<SEC-DOCUMENT>0000950123-11-097025.txt : 20111109
<SEC-HEADER>0000950123-11-097025.hdr.sgml : 20111109
<ACCEPTANCE-DATETIME>20111109164406
ACCESSION NUMBER:		0000950123-11-097025
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20111109
DATE AS OF CHANGE:		20111109
EFFECTIVENESS DATE:		20111109

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:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-177864
		FILM NUMBER:		111192186

	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>S-3ASR
<SEQUENCE>1
<FILENAME>d85566sv3asr.htm
<DESCRIPTION>FORM S-3ASR
<TEXT>
<HTML>
<HEAD>
<TITLE>sv3asr</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#D85566tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As
filed with the Securities and Exchange Commission on November&nbsp;9, 2011
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">Registration No.&nbsp;333-
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; font-size: 3pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>
<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-3</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CAMDEN PROPERTY TRUST</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Texas</B><BR>
(State or other jurisdiction of
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>76-6088377</B><BR>
(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Three Greenway Plaza, Suite&nbsp;1300<BR>
Houston, Texas 77046<BR>
(713)&nbsp;354-2500</B><BR>
(Address, including zip code, and telephone number, including area code, of registrant&#146;s principal
executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Richard J. Campo<BR>
Chairman of the Board and Chief Executive Officer<BR>
Camden Property Trust<BR>
3 Greenway Plaza, Suite&nbsp;1300<BR>
Houston, Texas 77046<BR>
(713)&nbsp;354-2500</B><BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copies to:<BR>
<B>Bryan L. Goolsby<BR>
Toni Weinstein<BR>
Locke Lord LLP<BR>
2200 Ross Avenue, Suite&nbsp;2200<BR>
Dallas, Texas 75201<BR>
(214)&nbsp;740-8000<BR>
Facsimile: (214)&nbsp;740-8800</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate date of commencement of proposed sale to the public: From time to time after the
effective date of this Registration Statement as determined by market conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the only securities being registered on this form are being offered pursuant to dividend or
interest reinvestment plans, please check the following box. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this form are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, check the <BR>following box.
<FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is a post-effective amendment to a registration statement filed pursuant to
General Instruction I.D. filed to register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act. (Check one):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Large Accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">(Do not check if a smaller reporting company)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CALCULATION OF REGISTRATION FEE</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom" style="font-size: 8pt">
    <TD width="1%" style="border-top: 3px double #000000">&nbsp;</TD>
                    <TD align="center" valign="top" style="border-top: 3px double #000000">Title of Each Class <BR>
of Securities to be <BR>
Registered
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 3px double #000000">Amount to be<BR>
Registered (1)
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 3px double #000000">Proposed Maximum<BR>
Offering Price per<BR>
Unit (1)
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 3px double #000000">Proposed Maximum<BR>
Aggregate Offering<BR>
Price (1)
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 3px double #000000">&nbsp;</TD>
    <TD style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 3px double #000000">Amount of<BR>
Registration Fee<BR>
(1)</TD>
    <TD width="1%" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 3px double #000000">Debt Securities <BR>

Preferred Shares <BR>

Common Shares <BR>
Securities Warrants
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$ 0<BR>
$ 0<BR>
$ 0<BR>
$ 0</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>An unspecified aggregate initial offering price or number of the securities of each
identified class is being registered as may from time to time be issued at unspecified prices.
Separate consideration may or may not be received for securities that are issuable on
exercise, conversion or exchange of other securities. In accordance with Rules 456(b) and
457(r), the Registrant is deferring payment of all of the registration fee.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement contains a prospectus relating to both the offering of newly
issued securities and resales by selling securityholders that may occur on an ongoing basis in
securities that may be issued under this Registration Statement.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#D85566tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PROSPECTUS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="d85566d8556600.gif" alt="(CAMDEN)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Camden Property Trust</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Common Shares, Preferred Shares, Debt Securities and Warrants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may offer and sell from time to time common shares, preferred shares, debt securities
and warrants. The preferred shares or warrants may be convertible into or exercisable or
exchangeable for common or preferred shares or other of our securities. Our common shares are
listed on the New York Stock Exchange and trade under the symbol &#147;CPT.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may offer and sell these securities to or through one or more underwriters, dealers or
agents, or directly to purchasers, on a continuous or delayed basis. In addition, selling
securityholders may sell these securities, from time to time, on terms described in the applicable
prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus describes some of the general terms which may apply to the securities we may
offer and sell from time to time. Prospectus supplements will be filed and other offering material
may be provided at later dates which will contain specific terms of each issuance of securities.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>None of the Securities and Exchange Commission, any state securities commission nor any other
regulatory body has approved or disapproved of these securities nor passed upon the accuracy or
adequacy of this prospectus. Any representation to the contrary is a criminal offense.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus and applicable prospectus supplement may be used either in the initial sale of
the securities or in resales by selling securityholders.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The
date of this prospectus is November&nbsp;9, 2011.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="D85566tocpage"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566500">WHERE YOU CAN FIND MORE INFORMATION </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566501">THE COMPANY </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566502">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566503">USE OF PROCEEDS </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566504">DESCRIPTION OF CAPITAL SHARES </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566505">DESCRIPTION OF WARRANTS </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566506">DESCRIPTION OF DEBT SECURITIES </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566507">PLAN OF DISTRIBUTION </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566508">RATIO OF EARNINGS TO FIXED CHARGES </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566509">FEDERAL INCOME TAX CONSIDERATIONS AND CONSEQUENCES OF YOUR INVESTMENT </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566510">LEGAL MATTERS </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#D85566511">EXPERTS </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d85566exv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d85566exv8w1.htm">EX-8.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d85566exv12w1.htm">EX-12.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d85566exv23w1.htm">EX-23.1</A></FONT></TD></TR>
</TABLE>
</DIV>



<DIV align="left">
<!-- /TOC -->
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#D85566tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="D85566500"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a public company and file annual, quarterly and special reports, proxy statements and
other information with the Securities and Exchange Commission (the &#147;SEC&#148;). You may read and copy
any document we file at the SEC&#146;s public reference room at 100 F Street, NE, Washington, D.C.
20549. You can request copies of these documents by writing to the SEC and paying a fee for the
copying cost. Please call the SEC at 1-800-SEC-0330 for more information about the operation of
the public reference room. Our SEC filings are also available to the public at the SEC&#146;s web site
at www.sec.gov and on our website address at www.camdenliving.com. The information on our website
is not a part of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is only part of a registration statement on Form S-3 we have filed with the
SEC under the Securities Act of 1933 and therefore omits some of the information contained in the
registration statement. We have also filed exhibits and schedules to the registration statement
which are excluded from this prospectus, and you should refer to the applicable exhibit or schedule
for a complete description of any statement referring to any contract or other document. You may
inspect or obtain a copy of the registration statement, including the exhibits and schedules, as
described in the previous paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; the information we file with it, which means
we can disclose important information to you by referring you to those documents. The information
incorporated by reference is considered to be part of this prospectus and the information we file
later with the SEC will automatically update and supersede this information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incorporate by reference the documents listed below and any future filings made with the
SEC (File No.&nbsp;1-12110) under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of
1934 until this offering is completed:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual Report on Form 10-K for the year ended December&nbsp;31, 2010;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quarterly Reports on Form 10-Q for the quarters ended March&nbsp;31, 2011. June&nbsp;30, 2011
and September&nbsp;30, 2011;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Reports on Form 8-K dated March&nbsp;1, 2011, May&nbsp;12, 2011, May&nbsp;27, 2011, June&nbsp;3,
2011, August&nbsp;10, 2011 and September&nbsp;26, 2011; and</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of our common shares contained in our Registration Statement on Form
8-A filed with the SEC on June&nbsp;21, 1993.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of these filings at no cost by writing or telephoning Investor
Relations at the following address and telephone number:
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Camden Property Trust<BR>
Three Greenway Plaza, Suite&nbsp;1300<BR>
Houston, Texas 77046<BR>
(713)&nbsp;354-2500
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the information incorporated by reference or provided in this
prospectus or in the supplement. We have not authorized anyone else to provide you with different
information. You should not assume the information in this prospectus or any supplement is accurate
as of any date other than the date on the front of those documents.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#D85566tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="D85566501"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust is a real estate investment trust (&#147;REIT&#148;) engaged in the ownership,
development, construction, and management of multifamily apartment communities. As of September
30, 2011, we owned interests in, operated, or were developing 205 multifamily properties comprising
69,700 apartment homes across the United States. Of the 205 properties, eight properties were
under development, and when completed will consist of a total of 2,209 apartment homes. In
addition, we own land parcels we may develop into multifamily apartment communities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our executive offices are located at 3 Greenway Plaza, Suite&nbsp;1300, Houston, Texas 77046, and
our telephone number is (713)&nbsp;354-2500.
</DIV>
<DIV align="left">
<A name="D85566502"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have made statements in this prospectus and any supplement which are &#147;forward-looking&#148; in
that they do not discuss historical fact, but instead note future expectations, projections,
intentions or other items relating to the future. These forward-looking statements include those
made in the documents incorporated by reference in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance should not be placed on these forward-looking statements because they are subject to
known and unknown risks, uncertainties and other factors which may cause our actual results or
performance to differ materially from those contemplated by the forward-looking statements. Many
of those factors are noted in conjunction with the forward-looking statements in the text.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors which may cause our actual results or performance to differ materially from those
contemplated by forward-looking statements include, but are not limited to, the following:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>volatility in capital and credit markets, or other unfavorable changes in economic
conditions could adversely impact us;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>short-term leases expose us to the effects of declining market rents;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we face risks associated with land holdings and related activities;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties of selling real estate could limit our flexibility;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we could be negatively impacted by the condition of Fannie Mae or Freddie Mac;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance or failure to comply with laws requiring access to our properties by
disabled persons could result in substantial cost;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>competition could limit our ability to lease apartments or increase or maintain
rental income;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>development and construction risks could impact our profitability;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our acquisition strategy may not produce the cash flows expected;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>competition could adversely affect our ability to acquire properties;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>losses from catastrophes may exceed our insurance coverage;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>investments through joint ventures involve risks not present in investments in which
we are the sole investor;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we face risks associated with investments in and management of discretionary funds;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we depend on our key personnel;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in litigation risks could affect our business;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>tax matters, including failure to qualify as a REIT, could have adverse
consequences;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>insufficient cash flows could limit our ability to make required payments for debt
obligations or pay distributions to shareholders;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we have significant debt, which could have important adverse consequences;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may be unable to renew, repay, or refinance our outstanding debt;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>variable rate debt is subject to interest rate risk;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may incur losses on interest rate hedging arrangements;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issuances of additional debt may adversely impact our financial condition;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to maintain our current credit ratings could adversely affect our cost of
funds, related margins, liquidity, and access to capital markets;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>share ownership limits and our ability to issue additional equity securities may
prevent takeovers beneficial to shareholders;</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our share price will fluctuate; and</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the form, timing and/or amount of dividend distributions in future periods may vary
and be impacted by economic or other considerations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These forward-looking statements represent our estimates and assumptions only as of the date
of this prospectus.
</DIV>
<DIV align="left">
<A name="D85566503"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to use the net proceeds from the sale of the securities for general corporate
purposes. Those purposes include the repayment or refinancing of debt, property acquisitions and
development in the ordinary course of business, working capital, investment in financing
transactions and capital expenditures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will describe in the supplement any proposed use of proceeds other than for general
corporate purposes.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="D85566504"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF CAPITAL SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our declaration of trust provides we may issue up to 110,000,000 shares of beneficial
interest, consisting of 100,000,000 common shares and 10,000,000 preferred shares. On October&nbsp;28,
2011, 71,357,674 common shares were outstanding, net of treasury shares and shares held in our
deferred compensation arrangements, and no preferred shares were outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Common Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of common shares are entitled to one vote per share. There is no cumulative voting in
the election of trust managers. The board may declare dividends on common shares in its discretion
if funds are legally available for those purposes. On liquidation, common shareholders are
entitled to receive pro rata any of our remaining assets, after we satisfy or provide for the
satisfaction of all liabilities and obligations on our preferred shares, if any. Common
shareholders do not have preemptive rights to subscribe for or purchase any of our capital shares
or any other of our securities, except as may be granted by the board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preferred Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our declaration of trust, the board is authorized, without shareholder approval, to
issue preferred shares in one or more series, with the designations, powers, preferences, rights,
qualifications, limitations and restrictions as the board determines. Thus, the board, without
shareholder approval, could authorize the issuance of preferred shares with voting, conversion and
other rights which could adversely affect the voting power and other rights of common shareholders
or could make it more difficult for another company to enter into a business combination with us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restrictions on Ownership</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order for us to qualify as a REIT, under the Internal Revenue Code, not more than 50% in
value of our outstanding capital shares may be owned, directly or indirectly, by five or fewer
individuals or entities during the last half of a taxable year. In addition, our capital shares
must be beneficially owned by 100 or more persons during at least 335&nbsp;days of a taxable year of 12
months, or during a proportionate part of a shorter taxable year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because our board believes it is essential for us to continue to qualify as a REIT, our
declaration of trust provides, in general, no holder may own, or be deemed to own by virtue of the
attribution provisions of the Internal Revenue Code, more than 9.8% of our total outstanding
capital shares. Any transfer of shares will not be valid if it would:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>create a direct or indirect ownership of shares in excess of 9.8% of our total
outstanding capital shares;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in shares being owned by fewer than 100 persons;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in our being &#147;closely held&#148; within the meaning of Section 856(h) of the
Internal Revenue Code; or</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in our disqualification as a REIT.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any person owns or is deemed to own more than 9.8% of our total outstanding capital shares,
the shares exceeding this ownership limit will automatically be deemed to be transferred to us. We
will act as trustee of a trust for the exclusive benefit of the transferees to whom these shares
may ultimately be transferred without violating the 9.8% ownership limit. While in trust, these
shares will not be entitled to participate in dividends or other distributions and, except as
required by law, will not be entitled to vote. We will have the right, for a period of 90&nbsp;days
during the time any securities are held by us in trust, to purchase all or any portion of these
securities from the original shareholder at the lesser of the price paid for the shares and the
market price of the shares on the date we
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exercise our option to purchase. All certificates representing capital shares will bear a
legend referring to the restrictions described above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These restrictions on ownership may have the effect of precluding acquisition of control
unless the board and shareholders determine that maintenance of REIT status is no longer in our
best interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shareholder Liability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our declaration of trust provides that no shareholder will be personally or individually
liable in any manner whatsoever for any debt, act, omission or obligation incurred by us or our
board. A shareholder will be under no obligation to us or to our creditors with respect to such
shares, other than the obligation to pay to us the full amount of the consideration for which such
shares were issued or to be issued. By statute, the State of Texas provides limited liability for
shareholders of a REIT organized under the Texas Business Organizations Code .
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transfer Agent and Registrar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Stock Transfer &#038; Trust Company or its successor is the transfer agent and registrar
for our common shares.
</DIV>
<DIV align="left">
<A name="D85566505"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF WARRANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue warrants for the purchase of debt securities, preferred shares or common shares.
We may issue warrants independently or together with debt securities, preferred shares or common
shares or attached to or separate from the offered securities. We will issue each series of
warrants under a separate warrant agreement between us and a bank or trust company as warrant
agent. The warrant agent will act solely as our agent in connection with the warrants and will not
act for or on behalf of warrant holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary of some of the provisions of the warrants is not complete. You should refer to
the provisions of the warrant agreement which will be filed with the SEC as part of the offering of
any warrants. To obtain a copy of this document, see &#147;Where You Can Find More Information&#148; on page
1.
</DIV>
<DIV align="left">
<A name="D85566506"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF DEBT SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The debt securities will be issued under an indenture between us and U.S. Bank Corporate Trust
Services, as successor to SunTrust Bank, as trustee, as amended or supplemented from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary of some of the provisions of the indenture is not complete. You should
look at the indenture, as amended or supplemented from time to time, which is filed as an exhibit to the registration statement of which this
prospectus is a part. To obtain a copy of the indenture or other documents we file with the SEC,
see &#147;Where You Can Find More Information&#148; on page 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The debt securities will be direct, unsecured and unsubordinated obligations and will rank
equally with all other of our unsecured and unsubordinated indebtedness. The indenture does not
limit the amount of debt securities we can offer under it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue additional debt securities without your consent. We may issue debt securities in
one or more series. We are not required to issue all debt securities of one series at the same
time. Also, unless otherwise provided, we may open a series without the consent of the holders of
the debt securities of such series, for issuances of additional debt securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The supplement will address the following terms of the debt securities:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their title;
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any limits on the principal amounts to be issued;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dates on which the principal is payable;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rates, which may be fixed or variable, at which they will bear interest, or the
method for determining rates;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dates from which the interest will accrue and be payable, or the method of
determining those dates, and any record dates for the payments due;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provisions for redemption, conversion or exchange, at our option or otherwise,
including the periods, prices and terms of redemption or conversion;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any sinking fund or similar provisions, whether mandatory or at the holder&#146;s option,
along with the periods, prices and terms of redemption, purchase or repayment;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount or percentage payable if we accelerate their maturity, if other than the
principal amount;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any changes to the events of default or covenants set forth in the indenture;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms of subordination, if any;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the series may be reopened; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other terms consistent with the indenture.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may authorize and determine the terms of a series of debt securities by resolution of our
board of trust managers or one of its committees or through a supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Form of Debt Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the supplement otherwise provides, the debt securities will be issued in registered
form. We will issue debt securities only in denominations of $1,000 and integral multiples of such
amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the supplement otherwise provides, we will issue debt securities as one or more global
securities. This means we will not issue certificates to each holder. We generally will issue
global securities in the total principal amount of the debt securities in a series. Debt
securities in global form will be deposited with or on behalf of a depositary. Debt securities in
global form may not be transferred except as a whole among the depositary, a nominee of or a
successor to the depositary and any nominee of such successor. Unless otherwise identified in the
supplement, the depositary will be The Depository Trust Company (&#147;DTC&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may determine not to use global securities for any series. In such event, we will issue
debt securities in certificated form.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The laws of some jurisdictions require some purchasers of securities take physical delivery of
securities in certificated form. Those laws and some conditions on transfer of global securities
may impair the ability to transfer interests in global securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ownership of Global Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as the depositary or its nominee is the registered owner of a global security, this
entity will be the sole holder of the debt securities represented by such instrument. Both we and
the trustee are only required to treat the depositary or its nominee as the legal owner of those
securities for all purposes under the indenture.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in this prospectus or the supplement, no actual purchaser of debt
securities represented by a global security will be entitled to receive physical delivery of
certificated securities or will be considered the holder of those securities for any purpose under
the indenture. In addition, no actual purchaser will be able to transfer or exchange global
securities unless otherwise specified in this prospectus or the supplement. As a result, each
actual purchaser must rely on the procedures of the depositary to exercise any rights of a holder
under the indenture. Also, if an actual purchaser is not a participant in the depositary, the
actual purchaser must rely on the procedures of the participant through which it owns its interest
in the global security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Depository Trust Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is based on information furnished by DTC and applies to the extent it is the
depositary, unless otherwise provided in the supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Registered Owner</I>. The debt securities will be issued as fully registered securities in the
name of Cede &#038; Co., which is DTC&#146;s partnership nominee. The trustee will deposit the global
security with the depositary. The deposit with the depositary and its registration in the name of
Cede &#038; Co. will not change the nature of the actual purchaser&#146;s ownership interest in the debt
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>DTC&#146;s Organization</I>. DTC is a member of the U.S. Federal Reserve System, a limited-purpose
trust company under New York State banking law and a registered clearing agency with the Securities
and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>DTC&#146;s Activities</I>. DTC holds securities its participants deposit with it. DTC also
facilitates the settlement among participants of securities transactions, such as transfers and
pledges, in deposited securities through electronic computerized book-entry changes in
participant&#146;s accounts. Doing so eliminates the need for physical movement of securities
certificates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Participants&#146; Records</I>. Except as otherwise provided in this prospectus or a supplement,
purchases of debt securities must be made by or through a direct participant, which will receive a
credit for the securities on the depositary&#146;s records. The purchaser&#146;s interest is in turn to be
recorded on the participants&#146; records. Actual purchasers will not receive written confirmations
from the depositary of their purchase, but they generally receive confirmations along with periodic
statements of their holdings from the participants through which they entered into the transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers of interest in the global securities will be made on the books of the participants
on behalf of the actual purchasers. Certificates representing the interest of the actual purchasers
in the securities will not be issued unless the use of global securities is suspended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The depositary has no knowledge of the actual purchasers of global securities. The
depositary&#146;s records only reflect the identity of the direct participants, who are responsible for
keeping account of their holdings on behalf of their customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notices Among the Depositary, Participants and Actual Owners</I>. Notices and other
communications by the depositary, its participants and the actual purchasers will be governed by
arrangements among them, subject to any legal requirements in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Voting Procedures</I>. Neither DTC nor Cede &#038; Co. will give consents for or vote the global
securities. The depositary generally mails an omnibus proxy to us just after the applicable record
date. This proxy assigns Cede &#038; Co.&#146;s voting rights to the direct participants to whose accounts
the securities are credited at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payments</I>. Principal and interest payments made by us will be delivered to the depositary.
DTC&#146;s practice is to credit direct participants&#146; accounts on the applicable payment date unless it
has reason to believe it will not receive payment on such date. Payments by participants to actual
purchasers will be governed by standing instructions and customary practices, as is the case with
securities held for customers in bearer form or registered in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;street name.&#148; Those payments will
be the responsibility of such participant, not the depositary, the trustee or us, subject to any
legal requirements in effect at such time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are responsible for payment of principal, interest and premium, if any, to the trustee, who
is responsible to pay it to the depositary. The depositary is responsible for disbursing those
payments to direct participants. The participants are responsible for disbursing payment to the
actual purchasers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transfer or Exchange of Debt Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may transfer or exchange debt securities other than global securities without service
charge at the corporate trust office of the trustee. You may also surrender debt securities other
than global securities for conversion or registration of transfer without service charge at the
corporate trust office of the trustee. You must execute a proper form of transfer and pay any
taxes or other governmental charges resulting from this action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transfer Agent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we designate a transfer agent in addition to the trustee in a supplement, we may at any
time rescind this designation or approve a change in the location through which the transfer agent
acts. We will, however, be required to maintain a transfer agent in each place of payment for a
series of debt securities. We may at any time designate additional transfer agents for a series of
debt securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limitations on Incurrence of Indebtedness</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the indenture, we may not, and may not permit any of our Subsidiaries (as defined below)
to, incur any Debt (as defined below) if, immediately after giving effect to the incurrence of such
additional Debt and the application of the proceeds thereof, the aggregate principal amount of all
of our and our Subsidiaries&#146; outstanding Debt on a consolidated basis determined in accordance with
generally accepted accounting principles is greater than 60% of the sum of (without duplication):
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our and our Subsidiaries&#146; Total Assets (as defined below) as of the end of the
calendar quarter covered in our Annual Report on Form 10-K or Quarterly Report on Form
10-Q, as the case may be, most recently filed with the SEC (or, if such filing is not
permitted under the Securities Exchange Act of 1934, with the trustee) prior to the
incurrence of such additional Debt; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase price of any real estate assets or mortgages receivable acquired,
and the amount of any securities offering proceeds received (to the extent such
proceeds were not used to acquire real estate assets or mortgages receivable or used to
reduce Debt), by us or any of our Subsidiaries since the end of such calendar quarter,
including those proceeds obtained in connection with the incurrence of such additional
Debt.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we may not, and may not permit any of our Subsidiaries to, incur any Debt secured
by any Encumbrance (as defined below) upon any of our or our Subsidiaries&#146; property if, immediately
after giving effect to the incurrence of such additional Debt and the application of the proceeds
thereof, the aggregate principal amount of all of our and our Subsidiaries&#146; outstanding Debt on a
consolidated basis which is secured by any Encumbrance on our or any of our Subsidiaries&#146; property
is greater than 40% of the sum of (without duplication):
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our and our Subsidiaries&#146; Total Assets as of the end of the calendar quarter
covered in our Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case
may be, most recently filed with the SEC (or, if such filing is not permitted under the
Securities Exchange Act of 1934, with the trustee) prior to the incurrence of such
additional Debt; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase price of any real estate assets or mortgages receivable acquired,
and the amount of any securities offering proceeds received (to the extent such
proceeds were not used to acquire real estate assets or mortgages receivable or used to
reduce Debt), by us or any of our Subsidiaries </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<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: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>since the end of such calendar quarter,
including those proceeds obtained in connection with the incurrence of such additional
Debt.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, neither we nor our Subsidiaries may at any time own Total Unencumbered Assets (as
defined below) equal to less than 150% of the aggregate outstanding principal amount of the
Unsecured Debt (as defined below) on a consolidated basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, we may not, and may not permit any of our Subsidiaries to, incur any Debt if the
ratio of Consolidated Income Available for Debt Service (as defined below) to the Annual Service
Charge (as defined below) for the four consecutive fiscal quarters most recently ended prior to the
date on which such additional Debt is to be incurred will have been less than 1.5:1, on a pro forma
basis after giving effect thereto and to the application of the proceeds therefrom, and calculated
on the following assumptions:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Debt and any other Debt we or any of our Subsidiaries incur since the
first day of such four-quarter period and the application of the proceeds therefrom,
including to refinance other Debt, had been incurred at the beginning of such period;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the repayment or retirement of any other of our and our Subsidiaries&#146; Debt
since the first day of such four-quarter period had been repaid or retired at the
beginning of such period (except, in making such computation, the amount of Debt under
any revolving credit facility will be computed based upon the average daily balance of
such Debt during such period);</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of Acquired Debt (as defined below) or Debt incurred in connection
with any acquisition since the first day of such four-quarter period, the related
acquisition had occurred as of the first day of such period with appropriate
adjustments with respect to such acquisition being included in such pro forma
calculation; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if we or any of our Subsidiaries acquire or dispose of any asset or group of
assets since the first day of such four-quarter period, whether by merger, share
purchase or sale, or asset purchase or sale, such acquisition or disposition or any
related repayment of Debt had occurred as of the first day of such period with the
appropriate adjustments with respect to such acquisition or disposition being included
in such pro forma calculation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Acquired Debt&#148; means Debt of a person:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>existing at the time such person becomes a Subsidiary; or</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assumed in connection with the acquisition of assets from such person or
entity,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in each case, other than Debt incurred in connection with, or in contemplation of, such person
becoming a Subsidiary or such acquisition. Acquired Debt will be deemed to be incurred on the date
of the related acquisition of assets from any person or the date the acquired person becomes a
Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Annual Service Charge&#148; as of any date means the maximum amount which is payable in any period
for interest on, and original issue discount of, our and our Subsidiaries&#146; Debt and the amount of
dividends which are payable in respect of any Disqualified Shares (as defined below).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated Income Available for Debt Service&#148; for any period means our and our
Subsidiaries&#146; Earnings from Operations (as defined below) plus amounts deducted, and minus amounts
added, for the following (without duplication):
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our and our Subsidiaries&#146; interest on Debt;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our and our Subsidiaries&#146; provision for taxes based on income;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


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



</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amortization of debt discount and deferred financing costs;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provisions for gains and losses on properties and property depreciation and
amortization;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effect of any noncash charge resulting from a change in accounting
principles in determining Earnings from Operations for such period; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amortization of deferred charges.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Debt&#148; means, without duplication, any of our and our Subsidiaries&#146; indebtedness, whether or
not contingent, in respect of:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>borrowed money or evidenced by bonds, notes, debentures or similar instruments;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>indebtedness for borrowed money secured by any Encumbrance existing on our or
any of our Subsidiaries&#146; property;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the reimbursement obligations, contingent or otherwise, in connection with any
letters of credit actually issued (other than letters of credit issued to provide
credit enhancement or support with respect to other of our or any of our Subsidiaries&#146;
indebtedness otherwise reflected as Debt under this definition) or amounts representing
the balance deferred and unpaid of the purchase price of any property or services,
except any such balance constituting an accrued expense or trade payable, or all
conditional sale obligations or obligations under any title retention agreement;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the principal amount of all of our and our Subsidiaries&#146; obligations with
respect to redemption, repayment or other repurchase of any Disqualified Shares; or</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any lease of property in which we or any of our Subsidiaries is a lessee which
is reflected on our consolidated balance sheet as a capitalized lease in accordance
with generally accepted accounting principles,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the extent, in the case of items of indebtedness under (1)&nbsp;through (3)&nbsp;above, any such items
(other than letters of credit) would appear as a liability on our consolidated balance sheet in
accordance with generally accepted accounting principles, and also includes, to the extent not
otherwise included, any of our or our Subsidiaries&#146; obligations to be liable for, or to pay, as
obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of
business), Debt of a person other than us or any of our Subsidiaries (it being understood we will
be deemed to incur Debt whenever we or any of our Subsidiaries creates, assumes, guarantees or
otherwise becomes liable in respect thereof).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Disqualified Shares&#148; means, with respect to any person, any capital shares of such person
which by the terms of such capital shares (or by the terms of any security into which they are
convertible or for which they are exchangeable or exercisable), upon the happening of any event or
otherwise:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>mature or are mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise (other than capital shares which are redeemable solely in exchange for common
shares);</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are convertible into or exchangeable or exercisable for Debt or Disqualified
Shares; or</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are redeemable at the option of the holder thereof, in whole or in part (other
than capital shares which are redeemable solely in exchange for common shares),</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in each case on or prior to the stated maturity of the debt securities.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Earnings from Operations&#148; for any period means net earnings excluding gains and losses on
sales of investments, as reflected in our consolidated financial statements for such period
determined on a consolidated basis in accordance with generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Encumbrance&#148; means any mortgage, lien, charge, pledge or security interest of any kind.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary&#148; means any corporation or other entity of which we directly, or indirectly through
one or more of our Subsidiaries, own a majority of the voting power of the voting equity securities
or the outstanding equity interests. For the purposes of this definition, &#147;voting equity
securities&#148; means equity securities having voting power for the election of directors, whether at
all times or only so long as no senior class of security has such voting power by reason of any
contingency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Total Assets&#148; as of any date means the sum of:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Undepreciated Real Estate Assets; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all of our and our Subsidiaries&#146; other assets determined in accordance with
generally accepted accounting principles (but excluding accounts receivable and
intangibles).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Total Unencumbered Assets&#148; means the sum of
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>those Undepreciated Real Estate Assets not subject to an Encumbrance; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all of our and our Subsidiaries&#146; other assets not subject to an Encumbrance
determined in accordance with generally accepted accounting principles (but excluding
accounts receivable and intangibles);</TD>
</TR>

</TABLE>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided,
however, that all investments by us and our Subsidiaries in
unconsolidated joint ventures, unconsolidated limited partnerships,
unconsolidated limited liability companies and other unconsolidated
entities shall be excluded from Total Unencumbered Assets to the
extent that such investments would have otherwise been included.</div>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Undepreciated Real Estate Assets&#148; as of any date means the cost (original cost plus capital
improvements) of our and our Subsidiaries&#146; real estate assets on such date, before depreciation and
amortization, determined on a consolidated basis in accordance with generally accepted accounting
principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Unsecured Debt&#148; means Debt not secured by any Encumbrance upon any of our or our
Subsidiaries&#146; properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;&#151;Covenants&#148; for a description of additional covenants applicable to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Covenants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of some of the covenants we have made in the indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Existence</I>. Except in connection with permitted mergers, consolidations or sales of assets, we
agreed to do or cause to be done all things necessary to preserve and keep our corporate existence,
rights and franchises in full force and effect. We are not, however, required to preserve any
right or franchise if we determine its preservation is no longer desirable in the conduct of our
business and the loss is not disadvantageous in any material respect to the holders of debt
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Maintenance of Properties</I>. We agreed to maintain and keep in good condition all of our
material properties used or useful in the conduct of our business. This does not, however,
preclude us from disposing of our properties in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Insurance</I>. We agreed to maintain with insurers of recognized responsibility insurance
concerning our properties against such casualties and contingencies and of such types and in such
amounts as is customary for the same or similar businesses.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment of Taxes and Other Claims</I>. We agreed to pay or discharge before they become
delinquent all taxes and other governmental charges levied or imposed on us and all lawful claims
for labor, materials and supplies which, if unpaid, might by law become a lien upon our property.
We are not, however, required to pay or discharge any such charge whose amount, applicability or
validity is being contested in good faith by appropriate proceedings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provision of Financial Information</I>. We agreed, whether or not we are subject to Section&nbsp;13 or
15(d) of the Securities Exchange Act of 1934, to prepare the annual reports, quarterly reports and
other documents we would have been required to file with the SEC pursuant to Section&nbsp;13 or 15(d) of
the Securities Exchange Act of 1934 within 15&nbsp;days of each of the respective required filing dates
and to:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transmit by mail to all holders of debt securities, as their names and addresses
appear in the security register, copies of such annual reports, quarterly reports and
other documents;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>file with the trustee copies of such annual reports, quarterly reports and other
documents; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly upon written request and payment of the reasonable cost of duplication and
delivery, supply copies of such documents to any prospective holder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Merger, Consolidation and Sale</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the indenture, we may consolidate with, or sell, lease or convey all or substantially
all of our assets to, or merge with or into, any other entity, provided:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>either we are the continuing entity, or the successor entity expressly assumes
the debt securities and all of our obligations relating to the debt securities;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately after giving effect to such transaction and treating any
indebtedness which becomes our obligation as a result thereof as having been incurred
by us at the time of such transaction, no event of default under the indenture, and no
event which, after notice or the lapse of time, or both, would become such an event of
default, has occurred and is continuing; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an officers&#146; certificate and legal opinion covering such conditions is
delivered to the trustee.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Events of Default, Notice and Waiver</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides the following events are &#147;Events of Default&#148; with respect to any series
of debt securities:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>default for 30&nbsp;days in the payment of any installment of interest and other
amounts payable (other than principal) on any debt securities of such series when due
and payable;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>default in the payment of the principal or premium, if any, of any debt
securities of such series when due and payable;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>default in the performance, or breach, of any of our covenants contained in the
indenture, other than a covenant added to the indenture solely for the benefit of a
series of debt securities other than such series, which continues for 60&nbsp;days after
written notice as provided in the indenture;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>default under any other bond, debenture, note, mortgage, indenture or
instrument with an aggregate principal amount outstanding of at least
$35,000,000,
which default has resulted in such indebtedness becoming or being declared due and
payable prior to the date on which it would otherwise have become due and payable,
without such indebtedness having been discharged or such acceleration having been
rescinded or annulled within a period of 30&nbsp;days after written notice to us as provided
in the indenture;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the entry by a court of competent jurisdiction of one or more judgments, orders
or decrees against us in an aggregate amount (excluding amounts covered by insurance)
in excess of $10,000,000 and such judgments, orders or decrees remain undischarged,
unstayed and unsatisfied in an aggregate amount (excluding amounts covered by
insurance) in excess of $10,000,000 for a period of 30 consecutive days; or</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain events of bankruptcy, insolvency or reorganization or appointment of a
receiver, liquidator or trustee.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an event of default occurs and continues, the trustee and the holders of not less than 25%
in principal amount of the series may declare the principal amount of all of the debt securities of
such series to be immediately due and payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights of holders of a series to commence an action for any remedy is subject to a number
of conditions, including requiring the holders of 25% in principal amount of such series request
the trustee take action and offer a reasonable indemnity to the trustee against its liabilities
incurred in doing so. This provision will not, however, prevent any holder from instituting suit
for the enforcement of payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to provisions in the indenture relating to the trustee&#146;s duties in case of default,
the trustee is under no obligation to exercise any of its rights or powers under the indenture at
the request or direction of any holder unless the holder has offered to the trustee reasonable
security or indemnity. However, the trustee may refuse to follow any direction which is in
conflict with any law or the indenture, may involve the trustee in personal liability or may be
unduly prejudicial to holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Modification of the Indenture</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must obtain the consent of holders of at least a majority in principal amount of all
outstanding debt securities affected by a change to the indenture. The consent of holders of at
least a majority in principal amount of each series of outstanding debt securities is required to
waive compliance by us with some of the covenants in the indenture. We must obtain the consent of
each holder affected by a change to extend the maturity; reduce the principal, redemption premium
or interest rate; change the place of payment, or the coin or currency, for payment; limit the
right to sue for payment; reduce the level of consents needed to approve a change to the indenture;
or modify any of the foregoing provisions or any of the provisions relating to the waiver of some
past defaults or covenants, except to increase the required level of consents needed to approve a
change to the indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Defeasance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may defease the debt securities of a series, which means we would satisfy our duties under
such series before maturity. We may do so by depositing with the trustee, in trust for the benefit
of the holders, sufficient funds to pay the entire indebtedness on that series, including
principal, premium, if any, and interest. Some other conditions must be met before we may do so.
We must also deliver an opinion of counsel to the effect that the holders of such series will have
no federal income tax consequences as a result of such deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conversion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities may be convertible into or exchangeable for common shares, preferred shares or
debt securities of another series. The supplement will describe the terms of any conversion
rights. To protect our status as a REIT, debt securities are not convertible if, as a result of a
conversion, any person would then be deemed to own, directly or indirectly, more than 9.8% of our
capital shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Subordination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions of any subordination of subordinated debt securities to other of our
indebtedness will be described in the supplement. The terms will include a description of the
indebtedness ranking senior to the subordinated debt securities, the restrictions on payments to
the holders of subordinated debt securities while a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">default exists with respect to senior indebtedness, any restrictions on payments to the
holders of the subordinated debt securities following an event of default and provisions requiring
holders of the subordinated debt securities to remit payments to holders of senior indebtedness.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of the subordination, if we become insolvent, holders of subordinated debt securities
may recover less, ratably, than other of our creditors, including holders of senior indebtedness.
</DIV>
<DIV align="left">
<A name="D85566507"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may offer securities directly or through underwriters, dealers or agents. The supplement
will identify those underwriters, dealers or agents and will describe the plan of distribution,
including commissions to be paid. If we do not name a firm in the supplement, the firm may not
directly or indirectly participate in any underwriting of those securities, although it may
participate in the distribution of securities under circumstances entitling it to a dealer&#146;s
allowance or agent&#146;s commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An underwriting agreement will entitle the underwriters to indemnification against specified
civil liabilities under the federal securities laws and other laws. The underwriters&#146; obligations
to purchase securities will be subject to specified conditions and generally will require them to
purchase all of the securities if any are purchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise noted in the supplement, the securities will be offered by the underwriters,
if any, when, as and if issued by us, delivered to and accepted by the underwriters and subject to
their right to reject orders in whole or in part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell securities to dealers, as principals. Those dealers then may resell the
securities to the public at varying prices set by those dealers from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may also offer securities through agents. Agents generally act on a &#147;best efforts&#148; basis
during their appointment, meaning they are not obligated to purchase securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealers and agents may be entitled to indemnification as underwriters by us against some
liabilities under the federal securities laws and other laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We or the underwriters or the agent may solicit offers by institutions approved by us to
purchase securities under contracts providing for further payment. Permitted institutions include
commercial and savings banks, insurance companies, pension funds, investment companies, educational
and charitable institutions and others. Certain conditions apply to those purchases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An underwriter may engage in over-allotment, stabilizing transactions, short covering
transactions and penalty bids in accordance with Regulation&nbsp;M under the Securities Exchange Act of
1934. Over-allotment involves sales in excess of the offering size, which creates a short
position. Stabilizing transactions permit bidders to purchase the underlying security so long as
the stabilizing bids do not exceed a specified maximum. Short covering transactions involve
purchases of the securities in the open market after the distribution is completed to cover short
positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when
the securities originally sold by the dealer are purchased in a covering transaction to cover short
positions. Those activities may cause the price of the securities to be higher than it would
otherwise be. The underwriters may engage in any activities on any exchange or other market in
which the securities may be traded. If commenced, the underwriters may discontinue those activities
at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The supplement or pricing supplement, as applicable, will set forth the anticipated delivery
date of the securities being sold at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling securityholders may use this prospectus in connection with resales of the securities.
The applicable prospectus supplement will identify the selling securityholders and the terms of the
securities. Selling securityholders may be deemed to be underwriters in connection with the
securities they resell and any profits on the sales may be deemed to be underwriting discounts and
commissions under the Securities Act. The selling
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">securityholders will receive all the proceeds from the sale of the securities. We will not
receive any proceeds from sales by selling securityholders.
</DIV>

<DIV align="left">
<A name="D85566508"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RATIO OF EARNINGS TO FIXED CHARGES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ratio of earnings to fixed charges for each of our last five fiscal years and the nine
months ended September&nbsp;30, 2011 are presented below. We computed our ratios of earnings to fixed
charges by dividing earnings by fixed charges. For these purposes, earnings have been calculated
by adding fixed charges to income from continuing operations before income taxes. Fixed charges
consist of interest costs, the interest portion of rental expense, other than on capital leases,
estimated to represent the interest factor in this rental expense and the amortization of debt
discounts and issue costs.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nine months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Year ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011 (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010 (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009 (3)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008 (4)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007 (5)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006 (6)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings to fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.72</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>

</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Earnings include a $29,791,000 impact related to a loss on the discontinuation of a hedging
relationship, a $3,316,000 impact related to a net gain on the sale of an available-for-sale investment, and a $5,884,000
impact related to  gains on the sale of properties, including land
and joint venture interests. Excluding these impacts,
the ratio would be 1.24.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Earnings include a $1,000,000 impact related to an impairment
provision on a technology investment.
Excluding this impact, the ratio would be 1.10.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>We would have needed to generate an additional $77,553,000 to achieve a coverage of one to
one in 2009. Earnings include an $85,614,000 impact related to impairment associated with
land development activities and a $2,550,000 impact related to loss on early retirement of
debt. Excluding this impact, the ratio would be 1.07.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>We would have needed to generate an additional $23,832,000 to achieve a coverage of one to
one in 2008. Earnings include a $51,323,000 impact related to impairment associated with land
development activities, a $13,566,000 impact related to gain on early retirement of debt, and
a $2,929,000 impact related to gain on sale of properties, including land. Excluding this
impact, the ratio would be 1.07.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Earnings include a $1,447,000 impact related to impairment associated with land development
activities. Excluding this impact, the ratio would be 1.19.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Earnings include a $97,452,000 impact related to gain on sale of properties, including land.
Excluding this impact, the ratio would be 1.07.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="D85566509"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FEDERAL INCOME TAX CONSIDERATIONS AND CONSEQUENCES OF YOUR INVESTMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the material federal income tax considerations
associated with an investment in the securities. The summary is based on current law. It is not
tax advice and presents general information only. The summary does not deal with particular types
of securityholders subject to special treatment under the Internal Revenue Code, such as insurance
companies, financial institutions and broker-dealers. In addition, the summary is not exhaustive
of all possible tax considerations. Your actual tax consequences as a taxpayer can be complicated
and will depend on your specific situation, including variables you cannot control. You should
consult your own tax advisor for a full understanding of the tax consequences of the purchase,
holding and sale of the securities. You should also consult your tax advisor to determine the
effect of any potential changes in applicable tax laws. The Internal Revenue Code provisions
governing the federal income tax treatment of REITs are highly technical and complex, and the
summary is qualified in its entirety by the applicable Internal Revenue Code provisions, rules and
regulations promulgated thereunder, and administrative and judicial interpretations thereof. The
following discussion is based upon current law and on representations from us concerning our
compliance with the requirements for qualification as a REIT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We urge you, as a prospective investor, to consult your own tax advisor with respect to the
specific federal, state, local, foreign and other tax consequences to you of the purchase, holding
and sale of our securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have elected to be taxed as a REIT under the Internal Revenue Code since our taxable year
ended December&nbsp;31, 1993. We believe that we have been organized and have operated in a manner that
qualifies for taxation as a REIT under the Internal Revenue Code. We also believe that we will
continue to operate in a manner that will preserve our status as a REIT. We cannot, however,
assure you that these requirements will be met in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not requested a ruling from the Internal Revenue Service regarding our REIT status.
However, we have received an opinion from the law firm of Locke Lord LLP to the effect that:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we have met the requirements for qualification and taxation as a REIT for each
taxable year commencing with the taxable year ended December&nbsp;31, 1993;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our diversity of equity ownership, operations through the date of the opinion and
proposed method of operation should allow us to qualify as a REIT for the taxable year
ending December&nbsp;31, 2011; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the discussion regarding &#147;Federal Income Tax Considerations and Consequences of Your
Investment&#148; set forth in this section, to the extent that it describes matters of law
or legal conclusions, is correct in all material respects.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinion is expressed as of its date and Locke Lord LLP has no obligation to advise us of
any change in applicable law or of any matters stated, represented or assumed, after the date of
the opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should be aware that opinions of counsel are not binding upon the Internal Revenue Service
or any court. Our opinion of counsel is based upon factual representations and covenants made by
us regarding the past, present and future conduct of our business operations. Furthermore, our
opinion of counsel regarding our continued qualification as a REIT is conditioned upon, and our
continued qualification as a REIT will depend on, our ability to meet, through actual annual
operating results, the various REIT qualification tests under the Internal Revenue Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we cannot assure you that new legislation, regulations or administrative
interpretations will not change the tax laws with respect to our qualification as a REIT or any
other matter discussed herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Income Taxation of the Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As long as we qualify for taxation as a REIT, we generally will not be subject to federal
corporate income taxes on that portion of our ordinary income or capital gain that is currently
distributed to shareholders. The REIT
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provisions of the Internal Revenue Code generally allow us to deduct dividends paid to our
shareholders. The deduction for dividends paid to shareholders substantially eliminates the
federal &#147;double taxation&#148; of earnings generally applicable to corporations. When we use the term
&#147;double taxation,&#148; we refer to taxation of corporate income at two levels, taxation at the
corporate level when the corporation must pay tax on the income it has earned and taxation again at
the shareholder level when the shareholder pays taxes on the distributions it receives from the
corporation&#146;s income in the way of dividends. Additionally, a REIT may elect to retain and pay
taxes on a designated amount of its net long-term capital gains, in which case the shareholders of
the REIT will include their proportionate share of the undistributed long-term capital gains in
income and receive a credit or refund for their share of the tax paid by the REIT.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even if we qualify for taxation as a REIT, we will be subject to federal income tax as
follows:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will be taxed at regular corporate rates on our undistributed REIT taxable
income, including undistributed net capital gain.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under some circumstances, we may be subject to the &#147;alternative minimum tax&#148; as a
consequence of our items of tax preference.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will be taxed at the highest corporate rate on our net income from the sale or
other disposition of &#147;foreclosure property&#148; that is held primarily for sale to
customers in the ordinary course of business and other non-qualifying income from
foreclosure property. Foreclosure property is, in general, any real property and any
personal property incident to real property acquired through foreclosure or deed in
lieu of foreclosure.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will be subject to a 100% tax on any net income from prohibited transactions,
which are, in general, sales or other dispositions of property held primarily for sale
to customers in the ordinary course of business, other than foreclosure property.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If we fail to satisfy the 75% or 95% gross income test under the REIT provisions of
the Internal Revenue Code, but have maintained our qualification as a REIT, we will be
subject to a tax equal to the greater of the excess of 95% of our gross income over the
amount of our gross income that is qualifying income for purposes of the 95% test or
the excess of 75% of our gross income over the amount of our gross income that is
qualifying income for purposes of the 75% test, multiplied by a fraction intended to
reflect our profitability.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If we fail, in more than a <I>de minimis </I>fashion, to satisfy one or more of the asset
tests under the REIT provisions of the Internal Revenue Code for any quarter of a
taxable year, but nonetheless continue to qualify as a REIT because we qualify under
certain relief provisions, we may be required to pay a tax of the greater of $50,000 or
a tax computed at the highest corporate rate on the amount of net income generated by
the assets causing the failure from the date of failure until the assets are disposed
of or we otherwise return to compliance with the asset test.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If we fail to satisfy one or more of the requirements for REIT qualification under
the REIT provisions of the Internal Revenue Code (other than the income tests or the
asset tests), we nevertheless may avoid termination of our REIT election in such year
if the failure is due to reasonable cause and not due to willful neglect and we pay a
penalty of $50,000 for each failure to satisfy the REIT qualification requirements.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If we fail to distribute during each year at least the sum of (a)&nbsp;85% of our
ordinary income for such year, (b)&nbsp;95% of our capital gain net income for such year and
(c)&nbsp;any undistributed taxable income from prior periods, we will be subject to a 4%
excise tax on the excess of the required distribution over the amounts actually
distributed.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will be subject to a 100% penalty tax on some payments we receive (or on certain
expenses deducted by a taxable REIT subsidiary) if arrangements among us, our tenants
and our taxable REIT subsidiaries are not comparable to similar arrangements among
unrelated parties.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If (a)&nbsp;we acquire any asset from a C corporation, which is a corporation subject to
full corporate level tax, in a carryover-basis transaction, and (b)&nbsp;we subsequently
recognize gain on the disposition of this asset during the 10-year period beginning on
the date on which we acquire the asset, then the excess of the fair market value of the
asset as of the beginning of the 10-year period over our adjusted basis in the asset at
that time will be subject to tax at the highest regular corporate rate, under
guidelines issued by the Internal Revenue Service. The recognition period is reduced
to five years for dispositions in tax years beginning in 2011.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REIT Qualification</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Organizational Requirements</I>. The Internal Revenue Code defines a REIT as a corporation, trust
or association that meets the following conditions:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is managed by one or more trustees or directors;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its beneficial ownership is evidenced by transferable shares or by transferable
certificates of beneficial interest;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it would be taxable as a domestic corporation but for the REIT requirements;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is neither a financial institution nor an insurance company;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its beneficial ownership is held by 100 or more persons; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>during the last half of each taxable year, five or fewer individuals do not
own, directly or indirectly, more than 50% in value of its outstanding stock, taking
into account applicable attribution rules.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, other tests, described below, regarding the nature of income and assets of the
REIT also must be satisfied. The Internal Revenue Code provides that conditions (1)&nbsp;through (4),
inclusive, must be met during the entire taxable year. Condition (5)&nbsp;must be met during at least
335&nbsp;days of a taxable year of 12&nbsp;months, or during a proportionate part of a taxable year of less
than 12&nbsp;months. Conditions (5)&nbsp;and (6)&nbsp;will not apply until after the first taxable year for which
an election is made to be taxed as a REIT. For purposes of conditions (5)&nbsp;and (6), pension funds
and particular other tax-exempt entities are treated as individuals, subject to an exception in the
case of condition (6)&nbsp;that looks through the fund or entity to actual participants of the fund or
beneficial owners of the entity in determining the number of owners of the outstanding stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our declaration of trust currently includes restrictions regarding transfers of capital
shares, which restrictions are intended, among other things, to assist us in continuing to satisfy
conditions (5)&nbsp;and (6). In rendering its opinion that we have met the requirements for
qualification and taxation as a REIT, Locke Lord LLP is relying on our representations that the
ownership of our capital shares will satisfy conditions (5)&nbsp;and (6). There can be no assurance,
however, that the restrictions in our declaration of trust will, as a matter of law, preclude us
from failing to satisfy those conditions or that a transfer in violation of those restrictions
would not cause us to fail these conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a REIT owns a qualified REIT subsidiary, the Internal Revenue Code provides that the
qualified REIT subsidiary is disregarded for federal income tax purposes. Thus, all assets,
liabilities and items of income, deduction and credit of the qualified REIT subsidiary are treated
as assets, liabilities and these items of the REIT itself. When we use the term &#147;qualified REIT
subsidiary,&#148; we mean a corporation, other than a taxable REIT subsidiary, all of the shares of
which are held by the REIT. We own, directly or indirectly, 100% of the shares of several
corporations which constitute qualified REIT subsidiaries. Thus, all of the assets, liabilities
and items of income, deduction and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">credit of these qualified REIT subsidiaries will be treated as our assets and liabilities and
our items of income, deduction and credit. Unless the context requires otherwise, all references
to &#147;we,&#148; &#147;us&#148; and &#147;our company&#148; in this &#147;Federal Income Tax Considerations and Consequences of Your
Investment&#148; section, refer to Camden Property Trust and its qualified REIT subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a REIT that is a partner in a partnership, Treasury Regulations issued by the
United States Treasury Department provide that the REIT will be deemed to own its proportionate
share of the assets of the partnership and will be deemed to be entitled to the income of the
partnership attributable to this share. A REIT&#146;s proportionate share of the assets of the
partnership will be determined based on the REIT&#146;s capital interest in the partnership. In
addition, the character of the assets and gross income of the partnership will retain the same
character in the hands of the REIT for purposes of Section&nbsp;856 of the Internal Revenue Code,
including satisfying the gross income tests and asset tests. Thus, our proportionate share of the
assets, liabilities and items of income of Camden Operating, L.P. and Camden Summit Partnership,
L.P. (collectively, the &#147;Operating Partnerships&#148;) and any other entity taxable as a partnership for
federal income tax purposes in which we hold an interest will be treated as our assets and
liabilities and our items of income for purposes of applying the requirements described in this
section. The assets, liabilities and items of income of the Operating Partnerships and any other
entity taxable as a partnership for federal income tax purposes in which we hold an interest
include the Operating Partnerships&#146; and each such entity&#146;s share of the assets and liabilities and
items of income with respect to any entity taxable as a partnership in which they hold an interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Income Tests</I>. In general, in order to qualify as a REIT, we must derive at least 95% of our
gross income, excluding gross income from prohibited transactions, from real estate sources and
from dividends, interest and gain from the sale or disposition of stock or securities or from any
combination of the foregoing. We must also derive at least 75% of our gross income, excluding
gross income from prohibited transactions, from investments relating to real property or mortgages
on real property including rents from real property, interest on obligations secured by mortgages
on real property and, in particular circumstances, interest from particular types of temporary
investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rent derived from leases will be qualifying income under the REIT requirements, provided
several requirements are satisfied. First, a lease may not have the effect of giving us a share of
the income or profits of the lessee. Second, the rent attributable to personal property that is
leased in connection with a lease of real property must not exceed 15% of the total rent received
under the lease. If so, the portion of rent attributable to the personal property will not qualify
as rents from real property. The test to determine the rent attributable to personal property that
is leased in connection with a lease of real property is based on relative fair market values.
Third, in general, rents received from a related party tenant will not qualify as rents from real
property. For these purposes, a tenant will be a related party tenant if the REIT, directly or
indirectly, actually or constructively, owns 10% or more of the tenant. However, we may lease
property to a taxable REIT subsidiary and, provided an exception to the related party rent rules is
applicable, the rents received from that subsidiary will not be disqualified from being rents from
real property by reason of our ownership interest in the subsidiary. We can avail ourselves of
this exception to the related party rent rules so long as at least 90% of the leased space of the
property is rented to persons who are not related parties or taxable REIT subsidiaries and the
taxable REIT subsidiary pays commercially reasonable rent which is substantially comparable to the
rent paid by third parties. A taxable REIT subsidiary includes a corporation other than a REIT in
which a REIT directly or indirectly holds stock and that has made a joint election with the REIT to
be treated as a taxable REIT subsidiary. A taxable REIT subsidiary will be subject to federal
income tax at regular corporate rates. Fourth, the REIT generally must not operate or manage its
property or furnish or render services to tenants. However, the REIT may provide customary
services or provide non-customary services through an independent contractor who is adequately
compensated and from whom the REIT derives no income or a taxable REIT subsidiary. Also, the REIT
may provide non-customary services with respect to its properties as long as the income from the
provision of these services with regard to each property does not exceed 1% of all amounts received
by the REIT from each property. The REIT may provide or furnish non-customary services through a
taxable REIT subsidiary. Finally, all leases must also qualify as &#147;true&#148; leases for federal income
tax purposes, and not as service contracts, joint ventures or other types of arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not charged, and do not anticipate charging, rent that is based in whole or in part on
the income or profits of any person. We have not derived, and do not anticipate deriving, rent
attributable to personal property leased in connection with real property that exceeds 15% of the
total rents.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have provided and will provide services with respect to our multifamily apartment
communities. We believe the services with respect to our communities that have been and will be
provided by us are usually or customarily rendered in connection with the rental of space for
occupancy only and are not otherwise rendered to particular tenants; and income from the provision
of other kinds of services with respect to a given property has not and will not exceed 1% of all
amounts received by us from such property. Therefore, we believe the provision of such services
has not and will not cause rents received with respect to our communities to fail to qualify as
rents from real property. We believe services with respect to our communities that we believe may
not be provided by us directly without jeopardizing the qualification of rent as rents from real
property have been and will be performed by independent contractors, or taxable REIT subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;interest,&#148; as defined for purposes of both gross income tests, generally excludes
any amount that is based in whole or in part on the income or profits of any person. However,
interest generally includes the following:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an amount that is based on a fixed percentage or percentages of receipts or sales;
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an amount that is based on the income or profits of a debtor, as long as the debtor
derives substantially all of its income from the real property securing the debt from
leasing substantially all of its interest in the property, and only to the extent that
the amounts received by the debtor would be qualifying &#147;rents from real property&#148; if
received directly by a REIT.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a loan contains a provision that entitles a REIT to a percentage of the borrower&#146;s gain
upon the sale of the real property securing the loan or a percentage of the appreciation in the
property&#146;s value as of a specific date, income attributable to that loan provision will be treated
as gain from the sale of the property securing the loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on debt secured by mortgages on real property or on interests in real property
generally is qualifying income for purposes of the 75% gross income test. However, if the highest
principal amount of a loan outstanding during a taxable year exceeds the fair market value of the
real property securing the loan as of the date that our commitment to make the loan becomes
binding, a portion of the interest income from such loan will not be qualifying income for purposes
of the 75% gross income test, but will be qualifying income for purposes of the 95% gross income
test. The portion of the interest income that will not be qualifying income for purposes of the
75% gross income test will bear the same relationship to the total interest income as the principal
amount of the loan that is not secured by real property bears to the total amount of the loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our mezzanine loans may not be secured by real property. Our interest income from
those loans is and will be qualifying income for purposes of the 95% gross income test, but may not
be qualifying income for purposes of the 75% gross income test. In addition, the loan amount of a
mortgage loan that we own may exceed the value of the real property securing the loan. In that
case, a portion of the income from the loan will be qualifying income for purposes of the 95% gross
income test, but not the 75% gross income test. It also is possible that, in some instances, the
interest income from a mortgage loan may be based in part on the borrower&#146;s profits or net income.
That scenario generally will cause the income from the loan to be non-qualifying income for
purposes of both gross income tests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will be subject to tax at the maximum corporate rate on any income from foreclosure
property, other than income that otherwise would be qualifying income for purposes of the 75% gross
income test, less expenses directly connected with the production of that income. However, gross
income from foreclosure property will qualify for purposes of the 75% and 95% gross income tests.
Foreclosure property is any real property, including interests in real property, and any personal
property incident to such real property:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that is acquired by a REIT as the result of the REIT having bid in such property at
foreclosure, or having otherwise reduced such property to ownership or possession by
agreement or process of law, after there was a default or default was imminent on a
lease of such property or on indebtedness that such property secured;
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for which the related loan was acquired by the REIT at a time when the default was
not imminent or anticipated; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for which the REIT makes a proper election to treat the property as foreclosure
property.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, a REIT will not be considered to have foreclosed on a property where the REIT takes
control of the property as a mortgagee-in-possession and cannot receive any profit or sustain any
loss except as a creditor of the mortgagor. Property generally ceases to be foreclosure property
at the end of the third taxable year following the taxable year in which the REIT acquired the
property, or longer if an extension is granted by the Secretary of the Treasury. This grace period
terminates and foreclosure property ceases to be foreclosure property on the first day:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on which a lease is entered into for the property that, by its terms, will give rise
to income that does not qualify for purposes of the 75% gross income test, or any
amount is received or accrued, directly or indirectly, pursuant to a lease entered into
on or after such day that will give rise to income that does not qualify for purposes
of the 75% gross income test;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on which any construction takes place on the property, other than completion of a
building or any other improvement, where more than 10% of the construction was
completed before default became imminent; or</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which is more than 90&nbsp;days after the day on which the REIT acquired the property and
the property is used in a trade or business which is conducted by the REIT, other than
through an independent contractor from whom the REIT itself does not derive or receive
any income.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not anticipate that we will receive any income from property acquired through
foreclosure that is not qualifying income for purposes of the 75% gross income test, but if we do
receive any such income, we will make an election to treat the related property as foreclosure
property. In addition, we anticipate that any income we receive with respect to a property that is
not eligible for a foreclosure property election will be qualifying income for purposes of both
gross income tests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may recognize taxable income without receiving a corresponding cash distribution if we
foreclose on or make a significant modification to a loan, to the extent that the fair market value
of the underlying property or the principal amount of the modified loan, as applicable, exceeds our
basis in the original loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year,
we may nevertheless qualify as a REIT for that year if we are eligible for relief under the
Internal Revenue Code. These relief provisions generally will be available if:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our failure to meet these tests was due to reasonable cause and not due to willful
neglect; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we file a description of each item in our gross income in accordance with the
regulations prescribed by Treasury.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is not possible, however, to state whether, in all circumstances, we would be entitled to
the benefit of these relief provisions. For example, if we fail to satisfy the gross income tests
because nonqualifying income that we intentionally incur exceeds the limits on such income, the
Internal Revenue Service could conclude that our failure to satisfy the tests was not due to
reasonable cause. As discussed above, even if these relief provisions apply, a tax would be
imposed with respect to the excess net income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Asset Tests</I>. On the last day of each calendar quarter, we must meet four tests concerning the
nature of our assets. First, at least 75% of the value of our total assets generally must consist
of real estate assets, cash, cash items and government securities. For this purpose, &#147;real estate
assets&#148; include interests in real property, interests in loans secured by mortgages on real
property or by certain interests in real property, shares in other REITs and particular options,
but exclude mineral, oil or gas royalty interests. The temporary investment of new capital in debt
instruments also qualifies under this 75% asset test, but only for the one-year period
beginning on the date we
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">receive the new capital. Second, no more than 25% of our total assets may
be represented by securities, other than securities in the 75% asset class. Third, with regard to
these securities, the value of any one issuer&#146;s securities owned by us may not exceed 5% of the
value of our total assets, unless the issuer is a taxable REIT subsidiary, and we may not own more
than 10% of the voting power or value of any one issuer&#146;s outstanding securities, unless the issuer
is a taxable REIT subsidiary or we can avail ourselves of a safe harbor for &#147;straight debt.&#148;
Fourth, no more than 25% of our total assets may be represented by securities of one or more
taxable REIT subsidiaries. We must satisfy the asset tests at the close of each quarter. If we
fail an asset test as of the close of the quarter due to the acquisition of securities or other
property during the quarter, we may satisfy this test by disposing of the securities or other
non-qualifying property within the 30-day period following the close of that quarter. We cannot
assure you that the Internal Revenue Service will not challenge our compliance with these tests.
If we hold assets in violation of the applicable asset tests, and certain relief provisions do not
apply, we would be disqualified as a REIT.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently own more than 10% of the total value of the outstanding securities of several
subsidiaries. Each of these subsidiaries has elected to be a taxable REIT subsidiary. It should
be noted that the Internal Revenue Code contains two provisions that ensure that taxable REIT
subsidiaries are subject to an appropriate level of federal income taxation. First, taxable REIT
subsidiaries are limited in their ability to deduct interest payments made to an affiliated REIT.
Second, if a taxable REIT subsidiary pays an amount to a REIT that exceeds the amount that would be
paid to an unrelated party in an arm&#146;s-length transaction, the REIT generally will be subject to an
excise tax equal to 100% of such excess.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe our mortgage loans are qualifying assets for purposes of the 75% asset test.
However, if the outstanding principal balance of a mortgage loan exceeds the fair market value of
the real property securing the loan, a portion of such loan likely will not be a qualifying real
estate asset under the federal income tax laws. The non-qualifying portion of that mortgage loan
will be equal to the portion of the loan amount that exceeds the value of the associated real
property. Accordingly, our mezzanine loans will not be qualifying assets for purposes of the 75%
asset test to the extent that they are not secured by mortgages on real property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we fail to satisfy one or more of the asset tests for any quarter of a taxable year, we
nevertheless may qualify as a REIT for such year if we qualify for relief under certain provisions
of the Internal Revenue Code. These relief provisions generally will be available if (i)&nbsp;the
failure is a failure with regard to the 5% asset test or the 10% asset test and due to the
ownership of assets that do not exceed the lesser of 1% of our total assets or $10&nbsp;million, and the
failure is corrected within 6&nbsp;months following the quarter in which it was discovered, or (ii)&nbsp;the
failure is due to ownership of assets not described in (i)&nbsp;above, the failure is due to reasonable
cause and not due to willful neglect, we file a schedule with a description of each asset causing
the failure in accordance with regulations prescribed by the Treasury, the failure is corrected
within 6&nbsp;months following the quarter in which it was discovered, and we pay a tax consisting of
the greater of $50,000 or a tax computed at the highest corporate rate on the amount of net income
generated by the assets causing the failure from the date of failure until the assets are disposed
of or we otherwise return to compliance with the asset test. We may not qualify for the relief
provisions in all circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Restrictions</I>. The REIT requirements impose a number of other restrictions on our
operations. For example, any net income that we derive from sales of property in the ordinary
course of business, other than inventory acquired by reason of some foreclosures, is subject to a
100% tax unless eligible under a safe harbor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions</I>. Due to minimum distribution requirements, we must generally distribute each
year an amount at least equal to:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sum of (a)&nbsp;90% of our REIT taxable income, as computed without regard to the
dividends-paid deduction or our capital gains, and (b)&nbsp;90% of our net income, if any,
from foreclosure property in excess of the special tax on income from foreclosure
property; minus</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sum of specific items of noncash income.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This distribution must be paid in the taxable year to which it relates, or in the following
taxable year, if declared before we timely file our federal income tax return for that year and if
paid on or before the first regular
dividend payment after that declaration. Capital gain dividends are not included in the
calculation to determine
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">whether we satisfy the above-described distribution requirement. In
general, a capital gain dividend is a dividend attributable to net capital gain recognized by us
and properly designated as such.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even if we satisfy the foregoing distribution requirement, to the extent that we do not
distribute all of our net capital gain or REIT taxable income as adjusted, we will be subject to
tax on this gain or income at regular capital gains or ordinary corporate tax rates. Furthermore,
if we fail to distribute during each calendar year at least the sum of:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>85% of our ordinary income for that year;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>95% of our capital gain net income for that year; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any undistributed taxable income from prior periods,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">we would be subject to a 4% excise tax on the excess of the required distribution over the amounts
actually distributed. In addition, during our recognition period, if we dispose of any asset
subject to the rules regarding built-in gain, under guidance issued by the Internal Revenue
Service, we will be required to distribute at least 90% of any after-tax built-in gain recognized
on the disposition of the asset. The term &#147;built-in-gain&#148; refers to the excess of (a)&nbsp;the fair
market value of the asset as of the beginning of the applicable recognition period over (b)&nbsp;the
adjusted basis in such asset as of the beginning of such recognition period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Typically, our REIT taxable income is less than our cash flow due to the allowance of
depreciation and other noncash charges in computing REIT taxable income. Accordingly, we
anticipate that we will generally have sufficient cash or liquid assets to enable us to satisfy the
90% distribution requirement. However, from time to time, we may not have sufficient cash or other
liquid assets to meet this distribution requirement or to distribute a greater amount as may be
necessary to avoid income and excise taxation. This may occur because of:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>timing differences between the actual receipt of income and the actual payment of
deductible expenses and the inclusion of this income and the deduction of these
expenses in arriving at our taxable income, or</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as a result of nondeductible expenditures, such as principal amortization or capital
expenditures, including any reinvestment of proceeds received from the sale of our
properties, other than in a tax-free exchange, in excess of noncash deductions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If these timing differences occur, or if our nondeductible expenditures exceed our noncash
deductions, we may find it necessary to arrange for borrowings or, if possible, pay taxable stock
dividends in order to meet the dividend requirement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under some circumstances, we may be able to rectify a failure to meet the distribution
requirement for a year by paying dividends to shareholders in a later year, which may be included
in our deduction for dividends paid for the earlier year. We will refer to these dividends as
&#147;deficiency dividends.&#148; Thus, we may be able to avoid being taxed on amounts distributed as
deficiency dividends. We will, however, be required to pay interest and any applicable penalties
based upon the amount of any deficiency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain Income From Mortgage Loans</I>. We will recognize taxable income in advance of the
related cash flow if any of our mortgage loans are deemed to have original issue discount. We
generally must accrue original issue discount based on a constant yield method that takes into
account projected prepayments but that defers taking into account credit losses until they are
actually incurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may be required to recognize the amount of any payment projected to be made pursuant to a
provision in a mortgage loan that entitles us to share in the gain from the sale of, or the
appreciation in, the mortgaged
property over the term of the related loan, even though we may not receive the related cash
until the maturity of the loan.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Hedging Transactions and Foreign Currency Gains. </I>We may enter into hedging transactions with
respect to one or more of our assets or liabilities. Hedging transactions could take a variety of
forms, including interest rate swaps or cap agreements, options, futures contracts, forward rate
agreements or similar financial instruments. Except to the extent as may be provided by future
Treasury regulations, any income from a hedging transaction which is clearly identified as such
before the close of the day on which it was acquired, originated or entered into, including gain
from the disposition or termination of such a transaction, will not constitute gross income for
purposes of the 75% and 95% gross income tests, provided that the hedging transaction is entered
into after July&nbsp;30, 2008 (1)&nbsp;in the normal course of our business primarily to manage risk of
interest rate or price changes or currency fluctuations with respect to indebtedness incurred or to
be incurred by us to acquire or carry real estate assets or (2)&nbsp;primarily to manage the risk of
currency fluctuations with respect to any item of income or gain that would be qualifying income
under the 75% or 95% gross income tests (or any property which generates such income or gain). To
the extent we enter into other types of hedging transactions, the income from those transactions is
likely to be treated as nonqualifying income for purposes of both the 75% and 95% gross income
tests. We intend to structure any hedging transactions in a manner that does not jeopardize our
ability to qualify as a REIT. In addition, certain foreign currency gains may be excluded from
gross income for purposes of one or both of the REIT gross income tests, provided we do not deal in
or engage in substantial and regular trading in securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Relief From Certain Failures of the REIT Qualification Provisions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we fail to satisfy one or more of the requirements for REIT qualification (other than the
income tests or the asset tests), we nevertheless may avoid termination of our REIT election in
such year if the failure is due to reasonable cause and not due to willful neglect and we pay a
penalty of $50,000 for each failure to satisfy the REIT qualification requirements. We may not
qualify for this relief provision in all circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Failure to Qualify as a REIT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we fail to qualify for taxation as a REIT in any taxable year and relief provisions do not
apply, the following consequences will occur:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we will be subject to tax, including any applicable alternative minimum tax, on our
taxable income at regular corporate rates;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we will be unable to deduct distributions to our shareholders;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we will not be required to make shareholder distributions;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent that we make distributions from our current and accumulated earnings
and profits, the distributions will be dividends, taxable to our shareholders as
dividend income;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the limitations of the Internal Revenue Code, our corporate shareholders
may be eligible for the dividends-received deduction; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unless we are entitled to relief under specific statutory provisions, we will be
disqualified from qualification as a REIT for the four taxable years following the year
during which qualification is lost.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is not possible to state whether in all circumstances we would be entitled to statutory
relief.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation of Taxable U.S. Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used below, the term &#147;U.S. Shareholder&#148; means a security holder who for United States
federal income tax purposes is:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a citizen or resident of the United States;</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


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



</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation (or other entity treated as a corporation under U.S. federal income
tax purposes) created or organized in or under the laws of the United States or of any
state thereof or in the District of Columbia;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an estate whose income is subject to United States federal income taxation
regardless of its source; or</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any trust with respect to which (A)&nbsp;a United States court is able to exercise
primary supervision over the administration of such trust and (B)&nbsp;one or more United
States persons have the authority to control all substantial decisions of the trust.
Notwithstanding the preceding sentence, to the extent provided in Treasury regulations,
some trusts in existence on August&nbsp;20, 1996, and treated as United States persons prior
to this date that elect to be continue to be treated as United States persons, shall be
considered U.S. Shareholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a partnership, including an entity that is treated as a partnership for United States
federal income tax purposes, is a beneficial owner of our shares, the treatment of a partner in the
partnership will generally depend on the status of the partner and the activities of the
partnership. A beneficial owner that is a partnership and partners in such a partnership should
consult their tax advisors about the U.S. federal income tax consequences of the acquisition,
ownership and disposition of our securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions Generally</I>. As long as we qualify as a REIT, any distributions that we make to
our shareholders out of our current or accumulated earnings and profits, other than capital gain
dividends discussed below, will constitute dividends taxable to our taxable U.S. Shareholders as
ordinary income. Individuals receiving &#147;qualified dividends&#148; from domestic and certain qualifying
foreign subchapter C corporations may be entitled to lower rates on dividends provided certain
holding period requirements are met. However, individuals receiving dividend distributions from
us, a REIT, will generally not be eligible for the lower rate on dividends except with respect to
the portion of any distribution which (a)&nbsp;represents dividends being passed through to us from a
corporation in which we own shares (but only if such dividends would be eligible for the recent
lower rates on dividends if paid by the corporation to its individual stockholders), including
dividends from a taxable REIT subsidiary, (b)&nbsp;is equal to our REIT taxable income (taking into
account the dividends paid deduction available to us) less any taxes paid by us on these items
during our previous taxable year, or (c)&nbsp;are attributable to built-in gains realized and recognized
by us from the disposition of properties acquired by us in certain non-recognition transactions,
less any taxes paid by us on these items during our previous taxable year. The lower rates will
apply only to the extent we designate a distribution as qualified dividend income in a written
notice to you. These distributions will not be eligible for the dividends-received deduction in
the case of U.S. Shareholders that are corporations. For purposes of determining whether the
distributions we make to holders of shares are out of current or accumulated earnings and profits,
our earnings and profits will be allocated first to our outstanding preferred shares and then to
common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that we make a distribution to a U.S. Shareholder in excess of our current and
accumulated earnings and profits, these distributions will be treated first as a tax-free return of
capital with respect to the U.S. Shareholder&#146;s common shares or preferred shares. This will reduce
the U.S. Shareholder&#146;s adjusted basis and, to the extent that the distribution exceeds the U.S.
Shareholder&#146;s adjusted basis in its shares, the excess portion of the distribution will be taxable
to the U.S. Shareholder as gain realized from the sale of the shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Internal Revenue Service will deem us to have sufficient earnings and profits to treat as
a dividend any distribution by us up to the amount required to be distributed in order to avoid
imposition of the 4% excise tax
discussed above. Moreover, any deficiency dividend will be treated as an ordinary or capital
gain dividend, as the case may be, regardless of our earnings and profits. As a result,
shareholders may be required to treat particular distributions that would otherwise result in a
tax-free return of capital as taxable dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we make distributions to a shareholder in excess of the U.S. Shareholder&#146;s adjusted basis
in its common shares or preferred shares, and if the applicable shares have been held as a capital
asset, the distributions will be taxable as capital gains. If held for more than one year, this
gain will be taxable as long-term capital gain.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent guidance from the Internal Revenue Service allows us to satisfy REIT distribution
requirements by distributing up to 90% of a dividend in our capital shares in lieu of paying
distributions entirely in cash, as long as certain conditions are satisfied. A shareholder
generally must include the sum of the value of the capital shares and the amount of cash received
in its gross income as dividend income to the extent that such shareholder&#146;s share of the dividend
is made out of such shareholder&#146;s share of the portion of our current and accumulated earnings and
profits allocable to such dividend. The value of any capital shares received as part of a dividend
generally is equal to the amount of cash that could have been received instead of the capital
shares. In the event we pay a portion of a distribution in our capital shares, shareholders
generally would be required to pay tax on the entire amount of the distribution, including the
portion paid in capital shares, and might have to pay the tax using cash from other sources. A
shareholder who receives capital shares pursuant to a dividend generally has a tax basis in such
shares equal to the amount of cash that could have been received instead of such shares as
described above, and a holding period in such shares that begins on the day following the payment
date for the dividend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (a)&nbsp;we declare dividends in October, November, or December of any year that are payable to
shareholders of record on a specified date in any of these months, and (b)&nbsp;we actually pay the
dividend on or before January&nbsp;31 of the following calendar year, we will treat such dividends as
both paid by us and received by the shareholders on December&nbsp;31 of that year. Shareholders may not
include in their own income tax returns any of our net operating losses or capital losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capital Gain Distributions</I>. Distributions that we properly designate as capital gain
dividends will be taxable to taxable U.S. Shareholders as long-term capital gains to the extent
that they do not exceed our actual net capital gain for the taxable year without regard to the
period for which the U.S. Shareholder has held its shares. U.S. Shareholders that are corporations
may, however, be required to treat up to 20% of particular capital gain dividends as ordinary
income. Capital gain dividends are not eligible for the dividends-received deduction for
corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Changes in U.S. Federal Income Tax Rates</I>. Unless extended by Congress, several of the U.S.
federal income tax rates described herein will increase after December&nbsp;31, 2012. For taxable years
beginning after December&nbsp;31, 2012, (1)&nbsp;the maximum rate for long-term capital gains applicable to
individuals, trusts and estates will increase from 15% to 20%, (2)&nbsp;the rate for qualified dividend
income applicable to individuals, trusts and estates will increase from 15% to the graduated rates
applicable to ordinary income (up to 39.6%), and (3)&nbsp;the backup withholding rate will increase from
28% to 31%. Prospective investors are urged to consult their tax advisors regarding the effect of
these rate changes on an investment in our securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Passive Activity Losses and Investment Interest Limitations</I>. Distributions we make and gain
arising from the sale or exchange by a U.S. Shareholder of our common shares or preferred shares
will not be treated as passive activity income. As a result, U.S. Shareholders generally will not
be able to apply any &#147;passive losses&#148; against this income or gain. Generally, our distributions
that do not constitute a return of capital will be treated as investment income for purposes of
computing the investment interest limitation. Gain arising from the sale or other disposition of
our common shares or preferred shares, however, will sometimes not be treated as investment income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Retention of Net Long-Term Capital Gains</I>. We may elect to retain, rather than distribute as a
capital gain dividend, our net long-term capital gains received during the year. If we make this
election, we would pay tax on our retained net long-term capital gains. In addition, to the extent
we elect to retain net long-term capital gains, a U.S. Shareholder generally would:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to limitations, include its proportionate share of our undistributed
long-term capital gains in computing its long-term capital gains in its return for its
taxable year in which the last day of our taxable year falls;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>be deemed to have paid the capital gains tax imposed on us on the designated amounts
included in the U.S. Shareholder&#146;s long-term capital gains;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receive a credit or refund for the amount of tax deemed paid by it;</TD>
</TR>

</TABLE>
</DIV>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase the adjusted basis of its shares by the difference between the amount
of includable gains and the tax deemed to have been paid by it; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a U.S. Shareholder that is a corporation, appropriately adjust its
earnings and profits for the retained capital gains in accordance with Treasury
Regulations to be prescribed by the Internal Revenue Service.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will classify portions of a designated capital gain dividend or undistributed capital gains
as either (a)&nbsp;a 15% rate gain distribution, which would be taxable to non-corporate U.S.
Shareholders at a maximum rate of 15% (20% for taxable years beginning on or after January&nbsp;1, 2013)
or (b)&nbsp;an &#147;unrecaptured Section&nbsp;1250 gain&#148; distribution which would be taxable to non-corporate
U.S. Shareholders at a maximum rate of 25%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Depreciation Recapture</I>. The maximum tax rate imposed on the long-term capital gains of
non-corporate taxpayers is currently 15%, although a 25% maximum tax rate is imposed on the portion
of such gains attributable to the prior depreciation claims in respect of depreciable real property
held for more than one year and not otherwise treated as ordinary &#147;recapture&#148; income under Section
1250 of the Internal Revenue Code. The Secretary of the Treasury has the authority to prescribe
appropriate regulations on how the capital gains rates will apply to sales and exchanges by
partnerships and REITs and of interests in partnerships and REITs. Under this authority, the
Secretary of the Treasury issued regulations relating to the taxation of capital gains in the case
of sales and exchanges of interests of partnerships, S corporation and trusts, but not of interests
in REITs. These regulations apply to transfers that occur on or after September&nbsp;21, 2000.
Accordingly, you are urged to consult with your tax advisors with respect to your capital gain tax
liability resulting from a distribution or deemed distribution of capital gains from us and a sale
by you of our preferred shares or common shares, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sale of Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Shareholders who sell or exchange securities will generally recognize gain or loss for
federal income tax purposes in an amount equal to the difference between the amount of cash and the
fair market value of any property received on the sale or exchange and the holder&#146;s adjusted basis
in the securities for tax purposes. If the securities were held as a capital asset, then this gain
or loss will be capital gain or loss. If the securities were held for more than one year, the
capital gain or loss will be long-term capital gain or loss. However, any loss recognized by a
holder on the sale of common shares or preferred shares held for not more than six months and with
respect to which capital gains were required to be included in such holder&#146;s income will be treated
as a long-term capital loss, to the extent the U.S. Shareholder received distributions from us that
were treated as long-term capital gains.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation of Debt Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stated Interest and Market Discount</I>. Holders of debt securities will be required to include
stated interest on the debt securities in gross income for federal income tax purposes in
accordance with their methods of accounting for tax purposes. Purchasers of debt securities should
be aware that the holding and disposition of debt securities may be affected by the market discount
provisions of the Internal Revenue Code. These rules generally provide that if a holder of a debt
security purchases it at a market discount and thereafter recognizes gain on a disposition of the
debt security, including a gift or payment on maturity, the lesser of the gain or appreciation, in
the case of a gift, and the portion of the market discount that accrued while the debt security was
held by the holder will be treated as ordinary interest income at the time of the disposition. For
this purpose, a purchase at a market discount includes a purchase after original issuance at a
price below the debt security&#146;s stated principal amount. The market discount rules also provide
that a holder who acquires a debt security at a market discount and who does not elect to include
the market discount in income on a current basis may be required to defer a portion of any interest
expense that may otherwise be deductible on any indebtedness incurred or maintained to purchase or
carry the debt security until the holder disposes of the debt security in a taxable transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A holder of a debt security acquired at a market discount may elect to include the market
discount in income as the discount on the debt security accrues, either on a straight line basis,
or, if elected, on a constant interest rate basis. The current inclusion election, once made,
applies to all market discount obligations acquired by the holder on or after the first day of the
first taxable year to which the election applies and may not be revoked
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">without the consent of the
Internal Revenue Service. If a holder of a debt security elects to include market discount
in income in accordance with the preceding sentence, the foregoing rules with respect to the
recognition of ordinary income on a sale or particular other dispositions of such debt security and
the deferral of interest deductions on indebtedness related to such debt security would not apply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amortizable Bond Premium</I>. Generally, if the tax basis of a debt security held as a capital
asset exceeds the amount payable at maturity of the debt security, the excess may constitute
amortizable bond premium that the holder may elect to amortize under the constant interest rate
method and deduct the amortized premium over the period from the holder&#146;s acquisition date to the
debt security&#146;s maturity date. A holder who elects to amortize bond premium must reduce the tax
basis in the related debt security by the amount of the aggregate deductions allowable for
amortizable bond premium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amortizable bond premium deduction is treated as an offset to interest income on the
related security for federal income tax purposes. Each prospective purchaser is urged to consult
its tax advisor as to the consequences of the treatment of this premium as an offset to interest
income for federal income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Disposition</I>. In general, a holder of a debt security will recognize gain or loss upon the
sale, exchange, redemption, payment upon maturity or other taxable disposition of the debt
security. The gain or loss is measured by the difference between (a)&nbsp;the amount of cash and the
fair market value of property received and (b)&nbsp;the holder&#146;s tax basis in the debt security as
increased by any market discount previously included in income by the holder and decreased by any
amortizable bond premium deducted over the term of the debt security. However, the amount of cash
and the fair market value of other property received excludes cash or other property attributable
to the payment of accrued interest not previously included in income, which amount will be taxable
as ordinary income. Subject to the market discount and amortizable bond premium rules described
above, any gain or loss will generally be long-term capital gain or loss, provided the debt
security was a capital asset in the hands of the holder and had been held for more than one year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recent Tax Legislation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;30, 2010, the President signed into law the Health Care and Education Reconciliation
Act of 2010 (the &#147;Reconciliation Act&#148;). The Reconciliation Act will require certain U.S. holders
who are individuals, estates or trusts to pay a 3.8% Medicare tax on, among other things,
dividends, interest on and capital gains from the sale or other disposition of our equity or debt
obligations, subject to certain exceptions. This tax will apply for taxable years beginning after
December&nbsp;31, 2012. U.S. holders are urged to consult their tax advisors regarding the effect, if
any, of this legislation on their ownership and disposition of our equity or debt securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Backup Withholding on Debt Securities and Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the backup withholding rules, a domestic holder of debt securities or shares may be
subject to backup withholding with respect to interest or dividends paid on, and gross proceeds
from the sale of, the securities unless the holder (a)&nbsp;is a corporation or comes within other
specific exempt categories and, when required, demonstrates this fact or (b)&nbsp;provides a correct
taxpayer identification number, certifies as to no loss of exemption from backup withholding and
otherwise complies with applicable requirements of the backup withholding rules. A holder of debt
securities or shares who does not provide us with its current taxpayer identification number may be
subject to penalties imposed by the Internal Revenue Service. Any amount paid as backup
withholding will be creditable against the holder&#146;s federal income tax liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will report to holders of debt securities or shares and the Internal Revenue Service the
amount of any interest or dividends paid and any amount withheld with respect to the debt
securities or shares during the calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effect of Tax Status of the Operating Partnerships on REIT Qualification</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A substantial portion of our investments are through the Operating Partnerships. The
Operating Partnerships may involve special tax considerations. These considerations include:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the allocations of income and expense items of the Operating Partnerships, which
could affect the computation of our taxable income;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the status of each Operating Partnership as a partnership, as opposed to an
association taxable as a corporation for income tax purposes; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the taking of actions by the Operating Partnerships that could adversely affect our
qualification as a REIT.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, each Operating Partnership owns properties through subsidiary entities taxable as
partnerships for federal income tax purposes. These entities have been structured in a manner that
is intended to qualify them for taxation as partnerships for federal income tax purposes. If
either Operating Partnership or any of the foregoing entities in which an Operating Partnership has
an interest were treated as an association taxable as a corporation, we could fail to qualify as a
REIT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Tax Allocations with Respect to Contributed Properties</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When property is contributed to a partnership in exchange for an interest in the partnership,
the partnership generally takes a carryover basis in that property for tax purposes equal to the
adjusted basis of the contributing partner in the property, rather than a basis equal to the fair
market value of the property at the time of contribution. Under Section 704(c) of the Internal
Revenue Code, income, gain, loss and deduction attributable to this contributed property must be
allocated in a manner such that the contributing partner is charged with, or benefits from,
respectively, the unrealized gain or unrealized loss associated with the property at the time of
the contribution. The amount of such unrealized gain or unrealized loss is generally equal to the
difference between the fair market value of the contributed property at the time of contribution
and the adjusted tax basis of such property at the time of contribution. We will refer to this
allocation as the &#147;book-tax difference.&#148; These allocations are solely for federal income tax
purposes and do not affect the book capital accounts or other economic or legal arrangements among
the partners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the formation of Camden Operating, L.P., appreciated property was
contributed to Camden Operating, L.P. Consequently, the Third Amended and Restated Agreement of
Limited Partnership of Camden Operating, L.P. requires tax allocations to be made in a manner
consistent with Section 704(c) of the Internal Revenue Code. The Treasury Regulations under
Section 704(c) of the Internal Revenue Code provide partnerships with a choice of several methods
of accounting for book-tax differences for property contributed on or after December&nbsp;21, 1993,
including the retention of the traditional method that was available under prior law or the
election of particular alternative methods. Camden Operating, L.P. has elected the traditional
method of Section 704(c) allocations. Under the traditional method, which is the least favorable
method from our perspective, the carryover basis of contributed interests in the properties in the
hands of Camden Operating, L.P. could cause us (a)&nbsp;to be allocated lower amounts of depreciation
deductions for tax purposes than would be allocated to us if such properties were to have a tax
basis equal to their fair market value at the time of the contribution and (b)&nbsp;to be allocated
taxable gain in the event of a sale of such contributed interests in our properties in excess of
the economic or book income allocated to us as a result of such sale, with a corresponding benefit
to the other partners in Camden Operating, L.P. These allocations possibly could cause us to
recognize taxable income in excess of cash proceeds, which might adversely affect our ability to
comply with REIT distribution requirements. However, we do not anticipate that this adverse effect
will occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests in the properties purchased by Camden Operating, L.P., other than in exchange for
interests in Camden Operating, L.P., were acquired with an initial tax basis equal to their fair
market value. Thus, Section 704(c) of the Internal Revenue Code generally will not apply to these
interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Special Tax Considerations of Non-U.S. Shareholders and Potential Tax Consequences of Their
Investment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rules governing federal income taxation of nonresident alien individuals, foreign
corporations, foreign partnerships and other foreign shareholders are complex and no attempt will
be made herein to provide more than a summary of such rules. If you are a non-U.S. shareholder,
you should consult with your own tax advisors to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">determine the impact of federal, state and local income tax laws with regard to an investment
by you in the securities, including any reporting requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions not Attributable to Gain from the Sale or Exchange of a U.S. Real Property
Interest</I>. Distributions to non-U.S. Shareholders that are not attributable to gain from sales or
exchanges by us of U.S. real property interests and are not designated by us as capital gains
dividends will be treated as dividends and result in ordinary income to the extent that they are
made out of our current or accumulated earnings and profits. These distributions ordinarily will
be subject to a withholding tax equal to 30% of the gross amount of the distribution unless an
applicable tax treaty reduces or eliminates that tax. However, if income from the investment in
the common shares or preferred shares is treated as effectively connected with the non-U.S.
Shareholder&#146;s conduct of a U.S. trade or business, the non-U.S. Shareholder generally will be
subject to federal income tax at graduated rates, in the same manner as U.S. Shareholders are taxed
with respect to these distributions. In the case of a non-U.S. Shareholder that is a non-U.S.
corporation, the holder may also be subject to the 30% branch profits tax. Distributions in excess
of our current and accumulated earnings and profits will not be taxable to a non-U.S. Shareholder
to the extent that these distributions do not exceed the adjusted basis of the non-U.S.
Shareholder&#146;s common shares or preferred shares, but rather will reduce the adjusted basis of these
shares. To the extent that these distributions in excess of current and accumulated earnings and
profits exceed the adjusted basis of a non-U.S. Shareholder&#146;s common shares or preferred shares,
these distributions will give rise to tax liability if the non-U.S. Shareholder otherwise would be
subject to tax on any gain from the sale or disposition of its common shares or preferred shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions Attributable to Gain from the Sale or Exchange of a U.S. Real Property Interest</I>.
For any year in which we qualify as a REIT, distributions that are attributable to gain from sales
or exchanges by us of U.S. real property interests will be taxed to a non-U.S. Shareholder under
the provisions of the Foreign Investment in Real Property Tax Act of 1980. Under the Foreign
Investment in Real Property Tax Act, distributions attributable to gain from sales of U.S. real
property interests are taxed to a non-U.S. Shareholder as if this gain were effectively connected
with a U.S. business. Non-U.S. Shareholders thus would be taxed at the normal capital gain rates
applicable to U.S. Shareholders, subject to applicable alternative minimum tax and a special
alternative minimum tax in the case of nonresident alien individuals. Distributions subject to the
Foreign Investment in Real Property Tax Act also may be subject to a 30% branch profits tax in the
hands of a non-U.S. corporate shareholder not entitled to treaty relief or exemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above taxation under the Federal Investment in Real Property Tax Act of distributions
attributable to gains from our sales or exchanges of U.S. real property interests (or such gains
that are retained and deemed to be distributed) does not apply, provided our common shares are
&#147;regularly traded&#148; on an established securities market in the United States (as expected), and the
non-U.S. Shareholder does not own more than 5% of the common stock at any time during the taxable
year. Instead, such amounts will be taxable as a dividend of ordinary income not effectively
connected with a U.S. trade or business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Withholding Obligations from Distributions to Non-U.S. Shareholders</I>. Although tax treaties
may reduce our withholding obligations, we generally will be required to withhold from
distributions to non-U.S. Shareholders, and remit to the Internal Revenue Service, (a)&nbsp;35% of
designated capital gain dividends, or, if greater, 35% of the amount of any distributions that
could be designated as capital gain dividends and (b)&nbsp;30% of ordinary dividends paid out of
earnings and profits. In addition, if we designate prior distributions as capital gain dividends,
subsequent distributions, up to the amount of such prior distributions, will be treated as capital
gain dividends for purposes of withholding. A distribution in excess of our earnings and profits
will be subject to 30% dividend withholding if at the time of the distribution it cannot be
determined whether the distribution will be in an amount in excess of our current or accumulated
earnings and profits. We may be required to withhold 10% of any distribution that exceeds our
current and accumulated earnings and profits. Consequently, although we intend to withhold at a
rate of 30% on the entire amount of any distribution, to the extent that we do not do so, we may
withhold at a rate of 10% on any portion of a distribution not subject to withholding at a rate of
30%. If we withhold an amount of tax with respect to a distribution to a non-U.S. Shareholder in
excess of the shareholder&#146;s U.S. tax liability with respect to this distribution, the non-U.S.
Shareholder may file for a refund of the excess from the Internal Revenue Service. Furthermore,
the U.S. Treasury Department has issued final Treasury Regulations governing information reporting
and certification procedures regarding withholding and backup withholding on some amounts paid to
non-U.S. Shareholders.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The payment of the proceeds from the disposition of our common shares to or through the U.S.
office of a U.S. or foreign broker will be subject to information reporting and, possibly, backup
withholding unless the non-U.S. Shareholder certifies as to its non-U.S. status or otherwise
establishes an exemption, provided that the broker does not have actual knowledge that the
shareholder is a U.S. person or that the conditions of any other exemption are not, in fact,
satisfied. The proceeds of the disposition by a non-U.S. Shareholder of our common shares to or
through a foreign office of a broker generally will not be subject to information reporting or
backup withholding. However, if the broker is a U.S. person, a controlled foreign corporation for
U.S. tax purposes or a foreign person 50% or more of whose gross income from all sources for
specified periods is from activities that are effectively connected with a U.S. trade or business,
information reporting generally will apply unless the broker has documentary evidence as to the
non-U.S. Shareholder&#146;s foreign status and has no actual knowledge to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under recently enacted legislation, withholding taxes may apply to certain types of payments
made to &#147;foreign financial institutions.&#148; Specifically, a 30% withholding tax will be imposed on
dividends on, and gross proceeds from, the sale or other disposition of our shares paid after
December&nbsp;31, 2012 to (i)&nbsp;a foreign financial institution unless such foreign financial institution
agrees to verify, report and disclose its U.S. accountholders and meets certain other specified
requirements or (ii)&nbsp;a non-financial foreign entity that is the beneficial owner of the payment
unless such entity certifies that it does not have any substantial United States owners or provides
the name, address and taxpayer identification number of each substantial United States owner and
meets certain other specified requirements. Although these rules currently apply to applicable
payments made after December&nbsp;31, 2012, in recent guidance, the Internal Revenue Service has
indicated that Treasury Regulations will be issued providing that the withholding provisions
described above will apply to payments of dividends on our shares made on or after January&nbsp;1, 2014,
and to payments of gross proceeds from a sale or other disposition of such shares on or after
January&nbsp;1, 2015. Prospective investors are urged to consult with their tax advisors regarding the
possible implication of this legislation and recent guidance from the Internal Revenue Service in
respect of an investment in our shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sales of Common Shares or Preferred Shares by a Non-U.S. Shareholder. </I>Gain recognized by a
non-U.S. Shareholder upon a sale of our common shares or preferred shares generally will not be
taxed under the Foreign Investment in Real Property Tax Act of 1980 if we are a &#147;domestically
controlled qualified investment entity.&#148; A &#147;domestically controlled qualified investment entity&#148; is
defined generally as a REIT, in which at all times during a specified testing period less than 50%
in value of its shares is held directly or indirectly by non-U.S. persons. We believe, but cannot
guarantee, that we are a &#147;domestically controlled qualified investment entity,&#148; and, therefore,
sales of our common shares or preferred shares will not be subject to taxation under the Foreign
Investment in Real Property Tax Act. However, because our common shares and preferred shares are
traded publicly, we may not continue to be a &#147;domestically controlled qualified investment entity.&#148;
Furthermore, gain not subject to the Foreign Investment in Real Property Tax Act will be taxable to
a non-U.S. Shareholder if (a)&nbsp;investment in the common shares or preferred shares is effectively
connected with the non-U.S. Shareholder&#146;s U.S. trade or business, in which case the non-U.S.
Shareholder will be subject to the same treatment as U.S. Shareholders with respect to such gain,
or (b)&nbsp;the non-U.S. Shareholder is a nonresident alien individual who was present in the U.S. for
183&nbsp;days or more during the taxable year and other conditions are met, in which case the
nonresident alien individual will be subject to a 30% tax on the individual&#146;s capital gains. In
addition, even if we are a domestically controlled qualified investment entity, upon disposition of
our common shares or preferred shares, a non-U.S. Shareholder may be treated as having gain from
the sale or other taxable disposition of a U.S. real property interest if the non-U.S. Shareholder
(1)&nbsp;disposes of such shares within a 30-day period preceding the ex-dividend date of a
distribution, any portion of which, but for the disposition, would be treated as a gain from the
sale or exchange of a U.S. real property interest; and (2)&nbsp;acquires, or enters into a contract or
option to acquire, or is deemed to acquire, other shares during the 61-day period beginning with
the first day of the 30-day period described in clause (1), subject to an exception applicable to
&#147;regularly traded&#148; shares if the non-U.S. Shareholder did not own more than 5% of our shares at any
time during the one-year period ending on the date of the distribution described in clause (1). If
the gain on the sale of common shares or preferred shares were to be subject to taxation under the
Foreign Investment in Real Property Tax Act, the non-U.S. Shareholder would be subject to the same
treatment as U.S. Shareholders with respect to this gain. The non-U.S. Shareholder may, however, be
subject to applicable alternative minimum tax, a special alternative minimum tax in the case of
nonresident alien individuals and the possible application of the 30% branch profits tax in the
case of non-U.S. corporations. In addition, a purchaser of common shares or preferred shares
subject to taxation under the Foreign Investment in Real Property Tax Act would generally be
required to deduct and withhold a tax equal to 10% of the amount realized on the disposition by a
non-U.S. Shareholder. Any amount
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">withheld would be creditable against the non-U.S. Shareholder&#146;s Foreign Investment in Real
Property Tax Act tax liability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>State and Local Tax</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the holders of our securities may be subject to state and local tax in various states
and localities, including those in which we or you transact business, own property or reside. Our
and your tax treatment in these jurisdictions may differ from the federal income tax treatment
described above. Consequently, as a prospective investor, you should consult your own tax advisors
regarding the effect of state and local tax laws on an investment in our debt securities and
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation of Tax-Exempt Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Internal Revenue Service has ruled that amounts distributed as dividends by a REIT do not
constitute unrelated business taxable income when received by a tax-exempt entity. Based on that
ruling, except for the tax-exempt shareholders described below, if a tax-exempt shareholder does
not hold its shares as &#147;debt financed property&#148; within the meaning of the Internal Revenue Code and
the shares are not otherwise used in a trade or business, then dividend income received from us
will not be unrelated business taxable income to the tax-exempt shareholder. Generally, shares
will be &#147;debt financed property&#148; if the exempt holder financed the acquisition of the shares
through a borrowing. Similarly, income from the sale of shares will not constitute unrelated
business taxable income unless a tax-exempt shareholder has held its shares as &#147;debt financed
property&#148; within the meaning of the Internal Revenue Code or has used the shares in its trade or
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For tax-exempt shareholders that are social clubs, voluntary employee benefit associations,
supplemental unemployment benefit trusts, or qualified group legal services plans exempt from
federal income taxation under Internal Revenue Code Section&nbsp;501(c)(7), (c)(9), (c)(17) and (c)(20),
respectively, income from an investment in our shares will constitute unrelated business taxable
income unless the organization is able to properly deduct amounts set aside or placed in reserve
for specified purposes so as to offset the income generated by its investment in our shares. These
prospective investors should consult their own tax advisors concerning these &#147;set aside&#148; and
reserve requirements. However, a portion of the dividends paid by a &#147;pension held REIT&#148; will be
treated as unrelated business taxable income to any trust that:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is described in Section 401(a) of the Internal Revenue Code;</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is tax-exempt under Section 501(a) of the Internal Revenue Code; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holds more than 10% by value of the interests in the REIT.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt pension funds that are described in Section 401(a) of the Internal Revenue Code are
referred to below as &#147;qualified trusts.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A REIT is a &#147;pension held REIT&#148; if:
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it would not have qualified as a REIT but for the fact that Section&nbsp;856(h)(3) of the
Internal Revenue Code provides that stock owned by qualified trusts will be treated,
for purposes of the &#147;not closely held&#148; requirement, as owned by the actual participants
of the trust rather than by the trust itself; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>either, (1)&nbsp;at least one such qualified trust holds more than 25% by value of the
interests in the REIT, or (2)&nbsp;one or more such qualified trusts, each of which owns
more than 10% by value of the interests in the REIT, hold in the aggregate more than
50% by value of the interests in the REIT.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The percentage of any REIT dividend treated as unrelated business taxable income is equal to
the ratio of:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the unrelated business taxable income earned by the REIT less particular associated
expenses, treating the REIT as if it were a qualified trust and therefore subject to
tax on its unrelated business taxable income, to</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total gross income, less particular associated expenses, of the REIT.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A <I>de minimis </I>exception applies where the percentage is less than 5% for any year. The
provisions requiring qualified trusts to treat a portion of REIT distributions as unrelated
business taxable income will not apply if the REIT is able to satisfy the &#147;not closely held&#148;
requirement without relying upon the &#147;look-through&#148; exception with respect to qualified trusts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Future Changes in U.S. Federal Income Tax Rules</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. federal income tax rules are constantly under review by persons involved in the
legislative process and by the IRS and the U.S. Treasury Department. No assurance can be given as
to whether, when, or in what form, the U.S. federal income tax laws applicable to us and our
shareholders may be enacted. Changes to the U.S. federal income tax laws and interpretations of
U.S. federal income tax laws could adversely affect an investment in our securities.
</DIV>
<DIV align="left">
<A name="D85566510"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise noted in a supplement, Locke Lord LLP, Dallas, Texas, will pass on the
legality of the securities offered through this prospectus.
</DIV>
<DIV align="left">
<A name="D85566511"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements, and the related financial statement schedule,
incorporated in this prospectus by reference from Camden Property Trust&#146;s Annual Report on Form
10-K for the year ended December&nbsp;31, 2010, and the effectiveness of the Company&#146;s internal control
over financial reporting, have been audited by Deloitte &#038; Touche LLP, an independent registered
public accounting firm, as stated in their reports, which are incorporated in this prospectus by
reference. Such financial statements and financial statement schedule have been so incorporated in
reliance upon the reports of such firm given upon their authority as experts in accounting and
auditing.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION NOT REQUIRED IN THE PROSPECTUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the estimated expenses in connection with the offering
contemplated by this Registration Statement:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SEC Registration Fee </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Printing and Engraving Costs </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounting Fees and Expenses </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal Fees and Expenses </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee and Registrar Fees </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Miscellaneous </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">70,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Deferred in accordance with Rule 456(b) and 457(r) of the Securities Act of 1933, as amended.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chapter&nbsp;8 of the Texas Business Organizations Code empowers a real estate investment trust to
indemnify any person who was, is, or is threatened to be made a named defendant or respondent in
any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal,
administrative, arbitrative, or investigative, any appeal in such an action, suit, or proceeding,
or any inquiry or investigation that can lead to such an action, suit or proceeding because the
person is or was a governing person, former governing person, officer, employee, agent, or delegate
of the real estate investment trust against a judgment and expenses, other than a judgment, that
are reasonable and actually incurred by the person in connection with a proceeding if the person
acted in good faith and reasonably believed his conduct was in or not opposed to the best interests
of the real estate investment trust and, in the case of any criminal proceeding, had no reasonable
cause to believe that his conduct was unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Texas Business Organizations Code further provides that, except to the extent otherwise
permitted therein, a trust manager may not be indemnified in respect of a proceeding in which the
person is found liable for willful or intentional misconduct in the performance of the person&#146;s
duty to the enterprise, breach of the person&#146;s duty of loyalty owed to the enterprise, or an act or
omission not committed in good faith that constitutes a breach of a duty owed by the person to the
enterprise. Indemnification is limited to reasonable expenses actually incurred and may not be
made in respect of any proceeding in which the person has been found liable for willful or
intentional misconduct in the performance of his duty to the real estate investment trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;200.314 of the Texas Real Estate Investment Trust Law provides that no trust manager
shall be liable to the real estate investment trust for any act, omission, loss, damage, or expense
arising from the performance of his duty to a real estate investment trust, save only for his own
willful misfeasance, willful malfeasance or gross negligence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;Sixteen of our Amended and Restated Declaration of Trust provides that we shall
indemnify officers and trust managers, as set forth below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Article:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&#147;Indemnitee&#148; means (A)&nbsp;any present or former Trust Manager or officer of the Trust, (B)&nbsp;any
person who while serving in any of the capacities referred to in clause (A)&nbsp;hereof served at the
Trust&#146;s request as a trust manager, director, officer, partner, venturer, proprietor, trustee,
employee, agent or similar functionary of another real estate investment trust or foreign or
domestic corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan
or other enterprise and (C)&nbsp;any person nominated or designated by (or pursuant to authority granted
by) the Trust Managers or any committee thereof to serve in any of the capacities referred to in
clauses (A)&nbsp;or (B)&nbsp;hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&#147;Official Capacity&#148; means (A)&nbsp;when used with respect to a Trust Manager, the office of
Trust Manager of the Trust and (B)&nbsp;when used with respect to a person other than a Trust Manager,
the elective or appointive office of the Trust held by such person or the employment or agency
relationship undertaken by such person on behalf of the Trust, but in each case does not include
service for any other real estate investment trust or foreign or domestic corporation or any
partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&#147;Proceeding&#148; means any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative, arbitrative or investigative, any appeal in such an action, suit
or proceeding, and any inquiry or investigation that could lead to such an action, suit or
proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The Trust shall indemnify every Indemnitee against all judgments, penalties (including
excise and similar taxes), fines, amounts paid in settlement and reasonable expenses actually
incurred by the Indemnitee in connection with any Proceeding in which he or she was, is or is
threatened to be named defendant or respondent, or in which he or she was or is a witness without
being named a defendant or respondent, by reason, in whole or in part, of his or her serving or
having served, or having been nominated or designated to serve, in any of the capacities referred
to in paragraph (a)(i) of this Article&nbsp;Sixteen, to the fullest extent that indemnification is
permitted by Texas law. An Indemnitee shall be deemed to have been found liable in respect of any
claim, issue or matter only after the Indemnitee shall have been so adjudged by a court of
competent jurisdiction after exhaustion of all appeals therefrom. Reasonable expenses shall
include, without limitation, all court costs and all fees and disbursements of attorneys for the
Indemnitee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Without limitation of paragraph (b)&nbsp;of this Article&nbsp;Sixteen and in addition to the
indemnification provided for in paragraph (b)&nbsp;of this Article&nbsp;Sixteen, the Trust shall indemnify
every Indemnitee against reasonable expenses incurred by such person in connection with any
Proceeding in which he or she is a witness or a named defendant or respondent because he or she
served in any of the capacities referred to in paragraph (a)(i) of this Article&nbsp;Sixteen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Reasonable expenses (including court costs and attorneys&#146; fees) incurred by an Indemnitee
who was or is a witness or was, is or is threatened to be made a named defendant or respondent in a
Proceeding shall be paid or reimbursed by the Trust at reasonable intervals in advance of the final
disposition of such Proceeding after receipt by the Trust of a written undertaking by or on behalf
of such Indemnitee to repay the amount paid or reimbursed by the Trust if it shall ultimately be
determined that he or she is not entitled to be indemnified by the Trust as authorized in this
Article&nbsp;Sixteen. Such written undertaking shall be an unlimited obligation of the Indemnitee but
need not be secured and it may be accepted without reference to financial ability to make
repayment. Notwithstanding any other provision of this Article&nbsp;Sixteen, the Trust may pay or
reimburse expenses incurred by an Indemnitee in connection with his or her appearance as a witness
or other participation in a Proceeding at a time when he or she is not named a defendant or
respondent in the Proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;The indemnification provided by this Article&nbsp;Sixteen shall (i)&nbsp;not be deemed exclusive of,
or to preclude, any other rights to which those seeking indemnification may at any time be entitled
under the Trust&#146;s Bylaws, any law, agreement or vote of shareholders or disinterested Trust
Managers, or otherwise, or under any policy or policies of insurance purchased and maintained by
the Trust on behalf of any Indemnitee, both as to action in his or her Official Capacity and as to
action in any other capacity, (ii)&nbsp;continue as to a person who has ceased to be in the capacity by
reason of which he or she was an Indemnitee with respect to matters arising during the period he or
she was in such capacity, and (iii)&nbsp;inure to the benefit of the heirs, executors and administrators
of such a person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;The provisions of this Article&nbsp;Sixteen (i)&nbsp;are for the benefit of, and may be enforced by,
each Indemnitee of the Trust, the same as if set forth in their entirety in a written instrument
duly executed and delivered by the Trust and such Indemnitee and (ii)&nbsp;constitute a continuing offer
to all present and future Indemnitees. The Trust, by its adoption of this Declaration of Trust,
(x)&nbsp;acknowledges and agrees that each Indemnitee of the Trust has relied upon and will continue to
rely upon the provisions of this Article&nbsp;Sixteen in becoming, and serving in any of the capacities
referred to in paragraph (a)(i) of this Article&nbsp;Sixteen, (y)&nbsp;waives reliance upon, and all notice
of acceptance of, such provisions by such Indemnitee and (z)&nbsp;acknowledges and agrees that no
present or future
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indemnitee shall be prejudiced in his or her right to enforce the provisions of this Article
Sixteen in accordance with their terms by any act or failure to act on the part of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;No amendment, modification or repeal of this Article&nbsp;Sixteen or any provision of this
Article&nbsp;Sixteen shall in any manner terminate, reduce or impair the right of any past, present or
future Indemnitee to be indemnified by the Trust, nor the obligation of the Trust to indemnify any
such Indemnitee, under and in accordance with the provisions of this Article&nbsp;Sixteen as in effect
immediately prior to such amendment, modification or repeal with respect to claims arising from or
relating to matters occurring, in whole or in part, prior to such amendment, modification or
repeal, regardless of when such claims may be asserted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;If the indemnification provided in this Article&nbsp;Sixteen is either (i)&nbsp;insufficient to
cover all costs and expenses incurred by any Indemnitee as a result of such Indemnitee being made
or threatened to be made a defendant or respondent in a Proceeding by reason of his or her holding
or having held a position named in paragraph (a)(i) of this Article&nbsp;Sixteen or (ii)&nbsp;not permitted
by Texas law, the Trust shall indemnify, to the fullest extent that indemnification is permitted by
Texas law, every Indemnitee with respect to all costs and expenses incurred by such Indemnitee as a
result of such Indemnitee being made or threatened to be made a defendant or respondent in a
Proceeding by reason of his or her holding or having held a position named in paragraph (a)(i) of
this Article&nbsp;Sixteen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;The indemnification provided by this Article&nbsp;Sixteen shall be subject to all valid and
applicable laws, including, without limitation, the Texas REIT Act, and, in the event this Article
Sixteen or any of the provisions hereof or the indemnification contemplated hereby are found to be
inconsistent with or contrary to any such valid laws, such laws shall be deemed to control and this
Article&nbsp;Sixteen shall be regarded as modified accordingly, and, as so modified, to continue in full
force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 16. EXHIBITS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The list of exhibits is incorporated herein by reference to the Exhibit&nbsp;Index.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 17. UNDERTAKINGS.</B>
</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="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</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="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act of 1933;</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="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of
the estimated offering range may be reflected in the form of prospectus filed
with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more than a 20&nbsp;percent change in the maximum
aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148;
table in the effective registration statement; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


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



</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not
apply if the information required to be included in a post-effective amendment by
those paragraphs is contained in reports filed with or furnished to the Commission
by the registrant pursuant to Section&nbsp;13 or Section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the registration statement or is
contained in a form of prospectus filed pursuant to Rule 412(b) that is part of the
registration statement.</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining liability under the Securities Act of 1933
to any purchaser:</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="2%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each prospectus filed by the registrant pursuant to Rule
424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration
statement; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each prospectus required to be filed pursuant to Rule
424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on
Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or
(x)&nbsp;for the purpose of providing the information required by Section 10(a) of
the Securities Act of 1933 shall be deemed to be part of and included in the
registration statement as of the earlier of the date such form of prospectus is
first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule
430B, for liability purposes of the issuer and any person that is at that date
an underwriter, such date shall be deemed to be a new effective date of the
registration statement relating to the securities in the registration statement
to which the prospectus relates, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof. Provided,
however, that no statement made in a registration statement or prospectus that
is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus
that is part of the registration statement will, as to a purchaser with a time
of contract of sale prior to such effective date, supersede or modify any
statement that was made in the registration statement or prospectus that was
part of the registration statement or made in any such document immediately
prior to such effective date.</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining liability of the registrant under the
Securities Act of 1933 to any purchaser in the initial distribution of the securities,
the undersigned registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the
undersigned registrant will be a seller to the purchaser and will be considered to
offer or sell such securities to such purchaser:</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="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</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="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any free writing prospectus relating to the offering prepared
by or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant;
</TD>
</TR>
</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<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="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The portion of any other free writing prospectus relating to
the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other communication that is an offer in the offering made
by the undersigned registrant to the purchaser.</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="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering
thereof.</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%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of such issue.</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%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes to file an application for the purpose of
determining the eligibility of the trustee to act under subsection (a)&nbsp;of Section&nbsp;310 of the
Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission
under Section&nbsp;305(b)(2) of the Trust Indenture Act.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->II-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#D85566tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


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



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Houston, State of Texas, on
the 9<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of
November, 2011.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<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">CAMDEN PROPERTY TRUST<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Michael P. Gallagher
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Michael P. Gallagher&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vice President&#151;Chief Accounting Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Richard J. Campo, D. Keith Oden and Dennis M. Steen, and each of them, his
true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
for him, and on his behalf and in his name, place and stead, in any and all capacities, to sign,
execute and file this Registration Statement under the Securities Act of 1933, as amended, and any
or all amendments (including, without limitation, post-effective amendments), with all exhibits and
any and all documents required to be filed with respect thereto, with the Securities and Exchange
Commission or any regulatory authority, granting unto such attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises in order to effectuate the same, as fully to all
intents and purposes as he himself might or could do if personally present, hereby ratifying and
confirming all that such attorneys-in-fact and agents, or any of them, or their substitute or
substitutes, may lawfully do or cause to be done.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard J. Campo
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of Trust Managers and&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard J. Campo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer (Principal Executive<BR>
Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ D. Keith Oden
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Trust Manager&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D. Keith Oden
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Dennis M. Steen
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President-Finance and Chief Financial&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dennis M. Steen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officer (Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael P. Gallagher
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President-Chief Accounting Officer&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael P. Gallagher
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Scott S. Ingraham
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Scott S. Ingraham
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Manager&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#D85566tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Lewis A. Levey
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Lewis A. Levey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Manager&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William B. McGuire, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William B. McGuire, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Manager&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ F. Gardner Parker
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
F. Gardner Parker
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Manager&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William B. Paulsen
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William B. Paulsen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Manager&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Frances Aldrich Sevilla-Sacasa
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Frances Aldrich Sevilla-Sacasa
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Manager&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steven A. Webster
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Steven A. Webster
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Manager&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kelvin R. Westbrook
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kelvin R. Westbrook
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Manager&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;9, 2011&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#D85566tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap colspan="2" align="center">Exhibit</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap colspan="2" align="center" style="border-bottom: 1px solid #000000">Number</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*1.1
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Underwriting Agreement for Debt Securities</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*1.2
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Underwriting Agreement for Equity Securities</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture, dated as of February 11,
2003,   between the Company and U.S. Bank
National Association, as successor to SunTrust Bank, as trustee (filed as
Exhibit&nbsp;4.1 to the Company&#146;s Registration Statement on Form&nbsp;S-3 (Registration
Statement No.&nbsp;333-103119) and incorporated herein by reference)</TD>
</TR>




<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR>
 <TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Supplemental Indenture, dated
as of May 4, 2007, between the Company and U.S. Bank National
Association, as successor to SunTrust Bank, as trustee (filed  as
Exhibit 4.2 to the Company&#146;s Current Report on Form 8-K (File
No. 1-12110) filed on<br> May 7, 2007 and incorporated herein by
reference)</TD>
</TR>
<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR>

<tr>
<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Supplemental Indenture, dated
as of June 3, 2011, between the Company and U.S. Bank National
Association, as successor to SunTrust Bank, as trustee (filed  as
Exhibit 4.2 to the Company&#146;s Current Report on Form 8-K (File
No. 1-12110) filed on June 3, 2011 and incorporated herein by
reference)</TD>
</TR>




<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Senior Debt Security (included in Exhibit&nbsp;4.1 hereto)</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Declaration of Trust, as amended (filed as Exhibit&nbsp;3.1 to
the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 1993
(File No.&nbsp;1-12110) and incorporated herein by reference)</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Amended and Restated Bylaws of the Company (filed as Exhibit&nbsp;3.1 to the
Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;3, 1997 (File
No.&nbsp;1-12110) and incorporated herein by reference)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>


<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to Second Amended and Restated Bylaws of the Company (filed as
Exhibit&nbsp;99.2 to the Company&#146;s Current Report on Form&nbsp;8-K filed on May&nbsp;4, 2006
(File No.&nbsp;1-12110) and incorporated herein by reference).</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen certificate for Common Shares (filed as Exhibit&nbsp;4.1 to the Company&#146;s
Registration Statement on Form&nbsp;S-11 filed September&nbsp;15, 1993 (No.&nbsp;33-68736)
and incorporated herein by reference)</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
4.9
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Statement of Designation of Preferred Shares</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
4.10
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Preferred Share Certificate</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
4.11
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Securities Warrant Agreement</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Locke Lord LLP as to the legality of the securities being registered</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.1
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Locke Lord LLP as to certain tax matters</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement regarding computation of ratios</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Locke Lord LLP (included in Exhibit&nbsp;5.1 hereto)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Locke Lord LLP (included in Exhibit&nbsp;8.1 hereto)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page)</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.1
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Eligibility of Trustee for Senior Debt Securities (U.S. Bank
Corporate Trust Services, as successor to SunTrust Bank) on Form&nbsp;T-1 (filed as
Exhibit&nbsp;25.1 to the Company&#146;s Registration Statement on Form&nbsp;S-3 (Registration
Statement No.&nbsp;333-103119) and incorporated herein by reference)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>To be filed by amendment or incorporated by reference in connection with the offering of the
securities.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->II-8<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d85566exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit 5.1</b></div>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>LOCKE LORD LLP<BR>
2200 Ross Avenue, Suite&nbsp;2200<BR>
Dallas, Texas 75201</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">November&nbsp;9, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Camden Property Trust<BR>
Three Greenway Plaza, Suite&nbsp;1300<BR>
Houston, Texas 77046

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are acting as securities counsel to Camden Property Trust, a Texas real estate investment
trust (the &#147;Company&#148;), in connection with the registration statement on Form S-3 (the &#147;Registration
Statement&#148;) being filed by the Company with the Securities and Exchange Commission (the
&#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), relating to the
offering from time to time, as set forth in the prospectus contained in the Registration Statement
(the &#147;Prospectus&#148;) and as to be set forth in one or more supplements to the Prospectus (each, a
&#147;Prospectus Supplement&#148;), by the Company of some or all of the following securities, in amounts, at
prices and on terms to be determined at the time of offering: (i)&nbsp;one or more series of senior
debt securities (the &#147;Debt Securities&#148;), (ii)&nbsp;one or more series of preferred shares of beneficial
interest, par value of $0.01 per share (the &#147;Preferred Shares&#148;), (iii)&nbsp;common shares of beneficial
interest, par value $0.01 per share (the &#147;Common Shares&#148;), and/or (iv)&nbsp;warrants to purchase Debt
Securities, Preferred Shares or Common Shares (collectively, the &#147;Securities Warrants&#148;). The Debt
Securities, the Preferred Shares, the Common Shares and the Securities Warrants are collectively
referred to herein as the &#147;Securities.&#148; Any Debt Securities and Preferred Shares may be
convertible into shares of beneficial interest of the Company or one or more series of Debt
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debt Securities will be issued pursuant to an Indenture (the &#147;Indenture&#148;) between the
Company and a financial institution identified therein as trustee (the &#147;Trustee&#148;). The Securities
Warrants will be issued under one or more warrant agreements (each, a &#147;Securities Warrant
Agreement&#148;), each to be between the Company and a financial institution identified therein as
warrant agent (each, a &#147;Warrant Agent&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our capacity as your counsel in connection with such registration, we are familiar with the
proceedings taken and proposed to be taken by the Company in connection with the authorization and
issuance of the Securities, and for the purposes of this opinion, have assumed such proceedings
will be timely completed in the manner presently proposed. In addition, we have made such legal
and factual examinations and inquiries, including an examination of originals or copies, certified
or otherwise identified to our satisfaction, of such documents, corporate records, certificates of
public officials and other instruments as we have deemed necessary or advisable in connection with
this opinion, including (a)&nbsp;the Declaration of Trust of the Company and the Bylaws of the Company,
as amended, and (b)&nbsp;the Registration Statement. In our examination, we have assumed the
genuineness of all signatures, the legal capacity of natural persons, the authenticity of all
documents submitted to us as originals, the conformity to original documents of all documents
submitted to us as certified or photostatic copies, the authenticity of the originals of such
copies and the authenticity of telegraphic or telephonic confirmations of public officials and
others. As to facts material to our opinion, we have relied upon certificates or telegraphic or
telephonic confirmations of public officials and certificates, documents, statements and other
information of the Company or representatives or officers thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions set forth below address the effect on the subject transaction only of the federal
laws of the United States and the internal laws of the State of Texas, and we express no opinion
with respect to the applicability thereto, or the effect thereon, of the laws of any other
jurisdiction.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of
the date hereof:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Indenture has been duly authorized, executed and delivered by the Company, and is the
legally valid and binding agreement of the Company, enforceable against the Company in accordance
with its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Debt Securities have been duly authorized by the Company, and when the Debt Securities
have been duly established by the Indenture, duly authenticated by the Trustee and duly executed
and delivered on behalf of the Company against payment therefor in accordance with the terms and
provisions of the Indenture and as contemplated by the Registration Statement and/or the applicable
Prospectus Supplement, the Debt Securities will constitute legally valid and binding obligations of
the Company, enforceable against the Company in accordance with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Preferred Shares have been duly authorized by the Company, and when the Preferred
Shares have been duly established in accordance with the terms of the Company&#146;s Articles
Supplementary defining the rights and preferences of the Preferred Shares, and applicable law, and,
upon issuance, delivery and payment therefor in the manner contemplated by the Registration
Statement and/or the applicable Prospectus Supplement, the Preferred Shares will be validly issued,
fully paid and nonassessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The Common Shares have been duly authorized, and upon issuance, delivery and payment
therefor in the manner contemplated by the Registration Statement and/or the applicable Prospectus
Supplement, will be validly issued, fully paid and nonassessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The Warrant Agreements have been duly authorized and, when the final terms thereof have
been duly established, and when duly executed and delivered by the Company, will constitute the
legally valid and binding agreements of the Company, enforceable against the Company in accordance
with their respective terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;The Securities Warrants have been duly authorized by the Company, and when the final terms
thereof have been duly established, and when duly executed and delivered by the Company and
countersigned by the applicable Warrant Agent in accordance with the applicable Warrant Agreement
and delivered to and paid for by the purchasers thereof in the manner contemplated by the
Registration Statement and/or the applicable Prospectus Supplement, will constitute legally valid
and binding obligations of the Company, enforceable against the Company in accordance with their
respective terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions set forth above are subject to the following exceptions, limitations and
qualifications: (i)&nbsp;the effect of bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect relating to or affecting the rights and remedies of
creditors; (ii)&nbsp;the effect of general principles of equity whether enforcement is considered in a
proceeding in equity or at law, and the discretion of the court before which any proceeding
therefor may be brought, (iii)&nbsp;the unenforceability under certain circumstances under law or court
decisions of provisions providing for the indemnification of or contribution to a party with
respect to a liability where such indemnification or contribution is contrary to public policy,
(iv)&nbsp;we express no opinion concerning the enforceability of the waiver of rights or defenses
contained in Section&nbsp;5.14 of the Indenture, and (v)&nbsp;we express no opinion with respect to whether
acceleration of Debt Securities may affect the collectability of any portion of the stated
principal amount thereof which might be determined to constitute unearned interest thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the obligations of the Company under the Indenture may be dependent upon
such matters, we assume for purposes of this opinion that the Trustee is duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization; that the Trustee
is duly qualified to engage in the activities contemplated by the Indenture, that the Indenture has
been duly authorized, executed and delivered by the Trustee and constitutes the legally valid and
binding obligation of the Trustee enforceable against the Trustee in accordance with its terms;
that the Trustee is in compliance, generally with respect to acting as a trustee under the
Indenture, with all applicable laws and regulations; and that the Trustee has the requisite
organizational and legal power and authority to perform its obligations under the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the obligations of the Company under each Warrant Agreement may be
dependent upon such matters, we assume for purposes of this opinion that the Warrant Agent is duly
organized, validly existing and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in good standing under the laws of its jurisdiction of organization; that the Warrant Agent is
duly qualified to engage in the activities contemplated by the Warrant Agreement; that the Warrant
Agreement has been duly authorized, executed and delivered by the Warrant Agent and constitutes the
legally valid and binding obligation of the Warrant Agent enforceable against the Warrant Agent in
accordance with its terms; that the Warrant Agent is in compliance, generally with respect to
acting as a Warrant Agent under the Warrant Agreement, with all applicable laws and regulations;
and that the Warrant Agent has the requisite organizational and legal power and authority to
perform its obligations under the Warrant Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to your filing this opinion as an exhibit to the Registration Statement and to the
reference to our firm under the caption &#147;Legal Matters&#148; in the prospectus included therein. In
giving this consent, we do not thereby admit that we are in the category of persons whose consent
is required under Section&nbsp;7 of the Securities Act or the rules and regulations of the Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is rendered only to you and is solely for your benefit in connection with the
transactions covered hereby. This opinion may not be relied upon by you for any other purpose, or
furnished to, quoted to, or relied upon by any other person, firm or corporation for any purpose,
without our prior written consent.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<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,



&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>

    <TD colspan="3" align="left">LOCKE LORD LLP<BR><BR>
</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Toni Weinstein
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Toni Weinstein&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>d85566exv8w1.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


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

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;8.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LOCKE LORD LLP<BR>
2200 Ross Avenue, Suite&nbsp;2200<BR>
Dallas, Texas 75201</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">November&nbsp;9, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Camden Property Trust<BR>
Three Greenway Plaza, Suite&nbsp;1300<BR>
Houston, Texas 77046

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These opinions are delivered to you in our capacity as counsel to Camden Property Trust (the
&#147;Company&#148;) in connection with the Registration Statement on Form S-3 (the &#147;Registration Statement&#148;)
filed with the Securities and Exchange Commission (the &#147;Commission&#148;). These opinions relate to (1)
the Company&#146;s qualification for federal income tax purposes as a real estate investment trust (a
&#147;REIT&#148;) under the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and (2)&nbsp;the accuracy of
the section entitled &#147;Federal Income Tax Considerations and Consequences of Your Investment&#148; (the
&#147;Prospectus Tax Section&#148;) in the prospectus contained in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the following opinions, we have examined the Declaration of Trust and Bylaws of
the Company and such other records, certificates and documents as we have deemed necessary or
appropriate for purposes of rendering the opinions set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have reviewed the descriptions set forth in the Registration Statement of the Company and
its investments, activities, operations and governance. We have relied upon the facts set forth in
the Registration Statement and upon the factual representations of officers of the Company that the
Company has been and will be owned and operated in such a manner that the Company has and will
continue to satisfy the requirements for qualification as a REIT under the Code. We assume that
the Company has been and will be operated in accordance with applicable laws and the terms and
conditions of applicable documents. In addition, we have relied on certain additional facts and
assumptions described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinions set forth herein, we have assumed (i)&nbsp;the genuineness of all
signatures on documents we have examined, (ii)&nbsp;the authenticity of all documents submitted to us as
originals, (iii)&nbsp;the conformity to the original documents of all documents submitted to us as
copies, (iv)&nbsp;the conformity of final documents to all documents submitted to us as drafts, (v)&nbsp;the
authority and capacity of the individual or individuals who executed any such documents on behalf
of any person, (vi)&nbsp;the accuracy and completeness of all records made available to us and (vii)&nbsp;the
factual accuracy of all representations, warranties and other statements made by all parties. We
have also assumed, without investigation, that all documents, certificates, representations,
warranties and covenants on which we have relied in rendering the opinions set forth below and that
were given or dated earlier than the date of this letter continue to remain accurate, insofar as
relevant to the opinions set forth herein, from such earlier date through and including the date of
this letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion and conclusions set forth below are based upon the Code, the Treasury
Regulations and Procedure and Administration Regulations promulgated thereunder and existing
administrative and judicial interpretations thereof, all of which are subject to change. No
assurance can therefore be given that the federal income tax consequences described below will not
be altered in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon and subject to the foregoing and the assumptions, qualifications and factual
matters in the Registration Statement, and provided that the Company continues to meet the
applicable asset composition, source
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of income, shareholder diversification, distribution and other requirements of the Code
necessary for a corporation to qualify as a REIT, we are of the opinion that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Company has met the requirements for qualification and taxation as a REIT for each
taxable year commencing with the taxable year ended December&nbsp;31, 1993.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The diversity of equity ownership, operations through the date of this opinion and proposed
method of operation should allow the Company to qualify as a REIT for the taxable year ending
December&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The discussion in the Prospectus Tax Section to the extent it describes matters of law or
legal conclusions is correct in all material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We express no opinion with respect to the transactions described herein and in the
Registration Statement other than those expressly set forth herein. We assume no obligation to
advise you of any changes in our opinion subsequent to the delivery of this opinion letter. The
Company&#146;s qualification and taxation as a REIT depend upon the Company&#146;s ability to meet on a
continuing basis, through actual annual operating and other results, the various requirements under
the Code with regard to, among other things, the sources of its income, the composition of its
assets, the level of its distributions to shareholders, and the diversity of its share ownership.
Locke Lord LLP will not review the Company&#146;s compliance with these requirements on a continuing
basis. Accordingly, no assurance can be given that the actual operating results of the Company and
the entities in which the Company owns interests, the sources of their income, the nature of their
assets, the level of distributions to shareholders and the diversity of share ownership for any
given taxable year will satisfy the requirements under the Code for qualification and taxation as a
REIT. Additionally, you should recognize that our opinions are not binding on the Internal Revenue
Service (the &#147;IRS&#148;) and that the IRS may disagree with the opinions contained herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion letter has been prepared and furnished to you solely for use in connection with
the filing of the Registration Statement. We hereby consent to the use and filing of this opinion
as an exhibit to the Registration Statement and to all references to us in the Registration
Statement. In giving this consent, we do not admit that we are in the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended or the rules and
regulations of the Commission.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<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>
<BR>

LOCKE LORD LLP<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Donald A. Hammett, Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Donald A. Hammett, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>d85566exv12w1.htm
<DESCRIPTION>EX-12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv12w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


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

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;12.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAMDEN PROPERTY TRUST<BR>
STATEMENT REGARDING COMPUTATION OF RATIOS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Nine months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Year ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><I>(in thousands, except for ratio amounts)</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011 (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010 (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009 (3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008 (4)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007 (5)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006 (6)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EARNINGS BEFORE FIXED CHARGES:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income (loss)&nbsp;from continuing operations
before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(65,224</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5,771</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">52,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">141,052</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less: Equity in income (loss)&nbsp;of joint
ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(166</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(839</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,265</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(65,919</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,506</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,896</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Add: Distributed income of joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less: Interest capitalized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,627</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less: Preferred distribution of subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total earnings before fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(77,553</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,832</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,269</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>FIXED CHARGES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,348</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest capitalized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,627</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accretion of discount</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">694</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loan amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,661</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,782</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest portion of rental expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">864</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred distribution of subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,315</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total earnings and fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">106,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">157,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">73,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">137,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">258,584</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RATIO OF EARNINGS TO FIXED CHARGES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.72</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Earnings include a $29,791 impact related to a loss on the discontinuation of a hedging
relationship, a $3,316 impact related to a net gain on the sale of an available-for-sale investment, and a $5,884 impact
related to gains on the sale of properties, including land and joint
venture interests. Excluding these impacts, the
ratio would be 1.24.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(2)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Earnings include a $1,000 impact related to an impairment
provision on a technology investment.
Excluding this impact, the ratio would be 1.10.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(3)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>We would have needed to generate an additional $77,553 to achieve a coverage of one to one in
2009. Earnings include an $85,614, impact related to impairment associated with land
development activities and a $2,550 impact related to loss on early retirement of debt.
Excluding this impact, the ratio would be 1.07.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(4)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>We would have needed to generate an additional $23,832 to achieve a coverage of one to one in
2008. Earnings include a $51,323 impact related to impairment associated with land
development activities, a $13,566 impact related to gain on early retirement of debt, and a
$2,929 impact related to gain on sale of properties, including land. Excluding this impact,
the ratio would be 1.07.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(5)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Earnings include a $1,447 impact related to impairment associated with land development
activities. Excluding this impact, the ratio would be 1.19.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(6)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Earnings include a $97,452 impact related to gain on sale of properties, including land.
Excluding this impact, the ratio would be 1.07.</I></TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>INTEREST COVERAGE RATIO</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">508,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">638,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">637,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">592,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">602,431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">588,767</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(472,265</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(617,510</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(615,208</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(562,546</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(549,588</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(550,323</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,513</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Add: Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,548</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Add: Depreciation of discontinued
operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Add: Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,348</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Add: Interest expense of
discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">996</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">263,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">330,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">334,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">349,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">354,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">337,974</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">85,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">125,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">128,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">132,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">116,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">118,344</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>INTEREST COVERAGE RATIO</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>d85566exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
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<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in this Registration Statement on Form S-3 of our
reports dated February&nbsp;24, 2011, relating to the consolidated financial statements and financial
statement schedule of Camden Property Trust and the effectiveness of Camden Property Trust&#146;s
internal control over financial reporting appearing in the Annual Report on Form 10-K of Camden
Property Trust for the year ended December&nbsp;31, 2010, and to the reference to us under the heading
&#147;Experts&#148; in the Prospectus, which is part of this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DELOITTE &#038; TOUCHE LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Houston, Texas
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">November&nbsp;9, 2011
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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