<SEC-DOCUMENT>0000950123-11-056349.txt : 20110603
<SEC-HEADER>0000950123-11-056349.hdr.sgml : 20110603
<ACCEPTANCE-DATETIME>20110603124055
ACCESSION NUMBER:		0000950123-11-056349
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20110531
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110603
DATE AS OF CHANGE:		20110603

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12110
		FILM NUMBER:		11890935

	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>8-K
<SEQUENCE>1
<FILENAME>d82770e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&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, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>


<!-- xbrl,dc --><DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>Date of report (Date of earliest event reported): May&nbsp;31, 2011</B></DIV><!-- /xbrl,dc -->
<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 Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
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    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-12110
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-6088377</TD>
</TR>
<tr>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification Number)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Three Greenway Plaza, Suite&nbsp;1300, Houston, Texas 77046<BR>
<I>(</I>Address of Principal Executive Offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (713)&nbsp;354-2500</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Not applicable<BR>
(Former Name or Former Address, if Changed Since Last Report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
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    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</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>







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<!-- link1 "Item&nbsp;1.01 Entry into a Material Definitive Agreement" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;31, 2011, Camden Property Trust, a Texas real estate investment trust (the &#147;Company&#148;),
entered into an underwriting agreement (the &#147;Underwriting Agreement&#148;) with Deutsche Bank Securities
Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated, for
themselves and Representatives of the several Underwriters named therein (the &#147;Underwriters&#148;),
pursuant to which the Company agreed to issue and sell to the Underwriters $250,000,000 aggregate
principal amount of its 4.625% Notes due 2021 (the &#147;2021 Notes&#148;) and $250,000,000 aggregate
principal amount of its 4.875% Notes due 2023 (the &#147;2023 Notes&#148; and, together with the 2021 Notes,
the &#147;Notes&#148;), which issuance and sale closed on June&nbsp;3, 2011. A copy of the Underwriting Agreement
is filed as Exhibit&nbsp;1.1 hereto and incorporated by reference herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offering of the Notes is described in the Company&#146;s Prospectus Supplement dated May&nbsp;31,
2011 to the Company&#146;s Prospectus dated May&nbsp;20, 2009. The Notes were issued pursuant to the
Company&#146;s existing shelf registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2021 Notes bear interest at 4.625% and the 2023 Notes bear interest at 4.875%, in each
case from June&nbsp;3, 2011, with interest payable each June&nbsp;15 and December&nbsp;15 beginning December&nbsp;15,
2011. The 2021 Notes will mature on June&nbsp;15, 2021 and the 2023 Notes will mature on June&nbsp;15, 2023.
The Notes of each series are redeemable at any time at the option of the Company, in whole or in
part, at a redemption price equal to the principal amount and accrued interest of the Notes being
redeemed, plus a make-whole premium. If, however, the Company redeems Notes of either series 90
days or fewer prior to their maturity date, the redemption price will equal 100% of the principal
amount of the Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to
the redemption date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each series of the Notes was priced at a discount such that the 2021 Notes were offered to the
public at 99.404% of their face amount and the 2023 Notes were offered to the public at 98.878% of
their face amount. The Notes were issued under an Indenture between the Company and U.S. Bank
National Association, as successor to SunTrust Bank, as trustee (the &#147;Trustee&#148;), as amended by the
First Supplemental Indenture dated as of May&nbsp;4, 2007 between the Company and the Trustee and the
Second Supplemental Indenture dated June&nbsp;3, 2011 between the Company and the Trustee. A copy of
the Second Supplemental Indenture is filed as Exhibit&nbsp;4.3 hereto and incorporated by reference
herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After deducting underwriting discounts and other offering expenses, the net proceeds from the
sale of the Notes was approximately $492.2&nbsp;million. The Company intends to use these net proceeds,
together with cash on hand, for the repayment of an outstanding $500&nbsp;million term loan. Affiliates
of some of the Underwriters are lenders under the term loan and, upon application of the net
proceeds of the sale of the Notes, will receive their proportionate shares of the amount of the
term loan repaid. In addition, in the ordinary course of their respective businesses, the
Underwriters and their affiliates have engaged, and may in the future engage, in commercial banking
and/or investment banking transactions with the Company and its affiliates for which they have
received, and will in the future receive, customary fees.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c) <I>Exhibits</I>.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement among the Company and Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC and Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated, for themselves and as
Representatives of the several Underwriters named therein dated May&nbsp;31, 2011.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture dated as of February&nbsp;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 of Form&nbsp;S-3 (File No.&nbsp;333-103119) filed with the Securities and
Exchange Commission on February&nbsp;12, 2003 and incorporated herein by reference).</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Supplemental Indenture dated as of May&nbsp;4, 2007 between the Company and U.S. Bank
National Association, as successor to SunTrust Bank, as trustee (filed as Exhibit&nbsp;4.2 to the
Company&#146;s Current Report on Form&nbsp;8-K (File No.&nbsp;1-12110) filed with the Securities and Exchange
Commission on May&nbsp;7, 2007).</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Supplemental Indenture dated as of June&nbsp;3, 2011 between the Company and U.S. Bank
National Association, as successor to SunTrust Bank, as trustee.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Camden Property Trust 4.625% Notes due 2021.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Camden Property Trust 4.875% Notes due 2023.</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->

<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 Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: June&nbsp;3, 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&#150;Chief Accounting Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXHIBIT INDEX" -->
<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="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement among the Company and Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC and Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated, for themselves and as
Representatives of the several Underwriters named therein dated May&nbsp;31, 2011.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture dated as of February&nbsp;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 of Form&nbsp;S-3 (File No.&nbsp;333-103119) filed with the Securities and
Exchange Commission on February&nbsp;12, 2003 and incorporated herein by reference).</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Supplemental Indenture dated as of May&nbsp;4, 2007 between the Company and U.S. Bank
National Association, as successor to SunTrust Bank, as trustee (filed as Exhibit&nbsp;4.2 to the
Company&#146;s Current Report on Form&nbsp;8-K (File No.&nbsp;1-12110) filed with the Securities and Exchange
Commission on May&nbsp;7, 2007).</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Supplemental Indenture dated as of June&nbsp;3, 2011 between the Company and U.S. Bank
National Association, as successor to SunTrust Bank, as trustee.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Camden Property Trust 4.625% Notes due 2021.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Camden Property Trust 4.875% Notes due 2023.</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>Filed herewith.</TD>
</TR>

</TABLE>




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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d82770exv1w1.htm
<DESCRIPTION>EX-1.1
<TEXT>
<HTML>
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<TITLE>exv1w1</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;1.1</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CAMDEN PROPERTY TRUST
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">$250,000,000 4.625% Notes due 2021
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">$250,000,000 4.875% Notes due 2023
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Underwriting Agreement
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">May&nbsp;31, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Deutsche Bank Securities Inc.</FONT><BR>
60 Wall Street<BR>
New York, NY 10005

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">J.P. Morgan Securities LLC</FONT><BR>
383 Madison Avenue<BR>
New York, NY 10179

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS">Merrill Lynch, Pierce, Fenner &#038; Smith</FONT><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-variant: SMALL-CAPS"> Incorporated</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One Bryant Park<BR>
New York, NY 10036

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As Representatives of the several Underwriters

</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;Camden Property Trust, a Texas real estate investment trust (the &#147;Company&#148;), proposes to issue
and sell to Deutsche Bank Securities Inc. (&#147;DBSI&#148;), J.P. Morgan Securities LLC (&#147;JPM&#148;) and Merrill
Lynch, Pierce, Fenner &#038; Smith Incorporated (&#147;MLPF&#038;S&#148;) and each of the other Underwriters named in
Schedule&nbsp;I hereto (collectively, the &#147;Underwriters&#148;, which term shall also include any Underwriter
substituted as hereinafter provided in Section&nbsp;10 hereof), for whom DBSI, JPM and MLPF&#038;S are acting
as representatives (in such capacity, the &#147;Representatives&#148;), with respect to the issue and sale by
the Company and the purchase by the Underwriters, acting severally and not jointly, of the
respective principal amounts of $250,000,000 aggregate principal amount of the Company&#146;s 4.625%
Notes due 2021 (the &#147;2021 Notes&#148;) and $250,000,000 aggregate principal amount of the Company&#146;s
4.875% Notes due 2023 (the &#147;2023 Notes&#148;, and together with the 2021 Notes, the &#147;Notes&#148;), in each
case set forth in said Schedule&nbsp;I. The Notes are to be issued pursuant to a senior indenture dated
as of February&nbsp;11, 2003 (the &#147;Base Indenture&#148;) between the Company and U.S. Bank National
Association as successor to SunTrust Bank, as trustee (the &#147;Trustee&#148;), as supplemented by a
supplemental indenture dated as of May&nbsp;4, 2007 (the &#147;First Supplemental Indenture&#148;) and as further
supplemented by a supplemental indenture to be dated as of the Closing Date (as defined in Section
3(a) hereof) between the Company and the Trustee (the &#147;Second Supplemental Indenture&#148;, and together
with the Base Indenture and the First Supplemental Indenture, the &#147;Indenture&#148;).
</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;Notes issued in book-entry form will be issued to Cede &#038; Co. as nominee of The Depository
Trust Company (&#147;DTC&#148;) pursuant to a blanket letter of representations dated as of December&nbsp;4, 2003
between the Company and DTC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has filed with the Securities and Exchange Commission (the &#147;Commission&#148;) an
automatic shelf registration statement on Form&nbsp;S-3 (No.&nbsp;333-159372), including the related base
prospectus, which registration statement became effective upon filing under Rule 462(e) of the
rules and regulations of the Commission (the &#147;Securities Act Regulations&#148;) under the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;). Such registration statement covers the registration of
the Notes under the Securities Act. Promptly after execution and delivery of this Agreement, the
Company will prepare and file a prospectus supplement relating to the Notes in accordance with the
provisions of Rule&nbsp;430B (&#147;Rule&nbsp;430B&#148;) of the Securities Act Regulations and paragraph (b)&nbsp;of Rule
424 (&#147;Rule&nbsp;424(b)&#148;) of the Securities Act Regulations. Any information included in such prospectus
supplement that was omitted from such registration statement at the time it became effective but
that is deemed to be part of and included in such registration statement pursuant to Rule&nbsp;430B is
referred to as &#147;Rule&nbsp;430B Information.&#148; Each prospectus used in connection with the offering of
the Notes that omitted Rule&nbsp;430B Information, together with the documents incorporated by reference
therein pursuant to Item&nbsp;12 of Form S-3 under the Securities Act, is herein called a &#147;preliminary
prospectus.&#148; Such registration statement, at any given time, including the amendments thereto at
such time, the exhibits and any schedules thereto at such time, the documents incorporated by
reference therein pursuant to Item&nbsp;12 of Form S-3 under the Securities Act at such time and the
documents otherwise deemed to be a part thereof or included therein by the Securities Act
Regulations, is herein called the &#147;Registration Statement;&#148; provided, however, that the term
&#147;Registration Statement&#148; shall be deemed to include information contained in the final prospectus
supplement relating to the Notes that is retroactively deemed to be a part of such registration
statement (as amended) as of the time specified in Rule&nbsp;430B of the Securities Act Regulations.
The Registration Statement at the time it originally became effective is herein called the
&#147;Original Registration Statement.&#148; The base prospectus and the final prospectus supplement in the
form first furnished to the Underwriters for use in connection with the offering of the Notes,
including the documents incorporated by reference therein pursuant to Item&nbsp;12 of Form S-3 under the
Securities Act at the time of the execution of this Agreement is hereinafter referred to as the
&#147;Prospectus.&#148; For purposes of this Agreement, all references to the Registration Statement, any
preliminary prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall
be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering,
Analysis and Retrieval system (&#147;EDGAR&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All references in this Agreement to financial statements and schedules and other information
which is &#147;contained,&#148; &#147;included&#148; or &#147;stated&#148; in the Registration Statement, any preliminary
prospectus or the Prospectus (or other references of like import) shall be deemed to mean and
include all such financial statements and schedules and other information which is incorporated by
reference in or otherwise deemed by the Securities Act Regulations to be a part of or included in
the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be; and
all references in this Agreement to amendments or supplements to the Registration Statement, any
preliminary prospectus or the Prospectus shall be deemed to mean and include the filing of any
document under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), which is
incorporated by reference in or otherwise deemed by the
</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">Securities Act Regulations to be a part of or included in the Registration Statement, such
preliminary prospectus or the Prospectus, as the case may be, after the most recent effective date
prior to the execution of this Agreement, in the case of the Registration Statement, or the
respective dates of the Prospectus or any preliminary prospectus, in the case of the Prospectus and
any preliminary prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby agrees with each Underwriter as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;On the basis of the representations and warranties herein contained and subject to the
terms and conditions herein set forth, the Company agrees to sell to each Underwriter, severally
and not jointly, and each Underwriter, severally and not jointly, agrees to purchase from the
Company, at the respective prices set forth in Section 3(a) hereof, the respective aggregate
principal amounts of 2021 Notes and 2023 Notes set forth in Schedule&nbsp;I opposite the name of such
Underwriter, plus any additional principal amount of such Notes which such Underwriter may become
obligated to purchase pursuant to the provisions of Section&nbsp;10 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Company understands that the Underwriters intend to make a public offering of the Notes
and initially to offer the Notes upon the terms set forth in this Agreement as soon as the
Representatives deem advisable after this Agreement has been executed and delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;On the Closing Date:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Payment of the purchase price for, and delivery of, the Notes shall be made at the
offices of Sidley Austin <FONT style="FONT-variant: SMALL-CAPS">llp</FONT>, New York, New York, or at such other place as shall
be agreed upon by the Representatives and the Company at 9:00 a.m. (Eastern time) on the
third (fourth, if the pricing occurs after 4:30 p.m. (Eastern time) on any given day)
business day following the date of this Agreement, or such other time not later than ten
business days after such date as shall be agreed upon by the Representatives and the Company
(such time and date of payment and delivery being herein called the &#147;Closing Date&#148;).
Payment shall be made to the Company by wire transfer of immediately available funds to a
bank account designated by the Company, against delivery to the Representatives of one or
more global certificates for the 2021 Notes and the 2023 Notes to be purchased by the
Underwriters. The Company will deliver against payment of the purchase price (which shall
be (i)&nbsp;in the case of the 2021 Notes, 98.754% of the aggregate principal amount of the 2021
Notes, plus accrued interest from June&nbsp;3, 2011 and (ii)&nbsp;in the case of the 2023 Notes,
98.203% of the aggregate principal amount of the 2023 Notes, plus accrued interest from June
3, 2011) the 2021 Notes and the 2023 Notes, each in the form of a permanent global security
in definitive form (the &#147;Global Security&#148;) deposited with the Trustee as custodian for DTC
and registered in the name of Cede &#038; Co., as nominee for DTC. Interests in each Global
Security will be held only in book-entry form through DTC, except in the limited
circumstances described in the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Representatives, individually and not as representatives of the several
Underwriters may (but shall not be obligated to) make payment of the purchase price for the
Notes to be purchased by any Underwriter whose funds have not been received by the Closing
Date, but any such payment shall not relieve such Underwriter from its obligations
hereunder.
</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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Notes shall be issued in such authorized denominations and registered in such
names as the Representatives may request in writing at least one full business day before
the Closing Date. The Notes will be made available for examination and packaging by the
Representatives not later than 10:00&nbsp;A.M. (Eastern time) on the business day prior to the
Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The Company represents and warrants to each Underwriter as of the date hereof and as of the
Closing Date that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (I)&nbsp;At the time of filing the Original Registration Statement, (II)&nbsp;at the time of
the most recent amendment thereto, if any, for the purposes of complying with Section
10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment,
incorporated report filed pursuant to Section&nbsp;13 or 15(d) of the Exchange Act or form of
prospectus), (III)&nbsp;at the time the Company or any person acting on its behalf (within the
meaning, for this clause only, of Rule 163(c) of the Securities Act Regulations) made any
offer relating to the Notes in reliance on the exemption of Rule&nbsp;163 of the Securities Act
Regulations (&#147;Rule&nbsp;163&#148;) and (IV)&nbsp;at the date hereof, the Company was and is a &#147;well-known
seasoned issuer&#148; as defined in Rule&nbsp;405 of the Securities Act Regulations (&#147;Rule&nbsp;405&#148;). The
Registration Statement is an &#147;automatic shelf registration statement,&#148; as defined in Rule
405. The Company is and remains eligible to use an automatic shelf registration statement
and the Notes, since their registration on the Registration Statement, have been and remain
eligible for registration by the Company on a Rule&nbsp;405 &#147;automatic shelf registration
statement&#148;. The Company has not received from the Commission any notice pursuant to Rule
401(g)(2) of the Securities Act Regulations (&#147;Rule&nbsp;401(g)(2)&#148;) objecting to the use of the
automatic shelf registration statement form.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time of filing the Original Registration Statement, at the earliest time
thereafter that the Company or another offering participant made a bona fide offer (within
the meaning of Rule&nbsp;164(h)(2) of the Securities Act Regulations) of the Notes and at the
date hereof, the Company was not and is not an &#147;ineligible issuer,&#148; as defined in Rule&nbsp;405.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Original Registration Statement became effective upon filing under Rule 462(e) of
the Securities Act Regulations (&#147;Rule&nbsp;462(e)&#148;) on May&nbsp;20, 2009, and any post-effective
amendment thereto also became effective upon filing under Rule&nbsp;462(e). No stop order
suspending the effectiveness of the Registration Statement has been issued under the
Securities Act and no proceedings for that purpose have been instituted or are pending or,
to the knowledge of the Company, are contemplated by the Commission, and any request on the
part of the Commission for additional information has been complied with.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any offer that is a written communication relating to the Notes made prior to the
filing of the Original Registration Statement by the Company or any person acting on its
behalf (within the meaning, for this paragraph only, of Rule 163(c) of the Securities Act
Regulations) has been filed with the Commission in accordance with the exemption provided by
Rule&nbsp;163 and otherwise complied with the requirements of Rule&nbsp;163,
</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; margin-left: 2%">including without limitation the legending requirement, to qualify such offer for the
exemption from Section 5(c) of the Securities Act provided by Rule&nbsp;163.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the respective times the Original Registration Statement and any post-effective
amendments thereto became effective, at each deemed effective date with respect to the
Underwriters pursuant to Rule&nbsp;430B(f)(2) of the Securities Act Regulations, at the date of
this Agreement and at the Closing Date, the Registration Statement, complied and will comply
in all material respects with the requirements of the Securities Act and the Securities Act
Regulations, and did not and will not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements
therein not misleading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Prospectus and any amendments or supplements thereto, at the time the Prospectus or
any such amendment or supplement was issued and at the Closing Date, complied, complies and
will comply in all material respects with the requirements of the Securities Act and the
Securities Act Regulations, and did not, does not and will not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not
misleading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any preliminary prospectus (including the base prospectus filed as part of the Original
Registration Statement or any amendment thereto) complied when so filed in all material
respects with the Securities Act and the Securities Act Regulations and any such preliminary
prospectus and the Prospectus delivered to the Underwriters for use in connection with this
offering was identical to the electronically transmitted copies thereof filed with the
Commission pursuant to EDGAR, except to the extent permitted by Regulation&nbsp;S-T.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the Applicable Time, any Issuer Free Writing Prospectus (as defined below)
identified on Schedule&nbsp;II issued at or prior to the Applicable Time and the Statutory
Prospectus (as defined below), all considered together (collectively, the &#147;General
Disclosure Package&#148;), did not include any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties in the preceding four paragraphs shall not apply to
statements in or omissions from the Registration Statement or any post-effective amendment
thereto, or the Prospectus, or any amendments or supplements thereto, or the General
Disclosure Package, made in reliance upon and in conformity with information furnished to
the Company in writing by any Underwriter through the Representatives expressly for use in
the Registration Statement or any post-effective amendment thereto, or the Prospectus, or
any amendments or supplements thereto, or the General Disclosure Package.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this Section and elsewhere in this Agreement:
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Applicable Time&#148; means 4:20 p.m. (Eastern time) on May&nbsp;31, 2011 or such other time as
agreed by the Company and the Representatives.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Issuer Free Writing Prospectus&#148; means any &#147;issuer free writing prospectus,&#148; as defined
in Rule&nbsp;433 of the Securities Act Regulations (&#147;Rule&nbsp;433&#148;), relating to the Notes (including
any identified on Schedule&nbsp;II hereto) that (i)&nbsp;is required to be filed with the Commission
by the Company, (ii)&nbsp;is a &#147;road show that is a written communication&#148; within the meaning of
Rule&nbsp;433(d)(8)(i), whether or not required to be filed with the Commission, or (iii)&nbsp;is
exempt from filing pursuant to Rule&nbsp;433(d)(5)(i) because it contains a description of the
Notes or of the offering that does not reflect the final terms, in each case in the form
filed or required to be filed with the Commission or, if not required to be filed, in the
form retained in the Company&#146;s records pursuant to Rule&nbsp;433(g).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Statutory Prospectus&#148; as of any time means the base prospectus relating to the Notes
that is included in the Registration Statement immediately prior to that time, including the
documents incorporated by reference therein and any preliminary prospectus supplement or
other prospectus deemed to be a part thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The documents incorporated or deemed to be incorporated by reference in the
Registration Statement, the General Disclosure Package and the Prospectus, at the time they
were or hereafter are filed with the Commission, complied and will comply in all material
respects with the requirements of the Securities Act and the Securities Act Regulations or
the Exchange Act and the rules and regulations of the Commission thereunder (the &#147;Exchange
Act Regulations&#148;), as applicable, and, when read together with the other information in the
Registration Statement, any preliminary prospectus or Prospectus, as the case may be, (a)&nbsp;at
the time the Registration Statement became effective, (b)&nbsp;at the earlier of the time any
preliminary prospectus or the Prospectus was first used and the date and time of the first
contract of sale of Notes in this offering and (c)&nbsp;at the Closing Date did not and will not
contain an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they
were made, not misleading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Issuer Free Writing Prospectus identified on Schedule&nbsp;II hereto, as of its
issue date and at all subsequent times through the completion of the public offer and sale
of the Notes did not, does not and will not include any information that conflicted,
conflicts or will conflict with the information contained in the Registration Statement, any
preliminary prospectus or the Prospectus, including any document incorporated by reference
therein and any other prospectus deemed to be a part thereof that has not been superseded or
modified. The foregoing sentence does not apply to statements in or omissions from any such
Issuer Free Writing Prospectus based upon and in conformity with written information
furnished to the Company by any Underwriter through the Representatives specifically for use
therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The financial statements and the related notes thereto, included or incorporated by
reference in the Registration Statement, the General Disclosure Package and the Prospectus,
present fairly the financial position of the Company and its
</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; margin-left: 2%">consolidated subsidiaries as of the dates indicated and the results of its operations
and the changes in its cash flows for the periods specified; the foregoing financial
statements have been prepared in conformity with generally accepted accounting principles
(&#147;GAAP&#148;) applied on a consistent basis, and the supporting schedules included or
incorporated by reference in the Registration Statement, the General Disclosure Package and
the Prospectus present fairly the information required to be stated therein; the selected
financial and statistical data and the summary financial information included or
incorporated by reference in the Registration Statement, the General Disclosure Package or
the Prospectus present fairly the information shown therein and have been compiled on a
basis consistent with the audited financial statements included or incorporated by reference
in the Registration Statement, the General Disclosure Package and the Prospectus; no other
financial statements (or schedules) of the Company or its consolidated subsidiaries, any
predecessor of the Company or any other entity or business are required by the Securities
Act to be included in the Registration Statement, the General Disclosure Package or the
Prospectus; any historical summaries of revenue and certain operating expenses included or
incorporated by reference in the Registration Statement, the General Disclosure Package and
the Prospectus present fairly the revenue and those operating expenses included in such
summaries of the properties related thereto for the periods specified in conformity with
GAAP; and pro forma financial statements and other pro forma financial information of the
Company and its subsidiaries and the related notes thereto included or incorporated by
reference in the Registration Statement, the General Disclosure Package and the Prospectus,
if any, present fairly in all material respects the information shown therein, have been
prepared in accordance with the Commission&#146;s rules and guidelines with respect to pro forma
financial statements and have been properly compiled on the bases described therein, and the
assumptions used in the preparation thereof are reasonable and the adjustments used therein
are appropriate to give effect to the transactions and circumstances referred to therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since the respective dates as of which information is given in the Registration
Statement, the General Disclosure Package or the Prospectus, there has not been any material
adverse change, or any development involving a prospective material adverse change
(excluding any development resulting from any event, circumstance, development, change or
effect (i)&nbsp;in general economic or business conditions, (ii)&nbsp;in financial or securities
markets generally or (iii)&nbsp;generally affecting the business or industry in which the Company
operates), in or affecting the general affairs, business, prospects (excluding any
development resulting from any event, circumstance, development, change or effect (i)&nbsp;in
general economic or business conditions, (ii)&nbsp;in financial or securities markets generally
or (iii)&nbsp;generally affecting the business or industry in which the Company operates),
management, properties, financial position, shareholders&#146; equity or results of operations of
the Company and its Subsidiaries (as hereinafter defined) taken as a whole; and except as
set forth or contemplated in the Registration Statement, the General Disclosure Package and
the Prospectus, neither the Company nor any of its Subsidiaries has incurred any liabilities
or obligations, direct or contingent, or entered into any transaction or agreement (whether
or not in the ordinary course of business) material to the Company and its Subsidiaries as a
whole.
</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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company has been duly formed and is validly existing as a real estate
investment trust with transferable shares of beneficial interest under the laws of the State
of Texas, with power and authority to own or lease its properties and conduct its business
as described in the Registration Statement, the General Disclosure Package and the
Prospectus, and is qualified for the transaction of business and is in good standing under
the laws of each other jurisdiction in which it owns or leases properties, or conducts any
business, so as to require such qualification, other than where the failure to be so
qualified or in good standing would not have a material adverse effect on the condition,
financial or otherwise, or the earnings, business affairs or business prospects of the
Company and its Subsidiaries taken as a whole (a &#147;Material Adverse Effect&#148;); except for
investments in securities as described in the Registration Statement, the General Disclosure
Package and the Prospectus or for investments in securities that are not, individually or in
the aggregate, material to the Company and its Subsidiaries taken as a whole, the Company
has no equity or other interest in, or rights to acquire, an equity or other interest in any
corporation, partnership, trust, joint venture or other entity; the subsidiary entities of
the Company identified on Schedule&nbsp;III hereto (the &#147;Subsidiaries&#148;) are all of the Company&#146;s
Subsidiaries, have full power and authority to conduct their business as described in the
Registration Statement, the General Disclosure Package and the Prospectus, have been duly
organized and are validly existing as corporations, limited partnerships or limited
liability companies, as the case may be, in good standing under the laws of their states of
organization, and have been duly qualified as foreign corporations, limited partnerships or
limited liability companies, as the case may be, for the transaction of business and are in
good standing under the laws of each other jurisdiction in which they own or lease
properties, or conduct any business, so as to require such qualification, other than where
the failure to be so qualified or in good standing would not have a Material Adverse Effect;
except for investments in securities as described in the Registration Statement, the General
Disclosure Package and the Prospectus or for investments in securities that are not,
individually or in the aggregate, material to the Company and its Subsidiaries taken as a
whole, or ownership of interests of lower tier Subsidiaries, the Subsidiaries have no equity
or other interest in, or rights to acquire, an equity or other interest in any corporation,
partnership, trust, joint venture or other entity; the Subsidiaries of the Company that are
&#147;significant subsidiaries&#148; (as defined in Rule&nbsp;1-02(w) of Regulation&nbsp;S-X) (the &#147;Significant
Subsidiaries&#148;) are identified on Schedule&nbsp;III hereto and complete and correct copies of the
charter documents and the by-laws, if any, of the Significant Subsidiaries and all
amendments thereto have been previously made available or delivered to the Underwriters, and
no changes therein will have been made subsequent to the date hereof and prior to the
Closing Date; all of the issued and outstanding capital stock of each Subsidiary that is a
corporation or similar entity has been duly authorized and validly issued, is fully paid and
nonassessable and, except as otherwise indicated on Schedule&nbsp;III hereto, is owned by the
Company, directly or through Subsidiaries, free and clear of any security interest,
mortgage, pledge, lien, encumbrance, claim or restriction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company has full power and authority to enter into this Agreement and the
Indenture and to issue, offer and sell the Notes as contemplated by this Agreement; this
Agreement and the Indenture have been duly authorized, executed and delivered by the Company
and constitute the valid and legally binding obligations of the
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Company enforceable in accordance with their terms, except that the enforceability
thereof may be limited by or subject to (i)&nbsp;bankruptcy, reorganization, insolvency,
fraudulent conveyance, moratorium or other similar laws now or hereafter existing which
affect the rights and remedies of creditors generally and (ii)&nbsp;equitable principles of
general applicability, and except as rights to indemnity and contribution hereunder may be
limited by applicable law. The Indenture has been duly qualified under the Trust Indenture
Act of 1939, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The authorized, issued and outstanding capital shares of the Company have been duly
authorized and validly issued by the Company and are fully paid and non-assessable (except
as otherwise described in the Registration Statement, the General Disclosure Package and the
Prospectus), and none of such capital shares was issued in violation of preemptive or other
similar rights of any securityholder of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Notes have been duly authorized, and, when issued, authenticated and delivered
pursuant to this Agreement and the Indenture, will have been duly and validly executed,
authenticated, issued and delivered and will constitute valid and legally binding
obligations of the Company entitled to the benefits provided by the Indenture and
enforceable in accordance with their terms, except that the enforceability thereof may be
limited by or subject to (i)&nbsp;bankruptcy, reorganization, insolvency, fraudulent conveyance,
moratorium or other similar laws now or hereafter existing which affect the rights and
remedies of creditors generally and (ii)&nbsp;equitable principles of general applicability and
the Notes and the Indenture will conform to the statements relating thereto contained in the
General Disclosure Package and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Neither the Company nor any of the Subsidiaries is, nor with the giving of notice
or lapse of time or both would be, in violation of or in default under, its respective
Declaration of Trust, Articles of Incorporation, By-Laws, limited partnership or limited
liability company agreement or any indenture, mortgage, deed of trust, loan agreement or
other agreement or other instrument or obligation to which the Company or any Subsidiary is
a party or by which they or any of their properties are bound, except for violations and
defaults which individually and in the aggregate are not material to the Company and its
Subsidiaries taken as a whole; the issue and sale of the Notes and the performance by the
Company of all of the provisions of its obligations under this Agreement and the Indenture
and the consummation of the transactions herein and therein contemplated will not conflict
with or result in a breach of any of the terms or provisions of, or constitute a default
under, any indenture, mortgage, deed of trust, loan agreement or other material agreement or
instrument to which the Company or any Subsidiary is a party or by which the Company or any
Subsidiary is bound or to which any of the property or assets of the Company or any
Subsidiary is subject, nor will any such action result in any violation of the provisions of
the Declaration of Trust or the By-Laws of the Company or any applicable law or statute or
any order, rule or regulation of any court or governmental agency or body having
jurisdiction over the Company or any of its properties; and no consent, approval,
authorization, order, registration or qualification of or with any such court or
governmental agency or body is required for the issue and sale of the Notes or the
consummation by the Company of the transactions contemplated by this Agreement and the
Indenture, except such consents, approvals,
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">authorizations, registrations or qualifications as have been obtained under the
Securities Act and as may be required under state securities or Blue Sky laws in connection
with the purchase and distribution of the Notes by the Underwriters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Other than as set forth or contemplated in the Registration Statement, the General
Disclosure Package and the Prospectus, there are no legal or governmental proceedings
pending or, to the knowledge of the Company, threatened to which the Company or any
Subsidiary is or may be a party or to which any property of the Company or any Subsidiary is
or may be the subject which, if determined adversely to the Company or any Subsidiary, could
individually or in the aggregate reasonably be expected to have a Material Adverse Effect
and, to the Company&#146;s knowledge, no such proceedings are threatened or contemplated by
governmental authorities or threatened by others; and there are no contracts or other
documents of a character required to be filed as an exhibit to the Registration Statement or
required to be described in the Registration Statement, the General Disclosure Package and
the Prospectus which are not filed or described as required.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company and the Subsidiaries have indefeasible title to all of the real
properties and assets reflected in the financial statements (or as described in the
Registration Statement, the General Disclosure Package and the Prospectus) hereinabove
described, subject to no lien, mortgage, pledge, charge or encumbrance of any kind except
those reflected in such financial statements (or as described in the Registration Statement,
the General Disclosure Package and the Prospectus) or which are not material in amount and
which do not materially affect the value of such property or materially interfere with the
use made or proposed to be made of such property by the Company or any of the Subsidiaries;
the Company and the Subsidiaries occupy their leased properties under valid and binding
leases conforming to the description thereof set forth in the Registration Statement, the
General Disclosure Package and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company and the Subsidiaries have filed all federal, state and foreign income
tax returns which have been required to be filed and have paid all taxes indicated by said
returns and all assessments received by it to the extent that such taxes have become due and
are not being contested in good faith.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company and the Subsidiaries hold all material licenses, certificates and
permits from governmental authorities which are necessary to the conduct of their business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Deloitte &#038; Touche LLP, who have expressed their opinion on the audited financial
statements and related schedules filed with the Commission as part of, or incorporated by
reference in, the Registration Statement, the General Disclosure Package and the Prospectus,
are an independent registered public accounting firm as required by the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company has never been, is not now, and immediately after the sale of the Notes
under this Agreement will not be, an &#147;investment company&#148; within the meaning of the
Investment Company Act of 1940, as amended; the Company is
</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; margin-left: 2%">organized, and has operated, operates and will continue to operate in a manner so as to
qualify as a &#147;real estate investment trust&#148; (a &#147;REIT&#148;) under Sections&nbsp;856 through 860 of the
Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and the Company&#146;s present and
contemplated operations, assets and income continue to meet such requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) With respect to the properties of the Company described in the Registration
Statement, the General Disclosure Package and the Prospectus or reflected in the Company&#146;s
consolidated financial statements included or incorporated by reference therein (the
&#147;Properties&#148;), the Company and its Subsidiaries (I)&nbsp;are in compliance with any and all
applicable federal, state and local laws and regulations relating to the protection of human
health and safety, the environment or hazardous or toxic substances or wastes, pollutants or
contaminants (&#147;Environmental Laws&#148;), (II)&nbsp;have obtained all permits, licenses or other
approvals required of them under applicable Environmental Laws to conduct their respective
businesses and (III)&nbsp;are in compliance with all terms and conditions of any such permit,
license or approval, except where such noncompliance with Environmental Laws, failure to
obtain required permits, licenses or other approvals or failure to comply with the terms and
conditions of such permits, licenses or approvals are otherwise disclosed in the
Registration Statement, the General Disclosure Package and the Prospectus or would not,
singly or in the aggregate, have a Material Adverse Effect; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) none of the Company or the Subsidiaries has at any time, and, to the
knowledge of the Company, no other party has at any time, handled, buried, stored,
retained, refined, transported, processed, manufactured, generated, produced,
spilled, allowed to seep, leak, escape or leach, or be pumped, poured, emitted,
emptied, discharged, injected, dumped, transferred or otherwise disposed of or dealt
with, Hazardous Materials (as hereinafter defined) on, to or from the Properties,
which would require remediation under applicable Environmental Laws, other than any
such action taken in compliance with all applicable Environmental Laws or by tenants
in connection with the ordinary use of residential properties owned by the Company
or the Subsidiaries; the Company does not intend to use the Properties or any
subsequently acquired properties described in the Registration Statement, the
General Disclosure Package or the Prospectus for the purpose of handling, burying,
storing, retaining, refining, transporting, processing, manufacturing, generating,
producing, spilling, seeping, leaking, escaping, leaching, pumping, pouring,
emitting, emptying, discharging, injecting, dumping, transferring or otherwise
disposing of or dealing with Hazardous Materials other than in compliance with all
applicable Environmental Laws;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company does not know of any seepage, leak, escape, leaching,
discharge, injection, release, emission, spill, pumping, pouring, emptying or
dumping of Hazardous Materials into waters on or adjacent to the Properties or onto
lands from which such hazardous or toxic waste of substances might seep, flow or
drain into such waters, which would require remediation under applicable
Environmental Laws; 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; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the Company nor any of the Subsidiaries has received notice of,
or has knowledge of any occurrence or circumstance which, with notice or passage of
time or both, would give rise to, any claim under or pursuant to any Environmental
Law pertaining to Hazardous Materials or toxic waste or substances on or originating
from the Properties or arising out of the conduct of any such party, including,
without limitation, pursuant to any Environmental Law; as used herein, &#147;Hazardous
Materials&#148; shall include, without limitation, any flammable explosives, radioactive
materials, hazardous materials, hazardous wastes, hazardous or toxic substances, or
related materials, asbestos or any material as defined by any federal, state or
local environmental law, ordinance, rule, or regulation including, without
limitation, Environmental Laws, the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended (42 U.S.C. Section&nbsp;9601,
<U>et</U> <U>seq</U>.) (&#147;CERCLA&#148;), the Hazardous Materials Transportation Act, as
amended (49 U.S.C. Section&nbsp;1801, <U>et</U> <U>seq</U>.), the Resource Conservation
and Recovery Act, as amended (42 U.S.C. Section&nbsp;9601, <U>et</U> <U>seq</U>.), and
in the regulations adopted and publications promulgated pursuant to each of the
foregoing or by any federal, state or local governmental authority having or
claiming jurisdiction over the Properties as described in the Registration
Statement, the General Disclosure Package and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Company has complied in all material respects with all provisions of Title 5,
Chapter&nbsp;200, of the Texas Business Organization Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) None of the assets of the Company or the Subsidiaries constitutes, nor will such
assets, as of the Applicable Time or the Closing Date, constitute, &#147;plan assets&#148; under the
Employee Retirement Income Security Act of 1974, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) No relationship, direct or indirect, exists between or among any of the Company or
its Subsidiaries, on the one hand, and any trust manager, officer, shareholder, customer or
supplier of the Company or its Subsidiaries, on the other hand, which is required by the
Securities Act or the Exchange Act to be described in the Registration Statement, the
General Disclosure Package and the Prospectus which is not so described or is not described
as required. There are no outstanding loans, advances (except normal advances for business
expenses in the ordinary course of business) or guarantees of indebtedness by the Company to
or for the benefit of any of the officers or trust managers of the Company or any of their
respective family members, except as disclosed in the Registration Statement, the General
Disclosure Package and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The Company maintains a system of internal accounting controls sufficient to
provide reasonable assurances that (i)&nbsp;transactions are executed in accordance with
management&#146;s general or specific authorization; (ii)&nbsp;transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets; (iii)&nbsp;access to financial and corporate books and records is
permitted only in accordance with management&#146;s general or specific authorization; (iv)&nbsp;the
recorded accountability for assets is compared with existing assets at reasonable intervals
and appropriate action is taken with respect to any differences; 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; margin-left: 2%">(v)&nbsp;the principal executive officers (or their equivalents) and principal financial
officers (or their equivalents) of the Company have made all certifications required by
Sections&nbsp;302 and 906 of the Sarbanes-Oxley Act of 2002 (the &#147;Sarbanes-Oxley Act&#148;) and any
related rules and regulations promulgated by the Commission, and the statements contained in
any such certification are complete and correct, subject to the materiality qualifications
set forth in such certification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company has established and maintains disclosure controls and procedures (as
such term is defined in Rule&nbsp;13a-14 and 15d-14 under the Exchange Act) in accordance with
the rules and regulations under the Sarbanes-Oxley Act, the Securities Act and the Exchange
Act. Such disclosure controls and procedures are designed to ensure that material
information relating to the Company and its consolidated Subsidiaries is made known to the
Company&#146;s Chief Executive Officer and its Chief Financial Officer by others within those
entities, and such disclosure controls and procedures are effective to perform the functions
for which they were established; the Company&#146;s auditors and the Audit Committee of the Board
of Trust Managers have been advised of: (i)&nbsp;any significant deficiencies in the design or
operation of internal controls over financial reporting which are reasonably likely to
adversely affect the Company&#146;s ability to record, process, summarize, and report financial
data; and (ii)&nbsp;any fraud, whether or not material, that involves management or other
employees of the Company who have a significant role in the Company&#146;s internal controls over
financial reporting; any fraud that is material or known to the Company that involves
persons other than management or employees of the Company who have a role in the Company&#146;s
internal controls over financial reporting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) All liens, charges, encumbrances, claims or restrictions on or affecting the
Properties which are required to be disclosed in the Registration Statement, the General
Disclosure Package and the Prospectus are disclosed therein; to the knowledge of the
Company, (i)&nbsp;no lessee of any portion of any of the Properties is in default under any of
the leases governing such Properties and there is no event which, but for the passage of
time or the giving of notice, or both, would constitute a default under any of such leases,
except such defaults that would not have a Material Adverse Effect; (ii)&nbsp;the intended use
and occupancy of each of the Properties complies with all applicable codes and zoning laws
and regulations, if any, except for such failures to comply which would not individually or
in the aggregate have a Material Adverse Effect; and (iii)&nbsp;there is no pending or, to the
best knowledge of the Company, threatened condemnation, zoning change, environmental or
other proceeding or action that will in any material respect affect the size of, use of,
improvements on, construction on, or access to the Properties, except such proceedings or
actions that would not have a Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Company has, and will maintain, property and casualty insurance in favor of the
Company and the Subsidiaries, as the case may be, with respect to each of the Properties, in
an amount and on such terms as are reasonable and customary for businesses of the type
proposed to be conducted by the Company and the Subsidiaries; the Company has not received
from any insurance company written notice of any material defects or deficiencies affecting
the insurability of any such Properties.
</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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Except as disclosed in the Registration Statement, the General Disclosure Package
and the Prospectus, there are no contracts, agreement or understandings between the Company
and any person that would give rise to a valid claim against the Company or any Underwriter
for a broker commission, finder&#146;s fee or other like payment in connection with the offering
of the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) No holders of securities of the Company have rights to the registration of such
securities under the Registration Statement except for those that have been effectively
waived or are inapplicable to the offering hereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) The Company and the Subsidiaries and any of the officers, trust managers and
directors of the Company and any of its Subsidiaries, in their capacities as such, are in
compliance in all material respects with the provisions of the Sarbanes-Oxley Act and any
related rules and regulations promulgated by the Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) The operations of the Company are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements of the
Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering
statutes of all jurisdictions, the rules and regulations thereunder and any related or
similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the &#147;Money Laundering Laws&#148;) and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to
the knowledge of the Company, threatened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Neither the Company nor, to the knowledge of the Company, any trust manager,
officer, agent, employee, affiliate or person acting on behalf of the Company is currently
subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the
U.S. Treasury Department (&#147;OFAC&#148;); and the Company will not directly or indirectly use the
proceeds of the offering contemplated hereby, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other person or entity,
for the purpose of financing the activities of any person currently subject to any U.S.
sanctions administered by OFAC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Neither the Company nor, to the knowledge of the Company, any trust manager,
officer, agent, employee, affiliate or other person acting on behalf of the Company or any
of its Subsidiaries is aware of or has taken any action, directly or indirectly, that would
result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as
amended, and the rules and regulations thereunder (the &#147;FCPA&#148;), including, without
limitation, making use of the mails or any means or instrumentality of interstate commerce
corruptly in furtherance of an offer, payment, promise to pay or authorization of the
payment of any money, or other property, gift, promise to give, or authorization of the
giving of anything of value to any &#147;foreign official&#148; (as such term is defined in the FCPA)
or any foreign political party or official thereof or any candidate for foreign political
office, in contravention of the FCPA and the Company and, to the knowledge of the Company,
its affiliates have conducted their businesses in compliance with the FCPA and have
instituted and maintained policies 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; margin-left: 2%">procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) The Registration Statement is not the subject of a pending proceeding or
examination under Section 8(d) or 8(e) of the Securities Act, and the Company is not the
subject of a pending proceeding under Section&nbsp;8A of the Securities Act in connection with
the offering of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate signed by any officer of the Company and delivered to the Representatives or
to counsel for the Underwriters in connection with the offering of the Notes shall be deemed a
representation and warranty by the Company to each Underwriter as to the matters covered thereby on
the date of such certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The Company covenants and agrees with each Underwriter as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately following the execution of this Agreement, the Company will prepare a
Prospectus setting forth the aggregate principal amounts of 2021 Notes and 2023 Notes
covered thereby and their terms not otherwise specified in the preliminary prospectus, the
names of the Underwriters, the respective prices at which such Notes are to be purchased by
the Underwriters from the Company, and such other information as the Representatives and the
Company deem appropriate in connection with the offering of the Notes; and the Company will
effect the filings required under Rule&nbsp;424(b), in the manner and within the time period
required by Rule 424(b) (without reliance on Rule&nbsp;424(b)(8)), and will furnish to the
Underwriters as many copies (including by electronic means, if so requested in lieu of paper
copies) of the Prospectus as they shall reasonably request, including, if requested by the
Underwriters, in addition to or in lieu thereof, electronic copies of the Prospectus. The
Company shall pay the required Commission filing fees relating to the Notes within the time
required by Rule&nbsp;456(b)(1)(i) of the Securities Act Regulations and otherwise in accordance
with Rules 456(b) and 457(r) of the Securities Act Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will comply with the requirements of Rule&nbsp;430B and will notify the
Representatives immediately, and confirm the notice in writing, (a)&nbsp;of the effectiveness of
any amendment to the Registration Statement, (b)&nbsp;of the transmittal to the Commission for
filing of any supplement or amendment to the Prospectus or any document to be filed pursuant
to the Exchange Act, (c)&nbsp;of the receipt of any comments from the Commission with respect to
the Registration Statement, the General Disclosure Package or the Prospectus or documents
incorporated or deemed to be incorporated by reference therein, (d)&nbsp;of any request by the
Commission for any amendment to the Registration Statement or any amendment or supplement to
the General Disclosure Package or the Prospectus with respect to the Notes or for additional
information relating thereto and (e)&nbsp;of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or the initiation of any
proceedings for that purpose. The Company will make every reasonable effort to prevent the
issuance of any such stop order and, if any stop order is issued, to obtain the lifting
thereof at the earliest possible moment.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period beginning on the Applicable Time and ending on the later of the
Closing Date or such date, as in the reasonable opinion of counsel for the Underwriters, the
Prospectus is no longer required under the Securities Act or the Exchange Act to be
delivered in connection with sales by the Underwriters or a dealer, including in
circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172 (the &#147;Prospectus
Delivery Period&#148;), prior to amending or supplementing the Registration Statement (including
any filing under Rule&nbsp;462(b)), any preliminary prospectus or the Prospectus (including any
amendment or supplement through incorporation by reference of any report filed under the
Exchange Act), the Company will furnish to the Representatives for review a copy of each
such proposed amendment or supplement a reasonable amount of time prior to such proposed
filing or use, as the case may be, and will not file any such amendment or supplement or use
any such prospectus to which counsel for the Underwriters shall reasonably object. The
Company has given the Representatives notice of any filings made pursuant to the Exchange
Act or Exchange Act Regulations within 48 hours prior to the Applicable Time; the Company
will give the Representatives notice of its intention to make any such filing from the
Applicable Time to the Closing Date and will furnish the Representatives with copies of any
such documents a reasonable amount of time prior to such proposed filing and will not file
or use any such document to which the Representatives or counsel for the Underwriters shall
reasonably object. The Company will prepare final term sheets substantially in the forms
set forth as Annex A-1 and Annex A-2 to Schedule&nbsp;II hereto (the &#147;Final Term Sheets&#148;)
reflecting the final terms of the Notes, and shall promptly file such Final Term Sheets as
an &#147;issuer free writing prospectus&#148; pursuant to Rule&nbsp;433 as soon as possible after the
execution of this Agreement; provided that the Company shall furnish the Representatives
with copies of the any such Final Term Sheets a reasonable amount of time prior to such
proposed filing and will not use or file any such document to which the Representatives or
counsel to the Underwriters shall reasonable object.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company will deliver to the Representatives a conformed copy of the Original
Registration Statement as originally filed and of each amendment thereto filed prior to the
termination of the initial offering of the Notes (including exhibits filed therewith or
incorporated by reference therein and the documents incorporated by reference into the
Prospectus pursuant to Item&nbsp;12 of Form S-3).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will furnish to the Representatives, from time to time during the
period when the Prospectus is required to be delivered under the Securities Act or the
Exchange Act in connection with the offering, such number of copies (including by electronic
means, if so requested by the Underwriters, in addition to or in lieu of, paper copies) of
the Prospectus (as amended or supplemented) as the Underwriters may reasonably request for
the purposes contemplated by the Securities Act, the Securities Act Regulations, the
Exchange Act or Exchange Act Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If at any time after the date hereof any event shall occur or a condition shall
exist as a result of which it is necessary, in the reasonable opinion of counsel for the
Underwriters, which shall be communicated in writing by the Representatives to the Company,
to amend or supplement the Prospectus in order to make the Prospectus not misleading in the
light of the circumstances existing at the time it is delivered, the
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Company will promptly either (a)&nbsp;forthwith prepare and furnish to the Underwriters an
amendment of or supplement to the Prospectus or (b)&nbsp;make an appropriate filing pursuant to
Section&nbsp;13, 14 or 15 of the Exchange Act, in each case, in form and substance reasonably
satisfactory to counsel for the Underwriters, which will amend or supplement the Prospectus
so that it will not include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the
circumstances existing at the time it is delivered, not misleading. If at any time after
the date hereof, an event occurs or a condition shall exist as a result of which the General
Disclosure Package contains an untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements therein, in the light of the
circumstances existing at the time it is used, not misleading, the Company will promptly
notify the Representatives and will promptly amend or supplement in a manner reasonably
satisfactory to the Representatives, at its own expense, the General Disclosure Package to
eliminate or correct such untrue statement or omission. If at any time following issuance
of an Issuer Free Writing Prospectus there occurred or occurs an event or development or
there exists or shall exist a condition as a result of which such Issuer Free Writing
Prospectus conflicted or would conflict with the information contained in the Registration
Statement (or any other registration statement relating to the Notes) or the Prospectus or
any preliminary prospectus or included or would include an untrue statement of a material
fact or omitted or would omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances prevailing at that subsequent time,
not misleading, the Company will promptly notify the Representatives and will promptly amend
or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or
correct such conflict, untrue statement or omission. The Underwriters&#146; delivery of any such
amendment or supplement shall not constitute a waiver of any of the conditions in Section&nbsp;6
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company represents and agrees that, unless it obtains the prior written consent
of the Representatives, and each Underwriter agrees that, unless it obtains the prior
consent of the Company, it has not made and will not make any offer relating to the Notes
that would constitute an &#147;issuer free writing prospectus&#148;, as defined in Rule&nbsp;433, or that
would otherwise constitute a &#147;free writing prospectus,&#148; as defined in Rule&nbsp;405, required to
be filed with the Commission. Any such free writing prospectus consented to by the Company
and the Representatives is hereinafter referred to as a &#147;Permitted Free Writing Prospectus.&#148;
The Company represents that it has treated or agrees that it will treat each Permitted Free
Writing Prospectus as an &#147;issuer free writing prospectus,&#148; as defined in Rule&nbsp;433, and has
complied and will comply with the requirements of Rule&nbsp;433 applicable to any Permitted Free
Writing Prospectus, including timely filing with the Commission where required, legending
and record keeping.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will endeavor to qualify the Notes for offer and sale under the
securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably
request and to continue such qualification in effect so long as reasonably required for
distribution of the Notes and to pay all fees and expenses (including fees and disbursements
of counsel to the Underwriters) reasonably incurred in connection with such qualification;
provided that the Company shall not be required to file a general consent to service of
process in any jurisdiction.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will make generally available to its security holders and to the
Representatives as soon as practicable but not later than 18&nbsp;months after the effective date
of the Registration Statement (as defined in Rule&nbsp;158(c)) an earnings statement covering a
period of at least twelve months beginning with the first fiscal quarter of the Company
occurring after the effective date of the Registration Statement, which shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule&nbsp;158 of the Commission promulgated
thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company will, so long as the Notes are outstanding, furnish to each Underwriter
copies of all reports or other communications (financial or other) furnished to holders of
Notes, and copies of any reports and financial statements furnished to or filed with the
Commission or any national securities exchange, other than, in any such case, those filed
with the Commission pursuant to EDGAR.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company will use the net proceeds received by it from the sale of the Notes in
the manner specified in the General Disclosure Package and the Prospectus under &#147;Use of
Proceeds&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will use its best efforts to continue to meet the requirements to
qualify as a REIT under the Code for the taxable year in which sales of the Notes are to
occur, unless otherwise specified in the General Disclosure Package and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will timely file any document which it is required to file pursuant to
the Exchange Act prior to the termination of the offering of the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) If immediately prior to the third anniversary (the &#147;Renewal Deadline&#148;) of the
initial effective date of the Registration Statement, any of the Notes remain unsold by the
Underwriters, the Company will prior to the Renewal Deadline file, if it has not already
done so and is eligible to do so, a new automatic shelf registration statement relating to
the Notes, in a form reasonably satisfactory to the Representatives. If the Company is no
longer eligible to file an automatic shelf registration statement, the Company will prior to
the Renewal Deadline, if it has not already done so, file a new shelf registration statement
relating to the Notes, in a form reasonably satisfactory to the Representatives, and will
use its best efforts to cause such registration statement to be declared effective within 60
days after the Renewal Deadline. The Company will take all other action reasonably
necessary or appropriate to permit the public offering and sale of the Notes to continue as
contemplated in the expired registration statement relating to the Notes. References herein
to the Registration Statement shall include such new automatic shelf registration statement
or such new shelf registration statement, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) If at any time when Notes remain unsold by the Underwriters the Company receives
from the Commission a notice pursuant to Rule&nbsp;401(g)(2) or otherwise ceases to be eligible
to use the automatic shelf registration statement form, the Company will (i)&nbsp;promptly notify
the Representatives, (ii)&nbsp;promptly file a new registration statement or post-effective
amendment on the proper form relating to the Notes, in a form reasonably satisfactory to the
Representatives, (iii)&nbsp;use its best efforts to cause such
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">registration statement or post-effective amendment to be declared effective and (iv)
promptly notify the Representatives of such effectiveness. The Company will take all other
action necessary or appropriate to permit the public offering and sale of the Notes to
continue as contemplated in the registration statement that was the subject of the Rule
401(g)(2) notice or for which the Company has otherwise become ineligible. References
herein to the Registration Statement shall include such new registration statement or
post-effective amendment, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company will pay all costs and expenses incident to the performance of its
obligations hereunder, including without limiting the generality of the foregoing, all costs
and expenses (i)&nbsp;incident to the preparation, issuance, execution, authentication and
delivery of the Notes, including any expenses of the Trustee, (ii)&nbsp;incident to the
preparation, printing and filing under the Securities Act of the Registration Statement, the
Prospectus, any preliminary prospectus (including in each case all exhibits, amendments and
supplements thereto) and any Issuer Free Writing Prospectus, (iii)&nbsp;incurred in connection
with the registration or qualification of the Notes under the laws of such jurisdictions as
the Representatives may designate (including reasonable fees of counsel for the Underwriters
and their disbursements), (iv)&nbsp;related to any filing with the Financial Industry Regulatory
Authority, Inc., (v)&nbsp;in connection with the printing (including word processing and
duplication costs) and delivery of this Agreement, any Preliminary and Supplemental Blue Sky
Survey and the furnishing to the Underwriters and dealers of copies of the Registration
Statement and the Prospectus, including mailing and shipping, as herein provided, (vi)
payable to rating agencies in connection with the rating of the Notes and (vii)&nbsp;the costs
and expenses (including without limitation any damages or other amounts payable in
connection with legal or contractual liability) associated with the reforming of any
contracts for sale of the Notes made by the Underwriters caused by a breach of the
representation contained in the eighth paragraph of Section&nbsp;4(a); except as provided in
clause (iii)&nbsp;above or in Section&nbsp;7 or in Section&nbsp;9 hereof, the Company shall not be
obligated to pay the fees of counsel for the Underwriters and their disbursements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;The obligations of the Underwriters hereunder shall be subject to the following conditions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of the Company contained herein are true and
correct on and as of the Applicable Time and the Closing Date as if made on and as of the
Applicable Time or the Closing Date, as the case may be, and the Company shall have complied
with all agreements and all conditions on its part to be performed or satisfied hereunder at
or prior to the Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registration Statement has become effective under the Securities Act and no
stop order suspending the effectiveness of the Registration Statement shall have been issued
under the Securities Act and no proceedings for that purpose shall have been instituted or
be pending or threatened by the Commission, and any request on the part of the Commission
for additional information shall have been complied with to the reasonable satisfaction of
counsel for the Underwriters. A prospectus containing the Rule&nbsp;430B Information shall have
been filed with the Commission in the manner and within the time period required by Rule
424(b) without reliance on Rule&nbsp;424(b)(8) (or a post-
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">effective amendment providing such information shall have been filed and become
effective in accordance with the requirements of Rule&nbsp;430(B)) and any required filing of
each Issuer Free Writing Prospectus pursuant to Rule&nbsp;433 has been made in the manner and
within the time period required by Rule&nbsp;433(d).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subsequent to the execution and delivery of this Agreement and prior to the Closing
Date there shall not have occurred any downgrading, nor shall any notice have been given of
(i)&nbsp;any intended or potential downgrading or (ii)&nbsp;any review or possible change that
indicates anything other than a stable outlook, in the rating accorded any securities of or
guaranteed by the Company by any &#147;nationally recognized statistical rating organization,&#148; as
defined in Section&nbsp;3(a)(62) of the Exchange Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the respective dates as of which information is given in the General
Disclosure Package and the Prospectus, there shall not have been any material adverse change
or any development involving a prospective material adverse change, in or affecting the
general affairs, business, prospects, management, properties, financial position,
shareholders&#146; equity or results of operations of the Company and its Subsidiaries, taken as
a whole, the effect of which in the judgment of the Representatives makes it impracticable
or inadvisable to proceed with the public offering or the delivery of the Notes on the terms
and in the manner contemplated in the General Disclosure Package or the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Representatives shall have received on and as of the Closing Date a
certificate, satisfactory to the Representatives, of the President or the Chief Executive
Officer and the Chief Financial Officer, or such other senior executive officer or officers
of the Company as are satisfactory to the Representatives, to the effect set forth in
subsections (a)&nbsp;through (c)&nbsp;of this Section and to the further effect that there has not
occurred any material adverse change, or any development involving a prospective material
adverse change, in or affecting the general affairs, business, prospects, management,
properties, financial position, shareholders&#146; equity or results of operations of the Company
and its Subsidiaries taken as a whole from that set forth or contemplated in the
Registration Statement, the General Disclosure Package and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Locke Lord Bissell &#038; Liddell LLP, counsel for the Company, shall have furnished to
the Representatives its written opinion, dated the Closing Date in form and substance
satisfactory to the Representatives, to the effect that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company has been duly organized and is validly existing as a real
estate investment trust under the laws of the State of Texas, with power and
authority to own its properties and conduct its business as described in the
Registration Statement, the General Disclosure Package and the Prospectus;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company is qualified for the transaction of business and is in good
standing under the laws of each other jurisdiction in which it owns or leases
properties, or conducts any business, so as to require such qualification, other
than where the failure to be so qualified or in good standing would not have a
Material Adverse Effect;
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each of the Significant Subsidiaries has been duly organized and is
validly existing as a corporation, limited partnership or limited liability company,
as the case may be, in good standing under the laws of its jurisdiction of
organization, with power and authority to own its properties and conduct its
business as described in the Registration Statement, the General Disclosure Package
and the Prospectus; to the best of such counsel&#146;s knowledge, except as disclosed in
the Registration Statement, the General Disclosure Package and the Prospectus or for
investments in securities that are not, individually or in the aggregate, material
to the Company and its Subsidiaries taken as a whole, the Company owns no capital
stock or other beneficial interest in any corporation, partnership, trust, joint
venture or other business entity; and except as otherwise stated in the Registration
Statement, the General Disclosure Package and the Prospectus, all of the issued and
outstanding capital stock or other ownership interests of each Significant
Subsidiary that is a corporation or similar entity have been duly authorized and are
validly issued, are fully paid and non-assessable and, to the best of the knowledge
of such counsel, are owned by the Company, directly or through Subsidiaries, free
and clear of any security interest, mortgage, pledge, lien, encumbrance or claim;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each of the Significant Subsidiaries has been duly qualified as a foreign
corporation for the transaction of business and is in good standing under the laws
of each other jurisdiction in which it owns or leases properties, or conduct any
business, so as to require such qualification, other than where the failure to be so
qualified or in good standing would not have a Material Adverse Effect on the
Company and its Subsidiaries taken as a whole;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) other than as set forth or contemplated in the Registration Statement, the
General Disclosure Package and the Prospectus, there are no legal or governmental
investigations, actions, suits or proceedings pending or, to the best of such
counsel&#146;s knowledge, threatened to which the Company or any of its Subsidiaries is
or may be a party or to which any property of the Company or any of its Subsidiaries
is or may be the subject which, if determined adversely to the Company or such
Subsidiary, could individually or in the aggregate reasonably be expected to have a
Material Adverse Effect; and such counsel does not know of any contracts or other
documents of a character required to be filed as an exhibit to the Registration
Statement or required to be described in the Registration Statement, the General
Disclosure Package and the Prospectus which are not filed or incorporated by
reference from another filing with the Commission or described as required;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) this Agreement has been duly authorized, executed and delivered by the
Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Notes have been duly authorized, and when executed and authenticated
in accordance with the terms of the Indenture and delivered to and paid for by the
Underwriters in accordance with the terms of this Agreement, will constitute valid
and binding obligations of the Company, entitled to the benefits
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">provided by the Indenture and enforceable in accordance with their terms,
except that the enforceability thereof may be limited by or be subject to (a)
bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other
similar laws now or hereafter existing which affect the rights and remedies of
creditors generally and (b)&nbsp;equitable principles of general applicability;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Indenture has been duly authorized, executed and delivered by the
Company and constitutes a valid and binding instrument of the Company enforceable in
accordance with its terms, except that the enforceability thereof may be limited by
or be subject to (a)&nbsp;bankruptcy, reorganization, insolvency, fraudulent conveyance,
moratorium or other similar laws now or hereafter existing which affect the rights
and remedies of creditors generally and (b)&nbsp;equitable principles of general
applicability; and the Indenture has been duly qualified under the Trust Indenture
Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the best of such counsel&#146;s knowledge, neither the Company nor the
Subsidiaries are, nor with the giving of notice or lapse of time or both would be,
in violation of or in default under, their respective Declarations of Trust,
Articles of Incorporation, By-Laws or limited partnership or limited liability
company agreements or any indenture, mortgage, deed of trust, loan agreement or
other agreement or instrument known to such counsel to which the Company or any of
the Subsidiaries is a party or by which they or any of their respective properties
are bound, except for violations and defaults which individually and in the
aggregate are not material to the Company and its Subsidiaries taken as a whole; the
issue and sale of the Notes and the performance by the Company of its obligations
under this Agreement and the Indenture and the consummation of the transactions
herein and therein contemplated will not conflict with or result in a breach of any
of the terms or provisions of, or constitute a default under, any indenture,
mortgage, deed of trust, loan agreement or other material agreement or instrument
known to such counsel to which the Company or any Subsidiary is a party or by which
the Company or any Subsidiary is bound or to which any of the property or assets of
the Company or any Subsidiary is subject, nor will any such action result in any
violation of the provisions of the Declaration of Trust or the By-Laws of the
Company or any applicable law or statute or any order, rule or regulation of any
court or governmental agency or body having jurisdiction over the Company or any of
its properties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to such counsel&#146;s knowledge, at March&nbsp;31, 2011, the Company has authorized
and outstanding shares of beneficial interest as set forth in the General Disclosure
Package and the Prospectus;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) no consent, approval, authorization, order, registration or qualification
of or with any court or governmental agency or body is required for the issue and
sale of the Notes or the consummation of the other transactions contemplated by this
Agreement and the Indenture, except such consents, approvals, authorizations,
registrations or qualifications as have been obtained under the Securities Act and
as may be required under state securities or Blue Sky
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">laws in connection with the purchase and distribution of the Notes by the
Underwriters;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the statements in the Registration Statement, the General Disclosure
Package and the Prospectus under the captions &#147;Description of Capital Shares&#148;,
&#147;Description of Warrants&#148;, &#147;Description of Debt Securities&#148; and &#147;Description of the
Notes&#148; and other statements in the Registration Statement, the General Disclosure
Package and the Prospectus as modified by the related disclosure in the documents
incorporated by reference in the Registration Statement, the General Disclosure
Package and the Prospectus, insofar as such statements constitute a summary of the
legal matters, documents or proceedings referred to therein, in each case fairly
present the information called for with respect to such legal matters, documents or
proceedings; the descriptions in the Registration Statement, the General Disclosure
Package and the Prospectus of contracts and other documents which are filed as
exhibits to the Registration Statement are accurate in all material respects and
fairly present the information required to be shown; and to such counsel&#146;s knowledge
there are no statutes or legal or governmental proceedings required to be described
in the Registration Statement, the General Disclosure Package or the Prospectus that
are not described as required;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Company is not, and will not become as a result of the consummation
of the transactions contemplated by this Agreement, an &#147;investment company&#148; within
the meaning of the Investment Company Act of 1940, as amended, and has not been an
&#147;investment company&#148; at any time since 1988;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) to such counsel&#146;s knowledge, (i)&nbsp;with the exception of the Registration
Rights Agreement dated as of April&nbsp;15, 1997, among the Company, Camden Operating,
L.P., and certain listed investors therein, the Registration Rights Agreement dated
as of April&nbsp;6, 1998 among Oasis Residential, Inc., ISCO and IFT Properties, Ltd., as
supplemented by the Registration Rights Agreement dated as of March&nbsp;13, 2002 between
the Company and Edward Israel and the Registration Rights Agreement dated as of
March&nbsp;13, 2002 between the Company and Lonnie Levy, trustee of The Lonnie Levy Trust
dated February&nbsp;5, 2001, the Registration Rights Agreement dated as of April&nbsp;2, 1998
between Oasis Residential, Inc. and Merrill Lynch Private Finance Limited, as
supplemented by the Registration Rights Agreement dated as of March&nbsp;13, 2002
between the Company and Merrill Lynch Private Finance Inc. and a second Registration
Rights Agreement dated as of March&nbsp;13, 2002 between the Company and Merrill Lynch
Private Finance Inc., the Registration Rights Agreement dated as of February&nbsp;23,
1999 among the Company, Belcrest Realty Corporation and Belair Real Estate
Corporation, as amended on December&nbsp;1, 2003, May&nbsp;26, 2004 and December&nbsp;15, 2004, the
Registration Rights Agreement dated as of August&nbsp;13, 1999 between the Company and
Edgewater Equity Partners, as amended by Amendment to Registration Rights Agreement
dated as of September&nbsp;7, 1999 and Second Amendment to Registration Rights Agreement
dated as of January&nbsp;7,
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">2000 and the Registration Rights Agreement dated as of February&nbsp;28, 2005
between the Company and certain listed investors therein, there are no contracts,
agreements or understandings between the Company and any person granting such person
the right to require the Company to file a registration statement under the
Securities Act with respect to any securities of the Company owned by such person,
and (ii)&nbsp;no person has the right to require the Company to register such securities
pursuant to the Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the Registration Statement became effective upon filing with the
Commission pursuant to Rule 462(e) of the Securities Act Regulations. Any required
filing of any preliminary prospectus and the Prospectus pursuant to Rule 424(b) has
been made in the manner and within the time period required by Rule 424(b) (without
reference to Rule&nbsp;424(b)(8)), the Company meets the requirements for the use of an
&#147;automatic shelf registration statement&#148; (as such term is defined in Rule&nbsp;405) on
Form S-3 with respect to the issuance and sale of the Notes and to such counsel&#146;s
knowledge, the Company has not received any notice pursuant to Rule&nbsp;401(g)(2); any
required filing of each Issuer Free Writing Prospectus pursuant to Rule&nbsp;433 has been
made in the manner and within the time period required by Rule&nbsp;433(d). To such
counsel&#146;s knowledge, no stop order suspending the effectiveness of the Registration
Statement has been issued under the Securities Act and no proceedings for that
purpose have been initiated or are pending or threatened by the Commission;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the Registration Statement, the General Disclosure Package and the
Prospectus, excluding the documents incorporated by reference therein, and each
amendment or supplement to the Registration Statement, the General Disclosure
Package and the Prospectus, excluding the documents incorporated by reference
therein, as of their respective effective or issue dates (other than financial
statements and other financial data and schedules, as to which such counsel need not
express any opinion), complied as to form in all material respects with the
requirements of the Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) each document incorporated by reference in the Registration Statement,
the General Disclosure Package and the Prospectus (other than financial statements
and other financial data and schedules, as to which such counsel need not express
any opinion) complied as to form in all material respects with the Exchange Act when
filed with the Commission;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the Company met the requirements for qualification and taxation as a
REIT for the taxable years 1993 through 2010;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the Company&#146;s currently contemplated future assets, income, diversity of
ownership and method of operation will put it in a position for qualification and
taxation as a REIT for its taxable year ending December&nbsp;31, 2011, and for its future
taxable years;
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the discussion contained under the caption &#147;Federal Income Tax
Considerations and Consequences of Your Investment,&#148; as supplemented by the
discussion contained under the caption &#147;Supplemental Federal Income Tax
Considerations,&#148; in the Registration Statement, the General Disclosure Package and
the Prospectus, accurately reflects existing law and fairly addresses the material
federal income tax issues described therein; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) although such counsel is not passing upon, and does not assume
responsibility for, the factual accuracy, completeness or fairness of the statements
contained in the Registration Statement, the General Disclosure Package and the
Prospectus and need not have made any independent check or verification thereof
(except as and to the extent stated in paragraphs (x), (xii)&nbsp;and (xx)&nbsp;above), on the
basis of such counsel&#146;s participation, in the course of the Company&#146;s preparation of
the Registration Statement, the General Disclosure Package and the Prospectus, in
conferences with officers and other representatives of the Company, counsel for the
Underwriters and representatives of the independent registered public accounting
firm for the Company and with the Underwriters, at which the contents of the
Registration Statement, the General Disclosure Package and the Prospectus and
related matters were discussed, no facts have come to such counsel&#146;s attention that
would lead them to believe that (x)&nbsp;the Registration Statement, including the Rule
430B Information, as of the &#147;new effective date&#148; with respect to the Underwriters
and the Notes pursuant to Rule&nbsp;430B(f)(2) of the Securities Act Regulations,
contained an untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein
not misleading or (y)&nbsp;the Prospectus or any amendment or supplement thereto, at the
time the Prospectus was issued, at the time any such amended or supplemented
prospectus was issued or at the Closing Date, as the case may be, included or
includes an untrue statement of a material fact or omitted or omits to state a
material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. In addition, nothing has
come to the attention of such counsel that has caused it to believe that the General
Disclosure Package, as of the Applicable Time, included an untrue statement of a
material fact or omitted to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, except that such counsel need not express any views as to the financial
statements and other financial data and schedules included in the Registration
Statement, the Prospectus or the General Disclosure Package.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering such opinions, such counsel may rely (A)&nbsp;as to matters involving the
application of laws other than the laws of the United States and the State of Texas, to the
extent such counsel deems proper and to the extent specified in such opinion, if at all,
upon an opinion or opinions (in form and substance reasonably satisfactory to Underwriters&#146;
counsel) of other counsel reasonably acceptable to Underwriters&#146; counsel, familiar with the
applicable laws; (B)&nbsp;as to matters of fact, to the extent such counsel deems proper, on
certificates of responsible officers of the Company and certificates or other written
statements of officials of jurisdictions having custody of documents
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">respecting the corporate existence or good standing of the Company. The opinion of such
counsel for the Company shall state that the opinion of any such other counsel is in form
satisfactory to such counsel and, in such counsel&#146;s opinion, the Underwriters and they are
justified in relying thereon. With respect to the matters to be covered in subparagraph
(xxi)&nbsp;above counsel may state its opinion and belief is based upon their participation in
the preparation of the Registration Statement, the General Disclosure Package and the
Prospectus and any amendment or supplement thereto (other than the documents incorporated by
reference therein) and review and discussion of the contents thereof (including the
documents incorporated by reference therein) but is without independent check or
verification except as specified.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i)&nbsp;Concurrently with the execution and delivery of this Agreement, Deloitte &#038;
Touche LLP shall have furnished to the Representatives a letter, dated the date of its
delivery, addressed to the Underwriters and in form and substance satisfactory to the
Representatives, confirming that they are an independent registered public accounting firm
with respect to the Company as required by the Securities Act and with respect to the
financial statements and certain financial and other statistical and numerical information
contained in the Registration Statement, the General Disclosure Package and the Prospectus
or incorporated by reference therein. Such letter shall contain information of the type
customarily included in accountants&#146; comfort letters to underwriters; (ii)&nbsp;at the Closing
Date, prior to payment for and delivery of the Notes, Deloitte &#038; Touche LLP shall have
furnished to the Representatives a letter, dated the date of its delivery, which shall
confirm, on the basis of a review in accordance with the procedures set forth in such
letter, that nothing has come to their attention during the period from the date of the
letter referred to in the prior sentence to a date (specified in the letter) not more than
three days prior to the Closing Date which would require any change in their letter dated
the date hereof if it were required to be dated and delivered at the Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Representatives shall have received on and as of the Closing Date an opinion of
Sidley Austin <FONT style="FONT-variant: SMALL-CAPS">llp</FONT>, counsel for the Underwriters, in form and substance satisfactory
to the Representatives and a statement to the following effect: no facts have come to such
counsel&#146;s attention that have caused such counsel to believe that (i)&nbsp;the Registration
Statement, at the &#147;new effective date&#148; with respect to the Underwriters and the Notes
pursuant to, and within the meaning of, Rule&nbsp;430B(f)(2) of the Securities Act Regulations,
contained an untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein not misleading;
(ii)&nbsp;the General Disclosure Package, at the Applicable Time, included an untrue statement of
a material fact or omitted to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not
misleading; or (iii)&nbsp;the Prospectus, as of its date or at the Closing Date, as the case may
be, included or includes an untrue statement of a material fact or omitted or omits to state
a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; except in each case such counsel
shall not be required to express any belief or make any statement with respect to the
financial statements (including the notes) and supporting schedules, if any, thereto and
other financial data contained or incorporated or deemed to be incorporated by reference
therein or omitted therefrom.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In giving such opinion, Sidley Austin <FONT style="FONT-variant: SMALL-CAPS">llp</FONT> may rely, as to all matters governed by the
laws of jurisdictions other than the law of the State of New York, and the federal law of the
United States, upon the opinions of counsel satisfactory to the Representatives and may rely on an
opinion dated the Closing Date of Locke Lord Bissell &#038; Liddell LLP as to matters governed by the
laws of the State of Texas. Such counsel may also state that, insofar as such opinion involves
factual matters, they have relied, to the extent they deem proper, upon certificates of officers of
the Company and its Subsidiaries and certificates of public officials.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or prior to the Closing Date the Company shall have furnished to the
Representatives such further certificates and documents confirming the representations and
warranties contained herein and related matters as the Representatives shall reasonably
request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions and certificates mentioned in this Agreement shall be deemed to be in compliance
with the provisions hereof only if they are in all material respects satisfactory to the
Representatives and counsel for the Underwriters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;(a)&nbsp;The Company agrees to indemnify and hold harmless each Underwriter, their respective
partners, members, directors, officers, employees, agents, affiliates and each person, if any, who
controls each Underwriter within the meaning of either Section&nbsp;15 of the Securities Act or Section
20 of the Exchange Act (each, a &#147;Company Indemnified Party&#148;), from and against any and all losses,
claims, damages or liabilities, joint or several to which such Company Indemnified Party may become
subject under the Securities Act, the Exchange Act, other federal or state statutory law or
regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of
a material fact contained in any part of the Registration Statement, including the Rule&nbsp;430B
Information, the General Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus
(as amended or supplemented if the Company shall have furnished any amendments or supplements
thereto) or any preliminary prospectus, or arise out of or are based upon any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, and will reimburse each Company Indemnified Party for any legal or other
expenses reasonably incurred by such Company Indemnified Party in connection with investigating or
defending against any loss, claim, damage, liability, action, litigation, investigation or
proceeding whatsoever (whether or not such Company Indemnified Party is a party thereto), whether
threatened or commenced, and in connection with the enforcement of this provision with respect to
any of the above as such expenses are incurred; provided, however, that the Company will not be
liable in any such case to the extent that any such loss, claim, damage or liability arises out of
or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission
from any of such documents in reliance upon and in conformity with information furnished to the
Company in writing by any Underwriter through the Representatives expressly for use therein, it
being understood and agreed that the only such information consists of the information described as
such in Section 7(b) below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Underwriter agrees to indemnify and hold harmless the Company, each of its trust
managers and each of its officers who signed the Registration Statement and each person who
controls the Company within the meaning of either Section&nbsp;15 of the Securities Act or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;20 of the Exchange Act (each an &#147;Underwriter Indemnified Party&#148;), from and against any
and all losses, claims, damages or liabilities to which such Underwriter Indemnified Party may
become subject under the Securities Act, the Exchange Act, other federal or state statutory law or
regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of
a material fact contained in any part of the Registration Statement, including the Rule&nbsp;430B
Information, the General Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus
(as amended or supplemented if the Company shall have furnished any amendments or supplements
thereto) or any preliminary prospectus, or arise out of or are based upon any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that such untrue
statement or alleged untrue statement or omission or alleged omission was made in reliance upon and
in conformity with information furnished to the Company in writing by any Underwriter through the
Representatives expressly for use therein, and will reimburse any legal or other expenses
reasonably incurred by such Underwriter Indemnified Party in connection with investigating or
defending against any such loss, claim, damage, liability, action, litigation, investigation or
proceeding whatsoever (whether or not such Underwriter Indemnified Party is a party thereto),
whether threatened or commenced, based upon any such untrue statement or omission, or any such
alleged untrue statement or omission as such expenses are incurred, it being understood and agreed
that the only such information consists of the following information furnished by the Underwriters
through the Representatives: the information contained in the third paragraph, the third sentence
of the fifth paragraph and the sixth paragraph of the section captioned &#147;Underwriting&#148; in the
Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Promptly after receipt by an indemnified party under this Section of notice of the
commencement of any action, such indemnified party will, if a claim in respect thereof is to be
made against the indemnifying party under Section 7(a) or Section 7(b) above, notify the
indemnifying party in writing of the commencement thereof; but the failure to notify the
indemnifying party shall not relieve it from any liability that it may have under Section 7(a) or
Section 7(b) above except to the extent that it has been materially prejudiced (through the
forfeiture of substantive rights or defenses) by such failure; and provided further that the
failure to notify the indemnifying party shall not relieve it from any liability that it may have
to an indemnified party otherwise than under Section 7(a) or Section 7(b) above. In case any such
action is brought against any indemnified party and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate therein and, to the
extent that it may wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except
with the consent of the indemnified party, be counsel to the indemnifying party), and after notice
from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party will not be liable to such indemnified party under this Section for
any legal or other expenses subsequently incurred by such indemnified party in connection with the
defense thereof other than reasonable costs of investigation. No indemnifying party shall, without
the prior written consent of the indemnified party, effect any settlement of any pending or
threatened action in respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party unless such settlement (i)
includes an unconditional release of such indemnified party from all liability on any claims
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that are the subject matter of such action and (ii)&nbsp;does not include a statement as to, or an
admission of, fault, culpability or a failure to act by or on behalf of an indemnified party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If the indemnification provided for in this Section is unavailable or insufficient to hold
harmless an indemnified party under Section 7(a) and Section 7(b) above, then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party as a result of the
losses, claims, damages or liabilities referred to in Section 7(a) and Section 7(b) above (i)&nbsp;in
such proportion as is appropriate to reflect the relative benefits received by the Company on the
one hand and the Underwriters on the other from the offering of the Notes or (ii)&nbsp;if the allocation
provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the
relative fault of the Company on the one hand and the Underwriters on the other in connection with
the statements or omissions which resulted in such losses, claims, damages or liabilities as well
as any other relevant equitable considerations. The relative benefits received by the Company on
the one hand and the Underwriters on the other shall be deemed to be in the same respective
proportions as the net proceeds from the offering of such Notes (before deducting expenses)
received by the Company and the total underwriting discounts and commissions received by the
Underwriters bear to the aggregate public offering price of the Notes. The relative fault of the
Company on the one hand and the Underwriters on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the
Company or the Underwriters and the parties&#146; relative intent, knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. The amount paid by an
indemnified party as a result of the losses, claims, damages or liabilities referred to in the
first sentence of this Section 7(d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any
action or claim which is the subject of this Section&nbsp;7(d). Notwithstanding the provisions of this
Section&nbsp;7(d), no Underwriters shall be required to contribute any amount in excess of the amount by
which the total price at which the Notes underwritten by it and distributed to the public were
offered to the public exceeds the amount of any damages that such Underwriters have otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The Company and the Underwriters agree that it would not be just and
equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation or
by any other method of allocation which does not take account of the equitable considerations
referred to in this paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The indemnity and contribution agreements contained in this Section&nbsp;7 and the
representations, warranties and covenants of the Company set forth in this Agreement shall remain
operative and in full force and effect regardless of (i)&nbsp;any termination of this Agreement, (ii)
any investigation made by or on behalf of an Underwriter, its officers or directors or any person
controlling an Underwriter or by or on behalf of the Company, its officers or trust managers or any
other person controlling the Company and (iii)&nbsp;acceptance of and payment for any of the Notes.
</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;8.&nbsp;Notwithstanding anything herein contained, this Agreement may be terminated in the absolute
discretion of the Representatives, by notice given to the Company, if after the execution and
delivery of this Agreement and prior to the Closing Date (i)&nbsp;the Company shall have failed, refused
or been unable, at or prior to the Closing Date, to perform any agreement on its part to be
performed hereunder, (ii)&nbsp;any other condition of the Underwriters&#146; obligations hereunder is not
fulfilled, (iii)&nbsp;there shall have occurred, since the respective dates as of which information is
given in the Registration Statement, the General Disclosure Package and the Prospectus, any
material adverse change or any development involving a prospective material adverse change in or
affecting the condition, financial or otherwise, of the Company or the earnings, business affairs,
properties, management or business prospects of the Company, whether or not arising in the ordinary
course of business, (iv)&nbsp;trading generally shall have been suspended or materially limited on or by
the New York Stock Exchange, the NYSE Amex Equities or the NASDAQ Stock Market, (v)&nbsp;trading of any
securities of or guaranteed by the Company shall have been suspended on any exchange or in any
over-the-counter market, (vi)&nbsp;a general moratorium on commercial banking activities in New York or
Texas shall have been declared by either federal, Texas or New York State authorities; or there
shall have occurred a material disruption in commercial banking or securities settlement or
clearance services in the United States, (vii)&nbsp;there has occurred any downgrading or notice of any
intended or potential downgrading or any review or possible change that indicates anything other
than a stable outlook in the rating of the Company&#146;s debt securities by any &#147;nationally recognized
statistical rating organization&#148; (as defined in Section&nbsp;3(a)(62) of the Exchange Act) or (viii)
there shall have occurred any outbreak or escalation of hostilities or act of terrorism involving
the United States or the declaration by the United States of a national emergency or war or the
occurrence of any other calamity or crisis or any change in financial, political or economic
conditions in the United States that, in the reasonable judgment of the Representatives, is
material and adverse and which, in the reasonable judgment of the Representatives, makes it
impracticable or inadvisable to proceed with the offering, sale or delivery of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;If this Agreement shall be terminated by the Underwriters because of any failure or refusal
on the part of the Company to comply with the terms or to fulfill any of the conditions of this
Agreement, or if for any reason the Company shall be unable to perform its obligations under this
Agreement or any condition of the Underwriters&#146; obligations cannot be fulfilled, the Company agrees
to reimburse the Underwriters for all out-of-pocket expenses (including the reasonable fees and
expenses of their counsel) reasonably incurred by the Underwriters in connection with this
Agreement or the offering of Notes contemplated hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;If one or more of the Underwriters shall fail at the Closing Date to purchase Notes which
it or they are obligated to purchase under this Agreement (the &#147;Defaulted Notes&#148;), the
Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or
more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less
than all, of the Defaulted Notes in such amounts as may be agreed upon and upon the terms herein
set forth; if, however, the Representatives shall not have completed such arrangements within such
24-hour period; then
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the aggregate principal amount of Defaulted Notes does not exceed 10% of the
aggregate principal amount of the Notes, the non-defaulting Underwriters shall be obligated
to purchase the full amount thereof, severally, in the proportions that their
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">respective underwriting obligations hereunder bear to the underwriting obligations of
all non-defaulting Underwriters, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the aggregate principal amount of Defaulted Notes exceeds 10% of the aggregate
principal amount of the Notes, this Agreement shall terminate without liability on the part
of any non-defaulting Underwriter and the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No action taken pursuant to this Section&nbsp;10 shall relieve any defaulting Underwriter from
liability in respect of its default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any such default which does not result in the termination of this Agreement,
either the Representatives or the Company shall have the right to postpone the Closing Date for a
period not exceeding seven days in order to effect any required changes in the Prospectus or in any
other documents or arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;The Company acknowledges and agrees that (i)&nbsp;the purchase and sale of the Notes pursuant
to this Agreement, is an arm&#146;s-length commercial transaction between the Company, on the one hand,
and the several Underwriters, on the other hand, (ii)&nbsp;in connection with the offering contemplated
hereby and the process leading to such transaction, each Underwriter is and has been acting solely
as a principal and is not the agent or fiduciary of the Company or its shareholders, creditors,
employees, or any other party, (iii)&nbsp;no Underwriter has assumed nor will assume an advisory or
fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby
or the process leading thereto (irrespective of whether such Underwriter has advised or is
currently advising the Company on other matters) and no Underwriter has any obligation to the
Company with respect to the offering contemplated hereby except the obligations expressly set forth
in this Agreement, (iv)&nbsp;the Underwriters and their affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Company, and (v)&nbsp;the Underwriters
have not provided any legal, accounting, regulatory or tax advice with respect to the transaction
contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax
advisors to the extent they deemed appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;This Agreement shall inure to the benefit of and be binding upon the Company, each
Underwriter, any controlling persons referred to herein and their respective successors and
assigns. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give
any other person, firm or corporation any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision herein contained. No purchaser of Notes from any
Underwriter shall be deemed to be a successor by reason merely of such purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;All notices and other communications hereunder shall be in writing and shall be deemed to
have been duly given if mailed or transmitted by any standard form of telecommunication. Notices
to the Underwriters shall be directed to the Representatives c/o Deutsche Bank Securities Inc., 60
Wall Street, New York, NY 10005 Attention: Debt Capital Markets Syndicate Desk, Fax: 212-469-7875,
J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179 Attention: High Grade Syndicate
Desk, Fax: 212-834-6081 and Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated, One Bryant Park,
NY1-100-18-03, New York, NY 10036 Attention: High Grade Transaction Management/Legal, Fax:
646-855-5958.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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" style="font-size: 10pt; margin-top: 6pt">Notices to the Company shall be given to it at Three Greenway Plaza, Suite&nbsp;1300, Houston,
Texas 77046, Attention: Alex Jessett, Senior Vice President &#151; Finance and Treasurer.
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /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;14.&nbsp;This Agreement may be signed in counterparts, each of which shall be an original and all
of which together shall constitute one and the same instrument. This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, without giving effect to the
conflicts of laws provisions thereof.
</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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Very truly yours,</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CAMDEN PROPERTY TRUST</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>
    <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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Alexander J. Jessett</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Alexander J. Jessett
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Senior Vice President-Finance and Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">The foregoing Underwriting Agreement is hereby<br>
confirmed and accepted as of the date first above<br>
written.</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 colspan="3" valign="top" align="left">DEUTSCHE BANK SECURITIES INC.</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">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Ryan E. Montgomery</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Ryan E. Montgomery
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Director</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">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John C. McCabe</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: John C. McCabe
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Director</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 colspan="3" valign="top" align="left">J.P. MORGAN SECURITIES LLC</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">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Stephen L. Sheiner</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Stephen L. Sheiner
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Executive Director</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 colspan="3" valign="top" align="left">MERRILL LYNCH, PIERCE, FENNER &#038; SMITH
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATED</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">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Peter J. Carbone</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Peter J. Carbone
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For themselves and as Representatives<BR>
of the several Underwriters named in the<BR>
attached Schedule&nbsp;I hereto.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /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" style="font-size: 10pt; margin-top: 18pt">SCHEDULE I
</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="76%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Principal Amount of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Principal Amount of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Underwriter:</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2021 Notes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2023 Notes</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">Deutsche Bank Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,334,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,334,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J.P. Morgan Securities LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,334,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,334,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Merrill Lynch, Pierce, Fenner &#038; Smith
Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,333,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,333,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit Suisse Securities (USA)&nbsp;LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,333,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,333,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Morgan Stanley &#038; Co. Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,333,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,333,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wells Fargo Securities, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,333,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,333,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comerica Securities, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,334,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,334,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Morgan Keegan &#038; Company, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,334,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,334,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PNC Capital Markets LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,333,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,333,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scotia Capital (USA)&nbsp;Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,333,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,333,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SunTrust Robinson Humphrey, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,333,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,333,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. Bancorp Investments, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,333,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,333,000</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">250,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">250,000,000</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>
    <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>







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

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

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




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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule of Issuer Free Writing Prospectuses included in the General Disclosure Package
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Final Term Sheets, attached hereto as Annex A to this Schedule&nbsp;II
</DIV>





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

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

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Annex A-1 to Schedule&nbsp;II</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Filed Pursuant to Rule&nbsp;433<BR>
Registration Statement No.&nbsp;333-159372<BR>
Final Term Sheet, Dated May&nbsp;31, 2011<BR>
Relating to Preliminary Prospectus Supplement dated May&nbsp;31, 2011<BR>
to Prospectus dated May&nbsp;20, 2009
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>$250,000,000 4.625% Notes due 2021</B></FONT>
</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="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Issuer:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Camden Property Trust</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SEC Registered</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Size:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$250,000,000&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Maturity:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;15, 2021</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Coupon (Interest Rate):</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.625%&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Benchmark Treasury:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.125% due May&nbsp;15, 2021</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Benchmark Treasury
Price and Yield:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100-20&#043;; 3.05%&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Spread to Benchmark
Treasury:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.65% (&#043;165 basis points)</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Yield to Maturity:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.70%&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interest Payment Dates:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;15 and December&nbsp;15, commencing on December
15, 2011</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Day Count Convention:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30 / 360&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Redemption Provision:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Make-whole call based on U.S. Treasury &#043; 0.25%
(&#043;25 basis points); if, however, the Notes are
redeemed 90&nbsp;days or fewer prior to their maturity
date, the redemption price will equal 100% of the
principal amount of the Notes to be redeemed plus
accrued and upaid interest on the amount being
redeemed to the redemption date</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Price to Public:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">99.404%&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Settlement Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T&#043;3; June&nbsp;3, 2011</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Joint Book-Running Managers:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank Securities Inc.<br>
J.P. Morgan Securities LLC<br>
Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated<br>
Credit Suisse Securities (USA)&nbsp;LLC<br>
Morgan Stanley &#038; Co. Incorporated<br>
Wells Fargo Securities, LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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<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="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Co-Managers:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Comerica Securities, Inc.<br>
Morgan Keegan &#038; Company, Inc.<br>
PNC Capital Markets LLC<br>
Scotia Capital (USA)&nbsp;Inc.<br>
SunTrust Robinson Humphrey, Inc.<br>
U.S. Bancorp Investments, Inc.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Expected Ratings (Moody&#146;s / S&#038;P):</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Baa1 (Stable Outlook) / BBB (Stable Outlook)</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Covenant Definition:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For purposes of the covenant regarding the
maintenance of Total Unencumbered Assets, the
term &#147;Total Unencumbered Assets&#148; shall mean the
sum of: (1)&nbsp;those Undepreciated Real Estate
Assets not subject to an Encumbrance; and (2)&nbsp;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); 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
(all other defined terms in this paragraph have
the meaning given to them in the preliminary
prospectus supplement dated May&nbsp;31, 2011).</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CUSIP:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">133131 AR3</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ISIN:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US133131AR34</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note: A securities rating is not a recommendation to buy, sell or hold securities and may be
subject to revision or withdrawal at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The issuer has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at </B><u><B>www.sec.gov</B></u><B>. Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus if you request it by calling
Deutsche Bank Securities Inc. toll-free at 1-800-503-4611, J.P. Morgan Securities LLC at
212-834-4533 or Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated toll free at 1-800-294-1322.
You also may e-mail a request to </B><u><B>dg.prospectus&#95;requests@baml.com</B></u> or <u><B>prospectusrequest@list.db.com</B></u><B>.</B>
</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="right" style="font-size: 10pt; margin-top: 12pt"><B>Annex A-2 to Schedule&nbsp;II</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Filed Pursuant to Rule&nbsp;433<BR>
Registration Statement No.&nbsp;333-159372<BR>
Final Term Sheet, Dated May&nbsp;31, 2011<BR>
Relating to Preliminary Prospectus Supplement dated May&nbsp;31, 2011<BR><BR>

to Prospectus dated May&nbsp;20, 2009
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>$250,000,000 4.875% Notes due 2023</B></FONT>
</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="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Issuer:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Camden Property Trust</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SEC Registered</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Size:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$250,000,000&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Maturity:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;15, 2023</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Coupon (Interest Rate):</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.875%&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Benchmark Treasury:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.125% due May&nbsp;15, 2021</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Benchmark Treasury
Price and Yield:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100-20&#043;; 3.05%&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Spread to Benchmark
Treasury:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.95% (&#043;195 basis points)</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Yield to Maturity:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.00%&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interest Payment Dates:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;15 and December&nbsp;15, commencing on December
15, 2011</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Day Count Convention:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30 / 360&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Redemption Provision:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Make-whole call based on U.S. Treasury &#043; 0.30%
(&#043;30 basis points); if, however, the Notes are
redeemed 90&nbsp;days or fewer prior to their maturity
date, the redemption price will equal 100% of the
principal amount of the Notes to be redeemed plus
accrued and upaid interest on the amount being
redeemed to the redemption date</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Price to Public:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">98.878%&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Settlement Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T&#043;3; June&nbsp;3, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Joint Book-Running Managers:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank Securities Inc.<br>
J.P. Morgan Securities LLC<br>
Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated<br>
Credit Suisse Securities (USA)&nbsp;LLC<br>
Morgan Stanley &#038; Co. Incorporated<br>
Wells Fargo Securities, LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<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="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Co-Managers:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Comerica Securities, Inc.<br>
Morgan Keegan &#038; Company, Inc.<br>
PNC Capital Markets LLC<br>
Scotia Capital (USA)&nbsp;Inc.<br>
SunTrust Robinson Humphrey, Inc.<br>
U.S. Bancorp Investments, Inc.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Expected Ratings (Moody&#146;s / S&#038;P):</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Baa1 (Stable Outlook) / BBB (Stable Outlook)</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Covenant Definition:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For purposes of the covenant regarding the
maintenance of Total Unencumbered Assets, the
term &#147;Total Unencumbered Assets&#148; shall mean the
sum of: (1)&nbsp;those Undepreciated Real Estate
Assets not subject to an Encumbrance; and (2)&nbsp;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); 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
(all other defined terms in this paragraph have
the meaning given to them in the preliminary
prospectus supplement dated May&nbsp;31, 2011).</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CUSIP:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">133131 AS1&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ISIN:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">US133131AS17&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note: A securities rating is not a recommendation to buy, sell or hold securities and may be
subject to revision or withdrawal at any time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The issuer has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at </B><u><B>www.sec.gov</B></u><B>. Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus if you request it by calling
Deutsche Bank Securities Inc. toll-free at 1-800-503-4611, J.P. Morgan Securities LLC at
212-834-4533 or Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated toll free at 1-800-294-1322.
You also may e-mail a request to </B><u><B>dg.prospectus&#95;requests@baml.com</B></u> or <u><B>prospectusrequest@list.db.com</B></u><B>.</B>
</DIV>







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</DIV>

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE III</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><U>SUBSIDIARIES OF CAMDEN PROPERTY TRUST</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2009 COLP Community Owner, LLC (2)<BR>
2009 COLP Community Owner Member, LLC (2)<BR>
2009 CPT Community Owner, LLC (1)<BR>
2009 CPT Community Owner Member, LLC<BR>
2009 CSP Community Owner, LLC (2)<BR>
2009 CSP Community Owner Member, LLC (2)<BR>
2009 CUSA Community Owner, LLC<BR>
2009 CUSA Community Owner Member, LLC<BR>
2800 Main, LLC<BR>
CMJGP Member, LLC<BR>
CPT Addison GP, LLC<BR>
CPT Addison, LP (2)<BR>
CPT Community Owner, LLC (1)<BR>
CPT Community Owner Member, LLC<BR>
CPT Development (Travis), LP (2)<BR>
CPT Development (Travis) GP, LLC<BR>
CPT Development (Travis) Investor GP, LLC<BR>
CPT Development (Travis) Investor, LP<BR>
CPT Fountain Palms GP, LLC (2)<BR>
CPT Fountain Palms, LP (2)<BR>
CPT-GP, Inc.<BR>
CPT Holly Springs GP, LLC<BR>
CPT Holly Springs, LP (2)<BR>
CPT-LP, Inc.<BR>
CPT Park GP, LLC<BR>
CPT Park, LP (2)<BR>
CPT Parkside GP, LLC<BR>
CPT Parkside, LP (2)<BR>
CPT Pecos Ranch GP, LLC<BR>
CPT Pecos Ranch, LP (2)<BR>
CPT Pines GP, LLC<BR>
CPT Pines, LP (2)<BR>
CPT Sierra GP, LLC<BR>
CPT Sierra, LP (2)<BR>
CPT Sugar Grove GP, LLC<BR>
CPT Sugar Grove, LP (2)<BR>
CPT Summit GP, LLC<BR>
CPT Summit, LP (2)<BR>
CPT Tiara GP, LLC<BR>
CPT Tiara, LP (2)<BR>
CPT Towne Center GP, LLC<BR>
CPT Towne Center, LP (2)<BR>
CSP Community Owner, LLC (2)<BR>
CSP Community Owner Member, LLC (2)<BR>
Camden Builders, Inc. (1)(3)<BR>
Camden Celebration, LLC (f/k/a Fund Celebration, LLC)<BR>
Camden College Park Borrower GP, LLC (2)<BR>
Camden College Park Borrower, LP (2)<BR>
Camden College Park, LP (2)<BR>
Camden College Park GP, LLC (2)<BR>
Camden Development, Inc. (1)<BR>
Camden East Riverside TRS, Inc. (3)<BR>
Camden Fallsgrove, LLC (f/k/a Jefferson at Thomas Farm, LLC)<BR>
Camden GDP, L.P.<BR>
Camden GDP GenPar, Inc. (formally known as Camden Acquisition, Inc.)<BR>
Camden Jamboree Development GP, LLC (2)<BR>
Camden Jamboree, LP (2)<BR>
Camden Jamboree Development, LP (2)<BR>
Camden Jamboree GP, LLC (2)<BR>
Camden LaVina, LLC (f/k/a The Apartments at Lake Nona, LLC)<BR>
Camden Mezz Lender GP, LLC<BR>
Camden Mezz Lender, LP<BR>
Camden Multifamily Co-Investment Fund, LP (2)<BR>
Camden Multifamily Value Add Fund Advisor, LLC<BR>
Camden Multifamily Value Add Fund GP, LLC<BR>
Camden Multifamily Value Add Fund, LP (2)<BR>
Camden MW, LLC<BR>
Camden Norfolk Plaza GP, LLC (2)<BR>
Camden Norfolk Plaza, LP (2)<BR>
Camden Operating, L.P. (1)(2)<BR>
Camden Plaza Development GP, LLC (2)

</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">Camden Plaza Development, LP (2)<BR>
Camden Properties, Inc.<BR>
Camden Realty, Inc. (1)(3)<BR>
Camden Royal Palms, LLC (f/k/a Fund Pointe at Kings Avenue, LLC)<BR>
Camden Summit, Inc. (1)<BR>
Camden Summit Partnership, L.P. (1)(2)<BR>
Camden Technology, Inc. (3)<BR>
Camden USA, Inc. (1)<BR>
Camden Westchase, LLC (f/k/a Fund Countryway, LLC)<BR>
Camden World Gateway, LLC<BR>
Cockerell Capital, Inc. (2)<BR>
Denver West Apartments, LLC (2)<BR>
Foxcroft East Associates (2)<BR>
Fund 1007 South Congress, LLC (2)<BR>
Fund Amber Oaks, LLC (2)<BR>
Fund Amber Oaks Phase 2, LLC<BR>
G&#038;I V Midwest Residential LLC (2)<BR>
G&#038;I V Brookside LLC (2)<BR>
G&#038;I V Meadows LLC (2)<BR>
G&#038;I V Prospect Park LLC (2)<BR>
G&#038;I V Cedar Lakes LLC (2)<BR>
G&#038;I V Cove West LLC (2)<BR>
G&#038;I V Cross Creek LLC (2)<BR>
G&#038;I V Passage LLC (2)<BR>
G&#038;I V Westchase LLC (2)<BR>
G&#038;I V Oxmoor LLC (2)<BR>
Lee Vista Apartments, LLC<BR>
NoMa Development, LLC (2)<BR>
NSHE College Park GP, LLC<BR>
NSHE College Park, LP (2)<BR>
NSHE Lansdowne, LLC (2)<BR>
Oasis-California, Inc.<BR>
Oasis Martinique, LLC (2)<BR>
Orange Court, LLC<BR>
ORI, Inc.<BR>
ORI-Colorado, Inc.<BR>
ORI Park, Inc.<BR>
PAPEC Silo Creek, LLC (2)<BR>
Portofino Place, Ltd. (2)<BR>
Primary Capital Investments, LLC<BR>
Selma &#038; Vine Hollywood, LLC<BR>
St. Clair Cemetery, Inc.<BR>
Sierra-Nevada Multifamily Investments, LLC (2)<BR>
South Capitol Acquisition, LLC (2)<BR>
Summit Apartment Builders, Inc. (2)(3)<BR>
Summit Clearbrook, LLC (2)<BR>
Summit Grand Parc, LLC (2)<BR>
Summit Grandview, LLC (2)<BR>
Summit Management Company (2)(3)<BR>
Summit Roosevelt, LLC (2)<BR>
Summit Russett, LLC (2)<BR>
Summit Valleybrook, LLC (2)<BR>
Belle Meade Investment 2006 L.P. (2)<BR>
Braeswood Investment 2006 L.P. (2)<BR>
Lakes at 610 Investment 2008 LP (2)<BR>
Town Lake Investment 2007 L.P. (2)

</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>Significant subsidiary as defined in Rule&nbsp;1-02(w) of Regulation&nbsp;S-X.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Not wholly-owned directly or indirectly by Camden Property Trust</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Taxable REIT subsidiary.</TD>
</TR>

</TABLE>




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



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>d82770exv4w3.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CAMDEN PROPERTY TRUST
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">TO
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">U.S. BANK NATIONAL ASSOCIATION
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">as Trustee
</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: 6pt">Second Supplemental Indenture
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of June&nbsp;3, 2011
</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: 6pt">Supplemental to Indenture dated as of February&nbsp;11, 2003, as supplemented by the First Supplemental<BR>
Indenture dated as of May&nbsp;4, 2007
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECOND SUPPLEMENTAL INDENTURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS SECOND SUPPLEMENTAL INDENTURE, dated as of June&nbsp;3, 2011, between CAMDEN PROPERTY TRUST, a
real estate investment trust organized under the laws of the State of Texas (the &#147;Company&#148;), and
U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the
laws of the United States of America, as successor to SunTrust Bank, as Trustee hereunder (the
&#147;Trustee&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Trustee have previously entered into an Indenture, dated as of
February&nbsp;11, 2003, as supplemented by the First Supplemental Indenture, dated as of May&nbsp;4, 2007
(the &#147;Indenture&#148;), providing for the issuance by the Company from time to time of its senior debt
securities evidencing its unsecured and unsubordinated indebtedness (the &#147;Securities&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company has made a request to the Trustee that the Trustee join with it, in
accordance with Sections&nbsp;3.01 and 9.01 of the Indenture, in the execution of this Second
Supplemental Indenture to establish the terms of the Securities of all series created on or after
the date of this Second Supplemental Indenture as permitted by Sections&nbsp;2.01 and 9.01 of the
Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Trustee are authorized to enter into this Second Supplemental
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, the Company and the Trustee agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Relation to Indenture</U>. This Second Supplemental Indenture amends and
supplements the Indenture and shall be part and subject to all terms thereof. Except as amended
and supplemented hereby, the Indenture and the Securities issued thereunder shall continue in full
force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Definitions</U>. Each term used herein that is defined in the Indenture shall
have the meaning assigned to such term in the Indenture unless otherwise specifically defined
herein, in which case the definition set forth herein shall govern.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Total Unencumbered Assets</U>. With respect to the Securities of all series
created on or after the date of this Second Supplemental Indenture, the definition of &#147;Total
Unencumbered Assets&#148; is amended and restated to read in its entirety 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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Total Unencumbered Assets&#148; means the sum of: (1)&nbsp;those Undepreciated Real Estate
Assets not subject to an Encumbrance; and (2)&nbsp;all of the Company&#146;s and its
Subsidiaries&#146; other assets not subject to an Encumbrance determined in accordance
with generally accepted accounting principles (but excluding accounts receivable and
intangibles); provided, however, that all investments by the Company and its
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.&#148;</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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Limitations on Incurrence of Debt</U>. Notwithstanding Section&nbsp;4 of the First
Supplemental Indenture, dated as of May&nbsp;4, 2007, the Securities of all Series created on or after
the date of this Second Supplemental Indenture shall be subject to Section&nbsp;10.12 of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Counterparts</U>. This Second Supplemental Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Trustee&#146;s Acceptance</U>. The Trustee hereby accepts this Second Supplemental
Indenture and agrees to perform the same under the terms and conditions set forth in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Reference to the Effect on the Indenture</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;On and after the effective date of this Second Supplemental Indenture, each reference in
the Indenture to &#147;this Indenture,&#148; &#147;hereunder,&#148; &#147;hereof&#148; or &#147;herein&#148; shall mean and be a reference
to the Indenture as supplemented by this Second Supplemental Indenture unless the context otherwise
requires.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except as specifically modified or amended by this Second Supplemental Indenture, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions
thereof shall remain in full force and effect. Upon the execution and delivery of this Second
Supplemental Indenture by the Company and the Trustee, this Second Supplemental Indenture shall
form a part of the Indenture for all purposes. Any and all references, whether within the
Indenture or in any notice, certificate or other instrument or document, shall be deemed to include
a reference to this Second Supplemental Indenture (whether or not made), unless the context shall
otherwise require.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Governing Law</U>. This Second Supplemental Indenture shall be governed by and
construed in accordance with the law of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Trust Indenture Act Controls</U>. If any provision of this Second Supplemental
Indenture limits, qualifies or conflicts with another provision of this Second Supplemental
Indenture or the Indenture that is required to be included by the TIA as in force at the date this
Second Supplemental Indenture is executed, the provisions required by the TIA shall control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Benefits of Second Supplemental Indenture or the Securities</U>. Nothing in
this Second Supplemental Indenture or the Securities, express or implied, shall give to any Person,
other than the parties hereto and thereto and their successors hereunder and thereunder and the
Holders of the Securities, any benefit of any legal or equitable right, remedy or claim under the
Indenture, the Second Supplemental Indenture or the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. <U>Successors</U>. All agreements of the Company in this Second Supplemental
Indenture shall bind its successors. All agreements of the Trustee in this Second Supplemental
Indenture shall bind its successors.
</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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12. <U>Concerning the Trustee</U>. The Trustee shall not be responsible for any
recital herein (other than the third recital as it applies to the Trustee) as such recitals shall
be taken as statements of the Company, or the validity of the execution by the Company of this
Second Supplemental Indenture. The Trustee makes no representations or warranties as to the
validity or sufficiency of this Second Supplemental Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;13. <U>Certain Duties and Responsibilities of the Trustee</U>. In entering into this
Second Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of
the Indenture relating to the conduct of or affecting the liability of or affording protection to
the Trustee, whether or not elsewhere herein so provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;14. <U>Titles</U>. Section titles are for descriptive purposes only and shall not
control or alter the meaning of this Second Supplemental Indenture as set forth in the text.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;15. <U>Severability</U>. In case any one or more of the provisions of this Second
Supplemental Indenture shall be held invalid, illegal or unenforceable, in any respect for any
reason, the validity, legality and enforceability of any such provision in every other respect and
of the remaining provisions shall not in any way be affected or impaired thereby, it being intended
that all of the provision hereof shall be enforceable to the full extent permitted by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16. <U>Patriot Act Requirements of the Trustee</U>. To help the government fight the
funding of terrorism and money laundering activities, Federal law requires all financial
institutions to obtain, verify, and record information that identifies each person who opens an
account. For a non-individual person such as a business entity, a charity, a trust, or other legal
entity, the Trustee asks for documentation to verify its formation and existence as a legal entity.
The Trustee may also ask to see financial statements, licenses, identification and authorization
documents from individuals claiming authority to represent the entity or other relevant
documentation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Remainder of Page Intentionally Left Blank&#093;
</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" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as
of the day and year first above written.
</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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CAMDEN PROPERTY TRUST</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>
    <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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Alex J.K. Jessett
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Alex J.K. Jessett
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President-Finance and Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Attest:
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Dennis M. Steen
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Dennis M. Steen
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President-Finance, Chief
Financial Officer and Assistant Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">U.S. BANK NATIONAL ASSOCIATION, as Trustee</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>
    <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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Patricia A. Welling
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Patricia A. Welling
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>4
<FILENAME>d82770exv4w4.htm
<DESCRIPTION>EX-4.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w4</TITLE>
</HEAD>
<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;4.4</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE
TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON
OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED
UPON REGISTRATION OF TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (&#147;DTC&#148;), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &#038; CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CAMDEN PROPERTY TRUST
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">4.625% NOTE DUE 2021
</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="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">REGISTERED
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">PRINCIPAL AMOUNT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No.: R-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$250,000,000&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CUSIP No.: 133131 AR3<BR>
ISIN No.: US133131AR34

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMDEN PROPERTY TRUST, a real estate investment trust organized and existing under the laws of
the State of Texas (hereinafter called the &#147;Company,&#148; which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &#038;
Co., or registered assigns, upon presentation, the principal sum of Two Hundred Fifty Million
Dollars ($250,000,000) on June&nbsp;15, 2021 at the office or agency of the Company referred to below,
and to pay interest thereon from June&nbsp;3, 2011, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually in arrears on June&nbsp;15 and December
15 in each year (each, an &#147;Interest Payment Date&#148;), commencing December&nbsp;15, 2011 at the rate of
4.625% per annum, until the entire principal hereof is paid or duly provided for. The interest so
payable, and punctually paid or duly provided for on any Interest Payment Date will, as provided
for in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest
which shall be June 1 or December 1 (whether or not a Business Day), as the case may be,
immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may
either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not more than 15&nbsp;days and not less than 10&nbsp;days prior to such Special Record Date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.
</DIV>

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

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<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;Payment of the principal of, or Make-Whole Amount, if any, and interest on, the Securities
will be made to The Depository Trust Company or its nominee in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that at the option of the Company payment of interest may be made by (i)
check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register or (ii)&nbsp;by wire transfer of funds to an account of the Person entitled thereto
maintained within the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities of this series may be redeemed at any time at the option of the Company, in whole
or in part, upon notice of not more than 60 nor less than 30&nbsp;days prior to the Redemption Date, at
a redemption price equal to the sum of (i)&nbsp;the principal amount of the Securities being redeemed
plus accrued interest thereon to the Redemption Date and (ii)&nbsp;the Make-Whole Amount, if any, with
respect to such Securities; <U>provided</U>, <U>however</U>, that if the Securities are redeemed
90&nbsp;days or fewer prior to their maturity date, the redemption price will equal 100% of the
principal amount of the Securities (or portion of the Securities) being redeemed plus accrued and
unpaid interest thereon to but excluding the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE
HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH IN
THIS PLACE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the Certificate of Authentication hereon has been executed by or on behalf of the
Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
</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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CAMDEN PROPERTY TRUST</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>
    <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">Dated: June&nbsp;3, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Alex
J.K. Jessett
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President &#151; Finance and Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Attest:
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
J.
Robert Fisher
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#151; General Counsel
and Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">U.S. Bank National Association, as successor to SunTrust Bank,
as Trustee
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized
Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dated: June&nbsp;3, 2011&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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" style="font-size: 10pt; margin-top: 18pt">Reverse of Note
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CAMDEN PROPERTY TRUST
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">4.625% NOTE DUE 2021
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Security is one of a duly authorized issue of securities of the Company (herein called
the &#147;Securities&#148;), issued and to be issued in one or more series under an Indenture, dated as of
February&nbsp;11, 2003, as amended by the First Supplemental Indenture, dated as of May&nbsp;4, 2007, and the
Second Supplemental Indenture, dated as of June&nbsp;3, 2011 (collectively, herein called the
&#147;Indenture&#148;), between the Company and U.S. Bank National Association, a banking corporation
organized and existing under the laws of the United States of America, as successor to SunTrust
Bank, as Trustee (herein called the &#147;Trustee,&#148; which term includes any successor trustee under the
Indenture with respect to the series of which this Security is a part), to which Indenture and all
board resolutions and indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series designated on the first
page hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Make-Whole Amount&#148; means, in connection with any optional redemption or accelerated payment
of any Security, the excess, if any, of (i)&nbsp;the aggregate present value as of the date of such
redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount
of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that
would have been payable in respect of such dollar if such redemption or accelerated payment had not
been made, determined by discounting, on a semi-annual basis, such principal and interest at the
Reinvestment Rate (determined on the third Business Day preceding the date such notice of
redemption is given or declaration of acceleration is made) from the respective dates on which such
principal and interest would have been payable if such redemption or accelerated payment had not
been made, over (ii)&nbsp;the aggregate principal amount of the Securities being redeemed or paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reinvestment Rate&#148; means 0.25% (twenty five one-hundredths of one percent) plus the
arithmetic mean of the yields under the respective headings &#147;This Week&#148; and &#147;Last Week&#148; published
in the Statistical Release under the caption &#147;Treasury Constant Maturities&#148; for the maturity
(rounded to the nearest month) corresponding to the remaining life to maturity, as of the payment
date of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity,
yields for the two published maturities most closely corresponding to such maturity shall be
calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be
interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such
relevant periods to the nearest month. For purposes of calculating the Reinvestment Rate, the most
recent Statistical Release published prior to the date of determination of the Make-Whole Amount
shall be used.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Statistical Release&#148; means the statistical release designated &#147;H.15(519)&#148; or any successor
publication which is published weekly by the Federal Reserve System and which establishes yields on
actively traded United States government securities adjusted to constant maturities or, if such
statistical release is not published at the time of any determination under the Indenture, then
such other reasonably comparable index which shall be designated by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding Section&nbsp;4 of the First Supplemental Indenture, the covenants set forth in
Section&nbsp;10.12 of the Indenture shall be fully applicable to this Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture contains provisions for defeasance at any time of (a)&nbsp;the entire indebtedness of
the Company on this Security and (b)&nbsp;certain restrictive covenants and the related defaults and
Events of Default applicable to the Company, in each case, upon compliance by the Company with
certain conditions set forth in the Indenture, which provisions apply to this Security.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of, and the Make-Whole Amount, if any, on, the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee, offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and the Trustee shall have failed to institute any such proceeding, for 60&nbsp;days after
receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of principal hereof
(and premium or Make-Whole Amount, if any) or any interest on and any Additional Amounts in respect
thereof on or after the respective due dates expressed herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority in principal amount of the
Securities of each series at the time Outstanding affected thereby. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of, Make-Whole Amount, if any, on, and interest on this Security at the times, place
and rate, and in the coin or currency, herein prescribed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any Place of Payment where
the principal of, Make-Whole Amount, if any, on, and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or
transferees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000. As provided in the Indenture and subject
to certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series of a different authorized denomination, as
requested by the Holder surrendering the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No recourse under or upon any obligation, covenant or agreement contained in the Indenture or
in this
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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" style="font-size: 10pt; margin-top: 6pt">Security, or because of any indebtedness evidenced thereby, shall be had against any
promoter, as such or, against any past, present or future shareholder, officer, trust manager or
director, as such, of the Company or of any successor, either directly or through the Company or
any successor, under any rule of law, statute or constitutional provision or by the enforcement of
any assessment or by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of this Security by the Holder thereof and as part
of
the consideration for the issue of the Securities of this series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused &#147;CUSIP&#148; numbers to be printed on the Securities of this series
as convenience to the Holders of such Securities. No representation is made as to the correctness
or accuracy of such CUSIP number, or the ISIN number, printed on the Securities of this series, and
reliance may be placed only on the other identification numbers printed hereon.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;REMAINDER OF PAGE INTENTIONALLY BLANK&#093;
</DIV>


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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:
</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="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TEN COMM
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as tenants in common
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UNIF GIFT/TRANSFER MIN ACT &#151;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TEN ENT
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as tenants by the entireties
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; Custodian &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JT TEN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as joint tenants with right of
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Cust)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Minor)</TD>
</TR>
<TR valign="bottom">
    <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">survivorship and not as tenants
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under Uniform Gifts/Transfers to Minors Act </TD>
</TR>
<TR valign="bottom">
    <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">in common
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (State) </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional abbreviations may also be used though not in the above list.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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">Social Security or taxpayer I.D. or other identifying number of assignee:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt">(name and address of assignee)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the within Note and all rights thereunder, hereby irrevocably constituting and appointing
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, attorney to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.
</DIV>

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



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>5
<FILENAME>d82770exv4w5.htm
<DESCRIPTION>EX-4.5
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w5</TITLE>
</HEAD>
<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;4.5</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE
TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON
OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED
UPON REGISTRATION OF TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (&#147;DTC&#148;), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &#038; CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CAMDEN PROPERTY TRUST
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">4.875% NOTE DUE 2023
</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="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">REGISTERED
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">PRINCIPAL AMOUNT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No.: R-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$250,000,000&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CUSIP No.: 133131 AS1<BR>
ISIN No.: US133131AS17

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMDEN PROPERTY TRUST, a real estate investment trust organized and existing under the laws of
the State of Texas (hereinafter called the &#147;Company,&#148; which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &#038;
Co., or registered assigns, upon presentation, the principal sum of Two Hundred Fifty Million
Dollars ($250,000,000) on June&nbsp;15, 2023 at the office or agency of the Company referred to below,
and to pay interest thereon from June&nbsp;3, 2011, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually in arrears on June&nbsp;15 and December
15 in each year (each, an &#147;Interest Payment Date&#148;), commencing December&nbsp;15, 2011 at the rate of
4.875% per annum, until the entire principal hereof is paid or duly provided for. The interest so
payable, and punctually paid or duly provided for on any Interest Payment Date will, as provided
for in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest
which shall be June 1 or December 1 (whether or not a Business Day), as the case may be,
immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may
either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not more than 15&nbsp;days and not less than 10&nbsp;days prior to such Special Record Date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.
</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;Payment of the principal of, or Make-Whole Amount, if any, and interest on, the Securities
will be made to The Depository Trust Company or its nominee in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that at the option of the Company payment of interest may be made by (i)
check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register or (ii)&nbsp;by wire transfer of funds to an account of the Person entitled thereto
maintained within the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities of this series may be redeemed at any time at the option of the Company, in whole
or in part, upon notice of not more than 60 nor less than 30&nbsp;days prior to the Redemption Date, at
a redemption price equal to the sum of (i)&nbsp;the principal amount of the Securities being redeemed
plus accrued interest thereon to the Redemption Date and (ii)&nbsp;the Make-Whole Amount, if any, with
respect to such Securities; <U>provided</U>, <U>however</U>, that if the Securities are redeemed
90&nbsp;days or fewer prior to their maturity date, the redemption price will equal 100% of the
principal amount of the Securities (or portion of the Securities) being redeemed plus accrued and
unpaid interest thereon to but excluding the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE
HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH IN
THIS PLACE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the Certificate of Authentication hereon has been executed by or on behalf of the
Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
</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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CAMDEN PROPERTY TRUST</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>
    <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">Dated: June&nbsp;3, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Alex
J.K. Jessett
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President &#151; Finance and Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Attest:
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
J.
Robert Fisher
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#151; General Counsel and Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Bank National Association, as successor to SunTrust Bank,<BR>
as Trustee

</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized
Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dated: June&nbsp;3, 2011&nbsp;</TD>
</TR>
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</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 align="center" style="font-size: 10pt; margin-top: 18pt">Reverse of Note
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CAMDEN PROPERTY TRUST
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">4.875% NOTE DUE 2023
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Security is one of a duly authorized issue of securities of the Company (herein called
the &#147;Securities&#148;), issued and to be issued in one or more series under an Indenture, dated as of
February&nbsp;11, 2003, as amended by the First Supplemental Indenture, dated as of May&nbsp;4, 2007, and the
Second Supplemental Indenture, dated as of June&nbsp;3, 2011 (collectively, herein called the
&#147;Indenture&#148;), between the Company and U.S. Bank National Association, a banking corporation
organized and existing under the laws of the United States of America, as successor to SunTrust
Bank, as Trustee (herein called the &#147;Trustee,&#148; which term includes any successor trustee under the
Indenture with respect to the series of which this Security is a part), to which Indenture and all
board resolutions and indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series designated on the first
page hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Make-Whole Amount&#148; means, in connection with any optional redemption or accelerated payment
of any Security, the excess, if any, of (i)&nbsp;the aggregate present value as of the date of such
redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount
of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that
would have been payable in respect of such dollar if such redemption or accelerated payment had not
been made, determined by discounting, on a semi-annual basis, such principal and interest at the
Reinvestment Rate (determined on the third Business Day preceding the date such notice of
redemption is given or declaration of acceleration is made) from the respective dates on which such
principal and interest would have been payable if such redemption or accelerated payment had not
been made, over (ii)&nbsp;the aggregate principal amount of the Securities being redeemed or paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reinvestment Rate&#148; means 0.30% (thirty one-hundredths of one percent) plus the arithmetic
mean of the yields under the respective headings &#147;This Week&#148; and &#147;Last Week&#148; published in the
Statistical Release under the caption &#147;Treasury Constant Maturities&#148; for the maturity (rounded to
the nearest month) corresponding to the remaining life to maturity, as of the payment date of the
principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for
the two published maturities most closely corresponding to such maturity shall be calculated
pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or
extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods
to the nearest month. For purposes of calculating the Reinvestment Rate, the most recent
Statistical Release published prior to the date of determination of the Make-Whole Amount shall be
used.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Statistical Release&#148; means the statistical release designated &#147;H.15(519)&#148; or any successor
publication which is published weekly by the Federal Reserve System and which establishes yields on
actively traded United States government securities adjusted to constant maturities or, if such
statistical release is not published at the time of any determination under the Indenture, then
such other reasonably comparable index which shall be designated by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding Section&nbsp;4 of the First Supplemental Indenture, the covenants set forth in
Section&nbsp;10.12 of the Indenture shall be fully applicable to this Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture contains provisions for defeasance at any time of (a)&nbsp;the entire indebtedness of
the Company on this Security and (b)&nbsp;certain restrictive covenants and the related defaults and
Events of Default applicable to the Company, in each case, upon compliance by the Company with
certain conditions set forth in the Indenture, which provisions apply to this Security.
</DIV>

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

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<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;If any Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of, and the Make-Whole Amount, if any, on, the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee, offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and the Trustee shall have failed to institute any such proceeding, for 60&nbsp;days after
receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of principal hereof
(and premium or Make-Whole Amount, if any) or any interest on and any Additional Amounts in respect
thereof on or after the respective due dates expressed herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority in principal amount of the
Securities of each series at the time Outstanding affected thereby. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of, Make-Whole Amount, if any, on, and interest on this Security at the times, place
and rate, and in the coin or currency, herein prescribed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any Place of Payment where
the principal of, Make-Whole Amount, if any, on, and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or
transferees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000. As provided in the Indenture and subject
to certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series of a different authorized denomination, as
requested by the Holder surrendering the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No recourse under or upon any obligation, covenant or agreement contained in the Indenture or
in this
</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">Security, or because of any indebtedness evidenced thereby, shall be had against any
promoter, as such or, against any past, present or future shareholder, officer, trust manager or
director, as such, of the Company or of any successor, either directly or through the Company or
any successor, under any rule of law, statute or constitutional provision or by the enforcement of
any assessment or by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of this Security by the Holder thereof and as part
of the consideration for the issue of the Securities of this series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused &#147;CUSIP&#148; numbers to be printed on the Securities of this series
as convenience to the Holders of such Securities. No representation is made as to the correctness
or accuracy of such CUSIP number, or the ISIN number, printed on the Securities of this series, and
reliance may be placed only on the other identification numbers printed hereon.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;REMAINDER OF PAGE INTENTIONALLY BLANK&#093;
</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 align="center" style="font-size: 10pt; margin-top: 18pt">ABBREVIATIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:
</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="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TEN COMM
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as tenants in common
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UNIF GIFT/TRANSFER MIN ACT &#151;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TEN ENT
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as tenants by the entireties
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; Custodian &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JT TEN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as joint tenants with right of
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Cust) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Minor)</TD>
</TR>
<TR valign="bottom">
    <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">survivorship and not as tenants
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under Uniform Gifts/Transfers to Minors Act</TD>
</TR>
<TR valign="bottom">
    <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">in common
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (State)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional abbreviations may also be used though not in the above list.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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">Social Security or taxpayer I.D. or other identifying number of assignee:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt">(name and address of assignee)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the within Note and all rights thereunder, hereby irrevocably constituting and appointing
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, attorney to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.
</DIV>

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



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




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