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<SEC-DOCUMENT>0000950123-10-050698.txt : 20100827
<SEC-HEADER>0000950123-10-050698.hdr.sgml : 20100827
<ACCEPTANCE-DATETIME>20100518114957
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-050698
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAMDEN PROPERTY TRUST
		CENTRAL INDEX KEY:			0000906345
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				766088377
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3 GREENWAY PLAZA
		STREET 2:		SUITE 1300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7133542500

	MAIL ADDRESS:	
		STREET 1:		3 GREENWAY PLAZA
		STREET 2:		SUITE 1300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">May&nbsp;18, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ms.&nbsp;Cicely LaMothe<BR>
Branch Chief<BR>
Securities and Exchange Commission<BR>
100 F Street, N.E., Mail Stop 3010<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Camden Property Trust<br>
Form&nbsp;10-K for the year ended December&nbsp;31, 2009<br>
Filed on February&nbsp;25, 2010<br>
File No.&nbsp;001-12110</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Ms.&nbsp;LaMothe:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is the response of Camden Property Trust to the comments contained in the
Staff&#146;s comment letter dated May&nbsp;5, 2010 concerning the above-referenced reports.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2009</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In future filings, please also disclose the average effective annual rental per unit for your
property portfolio for the last two fiscal years.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We respectfully point out we disclose the weighted average monthly total property revenue
per apartment home for the last five fiscal years on page 18 with Item&nbsp;6 of our Form 10-K
for the year ended December&nbsp;31, 2009. In Item&nbsp;2, we list operating properties in which we
own interests and operated as of the end of the most recent fiscal year vs. the last two
fiscal years, as we believe the most recent fiscal year is the most relevant to inform
investors as to the suitability, adequacy, productive capacity, and utilization of our
properties as described in Item&nbsp;102 of Regulation&nbsp;S-K. In future annual filings we will
also include the average annual rental rate information by property within Item&nbsp;2.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that your senior unsecured debt rating by Standard and Poor&#146;s has been downgraded
since 2008. Please tell us why management did not consider this a material trend or
uncertainty that should be discussed in the MD&#038;A section. In addition, we note your risk
factor, &#147;Failure to maintain our current credit ratings...&#148; on page 9, which discusses the risk
presented by failing to maintain your current credit ratings. Please tell us what
consideration was given to specifically discussing in this risk factor that one of your
ratings had, in fact, been downgraded.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Standard and Poor&#146;s (&#147;S&#038;P&#148;) lowered the rating on our senior unsecured debt from BBB&#043;
Negative Outlook to BBB Stable Outlook in February&nbsp;2009 and reaffirmed the rating of BBB
Stable Outlook in October&nbsp;2009. We discussed the importance of</TD>
</TR>

</TABLE>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
May&nbsp;18, 2010<BR>
Page 2

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintaining our credit
rating and the effect decreases in credit ratings could have on our costs of funds and our ability to access capital markets in the
Liquidity and Capital Resources Section of the MD&#038;A section on page 31. Given the economic
and financial climate in February&nbsp;2009, the October&nbsp;2009 reaffirmation of our current credit
rating which remained an investment-grade classification and is publicly-available
information, and the fact the downgrade did not affect the cost of borrowings under our
unsecured line of credit, we did not consider the earlier downgrade a material trend or
uncertainty.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Refer to the material contracts filed as exhibits 10.16, 10.17, 10.40, 10.54 and 10.55. We
note that the contracts, as filed, omit schedules and exhibits to the contracts. Item
6</B><B>01(b)(10)</B><B> of Regulation&nbsp;S-K requires you to file all material contracts in their entirety.
Please file the complete contracts with your next quarterly report or tell us why you believe
the contracts are no longer material to investors.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will refile the contracts with the omitted schedules and exhibits as requested with our
next quarterly report.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note you separately present property revenues and expenses. However, some of your other
expenses such as property management and depreciation and amortization appear to relate to
your properties yet were not included in the property subtotals. Please distinguish what
criteria you utilized to differentiate property and other expenses. In addition, it appears
you have aggregated line items of an operating nature (i.e. fee and asset management) with
line items of a non-operating nature (i.e. interest and other income). Please explain how
your income statement presentation complies with Rule&nbsp;5-03 of Regulation&nbsp;S-X.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We believe we have disclosed all income statement captions, to the extent applicable and
material to us, that are prescribed in Rule&nbsp;5-03 of Regulation&nbsp;S-X. We have not
historically differentiated &#147;operating&#148; income and expenses from &#147;non-operating&#148; income and
expenses, and we do not disclose an &#147;Income from Operations&#148; caption. Rather, our
philosophy has been to group similar items within our statements of operations as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenues that relate to the rental of our multifamily communities are grouped
together as property revenues.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Property expenses represent those expenses directly related to the operating
costs of our multifamily communities, such as employee compensation, utilities,
repairs and maintenance, property insurance, and property taxes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Non-property income represents revenue not directly related to the rental of our
multifamily communities.</TD>
</TR>

</TABLE>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
May&nbsp;18, 2010<BR>
Page 3

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other expenses are not direct operating costs of our multifamily communities and
include corporate accounting, regional supervision, and depreciation expenses, as
well as enterprise-wide interest expenses and corporate general and administrative
expenses, and other expenses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other items of income, expense, gain or loss that are transactional in nature or
relate to discrete events, such as gains on sales of property, gains or losses on
retirement of debt, or impairment charges are disclosed individually within our
statements of operations, to the extent they are material.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We have not historically presented a measure of income (such as gross margin, gross profit,
operating income or other similar measure) with respect to our operations. Any measures of
income are clearly and descriptively captioned (such as &#147;income from continuing operations
before income taxes&#148;) within our statements, and we believe our presentation provides users
of our financial statements with appropriate information that complies with Rule&nbsp;5-03 of
Regulation&nbsp;S-X.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reference is made to your presentation of impairment associated with land development
activities as a separate line item below other expenses. Please clarify your basis in GAAP
for presenting below other operating expenses.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please see our rationale for the presentation within our statement of operations in our
response to comment 4 above. We present impairments associated with land development
activities as a component of income (loss)&nbsp;from continuing operations before income taxes in
accordance with ASC 360-10-45. Our presentation is not intended to imply the impairment
charges are non-operating in nature, and we respectfully note we have no subtotals above our
impairment charges titled &#147;operating income&#148; or other similar captions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note you have included distributions per share on the face of your Consolidated Statements
of Income and Comprehensive Income versus in the notes to your financial statements. Tell us
how your disclosure complies with the guidance in paragraph 260-10-45-5 of the FASB Accounting
Standards Codification.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our basis for presenting distributions per share on the face of the statement of operations
comes from the guidance of SEC FRP 202.04 which states &#147; . . . per share data other than
that relating to net income . . . and dividends should be avoided in reporting financial
results.&#148; We inferred from this guidance presenting distributions per share is not
inappropriate. However, we note the ASC reference you cited, and will remove the
distributions per share presentation from the Consolidated Statements of Income and Comprehensive Income in future annual
filings.</TD>
</TR>

</TABLE>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
May&nbsp;18, 2010<BR>
Page 4

</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please disclose within your financial statements the amount that would be paid or the number
of shares that would be issued and its fair value if the settlement of the Common Units of
your Operating Partnerships, which are convertible into your common stock on a one-for-one
basis or cash at your option, were to occur at the reporting date.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon a tender of units by a holder of common partnership units for exchange we have the
right, in our sole and absolute discretion, to determine whether to exchange such units for
shares or cash. Accordingly, these partnership units are classified
as equity within our consolidated financial statements, and therefore we do not believe the fair value disclosures of ASC 480 are
applicable. ASC 810-10-45-23 states &#147;Changes in a parent&#146;s ownership interest while the
parent retains its controlling financial interest in its subsidiary shall be accounted for
as equity transactions (investments by owners and distributions to owners acting in their
capacity as owners). Therefore, no gain or loss shall be recognized in consolidated net
income or comprehensive income. The carrying amount of the noncontrolling interest shall be
adjusted to reflect the change in its ownership interest in the subsidiary. Any difference
between the fair value of the consideration received or paid and the amount by which the
noncontrolling interest is adjusted shall be recognized in equity attributable to the
parent.&#148; Given this guidance, and our sole discretion to determine whether to redeem
operating units of our subsidiaries for our common shares or cash, we believe disclosure of
the fair value of the shares that would be issued upon redemption is not significant or
material information to users of our financial statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>DEFINITIVE PROXY STATEMENT FILED MARCH 22, 2010</U>

</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that the company establishes corporate goals and targets that are utilized by the
compensation committee to determine annual bonuses. We further note your letter dated
December&nbsp;17, 2007 in which you agreed to disclose your targets in future filings, as
applicable. In this proxy statement, however, you have not disclosed your targeted same
property NOI growth, rather, you disclose that it was achieved. In future filings, please
disclose all specific performance targets used to determine incentive amounts or provide us
with supplemental analysis as to why it is appropriate to omit this target pursuant to
Instruction 4 to </B><B>Item 402(b)</B><B> of Regulations S-K.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will disclose all specific performance targets used to determine incentive amounts in
future filings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that the compensation committee also takes into account the individual performances
of your named executive officers in making compensation determinations. You have not,
however, provided specific disclosure with respect to how those individual performances were
measured and its affect on the compensation decision. For</B></TD>
</TR>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
May&nbsp;18, 2010<BR>
Page 5

</DIV>

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    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>example, with respect to Mr.&nbsp;Steward, you state that the goals and weightings were tied 75% to the
company&#146;s performance and 25% to his individual performance. It also appears that
weightings were assigned to certain aspects of his individual performance, such as creation
of new business, achievement of departmental budgets and effectiveness in communicating
corporate culture to employees. Please further explain how the compensation committee&#146;s
analysis of his achievement of those individual performance factors led to the weightings
assigned. Provide us with sample disclosure and confirm that you will include similar
disclosure in future filings.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will provide disclosure similar to the following in future filings:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For Mr.&nbsp;Stewart, the goals and weightings were based 75% on the Company&#146;s performance and
25% on his individual performance and the performance of his area of responsibility. The
following individual goals, with the weightings set forth below, were
established for Mr.&nbsp;Stewart for 2009 and utilized by the Compensation Committee, in
conjunction with the achievement of the corporate goals discussed above, to determine his
2009 annual bonus and long term compensation payments:</TD>
</TR>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The achievement of budgeted same property NOI decline of 6% (40% weighting).
For 2009, the Company achieved same property NOI above its budgeted amount, resulting
in this goal being 100% achieved.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The achievement of same property revenue growth above the market-wide average
(20% weighting). For 2009, the Company outperformed in terms of its same property
revenue growth in 57% of its markets as compared to its peer group, resulting in this
goal being 57% achieved.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Completion of developments in accordance with the time, budgets and pro forma
yields (20% weighting). In 2009, the Company stabilized six development communities,
two of which were completed in accordance with pro forma yields, resulting in this goal
being 33% achieved.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Creation of new business, transaction and acquisition opportunities (10%
weighting). In 2009, Mr.&nbsp;Stewart achieved 50% of the targeted new business,
transaction and acquisition goals.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Achievement of departmental budgets (5% weighting). In 2009, Mr.&nbsp;Stewart
achieved 100% of his departmental budgets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effectiveness in communicating corporate culture to employees (5% weighting).
Based on Mr.&nbsp;Stewart&#146;s contributions in this area in 2009, this goal was 90% achieved.</TD>
</TR>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
May&nbsp;18, 2010<BR>
Page 6

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We acknowledge that:
</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company is responsible for the adequacy and accuracy of the disclosure in the
filings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>staff comments or changes to disclosure in response to staff comments do not
foreclose the Commission from taking any action with respect to the filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company may not assert staff comments as a defense in any proceeding initiated
by the Commission or any person under the federal securities laws of the United States.</TD>
</TR>

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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions, please do not hesitate to contact the undersigned at (713)
354-2500.
</DIV>

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<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Michael P. Gallagher
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Michael P. Gallagher<br>
Vice President &#150; Chief Accounting Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
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