancy (a)									Weighted Average Rental Rate (b)
Year to Date Results (a)	Included		Contribution (a)			2012			2011			Change			2012		2011		Change

D.C. Metro		5,313		19.3	%		95.6	%		95.6	%		0.0	%		$1,615		$1,561		3.4	%
Houston, TX		3,732		9.1	%		96.7	%		95.0	%		1.7	%		1,213		1,110		9.3	%
Tampa, FL		4,733		7.6	%		94.8	%		94.5	%		0.3	%		819		782		4.7	%
Las Vegas, NV		3,969		6.2	%		93.7	%		92.9	%		0.8	%		758		757		0.0	%
SE Florida		2,520		7.9	%		95.3	%		94.7	%		0.6	%		1,534		1,449		5.8	%
Dallas, TX		3,938		6.4	%		95.5	%		95.4	%		0.1	%		857		788		8.8	%
Los Angeles/Orange County, CA		2,060		7.1	%		95.7	%		95.0	%		0.7	%		1,627		1,566		3.9	%
Charlotte, NC		3,134		6.5	%		96.2	%		96.2	%		0.0	%		983		875		12.3	%
Orlando, FL		3,344		5.8	%		95.4	%		94.7	%		0.7	%		885		847		4.5	%
Atlanta, GA		2,894		5.2	%		95.3	%		94.4	%		0.9	%		924		878		5.3	%
Raleigh, NC		2,704		5.0	%		95.3	%		94.7	%		0.6	%		852		805		5.9	%
Denver, CO		1,851		4.2	%		95.1	%		93.9	%		1.2	%		1,015		945		7.4	%
San Diego/Inland Empire, CA		1,196		3.5	%		93.8	%		93.1	%		0.7	%		1,543		1,509		2.3	%
Austin, TX		1,670		2.8	%		95.3	%		94.9	%		0.4	%		938		862		8.8	%
Phoenix, AZ		1,084		2.2	%		93.7	%		93.7	%		0.0	%		938		873		7.4	%
Corpus Christi, TX		632		1.2	%		95.6	%		95.2	%		0.4	%		860		802		7.2	%

Total Same Property		44,774		100.0	%		95.3	%		94.7	%		0.6	%		$1,082		$1,024		5.7	%

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

(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

	"SAME PROPERTY" OPERATING EXPENSE
CAMDEN	DETAIL AND COMPARISONS
	DECEMBER 31, 2012
	(In thousands)



(Unaudited)
										% of Actual 4Q12 Operating
Quarterly Comparison (a)		4Q12	4Q11	$ Change			% Change			Expenses

Property taxes		$16,011	$15,220		$791			5.2	%		27.4	%
Salaries and Benefits for On-site Employees		15,162	13,172		1,990			15.1	%		26.0	%
Utilities		12,646	12,883		(237	)		(1.8	%)		21.7	%
Repairs and Maintenance		8,339	8,600		(261	)		(3.0	%)		14.3	%
Property Insurance		2,516	2,811		(295	)		(10.5	%)		4.3	%
Other		3,662	3,351		311			9.3	%		6.3	%

Total Same Property		$58,336	$56,037		$2,299			4.1	%		100.0	%


										% of Actual 4Q12 Operating
Sequential Comparison (a)		4Q12	3Q12	$ Change			% Change				Expenses

Property taxes		$16,011	$15,980		$31			0.2	%		27.4	%
Salaries and Benefits for On-site Employees		15,162	14,352		810			5.6	%		26.0	%
Utilities		12,646	13,654		(1,008	)		(7.4	%)		21.7	%
Repairs and Maintenance		8,339	9,714		(1,375	)		(14.2	%)		14.3	%
Property Insurance		2,516	2,619		(103	)		(3.9	%)		4.3	%
Other		3,662	3,672		(10	)		(0.3	%)		6.3	%

Total Same Property		$58,336	$59,991		$(1,655	)		(2.8	%)		100.0	%


										% of Actual 2012 Operating
Year to Date Comparison (a)		2012	2011	$ Change			% Change				Expenses

Property taxes		$64,221	$62,355		$1,866			3.0	%		27.4	%
Salaries and Benefits for On-site Employees		57,177	54,209		2,968			5.5	%		24.4	%
Utilities		52,195	51,924		271			0.5	%		22.3	%
Repairs and Maintenance		35,053	35,253		(200	)		(0.6	%)		15.0	%
Property Insurance		11,108	11,453		(345	)		(3.0	%)		4.7	%
Other		14,637	14,240		397			2.8	%		6.2	%

Total Same Property		$234,391	$229,434		$4,957			2.2	%		100.0	%

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

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



Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
OPERATING DATA (a)	2012			2011						2012			2011
Property Revenues
Rental revenues		$6,485			$8,483						$27,473			$29,183
Other property revenues		963			1,277						4,120			4,534
Total property revenues		7,448			9,760						31,593			33,717

Property Expenses
Property operating and maintenance		2,202			3,006						9,399			10,625
Real estate taxes		881			1,028						3,889			3,549
Total property expenses		3,083			4,034						13,288			14,174

Net Operating Income (NOI)		4,365			5,726						18,305			19,543

Other expenses
Interest		1,533			2,576						7,126			8,960
Depreciation and amortization		1,760			3,404						8,049			10,537
Other		126			295						373			761
Total other expenses		3,419			6,275						15,548			20,258

Gain on sale of properties, net		14,543			6,394						17,418			6,394


Equity in income (loss) of joint ventures		$15,489			$5,845						$20,175			$5,679



	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
		2012			2012			2012			2012			2011
BALANCE SHEET DATA (b)
Land		$125,707			$147,126			$154,418			$153,286			$213,106
Buildings and improvements		823,820			1,002,759			1,033,326			1,016,357			1,320,795
		949,527			1,149,885			1,187,744			1,169,643			1,533,901
Accumulated depreciation		(135,146	)		(170,390	)		(166,324	)		(156,705	)		(225,577	)
Real estate assets, net		814,381			979,495			1,021,420			1,012,938			1,308,324
Properties under development and land		83,573			70,574			57,043			52,264			39,684
Cash and other assets, net		19,830			17,994			17,642			18,879			46,843
Total assets		$917,784			$1,068,063			$1,096,105			$1,084,081			$1,394,851

Notes payable		$712,707			$844,680			$864,867			$852,861			$1,093,944
Other liabilities		39,911			34,677			35,267			26,610			39,296
Total liabilities		752,618			879,357			900,134			879,471			1,133,240

Members' equity		165,166			188,706			195,971			204,610			261,611
Total liabilities and members' equity		$917,784			$1,068,063			$1,096,105			$1,084,081			$1,394,851

Camden's equity investment		$45,092			$46,566			$47,776			$49,436			$44,844
Distributions in excess of investment in joint ventures		$(9,509	)		$(16,708	)		$(16,499	)		$(16,298	)		$(30,596	)

Camden's pro-rata share of debt		$142,541			$171,215			$175,299			$172,942			$221,204



PROPERTY DATA (end of period)
Total operating properties		37			44			44			44			55
Total operating apartment homes		10,692			13,165			13,174			13,174			16,858
Pro rata share of operating apartment homes		2,138			2,556			2,558			2,558			3,365
Total development properties		2			1			2			2			2
Total development apartment homes		576			276			520			520			520
Pro rata share of development apartment homes		115			55			104			104			104

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

CAMDEN

CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF DECEMBER 31, 2012 ($ in millions)

Estimated/Actual Dates for

Total

Construction

Initial

Construction

Stabilized

As of 01/27/2013

Completed Communities in Lease-Up

Homes

Budget

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

Camden Royal Oaks II

104

$14.0

$13.3

1Q11

1Q12

3Q13

Houston, TX

Camden Town Square

438

66.0

58.7

2Q11

2Q12

4Q12

3Q13

Orlando, FL

Total Completed Communities in Lease-Up

542

$80.0

$72.0

Estimated/Actual Dates for

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 01/27/2013

Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

Camden City Centre II

268

$36.0

$28.8

4Q11

1Q13

2Q13

3Q14

Houston, TX

Camden NOMA

320

110.0

71.6

4Q11

1Q14

2Q14

2Q15

Washington, DC

Camden Lamar Heights

314

47.0

10.5

2Q12

4Q13

2Q14

3Q15

Austin, TX

Camden Flatirons

424

78.0

20.4

3Q12

2Q14

4Q14

4Q16

Denver, CO

Camden Glendale

303

115.0

33.8

4Q12

1Q15

3Q15

1Q16

Glendale, CA

Camden Boca Raton

261

54.0

7.7

4Q12

3Q14

4Q14

1Q16

Boca Raton, FL

Camden Paces

379

110.0

23.3

4Q12

1Q14

1Q15

1Q17

Atlanta, GA

Total Development Communities

2,269

$550.0

$196.1

Additional Development Pipeline & Land (a)

138.4

Total Properties Under Development and Land (per Balance Sheet)

$334.5

NOI CONTRIBUTION FROM NON-STABILIZED COMMUNITIES ($ in millions)

Total Cost

4Q12 NOI

NOI from communities that stabilized during quarter

$48.4

$1.0

Completed Communities in Lease-Up

72.0

0.6

Development Communities in Lease-Up

196.1

0.0

Total Recenty Stabilized and Non-Stabilized Communities NOI Contribution

$316.4

$1.6

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

Joint Venture Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

UNDER CONSTRUCTION

Camden South Capitol

276

$88.0

$70.0

2Q11

3Q13

4Q13

3Q14

Washington, DC

Camden Waterford Lakes

300

40.0

6.5

4Q12

1Q14

3Q14

4Q15

Orlando, FL

Total Joint Venture Development Communities

576

$128.0

$76.5

(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 DECEMBER 31, 2012 ($ in millions)

		Projected		Total
PIPELINE COMMUNITIES (a)		Homes		Estimated Cost (b)		Cost to Date

1.	Camden La Frontera		300		$32.0		$4.8
	Austin, TX
2.	Camden Victory Park		425		70.0		14.7
	Dallas, TX
3.	Camden Hollywood		299		125.0		18.7
	Los Angeles, CA
4.	Camden Centro		324		56.0		8.6
	Charlotte, NC
5.	Camden Lincoln Station		275		48.0		5.2
	Denver, CO
6.	Camden Atlantic		286		62.0		9.4
	Plantation, FL
7.	Camden McGowen Station		251		40.0		7.1
	Houston, TX
8.	Camden Buckhead		390		70.0		17.4
	Atlanta, GA


Development Pipeline			2,550		$503.0		$85.9

LAND HOLDINGS		Acreage				Cost to Date

	Washington, DC		0.9				$17.3
	Atlanta, GA (c)		5.0				10.1
	Dallas, TX		7.2				8.6
	Houston, TX		13.2				6.9
	Las Vegas, NV		19.6				4.2
	Other		4.8				5.4

Land Holdings			50.7				$52.5

Total Development Pipeline and Land							$138.4

(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)	Represents our best estimate of total costs we expect to incur on these projects. However, forward-looking statements are not guarantees of future performances, results, or events. Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop as forecasted, and the best estimates routinely require adjustment.
(c)	Includes 2.0 acres that were sold subsequent to December 31, 2012.

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

CAMDEN		ACQUISITIONS & DISPOSITIONS

(Unaudited)


2012 ACQUISITION/DISPOSITION ACTIVITY

Acquisitions		Location			Apartment Homes	Year Built	Closing Date (a)
1.	Camden Addison	Dallas, TX			456	1996	01/25/12
2.	Camden Holly Springs	Houston, TX			548	1999	01/25/12
3.	Camden Park	Houston, TX			288	1995	01/25/12
4.	Camden Sugar Grove	Houston, TX			380	1997	01/25/12
5.	Camden Parkside	Fullerton, CA			421	1972	01/25/12
6.	Camden Fountain Palms	Phoenix, AZ			192	1986/1996	01/25/12
7.	Camden Pecos Ranch	Phoenix, AZ			272	2001	01/25/12
8.	Camden Sierra	Phoenix, AZ			288	1997	01/25/12
9.	Camden Towne Center	Phoenix, AZ			240	1998	01/25/12
10.	Camden Pines	Las Vegas, NV			315	1997	01/25/12
11.	Camden Summit	Las Vegas, NV			234	1995	01/25/12
12.	Camden Tiara	Las Vegas, NV			400	1996	01/25/12
13.	Camden Belmont	Dallas, TX			477	2010/2012	06/28/12
14.	Camden Creekstone	Atlanta, GA			223	2002	07/12/12
15.	Camden Landmark	Ontario, CA			469	2006	09/27/12
16.	Camden Henderson	Dallas, TX			106	2012	09/28/12
17.	Camden Travis Street (b)	Houston, TX			253	2010	09/30/12
18.	Camden Montierra	Scottsdale, AZ			249	1999	12/11/12
19.	Camden San Marcos	Scottsdale, AZ			320	1995	12/11/12
20.	Camden Belleview Station	Denver, CO			270	2009	12/20/12
21.	Camden Denver West (c)	Denver, CO			320	1997	12/27/12


Total/Average Acquisitions			$860.0	(d)	6,721 apartment homes	1999

Dispositions		Location			Apartment Homes	Year Built	Closing Date
1.	Camden Vista Valley	Phoenix, AZ			357	1986	01/12/12
2.	Camden Landings	Orlando, FL			220	1983	03/07/12
3.	Camden Creek	Houston, TX			456	1984	03/16/12
4.	Camden Laurel Ridge	Austin, TX			183	1986	10/12/12
5.	Camden Steeplechase	Houston, TX			290	1982	10/23/12
6.	Camden Sweetwater	Lawrenceville, GA			308	2000	11/29/12
7.	Camden Valleybrook	Chadds Ford, PA			352	2002	11/30/12
8.	Camden Forest	Charlotte, NC			208	1989	12/06/12
9.	Camden Park Commons	Charlotte, NC			232	1997	12/06/12
10.	Camden Baytown	Houston, TX			272	1999	12/13/12
11.	Camden Westview	Lewisville, TX			335	1983	12/18/12


Total/Average Dispositions			$233.2		3,213 apartment homes	1990


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


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

Joint Venture Dispositions		Location			Apartment Homes	Year Built	Closing Date
1.	Camden South Congress	Austin, TX			253	2001	08/30/12
2.	Camden Passage	Kansas City, MO			596	1989/1997	10/30/12
3.	Camden Ivy Hall	Atlanta, GA			110	2010	11/15/12
4.	Camden Cedar Lakes	Lake St. Louis, MO			420	1986	11/21/12
5.	Camden Cove West	Creve Coeur, MO			276	1990	11/21/12
6.	Camden Cross Creek	St. Louis, MO			591	1973/1980	11/21/12
7.	Camden Westchase	St. Louis, MO			160	1986	11/21/12


Total/Average Joint Venture Dispositions			$232.8		2,406 apartment homes	1992
Pro Rata Joint Venture Dispositions			$38.8

(a)	The communities acquired on January 25, 2012 were acquired from joint ventures of which Camden previously owned a 20% interest. Apartment homes were previously included in Camden's unit count.
(b)	Acquired our partner's 75% interest in a fully consolidated joint venture of which Camden previously owned a 25% interest. Apartment homes were previously included in Camden's unit count.
(c)	Acquired our partner's 50% interest in an unconsolidated joint venture of which Camden previously owned a 50% interest. Apartment homes were previously included in Camden's unit count.
(d)	Represents the purchase price of third party acquisitions and the fair value of communities or interests purchased from joint venture partners.

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

(Unaudited)

DEBT MATURITIES AS OF DECEMBER 31, 2012:

	Future Scheduled Repayments														Weighted Average
			Secured			Unsecured									Interest Rate on
Year	Amortization		Maturities			Maturities			Total			% of Total			Maturing Debt
2013		$3,408		$25,832			$200,000			$229,240			9.1	%		5.4	%
2014		$3,143		32,247			-			35,390			1.4	%		3.2	%
2015		$2,019		-			250,000			252,019			10.1	%		5.1	%
2016		$2,242		-			-			2,242			0.1	%		N/A
2017		$2,462		-			246,750			249,212			9.9	%		5.7	%
Thereafter		$73,258		819,107			850,000			1,742,365			69.4	%		4.2	%
Total Maturing Debt		$86,532		$877,186			$1,546,750			$2,510,468			100.0	%		4.5	%

Unsecured Line of Credit		-		-			-			-			-			N/A
Other Short Term Borrowings		-		-			-			-			-			N/A
Total Debt		$86,532		$877,186			$1,546,750			$2,510,468			100.0	%		4.5	%

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		$212,719		8.5	%		1.1	%	7.5 Years
Fixed rate debt		2,297,749		91.5	%		4.8	%	6.9 Years
Total		$2,510,468		100.0	%		4.5	%	7.0 Years


						Weighted Average
SECURED vs. UNSECURED DEBT:		Balance		% of Total			Interest Rate		Time to Maturity
Unsecured debt		$1,538,212		61.3	%		4.7	%	6.5 Years
Secured debt		972,256		38.7	%		4.2	%	7.7 Years
Total		$2,510,468		100.0	%		4.5	%	7.0 Years


						Weighted Average
SECURED DEBT DETAIL:		Balance		% of Total			Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt		$759,537		78.1	%		5.1	%	7.8 Years
Conventional variable-rate mortgage debt		175,000		18.0	%		1.0	%	5.8 Years
Tax exempt variable rate debt		37,719		3.9	%		1.4	%	15.5 Years
Total		$972,256		100.0	%		4.2	%	7.7 Years

REAL ESTATE ASSETS: (a)	Total Homes		% of Total			Total Cost			% of Total			4Q12 NOI			% of Total
Unencumbered real estate assets		44,104		76.9	%		$5,149,007			76.5	%		$91,781			74.9	%
Encumbered real estate assets		13,248		23.1	%		1,584,707			23.5	%		30,804			25.1	%
Total		57,352		100.0	%		$6,733,714			100.0	%		$122,585			100.0	%

Ratio of unencumbered assets at cost to unsecured debt is 3.3 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 2013 AND 2014:


	Future Scheduled Repayments								Weighted Average
			Secured		Unsecured				Interest Rate on
Quarter	Amortization		Maturities		Maturities		Total		Maturing Debt
1Q 2013		$976		$-		$-		$976		N/A
2Q 2013(a)		839		25,832		-		26,671		5.0	%
3Q 2013		786		-		-		786		N/A
4Q 2013		807		-		200,000		200,807		5.4	%
2013		$3,408		$25,832		$200,000		$229,240		5.4	%

1Q 2014		$853		$-		$-		$853		N/A
2Q 2014		849		-		-		849		N/A
3Q 2014		852		32,247		-		33,099		3.2	%
4Q 2014		589		-		-		589		N/A
2014		$3,143		$32,247		$-		$35,390		3.2	%

(a)	Secured maturity was repaid subsequent to December 31, 2012.

CAMDEN	DEBT COVENANT ANALYSIS

(Unaudited)


UNSECURED LINE OF CREDIT


Covenant (a)	Required	Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	≤60%	32%	Yes

Secured Debt to Gross Asset Value	≤35%	12%	Yes

Consolidated EBITDA to Total Fixed Charges	≥150%	347%	Yes

Unencumbered Adjusted NOI to Total Unsecured Debt	>10.5%	23%	Yes



SENIOR UNSECURED NOTES

Covenant (a)	Required	Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	≤60%	37%	Yes

Total Secured Debt to Total Asset Value	≤40%	14%	Yes

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

Consolidated Income Available for Debt Service to Total	>150%	387%	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 DECEMBER 31, 2012:

	Future Scheduled Repayments										Weighted Average
			Secured								Interest Rate on
Year	Amortization		Maturities		Total			% of Total			Maturing Debt
2013		$1,361		$35,980		$37,341			26.2	%		2.8	%
2014		1,873		7,223		9,096			6.4	%		2.2	%
2015		2,057		8,827		10,884			7.6	%		2.9	%
2016		1,933		28,785		30,718			21.6	%		3.6	%
2017		1,221		14,218		15,439			10.8	%		4.0	%
Thereafter		746		37,332		38,078			26.7	%		4.3	%
Total Maturing Debt		$9,191		$132,365		$141,556			99.3	%		3.5	%

Subscription lines of credit (a)		-		985		985			0.7	%		1.6	%
Total Debt		$9,191		$133,350		$142,541			100.0	%		3.5	%

Weighted Average Maturity of Debt			3.4 Years

								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt				$49,552		34.8	%		2.6	%	1.0 Years
Fixed rate debt				92,989		65.2	%		4.0	%	4.7 Years
Total				$142,541		100.0	%		3.5	%	3.4 Years

								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate			Time to Maturity (a)
Conventional fixed-rate mortgage debt				$92,989		65.3	%		4.0	%	4.7 Years
Conventional variable-rate mortgage debt				40,235		28.2	%		2.7	%	0.8 Years
Variable-rate construction loans				8,332		5.8	%		2.4	%	2.0 Years
Subscription lines of credit				985		0.7	%		1.6	%	2.0 Years
Total				$142,541		100.0	%		3.5	%	3.4 Years

REAL ESTATE ASSETS: (c)			Total Homes		Total Cost
Operating real estate assets				10,692		$949,527
Properties under development and land				576		83,573
Total				11,268		$1,033,100

(a)	As of December 31, 2012 these borrowings were drawn under the subscription lines of credit with $10.3 million in total capacity. Camden has a 20% ownership interest in the borrowing entity.
(b)	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 2013 and 2014:

							Weighted Average
	Future Scheduled Repayments						Interest Rate on
Quarter	Amortization		Secured Maturities		Total		Maturing Debt
1Q 2013		$324		$-		$324		N/A
2Q 2013		335		-		335		N/A
3Q 2013		347		35,980		36,327		2.8	%
4Q 2013		355		-		355		N/A
2013		$1,361		$35,980		$37,341		2.8	%

1Q 2014		$436		$-		$436		N/A
2Q 2014		472		7,223		7,695		2.2	%
3Q 2014		477		-		477		N/A
4Q 2014(a)		488		985		1,473		1.6	%
2014		$1,873		$8,208		$10,081		2.2	%

(a)	4Q 2014 maturities includes subscription lines of credit with $985K (Camden's pro-rata share) outstanding as of December 31, 2012. The lines of credit have $10.3 million in total capacity.

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


(Unaudited)
	Fourth Quarter 2012 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.5 years			$2,729		$49		$781		$14
Appliances	9.7 years			1,704		31		211		4
Painting		-		-		-		1,584		29
Cabinetry/Countertops	10.0 years			369		7		-		-
Other	8.9 years			1,403		25		569		10
Exteriors
Painting	5.0 years			482		9		-		-
Carpentry	10.0 years			392		7		-		-
Landscaping	5.6 years			1,113		20		2,609		47
Roofing	20.0 years			1,027		19		67		1
Site Drainage	10.0 years			80		1		-		-
Fencing/Stair	10.0 years			349		6		-		-
Other (c)	7.4 years			2,864		52		3,211		58
Common Areas
Mech., Elec., Plumbing	9.5 years			1,198		22		1,080		20
Parking/Paving	5.0 years			346		6		-		-
Pool/Exercise/Facility	8.3 years			2,803		51		340		6

Total				$16,859		$305		$10,452		$189

Weighted Average Apartment Homes						55,163				55,163

	Year to Date 2012 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.5 years			$12,001		$221		$3,195		$59
Appliances	9.7 years			5,344		99		868		16
Painting		-		-		-		6,662		123
Cabinetry/Countertops	10.0 years			1,738		32		-		-
Other	8.9 years			5,453		101		1,968		36
Exteriors
Painting	5.0 years			4,209		78		-		-
Carpentry	10.0 years			1,612		30		-		-
Landscaping	5.6 years			2,317		43		11,457		211
Roofing	20.0 years			2,840		52		326		6
Site Drainage	10.0 years			328		6		-		-
Fencing/Stair	10.0 years			855		16		-		-
Other (c)	7.4 years			9,828		181		12,660		234
Common Areas
Mech., Elec., Plumbing	9.5 years			5,265		97		4,430		82
Parking/Paving	5.0 years			1,371		25		-		-
Pool/Exercise/Facility	8.3 years			9,884		182		1,513		28

Total				$63,045		$1,163		$43,079		$795

Weighted Average Apartment Homes						54,194				54,194

(a)	Includes discontinued operations. Capitalized expenditures for discontinued operations was $405 and $3,219 for the three and twelve months ended December 31, 2012, respectively. Maintenance expenses for discontinued operations was $479 and $2,433 for the same periods.
(b)	Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2012.
(c)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

CAMDEN	2013 Financial Outlook
	as of January 31, 2013

(Unaudited)

2012 Reported FFO, Adjusted for Year End Shares Outstanding
($'s and shares in thousands)
		Total	Per Share
2012 Reported FFO		$313,337	$3.62

2012 Fully Diluted Shares Outstanding - FFO			86,619

December 31, 2012 Fully Diluted Shares Outstanding - FFO			89,039

2012 FFO adjusted for December 31, 2012 Fully Diluted Shares Outstanding - FFO			$3.52

2013 Financial Outlook

Earnings Guidance - Per Diluted Share
Expected net income attributable to common shareholders per share - diluted			$1.38 - $1.58
Expected real estate depreciation			2.33
Expected adjustments for unconsolidated joint ventures			0.07
Expected income allocated to noncontrolling interests			0.07
Expected FFO per share - diluted			$3.85 - $4.05

"Same Property" Communities
Number of Units			44,395
2012 Base Net Operating Income			$398 million
Total Revenue Growth			4.75% - 6.25%
Total Expense Growth			3.20% - 4.00%
Net Operating Income Growth			5.50% - 7.50%
Impact from 1.0% change in NOI Growth is approximately $0.045 / share

Impact from 2013 Revenue Enhancing Repositions included in Same Store Net Operating Income Guidance (a)			0.50%

Physical Occupancy			95%

Capitalized Expenditures
Recurring			$60 - $64 million
Revenue Enhancing Repositions (a)			$50 - $60 million

Acquisitions/Dispositions
Acquisition Volume (consolidated on balance sheet)			$200 - $400 million
Disposition Volume			$200 - $400 million

Development
Development Starts (consolidated on balance sheet)			$250 - $400 million
Development Starts (joint venture)			$0 - $50 million
Development Spend (consolidated on balance sheet)			$200 - $250 million


Non-Property Income
Non-Property Income, Net			$5 - $6 million
Includes: Fee and asset management income, net of expenses and
Interest and other income

Corporate Expenses
General and administrative expense (b)			$38 - $40 million
Property management expense			$21 - $23 million

Capital
Expected Capital Transactions			$250 - $350 million
Expensed Interest			$98 - $102 million
Capitalized Interest			$14 - $16 million

(a)	Capital expenditures that improve a community's competitive position, typically kitchen and bath upgrades or other new amenities.
(b)	Excludes any third party acquisition costs.

Note:	This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. Additionally, please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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						Twelve Months Ended
	December 31,						December 31,
	2012			2011			2012			2011
Net income attributable to common shareholders (a)		$142,166			$46,850			$283,390			$49,379
Real estate depreciation from continuing operations		51,399			41,219			198,642			166,149
Real estate depreciation and amortization from discontinued operations		948			2,626			6,795			11,038
Adjustments for unconsolidated joint ventures		1,741			3,492			7,939			10,534
Income allocated to noncontrolling interests		3,971			1,092			6,475			2,586
(Gain) on sale of unconsolidated joint venture properties		(14,543	)		(6,394	)		(17,418	)		(7,530	)
(Gain) on acquisition of controlling interests in joint ventures		(17,227	)		-			(57,418	)		-
(Gain) on sale of discontinued operations, net of tax		(82,527	)		(24,621	)		(115,068	)		(24,621	)
Funds from operations - diluted		$85,928			$64,264			$313,337			$207,535

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		88,020			74,428			85,556			73,462
FFO diluted		88,991			76,649			86,619			75,928

Net income attributable to common shareholders - diluted		$1.60			$0.62			$3.30			$0.66
FFO per common share - diluted		$0.97			$0.84			$3.62			$2.73


(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the twelve months ended December 31, 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:

	1Q13 Range				2013 Range
	Low		High		Low		High

Expected net income attributable to common shareholders per share - diluted		$0.28		$0.32		$1.38		$1.58
Expected real estate depreciation		0.60		0.60		2.33		2.33
Expected adjustments for unconsolidated joint ventures		0.02		0.02		0.07		0.07
Expected income allocated to noncontrolling interests		0.02		0.02		0.07		0.07
Expected FFO per share - diluted		$0.92		$0.96		$3.85		$4.05

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						Twelve Months Ended
	December 31,						December 31,
	2012			2011			2012			2011
Net income attributable to common shareholders		$142,166			$46,850			$283,390			$49,379
Less: Fee and asset management income		(2,773	)		(3,018	)		(12,345	)		(9,973	)
Less: Interest and other (income) loss		(40	)		100			710			(4,649	)
Less: Income on deferred compensation plans		(952	)		(5,540	)		(4,772	)		(6,773	)
Plus: Property management expense		6,152			5,208			21,796			20,686
Plus: Fee and asset management expense		1,580			1,715			6,631			5,935
Plus: General and administrative expense		9,816			9,064			37,528			35,456
Plus: Interest expense		25,487			26,942			104,282			112,414
Plus: Depreciation and amortization		52,501			42,428			203,077			171,127
Plus: Amortization of deferred financing costs		887			1,116			3,608			5,877
Plus: Expense on deferred compensation plans		952			5,540			4,772			6,773
Less: Gain on acquisition of controlling interests in joint ventures		(17,227	)		-			(57,418	)		-
Less: Gain on sale of properties, including land		-			-			-			(4,748	)
Less: Gain on sale of unconsolidated joint venture interests		-			-			-			(1,136	)
Plus: Loss on discontinuation of hedging relationship		-			-			-			29,791
Less: Equity in income of joint ventures		(15,489	)		(5,845	)		(20,175	)		(5,679	)
Plus: Income tax expense - current		216			331			1,208			2,220
Less: Income from discontinued operations		(2,144	)		(3,127	)		(9,495	)		(11,715	)
Less: Gain on sale of discontinued operations, net of tax		(82,527	)		(24,621	)		(115,068	)		(24,621	)
Plus: Income allocated to noncontrolling interests from continuing operations		1,893			1,431			4,821			3,453
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		2,087			33			2,838			129
Plus: Income allocated to perpetual preferred units		-			1,750			776			7,000
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			-			2,075			-
Net Operating Income (NOI)		$122,585			$100,357			$458,239			$380,946

"Same Property" Communities		$103,930			$96,193			$402,513			$368,569
Non-"Same Property" Communities		17,449			3,652			51,525			11,491
Development and Lease-Up Communities		598			1			1,126			1
Other		608			511			3,075			885
Net Operating Income (NOI)		$122,585			$100,357			$458,239			$380,946

EBITDA

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2012			2011			2012			2011
Net income attributable to common shareholders		$142,166			$46,850			$283,390			$49,379
Plus: Interest expense		25,487			26,942			104,282			112,414
Plus: Amortization of deferred financing costs		887			1,116			3,608			5,877
Plus: Depreciation and amortization		52,501			42,428			203,077			171,127
Plus: Income allocated to perpetual preferred units		-			1,750			776			7,000
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			-			2,075			-
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		2,087			33			2,838			129
Plus: Income allocated to noncontrolling interests from continuing operations		1,893			1,431			4,821			3,453
Plus: Income tax expense - current		216			331			1,208			2,220
Plus: Real estate depreciation and amortization from discontinued operations		948			2,626			6,795			11,038
Less: Gain on sale of properties, including land		-			-			-			(4,748	)
Less: Gain on sale of unconsolidated joint venture interests		-			-			-			(1,136	)
Less: Gain on acquisition of controlling interests in joint ventures		(17,227	)		-			(57,418	)		-
Less: Equity in income of joint ventures		(15,489	)		(5,845	)		(20,175	)		(5,679	)
Less: Gain on sale of discontinued operations, net of tax		(82,527	)		(24,621	)		(115,068	)		(24,621	)
Plus: Loss on discontinuation of hedging relationship		-			-			-			29,791
EBITDA		$110,942			$93,041			$420,209			$356,244

CAMDEN

OTHER DATA

(Unaudited)

Stock Symbol:

CPT

Exchange Traded:

NYSE

Senior Unsecured Debt Ratings:

Rating

Outlook

Moody's

Baa1

Stable

Fitch

BBB+

Stable

Standard & Poors

BBB

Positive

Estimated Future Dates:

Q1 '13

Q2 '13

Q3 '13

Q4 '13

Earnings release & conference call

Early May

Late Jul

Late Oct

Early Feb

Dividend Information - Common Shares:

Q1 '12

Q2 '12

Q3 '12

Q4 '12

Q1 '13

Declaration Date

03/08/12

06/15/12

09/14/12

12/03/12

01/31/13

Record Date

03/30/12

06/29/12

09/28/12

12/17/12

03/28/13

Payment Date

04/17/12

07/17/12

10/17/12

01/17/13

04/17/13

Distributions Per Share

$0.56

$0.63

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 12/31/12

(Unaudited)													4Q12 Avg
				Year Placed		Average		Apartment		4Q12 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		93	%		$920		$1.17
Camden Fountain Palms	Peoria		AZ		1986/1996		1,050		192		91	%		682		0.65
Camden Legacy	Scottsdale		AZ		1996		1,067		428		93	%		979		0.92
Camden Montierra	Scottsdale		AZ		1999		1,071		249		94	%		1,191		1.11
Camden Pecos Ranch	Chandler		AZ		2001		924		272		92	%		875		0.95
Camden San Marcos	Scottsdale		AZ		1995		984		320		95	%		1,050		1.07
Camden San Paloma	Scottsdale		AZ		1993/1994		1,042		324		93	%		996		0.96
Camden Sierra	Peoria		AZ		1997		925		288		91	%		686		0.74
Camden Towne Center	Glendale		AZ		1998		871		240		93	%		681		0.78
TOTAL ARIZONA		9	Properties				970		2,645		93	%		911		0.94

Camden Crown Valley	Mission Viejo		CA		2001		1,009		380		97	%		1,603		1.59
Camden Harbor View	Long Beach		CA		2004		975		538		96	%		2,002		2.05
Camden Main and Jamboree	Irvine		CA		2008		1,011		290		97	%		1,821		1.80
Camden Martinique	Costa Mesa		CA		1986		794		714		96	%		1,369		1.72
Camden Parkside	Fullerton		CA		1972		836		421		95	%		1,276		1.53
Camden Sea Palms	Costa Mesa		CA		1990		891		138		98	%		1,542		1.73
Total Los Angeles/Orange County		6	Properties				904		2,481		96	%		1,589		1.76

Camden Landmark	Ontario		CA		2006		982		469		94	%		1,320		1.34
Camden Old Creek	San Marcos		CA		2007		1,037		350		94	%		1,635		1.58
Camden Sierra at Otay Ranch	Chula Vista		CA		2003		962		422		93	%		1,516		1.58
Camden Tuscany	San Diego		CA		2003		896		160		94	%		2,030		2.27
Camden Vineyards	Murrieta		CA		2002		1,053		264		91	%		1,247		1.18
Total San Diego/Inland Empire		5	Properties				991		1,665		93	%		1,493		1.51

TOTAL CALIFORNIA		11	Properties				939		4,146		95	%		1,550		1.65

Camden Belleview Station	Denver		CO		2009		888		270		90	%		1,283		1.45
Camden Caley	Englewood		CO		2000		925		218		96	%		1,015		1.10
Camden Centennial	Littleton		CO		1985		744		276		96	%		781		1.05
Camden Denver West	Golden		CO		1997		1,015		320		97	%		1,120		1.10
Camden Highlands Ridge	Highlands Ranch		CO		1996		1,149		342		95	%		1,282		1.12
Camden Interlocken	Broomfield		CO		1999		1,022		340		96	%		1,242		1.21
Camden Lakeway	Littleton		CO		1997		932		451		93	%		1,021		1.10
Camden Pinnacle	Westminster		CO		1985		748		224		95	%		819		1.10
TOTAL COLORADO		8	Properties				942		2,441		95	%		1,084		1.15

Camden Ashburn Farms	Ashburn		VA		2000		1,062		162		98	%		1,486		1.40
Camden Clearbrook	Frederick		MD		2007		1,048		297		94	%		1,366		1.30
Camden College Park	College Park		MD		2008		942		508		95	%		1,594		1.69
Camden Dulles Station	Oak Hill		VA		2009		984		366		97	%		1,658		1.68
Camden Fair Lakes	Fairfax		VA		1999		1,056		530		95	%		1,665		1.58
Camden Fairfax Corner	Fairfax		VA		2006		934		488		97	%		1,697		1.82
Camden Fallsgrove	Rockville		MD		2004		996		268		96	%		1,691		1.70
Camden Grand Parc	Washington		DC		2002		674		105		95	%		2,450		3.63
Camden Lansdowne	Leesburg		VA		2002		1,006		690		95	%		1,437		1.43
Camden Largo Town Center	Largo		MD		2000/2007		1,027		245		95	%		1,624		1.58
Camden Monument Place	Fairfax		VA		2007		856		368		96	%		1,535		1.79
Camden Potomac Yard	Arlington		VA		2008		835		378		96	%		2,025		2.43
Camden Roosevelt	Washington		DC		2003		856		198		98	%		2,528		2.95
Camden Russett	Laurel		MD		2000		992		426		95	%		1,386		1.40
Camden Silo Creek	Ashburn		VA		2004		975		284		96	%		1,454		1.49
Camden Summerfield	Landover		MD		2008		957		291		94	%		1,587		1.66
Camden Summerfield II	Landover		MD		2012		936		187		95	%		1,575		1.68
TOTAL DC METRO		17	Properties				963		5,791		96	%		1,634		1.70

Camden Aventura	Aventura		FL		1995		1,108		379		94	%		1,600		1.44
Camden Brickell	Miami		FL		2003		937		405		96	%		1,697		1.81
Camden Doral	Miami		FL		1999		1,120		260		98	%		1,577		1.41
Camden Doral Villas	Miami		FL		2000		1,253		232		95	%		1,706		1.36
Camden Las Olas	Ft. Lauderdale		FL		2004		1,043		420		94	%		1,791		1.72
Camden Plantation	Plantation		FL		1997		1,201		502		95	%		1,329		1.11
Camden Portofino	Pembroke Pines		FL		1995		1,112		322		96	%		1,372		1.23
Total Southeast Florida		7	Properties				1,103		2,520		95	%		1,572		1.42

Camden Club	Longwood		FL		1986		1,077		436		95	%		884		0.82
Camden Hunter's Creek	Orlando		FL		2000		1,075		270		96	%		1,033		0.96
Camden Lago Vista	Orlando		FL		2005		955		366		95	%		916		0.96
Camden LaVina	Orlando		FL		2012		970		420		94	%		1,076		1.11
Camden Lee Vista	Orlando		FL		2000		937		492		96	%		875		0.93
Camden Orange Court	Orlando		FL		2008		817		268		96	%		1,140		1.40
Camden Renaissance	Altamonte Springs		FL		1996/1998		899		578		96	%		806		0.90
Camden Reserve	Orlando		FL		1990/1991		824		526		96	%		747		0.91
Camden Town Square (1)	Orlando		FL		2012		986		438	Lease-Up				1,119		1.13
Camden World Gateway	Orlando		FL		2000		979		408		95	%		987		1.01
Total Orlando		10	Properties				948		4,202		95	%		937		0.99

CAMDEN

COMMUNITY TABLE

Community Statistics as of 12/31/12

(Unaudited)

4Q12 Avg

Year Placed

Average

Apartment

4Q12 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	%	879	0.93
Camden Bay Pointe	Tampa		FL	1984	771	368	94	%	714	0.93
Camden Bayside	Tampa		FL	1987/1989	748	832	95	%	786	1.05
Camden Citrus Park	Tampa		FL	1985	704	247	95	%	697	0.99
Camden Lakes	St. Petersburg		FL	1982/1983	732	688	94	%	725	0.99
Camden Lakeside	Brandon		FL	1986	729	228	96	%	762	1.05
Camden Live Oaks (3)	Tampa		FL	1990	1,093	770	95	%	778	0.71
Camden Montague	Tampa		FL	2012	975	192	97	%	1,109	1.14
Camden Preserve	Tampa		FL	1996	942	276	96	%	1,099	1.17
Camden Providence Lakes	Brandon		FL	1996	1,024	260	96	%	912	0.89
Camden Royal Palms	Brandon		FL	2006	1,017	352	94	%	953	0.94
Camden Visconti (2)	Tampa		FL	2007	1,125	450	95	%	1,138	1.01
Camden Westchase Park	Tampa		FL	2012	993	348	96	%	1,186	1.19
Camden Westshore	Tampa		FL	1986	728	278	94	%	864	1.19
Camden Woods	Tampa		FL	1986	1,223	444	94	%	864	0.71
Total Tampa/St. Petersburg		15	Properties		920	6,493	95	%	873	0.96

TOTAL FLORIDA		32	Properties		964	13,215	95	%	1,027	1.06

Camden Brookwood	Atlanta		GA	2002	912	359	97	%	1,018	1.12
Camden Creekstone	Atlanta		GA	2002	990	223	95	%	965	0.97
Camden Deerfield	Alpharetta		GA	2000	1,187	292	95	%	1,016	0.86
Camden Dunwoody	Atlanta		GA	1997	1,007	324	94	%	944	0.94
Camden Midtown Atlanta	Atlanta		GA	2001	935	296	97	%	1,060	1.13
Camden Peachtree City	Peachtree City		GA	2001	1,027	399	96	%	954	0.93
Camden Phipps (2)	Atlanta		GA	1996	1,018	234	97	%	1,258	1.24
Camden River	Duluth		GA	1997	1,103	352	95	%	915	0.83
Camden Shiloh	Kennesaw		GA	1999/2002	1,143	232	97	%	892	0.78
Camden St. Clair	Atlanta		GA	1997	999	336	96	%	969	0.97
Camden Stockbridge	Stockbridge		GA	2003	1,009	304	95	%	760	0.75
TOTAL GEORGIA		11	Properties		1,027	3,351	96	%	972	0.95

Camden Bel Air	Las Vegas		NV	1988/1995	943	528	92	%	710	0.75
Camden Breeze	Las Vegas		NV	1989	846	320	92	%	716	0.85
Camden Canyon	Las Vegas		NV	1995	987	200	93	%	864	0.88
Camden Commons	Henderson		NV	1988	936	376	92	%	749	0.80
Camden Cove	Las Vegas		NV	1990	898	124	90	%	709	0.79
Camden Del Mar	Las Vegas		NV	1995	986	560	95	%	894	0.91
Camden Fairways	Henderson		NV	1989	896	320	97	%	880	0.98
Camden Hills	Las Vegas		NV	1991	439	184	90	%	486	1.11
Camden Legends	Henderson		NV	1994	792	113	96	%	826	1.04
Camden Palisades	Las Vegas		NV	1991	905	624	94	%	721	0.80
Camden Pines	Las Vegas		NV	1997	982	315	94	%	792	0.81
Camden Pointe	Las Vegas		NV	1996	983	252	94	%	730	0.74
Camden Summit	Henderson		NV	1995	1,187	234	94	%	1,083	0.91
Camden Tiara	Las Vegas		NV	1996	1,043	400	95	%	859	0.82
Camden Vintage	Las Vegas		NV	1994	978	368	92	%	698	0.71
Oasis Bay (2)	Las Vegas		NV	1990	876	128	94	%	745	0.85
Oasis Crossings (2)	Las Vegas		NV	1996	983	72	97	%	754	0.77
Oasis Emerald (2)	Las Vegas		NV	1988	873	132	91	%	603	0.69
Oasis Gateway (2)	Las Vegas		NV	1997	1,146	360	94	%	776	0.68
Oasis Island (2)	Las Vegas		NV	1990	901	118	88	%	602	0.67
Oasis Landing (2)	Las Vegas		NV	1990	938	144	92	%	661	0.70
Oasis Meadows (2)	Las Vegas		NV	1996	1,031	383	90	%	709	0.69
Oasis Palms (2)	Las Vegas		NV	1989	880	208	90	%	693	0.79
Oasis Pearl (2)	Las Vegas		NV	1989	930	90	91	%	694	0.75
Oasis Place (2)	Las Vegas		NV	1992	440	240	88	%	478	1.09
Oasis Ridge (2)	Las Vegas		NV	1984	391	477	85	%	413	1.06
Oasis Sierra (2)	Las Vegas		NV	1998	923	208	94	%	786	0.85
Oasis Springs (2)	Las Vegas		NV	1988	838	304	87	%	569	0.68
Oasis Vinings (2)	Las Vegas		NV	1994	1,152	234	93	%	702	0.61
TOTAL NEVADA		29	Properties		903	8,016	92	%	725	0.80

Camden Ballantyne	Charlotte		NC	1998	1,045	400	96	%	1,026	0.98
Camden Cotton Mills	Charlotte		NC	2002	905	180	95	%	1,328	1.47
Camden Dilworth	Charlotte		NC	2006	857	145	97	%	1,281	1.50
Camden Fairview	Charlotte		NC	1983	1,036	135	96	%	941	0.91
Camden Foxcroft	Charlotte		NC	1979	940	156	98	%	850	0.90
Camden Grandview	Charlotte		NC	2000	1,057	266	96	%	1,418	1.34
Camden Habersham	Charlotte		NC	1986	773	240	95	%	710	0.92
Camden Pinehurst	Charlotte		NC	1967	1,147	407	95	%	855	0.75
Camden Sedgebrook	Charlotte		NC	1999	972	368	96	%	922	0.95
Camden Simsbury	Charlotte		NC	1985	874	100	96	%	923	1.06
Camden South End Square	Charlotte		NC	2003	882	299	95	%	1,200	1.36
Camden Stonecrest	Charlotte		NC	2001	1,098	306	95	%	1,067	0.97
Camden Touchstone	Charlotte		NC	1986	899	132	98	%	794	0.88
Total Charlotte		13	Properties		985	3,134	96	%	1,025	1.04

Camden Asbury Village (2)	Raleigh		NC	2009	1,009	350	93	%	1,003	0.99
Camden Crest	Raleigh		NC	2001	1,013	438	95	%	832	0.82
Camden Governor's Village	Chapel Hill		NC	1999	1,046	242	95	%	931	0.89
Camden Lake Pine	Apex		NC	1999	1,066	446	95	%	883	0.83
Camden Manor Park	Raleigh		NC	2006	966	484	97	%	919	0.95
Camden Overlook	Raleigh		NC	2001	1,060	320	95	%	978	0.92
Camden Reunion Park	Apex		NC	2000/2004	972	420	95	%	773	0.80
Camden Westwood	Morrisville		NC	1999	1,027	354	92	%	841	0.82
Total Raleigh		8	Properties		1,016	3,054	95	%	889	0.87

TOTAL NORTH CAROLINA		21	Properties		1,001	6,188	95	%	958	0.96

CAMDEN

COMMUNITY TABLE

Community Statistics as of 12/31/12

(Unaudited)

4Q12 Avg

Year Placed

Average

Apartment

4Q12 Avg

Monthly Rental Rates

Community Name

City

State

in Service

Size

Homes

Occupancy

Per Home

Per Sq. Ft.

Camden Amber Oaks (2)	Austin		TX	2009		862	348		94	%	879	1.02
Camden Amber Oaks II (2)	Austin		TX	2012		910	244		95	%	952	1.05
Camden Brushy Creek (2)	Cedar Park		TX	2008		882	272		96	%	891	1.01
Camden Cedar Hills	Austin		TX	2008		911	208		95	%	1,037	1.14
Camden Gaines Ranch	Austin		TX	1997		955	390		95	%	1,153	1.21
Camden Huntingdon	Austin		TX	1995		903	398		95	%	845	0.94
Camden Ridgecrest	Austin		TX	1995		855	284		94	%	779	0.91
Camden Shadow Brook (2)	Austin		TX	2009		909	496		97	%	938	1.03
Camden Stoneleigh	Austin		TX	2001		908	390		94	%	1,007	1.11
Total Austin		9	Properties			901	3,030		95	%	944	1.05

Camden Breakers	Corpus Christi		TX		1996	868	288		95	%	1,036	1.19
Camden Copper Ridge	Corpus Christi		TX		1986	775	344		95	%	765	0.99
Camden Miramar (4)	Corpus Christi		TX		1994-2011	488	855		96	%	939	1.93
Camden South Bay (2)	Corpus Christi		TX		2007	1,055	270		94	%	1,154	1.09
Total Corpus Christi		4	Properties			693	1,757		95	%	954	1.38

Camden Addison	Addison		TX		1996	942	456		95	%	868	0.92
Camden Belmont	Dallas		TX		2010/2012	945	477		92	%	1,350	1.43
Camden Buckingham	Richardson		TX		1997	919	464		95	%	923	1.00
Camden Centreport	Ft. Worth		TX		1997	911	268		95	%	877	0.96
Camden Cimarron	Irving		TX		1992	772	286		95	%	911	1.18
Camden Design District (2)	Dallas		TX		2009	939	355		95	%	1,223	1.30
Camden Farmers Market	Dallas		TX		2001/2005	932	904		95	%	1,031	1.11
Camden Gardens	Dallas		TX		1983	652	256		96	%	625	0.96
Camden Glen Lakes	Dallas		TX		1979	877	424		96	%	836	0.95
Camden Henderson	Dallas		TX		2012	967	106		85	%	1,491	1.54
Camden Legacy Creek	Plano		TX		1995	831	240		94	%	940	1.13
Camden Legacy Park	Plano		TX		1996	871	276		94	%	965	1.11
Camden Panther Creek (2)	Frisco		TX		2009	946	295		94	%	1,003	1.06
Camden Riverwalk (2)	Grapevine		TX		2008	982	600		95	%	1,205	1.23
Camden Springs	Dallas		TX		1987	713	304		94	%	621	0.87
Camden Valley Park	Irving		TX		1986	743	516		95	%	827	1.11
Total Dallas/Ft. Worth		16	Properties			883	6,227		95	%	984	1.11

Camden City Centre	Houston		TX		2007	932	379		95	%	1,481	1.59
Camden Cypress Creek (2)	Cypress		TX		2009	993	310		96	%	1,125	1.13
Camden Downs at Cinco Ranch (2)	Katy		TX		2004	1,075	318		96	%	1,118	1.04
Camden Grand Harbor (2)	Katy		TX		2008	959	300		95	%	1,052	1.10
Camden Greenway	Houston		TX		1999	861	756		96	%	1,230	1.43
Camden Heights (2)	Houston		TX		2004	927	352		96	%	1,351	1.46
Camden Holly Springs	Houston		TX		1999	934	548		95	%	1,034	1.11
Camden Lakemont (2)	Richmond		TX		2007	904	312		95	%	927	1.03
Camden Midtown	Houston		TX		1999	844	337		95	%	1,499	1.77
Camden Northpointe (2)	Tomball		TX		2008	940	384		95	%	990	1.05
Camden Oak Crest	Houston		TX		2003	870	364		95	%	933	1.07
Camden Park	Houston		TX		1995	866	288		96	%	883	1.02
Camden Piney Point (2)	Houston		TX		2004	919	318		95	%	1,135	1.23
Camden Plaza	Houston		TX		2007	915	271		96	%	1,431	1.56
Camden Royal Oaks	Houston		TX		2006	923	236		88	%	1,196	1.30
Camden Royal Oaks II (1)	Houston		TX		2012	1,054	104	Lease-up			1,394	1.32
Camden Spring Creek (2)	Spring		TX		2004	1,080	304		96	%	1,049	0.97
Camden Stonebridge	Houston		TX		1993	845	204		96	%	908	1.07
Camden Sugar Grove	Stafford		TX		1997	921	380		94	%	937	1.02
Camden Travis Street	Houston		TX		2010	819	253		95	%	1,475	1.80
Camden Vanderbilt	Houston		TX		1996/1997	863	894		98	%	1,290	1.49
Camden Whispering Oaks	Houston		TX		2008	934	274		95	%	1,096	1.17
Camden Woodson Park (2)	Houston		TX		2008	916	248		95	%	1,024	1.12
Camden Yorktown (2)	Houston		TX		2008	995	306		95	%	1,024	1.03
Total Houston		24	Properties			919	8,440		95	%	1,155	1.26

Camden Braun Station (2)	San Antonio		TX		2006	827	240		94	%	847	1.03
Camden Westover Hills (2)	San Antonio		TX		2010	959	288		95	%	1,066	1.11
Total San Antonio		2	Properties			899	528		95	%	966	1.07

TOTAL TEXAS		55	Properties			885	19,982		95	%	1,047	1.18

TOTAL PROPERTIES		193	Properties			937	65,775		95	%	$1,071	$1.14

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

Camden Property Trust (CPT) 8-K12.5% Dividend Increase and 2013 Financial Outlook