a6498433ex991.htm

EXHIBIT 99.1

CAMDEN PROPERTY TRUST ANNOUNCES

THIRD QUARTER 2010 OPERATING RESULTS

Houston, TEXAS (November 4, 2010) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and nine months ended September 30, 2010.

Funds From Operations

FFO for the third quarter of 2010 totaled $0.65 per diluted share or $46.7 million, as compared to $0.70 per diluted share or $48.1 million for the same period in 2009. FFO for the nine months ended September 30, 2010 totaled $1.98 per diluted share or $140.4 million, as compared to $2.29 per diluted share or $146.3 million for the same period in 2009. FFO for the nine months ended September 30, 2009 included a $0.04 per diluted share impact from losses related to early retirement of debt.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported net income attributable to common shareholders (“EPS”) of $1.7 million or $0.02 per diluted share for the third quarter of 2010, as compared to $3.9 million or $0.06 per diluted share for the same period in 2009.

For the nine months ended September 30, 2010, net income attributable to common shareholders totaled $6.1 million or $0.09 per diluted share, as compared to $28.5 million or $0.46 per diluted share for the same period in 2009. EPS for the nine months ended September 30, 2009 included a $0.27 per diluted share impact from gain on sale of discontinued operations, and a $0.04 per diluted share impact from losses related to early retirement of debt.

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

Same Property Results

For the 46,757 apartment homes included in consolidated same property results, third quarter 2010 same property NOI declined 0.6% compared to the third quarter of 2009, with revenues declining 0.9% and expenses declining 1.5%. On a sequential basis, third quarter 2010 same property NOI increased 0.4% compared to the second quarter of 2010, with revenues increasing 1.1% and expenses increasing 2.2% compared to the prior quarter. On a year-to-date basis, 2010 same property NOI declined 4.6%, with revenues declining 3.0% and expenses declining 0.5% compared to the same period in 2009. Same property physical occupancy levels for the portfolio averaged 94.3% during the third quarter of 2010, compared to 93.9% in the third quarter of 2009 and 94.2% in the second quarter of 2010.

The Company defines same property communities as communities owned and stabilized as of January 1, 2009, excluding properties held for sale and communities under major redevelopment. A reconciliation of net income attributable to common shareholders to net operating income and same property net operating income is included in the financial tables accompanying this press release.

Acquisition Activity

The Company completed two acquisitions during the quarter for approximately $41 million through its Multifamily Value Add Fund, in which it has a 20% interest: Camden Yorktown, a 306-home stabilized apartment community in Houston, TX; and Camden Ivy Hall, a 110-home development community in Atlanta, GA.

The ownership of Camden Main & Jamboree, one of the Company’s joint venture communities, was restructured during the quarter, resulting in Camden’s ownership interest increasing from 30.0% to 99.9%. The Company previously accounted for this joint venture under the equity method of accounting. Following the restructuring, Camden has consolidated this entity for financial reporting purposes. The Company did not record a gain or loss on the restructuring, as the net consideration approximated the fair market value of the net assets received.

Development Activity

During the third quarter, the Company commenced construction on two new development communities: Camden Lake Nona, a $61.0 million project in Orlando, FL; and Camden Summerfield II, a $32.0 million project in Landover, MD. Initial occupancy at these communities is scheduled for late 2011 and mid-2012 respectively, with construction completions expected in late 2012.

Camden also completed lease-up of one fully-consolidated joint venture community during the quarter: Camden Travis Street, a $30.9 million project that is currently 97% leased. The Company has three additional joint venture communities in lease-up: Belle Meade, a $37.6 million project that is currently 89% leased; Braeswood Place, a $50.2 million project that is currently 83% leased; and Camden Ivy Hall, a $17.5 million project that is currently 53% leased.

The Company has nine additional development communities which may begin construction in late 2010 through 2012.

Equity Issuance

During the third quarter, Camden issued 0.6 million common shares through its at-the-market (“ATM”) share offering program at an average price of $48.05 per share, for total net consideration of approximately $28.2 million. Subsequent to quarter-end, the Company issued 1.0 million common shares through its at-the-market (“ATM”) share offering program at an average price of $49.25 per share, for total net consideration of approximately $50.4 million. Year-to-date, Camden has issued approximately 4.0 million common shares through its ATM program at an average price of $47.52 per share, for total net consideration of approximately $185.0 million.

“We have continued to strengthen our balance sheet over the past several quarters and have reduced leverage by issuing equity through our ATM program,” said Richard Campo, Camden’s Chairman & Chief Executive Officer. “These proceeds will be used to help fund our new development projects in a leverage-neutral way.”

Earnings Guidance

Camden updated its earnings guidance for 2010 based on its view of the current and expected apartment market and general economic conditions. Full-year 2010 FFO is expected to be $2.64 to $2.68 per diluted share, and full-year 2010 EPS is expected to be $0.14 to $0.18 per diluted share. Fourth quarter 2010 earnings guidance is $0.66 to $0.70 per diluted share for FFO and $0.05 to $0.09 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2010 earnings guidance is based on projections of same property revenue declines between 1.75% and 2.25%, expense growth between 0.5% and 1.0%, and NOI declines between 3.5% and 4.5%. Additional information on the Company’s 2010 financial outlook and a reconciliation of expected net income attributable to common shareholders to expected FFO are included in the financial tables accompanying this press release.

Camden expects to issue earnings guidance for 2011 in conjunction with its fourth quarter 2010 earnings release on February 4, 2011.

Conference Call

The Company will hold a conference call on Friday, November 5, 2010 at 11:00 a.m. Central Time to review its third quarter 2010 results and discuss its outlook for future performance. To participate in the call, please dial (866) 843-0890 (Domestic) or (412) 317-9250 (International) by 10:50 a.m. Central Time and enter passcode: 3001742, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.

Forward-Looking Statements

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

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 186 properties containing 63,964 apartment homes across the United States. Upon completion of three properties under development, the Company’s portfolio will increase to 64,681 apartment homes in 189 properties. Camden was recently named by FORTUNE® Magazine for the third consecutive year as one of the “100 Best Companies to Work For” in America, placing 10th on the list.

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

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

(Unaudited)	Three Months Ended							Nine Months Ended
	September 30,							September 30,
OPERATING DATA	2010				2009			2010			2009
Property revenues
Rental revenues		$133,601				$132,758			$395,258			$403,248
Other property revenues		22,675				22,467			65,519			64,271
Total property revenues		156,276				155,225			460,777			467,519

Property expenses
Property operating and maintenance		47,430				46,266			135,844			132,285
Real estate taxes		16,817				17,803			53,359			54,692
Total property expenses		64,247				64,069			189,203			186,977

Non-property income
Fee and asset management income		2,145				1,818			6,028			6,093
Interest and other income		451				582			3,988			2,414
Income on deferred compensation plans		6,918				8,194			6,818			11,702
Total non-property income		9,514				10,594			16,834			20,209

Other expenses
Property management		4,789				4,377			14,994			13,848
Fee and asset management		1,155				1,074			3,611			3,512
General and administrative		7,568				7,532			22,339			23,010
Interest		31,781				31,117			95,078			97,364
Depreciation and amortization		43,685				42,697			129,963			130,197
Amortization of deferred financing costs		1,185				682			2,624			2,356
Expense on deferred compensation plans		6,918				8,194			6,818			11,702
Total other expenses		97,081				95,673			275,427			281,989

Gain on sale of properties, including land		-				-			236			-
Loss on early retirement of debt		-				-			-			(2,550	)
Equity in income (loss) of joint ventures		(244	)			(38	)		(785	)		592
Income from continuing operations before income taxes		4,218				6,039			12,432			16,804
Income tax expense - current		(712	)			(126	)		(1,286	)		(772	)
Income from continuing operations		3,506				5,913			11,146			16,032
Income from discontinued operations		326				279			715			2,265
Gain on sale of discontinued operations		-				-			-			16,887
Net income		3,832				6,192			11,861			35,184
Less income allocated to noncontrolling interests from continuing operations		(432	)			(505	)		(542	)		(1,448	)
Less income allocated to perpetual preferred units		(1,750	)			(1,750	)		(5,250	)		(5,250	)
Net income attributable to common shareholders		$1,650				$3,937			$6,069			$28,486


CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net income		$3,832				$6,192			$11,861			$35,184
Other comprehensive income (loss)
Unrealized loss on cash flow hedging activities		(5,323	)			(8,732	)		(19,549	)		(10,307	)
Reclassification of net losses on cash flow hedging activities		5,825				5,697			17,488			16,442
Unrealized gain on available-for-sale securities, net of tax		1,914				-			1,914			-
Comprehensive income		6,248				3,157			11,714			41,319
Less income allocated to noncontrolling interests from continuing operations		(432	)			(505	)		(542	)		(1,448	)
Less income allocated to perpetual preferred units		(1,750	)			(1,750	)		(5,250	)		(5,250	)
Comprehensive income attributable to common shareholders		$4,066				$902			$5,922			$34,621


PER SHARE DATA
Net income attributable to common shareholders - basic		$0.02				$0.06			$0.09			$0.46
Net income attributable to common shareholders - diluted		0.02				0.06			0.09			0.46
Income from continuing operations attributable to common shareholders - basic		0.02				0.06			0.08			0.15
Income from continuing operations attributable to common shareholders - diluted		0.02				0.06			0.08			0.15

Weighted average number of common and
common equivalent shares outstanding:
Basic		69,100				66,094			67,898			61,087
Diluted		69,441				66,602			68,169			61,579



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

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

(Unaudited)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
FUNDS FROM OPERATIONS	2010		2009		2010		2009

Net income attributable to common shareholders		$1,650		$3,937		$6,069		$28,486
Real estate depreciation from continuing operations		42,457		41,636		126,350		127,141
Real estate depreciation from discontinued operations		-		198		325		566
Adjustments for unconsolidated joint ventures		2,292		1,935		6,753		5,812
Income allocated to noncontrolling interests		281		406		864		1,148
Gain on sale of discontinued operations		-		-		-		(16,887	)
Funds from operations - diluted		$46,680		$48,112		$140,361		$146,266

PER SHARE DATA
Funds from operations - diluted		$0.65		$0.70		$1.98		$2.29
Cash distributions		0.45		0.45		1.35		1.60

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		72,025		68,959		70,779		63,967

PROPERTY DATA
Total operating properties (end of period) (a)		186		183		186		183
Total operating apartment homes in operating properties (end of period) (a)		63,964		63,286		63,964		63,286
Total operating apartment homes (weighted average)		50,929		50,383		50,729		50,639
Total operating apartment homes - excluding discontinued operations (weighted average)		50,327		49,781		50,127		49,589


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

Note: Please refer to the following pages for definitions and reconciliations of all Non-GAAP financial measures presented in this document.

CAMDEN										BALANCE SHEETS
										(In thousands)

(Unaudited)	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2010			2010			2010			2009			2009
ASSETS
Real estate assets, at cost
Land		$763,559			$746,195			$748,604			$747,921			$746,825
Buildings and improvements		4,613,036			4,521,376			4,527,523			4,512,124			4,484,335
		5,376,595			5,267,571			5,276,127			5,260,045			5,231,160
Accumulated depreciation		(1,263,173	)		(1,221,422	)		(1,191,604	)		(1,149,056	)		(1,107,227	)
Net operating real estate assets		4,113,422			4,046,149			4,084,523			4,110,989			4,123,933
Properties under development and land		198,377			199,012			196,371			201,581			279,620
Investments in joint ventures		33,226			50,392			42,994			43,542			43,236
Properties held for sale, including land		9,737			9,692			-			-			6,622
Total real estate assets		4,354,762			4,305,245			4,323,888			4,356,112			4,453,411
Accounts receivable - affiliates		32,269			31,993			32,657			36,112			35,971
Notes receivable - affiliates		17,509			38,478			46,118			45,847			54,462
Other assets, net (a)		105,950			87,371			92,983			102,114			104,669
Cash and cash equivalents		91,071			128,155			28,553			64,156			81,683
Restricted cash		5,174			3,738			3,680			3,658			3,901
Total assets		$4,606,735			$4,594,980			$4,527,879			$4,607,999			$4,734,097



LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured		$1,507,858			$1,590,287			$1,590,473			$1,645,926			$1,646,106
Secured		1,034,354			981,816			980,188			979,273			976,051
Accounts payable and accrued expenses		82,598			63,663			69,858			74,420			78,466
Accrued real estate taxes		40,340			28,416			17,005			23,241			42,386
Other liabilities (b)		144,146			137,020			138,136			145,176			145,464
Distributions payable		34,548			34,275			33,403			33,025			33,028
Total liabilities		2,843,844			2,835,477			2,829,063			2,901,061			2,921,501

Commitments and contingencies

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

Shareholders' equity
Common shares of beneficial interest		804			798			778			770			770
Additional paid-in capital		2,673,606			2,641,354			2,548,722			2,525,656			2,522,525
Distributions in excess of net income attributable to common shareholders		(580,046	)		(550,039	)		(520,798	)		(492,571	)		(383,265	)
Notes receivable secured by common shares		-			(102	)		(101	)		(101	)		(101	)
Treasury shares, at cost		(461,255	)		(461,517	)		(461,517	)		(462,188	)		(462,188	)
Accumulated other comprehensive loss (c)		(41,302	)		(43,718	)		(42,093	)		(41,155	)		(44,921	)
Total common shareholders' equity		1,591,807			1,586,776			1,524,991			1,530,411			1,632,820
Noncontrolling interest		73,159			74,802			75,900			78,602			81,851
Total shareholders' equity		1,664,966			1,661,578			1,600,891			1,609,013			1,714,671
Total liabilities and shareholders' equity		$4,606,735			$4,594,980			$4,527,879			$4,607,999			$4,734,097



(a) includes:
net deferred charges of:		$14,892			$10,193			$10,704			$11,113			$11,617

(b) includes:
deferred revenues of:		$2,347			$2,467			$2,467			$2,664			$2,938
distributions in excess of investments in joint ventures of:		$34,045			$33,074			$32,195			$31,410			$30,507
fair value adjustment of derivative instruments:		$43,267			$43,757			$42,119			$41,083			$44,730

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

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

(Unaudited)

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


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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2010		2009		2010		2009
Net income attributable to common shareholders		$1,650		$3,937		$6,069		$28,486
Real estate depreciation from continuing operations		42,457		41,636		126,350		127,141
Real estate depreciation from discontinued operations		-		198		325		566
Adjustments for unconsolidated joint ventures		2,292		1,935		6,753		5,812
Income allocated to noncontrolling interests		281		406		864		1,148
Gain on sale of discontinued operations		-		-		-		(16,887	)
Funds from operations - diluted		$46,680		$48,112		$140,361		$146,266

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		69,441		66,602		68,169		61,579
FFO diluted		72,025		68,959		70,779		63,967

Net income attributable to common shareholders - diluted		$0.02		$0.06		$0.09		$0.46
FFO per common share - diluted		$0.65		$0.70		$1.98		$2.29




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


	4Q10 Range				2010 Range
	Low		High		Low		High

Expected net income attributable to common shareholders per share - diluted		$0.05		$0.09		$0.14		$0.18
Expected real estate depreciation		$0.58		$0.58		$2.35		$2.35
Expected adjustments for unconsolidated joint ventures		$0.03		$0.03		$0.13		$0.13
Expected income allocated to noncontrolling interests		$0.00		$0.00		$0.02		$0.02
Expected FFO per share - diluted		$0.66		$0.70		$2.64		$2.68




Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document.

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

(Unaudited)

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Net income attributable to common shareholders		$1,650			$3,937			$6,069			$28,486
Less: Fee and asset management income		(2,145	)		(1,818	)		(6,028	)		(6,093	)
Less: Interest and other income		(451	)		(582	)		(3,988	)		(2,414	)
Less: (Income) loss on deferred compensation plans		(6,918	)		(8,194	)		(6,818	)		(11,702	)
Plus: Property management expense		4,789			4,377			14,994			13,848
Plus: Fee and asset management expense		1,155			1,074			3,611			3,512
Plus: General and administrative expense		7,568			7,532			22,339			23,010
Plus: Interest expense		31,781			31,117			95,078			97,364
Plus: Depreciation and amortization		43,685			42,697			129,963			130,197
Plus: Amortization of deferred financing costs		1,185			682			2,624			2,356
Plus: Expense (benefit) on deferred compensation plans		6,918			8,194			6,818			11,702
Less: (Gain) on sale of properties, including land		-			-			(236	)		-
Plus: Loss on early retirement of debt		-			-			-			2,550
Less: Equity in (income) loss of joint ventures		244			38			785			(592	)
Plus: Income allocated to perpetual preferred units		1,750			1,750			5,250			5,250
Plus: Income (loss) allocated to noncontrolling interests		432			505			542			1,448
Plus: Income tax expense - current		712			126			1,286			772
Less: (Income) from discontinued operations		(326	)		(279	)		(715	)		(2,265	)
Less: (Gain) loss on sale of discontinued operations		-			-			-			(16,887	)
Net Operating Income (NOI)		$92,029			$91,156			$271,574			$280,542

"Same Property" Communities		$84,862			$85,357			$251,678			$263,926
Non-"Same Property" Communities		7,429			5,428			20,296			15,434
Other		(262	)		371			(400	)		1,182
Net Operating Income (NOI)		$92,029			$91,156			$271,574			$280,542


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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Net income attributable to common shareholders		$1,650			$3,937			$6,069			$28,486
Plus: Interest expense		31,781			31,117			95,078			97,364
Plus: Amortization of deferred financing costs		1,185			682			2,624			2,356
Plus: Depreciation and amortization		43,685			42,697			129,963			130,197
Plus: Income allocated to perpetual preferred units		1,750			1,750			5,250			5,250
Plus: Income (loss) allocated to noncontrolling interests		432			505			542			1,448
Plus: Income tax expense - current		712			126			1,286			772
Plus: Real estate depreciation and amortization from discontinued operations		-			198			325			566
Less: (Gain) on sale of properties, including land		-			-			(236	)		-
Plus: Loss on early retirement of debt		-			-			-			2,550
Less: Equity in (income) loss of joint ventures		244			38			785			(592	)
Less: (Gain) loss on sale of discontinued operations		-			-			-			(16,887	)
EBITDA		$81,439			$81,050			$241,686			$251,510