EXHIBIT 99.2 FIRST QUARTER 2007 Supplemental Operating and Financial Data Camden Clearbrook - Frederick, Maryland 297 Apartment Homes Construction Completed January 2007, Currently 91% Leased Camden Property Trust Three Greenway Plaza, Suite 1300 Houston, Texas 77046 Phone: 713-354-2500 Fax: 713-354-2700 www.camdenliving.com In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. CAMDEN TABLE OF CONTENTS - -------------------------------------------------------------------------------- Page Press Release Text 3 Financial Highlights 6 Operating Results 7 Funds from Operations 8 Balance Sheets 9 Portfolio Statistics 10 Components of Property Net Operating Income 11 "Same Property" First Quarter Comparisons 12 "Same Property" Sequential Quarter Comparisons 13 Joint Venture Operations 14 Current Development Pipeline 15 Joint Venture Development Pipeline 16 Future Development Pipeline & Land Held for Sale 17 Redevelopment Summary 18 Notes Receivable Summary 19 Acquisitions & Dispositions 20 Debt Analysis 21 Debt Covenant Analysis 22 Capitalized Expenditures & Maintenance Expense 23 Non-GAAP Financial Measures - Definitions & Reconciliations 24 Other Data 26 Community Table 27 Camden Property Trust Announces First Quarter 2007 Operating Results HOUSTON--(BUSINESS WIRE)--April 26, 2007--Camden Property Trust (NYSE:CPT) announced that its funds from operations ("FFO") for the first quarter of 2007 totaled $0.89 per diluted share or $55.9 million, as compared to $0.88 per diluted share or $51.8 million reported for the same period in 2006. The Company reported net income ("EPS") of $13.0 million or $0.22 per diluted share for the first quarter of 2007 compared to $41.4 million or $0.75 per diluted share for the same period in 2006. EPS for the three months ended March 31, 2006 included a $0.50 per diluted share impact from gain on sale of properties and discontinued operations. A reconciliation of net income to FFO is included in the financial tables accompanying this press release. Same-Property Results For the 44,604 apartment homes included in consolidated same-property results, first quarter 2007 same-property net operating income ("NOI") growth was 5.5% compared to the first quarter of 2006, with revenues increasing 5.1% and operating expenses increasing 4.4%. On a sequential basis, first quarter 2007 same-property NOI increased 2.6% compared to fourth quarter 2006, with revenues increasing 1.6% and expenses increasing 0.1% compared to the prior quarter. Same-property physical occupancy levels for the portfolio averaged 94.4% during the first quarter of 2007, compared to 96.0% in the first quarter of 2006 and 94.1% in the fourth quarter of 2006. The Company defines same-property communities as communities owned by Camden and stabilized as of January 1, 2006, excluding properties held for sale and communities under 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. Development Activity As of March 31, 2007, Camden had five completed apartment communities in lease-up: Camden Clearbrook in Frederick, MD, a $46.0 million project that is currently 91% leased; Camden Manor Park in Raleigh, NC, a $52.0 million project that is currently 87% leased; Camden Westwind in Ashburn, VA, a $97.6 million project that is currently 76% leased; Camden Old Creek in San Marcos, CA, a $98.0 million project that is currently 61% leased; and Camden Royal Oaks in Houston, TX, a $22.0 million project that is currently 52% leased. The Company's current development pipeline under construction includes six wholly-owned communities comprising 2,046 apartment homes with a total budgeted cost of $422.0 million. Camden also has five joint venture communities under development comprising 1,528 apartment homes with a total budgeted cost of $367.9 million. The Company's future development pipeline currently consists of 16 potential developments comprising 5,368 apartment homes and a total estimated cost of nearly $1.4 billion. The future pipeline represents projects in the early phase of the development process for which Camden either owns the land, has an option to acquire the land or enter into a leasehold interest, or is the buyer under a long-term conditional contract. Acquisition/Disposition Activity There was no acquisition or disposition activity during the first quarter of 2007. Subsequent to quarter-end, the Company acquired Camden South Congress, a 253-home apartment community in Austin, TX. Properties and Land Held for Sale At March 31, 2007, Camden had three operating communities consisting of 930 apartment homes classified as held for sale: Camden Downs, a 254-home apartment community in Louisville, KY; Camden Taravue, a 304-home apartment community in St. Louis, MO; and Camden Trace, a 372-home apartment community in St. Louis, MO. The Company also had 5.7 acres of undeveloped land in Miami, FL, Boca Raton, FL and Dallas, TX classified as held for sale at quarter-end. Earnings Guidance Camden maintained its earnings guidance for 2007 based on its current and expected views of the apartment market and general economic conditions. Full-year 2007 FFO is expected to be between $3.60 and $3.90 per diluted share, and full-year 2007 EPS is expected to be between $0.95 and $1.25 per diluted share. Second quarter 2007 earnings guidance is $0.88 to $0.92 per diluted share for FFO and $0.21 to $0.25 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of operating properties. Camden intends to update its earnings guidance to the market on a quarterly basis. The Company's 2007 earnings guidance is based on projections of same-property NOI growth between 5.5% and 7.5%, acquisitions of $0 - $100 million, dispositions of $175 - $450 million and new development starts of $350 - $500 million. Camden updates its earnings guidance to the market on a quarterly basis. A reconciliation of expected net income to expected FFO is included in the financial tables accompanying this press release. Conference Call The Company will hold a conference call on Friday, April 27, 2007 at 9:00 a.m. Central Time to review its first quarter results and discuss its outlook for future performance. To participate in the call, please dial (877) 407-0778 (domestic) or (201) 689-8565 (international) by 8:50 a.m. Central Time and request the Camden Property Trust First Quarter 2007 Earnings Call, or join the live webcast of the conference call by accessing the Investor Relations section of the Company's website at www.camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company's website under Earnings Releases or by calling Camden's Investor Relations Department at (800) 922-6336. Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. About Camden Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 188 properties containing 64,769 apartment homes across the United States. Upon completion of 11 properties under development, the Company's portfolio will increase to 68,343 apartment homes in 199 properties. For additional information, please contact Camden's Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at www.camdenliving.com. CAMDEN FINANCIAL HIGHLIGHTS (In thousands, except per share, property data amounts and ratios) - ------------------------------------------------------------------------ (Unaudited) Three Months Ended March 31, ------------------------------------------ 2007 2006 ------------------------------------------ Total property revenues (a) $152,648 $145,814 EBITDA 86,159 84,544 Net income 13,037 41,443 Per share - basic 0.22 0.76 Per share - diluted 0.22 0.75 Income from continuing operations 12,244 12,395 per share - basic 0.21 0.23 per share - diluted 0.21 0.23 Funds from operations 55,919 51,839 Per share - diluted 0.89 0.88 Dividends per share 0.69 0.66 Dividend payout ratio 77.5% 75.0% Interest expensed 27,908 31,037 Interest capitalized 5,136 5,199 -------------------- -------------------- Total interest incurred 33,044 36,236 Principal amortization 3,535 3,622 Preferred dividends & distributions 1,750 1,750 Interest expense coverage ratio 3.1 x 2.7 x Total interest coverage ratio 2.6 x 2.3 x Fixed charge expense coverage ratio 2.6 x 2.3 x Total fixed charge coverage ratio 2.2 x 2.0 x Same property NOI increase (b) 5.5% 10.2% (# of apartment homes included) 44,604 49,557 Gross turnover of apartment homes (annualized) 59% 61% Net turnover (excludes on-site transfers and transfers to other Camden communities) 52% 54% As of March 31, ------------------------------------------ 2007 2006 ------------------------------------------ Total assets $4,679,880 $4,618,404 Total debt $2,466,596 $2,741,653 Common and common equivalent shares, outstanding end of period (c) 63,000 59,088 Share price, end of period $70.31 $72.05 Preferred units, end of period $97,925 $97,925 Book equity value, end of period (d) $1,930,941 $1,603,779 Market equity value, end of period (d) $4,529,530 $4,357,290 Debt to total market capitalization ratio 35.3% 38.6% Unencumbered real estate assets (at cost) to unsecured debt ratio 225% 195% (a) Excludes discontinued operations. (b) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2006, excluding properties held for sale and communities under redevelopment. (c) Includes at March 31, 2007: 59,505 common shares (including 557 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (3,495) (d) Includes: common shares, preferred and common units, and common share equivalents Note: Please refer to pages 24 and 25 for definitions and reconciliations of all non-GAAP financial measures presented in this document. CAMDEN OPERATING RESULTS (In thousands, except per share and property data amounts) - ---------------------------------------------------------------------- (Unaudited) Three Months Ended March 31, ---------------------------------------- OPERATING DATA 2007 2006 - ---------------------------------------------------------------------- Property revenues Rental revenues $137,381 $133,255 Other property revenues 15,267 12,559 ---------------------------------------- Total property revenues 152,648 145,814 Property expenses Property operating and maintenance 40,447 38,371 Real estate taxes 16,534 16,317 ---------------------------------------- Total property expenses 56,981 54,688 Non-property income Fee and asset management 2,386 2,477 Interest and other income 1,562 753 Income on deferred compensation plans 2,306 50 ---------------------------------------- Total non-property income 6,254 3,280 Other expenses Property management 4,728 4,226 Fee and asset management 1,620 1,366 General and administrative 8,054 7,414 Interest 27,908 31,037 Depreciation and amortization 40,321 36,681 Amortization of deferred financing costs 916 1,047 Expense on deferred compensation plans 2,306 50 ---------------------------------------- Total other expenses 85,853 81,821 ---------------------------------------- Income from continuing operations before gain on sale of properties, equity in income of joint ventures, minority interests and income taxes 16,068 12,585 Gain on sale of properties, including land - 499 Equity in income of joint ventures 735 2,317 Minority interests Distributions on perpetual preferred units (1,750) (1,750) Income allocated to common units and other minority interests (904) (1,256) ---------------------------------------- Income from continuing operations before income taxes 14,149 12,395 Income tax expense (721) - Income tax expense on sale of depreciable operating properties (1,184) - ---------------------------------------- Income from continuing operations 12,244 12,395 Income from discontinued operations 946 2,476 Gain on sale of discontinued operations - 27,392 Income from discontinued operations allocated to common units (153) (820) ---------------------------------------- Net income $13,037 $41,443 ======================================== PER SHARE DATA - ------------------------------ Net income - basic $0.22 $0.76 Net income - diluted 0.22 0.75 Income from continuing operations - basic 0.21 0.23 Income from continuing operations - diluted 0.21 0.23 Weighted average number of common and common equivalent shares outstanding: Basic 58,813 54,290 Diluted 59,994 55,474 PROPERTY DATA - ------------------------------ Total operating properties (end of period) (a) 187 187 Total operating apartment homes in operating properties (end of period) (a) 64,516 64,384 Total operating apartment homes (weighted average) 53,097 57,177 Total operating apartment homes - excluding discontinued operations (weighted average) 52,167 53,448 (a) Includes joint ventures and properties held for sale. Note: Please refer to pages 24 and 25 for definitions and reconciliations of all non-GAAP financial measures presented in this document. CAMDEN FUNDS FROM OPERATIONS (In thousands, except per share and property data amounts) - ---------------------------------------------------------------------- (Unaudited) Three Months Ended March 31, ---------------------------------------- FUNDS FROM OPERATIONS 2007 2006 - ---------------------------------------------------------------------- Net income $13,037 $41,443 Real estate depreciation and amortization from continuing operations 39,606 36,027 Real estate depreciation from discontinued operations - 718 Adjustments for unconsolidated joint ventures 1,086 781 Income from continuing operations allocated to common units 853 1,205 Income from discontinued operations allocated to common units 153 820 (Gain) on sale of operating properties, net of taxes 1,184 - (Gain) on sale of discontinued operations - (27,392) (Gain) on sale of joint venture properties - (1,763) ---------------------------------------- Funds from operations - diluted $55,919 $51,839 ======================================== PER SHARE DATA - ------------------------------ Funds from operations - diluted $0.89 $0.88 Cash distributions 0.69 0.66 Weighted average number of common and common equivalent shares outstanding: FFO - diluted 63,021 58,988 PROPERTY DATA - ------------------------------ Total operating properties (end of period) (a) 187 187 Total operating apartment homes in operating properties (end of period) (a) 64,516 64,384 Total operating apartment homes (weighted average) 53,097 57,177 Total operating apartment homes - excluding discontinued operations (weighted average) 52,167 53,448 (a) Includes joint ventures and properties held for sale. CAMDEN BALANCE SHEETS (In thousands) - --------------------------------------------------------------------------------------------------------- (Unaudited) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2007 2006 2006 2006 2006 --------------------------------------------------------------------------- ASSETS Real estate assets, at cost Land $703,850 $693,312 $683,645 $697,690 $664,219 Buildings and improvements 4,108,955 4,036,286 3,988,031 4,074,737 3,892,700 --------------------------------------------------------------------------- 4,812,805 4,729,598 4,671,676 4,772,427 4,556,919 Accumulated depreciation (799,624) (762,011) (725,790) (786,208) (732,984) --------------------------------------------------------------------------- Net operating real estate assets 4,013,181 3,967,587 3,945,886 3,986,219 3,823,935 Properties under development, including land 410,002 369,861 351,246 427,500 419,843 Investments in joint ventures 8,321 9,245 8,266 8,270 8,199 Properties held for sale, including land 32,879 32,763 45,074 55,562 188,477 --------------------------------------------------------------------------- Total real estate assets 4,464,383 4,379,456 4,350,472 4,477,551 4,440,454 Accounts receivable - affiliates 34,854 34,170 33,624 33,408 33,361 Notes receivable Affiliates 43,507 41,478 31,037 23,327 22,531 Other 11,565 3,855 3,855 9,211 13,264 Other assets, net (a) 118,329 121,336 112,801 111,636 102,269 Cash and cash equivalents 1,470 1,034 8,061 49,700 1,256 Restricted cash 5,772 4,721 5,541 5,194 5,269 --------------------------------------------------------------------------- Total assets $4,679,880 $4,586,050 $4,545,391 $4,710,027 $4,618,404 =========================================================================== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Notes payable Unsecured $1,897,865 $1,759,498 $1,693,106 $1,940,693 $2,118,403 Secured 568,731 571,478 587,347 620,592 623,250 Accounts payable and accrued expenses 110,486 124,834 120,566 117,301 116,215 Accrued real estate taxes 16,036 23,306 41,165 31,280 17,818 Other liabilities (b) 110,684 105,999 101,332 99,460 98,327 Distributions payable 45,137 43,068 43,056 43,031 40,612 --------------------------------------------------------------------------- Total liabilities 2,748,939 2,628,183 2,586,572 2,852,357 3,014,625 Commitments and contingencies Minority interests Perpetual preferred units 97,925 97,925 97,925 97,925 97,925 Common units 102,217 115,280 116,776 106,217 113,034 Other minority interests 10,335 10,306 10,002 10,555 10,512 --------------------------------------------------------------------------- Total minority interests 210,477 223,511 224,703 214,697 221,471 Shareholders' equity Common shares of beneficial interest 654 650 650 649 610 Additional paid-in capital 2,199,713 2,183,622 2,176,170 2,172,616 1,908,099 Distributions in excess of net income (243,786) (213,665) (206,442) (293,386) (289,482) Employee notes receivable (2,025) (2,036) (2,047) (2,035) (2,046) Treasury shares, at cost (234,092) (234,215) (234,215) (234,871) (234,873) --------------------------------------------------------------------------- Total shareholders' equity 1,720,464 1,734,356 1,734,116 1,642,973 1,382,308 --------------------------------------------------------------------------- Total liabilities and shareholders' equity $4,679,880 $4,586,050 $4,545,391 $4,710,027 $4,618,404 =========================================================================== (a) includes: net deferred charges of: $9,724 $10,295 $11,155 $13,120 $14,079 value of in place leases of: $61 $242 $452 $431 $1,156 (b) includes: deferred revenues of: $3,321 $3,875 $5,256 $4,408 $4,843 above/below market leases of: $8 $32 $80 $13 $51 distributions in excess of investments in joint ventures of: $18,805 $18,350 $18,044 $12,701 $11,556 CAMDEN PORTFOLIO STATISTICS - ------------------------------------------------------------------------------------------------------------------------ (Unaudited) COMMUNITY PORTFOLIO AT MARCH 31, 2007 (in apartment homes) "Same Non-"Same Wholly - Joint StabilizedCompleted Total Under Total Property" Property" Owned Venture Operating in Lease- OperatingDevelopment (a) up ------------------------------------------------------------------------------------------ D.C. Metro (b)(c) 2,663 733 3,396 - 3,396 761 4,157 1,914 6,071 Las Vegas, NV 2,937 1,080 4,017 4,047 8,064 - 8,064 - 8,064 Los Angeles/Orange County, CA (d) 1,770 - 1,770 421 2,191 - 2,191 290 2,481 San Diego/Inland Empire, CA 846 - 846 - 846 350 1,196 - 1,196 Tampa, FL 5,097 538 5,635 - 5,635 - 5,635 - 5,635 Dallas, TX 5,989 1,328 7,317 456 7,773 - 7,773 - 7,773 Houston, TX (e) 3,350 894 4,244 1,216 5,460 236 5,696 1,109 6,805 SE Florida 2,520 - 2,520 - 2,520 - 2,520 - 2,520 Charlotte, NC 3,713 433 4,146 - 4,146 - 4,146 - 4,146 Orlando, FL 3,296 - 3,296 - 3,296 - 3,296 261 3,557 Atlanta, GA 3,202 - 3,202 - 3,202 - 3,202 - 3,202 Denver, CO 2,209 - 2,209 320 2,529 - 2,529 - 2,529 Raleigh, NC 2,220 - 2,220 - 2,220 484 2,704 - 2,704 Phoenix, AZ 1,441 - 1,441 992 2,433 - 2,433 - 2,433 Austin, TX 2,135 390 2,525 - 2,525 - 2,525 - 2,525 Other 1,216 1,996 3,212 3,237 6,449 - 6,449 - 6,449 ------------------------------------------------------------------------------------------ Total Portfolio 44,604 7,392 51,996 10,689 62,685 1,831 64,516 3,574 68,090 (a) Includes nine redevelopment properties (3,356 apartment homes) and the following three properties (930 apartment homes) held for sale and reported in discontinued operations: Camden Downs (254 apartment homes) in Louisville, KY; Camden Taravue (304 apartment homes) and Camden Trace (372 apartment homes) in St. Louis, MO. (b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. (c) 508 units under development in College Park, MD are held through a joint venture investment. (d) 290 units under development in Irvine, CA are held through a joint venture investment. (e) 730 units under development in Houston, TX are held through joint venture investments. FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED:(h) "Same Property" Operating Incl. JVs at Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Communities Communities (f)Pro Rata % (g) 2007 2006 2006 2006 2006 --------------------------------------------- -------------------------------------------------- D.C. Metro 10.7% 13.0% 12.6% 95.5% 94.8% 96.6% 96.5% 96.0% Las Vegas, NV 6.9% 8.0% 9.2% 95.5% 95.0% 95.3% 96.4% 96.7% Los Angeles/Orange County, CA 7.4% 6.2% 6.2% 92.7% 93.5% 94.6% 95.6% 95.4% San Diego/Inland Empire, CA 3.0% 2.9% 2.8% 93.8% 94.0% 94.6% 95.3% 94.1% Tampa, FL 9.4% 8.6% 8.2% 94.5% 92.8% 94.9% 96.0% 96.7% Dallas, TX 7.7% 8.5% 8.3% 94.4% 93.8% 94.5% 95.9% 95.5% Houston, TX 5.9% 6.7% 6.9% 95.0% 94.1% 94.4% 95.4% 95.8% SE Florida 9.0% 7.6% 7.3% 96.2% 95.4% 95.0% 96.2% 98.4% Charlotte, NC 7.6% 7.2% 7.0% 95.1% 94.0% 95.6% 95.7% 96.2% Orlando, FL 7.3% 6.1% 5.9% 92.6% 94.6% 95.0% 95.1% 97.3% Atlanta, GA 7.0% 5.9% 5.7% 93.5% 94.1% 94.5% 95.2% 95.0% Denver, CO 4.8% 4.0% 4.2% 94.5% 93.3% 94.8% 95.1% 94.0% Raleigh, NC 4.3% 4.2% 4.0% 93.4% 92.4% 95.3% 95.3% 96.9% Phoenix, AZ 3.6% 3.0% 3.2% 95.1% 94.4% 95.2% 95.5% 97.9% Austin, TX 3.1% 3.1% 3.0% 93.8% 95.2% 94.8% 95.1% 95.1% Other 2.3% 5.0% 5.5% 94.9% 93.8% 94.7% 95.3% 94.5% --------------------------------------------- -------------------------------------------------- Total Portfolio 100.0% 100.0% 100.0% 94.6% 94.1% 95.0% 95.7% 96.0% CAMDEN COMPONENTS OF PROPERTY NET OPERATING INCOME (In thousands, except property data amounts) - ------------------------------------------------------------------------------------ (Unaudited) Three Months Ended March 31, Apartment Property Revenues Homes 2007 2006 Change ---------- -------------------------------- "Same Property" Communities (a) 44,604 $128,324 $122,075 $6,249 Non-"Same Property" Communities (b) 3,106 10,512 7,039 3,473 Development and Lease-Up Communities (c) 3,877 4,378 576 3,802 Redevelopment Communities (d) 3,356 8,302 8,354 (52) Dispositions / Other (e) - 1,132 7,770 (6,638) ---------- ---------- ---------- ---------- Total Property Revenues 54,943 $152,648 $145,814 $6,834 Property Expenses "Same Property" Communities (a) 44,604 $47,898 $45,863 $2,035 Non-"Same Property" Communities (b) 3,106 3,224 2,170 1,054 Development and Lease-Up Communities (c) 3,877 1,954 268 1,686 Redevelopment Communities (d) 3,356 3,383 3,408 (25) Dispositions / Other (e) - 522 2,979 (2,457) ---------- ---------- ---------- ---------- Total Property Expenses 54,943 $56,981 $54,688 $2,293 Property Net Operating Income "Same Property" Communities (a) 44,604 $80,426 $76,212 $4,214 Non-"Same Property" Communities (b) 3,106 7,288 4,869 2,419 Development and Lease-Up Communities (c) 3,877 2,424 308 2,116 Redevelopment Communities (d) 3,356 4,919 4,946 (27) Dispositions / Other (e) - 610 4,791 (4,181) ---------- ---------- ---------- ---------- Total Property Net Operating Income 54,943 $95,667 $91,126 $4,541 Income from Discontinued Operations (f) Three Months Ended March 31, - --------------------------------------- 2007 2006 --------------------- Property Revenues $1,833 $6,599 Property Expenses 887 3,405 ---------- ---------- Property Net Operating Income 946 3,194 Depreciation and Amortization - (718) Income from discontinued operations allocated to common units (153) (820) Gain on sale of discontinued operations - 27,392 ---------- ---------- Income from Discontinued Operations $793 $29,048 Notes: (a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2006, excluding properties held for sale. (b) Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2006, excluding properties held for sale. (c) Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2006, excluding properties held for sale. (d) Redevelopment Communities are non-stabilized communities redeveloped by the Company after January 1, 2006. (e) Disposition Communities include those communities disposed of by the Company which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental properties. "Other" property revenues includes the amortization of above and below market leases of communities acquired during 2006. (f) Represents operating results for communities disposed of during 2006 or held for sale at March 31, 2007, of which Camden has, or expects to have, no continuing involvement. "SAME PROPERTY" CAMDEN FIRST QUARTER COMPARISONS March 31, 2007 (In thousands, except property data amounts) - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) Revenues Expenses NOI Quarterly Results (a) 1Q07 1Q06 Growth 1Q07 1Q06 Growth 1Q07 1Q06 Growth - ---------------------------------------------------------------------------------------------------------------------------------- D.C. Metro $11,757 $11,210 4.9% $3,184 $3,120 2.1% $8,573 $8,090 6.0% Las Vegas, NV 8,096 7,844 3.2% 2,574 2,545 1.1% 5,522 5,299 4.2% Los Angeles/Orange County, CA 8,428 8,286 1.7% 2,438 2,360 3.3% 5,990 5,926 1.1% San Diego/Inland Empire, CA 3,804 3,668 3.7% 1,383 1,379 0.3% 2,421 2,289 5.8% Tampa, FL 13,238 12,513 5.8% 5,690 5,160 10.3% 7,548 7,353 2.7% Dallas, TX 12,137 11,452 6.0% 5,928 5,937 (0.2%) 6,209 5,515 12.6% Houston, TX 8,170 7,769 5.2% 3,397 3,356 1.2% 4,773 4,413 8.2% SE Florida 11,696 10,989 6.4% 4,456 3,984 11.8% 7,240 7,005 3.4% Charlotte, NC 9,674 9,044 7.0% 3,568 3,423 4.2% 6,106 5,621 8.6% Orlando, FL 9,291 9,044 2.7% 3,421 3,178 7.6% 5,870 5,866 0.1% Atlanta, GA 8,833 8,412 5.0% 3,180 3,190 (0.3%) 5,653 5,222 8.3% Denver, CO 5,786 5,559 4.1% 1,908 1,918 (0.5%) 3,878 3,641 6.5% Raleigh, NC 5,375 5,091 5.6% 1,945 1,716 13.3% 3,430 3,375 1.6% Phoenix, AZ 4,223 3,842 9.9% 1,323 1,221 8.4% 2,900 2,621 10.6% Austin, TX 4,776 4,436 7.7% 2,297 2,213 3.8% 2,479 2,223 11.5% Other 3,040 2,916 4.3% 1,206 1,163 3.7% 1,834 1,753 4.6% ------------------------------ ------------------------------ ------------------------------ Total Same Property $128,324 $122,075 5.1% $47,898 $45,863 4.4% $80,426 $76,212 5.5% Apartment Homes % of NOI Average Occupancy(a) Weighted Average Rental Rate(b) Quarterly Results (a) Included Contribution(a) 1Q07 1Q06 Change 1Q07 1Q06 Change - ---------------------------------------------------------------------------------------------------------------------------------- D.C. Metro 2,663 10.7% 95.5% 95.9% (0.4%) $1,454 $1,390 4.6% Las Vegas, NV 2,937 6.9% 95.8% 97.0% (1.2%) 872 834 4.6% Los Angeles/Orange County, CA 1,770 7.4% 92.5% 95.3% (2.8%) 1,634 1,569 4.2% San Diego/Inland Empire, CA 846 3.0% 93.8% 94.1% (0.3%) 1,525 1,440 5.9% Tampa, FL 5,097 9.4% 94.5% 96.6% (2.1%) 823 777 5.9% Dallas, TX 5,989 7.7% 94.2% 95.6% (1.4%) 637 621 2.5% Houston, TX 3,350 5.9% 95.1% 95.5% (0.4%) 777 749 3.7% SE Florida 2,520 9.0% 96.2% 98.4% (2.2%) 1,471 1,372 7.2% Charlotte, NC 3,713 7.6% 95.0% 96.2% (1.2%) 832 788 5.6% Orlando, FL 3,296 7.3% 92.6% 97.3% (4.7%) 932 878 6.1% Atlanta, GA 3,202 7.0% 93.5% 95.0% (1.5%) 900 864 4.3% Denver, CO 2,209 4.8% 94.1% 93.7% 0.4% 826 817 1.1% Raleigh, NC 2,220 4.3% 93.4% 97.0% (3.6%) 763 728 4.8% Phoenix, AZ 1,441 3.6% 94.9% 97.8% (2.9%) 933 845 10.4% Austin, TX 2,135 3.1% 93.9% 95.1% (1.2%) 707 684 3.4% Other 1,216 2.3% 94.3% 93.9% 0.4% 800 773 3.5% ---------- ---------- ------------------------------ ------------------------------ Total Same Property 44,604 100.0% 94.4% 96.0% (1.6%) $926 $884 4.8% (a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2006, excluding properties held for sale and communities under redevelopment. (b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. "SAME PROPERTY" CAMDEN SEQUENTIAL QUARTER COMPARISONS March 31, 2007 (In thousands, except property data amounts) - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) Revenues Expenses NOI Quarterly Results (a) 1Q07 4Q06 Growth 1Q07 4Q06 Growth 1Q07 4Q06 Growth - ---------------------------------------------------------------------------------------------------------------------------------- D.C. Metro $11,757 $11,624 1.1% $3,184 $3,175 0.3% $8,573 $8,449 1.5% Las Vegas, NV 8,096 8,069 0.3% 2,574 2,685 (4.1%) 5,522 5,384 2.6% Los Angeles/Orange County, CA 8,428 8,459 (0.4%) 2,438 2,742 (11.1%) 5,990 5,717 4.8% San Diego/Inland Empire, CA 3,804 3,799 0.1% 1,383 1,432 (3.4%) 2,421 2,367 2.3% Tampa, FL 13,238 12,945 2.3% 5,690 5,885 (3.3%) 7,548 7,060 6.9% Dallas, TX 12,137 11,862 2.3% 5,928 5,635 5.2% 6,209 6,227 (0.3%) Houston, TX 8,170 7,961 2.6% 3,397 3,425 (0.8%) 4,773 4,536 5.2% SE Florida 11,696 11,340 3.1% 4,456 4,195 6.2% 7,240 7,145 1.3% Charlotte, NC 9,674 9,420 2.7% 3,568 3,529 1.1% 6,106 5,891 3.6% Orlando, FL 9,291 9,396 (1.1%) 3,421 3,566 (4.1%) 5,870 5,830 0.7% Atlanta, GA 8,833 8,702 1.5% 3,180 3,169 0.3% 5,653 5,533 2.2% Denver, CO 5,786 5,665 2.1% 1,908 1,968 (3.0%) 3,878 3,697 4.9% Raleigh, NC 5,375 5,212 3.1% 1,945 1,862 4.5% 3,430 3,350 2.4% Phoenix, AZ 4,223 4,067 3.8% 1,323 1,269 4.3% 2,900 2,798 3.6% Austin, TX 4,776 4,766 0.2% 2,297 2,217 3.6% 2,479 2,549 (2.7%) Other 3,040 3,008 1.1% 1,206 1,118 7.9% 1,834 1,890 (3.0%) ------------------------------ ------------------------------ ------------------------------ Total Same Property $128,324 $126,295 1.6% $47,898 $47,872 0.1% $80,426 $78,423 2.6% Apartment Homes % of NOI Average Occupancy(a) Weighted Average Rental Rate(b) Quarterly Results (a) Included Contribution 1Q07 4Q06 Change 1Q07 4Q06 Change (a) - ---------------------------------------------------------------------------------------------------------------------------------- D.C. Metro 2,663 10.7% 95.5% 94.7% 0.8% $1,454 $1,455 (0.1%) Las Vegas, NV 2,937 6.9% 95.8% 95.7% 0.1% 872 870 0.3% Los Angeles/Orange County, CA 1,770 7.4% 92.5% 92.9% (0.4%) 1,634 1,633 0.1% San Diego/Inland Empire, CA 846 3.0% 93.8% 94.0% (0.2%) 1,525 1,511 0.9% Tampa, FL 5,097 9.4% 94.5% 93.1% 1.4% 823 826 (0.4%) Dallas, TX 5,989 7.7% 94.2% 93.9% 0.3% 637 635 0.3% Houston, TX 3,350 5.9% 95.1% 94.2% 0.9% 777 777 0.1% SE Florida 2,520 9.0% 96.2% 95.4% 0.8% 1,471 1,460 0.8% Charlotte, NC 3,713 7.6% 95.0% 93.8% 1.2% 832 835 (0.3%) Orlando, FL 3,296 7.3% 92.6% 94.6% (2.0%) 932 933 (0.1%) Atlanta, GA 3,202 7.0% 93.5% 94.1% (0.6%) 900 902 (0.2%) Denver, CO 2,209 4.8% 94.1% 93.2% 0.9% 826 824 0.2% Raleigh, NC 2,220 4.3% 93.4% 92.4% 1.0% 763 765 (0.2%) Phoenix, AZ 1,441 3.6% 94.9% 94.6% 0.3% 933 925 0.9% Austin, TX 2,135 3.1% 93.9% 95.1% (1.2%) 707 700 0.9% Other 1,216 2.3% 94.3% 93.9% 0.4% 800 804 (0.4%) ---------- ---------- ------------------------------ ------------------------------ Total Same Property 44,604 100.0% 94.4% 94.1% 0.3% $926 $925 0.2% (a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2006, excluding properties held for sale and communities under 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. CAMDEN JOINT VENTURE OPERATIONS (In thousands, except per share and property data amounts) - ----------------------------------------------------------- Company's Pro-rata Share of Joint Venture Operations: (Unaudited) Three Months Ended March 31, ----------------------------- OPERATING DATA (a) 2007 2006 - ------------------------- ----------------------------- Property Revenues Rental revenues $4,855 $4,042 Other property revenues 538 402 ----------------------------- Total property revenues 5,393 4,444 Property Expenses Property operating and maintenance 1,442 1,234 Real estate taxes 440 396 ----------------------------- Total property expenses 1,882 1,630 Net Operating Income (NOI) 3,511 2,814 Other expenses Interest 1,682 1,440 Depreciation and amortization 1,072 800 Other 22 20 ----------------------------- Total other expenses 2,776 2,260 Gain on sale of properties, net - 1,763 ----------------------------- Equity in income (loss) of joint ventures $735 $2,317 ============================= Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2007 2006 2006 2006 2006 --------------------------------------------------------------------------- BALANCE SHEET DATA (b) - ---------------------- Real estate assets, net $995,189 $976,408 $944,537 $647,555 $640,591 Cash and other assets, net 26,109 25,993 20,760 14,798 15,011 --------------------------------------------------------------------------- Total assets $1,021,298 $1,002,401 $965,297 $662,353 $655,602 Notes payable $795,329 $771,633 $748,542 $540,134 $531,266 Notes payable due to Camden 43,412 41,456 31,035 23,326 22,531 Other liabilities 10,463 11,021 10,868 8,009 7,902 --------------------------------------------------------------------------- Total liabilities $849,204 $824,110 $790,445 $571,469 $561,699 Members' equity 172,094 178,291 174,852 90,884 93,903 --------------------------------------------------------------------------- Total liabilities and members' equity $1,021,298 $1,002,401 $965,297 $662,353 $655,602 Camden's equity investment $8,321 $9,245 $8,266 $8,270 $8,199 Distributions in excess of investment in joint ventures ($18,805) ($18,350) ($18,044) ($12,701) ($11,556) Camden's pro-rata share of debt $184,778 $176,707 $166,689 $126,766 $123,879 PROPERTY DATA (end of period) - ----------------------------- Total operating properties 36 36 36 28 28 Total operating apartment homes 10,689 10,689 10,689 7,684 7,684 Pro rata share of operating apartment homes 2,072 2,072 2,072 1,644 1,644 Total development properties 5 5 3 2 2 Total development apartment homes 1,528 1,528 1,069 561 561 Pro rata share of development apartment homes 458 458 321 168 168 (a) Operating data represents Camden's pro-rata share of revenues and expenses. (b) Balance sheet and property data reported at 100%. CAMDEN CURRENT DEVELOPMENT PIPELINE - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) DEVELOPMENT PIPELINE AS OF MARCH 31, 2007 ($ in millions) Estimated/Actual Dates for Total Total Cost Construction Initial Construction Stabilized As of 04/22/07 Completed Communities Homes Budget to Date Start Occupancy Completion Operations % Leased % Occupied - ---------------------------------------------------------------------------------------------------------------------------------- 1. Camden Westwind 464 $97.6 $95.0 1Q04 1Q05 2Q06 3Q07 76% 75% Ashburn, VA 2. Camden Manor Park 484 52.0 49.2 2Q04 4Q05 3Q06 3Q07 87% 85% Raleigh, NC 3. Camden Royal Oaks 236 22.0 20.8 2Q05 2Q06 3Q06 1Q08 52% 42% Houston, TX 4. Camden Clearbrook 297 46.0 45.3 4Q04 2Q06 1Q07 3Q07 91% 87% Frederick, MD 5. Camden Old Creek 350 98.0 91.7 1Q05 3Q06 1Q07 4Q07 61% 59% ------------------------------ -------------------- San Marcos, CA Total Completed Communities 1,831 $315.6 $302.0 75% 72% Estimated/Actual Dates for Total Total Cost Amount Construction Initial Construction Stabilized Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations - ------------------------------------------------------------------------------------------------------------------------ UNDER CONSTRUCTION - ------------------------- 6. Camden Monument Place 368 $64.0 $53.1 $53.1 1Q05 2Q07 4Q07 2Q08 Fairfax, VA 7. Camden Potomac Yards 379 110.0 83.5 83.5 1Q05 2Q07 4Q07 4Q08 Arlington, VA 8. Camden City Centre 379 54.0 42.7 42.7 1Q06 2Q07 4Q07 3Q08 Houston, TX 9. Camden Dulles Station 368 77.0 29.6 29.6 1Q06 1Q08 1Q09 3Q09 Oak Hill, VA 10. Camden Summerfield 291 68.0 33.2 33.2 2Q06 4Q07 4Q08 1Q09 Landover, MD 11. Camden Orange Court 261 49.0 21.7 21.7 2Q06 2Q08 3Q08 1Q09 ---------------------------------------- Total Development Communities 2,046 $422.0 $263.8 $263.8 Additional land held for development (a) 146.2 ---------- Total Properties Under Development (per Balance Sheet) $410.0 ========== NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions) Total Cost 1Q07 NOI -------------------- Development Communities stabilized at quarter end $80.6 $1.6 Completed Communities in lease-up 302.0 2.4 Development Communities 263.8 0.0 -------------------- Total Development NOI Contribution $646.4 $4.0 (a) Please refer to the future development pipeline summary on page 17. Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. CAMDEN JOINT VENTURE DEVELOPMENT PIPELINE - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) JOINT VENTURE DEVELOPMENT PIPELINE AS OF MARCH 31, 2007 ($ in millions) Estimated/Actual Dates for Total Total Cost Amount Construction Initial Construction Stabilized Joint Venture Camden Developed Homes Budget to Date in CIP Start Occupancy Completion Operations Communities - ---------------------------------------------------------------------------------------------------------------------------------- UNDER CONSTRUCTION - ------------------ 1. Camden Main & Jamboree 290 $107.1 $99.3 $99.3 3Q04 2Q07 2Q07 4Q07 Irvine, CA 2. Camden Plaza 271 42.9 35.3 35.3 1Q06 2Q07 3Q07 2Q08 Houston, TX 3. Camden College Park College 508 139.9 82.2 82.2 3Q06 4Q07 1Q09 4Q09 Park, MD ---------------------------------------- Total Joint Venture Camden Developed Communities 1,069 $289.9 $216.8 $216.8 Camden Camden Estimated/Actual Dates for Total Total Cost Equity Mezzanine Construction Stabilized Joint Venture Third Party Homes Budget to Date Invested Invested Start Operations Developed Communities - ------------------------------------------------------------------------------------------------------------------- UNDER CONSTRUCTION - ------------------ 1. Braeswood Place 340 $48.0 $13.3 $1.4 $7.3 1Q07 1Q09 Houston, TX 2. Belle Meade 119 30.0 5.9 0.9 2.9 1Q07 1Q09 Houston, TX ------------------------------------------------------- Total Joint Venture Third Party Developed Communities 459 $78.0 $19.2 $2.3 $10.2 Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. CAMDEN FUTURE DEVELOPMENT PIPELINE & LAND HELD FOR SALE - ---------------------------------------------------------------------- (Unaudited) DEVELOPMENT PIPELINE AS OF MARCH 31, 2007 ($ in millions) Projected Estimated Cost PIPELINE COMMUNITIES (a) Homes Budget to Date - ---------------------------------------------------------------------- PRE CONSTRUCTION - ------------------------ 1. Camden South Capital 244 $110.0 $18.6 Washington, DC 2. Camden Montague 192 33.0 6.0 Tampa, FL 3. Camden Summerfield II 187 55.0 15.2 Landover, MD 4. Camden McGowen Station 252 48.0 9.3 Houston, TX 5. Camden Whispering Oaks 274 30.0 3.8 Houston, TX 6. Camden Circle C 208 27.0 3.9 Austin, TX 7. Camden Noma 713 342.0 45.4 Washington, DC 8. Camden Lake Nona 432 70.0 13.5 Orlando, FL PRE DEVELOPMENT - ------------------------ 9. Camden Farmers Market III 306 50.0 9.4 Dallas, TX 10. Camden City Centre II 239 40.0 6.8 Houston, TX 11. Camden Andrau 601 57.0 7.4 Houston, TX UNDER CONTRACT - ------------------------ 12. Camden Amber Oaks 348 40.0 0.0 Austin, TX 13. Camden Selma and Vine 306 250.0 0.0 Hollywood, CA 14. Camden North Lamar 290 55.0 0.0 Austin, TX 15. Camden Deer Springs 428 85.0 0.0 Las Vegas, NV 16. Camden Countryway 348 60.0 0.0 --------------------------------------------- Tampa, FL Subtotal Development Pipeline 5,368 $1,352.0 $139.3 Costs incurred for Properties Under Contract (b) 6.9 Total Development Pipeline $146.2 Current LAND HELD FOR SALE AS OF Acres Book Value MARCH 31, 2007 ($ in millions) - ---------------------------------------------------------------------- 1. Southeast Florida 3.1 $12.3 2. Dallas 2.6 2.5 ------------------------------ Total Land Parcels Held For Sale: 5.7 $14.8 (a) Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community. (b) The Company capitalizes related predevelopment costs incurred in pursuit of new developments for which future development is probable. Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. CAMDEN REDEVELOPMENT SUMMARY - ----------------------------------------------------------------------------------------------------------------------------- (Unaudited) REDEVELOPMENT SUMMARY AS OF MARCH 31, 2007 ($ in millions) Homes Estimated/Actual Dates for Total Redeveloped Total Cost Redevelopment Redevelopment Project 1Q07 Average Communities Homes To Date Budget to Date Start Completion Restabilization % Occupied - ----------------------------------------------------------------------------------------------------------------------------- 1. Camden Breakers 288 67 $1.2 $0.2 4Q06 1Q08 2Q08 89% Corpus Christi, TX 2. Camden Canyon 200 19 2.5 0.3 1Q07 2Q08 3Q08 95% Las Vegas, NV 3. Camden Del Mar 560 45 7.9 0.7 1Q07 2Q08 3Q08 91% Las Vegas, NV 4. Camden Fairways 320 36 5.3 0.6 1Q07 2Q08 3Q08 94% Henderson, NV 5. Camden Glen Lakes 424 102 6.2 2.6 4Q06 1Q08 2Q08 86% Dallas, TX Camden Providence 6. Lakes 260 79 1.6 0.4 4Q06 1Q08 2Q08 85% Brandon, FL 7. Camden Touchstone 132 42 1.3 0.3 4Q06 1Q08 2Q08 90% Charlotte, NC 8. Camden Vanderbilt 894 106 8.2 1.1 4Q06 2Q08 3Q08 94% Houston, TX 9. Camden Westshore 278 99 1.7 0.5 4Q06 1Q08 2Q08 87% ---------------------------------------- -------------- Tampa, FL Total 3,356 595 $35.9 $6.7 91% CAMDEN NOTES RECEIVABLE SUMMARY - ------------------------------------------------------------------------------------------------------- (Unaudited) NOTES RECEIVABLE AS OF MARCH 31, 2007 ($ in thousands) 03/31/07 03/31/07 12/31/06 Total Note Note Location Current Current Status Homes Balance Balance Property Type -------------------------------------------------------------------------------------------------- Irvine, CA Multifamily Development 290 $18,312 $17,695 Houston, TX Multifamily Development/Predevelopment 831 29,389 20,516 College Park, MD Multifamily Development 508 7,371 7,122 ---------- ---------- ---------- Total Notes Receivable: 1,629 $55,072 $45,333 Weighted Average Interest Rate Recognized: 11.7% 12.4% CAMDEN ACQUISITIONS & DISPOSITIONS - ---------------------------------------------------------------------- (Unaudited) 2007 ACQUISITION/DISPOSITION ACTIVITY Acquisitions - ------------ None Dispositions - ------------ None CAMDEN DEBT ANALYSIS (In thousands, except property data amounts) - ---------------------------------------------------------------------------------------------------- (Unaudited) DEBT MATURITIES AS OF MARCH 31, 2007: (a) Weighted Average Future Scheduled Repayments Percent Interest Rate on --------------------------------------------- Year Amortization Maturities Total of Total Maturing Debt ----------------------------------------------------------------------------------------------- 2007 $9,805 $206,738 $216,543 8.8% 5.6% 2008 11,777 188,879 200,656 8.1% 4.8% 2009 7,860 190,324 198,184 8.0% 5.0% 2010 7,119 445,677 452,796 18.4% 5.1% 2011 4,131 244,233 248,364 10.1% 6.5% 2012 2,976 269,541 272,517 11.0% 5.7% 2013 1,629 225,830 227,459 9.2% 5.4% Thereafter 46,276 258,802 305,078 12.4% 5.0% -------------------------------------------------------------------------------- Total Maturing Debt $91,572 $2,030,024 $2,121,596 86.0% 5.4% Unsecured Line of Credit 0 345,000 345,000 14.0% 5.5% -------------------------------------------------------------------------------- Total Debt $91,572 $2,375,024 $2,466,596 100.0% 5.4% Weighted Average Maturity of 4.5 Years(excluding line of credit) Debt Weighted Average FLOATING vs. FIXED Balance % of Total Interest Rate RATE DEBT: --------------------------------------------- Floating rate debt $410,143 16.6% 5.4% Fixed rate debt 2,056,453 83.4% 5.4% --------------------------------------------- Total $2,466,596 100.0% 5.4% Weighted Average SECURED vs. Balance % of Total Interest Rate UNSECURED DEBT: --------------------------------------------- Unsecured debt $1,897,865 76.9% 5.6% Secured debt 568,731 23.1% 4.8% --------------------------------------------- Total $2,466,596 100.0% 5.4% Weighted Average SECURED DEBT DETAIL: Balance % of Total Interest Rate --------------------------------------------- Coventional fixed-rate mortgage debt $497,098 87.4% 4.8% Coventional floating-rate mortgage debt $6,792 1.2% 6.6% Tax exempt fixed rate debt $6,490 1.1% 7.3% Tax exempt variable rate debt $58,351 10.3% 4.2% --------------------------------------------- Total $568,731 100.0% 4.8% REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total ----------------------------------------------------------------- Unencumbered real estate assets 47,172 84.4% $4,271,702 80.8% Encumbered real estate assets 8,701 15.6% 1,012,044 19.2% ----------------------------------------------------------------- Total 55,873 100.0% $5,283,746 100.0% -------------------------------------------------------------------------------- Ratio of unencumbered assets at cost to unsecured debt is 2.3 times -------------------------------------------------------------------------------- UNCONSOLIDATED, NON-RECOURSE DEBT: Pro-Rata Share of Debt $184,778 Weighted Average Interest Rate 6.2% (a) Debt maturities exclude unsecured line of credit, which after all extensions matures in January 2011. (b) Real estate assets include communities under development and exclude communities held through joint ventures. CAMDEN DEBT COVENANT ANALYSIS March 31, 2007 - ------------------------------------------------------------------------------------------ (Unaudited) UNSECURED LINE OF CREDIT Covenant (a) Required Actual (b) Compliance - ------------------------------ --------------- ---------- --------------- Total Consolidated Debt to Gross Asset Value < 60% 46% Yes - Secured Debt to Gross Asset Value < 40% 10% Yes - Consolidated EBITDA to Total Fixed Charges > 150% 213% Yes - Unencumbered Adjusted NOI to Unsecured Interest Expense > 200% 278% Yes SENIOR UNSECURED NOTES Covenant (a) Required Actual (b) Compliance - ------------------------------ --------------- ---------- --------------- Total Consolidated Debt to Total Asset Value < 60% 46% Yes _ Total Secured Debt to Total Asset Value < 40% 11% Yes _ Total Unencumbered Asset Value to Total Unsecured Debt > 150% 231% Yes - Consolidated Income Available for Debt Service to Total > 150% 258% 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 CAPITALIZED EXPENDITURES & MAINTENANCE EXPENSE (In thousands, except unit data) - ----------------------------------------------------------------------------------------------------------------------------- (Unaudited) First Quarter 2007(a) ------------------------------------------------------------------------------------- Capitalized Expensed --------------------------------------------- ----------------------------------- Weighted Average Item Useful Life (b) Total Per Unit Total Per Unit --------------------------------- --------------------------------------------- ----------------------------------- Interiors Floor coverings 5.4 years $2,926 $55 $765 $15 Appliances 9.2 years 567 10 132 3 Painting - - - 1,402 26 Cabinetry/Countertops 10.0 years 232 4 - 0 Other 9.2 years 525 10 431 8 Exteriors Painting 5.0 years 68 1 - 0 Carpentry 10.0 years 587 11 - 0 Landscaping 8.4 years 834 16 2,662 50 Roofing 20.0 years 417 8 74 1 Site Drainage 10.0 years 22 0 - 0 Fencing/Stair 10.0 years 200 4 - 0 Other (c) 7.9 years 886 17 3,931 74 Common Areas Mech., Elec., Plumbing 9.7 years 799 15 647 12 Parking/Paving 5.0 years 139 3 - 0 Pool/Exercise/Facility 8.2 years 1,108 21 222 4 -------------------- ----------------------------------- $9,310 $175 $10,266 $193 Weighted Average Apartment Homes 53,097 53,097 (a) Includes discontinued operations. Capitalized expenditures for discontinued operations were $76 for the three months months ended March 31, 2007. Maintenance expenses for discontinued operations were $169 for the same period. (b) of capitalized expenses for the three months ended March 31, 2007 (c) Includes in part the following items: site/building repair, masonry/plaster, and general conditions CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) - ------------------------------------------------------------------------------------------------------------------------ (Unaudited) This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity. FFO - ----- The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income 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 to FFO is provided below: Three Months Ended March 31, ------------------------------ 2007 2006 ------------------------------ Net income $13,037 $41,443 Real estate depreciation and amortization from continuing operations 39,606 36,027 Real estate depreciation from discontinued operations - 718 Adjustments for unconsolidated joint ventures 1,086 781 Income from continuing operations allocated to common units 853 1,205 Income from discontinued operations allocated to common units 153 820 (Gain) on sale of operating properties, net of taxes 1,184 - (Gain) on sale of discontinued operations - (27,392) (Gain) on sale of joint venture properties - (1,763) ------------------------------ Funds from operations - diluted $55,919 $51,839 ============================== Weighted average number of common and common equivalent shares outstanding: EPS diluted 59,994 55,474 FFO diluted 63,021 58,988 Net income per common share - diluted $0.22 $0.75 FFO per common share - diluted $0.89 $0.88 Expected FFO - --------------- Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected net income (EPS). A reconciliation of the ranges provided for expected net income per diluted share to expected FFO per diluted share is provided below: 2Q07 Range 2007 Range Low High Low High ------------------------------ ------------------------------ Expected net income per share - diluted $0.21 $0.25 $0.95 $1.25 Expected difference between EPS and fully diluted FFO shares (0.01) (0.01) (0.05) (0.05) Expected real estate depreciation 0.64 0.64 2.53 2.53 Expected adjustments for unconsolidated joint ventures 0.02 0.02 0.06 0.06 Expected income allocated to common units 0.02 0.02 0.09 0.09 Expected (gain) on sale of properties held in joint ventures 0.00 0.00 0.00 0.00 Expected (gain) on sale of properties and properties held for sale 0.00 0.00 0.02 0.02 ------------------------------ ------------------------------ Expected FFO per share - diluted $0.88 $0.92 $3.60 $3.90 Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) - ------------------------------------------------------------------------------------------------------------------------ (Unaudited) Net Operating Income (NOI) - -------------------------- NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income to net operating income is provided below: Three Months Ended March 31, ------------------------------ 2007 2006 ------------------------------ Net income $13,037 $41,443 Fee and asset management (2,386) (2,477) Interest and other income (1,562) (753) Income on deferred compensation plans (2,306) (50) Property management expense 4,728 4,226 Fee and asset management expense 1,620 1,366 General and administrative expense 8,054 7,414 Interest expense 27,908 31,037 Depreciation and amortization 40,321 36,681 Amortization of deferred financing costs 916 1,047 Expense on deferred compensation plans 2,306 50 Gain on sale of properties, including land - (499) Equity in income of joint ventures (735) (2,317) Distributions on perpetual preferred units 1,750 1,750 Income allocated to common units and other minority interests 904 1,256 Income tax expense 721 - Income tax expense on sale of depreciable operating properties 1,184 - Income from discontinued operations (946) (2,476) Gain on sale of discontinued operations - (27,392) Income from discontinued operations allocated to common units 153 820 ------------------------------ Net Operating Income (NOI) $95,667 $91,126 "Same Property" Communities $80,426 $76,212 Non-"Same Property" Communities 7,288 4,869 Development and Lease-Up Communities 2,424 308 Redevelopment Communities 4,919 4,946 Dispositions / Other 610 4,791 ------------------------------ Net Operating Income (NOI) $95,667 $91,126 EBITDA - --------------- EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in income of joint ventures, gain on sale of real estate assets, and income allocated to minority interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income to EBITDA is provided below: Three Months Ended March 31, ------------------------------ 2007 2006 ------------------------------ Net income $13,037 $41,443 Interest expense 27,908 31,037 Amortization of deferred financing costs 916 1,047 Depreciation and amortization 40,321 36,681 Distributions on perpetual preferred units 1,750 1,750 Income allocated to common units and other minority interests 904 1,256 Income tax expense 721 - Income tax expense on sale of depreciable operating properties 1,184 - Real estate depreciation from discontinued operations - 718 Gain on sale of properties, including land - (499) Equity in income of joint ventures (735) (2,317) Gain on sale of discontinued operations - (27,392) Income from discontinued operations allocated to common units 153 820 ------------------------------ EBITDA $86,159 $84,544 CAMDEN OTHER DATA - --------------------------------------------------------------------------------------------------------- (Unaudited) Stock Symbol: CPT Exchange Traded: NYSE Senior Unsecured Debt Ratings: Rating Outlook ---------- ---------- Standard & BBB+ Stable Poors Fitch BBB+ Stable Moody's Baa2 Positive Estimated Future Dates: Q2 '07 Q3 '07 Q4 '07 Q1 '08 ---------- ---------- ------------- --------------- Earnings release & Early Aug Early Nov Early Feb Early May conference call Dividend Information - Common Q1 '07 Shares: ---------- Declaration Date 03/15/07 Record Date 03/30/07 Payment Date 04/17/07 Distributions Per Share $0.69 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 & Chief Operating Officer Dennis M. Steen Chief Financial Officer Kimberly A. Callahan Vice President- Investor Relations & Asset Management CAMDEN COMMUNITY TABLE Community Statistics as of 03/31/07 - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) 1Q07 Avg Year Market Rental Rates Placed Average Apartment 1Q07 Avg --------------------------- Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------------------- Camden Copper Square Phoenix AZ 2000 786 332 95% 841 1.07 Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 94% 800 0.76 Camden Legacy Scottsdale AZ 1996 1,067 428 96% 1,048 0.98 Camden Pecos Ranch (1) Chandler AZ 2001 924 272 94% 888 0.96 Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 96% 1,094 1.05 Camden Sierra (1) Peoria AZ 1997 925 288 96% 790 0.85 Camden Towne Center (1) Glendale AZ 1998 871 240 96% 819 0.94 Camden Vista Valley Mesa AZ 1986 923 357 92% 733 0.79 ================================================================================================================================== TOTAL ARIZONA 8 Properties 951 2,433 95% 889 0.94 Camden Crown Valley Mission Viejo CA 2001 1,009 380 93% 1,632 1.62 Camden Harbor View Long Beach CA 2004 976 538 94% 2,040 2.09 Camden Martinique Costa Mesa CA 1986 795 714 91% 1,349 1.70 Camden Parkside (1) Fullerton CA 1972 836 421 94% 1,282 1.53 Camden Sea Palms Costa Mesa CA 1990 891 138 96% 1,536 1.73 ----------------------------------------------------------------------------------------------- Total Los Angeles/Orange County 5 Properties 890 2,191 93% 1,567 1.76 Camden Old Creek (2) San Marcos CA 2007 1,036 350 Lease-up 1,552 1.50 Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 94% 1,488 1.55 Camden Tuscany San Diego CA 2003 891 160 94% 1,939 2.17 Camden Vineyards Murrieta CA 2002 1,053 264 94% 1,332 1.27 ----------------------------------------------------------------------------------------------- Total San Diego/Inland Empire 4 Properties 994 1,196 94% 1,533 1.54 ================================================================================================================================== TOTAL CALIFORNIA 9 Properties 927 3,387 93% 1,555 1.68 Camden Arbors Westminster CO 1986 792 358 92% 683 0.86 Camden Caley Englewood CO 2000 925 218 96% 821 0.89 Camden Centennial Littleton CO 1985 744 276 96% 661 0.89 Camden Denver West (1) Golden CO 1997 1,015 320 97% 972 0.96 Camden Highlands Ridge Highlands RanchCO 1996 1,149 342 94% 993 0.86 Camden Interlocken Broomfield CO 1999 1,022 340 96% 1,027 1.01 Camden Lakeway Littleton CO 1997 932 451 93% 868 0.93 Camden Pinnacle Westminster CO 1985 748 224 92% 619 0.83 ================================================================================================================================== TOTAL COLORADO 8 Properties 927 2,529 94% 844 0.91 Camden Ashburn Farms Ashburn VA 2000 1,061 162 98% 1,306 1.23 Camden Clearbrook (2) Frederick MD 2007 1,049 297 Lease-up 1,232 1.17 Camden Fair Lakes Fairfax VA 1999 996 530 95% 1,472 1.48 Camden Fairfax Corner Fairfax VA 2006 934 488 94% 1,504 1.61 Camden Fallsgrove Rockville MD 2004 996 268 97% 1,520 1.53 Camden Grand Parc Washington DC 2002 904 105 98% 2,118 2.34 Camden Lansdowne Leesburg VA 2002 1,006 690 95% 1,323 1.31 Camden Largo Town Center Largo MD 2000/2007 1,028 245 98% 1,532 1.49 Camden Roosevelt Washington DC 2003 856 198 97% 2,091 2.44 Camden Russett Laurel MD 2000 1,025 426 93% 1,305 1.27 Camden Silo Creek Washington DC 2004 971 284 95% 1,295 1.33 Camden Westwind (2) Ashburn VA 2006 1,036 464 Lease-up 1,370 1.32 ================================================================================================================================== TOTAL DC METRO 12 Properties 995 4,157 96% 1,439 1.45 Camden Aventura Aventura FL 1995 1,106 379 96% 1,434 1.30 Camden Brickell Miami FL 2003 937 405 98% 1,491 1.59 Camden Doral Miami FL 1999 1,172 260 97% 1,486 1.27 Camden Doral Villas Miami FL 2000 1,253 232 98% 1,557 1.24 Camden Las Olas Ft. Lauderdale FL 2004 1,043 420 95% 1,657 1.59 Camden Plantation Plantation FL 1997 1,152 502 95% 1,369 1.19 Camden Portofino Pembroke Pines FL 1995 1,307 322 96% 1,333 1.02 ----------------------------------------------------------------------------------------------- Total Southeast Florida 7 Properties 1,124 2,520 96% 1,471 1.31 Camden Club Longwood FL 1986 1,077 436 94% 957 0.89 Camden Hunter's Creek Orlando FL 2000 1,082 270 90% 1,024 0.95 Camden Lago Vista Orlando FL 2005 954 366 96% 1,006 1.05 Camden Landings Orlando FL 1983 748 220 92% 787 1.05 Camden Lee Vista Orlando FL 2000 937 492 90% 898 0.96 Camden Renaissance Altamonte FL Springs 1996/1998 899 578 92% 928 1.03 Camden Reserve Orlando FL 1990/1991 824 526 92% 835 1.01 Camden World Gateway Orlando FL 2000 979 408 95% 1,031 1.05 ----------------------------------------------------------------------------------------------- Total Orlando 8 Properties 937 3,296 93% 932 0.99 CAMDEN COMMUNITY TABLE Community Statistics as of 03/31/07 - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) 1Q07 Avg Year Market Rental Rates Placed Average Apartment 1Q07 Avg --------------------------- Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------------------- Camden Bay Tampa FL 1997/2001 943 760 94% 901 0.96 Camden Bay Pointe Tampa FL 1984 771 368 94% 765 0.99 Camden Bayside Tampa FL 1987/1989 748 832 95% 795 1.06 Camden Citrus Park Tampa FL 1985 704 247 96% 740 1.05 Camden Isles Tampa FL 1983/1985 722 484 92% 721 1.00 Camden Lakes St. Petersburg FL 1982/1983 728 688 93% 752 1.03 Camden Lakeside Brandon FL 1986 728 228 96% 790 1.08 Camden Live Oaks Tampa FL 1990 1,093 770 94% 821 0.75 Camden Preserve Tampa FL 1996 942 276 98% 1,136 1.21 Camden Providence Lakes (3) Brandon FL 1996 1,024 260 85% 936 0.91 Camden Westshore (3) Tampa FL 1986 728 278 87% 846 1.16 Camden Woods Tampa FL 1986 1,223 444 96% 883 0.72 ----------------------------------------------------------------------------------------------- Total Tampa/St. Petersburg 12 Properties 874 5,635 95% 829 0.95 ================================================================================================================================== TOTAL FLORIDA 27 Properties 947 11,451 94% 1,000 1.06 Camden Brookwood Atlanta GA 2002 906 359 94% 993 1.10 Camden Dunwoody Atlanta GA 1997 1,007 324 94% 931 0.92 Camden Deerfield Alpharetta GA 2000 1,187 292 92% 922 0.78 Camden Midtown Atlanta Atlanta GA 2001 953 296 92% 1,048 1.10 Camden River Duluth GA 1997 1,103 352 94% 869 0.79 Camden Peachtree City Peachtree City GA 2001 1,026 399 94% 851 0.83 Camden Shiloh Kennesaw GA 1999/2002 1,151 232 94% 855 0.74 Camden St. Clair Atlanta GA 1997 969 336 93% 944 0.97 Camden Stockbridge Stockbridge GA 2003 1,009 304 93% 762 0.76 Camden Sweetwater Lawrenceville GA 2000 1,151 308 94% 822 0.71 ================================================================================================================================== TOTAL GEORGIA 10 Properties 1,041 3,202 93% 900 0.87 Camden Brookside (1) Louisville KY 1987 732 224 97% 613 0.84 Camden Downs Louisville KY 1975 682 254 97% 538 0.79 Camden Meadows (1) Louisville KY 1987/1990 746 400 95% 636 0.85 Camden Oxmoor (1) Louisville KY 2000 903 432 94% 761 0.84 Camden Prospect Park (1) Louisville KY 1990 916 138 97% 705 0.77 ================================================================================================================================== TOTAL KENTUCKY 5 Properties 795 1,448 96% 659 0.83 Camden Passage (1) Kansas City MO 1989/1997 832 596 95% 661 0.79 ----------------------------------------------------------------------------------------------- Total Kansas City 1 Property 832 596 95% 661 0.79 Camden Cedar Lakes (1) Lake St. Louis MO 1986 852 420 96% 643 0.75 Camden Cove West (1) Creve Coeur MO 1990 828 276 93% 817 0.99 Camden Cross Creek (1) St. Louis MO 1973/1980 947 591 94% 734 0.78 Camden Taravue St. Louis MO 1975 676 304 94% 534 0.79 Camden Trace Maryland MO Heights 1972 1,158 372 96% 761 0.66 Camden Westchase (1) St. Louis MO 1986 945 160 94% 816 0.86 ----------------------------------------------------------------------------------------------- Total St. Louis 6 Properties 910 2,123 95% 709 0.78 ================================================================================================================================== TOTAL MISSOURI 7 Properties 893 2,719 95% 699 0.78 Camden Bel Air Las Vegas NV 1988/1995 943 528 95% 894 0.95 Camden Breeze Las Vegas NV 1989 846 320 96% 843 1.00 Camden Canyon (3) Las Vegas NV 1995 987 200 95% 931 0.94 Camden Commons Henderson NV 1988 936 376 95% 908 0.97 Camden Cove Las Vegas NV 1990 898 124 95% 852 0.95 Camden Del Mar (3) Las Vegas NV 1995 986 560 91% 1,012 1.03 Camden Fairways (3) Henderson NV 1989 896 320 94% 945 1.06 Camden Hills Las Vegas NV 1991 579 184 96% 647 1.12 Camden Legends Henderson NV 1994 792 113 100% 876 1.11 Camden Palisades Las Vegas NV 1991 905 624 96% 913 1.01 Camden Pines (1) Las Vegas NV 1997 1,005 315 98% 931 0.93 Camden Pointe Las Vegas NV 1996 985 252 97% 906 0.92 Camden Summit (1) Henderson NV 1995 1,187 234 95% 1,222 1.03 Camden Tiara (1) Las Vegas NV 1996 1,043 400 95% 990 0.95 Camden Vintage Las Vegas NV 1994 978 368 94% 856 0.88 Oasis Bay (1) Las Vegas NV 1990 876 128 95% 837 0.96 Oasis Crossing (1) Las Vegas NV 1996 983 72 95% 880 0.90 CAMDEN COMMUNITY TABLE Community Statistics as of 03/31/07 - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) 1Q07 Avg Year Market Rental Rates Placed Average Apartment 1Q07 Avg --------------------------- Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------------------- Oasis Emerald (1) Las Vegas NV 1988 873 132 94% 777 0.89 Oasis Gateway (1) Las Vegas NV 1997 1,146 360 95% 954 0.83 Oasis Island (1) Las Vegas NV 1990 901 118 93% 770 0.86 Oasis Landing (1) Las Vegas NV 1990 938 144 94% 823 0.88 Oasis Meadows (1) Las Vegas NV 1996 1,031 383 97% 875 0.85 Oasis Palms (1) Las Vegas NV 1989 880 208 96% 814 0.93 Oasis Pearl (1) Las Vegas NV 1989 930 90 97% 773 0.83 Oasis Place (1) Las Vegas NV 1992 440 240 97% 586 1.33 Oasis Ridge (1) Las Vegas NV 1984 391 477 93% 542 1.38 Oasis Sands Las Vegas NV 1994 1,125 48 95% 867 0.77 Oasis Sierra (1) Las Vegas NV 1998 922 208 94% 917 0.99 Oasis Springs (1) Las Vegas NV 1988 838 304 94% 752 0.90 Oasis Vinings (1) Las Vegas NV 1994 1,152 234 97% 869 0.75 ================================================================================================================================== TOTAL NEVADA 30 Properties 908 8,064 96% 870 0.96 Camden Ballantyne Charlotte NC 1998 1,053 400 93% 854 0.81 Camden Cotton Mills Charlotte NC 2002 906 180 97% 1,253 1.38 Camden Dilworth Charlotte NC 2006 857 145 97% 1,203 1.40 Camden Eastchase Charlotte NC 1986 698 220 92% 552 0.79 Camden Fairview Charlotte NC 1983 1,036 135 98% 787 0.76 Camden Forest Charlotte NC 1989 703 208 94% 610 0.87 Camden Foxcroft Charlotte NC 1979 940 156 95% 705 0.75 Camden Grandview Charlotte NC 2000 1,145 266 97% 1,330 1.16 Camden Habersham Charlotte NC 1986 773 240 97% 643 0.83 Camden Park Commons Charlotte NC 1997 859 232 95% 703 0.82 Camden Pinehurst Charlotte NC 1967 1,147 407 95% 769 0.67 Camden Sedgebrook Charlotte NC 1999 1,017 368 95% 810 0.80 Camden Simsbury Charlotte NC 1985 874 100 95% 738 0.84 Camden South End Square Charlotte NC 2003 883 299 96% 1,083 1.23 Camden Stonecrest Charlotte NC 2001 1,169 306 95% 927 0.79 Camden Timber Creek Charlotte NC 1984 706 352 94% 577 0.82 Camden Touchstone (3) Charlotte NC 1986 899 132 90% 713 0.79 ----------------------------------------------------------------------------------------------- Total Charlotte 17 Properties 941 4,146 95% 836 0.89 Camden Glen Greensboro NC 1980 662 304 95% 570 0.86 Camden Wendover Greensboro NC 1985 795 216 93% 619 0.78 ----------------------------------------------------------------------------------------------- Total Greensboro 2 Properties 717 520 94% 590 0.82 Camden Crest Raleigh NC 2001 1,129 438 94% 766 0.68 Camden Governor's Village Chapel Hill NC 1999 1,134 242 94% 827 0.73 Camden Lake Pine Apex NC 1999 1,075 446 93% 797 0.74 Camden Manor Park (2) Raleigh NC 2006 966 484 Lease-up 844 0.87 Camden Overlook Raleigh NC 2001 1,056 320 93% 829 0.79 Camden Reunion Park Apex NC 2000/2004 972 420 92% 653 0.67 Camden Westwood Morrisville NC 1999 1,112 354 95% 745 0.67 ----------------------------------------------------------------------------------------------- Total Raleigh 7 Properties 1,056 2,704 93% 778 0.74 ================================================================================================================================== TOTAL NORTH CAROLINA 26 Properties 967 7,370 94% 797 0.82 Camden Valleybrook Chadds Ford PA 2002 992 352 96% 1,273 1.28 ================================================================================================================================== TOTAL PENNSYLVANIA 1 Property 992 352 96% 1,273 1.28 Camden Briar Oaks Austin TX 1980 711 430 94% 590 0.83 Camden Gaines Ranch Austin TX 1997 955 390 89% 995 1.04 Camden Huntingdon Austin TX 1995 903 398 96% 737 0.82 Camden Laurel Ridge Austin TX 1986 702 183 95% 599 0.85 Camden Ridgecrest Austin TX 1995 851 284 94% 661 0.78 Camden Ridgeview Austin TX 1984 859 167 97% 607 0.71 Camden Stoneleigh Austin TX 2001 908 390 93% 829 0.91 Camden Woodview Austin TX 1984 644 283 94% 621 0.96 ----------------------------------------------------------------------------------------------- Total Austin 8 Properties 827 2,525 94% 726 0.88 Camden Breakers (3) Corpus Christi TX 1996 868 288 89% 834 0.96 Camden Copper Ridge Corpus Christi TX 1986 775 344 93% 634 0.82 Camden Miramar (4) Corpus Christi TX 1994-2004 468 778 95% 822 1.76 ----------------------------------------------------------------------------------------------- Total Corpus Christi 3 Properties 625 1,410 93% 779 1.25 CAMDEN COMMUNITY TABLE Community Statistics as of 03/31/07 - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) 1Q07 Avg Year Market Rental Rates Placed Average Apartment 1Q07 Avg --------------------------- Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------------------- Camden Addison (1) Addison TX 1996 942 456 94% 804 0.85 Camden Buckingham Richardson TX 1997 919 464 95% 787 0.86 Camden Centreport Ft. Worth TX 1997 910 268 93% 765 0.84 Camden Cimarron Irving TX 1992 772 286 97% 754 0.98 Camden Farmers Market Dallas TX 2001/2005 933 904 95% 926 0.99 Camden Gardens Dallas TX 1983 652 256 92% 544 0.84 Camden Glen Lakes (3) Dallas TX 1979 877 424 86% 702 0.80 Camden Lakeview Irving TX 1985 853 476 93% 610 0.72 Camden Legacy Creek Plano TX 1995 831 240 95% 799 0.96 Camden Legacy Park Plano TX 1996 871 276 98% 814 0.93 Camden Oasis Euless TX 1986 548 602 94% 541 0.99 Camden Place Mesquite TX 1984 772 442 95% 578 0.75 Camden Ridge Ft. Worth TX 1985 829 208 93% 602 0.73 Camden Springs Dallas TX 1987 713 304 92% 564 0.79 Camden Terrace Ft. Worth TX 1984 848 340 95% 588 0.69 Camden Towne Village Mesquite TX 1983 735 188 94% 611 0.83 Camden Valley Creek Irving TX 1984 855 380 94% 636 0.74 Camden Valley Park Irving TX 1986 743 516 95% 619 0.83 Camden Valley Ridge Irving TX 1987 773 408 93% 569 0.74 Camden Westview Lewisville TX 1983 697 335 95% 584 0.84 ----------------------------------------------------------------------------------------------- Total Dallas/Ft. Worth 20 Properties 810 7,773 94% 684 0.84 Camden Baytown Baytown TX 1999 844 272 95% 792 0.94 Camden Creek Houston TX 1984 639 456 91% 585 0.92 Camden Greenway Houston TX 1999 861 756 96% 972 1.13 Camden Holly Springs (1) Houston TX 1999 934 548 94% 885 0.95 Camden Midtown Houston TX 1999 843 337 99% 1,102 1.31 Camden Oak Crest Houston TX 2003 870 364 96% 799 0.92 Camden Park (1) Houston TX 1995 866 288 97% 769 0.89 Camden Royal Oaks (2) Houston TX 2006 923 236 Lease-up 1,060 1.15 Camden Steeplechase Houston TX 1982 748 290 94% 632 0.84 Camden Stonebridge Houston TX 1993 845 204 98% 770 0.91 Camden Sugar Grove (1) Stafford TX 1997 917 380 94% 844 0.92 Camden Vanderbilt (3) Houston TX 1996/1997 863 894 94% 1,045 1.21 Camden West Oaks Houston TX 1982 726 671 94% 572 0.79 ----------------------------------------------------------------------------------------------- Total Houston 13 Properties 833 5,696 95% 845 1.01 ================================================================================================================================== TOTAL TEXAS 44 Properties 805 17,404 94% 750 0.93 ================================================================================================================================== TOTAL PROPERTIES 187 Properties 907 64,516 95% 917 1.01 ================================================================================================================================== (1)Communities owned through investment in joint venture. (2)Completed communities in lease-up as of March 31, 2007 are excluded from total occupancy numbers. (3)Communities under redevelopment as of March 31, 2007 are excluded from total occupancy numbers. (4)Miramar is a student housing community which is excluded from total occupancy numbers.