a50155736ex99

a50155736ex99_2.htm

EXHIBIT 99.2

FOURTH QUARTER 2011

Supplemental Operating and Financial Data

Camden Piney Point - Houston, TX

Acquired November 2, 2011 - 318 Units

Camden Property Trust

Three Greenway Plaza, Suite 1300

Houston, Texas 77046

Phone: 713-354-2500 Fax: 713-354-2700

www.camdenliving.com

CAMDEN	TABLE OF CONTENTS



	Page
Press Release Text	3
Financial Highlights	7
Operating Results	8
Funds from Operations	9
Balance Sheets	10
Portfolio Statistics	11
Components of Property Net Operating Income	12
"Same Property" Fourth Quarter Comparisons	13
"Same Property" Sequential Quarter Comparisons	14
"Same Property" Year to Date Comparisons	15
"Same Property" Operating Expense Detail & Comparisons	16
Joint Venture Operations	17
Current Development Communities	18
Development Pipeline & Land	19
Acquisitions and Dispositions	20
Debt Analysis	21
Debt Maturity Analysis	22
Debt Covenant Analysis	23
Unconsolidated Real Estate Investments Debt Analysis	24
Unconsolidated Real Estate Investments Debt Maturity Analysis	25
Capitalized Expenditures & Maintenance Expense	26
2012 Financial Outlook	27
Non-GAAP Financial Measures - Definitions & Reconciliations	28
Other Data	30
Community Table	31

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

CAMDEN PROPERTY TRUST ANNOUNCES FOURTH QUARTER

AND FULL YEAR 2011 OPERATING RESULTS

AND PROVIDES 2012 FINANCIAL OUTLOOK

Houston, TEXAS (February 2, 2012) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and twelve months ended December 31, 2011.

Funds from Operations (“FFO”)

FFO for the fourth quarter of 2011 totaled $0.84 per diluted share or $64.3 million, as compared to $0.73 per diluted share or $53.9 million for the same period in 2010. FFO for the three months ended December 31, 2010 included a net $0.04 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, partially offset by an impairment associated with a technology investment.

FFO for the twelve months ended December 31, 2011 totaled $2.73 per diluted share or $207.5 million, as compared to $2.72 per diluted share or $194.3 million for the same period in 2010. FFO for the twelve months ended December 31, 2011 included: a $0.40 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.04 per diluted share impact related to the sale of an available-for-sale investment; and a $2.1 million or $0.03 per diluted share impact for General & Administrative (“G&A”) costs related to a one-time bonus awarded to all non-executive employees. FFO for the twelve months ended December 31, 2010 included a net $0.04 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, partially offset by an impairment associated with a technology investment.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported net income attributable to common shareholders (“EPS”) of $46.8 million or $0.62 per diluted share for the fourth quarter of 2011, as compared to $17.1 million or $0.24 per diluted share for the same period in 2010. EPS for the three months ended December 31, 2011 included a $24.6 million or $0.33 per diluted share impact related to the gain on sale of two wholly-owned apartment communities, and a $6.4 million or $0.09 per diluted share impact related to the gain on sale of four joint venture communities. EPS for the three months ended December 31, 2010 included a $0.13 per diluted share impact from the gain on sale of discontinued operations, and a net $0.04 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, partially offset by an impairment associated with a technology investment.

For the twelve months ended December 31, 2011, Camden reported net income attributable to common shareholders of $49.4 million or $0.66 per diluted share, as compared to $23.2 million or $0.33 per diluted share for the same period in 2010. EPS for the twelve months ended December 31, 2011 included: a $24.6 million or $0.33 per diluted share impact related to the gain on sale of two wholly-owned apartment communities; a $6.4 million or $0.09 per diluted share impact related to the gain on sale of four joint venture communities; a $0.41 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.05 per diluted share impact related to gain on sale of an available-for-sale investment; a $2.1 million or $0.03 per diluted share impact for G&A costs related to a one-time bonus awarded to all non-executive employees; and a $1.1 million or $0.02 per diluted share impact from gain on sale of three joint venture interests. EPS for the twelve months ended December 31, 2010 included a $0.14 per diluted share impact from the gain on sale of discontinued operations, and a net $0.05 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, partially offset by an impairment associated with a technology investment.

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

Same-Property Results

For the 46,164 apartment homes included in consolidated same-property results, fourth quarter 2011 same-property net operating income (“NOI”) increased 8.0% compared to the fourth quarter of 2010, with revenues increasing 6.7% and expenses increasing 4.6%. On a sequential basis, fourth quarter 2011 same-property NOI increased 4.2% compared to the third quarter of 2011, with revenues increasing 0.1% and expenses declining 6.1% compared to the prior quarter. On a full-year basis, 2011 same-property NOI increased 7.1%, with revenues increasing 5.5% and expenses increasing 3.0% compared to the same period in 2010. Same-property physical occupancy levels for the combined portfolio averaged 94.5% during the fourth quarter of 2011, compared to 93.8% in the fourth quarter of 2010 and 95.0% in the third quarter of 2011.

The Company defines same-property communities as communities owned and stabilized as of January 1, 2010, excluding properties held for sale and communities under major redevelopment. A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Acquisition Activity

During the fourth quarter, Camden acquired five communities with 1,488 apartment homes located in Houston, TX for approximately $135.5 million through its Funds. The Company also acquired 2.2 acres of land in Glendale, CA for approximately $21.4 million during the quarter, and plans to begin construction on 242 apartment homes during 2012.

On January 25, 2012, Camden purchased the remaining 80% ownership interest in twelve unconsolidated joint ventures for approximately $99.5 million and assumed approximately $272.6 million in mortgage debt, which was retired on January 31, 2012. The Company now owns 100% of the interests in 4,034 apartment homes located in Dallas, Houston, Las Vegas, Phoenix, and Southern California, and will consolidate those entities for financial reporting purposes going forward. The Company also acquired one multifamily community with 350 apartment homes located in Raleigh, NC for approximately $44.2 million through one of its Funds on January 27, 2012.

Disposition Activity

The Company disposed of two properties during the fourth quarter for a total of $39.7 million and a gain of $24.6 million: Camden Valley Creek, a 380-home community, and Camden Valley Ridge, a 408-home apartment community, both located in Irving, TX. The Company also disposed of four joint venture communities with 1,194 apartment homes located in Louisville, KY during the quarter for approximately $97.1 million. Camden’s proportionate share of the gain on sale was approximately $6.4 million.

On January 12, 2012, Camden sold an additional community with 357 apartment homes located in Mesa, AZ for approximately $24.5 million.

Development Activity

Construction and lease-up activity was underway during the quarter at three wholly-owned communities: Camden LaVina, a $60 million project with 420 apartment homes in Orlando, FL, which is currently 53% leased; Camden Summerfield II, a $30 million project with 187 apartment homes in Landover, MD, which is currently 42% leased; and Camden Royal Oaks II, a $14 million project with 104 apartment homes in Houston, TX, which is currently 11% leased.

Construction continued during the quarter on five wholly-owned development communities: Camden Montague in Tampa, FL, a $23 million project with 192 apartment homes; Camden Westchase Park in Tampa, FL, a $52 million project with 348 apartment homes; Camden Town Square in Orlando, FL, a $66 million project with 438 apartment homes; Camden City Centre II in Houston, TX, a $36 million project with 268 apartment homes, and Camden NOMA in Washington DC, a $110 million project with 320 apartment homes. Construction also continued during the quarter on two joint venture communities: Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes, and Camden Amber Oaks II in Austin, TX, a $25 million project with 244 apartment homes.

Equity Issuances/Redemption

During the fourth quarter, Camden issued 623,122 common shares through its at-the-market (“ATM”) share offering program at an average price of $59.82 per share, for total net consideration of approximately $36.7 million. During full-year 2011, Camden issued a total of 1,751,020 common shares through its ATM program at an average price of $61.95 per share, for total net consideration of approximately $106.6 million.

In January 2012, Camden completed a public offering of 6,612,500 common shares for net proceeds of approximately $391.6 million. The Company also issued 51,479 common shares in January 2012 through its ATM program at an average price of $62.41 per share, for total net consideration of approximately $3.2 million.

In January 2012, Camden exercised its right to redeem the 4,000,000 outstanding 7.0% Series B Cumulative Redeemable Perpetual Preferred Units from the existing holders for an aggregate of $100 million (plus an amount equal to accrued but unpaid distributions as of the redemption date). The redemption is currently expected to occur in February 2012.

Earnings Guidance

Camden provided initial earnings guidance for 2012 based on its current and expected views of the apartment market and general economic conditions. Full-year 2012 FFO is expected to be $3.30 to $3.55 per diluted share, and full-year 2012 EPS is expected to be $0.95 to $1.20 per diluted share. First quarter 2012 earnings guidance is $0.77 to $0.81 per diluted share for FFO and $0.18 to $0.22 per diluted share for EPS, and includes a $0.02 per diluted share charge related to the anticipated redemption of $100 million of perpetual preferred operating partnership units in February 2012. Guidance for EPS excludes potential future gains on real estate transactions. Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s initial 2012 earnings guidance is based on projections of same-property revenue growth between 4.75% and 6.25%, expense growth between 2.5% and 3.5%, and NOI growth between 6.0% and 8.0%. Additional information on the Company’s 2012 financial outlook and a reconciliation of expected net income attributable to common shareholders to expected FFO are included in the financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Friday, February 3, 2012 at 11:00 a.m. Central Time to review its fourth quarter and full-year 2011 results and discuss its outlook for future performance. To participate in the call, please dial (866) 843-0890 (Domestic) or (412) 317-9250 (International) by 10:50 a.m. Central Time and enter passcode: 0988815, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.

Forward-Looking Statements

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

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 196 properties containing 66,990 apartment homes across the United States. Upon completion of ten properties under development, the Company’s portfolio will increase to 69,787 apartment homes in 206 properties. Camden was recently named by FORTUNE® Magazine for the fifth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #7.

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

CAMDEN	FINANCIAL HIGHLIGHTS


(Unaudited)
	Three Months Ended December 31,								Twelve Months Ended December 31,
	2011				2010				2011				2010
Total property revenues (a)		$167,712				$153,146				$655,868				$601,450

EBITDA (b)		93,041				88,581				356,244				330,267

Net income attributable to common shareholders		46,850				17,147				49,379				23,216
Per share - basic		0.63				0.24				0.67				0.33
Per share - diluted		0.62				0.24				0.66				0.33

Income from continuing operations attributable to common shareholders		21,620				6,358				22,546				8,242
Per share - basic		0.29				0.09				0.30				0.11
Per share - diluted		0.28				0.09				0.30				0.11

Funds from operations		64,264				53,948				207,535				194,309
Per share - diluted		0.84				0.73				2.73				2.72

Dividends per share		0.49				0.45				1.96				1.80
Dividend payout ratio (b)		58.3	%			60.5	%			62.8	%			65.8	%

Interest expensed (including discontinued operations)		26,942				30,815				112,414				125,893
Interest capitalized		2,664				1,721				8,764				5,687
Total interest incurred		29,606				32,536				121,178				131,580

Principal amortization		1,187				1,273				5,034				4,674
Preferred distributions		1,750				1,750				7,000				7,000

Interest expense coverage ratio		3.5		x		2.9		x		3.2		x		2.6		x
Total interest coverage ratio		3.1		x		2.7		x		2.9		x		2.5		x
Fixed charge expense coverage ratio		3.1		x		2.6		x		2.9		x		2.4		x
Total fixed charge coverage ratio		2.9		x		2.5		x		2.7		x		2.3		x
Unencumbered real estate assets (at cost) to unsecured debt ratio		3.0		x		2.7		x		3.0		x		2.7		x

Same property NOI increase (decrease) (c)		8.0	%			0.1	%			7.1	%			(3.5	%)
(# of apartment homes included)		46,164				46,293				46,164				46,293

Gross turnover of apartment homes (annualized)		60	%			58	%			64	%			64	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)		52	%			50	%			56	%			55	%


									As of December 31,
										2011				2010
Total assets										$4,622,075				$4,699,737
Total debt										$2,432,112				$2,563,754
Common and common equivalent shares, outstanding end of period (d)										77,227				74,795
Share price, end of period										$62.24				$53.98
Preferred units, end of period										$97,925				$97,925
Book equity value, end of period (e)										$1,925,693				$1,855,298
Market equity value, end of period (e)										$4,906,608				$4,137,434

(a)	Excludes discontinued operations.

(b)	Excludes $29.8 million or $0.39 per diluted share for the twelve months ended December 31, 2011 related to a loss on the discontinuation of a hedging relationship.
	Excludes $1.0 million or $0.01 per diluted share for both the three and twelve months ended December 31, 2010 for non-cash impairments related to technology investments.

(c)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale
	and communities under major redevelopment.

(d)	Includes at December 31, 2011: 74,768 common shares (including 716 common share equivalents related to share awards & options), plus common share equivalents
	upon the assumed conversion of minority interest units (2,459).

(e)	Includes: common shares, preferred and common units, and common share equivalents.

Note: Please refer to pages 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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

(Unaudited)	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
OPERATING DATA	2011			2010			2011			2010
Property revenues
Rental revenues		$144,522			$132,094			$563,010			$516,908
Other property revenues		23,190			21,052			92,858			84,542
Total property revenues		167,712			153,146			655,868			601,450

Property expenses
Property operating and maintenance		45,838			44,033			187,587			175,926
Real estate taxes		16,786			14,865			69,092			66,986
Total property expenses		62,624			58,898			256,679			242,912

Non-property income
Fee and asset management		3,018			2,144			9,973			8,172
Interest and other income (loss)		(100	)		4,596			4,649			8,584
Income on deferred compensation plans		5,540			4,763			6,773			11,581
Total non-property income		8,458			11,503			21,395			28,337

Other expenses
Property management		5,208			4,988			20,686			19,982
Fee and asset management		1,715			1,230			5,935			4,841
General and administrative		9,064			8,423			35,456			30,762
Interest		26,942			30,815			112,414			125,893
Depreciation and amortization		44,641			44,213			179,867			170,362
Amortization of deferred financing costs		1,116			1,478			5,877			4,102
Expense on deferred compensation plans		5,540			4,763			6,773			11,581
Total other expenses		94,226			95,910			367,008			367,523


Loss on discontinuation of hedging relationship		-			-			(29,791	)		-
Gain on sale of properties, including land		-			-			4,748			236
Gain on sale of unconsolidated joint venture interests		-			-			1,136			-
Impairment provision for technology investments		-			(1,000	)		-			(1,000	)
Equity in income/(loss) of joint ventures		5,845			(54	)		5,679			(839	)
Income from continuing operations before income taxes		25,165			8,787			35,348			17,749
Income tax expense - current		(331	)		(295	)		(2,220	)		(1,581	)
Income from continuing operations		24,834			8,492			33,128			16,168
Income from discontinued operations		609			1,175			2,212			5,360
Gain on sale of discontinued operations		24,621			9,614			24,621			9,614
Net income		50,064			19,281			59,961			31,142
Less income allocated to noncontrolling interests from continuing operations		(1,464	)		(384	)		(3,582	)		(926	)
Less income allocated to perpetual preferred units		(1,750	)		(1,750	)		(7,000	)		(7,000	)
Net income attributable to common shareholders		$46,850			$17,147			$49,379			$23,216


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$50,064			$19,281			$59,961			$31,142
Other comprehensive income
Unrealized gain (loss) on cash flow hedging activities		-			490			(2,692	)		(19,059	)
Reclassification of net losses on cash flow hedging activities		(3	)		5,897			39,657			23,385
Unrealized gain on available-for-sale securities, net of tax		-			1,392			-			3,306
Reclassification of gain on available-for-sale investment to earnings, net of tax		3			-			(3,306	)		-
Unrealized gain (loss) on and unamortized prior service cost on postretirement obligations		(884	)		65			(884	)		65
Comprehensive income		49,180			27,125			92,736			38,839
Less income allocated to noncontrolling interests from continuing operations		(1,464	)		(384	)		(3,582	)		(926	)
Less income allocated to perpetual preferred units		(1,750	)		(1,750	)		(7,000	)		(7,000	)
Comprehensive income attributable to common shareholders		$45,966			$24,991			$82,154			$30,913


PER SHARE DATA
Net income attributable to common shareholders - basic		$0.63			$0.24			$0.67			$0.33
Net income attributable to common shareholders - diluted		0.62			0.24			0.66			0.33
Income from continuing operations attributable to common shareholders - basic		0.29			0.09			0.30			0.11
Income from continuing operations attributable to common shareholders - diluted		0.28			0.09			0.30			0.11

Weighted average number of common and
common equivalent shares outstanding:
Basic		73,510			70,716			72,756			68,608
Diluted		74,428			71,587			73,701			68,957

Note: Please refer to pages 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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



(Unaudited)	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
FUNDS FROM OPERATIONS	2011			2010			2011			2010

Net income attributable to common shareholders (a)		$46,850			$17,147			$49,379			$23,216
Real estate depreciation from continuing operations		43,432			42,926			174,889			165,462
Real estate depreciation from discontinued operations		413			1,059			2,298			5,198
(Gain) on sale of discontinued operations		(24,621	)		(9,614	)		(24,621	)		(9,614	)
Adjustments for unconsolidated joint ventures		3,492			2,190			10,534			8,943
(Gain) on sale of unconsolidated joint venture properties		(6,394	)		-			(6,394	)		-
(Gain) on sale of unconsolidated joint venture interests		-			-			(1,136	)		-
Income allocated to noncontrolling interests		1,092			240			2,586			1,104
Funds from operations - diluted		$64,264			$53,948			$207,535			$194,309

PER SHARE DATA
Funds from operations - diluted		$0.84			$0.73			$2.73			$2.72
Cash distributions		0.49			0.45			1.96			1.80

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		76,649			73,847			75,928			71,552

PROPERTY DATA
Total operating properties (end of period) (b)		196			186			196			186
Total operating apartment homes in operating properties (end of period) (b)		66,997			63,316			66,997			63,316
Total operating apartment homes (weighted average)		50,934			50,970			50,905			50,794
Total operating apartment homes - excluding discontinued operations (weighted average)		49,920			49,049			49,793			48,656

(a)	Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship
	for the twelve months ended December 31, 2011.
(b)	Includes joint ventures and properties held for sale.

Note: Please refer to pages 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN	BALANCE SHEETS
	(In thousands)


(Unaudited)	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2011			2011			2011			2011			2010
ASSETS
Real estate assets, at cost
Land		$768,016			$766,302			$760,397			$760,397			$760,397
Buildings and improvements		4,751,654			4,758,397			4,711,552			4,690,741			4,680,361
		5,519,670			5,524,699			5,471,949			5,451,138			5,440,758
Accumulated depreciation		(1,432,799	)		(1,421,867	)		(1,378,630	)		(1,335,831	)		(1,292,924	)
Net operating real estate assets		4,086,871			4,102,832			4,093,319			4,115,307			4,147,834
Properties under development, including land		299,870			274,201			237,549			220,641			206,919
Investments in joint ventures		44,844			37,033			39,398			21,196			27,632
Properties held for sale, including land		11,131			-			-			-			-
Total real estate assets		4,442,716			4,414,066			4,370,266			4,357,144			4,382,385
Accounts receivable - affiliates		31,035			31,395			30,401			29,973			31,895
Notes receivable - affiliates		-			-			-			-			3,194
Other assets, net (a)		88,089			87,657			90,346			92,051			106,175
Cash and cash equivalents		55,159			56,099			63,148			98,771			170,575
Restricted cash		5,076			5,357			4,898			5,354			5,513
Total assets		$4,622,075			$4,594,574			$4,559,059			$4,583,293			$4,699,737



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,380,755			$1,380,560			$1,380,368			$1,419,681			$1,507,757
Secured		1,051,357			1,052,544			1,053,699			1,054,839			1,055,997
Accounts payable and accrued expenses		93,747			97,613			78,460			81,972			81,556
Accrued real estate taxes		21,883			37,721			27,424			16,585			22,338
Distributions payable		39,364			39,319			38,966			38,662			35,295
Other liabilities (b)		109,276			111,043			123,829			134,608			141,496
Total liabilities		2,696,382			2,718,800			2,702,746			2,746,347			2,844,439

Commitments and contingencies

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

Equity
Common shares of beneficial interest		845			839			834			827			824
Additional paid-in capital		2,901,024			2,861,139			2,823,690			2,783,621			2,775,625
Distributions in excess of net income attributable to common shareholders		(690,466	)		(700,897	)		(676,367	)		(623,740	)		(595,317	)
Treasury shares, at cost		(452,003	)		(452,244	)		(459,134	)		(460,467	)		(461,255	)

Accumulated other comprehensive income (loss) (c)		(683	)		201			93			(31,504	)		(33,458	)
Total common equity		1,758,717			1,709,038			1,689,116			1,668,737			1,686,419
Noncontrolling interest		69,051			68,811			69,272			70,284			70,954
Total equity		1,827,768			1,777,849			1,758,388			1,739,021			1,757,373
Total liabilities and equity		$4,622,075			$4,594,574			$4,559,059			$4,583,293			$4,699,737



(a) Includes:
net deferred charges of:		$16,102			$16,868			$14,484			$12,677			$13,336

(b) Includes:
deferred revenues of:		$2,140			$2,213			$2,181			$2,254			$2,332
distributions in excess of investments in joint ventures of:		$30,596			$31,799			$31,040			$33,442			$32,288
fair value adjustment of derivative instruments:		$16,486			$22,192			$27,977			$31,655			$36,898

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

CAMDEN			PORTFOLIO STATISTICS



(Unaudited)

COMMUNITY PORTFOLIO AT DECEMBER 31, 2011 (in apartment homes)

			"Same Property"	Non-"Same Property"	Discontinued Operations	Fully Consolidated	Joint Venture	Total Operating	Under Construction	Total
	D.C. Metro (a)		4,439	1,165	-	5,604	-	5,604	783	6,387
	Houston, TX		4,462	524	-	4,986	4,368	9,354	372	9,726
	Tampa, FL		5,503	-	-	5,503	450	5,953	540	6,493
	Las Vegas, NV		3,969	-	-	3,969	4,047	8,016	-	8,016
	SE Florida		2,520	-	-	2,520	-	2,520	-	2,520
	Dallas, TX		3,757	516	-	4,273	1,706	5,979	-	5,979
	Los Angeles/Orange County, CA		1,770	290	-	2,060	421	2,481	-	2,481
	Charlotte, NC		3,574	-	-	3,574	-	3,574	-	3,574
	Orlando, FL		3,296	268	-	3,564	-	3,564	858	4,422
	Atlanta, GA		3,202	-	-	3,202	344	3,546	-	3,546
	Raleigh, NC		2,704	-	-	2,704	-	2,704	-	2,704
	Denver, CO		1,851	-	-	1,851	320	2,171	-	2,171
	San Diego/Inland Empire, CA		1,196	-	-	1,196	-	1,196	-	1,196
	Austin, TX (b)		1,853	-	-	1,853	1,369	3,222	244	3,466
	Phoenix, AZ		1,084	-	357	1,441	992	2,433	-	2,433
	Other		984	855	-	1,839	2,841	4,680	-	4,680

		Total Portfolio	46,164	3,618	357	50,139	16,858	66,997	2,797	69,794

	(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. 276 units under construction in D.C. Metro are held through a joint venture investment.
	(b) 244 units under construction in Austin, TX are held through a joint venture investment.

FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION							WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (e)


			"Same Property"	Operating	Incl. JVs at		Dec 31	Sep 30	Jun 30	Mar 31	Dec 31
			Communities	Communities (c)	Pro Rata % (d)		2011	2011	2011	2011	2010
	D.C. Metro		16.7%	18.8%	17.8%		94.2%	96.3%	96.0%	95.5%	95.2%
	Houston, TX		9.3%	9.7%	10.7%		95.2%	95.4%	94.2%	91.9%	91.8%
	Tampa, FL		9.1%	8.2%	7.9%		94.8%	94.8%	94.5%	93.9%	93.9%
	Las Vegas, NV		6.5%	5.8%	6.5%		92.0%	92.0%	92.5%	91.2%	90.9%
	SE Florida		8.3%	7.5%	7.1%		94.9%	94.1%	95.2%	94.7%	95.0%
	Dallas, TX		6.0%	6.2%	6.4%		94.6%	95.3%	95.6%	94.3%	93.1%
	Los Angeles/Orange County, CA		6.1%	6.5%	6.4%		95.1%	95.7%	94.8%	93.7%	92.7%
	Charlotte, NC		6.5%	6.0%	5.7%		95.3%	95.9%	96.3%	95.2%	94.3%
	Orlando, FL		5.6%	5.6%	5.3%		94.9%	95.3%	94.7%	94.2%	93.6%
	Atlanta, GA		5.7%	5.2%	5.0%		93.8%	94.9%	94.5%	93.9%	92.9%
	Raleigh, NC		5.2%	4.7%	4.4%		94.4%	94.9%	95.0%	94.6%	93.9%
	Denver, CO		4.1%	3.7%	3.9%		93.7%	94.6%	94.4%	92.9%	93.9%
	San Diego/Inland Empire, CA		3.5%	3.2%	3.0%		92.0%	94.7%	92.9%	92.7%	91.7%
	Austin, TX		3.1%	2.8%	3.1%		95.5%	96.1%	94.4%	93.6%	93.7%
	Phoenix, AZ		2.1%	2.3%	2.5%		93.2%	93.2%	91.1%	92.6%	92.1%
	Other		2.2%	3.8%	4.3%		94.0%	95.0%	95.6%	93.9%	93.3%

		Total Portfolio	100.0%	100.0%	100.0%		94.3%	94.8%	94.5%	93.5%	93.1%


	(c) Operating communities include fully-consolidated communities and completed communities in lease-up at quarter end and exclude communities sold during the quarter.
	(d) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities.
	(e) Occupancy figures include apartment homes held through joint venture investments but exclude communities in lease-up or under development.

CAMDEN	COMPONENTS OF
	PROPERTY NET OPERATING INCOME
	(In thousands, except property data amounts)


(Unaudited)


	Apartment		Three Months Ended December 31,									Twelve Months Ended December 31,
Property Revenues	Homes		2011			2010			Change			2011			2010			Change
"Same Property" Communities (a)		46,164		$151,506			$142,012			$9,494			$595,217			$564,218			$30,999
Non-"Same Property" Communities (b)		3,618		14,338			10,295			4,043			54,887			32,967			21,920
Development and Lease-Up Communities (c)		2,277		605			-			605			715			-			715
Other (d)		-		1,263			839			424			5,049			4,265			784
Total Property Revenues		52,059		$167,712			$153,146			$14,566			$655,868			$601,450			$54,418

Property Expenses
"Same Property" Communities (a)		46,164		$56,670			$54,163			$2,507			$231,925			$225,072			$6,853
Non-"Same Property" Communities (b)		3,618		4,985			3,606			1,379			20,571			12,922			7,649
Development and Lease-Up Communities (c)		2,277		195			-			195			222			-			222
Other (d)		-		774			1,129			(355	)		3,961			4,918			(957	)
Total Property Expenses		52,059		$62,624			$58,898			$3,726			$256,679			$242,912			$13,767

Property Net Operating Income
"Same Property" Communities (a)		46,164		$94,836			$87,849			$6,987			$363,292			$339,146			$24,146
Non-"Same Property" Communities (b)		3,618		9,353			6,689			2,664			34,316			20,045			14,271
Development and Lease-Up Communities (c)		2,277		410			-			410			493			-			493
Other (d)		-		489			(290	)		779			1,088			(653	)		1,741
Total Property Net Operating Income		52,059		$105,088			$94,248			$10,840			$399,189			$358,538			$40,651





Income from Discontinued Operations (e)			Three Months Ended December 31,									Twelve Months Ended December 31,
				2011			2010						2011			2010
Property Revenues				$2,175			$4,481						$9,206			$19,728
Property Expenses				1,153			2,247						4,696			9,170
Property Net Operating Income				1,022			2,234						4,510			10,558
Depreciation and Amortization				(413	)		(1,059	)					(2,298	)		(5,198	)
Gain on Sale of Discontinued Operations				24,621			9,614						24,621			9,614
Income from Discontinued Operations				$25,230			$10,789						$26,833			$14,974

Notes:
(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale
	and communities under major redevelopment.
(b)	Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2010, or communities which underwent major
	redevelopment after January 1, 2010, excluding properties held for sale. Previously reported in "Same Property" Communities, Camden Summerfield is now reported
	in Non-"Same Property" Communities while Camden Summerfield II is in lease-up.
(c)	Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2010, excluding properties
	held for sale and communities under major redevelopment.
(d)	"Other" includes results from non-multifamily rental properties and expenses related to land holdings not under active development.
(e)	Represents operating results for communities disposed of during 2010 and 2011, of which Camden has no continuing involvement, along with one property held for sale.

	"SAME PROPERTY"
CAMDEN	FOURTH QUARTER COMPARISONS
	DECEMBER 31, 2011
	(In thousands, except property data amounts)


(Unaudited)

	Revenues						Expenses								NOI
Quarterly Results (a)		4Q11	4Q10	Growth				4Q11		4Q10		Growth				4Q11	4Q10	Growth

D.C. Metro		$22,352	$21,417		4.4	%		$6,476		$6,300			2.8	%		$15,876	$15,117		5.0	%
Houston, TX		14,431	13,155		9.7	%		5,588		4,931			13.3	%		8,843	8,224		7.5	%
Tampa, FL		14,956	13,988		6.9	%		6,351		5,817			9.2	%		8,605	8,171		5.3	%
Las Vegas, NV		9,770	9,712		0.6	%		3,647		3,781			(3.5	%)		6,123	5,931		3.2	%
SE Florida		11,777	11,139		5.7	%		3,953		4,160			(5.0	%)		7,824	6,979		12.1	%
Dallas, TX		10,076	9,152		10.1	%		4,398		4,206			4.6	%		5,678	4,946		14.8	%
Los Angeles/Orange County, CA		8,749	8,100		8.0	%		3,003		2,825			6.3	%		5,746	5,275		8.9	%
Charlotte, NC		10,382	9,382		10.7	%		4,191		3,859			8.6	%		6,191	5,523		12.1	%
Orlando, FL		9,050	8,561		5.7	%		3,717		3,376			10.1	%		5,333	5,185		2.9	%
Atlanta, GA		9,196	8,695		5.8	%		3,765		3,721			1.2	%		5,431	4,974		9.2	%
Raleigh, NC		7,402	6,921		6.9	%		2,501		2,498			0.1	%		4,901	4,423		10.8	%
Denver, CO		5,898	5,477		7.7	%		1,981		1,889			4.9	%		3,917	3,588		9.2	%
San Diego/Inland Empire, CA		5,560	5,426		2.5	%		2,265		2,185			3.7	%		3,295	3,241		1.7	%
Austin, TX		5,454	4,868		12.0	%		2,501		2,218			12.8	%		2,953	2,650		11.4	%
Phoenix, AZ		3,243	3,001		8.1	%		1,206		1,279			(5.7	%)		2,037	1,722		18.3	%
Other		3,210	3,018		6.4	%		1,127		1,118			0.8	%		2,083	1,900		9.6	%

Total Same Property		$151,506	$142,012		6.7	%		$56,670		$54,163			4.6	%		$94,836	$87,849		8.0	%



	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				4Q11		4Q10		Change				4Q11	4Q10	Change

D.C. Metro		4,439			16.7	%		94.4	%	95.6	%		(1.2	%)		$1,594	$1,511		5.5	%
Houston, TX		4,462			9.3	%		94.8	%	91.5	%		3.3	%		1,012	957		5.8	%
Tampa, FL		5,503			9.1	%		94.8	%	93.9	%		0.9	%		797	755		5.6	%
Las Vegas, NV		3,969			6.5	%		92.7	%	91.9	%		0.8	%		757	762		(0.7	%)
SE Florida		2,520			8.3	%		94.9	%	95.0	%		(0.1	%)		1,481	1,396		6.1	%
Dallas, TX		3,757			6.0	%		95.0	%	96.9	%		(1.9	%)		806	739		9.1	%
Los Angeles/Orange County, CA		1,770			6.1	%		95.0	%	93.1	%		1.9	%		1,563	1,499		4.3	%
Charlotte, NC		3,574			6.5	%		95.3	%	94.3	%		1.0	%		879	801		9.8	%
Orlando, FL		3,296			5.6	%		94.8	%	93.5	%		1.3	%		830	795		4.4	%
Atlanta, GA		3,202			5.7	%		93.9	%	92.9	%		1.0	%		875	842		3.9	%
Raleigh, NC		2,704			5.2	%		94.4	%	93.9	%		0.5	%		821	770		6.6	%
Denver, CO		1,851			4.1	%		93.8	%	94.3	%		(0.5	%)		975	910		7.1	%
San Diego/Inland Empire, CA		1,196			3.5	%		92.0	%	91.7	%		0.3	%		1,527	1,484		2.9	%
Austin, TX		1,853			3.1	%		95.1	%	93.7	%		1.4	%		869	795		9.3	%
Phoenix, AZ		1,084			2.1	%		93.8	%	93.1	%		0.7	%		898	831		8.1	%
Other		984			2.2	%		95.6	%	92.6	%		3.0	%		1,000	958		4.4	%

Total Same Property		46,164			100.0	%		94.5	%	93.8	%		0.7	%		$1,010	$956		5.6	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and
	communities under major redevelopment.
(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

	"SAME PROPERTY"
CAMDEN	SEQUENTIAL QUARTER COMPARISONS
	DECEMBER 31, 2011
	(In thousands, except property data amounts)


(Unaudited)

	Revenues						Expenses								NOI
Quarterly Results (a)		4Q11	3Q11	Growth				4Q11		3Q11		Growth				4Q11	3Q11	Growth

D.C. Metro		$22,352	$22,616		(1.2	%)		$6,476		$6,761			(4.2	%)		$15,876	$15,855		0.1	%
Houston, TX		14,431	14,354		0.5	%		5,588		5,715			(2.2	%)		8,843	8,639		2.4	%
Tampa, FL		14,956	14,850		0.7	%		6,351		6,700			(5.2	%)		8,605	8,150		5.6	%
Las Vegas, NV		9,770	9,890		(1.2	%)		3,647		3,902			(6.5	%)		6,123	5,988		2.3	%
SE Florida		11,777	11,623		1.3	%		3,953		4,688			(15.7	%)		7,824	6,935		12.8	%
Dallas, TX		10,076	10,031		0.4	%		4,398		4,794			(8.3	%)		5,678	5,237		8.4	%
Los Angeles/Orange County, CA		8,749	8,673		0.9	%		3,003		3,042			(1.3	%)		5,746	5,631		2.0	%
Charlotte, NC		10,382	10,166		2.1	%		4,191		4,301			(2.6	%)		6,191	5,865		5.6	%
Orlando, FL		9,050	9,049		0.0	%		3,717		3,850			(3.5	%)		5,333	5,199		2.6	%
Atlanta, GA		9,196	9,219		(0.2	%)		3,765		4,089			(7.9	%)		5,431	5,130		5.9	%
Raleigh, NC		7,402	7,399		0.0	%		2,501		2,823			(11.4	%)		4,901	4,576		7.1	%
Denver, CO		5,898	5,842		1.0	%		1,981		2,117			(6.4	%)		3,917	3,725		5.2	%
San Diego/Inland Empire, CA		5,560	5,745		(3.2	%)		2,265		2,264			0.0	%		3,295	3,481		(5.3	%)
Austin, TX		5,454	5,370		1.6	%		2,501		2,682			(6.7	%)		2,953	2,688		9.9	%
Phoenix, AZ		3,243	3,206		1.2	%		1,206		1,381			(12.7	%)		2,037	1,825		11.6	%
Other		3,210	3,317		(3.2	%)		1,127		1,238			(9.0	%)		2,083	2,079		0.2	%

Total Same Property		$151,506	$151,350		0.1	%		$56,670		$60,347			(6.1	%)		$94,836	$91,003		4.2	%



	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				4Q11		3Q11		Change				4Q11	3Q11	Change

D.C. Metro		4,439			16.7	%		94.4	%	96.4	%		(2.0	%)		$1,594	$1,584		0.6	%
Houston, TX		4,462			9.3	%		94.8	%	95.2	%		(0.4	%)		1,012	999		1.3	%
Tampa, FL		5,503			9.1	%		94.8	%	94.7	%		0.1	%		797	788		1.0	%
Las Vegas, NV		3,969			6.5	%		92.7	%	93.0	%		(0.3	%)		757	758		(0.2	%)
SE Florida		2,520			8.3	%		94.9	%	94.1	%		0.8	%		1,481	1,461		1.4	%
Dallas, TX		3,757			6.0	%		95.0	%	95.9	%		(0.9	%)		806	789		2.2	%
Los Angeles/Orange County, CA		1,770			6.1	%		95.0	%	95.7	%		(0.7	%)		1,563	1,547		1.1	%
Charlotte, NC		3,574			6.5	%		95.3	%	95.9	%		(0.6	%)		879	858		2.5	%
Orlando, FL		3,296			5.6	%		94.8	%	95.5	%		(0.7	%)		830	822		1.0	%
Atlanta, GA		3,202			5.7	%		93.9	%	94.9	%		(1.0	%)		875	869		0.7	%
Raleigh, NC		2,704			5.2	%		94.4	%	94.9	%		(0.5	%)		821	811		1.2	%
Denver, CO		1,851			4.1	%		93.8	%	94.2	%		(0.4	%)		975	959		1.7	%
San Diego/Inland Empire, CA		1,196			3.5	%		92.0	%	94.7	%		(2.7	%)		1,527	1,525		0.1	%
Austin, TX		1,853			3.1	%		95.1	%	95.9	%		(0.8	%)		869	847		2.6	%
Phoenix, AZ		1,084			2.1	%		93.8	%	93.9	%		(0.1	%)		898	884		1.6	%
Other		984			2.2	%		95.6	%	94.0	%		1.6	%		1,000	1,006		(0.6	%)

Total Same Property		46,164			100.0	%		94.5	%	95.0	%		(0.5	%)		$1,010	$998		1.2	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and
	communities under major redevelopment.
(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

	"SAME PROPERTY"
CAMDEN	YEAR TO DATE COMPARISONS
	DECEMBER 31, 2011
	(In thousands, except property data amounts)


(Unaudited)

	Revenues							Expenses									NOI
Year to Date Results (a)	2011		2010		Growth			2011			2010			Growth			2011		2010		Growth

D.C. Metro		$88,737		$83,424		6.4	%		$26,620			$25,856			3.0	%		$62,117		$57,568		7.9	%
Houston, TX		55,948		53,187		5.2	%		22,829			21,888			4.3	%		33,119		31,299		5.8	%
Tampa, FL		58,617		55,458		5.7	%		25,854			25,254			2.4	%		32,763		30,204		8.5	%
Las Vegas, NV		39,227		39,697		(1.2	%)		15,025			15,523			(3.2	%)		24,202		24,174		0.1	%
SE Florida		46,360		43,581		6.4	%		17,436			17,127			1.8	%		28,924		26,454		9.3	%
Dallas, TX		39,239		36,418		7.7	%		18,098			17,276			4.8	%		21,141		19,142		10.4	%
Los Angeles/Orange County, CA		34,196		32,644		4.8	%		11,697			11,083			5.5	%		22,499		21,561		4.4	%
Charlotte, NC		39,959		37,599		6.3	%		16,583			15,863			4.5	%		23,376		21,736		7.5	%
Orlando, FL		35,715		34,051		4.9	%		14,864			14,514			2.4	%		20,851		19,537		6.7	%
Atlanta, GA		36,344		34,507		5.3	%		15,489			14,955			3.6	%		20,855		19,552		6.7	%
Raleigh, NC		29,229		27,372		6.8	%		10,625			10,314			3.0	%		18,604		17,058		9.1	%
Denver, CO		22,856		21,483		6.4	%		7,986			7,500			6.5	%		14,870		13,983		6.3	%
San Diego/Inland Empire, CA		22,362		21,736		2.9	%		8,960			9,006			(0.5	%)		13,402		12,730		5.3	%
Austin, TX		20,916		19,163		9.1	%		10,015			9,251			8.3	%		10,901		9,912		10.0	%
Phoenix, AZ		12,678		11,909		6.5	%		5,153			5,058			1.9	%		7,525		6,851		9.8	%
Other		12,834		11,989		7.0	%		4,691			4,604			1.9	%		8,143		7,385		10.3	%

Total Same Property		$595,217		$564,218		5.5	%		$231,925			$225,072			3.0	%		$363,292		$339,146		7.1	%



	Apartment
	Homes				% of NOI			Average Occupancy (a)									Weighted Average Rental Rate (b)
Year to Date Results (a)	Included				Contribution (a)				2011			2010		Change				2011		2010	Change

D.C. Metro		4,439				17.1	%		95.7	%		95.6	%		0.1	%		$1,562		$1,472		6.1	%
Houston, TX		4,462				9.1	%		94.0	%		93.0	%		1.0	%		987		957		3.1	%
Tampa, FL		5,503				9.0	%		94.4	%		93.5	%		0.9	%		780		745		4.7	%
Las Vegas, NV		3,969				6.7	%		92.9	%		92.5	%		0.4	%		757		775		(2.3	%)
SE Florida		2,520				8.0	%		94.7	%		95.2	%		(0.5	%)		1,449		1,360		6.6	%
Dallas, TX		3,757				5.8	%		95.3	%		94.5	%		0.8	%		777		731		6.2	%
Los Angeles/Orange County, CA		1,770				6.2	%		94.8	%		93.3	%		1.5	%		1,535		1,497		2.5	%
Charlotte, NC		3,574				6.4	%		95.7	%		94.8	%		0.9	%		842		792		6.3	%
Orlando, FL		3,296				5.7	%		94.8	%		93.4	%		1.4	%		817		787		3.8	%
Atlanta, GA		3,202				5.7	%		94.3	%		93.5	%		0.8	%		861		828		4.1	%
Raleigh, NC		2,704				5.1	%		94.7	%		94.2	%		0.5	%		805		752		7.0	%
Denver, CO		1,851				4.1	%		93.9	%		94.4	%		(0.5	%)		945		891		6.1	%
San Diego/Inland Empire, CA		1,196				3.7	%		93.1	%		93.1	%		0.0	%		1,509		1,467		2.9	%
Austin, TX		1,853				3.0	%		94.9	%		93.9	%		1.0	%		836		778		7.4	%
Phoenix, AZ		1,084				2.1	%		93.7	%		93.6	%		0.1	%		873		817		6.8	%
Other		984				2.3	%		94.8	%		94.0	%		0.8	%		988		936		5.5	%

Total Same Property		46,164				100.0	%		94.6	%		93.9	%		0.7	%		$987		$944		4.6	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and
	communities under major redevelopment.
(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

	"SAME PROPERTY" OPERATING EXPENSE
CAMDEN	DETAIL AND COMPARISONS
	DECEMBER 31, 2011
	(In thousands)


(Unaudited)
Quarterly Comparison (a)		4Q11	4Q10	$ Change			% Change			% of Actual 4Q11 Operating Expenses

Property taxes		$14,995	$13,328		$1,667			12.5	%		26.5	%
Salaries and Benefits for On-site Employees		13,515	13,039		476			3.6	%		23.8	%
Utilities		13,116	12,668		448			3.5	%		23.1	%
Repairs and Maintenance		8,770	8,550		220			2.6	%		15.5	%
Property Insurance		2,878	2,982		(104	)		(3.5	%)		5.1	%
Other		3,396	3,596		(200	)		(5.5	%)		6.0	%

Total Same Property		$56,670	$54,163		$2,507			4.6	%		100.0	%


Sequential Comparison (a)		4Q11	3Q11	$ Change			% Change			% of Actual 4Q11 Operating Expenses

Property taxes		$14,995	$15,187		($192	)		(1.3	%)		26.5	%
Salaries and Benefits for On-site Employees		13,515	14,435		(920	)		(6.4	%)		23.8	%
Utilities		13,116	14,127		(1,011	)		(7.2	%)		23.1	%
Repairs and Maintenance		8,770	10,039		(1,269	)		(12.6	%)		15.5	%
Property Insurance		2,878	2,729		149			5.5	%		5.1	%
Other		3,396	3,830		(434	)		(11.3	%)		6.0	%

Total Same Property		$56,670	$60,347		($3,677	)		(6.1	%)		100.0	%


Year to Date Comparison (a)		2011	2010	$ Change			% Change			% of Actual 2011 Operating Expenses

Property taxes		$61,150	$60,737		$413			0.7	%		26.4	%
Salaries and Benefits for On-site Employees		55,599	52,695		2,904			5.5	%		24.0	%
Utilities		52,779	49,921		2,858			5.7	%		22.7	%
Repairs and Maintenance		36,242	34,729		1,513			4.4	%		15.6	%
Property Insurance		11,751	12,644		(893	)		(7.1	%)		5.1	%
Other		14,404	14,346		58			0.4	%		6.2	%

Total Same Property		$231,925	$225,072		$6,853			3.0	%		100.0	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties
	held for sale and communities under major redevelopment.

CAMDEN	JOINT VENTURE OPERATIONS
	(In thousands, except property data amounts)


Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
OPERATING DATA (a)	2011			2010						2011			2010
Property Revenues
Rental revenues		$8,483			$6,935						$29,183			$27,882
Other property revenues		1,277			1,071						4,534			4,209
Total property revenues		9,760			8,006						33,717			32,091

Property Expenses
Property operating and maintenance		3,006			2,698						10,625			10,686
Real estate taxes		1,028			748						3,549			3,756
Total property expenses		4,034			3,446						14,174			14,442

Net Operating Income (NOI)		5,726			4,560						19,543			17,649

Other expenses
Interest		2,576			2,148						8,960			8,683
Depreciation and amortization		3,404			2,264						10,537			9,241
Other		295			202						761			564
Total other expenses		6,275			4,614						20,258			18,488

Gain on sale of properties, net		6,394			-						6,394			-


Equity in income (loss) of joint ventures		$5,845			($54	)					$5,679			($839	)



	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
		2011			2011			2011			2011			2010
BALANCE SHEET DATA (b)
Land		$213,106			$199,323			$192,872			$163,596			$151,384
Buildings and improvements		1,320,795			1,284,010			1,268,982			978,703			956,422
		1,533,901			1,483,333			1,461,854			1,142,299			1,107,806
Accumulated depreciation		(225,577	)		(229,212	)		(217,324	)		(207,860	)		(203,673	)
Real estate assets, net		1,308,324			1,254,121			1,244,530			934,439			904,133
Properties under development and land		39,684			28,694			23,774			-			7,530
Cash and other assets, net		46,843			39,688			46,606			24,780			23,633
Total assets		$1,394,851			$1,322,503			$1,314,910			$959,219			$935,296

Notes payable		$1,093,944			$1,066,924			$1,049,387			$811,319			$810,095
Notes payable due to Camden		-			-			-			-			3,408
Other liabilities		39,296			32,274			24,678			15,101			16,543
Total liabilities		1,133,240			1,099,198			1,074,065			826,420			830,046

Members' equity		261,611			223,305			240,845			132,799			105,250
Total liabilities and members' equity		$1,394,851			$1,322,503			$1,314,910			$959,219			$935,296

Camden's equity investment		$44,844			$37,033			$39,398			$21,196			$27,632
Distributions in excess of investment in joint ventures		($30,596	)		($31,799	)		($31,040	)		($33,442	)		($32,288	)

Camden's pro-rata share of debt (c)		$221,204			$212,561			$209,112			$161,526			$193,130



PROPERTY DATA (end of period)
Total operating properties		55			54			53			44			43
Total operating apartment homes		16,858			16,564			16,324			12,917			12,435
Pro rata share of operating apartment homes		3,365			3,247			3,199			2,517			2,660
Total development properties		2			2			2			-			-
Total development apartment homes		520			520			520			-			-
Pro rata share of development apartment homes		104			104			104			-			-

(a)	Operating data represents Camden's pro-rata share of revenues and expenses.
(b)	Balance sheet and property data reported at 100%.
(c)	Excludes Camden's pro-rata share of notes payable due to Camden, if any.

CAMDEN

CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF DECEMBER 31, 2011 ($ in millions)

Estimated/Actual Dates for

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 01/29/12

Development Communities Under Construction

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

IN LEASE-UP

Camden La Vina

420

$60.0

$54.8

$6.4

3Q10

3Q11

2Q12

1Q13

53%

46%

Orlando, FL

Camden Summerfield II

187

30.0

24.3

10.0

3Q10

3Q11

1Q12

4Q12

42%

32%

Landover, MD

UNDER CONSTRUCTION

Camden Royal Oaks II

104

14.0

11.1

1Q11

1Q12

2Q12

3Q13

11%

Houston, TX

Camden Montague

192

23.0

13.4

2Q11

2Q12

3Q12

2Q13

Tampa, FL

Camden Westchase Park

348

52.0

29.6

2Q11

2Q12

1Q13

4Q13

Tampa, FL

Camden Town Square

438

66.0

28.7

2Q11

2Q12

3Q13

4Q14

Orlando, FL

Camden City Centre II

268

36.0

10.1

4Q11

1Q13

2Q13

3Q14

Houston, TX

Camden NOMA

320

110.0

39.0

4Q11

1Q14

2Q14

2Q15

Washington, DC

Total Development Communities

2,277

$391.0

$211.0

$148.3

Additional Development Pipeline & Land (a)

151.6

Total Properties Under Development and Land (per Balance Sheet)

$299.9

Estimated/Actual Dates for

Joint Venture Camden Developed Communities Under

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

Construction

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

Camden South Capitol

276

$88.0

$29.8

2Q11

3Q13

4Q13

3Q14

Washington, DC

Camden Amber Oaks II

244

25.0

8.6

2Q11

2Q12

3Q12

2Q13

Austin, TX

Total Joint Venture Development Communities

520

$113.0

$38.4

(a)	Please refer to the Development Pipeline & Land Summary on page 19.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

CAMDEN			DEVELOPMENT PIPELINE & LAND



(Unaudited)

AS OF DECEMBER 31, 2011 ($ in millions)

			Projected
PIPELINE COMMUNITIES (a)			Homes		Cost to Date

	1.	Camden 5400 North Lamar		291		$5.4
		Austin, TX
	2.	Camden McGowen Station		251		6.4
		Houston, TX
	3.	Camden Highlands		400		7.3
		Denver, Co
	4.	Camden Paces (b)		700		41.9
		Atlanta, GA
	5.	Camden Glendale Triangle		242		23.8
		Glendale, CA

Development Pipeline				1,884		$84.8

LAND HOLDINGS			Acreage		Cost to Date

		Washington, DC		0.9		$17.3
		Los Angeles, CA		2.0		17.3
		Houston, TX		13.2		6.9
		Denver, CO		4.4		4.7
		Dallas, TX		7.2		8.6
		Southeast Florida		2.2		5.1
		Las Vegas, NV		19.6		4.2
		Other		4.8		2.7

Land Holdings				54.3		$66.8

Total Development Pipeline and Land						$151.6

(a)	Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold
	interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community.
(b)	Project anticipated to be developed in multiple phases.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

CAMDEN		ACQUISITIONS & DISPOSITIONS




(Unaudited)



2011 ACQUISITION/DISPOSITION ACTIVITY

Dispositions		Location	Property Type	Apartment Homes	Year Built	Closing Date
1.	Camden Valley Creek	Dallas, TX	Multifamily	380	1984	12/15/11
2.	Camden Valley Ridge	Dallas, TX	Multifamily	408	1987	12/15/11

Total Dispositions		$39.7	million	788 apartment homes

				Potential
Dispositions to Joint Ventures		Location	Property Type	Apartment Homes	Year Built	Closing Date
1.	South Capitol (a)	Washington, DC	Land under development	276	N/A	04/12/11
2.	Amber Oaks II (a)	Austin, TX	Land under development	244	N/A	06/16/11

Total Dispositions to Joint Ventures		$12.5	million	520 potential apartment homes


Joint Venture Acquisitions		Location	Property Type	Apartment Homes	Year Built	Closing Date
1.	Camden Heights	Houston, TX	Multifamily	352	2004	02/16/11
2.	Camden Design District	Dallas, TX	Multifamily	355	2009	03/21/11
3.	Camden Phipps	Atlanta, GA	Multifamily	234	1996	03/23/11
4.	Camden Visconti	Tampa, FL	Multifamily	450	2007	05/25/11
5.	Camden Brushy Creek	Austin, TX	Multifamily	272	2008	06/15/11
6.	Camden Cypress Creek	Houston, TX	Multifamily	310	2009	06/15/11
7.	Camden Lakemont	Houston, TX	Multifamily	312	2007	06/15/11
8.	Camden Northpointe	Houston, TX	Multifamily	384	2008	06/15/11
9.	Camden Panther Creek	Dallas, TX	Multifamily	295	2009	06/15/11
10.	Camden Westover Hills	San Antonio, TX	Multifamily	288	2010	06/15/11
11.	Camden Riverwalk	Dallas, TX	Multifamily	600	2008	06/23/11
12.	Camden Shadow Brook	Austin, TX	Multifamily	496	2009	06/23/11
13.	Camden Braun Station	San Antonio, TX	Multifamily	240	2006	08/23/11
14.	Camden Grand Harbor	Houston, TX	Multifamily	300	2008	10/19/11
15.	Camden Woodson Park	Houston, TX	Multifamily	248	2008	10/27/11
16.	Camden Downs at Cinco Ranch	Houston, TX	Multifamily	318	2004	11/02/11
17.	Camden Piney Point	Houston, TX	Multifamily	318	2004	11/02/11
18.	Camden Spring Creek	Houston, TX	Multifamily	304	2004	11/02/11


Total Joint Venture Acquisitions		$590.5	million	6,076 apartment homes
Pro Rata Joint Venture Acquisitions		$118.1	million



Joint Venture Dispositions		Location	Property Type	Apartment Homes / Acreage	Year Built	Closing Date
1.	Belle Meade	Houston, TX	Multifamily	119	2010	03/10/11
2.	Braeswood Place	Houston, TX	Multifamily	340	2009	03/10/11
3.	Lakes at 610	Houston, TX	Undeveloped Land	6.1	N/A	03/10/11
4.	Camden Brookside	Louisville, KY	Multifamily	224	1987	11/29/11
5.	Camden Meadows	Louisville, KY	Multifamily	400	1987/1990	11/29/11
6.	Camden Prospect Park	Louisville, KY	Multifamily	138	1990	11/29/11
7.	Camden Oxmoor	Louisville, KY	Multifamily	432	2000	12/29/11

Total Joint Venture Dispositions		$27.0	million (b)	1,653 apartment homes
				6.1 acres

(a)	Land parcel sold to a joint venture of which Camden owns a 20% interest.
(b)	Net proceeds to Camden after debt.

CAMDEN		DEBT ANALYSIS
		(In thousands, except property data amounts)


(Unaudited)

DEBT MATURITIES AS OF DECEMBER 31, 2011:

		Future Scheduled Repayments					Weighted Average
			Secured	Unsecured		Percent	Interest Rate on
	Year (a)	Amortization	Maturities	Maturities	Total	of Total	Maturing Debt
	2012	$4,123	$ -	$189,667	$193,790	8.0%	5.9%
	2013	3,378	125,070	200,000	328,448	13.5%	4.9%
	2014	2,187	8,827	-	11,014	0.5%	6.0%
	2015	2,359	-	250,000	252,359	10.4%	5.1%
	2016	2,594	-	-	2,594	0.1%	N/A
	Thereafter	78,050	819,107	746,750	1,643,907	67.5%	4.6%
	Total Maturing Debt	$92,691	$953,004	$1,386,417	$2,432,112	100.0%	4.8%

	Unsecured Line of Credit	-	-	-	-	-	N/A
	Total Debt	$92,691	$953,004	$1,386,417	$2,432,112	100.0%	4.8%

	Weighted Average Maturity of Debt		6.8 Years


					Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance	% of Total	Interest Rate	Time to Maturity
	Floating rate debt		$245,537	10.1%	1.1%	7.6 Years
	Fixed rate debt		2,186,575	89.9%	5.3%	6.7 Years
	Total		$2,432,112	100.0%	4.8%	6.8 Years

					Weighted Average
SECURED vs. UNSECURED DEBT:			Balance	% of Total	Interest Rate	Time to Maturity
	Unsecured debt		$1,380,755	56.8%	5.3%	5.7 Years
	Secured debt		1,051,357	43.2%	4.2%	8.2 Years
	Total		$2,432,112	100.0%	4.8%	6.8 Years

					Weighted Average
SECURED DEBT DETAIL:			Balance	% of Total	Interest Rate	Time to Maturity
	Conventional fixed-rate mortgage debt		$805,820	76.7%	5.2%	8.4 Years
	Conventional variable-rate mortgage debt		206,476	19.6%	1.0%	6.0 Years
	Tax exempt variable rate debt		39,061	3.7%	1.6%	16.5 Years
	Total		$1,051,357	100.0%	4.2%	8.2 Years

REAL ESTATE ASSETS: (b)			Total Homes	% of Total	Total Cost	% of Total
	Unencumbered real estate assets		38,230	72.9%	$4,192,923	71.7%
	Encumbered real estate assets		14,186	27.1%	1,650,988	28.3%
	Total		52,416	100.0%	$5,843,911	100.0%

			Ratio of unencumbered assets at cost to unsecured debt is 3.0 times

(a)	Includes available extention options.
(b)	Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.

CAMDEN		DEBT MATURITY ANALYSIS
		(In thousands)


(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2012 AND 2013:


		Future Scheduled Repayments				Weighted Average
			Secured	Unsecured		Interest Rate on
	Quarter (a)	Amortization	Maturities	Maturities	Total	Maturing Debt
	1Q 2012	$1,005	$ -	$ -	$1,005	N/A
	2Q 2012	1,003	-	-	1,003	N/A
	3Q 2012	1,025	-	-	1,025	n/a
	4Q 2012	1,090	-	189,667	190,757	5.9%
	2012	$4,123	$ -	$189,667	$193,790	5.9%

	1Q 2013	$1,122	$ -	$ -	$1,122	N/A
	2Q 2013	997	25,831	-	26,828	5.0%
	3Q 2013	752	99,239	-	99,991	3.9%
	4Q 2013	507	-	200,000	200,507	5.4%
	2013	$3,378	$125,070	$200,000	$328,448	4.9%

(a)	Includes available extention options.

CAMDEN	DEBT COVENANT ANALYSIS



(Unaudited)


UNSECURED LINE OF CREDIT


Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	≤	60%	37%	Yes

Secured Debt to Gross Asset Value	≤	35%	16%	Yes

Consolidated EBITDA to Total Fixed Charges	≥	150%	272%	Yes

Unencumbered Adjusted NOI to Total Unsecured Debt	>	10.5%	19%	Yes



SENIOR UNSECURED NOTES

Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	≤	60%	41%	Yes

Total Secured Debt to Total Asset Value	≤	40%	18%	Yes

Total Unencumbered Asset Value to Total Unsecured Debt	≥	150%	314%	Yes

Consolidated Income Available for Debt Service to Total	>	150%	307%	Yes
Annual Service Charges

(a)	For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions
	of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

(b)	Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.

CAMDEN		UNCONSOLIDATED REAL ESTATE INVESTMENTS
		DEBT ANALYSIS
		(In thousands, except property data amounts)


(Unaudited)

PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF DECEMBER 31, 2011:

		Future Scheduled Repayments				Weighted Average
			Secured		Percent	Interest Rate on
	Year (a)	Amortization	Maturities	Total	of Total	Maturing Debt
	2012 (b)	$1,523	$74,394	$75,917	34.3%	4.9%
	2013	1,742	35,980	37,722	17.1%	4.7%
	2014	2,119	11,710	13,829	6.2%	5.7%
	2015	2,002	9,363	11,365	5.1%	2.5%
	2016	1,885	28,785	30,670	13.9%	3.6%
	Thereafter	3,752	45,719	49,471	22.4%	4.2%
	Total Maturing Debt	$13,023	$205,951	$218,974	99.0%	4.5%

	Subscription lines of credit (c)	- '	2,230	2,230	1.0%	1.6%
	Total Debt	$13,023	$208,181	$221,204	100.0%	4.4%

	Weighted Average Maturity of Debt (a)		3.1 Years

					Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance	% of Total	Interest Rate	Time to Maturity (a)
	Floating rate debt		$20,312	9.2%	1.7%	3.5 Years
	Fixed rate debt		200,892	90.8%	4.7%	3.1 Years
	Total		$221,204	100.0%	4.4%	3.1 Years

					Weighted Average
SECURED DEBT DETAIL:			Balance	% of Total	Interest Rate	Time to Maturity (a)
	Conventional fixed-rate mortgage debt		$200,892	90.8%	4.7%	3.1 Years
	Conventional variable-rate mortgage debt		9,680	4.4%	1.6%	2.9 Years
	Tax exempt variable rate debt		2,015	0.9%	0.4%	19.4 Years
	Variable-rate construction loans		6,387	2.9%	2.2%	0.3 Years
	Subscription lines of credit		2,230	1.0%	1.6%	1.3 Years
	Total		$221,204	100.0%	4.4%	3.1 Years

REAL ESTATE ASSETS: (d)			Total Homes	Total Cost
	Operating real estate assets		16,858	$1,533,901
	Properties under development and land		520	39,684
	Total		17,378	$1,573,585

(a)	Includes available extension options.
(b)	Includes $4.3 million, which represents Camden's pro-rata share of debt that was refinanced January 19, 2012 with a new maturity of June 2014 as well
	as $54 million that represents Camden's pro-rata share of debt which was repaid January 31, 2012 in conjunction with Camden's purchase of the
	remaining partnership interests.
(c)	As of December 31, 2011 these borrowings were drawn under the subscription secured lines of credit with $19 million in total capacity. Camden has a 20%
	ownership interest in the borrowing entity.
(d)	Balance sheet and property data reported at 100%.

CAMDEN		UNCONSOLIDATED REAL ESTATE INVESTMENTS
		DEBT MATURITY ANALYSIS
		(In thousands)


(Unaudited)

ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2012 and 2013:

					Weighted Average
		Future Scheduled Repayments			Interest Rate on
	Quarter (a)	Amortization	Secured Maturities	Total	Maturing Debt
	1Q 2012 (b)	$370	$4,287	$4,657	2.0%
	2Q 2012 (c)	373	54,521	54,894	5.1%
	3Q 2012	383	2,100	2,483	2.6%
	4Q 2012 (d)	397	14,196	14,593	5.5%
	2012	$1,523	$75,104	$76,627	4.9%

	1Q 2013	$420	$ -	$420	n/a
	2Q 2013 (d)	429	1,520	1,949	1.6%
	3Q 2013	441	35,980	36,421	4.7%
	4Q 2013	452	-	452	n/a
	2013	$1,742	$37,500	$39,242	4.6%

(a)	Includes available extension options.
(b)	Includes $4.3 million that represents Camden's pro-rata share of debt which was refinanced January 19, 2012 with a new maturity of June 2014.
(c)	Includes $54 million that represents Camden's pro-rata share of debt which was repaid January 31, 2012 in conjunction with Camden's purchase of the remaining
	partnership interests.
(d)	4Q 2012 maturities include a subscription secured line of credit with $710 (Camden's pro-rata share) outstanding as of December 31, 2011. The line of credit
	has $4.0 million in total capacity.
(e)	2Q 2013 maturities include a subscription secured line of credit with $1,520 (Camden's pro-rata share) outstanding as of December 31, 2011. The line of credit
	has $15.0 million in total capacity.

CAMDEN		CAPITALIZED EXPENDITURES
		& MAINTENANCE EXPENSE
		(In thousands, except unit data)


(Unaudited)
			Fourth Quarter 2011 (a)
			Capitalized			Expensed
			Weighted Average
	Item		Useful Life (b)	Total	Per Unit	Total	Per Unit
	Interiors
	Floor coverings		5.5 years	$2,756	$54	$877	$17
	Appliances		9.7 years	1,476	29	195	4
	Painting		-	-	-	1,674	33
	Cabinetry/Countertops		10.0 years	437	9	-	-
	Other		8.9 years	990	19	450	9
	Exteriors
	Painting		5.0 years	663	13	-	-
	Carpentry		10.0 years	314	6	-	-
	Landscaping		5.9 years	586	12	2,351	46
	Roofing		20.0 years	591	12	97	2
	Site Drainage		10.0 years	67	1	-	-
	Fencing/Stair		10.0 years	205	4	-	-
	Other (c)		8.3 years	1,684	33	2,876	56
	Common Areas
	Mech., Elec., Plumbing		9.6 years	890	17	965	19
	Parking/Paving		5.0 years	458	9	-	-
	Pool/Exercise/Facility		8.3 years	1,187	23	317	6

	Total			$12,304	$242	$9,802	$192


	Weighted Average Apartment Homes				50,934		50,934

			Year to Date 2011 (a)
			Capitalized			Expensed
			Weighted Average
	Item		Useful Life (d)	Total	Per Unit	Total	Per Unit
	Interiors
	Floor coverings		5.5 years	$11,268	$221	$3,430	$67
	Appliances		9.7 years	5,634	111	778	15
	Painting		-	-	-	6,453	127
	Cabinetry/Countertops		10.0 years	1,387	27	-	-
	Other		8.9 years	4,107	81	1,872	37
	Exteriors
	Painting		5.0 years	5,207	102	-	-
	Carpentry		10.0 years	2,386	47	-	-
	Landscaping		5.9 years	1,818	36	10,519	207
	Roofing		20.0 years	2,537	50	282	6
	Site Drainage		10.0 years	301	6	-	-
	Fencing/Stair		10.0 years	939	18	-	-
	Other (c)		8.3 years	6,660	131	11,470	225
	Common Areas
	Mech., Elec., Plumbing		9.6 years	4,820	95	4,034	79
	Parking/Paving		5.0 years	1,406	28	-	-
	Pool/Exercise/Facility		8.3 years	5,235	103	1,412	28

	Total			$53,705	$1,055	$40,250	$791


	Weighted Average Apartment Homes				50,905		50,905

(a)	Includes discontinued operations. Capitalized expenditures for discontinued operations were $168 and $975 for the three and twelve months ended December 31, 2011, respectively. Maintenance expenses for discontinued operations were $197 and $789 for the same periods.
(b)	Weighted average useful life of capitalized expenses for the three months ended December 31, 2011.
(c)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(d)	Weighted average useful life of capitalized expenses for the twelve months ended December 31, 2011.

CAMDEN	2012 Financial Outlook
	as of February 2, 2012


(Unaudited)

2011 Reported FFO, Adjusted for Non-Routine Items

	Total	Per Share
2011 Reported FFO	$207,535	$2.73
Adjustments for 2011 non-routine items:
Less: Gain on sale of technology investment, net of tax	(3,316)	(0.04)
Less: Gain on sale of properties, including land	(4,748)	(0.06)
Plus: Loss on discontinuation of hedging relationship & write-off of unamortized loan costs	30,243	0.40

2011 FFO adjusted for non-routine items	$229,714	$3.03

2011 Fully Diluted Shares Outstanding - FFO		75,928

December 31, 2011 Fully Diluted Shares Outstanding - FFO		77,227

2011 FFO adjusted for non-routine items and December 31, 2011 Fully Diluted Shares Outstanding - FFO		$2.97

2012 Financial Outlook

Earnings Guidance - Per Diluted Share
Expected net income attributable to common shareholders per share - diluted		$0.95 - $1.20
Expected real estate depreciation		2.21
Expected adjustments for unconsolidated joint ventures		0.11
Expected income allocated to noncontrolling interests		0.03
Expected FFO per share - diluted		$3.30 - $3.55

"Same Property" Communities
Number of Units		48,400
2011 Base Net Operating Income		$387 million
Total Revenue Growth		4.75% - 6.25%
Total Expense Growth		2.50% - 3.50%
Net Operating Income Growth		6.00% - 8.00%
Physical Occupancy		95%
∙ Impact from 1.0% change in NOI Growth is approximately $0.05 / share

Capitalized Maintenance Expenditures		$60 - $64 million

Acquisitions/Dispositions
Dispositions Volume		$100 - $300 million
Acquisitions Volume (consolidated on balance sheet)		$400 to $650 million
Acquisitions Volume (joint venture)		$50 - $200 million

Development
Development Starts (consolidated on balance sheet)		$250 - $450 million
Development Starts (joint venture)		$0 - $100 million


Non-Property Income
Non-Property Income, Net		$6 - $8 million
Includes: Fee and asset management income, net of expenses and
Interest and other income

Corporate Expenses
General and administrative and property management expenses		$54 - $58 million

Debt
Capitalized Interest		$11 - $14 million
Expensed Interest		$103 - $109 million

Perpetual Preferred Units
Redemption of Perpetual Preferred Units		$100 million

Note:	This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. Additionally, please
	refer to pages 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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


(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's

definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP

financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating

activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance

with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization,

and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,

including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance

because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a

company's real estate between periods or as compared to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2011			2010			2011			2010
Net income attributable to common shareholders (a)		$46,850			$17,147			$49,379			$23,216
Real estate depreciation from continuing operations		43,432			42,926			174,889			165,462
Real estate depreciation from discontinued operations		413			1,059			2,298			5,198
(Gain) on sale of discontinued operations		(24,621	)		(9,614	)		(24,621	)		(9,614	)
Adjustments for unconsolidated joint ventures		3,492			2,190			10,534			8,943
(Gain) on sale of unconsolidated joint venture properties		(6,394	)		-			(6,394	)		-
(Gain) on sale of unconsolidated joint venture interests		-			-			(1,136	)		-
Income allocated to noncontrolling interests		1,092			240			2,586			1,104
Funds from operations - diluted		$64,264			$53,948			$207,535			$194,309

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		74,428			71,587			73,701			68,957
FFO diluted		76,649			73,847			75,928			71,552

Net income attributable to common shareholders - diluted		$0.62			$0.24			$0.66			$0.33
FFO per common share - diluted		$0.84			$0.73			$2.73			$2.72

	Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship
	for the twelve months ended December 31, 2011.

Expected FFO

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating

performance when compared to expected net income attributable to common shareholders (EPS). A reconciliation of the ranges provided for expected

net income attributable to common shareholders per diluted share to expected FFO per diluted share is provided below:

	1Q12 Range				2012 Range
	Low		High		Low		High

Expected net income attributable to common shareholders per share - diluted		$0.18		$0.22		$0.95		$1.20
Expected real estate depreciation		0.55		0.55		2.21		2.21
Expected adjustments for unconsolidated joint ventures		0.03		0.03		0.11		0.11
Recognized (gain) on sale of unconsolidated joint venture interests		0.00		0.00		0.00		0.00
Expected income allocated to noncontrolling interests		0.01		0.01		0.03		0.03
Expected FFO per share - diluted		$0.77		$0.81		$3.30		$3.55

Note:

This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

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


(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers

NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the

operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs.

A reconciliation of net income attributable to common shareholders to net operating income is provided below:

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2011			2010			2011			2010
Net income attributable to common shareholders		$46,850			$17,147			$49,379			$23,216
Less: Fee and asset management income		(3,018	)		(2,144	)		(9,973	)		(8,172	)
Less: Interest and other (income) loss		100			(4,596	)		(4,649	)		(8,584	)
Less: Income on deferred compensation plans		(5,540	)		(4,763	)		(6,773	)		(11,581	)
Plus: Property management expense		5,208			4,988			20,686			19,982
Plus: Fee and asset management expense		1,715			1,230			5,935			4,841
Plus: General and administrative expense		9,064			8,423			35,456			30,762
Plus: Interest expense		26,942			30,815			112,414			125,893
Plus: Depreciation and amortization		44,641			44,213			179,867			170,362
Plus: Amortization of deferred financing costs		1,116			1,478			5,877			4,102
Plus: Expense on deferred compensation plans		5,540			4,763			6,773			11,581
Less: Gain on sale of properties, including land		-			-			(4,748	)		(236	)
Less: Gain on sale of unconsolidated joint venture interests		-			-			(1,136	)		-
Less: Equity in (income) loss of joint ventures		(5,845	)		54			(5,679	)		839
Plus: Loss on discontinuation of hedging relationship		-			-			29,791			-
Plus: Impairment provision for technology investments		-			1,000			-			1,000
Plus: Income allocated to perpetual preferred units		1,750			1,750			7,000			7,000
Plus: Income allocated to noncontrolling interests		1,464			384			3,582			926
Plus: Income tax expense - current		331			295			2,220			1,581
Less: Income from discontinued operations		(609	)		(1,175	)		(2,212	)		(5,360	)
Less: (Gain) on sale of discontinued operations		(24,621	)		(9,614	)		(24,621	)		(9,614	)
Net Operating Income (NOI)		$105,088			$94,248			$399,189			$358,538

"Same Property" Communities		$94,836			$87,849			$363,292			$339,146
Non-"Same Property" Communities		9,353			6,689			34,316			20,045
Development and Lease-Up Communities		410			-			493			-
Other		489			(290	)		1,088			(653	)
Net Operating Income (NOI)		$105,088			$94,248			$399,189			$358,538

EBITDA

EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations,

excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, and income (loss) allocated to noncontrolling interests.

The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common

shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions.

A reconciliation of net income attributable to common shareholders to EBITDA is provided below:

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2011			2010			2011			2010
Net income attributable to common shareholders		$46,850			$17,147			$49,379			$23,216
Plus: Interest expense		26,942			30,815			112,414			125,893
Plus: Amortization of deferred financing costs		1,116			1,478			5,877			4,102
Plus: Depreciation and amortization		44,641			44,213			179,867			170,362
Plus: Income allocated to perpetual preferred units		1,750			1,750			7,000			7,000
Plus: Income allocated to noncontrolling interests		1,464			384			3,582			926
Plus: Income tax expense - current		331			295			2,220			1,581
Plus: Real estate depreciation from discontinued operations		413			1,059			2,298			5,198
Less: Gain on sale of properties, including land		-			-			(4,748	)		(236	)
Less: Gain on sale of unconsolidated joint venture interests		-			-			(1,136	)		-
Less: Equity in (income) loss of joint ventures		(5,845	)		54			(5,679	)		839
Plus: Loss on discontinuation of hedging relationship		-			-			29,791			-
Plus: Impairment provision for technology investments		-			1,000			-			1,000
Less: (Gain) on sale of discontinued operations		(24,621	)		(9,614	)		(24,621	)		(9,614	)
EBITDA		$93,041			$88,581			$356,244			$330,267

CAMDEN

OTHER DATA

(Unaudited)

Stock Symbol:

CPT

Exchange Traded:

NYSE

Senior Unsecured Debt Ratings:

Rating

Outlook

Standard & Poors

BBB

Stable

Moody's

Baa1

Stable

Estimated Future Dates:

Q1 '12

Q2 '12

Q3 '12

Q4 '12

Earnings release & conference call

Late Apr

Early Aug

Early Nov

Early Feb

Dividend Information - Common Shares:

Q1 '11

Q2 '11

Q3 '11

Q4 '11

Declaration Date

03/14/11

06/15/11

09/15/11

12/05/11

Record Date

03/31/11

06/30/11

09/30/11

12/19/11

Payment Date

04/18/11

07/18/11

10/17/11

01/17/12

Distributions Per Share

$0.49

Investor Relations Data:

Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases and

Supplemental Data upon request.

For Investor Relations: recent press releases, 10-Q's, 10-K's and other information, call

1-800-9CAMDEN or (713) 354-2787.

To access Camden's Quarterly Conference Call, please visit our web site at camdenliving.com.

For questions contact:

Richard J. Campo

Chairman & Chief Executive Officer

D. Keith Oden

President

H. Malcolm Stewart

Chief Operating Officer

Dennis M. Steen

Chief Financial Officer

Kimberly A. Callahan

Vice President - Investor Relations

CAMDEN											COMMUNITY TABLE
											Community Statistics as of 12/31/11

(Unaudited)												4Q11 Avg
												Monthly Rental Rates
Community Name	City	State	Year Placed in Service	Average Size		Apartment Homes		4Q11 Avg Occupancy				Per Home		Per Sq. Ft.

Camden Copper Square	Phoenix	AZ	2000		786		332		93	%			$839		$1.07
Camden Fountain Palms (1)	Peoria	AZ	1986/1996		1,050		192		92	%			674		0.64
Camden Legacy	Scottsdale	AZ	1996		1,067		428		94	%			909		0.85
Camden Pecos Ranch (1)	Chandler	AZ	2001		924		272		95	%			813		0.88
Camden San Paloma	Scottsdale	AZ	1993/1994		1,042		324		94	%			943		0.91
Camden Sierra (1)	Peoria	AZ	1997		925		288		90	%			663		0.72
Camden Towne Center (1)	Glendale	AZ	1998		871		240		93	%			670		0.77
Camden Vista Valley (2)	Mesa	AZ	1986		923		357		93	%			642		0.70
TOTAL ARIZONA	8	Properties			951		2,433		93	%			783		0.82

Camden Crown Valley	Mission Viejo	CA	2001		1,009		380		94	%			1,554		1.54
Camden Harbor View	Long Beach	CA	2004		975		538		94	%			1,932		1.98
Camden Main and Jamboree	Irvine	CA	2008		1,011		290		95	%			1,784		1.77
Camden Martinique	Costa Mesa	CA	1986		794		714		96	%			1,306		1.64
Camden Parkside (1)	Fullerton	CA	1972		836		421		95	%			1,195		1.43
Camden Sea Palms	Costa Mesa	CA	1990		891		138		97	%			1,481		1.66
Total Los Angeles/Orange County	6	Properties			904		2,481		95	%			1,526		1.69

Camden Old Creek	San Marcos	CA	2007		1,037		350		91	%			1,582		1.53
Camden Sierra at Otay Ranch	Chula Vista	CA	2003		962		422		93	%			1,515		1.57
Camden Tuscany	San Diego	CA	2003		896		160		95	%			1,933		2.16
Camden Vineyards	Murrieta	CA	2002		1,053		264		91	%			1,228		1.17
Total San Diego/Inland Empire	4	Properties			995		1,196		92	%			1,527		1.53

TOTAL CALIFORNIA	10	Properties			934		3,677		94	%			1,527		1.63

Camden Caley	Englewood	CO	2000		925		218		95	%			956		1.03
Camden Centennial	Littleton	CO	1985		744		276		94	%			723		0.97
Camden Denver West (3)	Golden	CO	1997		1,015		320		94	%			1,121		1.10
Camden Highlands Ridge	Highlands Ranch	CO	1996		1,149		342		93	%			1,171		1.02
Camden Interlocken	Broomfield	CO	1999		1,022		340		94	%			1,182		1.16
Camden Lakeway	Littleton	CO	1997		932		451		94	%			944		1.01
Camden Pinnacle	Westminster	CO	1985		748		224		93	%			750		1.00
TOTAL COLORADO	7	Properties			949		2,171		94	%			996		1.05

Camden Ashburn Farms	Ashburn	VA	2000		1,062		162		94	%			1,449		1.36
Camden Clearbrook	Frederick	MD	2007		1,048		297		95	%			1,328		1.27
Camden College Park	College Park	MD	2008		942		508		92	%			1,559		1.65
Camden Dulles Station	Oak Hill	VA	2009		984		366		96	%			1,585		1.61
Camden Fair Lakes	Fairfax	VA	1999		1,056		530		95	%			1,601		1.52
Camden Fairfax Corner	Fairfax	VA	2006		934		488		95	%			1,637		1.75
Camden Fallsgrove	Rockville	MD	2004		996		268		94	%			1,656		1.66
Camden Grand Parc	Washington	DC	2002		674		105		94	%			2,447		3.63
Camden Lansdowne	Leesburg	VA	2002		1,006		690		96	%			1,390		1.38
Camden Largo Town Center	Largo	MD	2000/2007		1,027		245		91	%			1,602		1.56
Camden Monument Place	Fairfax	VA	2007		856		368		95	%			1,481		1.73
Camden Potomac Yard	Arlington	VA	2008		835		378		92	%			1,949		2.33
Camden Roosevelt	Washington	DC	2003		856		198		97	%			2,381		2.78
Camden Russett	Laurel	MD	2000		992		426		92	%			1,396		1.41
Camden Silo Creek	Ashburn	VA	2004		975		284		95	%			1,401		1.44
Camden Summerfield	Landover	MD	2008		957		291		92	%			1,573		1.65
TOTAL DC METRO	16	Properties			963		5,604		94	%			1,589		1.65

Camden Aventura	Aventura	FL	1995		1,108		379		94	%			1,483		1.34
Camden Brickell	Miami	FL	2003		937		405		96	%			1,562		1.67
Camden Doral	Miami	FL	1999		1,120		260		95	%			1,508		1.35
Camden Doral Villas	Miami	FL	2000		1,253		232		96	%			1,644		1.31
Camden Las Olas	Ft. Lauderdale	FL	2004		1,043		420		96	%			1,648		1.58
Camden Plantation	Plantation	FL	1997		1,201		502		95	%			1,287		1.07
Camden Portofino	Pembroke Pines	FL	1995		1,112		322		93	%			1,320		1.19
Total Southeast Florida	7	Properties			1,103		2,520		95	%			1,481		1.34

Camden Club	Longwood	FL	1986		1,077		436		95	%			846		0.79
Camden Hunter's Creek	Orlando	FL	2000		1,075		270		94	%			974		0.91
Camden Lago Vista	Orlando	FL	2005		955		366		95	%			875		0.92
Camden Landings	Orlando	FL	1983		748		220		96	%			661		0.88
Camden Lee Vista	Orlando	FL	2000		937		492		97	%			844		0.90
Camden Orange Court	Orlando	FL	2008		817		268		96	%			1,087		1.33
Camden Renaissance	Altamonte Springs	FL	1996/1998		899		578		94	%			800		0.89
Camden Reserve	Orlando	FL	1990/1991		824		526		94	%			713		0.86
Camden World Gateway	Orlando	FL	2000		979		408		95	%			947		0.97
Total Orlando	9	Properties			928		3,564		95	%			849		0.92

CAMDEN								COMMUNITY TABLE
								Community Statistics as of 12/31/11

(Unaudited)								4Q11 Avg
								Monthly Rental Rates
Community Name	City	State	Year Placed in Service	Average Size	Apartment Homes	4Q11 Avg Occupancy		Per Home	Per Sq. Ft.

Camden Bay	Tampa	FL	1997/2001	943	760	96	%	863		0.92
Camden Bay Pointe	Tampa	FL	1984	771	368	94	%	688		0.89
Camden Bayside	Tampa	FL	1987/1989	748	832	97	%	757		1.01
Camden Citrus Park	Tampa	FL	1985	704	247	95	%	667		0.95
Camden Lakes	St. Petersburg	FL	1982/1983	732	688	94	%	678		0.93
Camden Lakeside	Brandon	FL	1986	729	228	94	%	725		0.99
Camden Live Oaks	Tampa	FL	1990	1,093	770	94	%	778		0.71
Camden Preserve	Tampa	FL	1996	942	276	95	%	1,031		1.09
Camden Providence Lakes	Brandon	FL	1996	1,024	260	93	%	902		0.88
Camden Royal Palms	Brandon	FL	2006	1,017	352	92	%	933		0.92
Camden Visconti (3)	Tampa	FL	2007	1,125	450	96	%	1,095		0.97
Camden Westshore	Tampa	FL	1986	728	278	96	%	829		1.14
Camden Woods	Tampa	FL	1986	1,223	444	96	%	835		0.68
Total Tampa/St. Petersburg	13	Properties		914	5,953	95	%	819		0.91

TOTAL FLORIDA	29	Properties		958	12,037	95	%	967		1.01

Camden Brookwood	Atlanta	GA	2002	912	359	96	%	967		1.06
Camden Deerfield	Alpharetta	GA	2000	1,187	292	92	%	933		0.79
Camden Dunwoody	Atlanta	GA	1997	1,007	324	96	%	860		0.85
Camden Ivy Hall (3)	Atlanta	GA	2010	1,181	110	93	%	1,630		1.38
Camden Midtown Atlanta	Atlanta	GA	2001	935	296	93	%	977		1.04
Camden Peachtree City	Peachtree City	GA	2001	1,027	399	92	%	910		0.89
Camden Phipps (3)	Atlanta	GA	1996	1,018	234	93	%	1,133		1.11
Camden River	Duluth	GA	1997	1,103	352	97	%	875		0.79
Camden Shiloh	Kennesaw	GA	1999/2002	1,143	232	94	%	859		0.75
Camden St. Clair	Atlanta	GA	1997	999	336	94	%	890		0.89
Camden Stockbridge	Stockbridge	GA	2003	1,009	304	94	%	746		0.74
Camden Sweetwater	Lawrenceville	GA	2000	1,151	308	91	%	712		0.62
TOTAL GEORGIA	12	Properties		1,045	3,546	94	%	916		0.88

Camden Passage (3)	Kansas City	MO	1989/1997	834	596	91	%	672		0.81
Total Kansas City	1	Property		834	596	91	%	672		0.81

Camden Cedar Lakes (3)	Lake St. Louis	MO	1986	852	420	92	%	652		0.77
Camden Cove West (3)	Creve Coeur	MO	1990	828	276	96	%	850		1.03
Camden Cross Creek (3)	St. Louis	MO	1973/1980	947	591	93	%	778		0.82
Camden Westchase (3)	St. Louis	MO	1986	945	160	98	%	880		0.93
Total St. Louis	4	Properties		896	1,447	94	%	767		0.86

TOTAL MISSOURI	5	Properties		878	2,043	93	%	739		0.84

Camden Bel Air	Las Vegas	NV	1988/1995	943	528	92	%	711		0.75
Camden Breeze	Las Vegas	NV	1989	846	320	93	%	717		0.85
Camden Canyon	Las Vegas	NV	1995	987	200	94	%	849		0.86
Camden Commons	Henderson	NV	1988	936	376	92	%	747		0.80
Camden Cove	Las Vegas	NV	1990	898	124	92	%	706		0.79
Camden Del Mar	Las Vegas	NV	1995	986	560	94	%	893		0.91
Camden Fairways	Henderson	NV	1989	896	320	96	%	876		0.98
Camden Hills	Las Vegas	NV	1991	439	184	89	%	496		1.13
Camden Legends	Henderson	NV	1994	792	113	93	%	825		1.04
Camden Palisades	Las Vegas	NV	1991	905	624	92	%	721		0.80
Camden Pines (1)	Las Vegas	NV	1997	982	315	94	%	801		0.82
Camden Pointe	Las Vegas	NV	1996	983	252	93	%	731		0.74
Camden Summit (1)	Henderson	NV	1995	1,187	234	94	%	1,088		0.92
Camden Tiara (1)	Las Vegas	NV	1996	1,043	400	94	%	857		0.82
Camden Vintage	Las Vegas	NV	1994	978	368	92	%	709		0.72
Oasis Bay (3)	Las Vegas	NV	1990	876	128	97	%	745		0.85
Oasis Crossings (3)	Las Vegas	NV	1996	983	72	94	%	743		0.76
Oasis Emerald (3)	Las Vegas	NV	1988	873	132	93	%	616		0.71
Oasis Gateway (3)	Las Vegas	NV	1997	1,146	360	94	%	774		0.68
Oasis Island (3)	Las Vegas	NV	1990	901	118	91	%	629		0.70
Oasis Landing (3)	Las Vegas	NV	1990	938	144	92	%	685		0.73
Oasis Meadows (3)	Las Vegas	NV	1996	1,031	383	92	%	730		0.71
Oasis Palms (3)	Las Vegas	NV	1989	880	208	92	%	677		0.77
Oasis Pearl (3)	Las Vegas	NV	1989	930	90	88	%	701		0.75
Oasis Place (3)	Las Vegas	NV	1992	440	240	85	%	493		1.12
Oasis Ridge (3)	Las Vegas	NV	1984	391	477	83	%	415		1.06
Oasis Sierra (3)	Las Vegas	NV	1998	923	208	94	%	790		0.86
Oasis Springs (3)	Las Vegas	NV	1988	838	304	91	%	585		0.70
Oasis Vinings (3)	Las Vegas	NV	1994	1,152	234	92	%	725		0.63
TOTAL NEVADA	29	Properties		903	8,016	92	%	729		0.81

CAMDEN											COMMUNITY TABLE
											Community Statistics as of 12/31/11

(Unaudited)											4Q11 Avg
											Monthly Rental Rates
Community Name	City	State	Year Placed in Service	Average Size		Apartment Homes		4Q11 Avg Occupancy			Per Home		Per Sq. Ft.

Camden Ballantyne	Charlotte	NC	1998		1,045		400		96	%		905		0.87
Camden Cotton Mills	Charlotte	NC	2002		905		180		97	%		1,130		1.25
Camden Dilworth	Charlotte	NC	2006		857		145		97	%		1,144		1.34
Camden Fairview	Charlotte	NC	1983		1,036		135		95	%		843		0.81
Camden Forest	Charlotte	NC	1989		703		208		90	%		578		0.82
Camden Foxcroft	Charlotte	NC	1979		940		156		95	%		775		0.82
Camden Grandview	Charlotte	NC	2000		1,057		266		98	%		1,263		1.20
Camden Habersham	Charlotte	NC	1986		773		240		95	%		647		0.84
Camden Park Commons	Charlotte	NC	1997		861		232		93	%		662		0.77
Camden Pinehurst	Charlotte	NC	1967		1,147		407		95	%		779		0.68
Camden Sedgebrook	Charlotte	NC	1999		972		368		96	%		830		0.85
Camden Simsbury	Charlotte	NC	1985		874		100		95	%		802		0.92
Camden South End Square	Charlotte	NC	2003		882		299		97	%		1,060		1.20
Camden Stonecrest	Charlotte	NC	2001		1,098		306		95	%		955		0.87
Camden Touchstone	Charlotte	NC	1986		899		132		96	%		749		0.83
Total Charlotte	15	Properties			961		3,574		95	%		879		0.91

Camden Crest	Raleigh	NC	2001		1,013		438		95	%		793		0.78
Camden Governor's Village	Chapel Hill	NC	1999		1,046		242		92	%		897		0.86
Camden Lake Pine	Apex	NC	1999		1,066		446		94	%		826		0.78
Camden Manor Park	Raleigh	NC	2006		966		484		95	%		860		0.89
Camden Overlook	Raleigh	NC	2001		1,060		320		94	%		918		0.87
Camden Reunion Park	Apex	NC	2000/2004		972		420		93	%		719		0.74
Camden Westwood	Morrisville	NC	1999		1,027		354		97	%		778		0.76
Total Raleigh	7	Properties			1,017		2,704		94	%		821		0.81

TOTAL NORTH CAROLINA	22	Properties			985		6,278		95	%		854		0.87

Camden Valleybrook	Chadds Ford	PA	2002		992		352		94	%		1,327		1.34
TOTAL PENNSYLVANIA	1	Property			992		352		94	%		1,327		1.34

Camden Amber Oaks (3)	Austin	TX	2009		862		348		96	%		829		0.96
Camden Brushy Creek (3)	Cedar Park	TX	2008		882		272		96	%		811		0.92
Camden Cedar Hills	Austin	TX	2008		911		208		95	%		1,000		1.10
Camden Gaines Ranch	Austin	TX	1997		955		390		94	%		1,048		1.10
Camden Huntingdon	Austin	TX	1995		903		398		95	%		786		0.87
Camden Laurel Ridge	Austin	TX	1986		702		183		94	%		621		0.89
Camden Ridgecrest	Austin	TX	1995		855		284		95	%		726		0.85
Camden Shadow Brook (3)	Austin	TX	2009		909		496		96	%		889		0.98
Camden South Congress (3)	Austin	TX	2001		975		253		96	%		1,487		1.53
Camden Stoneleigh	Austin	TX	2001		908		390		96	%		924		1.02
Total Austin	10	Properties			895		3,222		95	%		911		1.02

Camden Breakers	Corpus Christi	TX	1996		868		288		97	%		959		1.11
Camden Copper Ridge	Corpus Christi	TX	1986		775		344		96	%		699		0.90
Camden Miramar (4)	Corpus Christi	TX	1994-2011		488		855		98	%		996		2.05
Camden South Bay (3)	Corpus Christi	TX	2007		1,055		270		94	%		1,086		1.03
Total Corpus Christi	4	Properties			693		1,757		96	%		946		1.36

Camden Addison (1)	Addison	TX	1996		942		456		96	%		814		0.86
Camden Buckingham	Richardson	TX	1997		919		464		97	%		831		0.90
Camden Centreport	Ft. Worth	TX	1997		911		268		94	%		825		0.91
Camden Cimarron	Irving	TX	1992		772		286		95	%		844		1.09
Camden Design District (3)	Dallas	TX	2009		939		355		92	%		1,134		1.21
Camden Farmers Market	Dallas	TX	2001/2005		932		904		94	%		953		1.02
Camden Gardens	Dallas	TX	1983		652		256		96	%		572		0.88
Camden Glen Lakes	Dallas	TX	1979		877		424		96	%		771		0.88
Camden Legacy Creek	Plano	TX	1995		831		240		97	%		885		1.07
Camden Legacy Park	Plano	TX	1996		871		276		97	%		894		1.03
Camden Panther Creek (3)	Frisco	TX	2009		946		295		93	%		951		1.01
Camden Riverwalk (3)	Grapevine	TX	2008		982		600		96	%		1,145		1.17
Camden Springs	Dallas	TX	1987		713		304		95	%		584		0.82
Camden Valley Park	Irving	TX	1986		743		516		94	%		774		1.04
Camden Westview	Lewisville	TX	1983		697		335		92	%		625		0.90
Total Dallas/Ft. Worth	15	Properties			866		5,979		95	%		865		1.00

CAMDEN											COMMUNITY TABLE
											Community Statistics as of 12/31/11

(Unaudited)											4Q11 Avg
			Year Placed	Average		Apartment		4Q11 Avg			Monthly Rental Rates
Community Name	City	State	in Service	Size		Homes		Occupancy			Per Home		Per Sq. Ft.

Camden Baytown	Baytown	TX	1999		844		272		94	%		801		0.95
Camden City Centre	Houston	TX	2007		932		379		96	%		1,333		1.43
Camden Creek	Houston	TX	1984		639		456		94	%		596		0.93
Camden Cypress Creek (3)	Cypress	TX	2009		993		310		96	%		1,038		1.05
Camden Downs at Cinco Ranch (3)	Katy	TX	2004		1,075		318		96	%		1,006		0.94
Camden Grand Harbor (3)	Katy	TX	2008		959		300		97	%		984		1.03
Camden Greenway	Houston	TX	1999		861		756		94	%		1,091		1.27
Camden Heights (3)	Houston	TX	2004		927		352		98	%		1,202		1.30
Camden Holly Springs (1)	Houston	TX	1999		934		548		94	%		920		0.98
Camden Lakemont (3)	Richmond	TX	2007		904		312		96	%		865		0.96
Camden Midtown	Houston	TX	1999		844		337		97	%		1,305		1.55
Camden Northpointe (3)	Tomball	TX	2008		940		384		94	%		923		0.98
Camden Oak Crest	Houston	TX	2003		870		364		93	%		851		0.98
Camden Park (1)	Houston	TX	1995		866		288		96	%		805		0.93
Camden Piney Point (3)	Cypress	TX	2004		919		318		97	%		988		1.07
Camden Plaza	Houston	TX	2007		915		271		94	%		1,319		1.44
Camden Royal Oaks	Houston	TX	2006		923		236		94	%		1,165		1.26
Camden Spring Creek (3)	Spring	TX	2004		1,080		304		92	%		981		0.91
Camden Steeplechase	Houston	TX	1982		748		290		94	%		647		0.86
Camden Stonebridge	Houston	TX	1993		845		204		97	%		825		0.98
Camden Sugar Grove (1)	Stafford	TX	1997		921		380		96	%		868		0.94
Camden Travis Street (3)	Houston	TX	2010		819		253		96	%		1,330		1.62
Camden Vanderbilt	Houston	TX	1996/1997		863		894		96	%		1,166		1.35
Camden Whispering Oaks	Houston	TX	2008		934		274		97	%		1,001		1.07
Camden Woodson Park (3)	Houston	TX	2008		916		248		97	%		944		1.03
Camden Yorktown (3)	Houston	TX	2008		995		306		96	%		940		0.94
Total Houston	26	Properties			896		9,354		95	%		1,004		1.12

Camden Braun Station (3)	San Antonio	TX	2006		827		240		94	%		824		1.00
Camden Westover Hills (3)	San Antonio	TX	2010		959		288		95	%		1,036		1.08
Total San Antonio	2	Properties			899		528		95	%		939		1.04

TOTAL TEXAS	57	Properties			870		20,840		95	%		943		1.08

TOTAL PROPERTIES	196	Properties			928		66,997		94	%		$990		$1.07

(1)	Communities owned through investment in joint venture that subsequent to quarter end, Camden purchased the remaining partnership interests.
(2)	Community held for sale as of 12/31/2011.
(3)	Communities owned through investment in joint venture.
(4)	Miramar is a student housing community which is excluded from total occupancy numbers.