Schedule III

Camden Property Trust

Real Estate and Accumulated Depreciation

As of December 31, 2011

(in thousands)

		00000		00000		00000		00000		00000		00000		00000		00000		00000		00000
	Initial Cost						Total Cost
	Land		Building/ Construction in Progress & Improvements		Cost Subsequent to Acquisition/ Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition

Current communities:

Camden Ashburn Farm	$	4,835	$	22,604	$	730	$	4,835	$	23,334	$	28,169	$	5,079	$	23,090	$			2005
Camden Aventura		12,185		47,616		3,908		12,185		51,524		63,709		10,911		52,798		34,145		2005
Camden Ballantyne		4,503		30,250		3,020		4,503		33,270		37,773		6,998		30,775		26,025		2005
Camden Bay		7,450		63,283		5,371		7,450		68,654		76,104		22,815		53,289				1998/2002
Camden Bay Pointe		1,296		10,394		6,042		1,296		16,436		17,732		10,600		7,132				1997
Camden Bayside		3,726		28,689		13,525		3,726		42,214		45,940		23,480		22,460				1997
Camden Baytown		520		13,071		2,026		520		15,097		15,617		6,337		9,280				1999
Camden Bel Air		3,594		31,221		4,731		3,594		35,952		39,546		17,975		21,571				1998
Camden Breakers		1,055		13,024		3,802		1,055		16,826		17,881		8,395		9,486				1996
Camden Breeze		2,894		15,828		3,579		2,894		19,407		22,301		9,452		12,849				1998
Camden Brickell		14,621		57,031		3,586		14,621		60,617		75,238		13,415		61,823				2005
Camden Brookwood		7,174		31,984		1,907		7,174		33,891		41,065		7,665		33,400		22,624		2005
Camden Buckingham		2,704		21,251		2,677		2,704		23,928		26,632		10,452		16,180				1997
Camden Caley		2,047		17,445		1,577		2,047		19,022		21,069		7,385		13,684		15,352		2000
Camden Canyon		1,802		11,666		4,556		1,802		16,222		18,024		7,800		10,224				1998
Camden Cedar Hills		2,684		20,931		15		2,684		20,946		23,630		3,445		20,185				2008
Camden Centennial		3,123		13,051		2,851		3,123		15,902		19,025		7,589		11,436				1995
Camden Centre		172		1,166		255		172		1,421		1,593		733		860				1998
Camden Centreport		1,613		12,644		1,827		1,613		14,471		16,084		6,486		9,598				1997
Camden Cimarron		2,231		14,092		2,811		2,231		16,903		19,134		8,630		10,504				1997
Camden Citrus Park		1,144		6,045		3,846		1,144		9,891		11,035		6,274		4,761				1997
Camden City Centre		4,976		44,735		146		4,976		44,881		49,857		7,861		41,996		33,795		2007
Camden Clearbrook		2,384		44,017		98		2,384		44,115		46,499		7,875		38,624				2007
Camden Club		4,453		29,811		7,100		4,453		36,911		41,364		21,164		20,200				1998
Camden College Park		16,409		91,503		39		16,409		91,542		107,951		3,209		104,742				2008
Camden Commons		2,476		20,073		5,023		2,476		25,096		27,572		14,332		13,240				1998
Camden Copper Ridge		1,204		9,180		4,824		1,204		14,004		15,208		9,450		5,758				1993
Camden Copper Square		4,825		23,672		2,434		4,825		26,106		30,931		10,133		20,798				2000
Camden Cotton Mills		4,246		19,147		2,059		4,246		21,206		25,452		4,783		20,669				2005
Camden Cove		1,382		6,266		1,397		1,382		7,663		9,045		4,199		4,846				1998
Camden Creek		1,494		12,483		5,532		1,494		18,015		19,509		13,157		6,352				1993
Camden Crest		4,412		33,366		1,724		4,412		35,090		39,502		7,669		31,833				2005
Camden Crown Valley		9,381		54,210		2,006		9,381		56,216		65,597		18,672		46,925				2001
Camden Deerfield		4,895		21,922		1,248		4,895		23,170		28,065		5,359		22,706		19,220		2005
Camden Del Mar		4,404		35,264		13,123		4,404		48,387		52,791		23,180		29,611				1998
Camden Dilworth		516		16,633		129		516		16,762		17,278		3,403		13,875		13,073		2006
Camden Doral		10,260		40,416		1,109		10,260		41,525		51,785		8,877		42,908		26,825		2005
Camden Doral Villas		6,476		25,543		1,507		6,476		27,050		33,526		6,055		27,471				2005
Camden Dulles Station		10,807		61,548		111		10,807		61,659		72,466		8,169		64,297				2008
Camden Dunwoody		5,290		23,642		1,767		5,290		25,409		30,699		5,665		25,034		21,168		2005
Camden Fair Lakes		15,515		104,223		3,100		15,515		107,323		122,838		22,104		100,734				2005

		00000		00000		00000		00000		00000		00000		00000		00000		00000		00000
	Initial Cost						Total Cost
	Land		Building/ Construction in Progress & Improvements		Cost Subsequent to Acquisition/ Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Camden Fairfax Corner	$	8,484	$	72,953	$	212	$	8,484	$	73,165	$	81,649	$	14,428	$	67,221	$			2006
Camden Fairview		1,283		7,223		1,411		1,283		8,634		9,917		2,220		7,697				2005
Camden Fairways		3,969		15,543		8,621		3,969		24,164		28,133		12,909		15,224				1998
Camden Fallsgrove		9,408		43,647		923		9,408		44,570		53,978		9,508		44,470				2005
Camden Farmers Market		17,341		74,193		3,706		17,341		77,899		95,240		25,036		70,204		50,711		2001/2005
Camden Forest		970		7,209		2,521		970		9,730		10,700		5,720		4,980				1997
Camden Foxcroft		1,408		7,919		2,472		1,408		10,391		11,799		2,736		9,063		9,040		2005
Camden Gaines Ranch		5,094		37,100		2,593		5,094		39,693		44,787		8,055		36,732				2005
Camden Gardens		1,500		6,137		2,892		1,500		9,029		10,529		6,310		4,219				1994
Camden Glen Lakes		2,157		16,339		13,076		2,157		29,415		31,572		22,952		8,620				1993
Camden Governor's Village		3,669		20,508		1,486		3,669		21,994		25,663		5,084		20,579		13,004		2005
Camden Grand Parc		7,688		35,900		669		7,688		36,569		44,257		7,715		36,542				2005
Camden Grandview		7,570		33,859		3,410		7,570		37,269		44,839		8,396		36,443				2005
Camden Greenway		16,916		43,933		4,901		16,916		48,834		65,750		20,160		45,590		52,359		1999
Camden Habersham		1,004		10,283		2,941		1,004		13,224		14,228		8,254		5,974				1997
Camden Harbor View		16,079		127,459		2,038		16,079		129,497		145,576		33,131		112,445		92,716		2003
Camden Highlands Ridge		2,612		34,726		3,813		2,612		38,539		41,151		15,216		25,935				1996
Camden Hills		853		7,834		1,351		853		9,185		10,038		4,863		5,175				1998
Camden Hunter's Creek		4,156		20,925		1,088		4,156		22,013		26,169		5,013		21,156				2005
Camden Huntingdon		2,289		17,393		2,958		2,289		20,351		22,640		10,779		11,861				1995
Camden Interlocken		5,293		31,612		4,124		5,293		35,736		41,029		14,171		26,858		27,431		1999
Camden Lago Vista		3,497		29,623		437		3,497		30,060		33,557		7,481		26,076				2005
Camden Lake Pine		5,746		31,714		2,763		5,746		34,477		40,223		7,897		32,326		26,212		2005
Camden Lakes		3,106		22,746		10,630		3,106		33,376		36,482		22,085		14,397				1997
Camden Lakeside		1,171		7,395		4,027		1,171		11,422		12,593		7,093		5,500				1997
Camden Lakeway		3,915		34,129		4,449		3,915		38,578		42,493		16,637		25,856		29,267		1997
Camden Landings		1,045		6,434		3,786		1,045		10,220		11,265		6,649		4,616				1997
Camden Landsdowne		15,502		102,267		2,343		15,502		104,610		120,112		22,634		97,478				2005
Camden Largo Town Center		8,411		44,163		1,301		8,411		45,464		53,875		9,390		44,485				2005
Camden Las Olas		12,395		79,518		1,678		12,395		81,196		93,591		17,690		75,901				2005
Camden Laurel Ridge		915		4,338		2,436		915		6,774		7,689		4,510		3,179				1994
Camden Lee Vista		4,350		34,643		3,463		4,350		38,106		42,456		13,881		28,575				2000
Camden Legacy		4,068		26,612		4,423		4,068		31,035		35,103		14,713		20,390				1998
Camden Legacy Creek		2,052		12,896		2,267		2,052		15,163		17,215		7,117		10,098				1997
Camden Legacy Park		2,560		15,449		2,840		2,560		18,289		20,849		8,281		12,568		13,866		1997
Camden Legends		1,370		6,382		917		1,370		7,299		8,669		3,507		5,162				1998
Camden Live Oaks		6,428		39,127		13,373		6,428		52,500		58,928		26,984		31,944				1998
Camden Main & Jamboree		17,363		75,387		20		17,363		75,407		92,770		3,602		89,168		52,130		2008
Camden Manor Park		2,535		47,159		349		2,535		47,508		50,043		10,225		39,818		29,675		2006
Camden Martinique		28,401		51,861		10,747		28,401		62,608		91,009		26,928		64,081		39,061		1998
Camden Midtown		4,583		18,026		3,273		4,583		21,299		25,882		8,776		17,106		28,058		1999
Camden Midtown Atlanta		6,196		33,828		2,107		6,196		35,935		42,131		8,335		33,796		20,565		2005
Camden Miramar		—		31,655		6,430		—		38,085		38,085		13,906		24,179				1994-2011
Camden Monument Place		9,030		54,089		47		9,030		54,136		63,166		9,101		54,065				2007

		00000		00000		00000		00000		00000		00000		00000		00000		00000		00000
	Initial Cost						Total Cost
	Land		Building/ Construction in Progress & Improvements		Cost Subsequent to Acquisition/ Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Camden Oak Crest	$	2,078	$	20,941	$	1,051	$	2,078	$	21,992	$	24,070	$	7,061	$	17,009	$	17,309		2003
Camden Old Creek		20,360		71,777		203		20,360		71,980		92,340		12,622		79,718				2007
Camden Orange Court		5,319		40,733		63		5,319		40,796		46,115		5,907		40,208				2008
Camden Overlook		4,591		25,563		2,606		4,591		28,169		32,760		6,707		26,053		19,546		2005
Camden Palisades		8,406		31,497		7,080		8,406		38,577		46,983		18,074		28,909				1998
Camden Park Commons		1,146		11,311		1,916		1,146		13,227		14,373		6,351		8,022				1997
Camden Peachtree City		6,536		29,063		1,637		6,536		30,700		37,236		7,203		30,033				2005
Camden Pinehurst		3,380		14,807		6,568		3,380		21,375		24,755		19,715		5,040				1997
Camden Pinnacle		1,640		12,287		2,508		1,640		14,795		16,435		7,195		9,240				1994
Camden Plantation		6,299		77,964		4,270		6,299		82,234		88,533		17,357		71,176				2005
Camden Plaza		7,204		31,044		95		7,204		31,139		38,343		1,170		37,173		22,214		2007
Camden Pointe		2,058		14,879		2,274		2,058		17,153		19,211		7,836		11,375				1998
Camden Portofino		9,867		38,702		2,300		9,867		41,002		50,869		8,701		42,168				2005
Camden Potomac Yard		16,498		88,317		51		16,498		88,368		104,866		13,075		91,791				2008
Camden Preserve		1,206		17,982		2,536		1,206		20,518		21,724		8,411		13,313				1997
Camden Providence Lakes		2,020		14,855		4,723		2,020		19,578		21,598		6,740		14,858				2002
Camden Renaissance		4,144		39,987		3,763		4,144		43,750		47,894		16,949		30,945				1997
Camden Reserve		3,910		20,027		7,438		3,910		27,465		31,375		15,300		16,075				1997
Camden Reunion Park		3,302		18,457		1,661		3,302		20,118		23,420		4,680		18,740		19,961		2005
Camden Ridgecrest		1,008		12,720		2,528		1,008		15,248		16,256		7,970		8,286				1995
Camden River		5,386		24,025		2,863		5,386		26,888		32,274		6,344		25,930		21,614		2005
Camden Roosevelt		11,470		45,785		481		11,470		46,266		57,736		10,103		47,633				2005
Camden Royal Oaks		1,055		20,046		160		1,055		20,206		21,261		4,780		16,481				2006
Camden Royal Palms		2,147		38,339		788		2,147		39,127		41,274		6,065		35,209				2007
Camden Russett		13,460		61,837		2,101		13,460		63,938		77,398		13,632		63,766		45,063		2005
Camden San Paloma		6,480		23,045		3,139		6,480		26,184		32,664		8,237		24,427				2002
Camden Sea Palms		4,336		9,930		2,157		4,336		12,087		16,423		5,679		10,744				1998
Camden Sedgebrook		5,266		29,211		2,049		5,266		31,260		36,526		6,930		29,596		21,306		2005
Camden Shiloh		4,181		18,798		1,089		4,181		19,887		24,068		4,817		19,251		10,576		2005
Camden Sierra at Otay		10,585		49,781		1,436		10,585		51,217		61,802		13,779		48,023				2003
Camden Silo Creek		9,707		45,144		734		9,707		45,878		55,585		9,716		45,869				2005
Camden Simsbury		1,152		6,499		994		1,152		7,493		8,645		1,607		7,038				2005
Camden South End Square		6,625		29,175		1,438		6,625		30,613		37,238		6,913		30,325				2005
Camden Springs		1,520		8,300		3,791		1,520		12,091		13,611		9,444		4,167				1994
Camden St. Clair		7,526		27,486		2,252		7,526		29,738		37,264		6,567		30,697		21,646		2005
Camden Steeplechase		1,089		5,190		4,621		1,089		9,811		10,900		7,431		3,469				1994
Camden Stockbridge		5,071		22,693		1,183		5,071		23,876		28,947		5,746		23,201		14,332		2005
Camden Stonebridge		1,016		7,137		2,527		1,016		9,664		10,680		5,582		5,098				1993
Camden Stonecrest		3,954		22,021		2,117		3,954		24,138		28,092		5,289		22,803		16,920		2005
Camden Stoneleigh		3,498		31,285		1,670		3,498		32,955		36,453		6,276		30,177				2006
Camden Summerfield		14,659		48,404		141		14,659		48,545		63,204		7,486		55,718				2008
Camden Sweetwater		4,395		19,664		1,381		4,395		21,045		25,440		5,054		20,386				2005
Camden Touchstone		1,203		6,772		1,928		1,203		8,700		9,903		2,411		7,492				2005
Camden Travis Street		1,780		29,104		44		1,780		29,148		30,928		2,852		28,076		31,476		2010

		00000		00000		00000		00000		00000		00000		00000		00000		00000		00000
	Initial Cost						Total Cost
	Land		Building/ Construction in Progress & Improvements		Cost Subsequent to Acquisition/ Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Camden Tuscany	$	3,330	$	36,466	$	698	$	3,330	$	37,164	$	40,494	$	9,859	$	30,635	$			2003
Camden Valley Park		3,096		14,667		11,947		3,096		26,614		29,710		19,016		10,694				1994
Camden Valleybrook		7,340		39,139		1,322		7,340		40,461		47,801		9,010		38,791				2005
Camden Vanderbilt		16,076		44,918		12,642		16,076		57,560		73,636		28,224		45,412		73,165		1994/1997
Camden Vineyards		4,367		28,494		1,085		4,367		29,579		33,946		8,965		24,981				2002
Camden Vintage		3,641		19,255		4,334		3,641		23,589		27,230		12,328		14,902				1998
Camden Westshore		1,734		10,819		5,869		1,734		16,688		18,422		9,845		8,577				1997
Camden Westview		1,031		7,932		4,172		1,031		12,104		13,135		8,224		4,911				1993
Camden Westwood		4,567		25,519		1,417		4,567		26,936		31,503		6,042		25,461		19,907		2005
Camden Whispering Oaks		1,188		26,242		70		1,188		26,312		27,500		4,162		23,338				2008
Camden Woods		2,693		19,930		8,012		2,693		27,942		30,635		16,448		14,187				1999
Camden World Gateway		5,785		51,821		1,598		5,785		53,419		59,204		10,856		48,348				2005

Total Current communities(1):		754,941		4,270,862		427,951		754,941		4,698,813		5,453,754		1,432,053		4,021,701		1,051,357

(1)

Current communities may include costs included in properties under development on the balance sheet as of December 31, 2011.

		00000		00000		00000		00000		00000		00000		00000		00000		00000		00000
	Initial Cost						Total Cost
	Land		Building/ Construction in Progress & Improvements		Cost Subsequent to Acquisition/ Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Lease-up & Construction communities:

Camden LaVina	$	12,907	$	41,852	$	—	$	12,907	$	41,852	$	54,759	$	511	$	54,248	$			N/A
Camden Summerfield II		4,459		19,840		—		4,459		19,840		24,299		150		24,149				N/A


Total Lease-up construction communities (2):		17,366		61,692		—		17,366		61,692		79,058		661		78,397		—


Communities under construction:
Camden City Centre II				10,148		—				10,148		10,148		—		10,148				N/A
Camden Montague				13,364		—				13,364		13,364		2		13,362				N/A
Camden NOMA				39,022		—				39,022		39,022		2		39,020				N/A
Camden Royal Oaks II				11,085		—				11,085		11,085		13		11,072				N/A
Camden Town Square				28,653		—				28,653		28,653		—		28,653				N/A
Camden Westchase Park				29,590		—				29,590		29,590		1		29,589				N/A

Total Construction communities (2):		—		131,862		—		—		131,862		131,862		18		131,844		—

Total Development Pipeline and Land Holdings (2)		—		151,576		—		—		151,576		151,576		67		151,509		—		N/A

Corporate		—		3,290		—		—		3,290		3,290		—		3,290		—		N/A

	$	17,366	$	348,420		—		17,366	$	348,420	$	365,786	$	746	$	365,040		—

TOTAL	$	772,307	$	4,619,282	$	427,951	$	772,307	$	5,047,233	$	5,819,540	$	1,432,799	$	4,386,741	$	1,051,357

(2)

Lease-up/development communities may include costs included under buildings and improvements on the balance sheet as of December 31, 2011.

The changes in total real estate assets for the years ended December 31:

		September 30,			September 30,			September 30,
	2011			2010			2009
Balance, beginning of period	$	5,647,677		$	5,461,626		$	5,455,834
Additions during period:
Acquisition		—			238,885			—
Development		180,028			21,798			36,495
Improvements		61,037			44,405			35,377
Classification from held for sale		—			—			9,518
Deductions during period:
Cost of real estate sold contributed to joint venture		(12,578	)		(119,037	)		(3,345	)
Cost of real estate sold – other		(32,673	)		—			—
Impairment		—			—			(72,253	)
Classification to held for sale		(23,951	)		—			—

Balance, end of period	$	5,819,540		$	5,647,677		$	5,461,626

The changes in accumulated depreciation for the years ended December 31:
	2011			2010			2009
Balance, Beginning of period	$	1,292,924		$	1,149,056		$	981,049
Depreciation		171,009			166,867			170,480
Real Estate sold		(18,877	)		(22,999	)		(2,473	)
Transferred to held for sale		(12,257	)		—			—

Balance, end of period	$	1,432,799		$	1,292,924		$	1,149,056

The aggregate cost for federal income tax purposes at December 31, 2011 was $5.0 billion.