a50365195ex99-2.htm

Exhibit 99.2

SECOND QUARTER 2012

Supplemental Operating and Financial Data

Camden Belmont - Dallas, TX
Year Built -2010/2012
477 Apartment Homes
Acquired June 28, 2012







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			6
Operating Results			7
Funds from Operations			8
Balance Sheets			9
Portfolio Statistics			10
Components of Property Net Operating Income			11
"Same Property" Second Quarter Comparisons			12
"Same Property" Sequential Quarter Comparisons			13
"Same Property" Year to Date Comparisons			14
"Same Property" Operating Expense Detail & Comparisons			15
Joint Venture Operations			16
Current Development Communities			17
Development Pipeline & Land			18
Acquisitions and Dispositions			19
Debt Analysis			20
Debt Maturity Analysis			21
Debt Covenant Analysis			22
Unconsolidated Real Estate Investments Debt Analysis			23
Unconsolidated Real Estate Investments Debt Maturity Analysis			24
Capitalized Expenditures & Maintenance Expense			25
Non-GAAP Financial Measures - Definitions & Reconciliations			26
Other Data			28
Community Table			29








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

SECOND QUARTER 2012 OPERATING RESULTS

Houston, TEXAS (August 2, 2012) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and six months ended June 30, 2012.

Funds From Operations (“FFO”)

FFO for the second quarter of 2012 totaled $0.89 per diluted share or $76.7 million, as compared to $0.40 per diluted share or $30.4 million for the same period in 2011. FFO for the three months ended June 30, 2011 included: a $0.40 per diluted share impact related to a $29.8 million loss on the 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; and a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land.

FFO for the six months ended June 30, 2012 totaled $1.72 per diluted share or $145.3 million, as compared to $1.12 per diluted share or $84.5 million for the same period in 2011. FFO for the six months ended June 30, 2012 included a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units. FFO for the six months ended June 30, 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.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $21.8 million or $0.26 per diluted share for the second quarter of 2012, as compared to a net loss of $16.6 million or $0.23 per diluted share for the same period in 2011. EPS for the three months ended June 30, 2011 included: a $0.42 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; and a $4.7 million or $0.07 per diluted share gain on sale of undeveloped land.

For the six months ended June 30, 2012, the Company reported EPS of $110.5 million or $1.32 per diluted share, as compared to a net loss of $9.3 million or $0.13 per diluted share for the same period in 2011. EPS for the six months ended June 30, 2012 included: a $40.2 million or $0.48 per diluted share impact related to the gain on acquisition of the controlling interest in twelve joint ventures; a $32.5 million or $0.39 per diluted share impact related to the gain on sale of discontinued operations; and, a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units. EPS for the six months ended June 30, 2011 included: a $0.42 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 $0.07 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.

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 47,724 apartment homes included in consolidated same property results, second quarter 2012 same property NOI increased 8.6% compared to the second quarter of 2011, with revenues increasing 6.1% and expenses increasing 2.1%. On a sequential basis, second quarter 2012 same property NOI increased 2.4% compared to the first quarter of 2012, with revenues increasing 2.2% and expenses increasing 1.9% compared to the prior quarter. On a year-to-date basis, 2012 same property NOI increased 9.1%, with revenues increasing 6.4% and expenses increasing 2.3% compared to the same period in 2011. Same property physical occupancy levels for the portfolio averaged 95.3% during the second quarter of 2012, compared to 94.9% in both the second quarter of 2011 and first quarter of 2012.

The Company defines same property communities as communities owned and stabilized as of January 1, 2011, excluding properties held for sale and communities under major redevelopment. A reconciliation of net income attributable to common shareholders to net operating income and same property net operating income is included in the financial tables accompanying this press release.

Acquisition Activity

Camden acquired one multifamily community with 477 apartment homes located in Dallas, TX during the quarter for approximately $76.0 million. Subsequent to quarter-end, the Company acquired a multifamily community with 223 apartment homes located in Atlanta, GA for approximately $25.3 million.

During the quarter the Company also acquired 4.7 acres of land located in Dallas, TX for future development of a multifamily community.

Development Activity

Construction was completed during the quarter at Camden Montague, a 192 apartment home project with a current cost of $20 million in Tampa, FL, which began leasing in February 2012 and is currently 99% leased. Lease-ups continued during the quarter at three completed communities: Camden LaVina, a $56 million project with 420 apartment homes in Orlando, FL, which is currently 88% leased; Camden Summerfield II, a 187 apartment home project with a current cost of $25 million in Landover, MD, which is currently 98% leased; and Camden Royal Oaks II, a $13 million project with 104 apartment homes in Houston, TX, which is currently 39% leased. Lease-up activity is also underway at two communities which are currently under construction: Camden Westchase Park, a $52 million project with 348 apartment homes in Tampa, FL which is currently 59% leased; and Camden Town Square, a $66 million project with 438 apartment homes in Orlando, FL which began leasing during the quarter and is currently 41% leased.

Construction began during the quarter at Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes, and continued at two additional wholly-owned development communities: 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 Amber Oaks II in Austin, TX, a $25 million project with 244 apartment homes, which is currently 59% leased, and Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes.

Equity Issuance

During the second quarter, Camden issued 2,572,609 common shares through its at-the-market (“ATM”) share offering programs at an average price of $66.55 per share, for total net consideration of approximately $168.5 million. Subsequent to quarter-end, the Company issued an additional 938,380 common shares through its ATM program at an average price of $69.34 per share, for total net consideration of approximately $64.1 million. Year-to-date through July 2012, Camden has issued 4,215,234 common shares through its ATM programs at an average price of $66.73 per share, for total net consideration of approximately $276.9 million.

Earnings Guidance

Camden updated its 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 $3.50 to $3.58 per diluted share, and full-year 2012 EPS is expected to be $1.94 to $2.02 per diluted share. Third quarter 2012 earnings guidance is $0.88 to $0.92 per diluted share for FFO and $0.30 to $0.34 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2012 earnings guidance is based on projections of same property revenue growth between 5.5% and 6.5%, expense growth between 2.5% and 3.0%, and NOI growth between 7.5% and 8.5%. 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, August 3, 2012 at 11:00 a.m. Central Time to review its second quarter 2012 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: 7289205, 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.

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 200 properties containing 67,917 apartment homes across the United States. Upon completion of seven properties under development, the Company's portfolio will increase to 70,125 apartment homes in 207 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 www.camdenliving.com.

CAMDEN								FINANCIAL HIGHLIGHTS
	(In thousands, except per share, property data amounts and ratios)


(Unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2012				2011				2012			2011
Total property revenues (a)		$186,045				$161,402			$364,696				$319,004

EBITDA (b)		103,106				87,230			201,235				174,727

Net income (loss) attributable to common shareholders		21,763				(16,597	)		110,521				(9,311	)
Per share - basic		0.26				(0.23	)		1.34				(0.13	)
Per share - diluted		0.26				(0.23	)		1.32				(0.13	)

Income (loss) from continuing operations attributable to common shareholders		21,763				(17,481	)		78,297				(10,978	)
Per share - basic		0.26				(0.24	)		0.95				(0.15	)
Per share - diluted		0.26				(0.24	)		0.94				(0.15	)

Funds from operations		76,707				30,351			145,296				84,464
Per share - diluted		0.89				0.40			1.72				1.12

Dividends per share		0.56				0.49			1.12				0.98
Dividend payout ratio (b)		62.9	%			62.0	%		65.1	%			64.5	%

Interest expensed (including discontinued operations)		26,247				28,381			52,930				58,118
Interest capitalized		3,243				1,826			6,291				3,641
Total interest incurred		29,490				30,207			59,221				61,759

Principal amortization		1,208				1,297			2,411				2,692
Preferred distributions		-				1,750			776				3,500

Net Debt to Annualized EBITDA (c)		5.7		x		6.8		x	5.8		x		6.8		x
Interest expense coverage ratio		3.9		x		3.1		x	3.8		x		3.0		x
Total interest coverage ratio		3.5		x		2.9		x	3.4		x		2.8		x
Fixed charge expense coverage ratio		3.8		x		2.8		x	3.6		x		2.7		x
Total fixed charge coverage ratio		3.4		x		2.6		x	3.2		x		2.6		x
Unencumbered real estate assets (at cost) to unsecured debt ratio		3.5		x		2.9		x	3.5		x		2.9		x

Same property NOI increase (d)		8.6	%			6.9	%		9.1	%			6.5	%
(# of apartment homes included)		47,724				47,600			47,724				47,600

Gross turnover of apartment homes (annualized)		67	%			66	%		61	%			57	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)		59	%			57	%		53	%			49	%


									As of June 30,
									2012				2011
Total assets									$5,112,574				$4,559,059
Total debt									$2,396,412				$2,434,067
Common and common equivalent shares, outstanding end of period (e)									87,549				75,974
Share price, end of period									$67.67				$63.62
Preferred units, end of period									-				$97,925
Book equity value, end of period (f)									$2,464,908				$1,856,313
Market equity value, end of period (f)									$5,924,441				$4,933,466





(a) Excludes discontinued operations.

(b) Excludes $29.8 million or $0.39 and $0.40 per diluted share for the three and six months ended June 30, 2011, respectively, related to a loss
on the discontinuation of a hedging relationship.

(c) Net Debt is Notes Payable as reported at period end less Cash and Cash Equivalents as reported at period end. Annualized EBITDA is EBITDA as reported
for the period multiplied by either 4 for quarter results or 2 for 6 month results.

(d) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale
and communities under major redevelopment.

(e) Includes at June 30, 2012: 85,328 common shares (including 635 common share equivalents related to share awards & options), plus common share
equivalents upon the assumed conversion of minority interest units (2,221).

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



Note: Please refer to pages 26 and 27 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						Six Months Ended
	June 30,						June 30,
OPERATING DATA	2012			2011			2012			2011
Property revenues
Rental revenues		$159,318			$138,167			$313,037			$274,002
Other property revenues		26,727			23,235			51,659			45,002
Total property revenues		186,045			161,402			364,696			319,004

Property expenses
Property operating and maintenance		51,119			46,232			100,338			91,038
Real estate taxes		19,338			17,558			37,709			34,902
Total property expenses		70,457			63,790			138,047			125,940

Non-property income
Fee and asset management		3,608			2,471			6,531			4,309
Interest and other income (loss)		(65	)		86			(753	)		4,857
Income (loss) on deferred compensation plans		(2,185	)		1,375			5,601			7,329
Total non-property income		1,358			3,932			11,379			16,495

Other expenses
Property management		4,851			5,109			10,135			10,428
Fee and asset management		1,444			1,670			3,187			2,890
General and administrative		9,730			8,032			18,409			17,820
Interest		26,247			28,381			52,930			58,118
Depreciation and amortization		53,310			44,754			103,428			90,605
Amortization of deferred financing costs		900			1,890			1,812			3,417
Expense (benefit) on deferred compensation plans		(2,185	)		1,375			5,601			7,329
Total other expenses		94,297			91,211			195,502			190,607


Gain on acquisition of controlling interests in joint ventures		-			-			40,191			-
Gain on sale of properties, including land		-			4,748			-			4,748
Gain on sale of unconsolidated joint venture interests		-			-			-			1,136
Loss on discontinuation of hedging relationship		-			(29,791	)		-			(29,791	)
Equity in income of joint ventures		632			16			998			390
Income (loss) from continuing operations before income taxes		23,281			(14,694	)		83,715			(4,565	)
Income tax expense - current		(434	)		(256	)		(658	)		(1,576	)
Income (loss) from continuing operations		22,847			(14,950	)		83,057			(6,141	)
Income from discontinued operations		-			895			353			1,687
Gain on sale of discontinued operations, net of tax		-			-			32,541			-
Net income (loss)		22,847			(14,055	)		115,951			(4,454	)
Less income allocated to noncontrolling interests from continuing operations		(1,084	)		(781	)		(1,909	)		(1,337	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			(11	)		(670	)		(20	)
Less income allocated to perpetual preferred units		-			(1,750	)		(776	)		(3,500	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			-			(2,075	)		-
Net income (loss) attributable to common shareholders		$21,763			$(16,597	)		$110,521			$(9,311	)


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)		$22,847			$(14,055	)		$115,951			$(4,454	)
Other comprehensive income
Unrealized loss on cash flow hedging activities		-			(2,189	)		-			(2,692	)
Reclassification of net losses on cash flow hedging activities		-			33,786			-			39,552
Reclassification of gain on available-for-sale investment to earnings, net of tax		-			-			-			(3,309	)
Reclassification of prior service cost on post retirement obligations		8			-			16			-
Comprehensive income		22,855			17,542			115,967			29,097
Less income allocated to noncontrolling interests from continuing operations		(1,084	)		(781	)		(1,909	)		(1,337	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			(11	)		(670	)		(20	)
Less income allocated to perpetual preferred units		-			(1,750	)		(776	)		(3,500	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			-			(2,075	)		-
Comprehensive income attributable to common shareholders		$21,771			$15,000			$110,537			$24,240


PER SHARE DATA
Net income (loss) attributable to common shareholders - basic		$0.26			$(0.23	)		$1.34			$(0.13	)
Net income (loss) attributable to common shareholders - diluted		0.26			(0.23	)		1.32			(0.13	)
Income (loss) from continuing operations attributable to common shareholders - basic		0.26			(0.24	)		0.95			(0.15	)
Income (loss) from continuing operations attributable to common shareholders - diluted		0.26			(0.24	)		0.94			(0.15	)

Weighted average number of common and
common equivalent shares outstanding:
Basic		83,223			72,343			81,554			72,126
Diluted		83,846			72,343			84,461			72,126


Note: Please refer to pages 26 and 27 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					Six Months Ended
	June 30,					June 30,
FUNDS FROM OPERATIONS	2012		2011			2012			2011

Net income (loss) attributable to common shareholders (a)		$21,763		$(16,597	)		$110,521			$(9,311	)
Real estate depreciation from continuing operations		52,197		43,505			101,206			88,108
Real estate depreciation and amortization from discontinued operations		-		977			186			1,948
Adjustments for unconsolidated joint ventures		2,038		1,813			4,313			3,819
Income allocated to noncontrolling interests		709		653			1,802			1,036
(Gain) on acquisition of controlling interests in joint ventures		-		-			(40,191	)		-
(Gain) on sale of discontinued operations, net of tax		-		-			(32,541	)		-
(Gain) on sale of unconsolidated joint venture interests		-		-			-			(1,136	)
Funds from operations - diluted		$76,707		$30,351			$145,296			$84,464

PER SHARE DATA
Funds from operations - diluted		$0.89		$0.40			$1.72			$1.12
Cash distributions		0.56		0.49			1.12			0.98

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		86,067		75,523			84,461			75,273

PROPERTY DATA
Total operating properties (end of period) (b)		199		196			199			196
Total operating apartment homes in operating properties (end of period) (b)		67,694		67,212			67,694			67,212
Total operating apartment homes (weighted average)		53,720		50,883			53,338			50,849
Total operating apartment homes - excluding discontinued operations (weighted average)		53,720		49,062			53,048			49,061


(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the three and six months ended June 30, 2011.
(b) Includes joint ventures.


Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN

BALANCE SHEETS

(In thousands)

(Unaudited)	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2012			2012			2011			2011			2011
ASSETS
Real estate assets, at cost
Land		$893,910			$868,964			$768,016			$766,302			$760,397
Buildings and improvements		5,203,675			5,068,560			4,751,654			4,758,397			4,711,552
		6,097,585			5,937,524			5,519,670			5,524,699			5,471,949
Accumulated depreciation		(1,505,862	)		(1,458,451	)		(1,432,799	)		(1,421,867	)		(1,378,630	)
Net operating real estate assets		4,591,723			4,479,073			4,086,871			4,102,832			4,093,319
Properties under development, including land		297,712			301,282			299,870			274,201			237,549
Investments in joint ventures		47,776			49,436			44,844			37,033			39,398
Properties held for sale		-			-			11,131			-			-
Total real estate assets		4,937,211			4,829,791			4,442,716			4,414,066			4,370,266
Accounts receivable - affiliates		29,940			29,742			31,035			31,395			30,401
Other assets, net (a)		88,002			89,706			88,089			87,657			90,346
Cash and cash equivalents		52,126			49,702			55,159			56,099			63,148
Restricted cash		5,295			5,074			5,076			5,357			4,898
Total assets		$5,112,574			$5,004,015			$4,622,075			$4,594,574			$4,559,059



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,381,152			$1,380,952			$1,380,755			$1,380,560			$1,380,368
Secured		1,015,260			1,050,154			1,051,357			1,052,544			1,053,699
Accounts payable and accrued expenses		87,041			105,370			93,747			97,613			78,460
Accrued real estate taxes		31,607			17,991			21,883			37,721			27,424
Distributions payable		49,135			47,594			39,364			39,319			38,966
Other liabilities (b)		83,471			90,423			109,276			111,043			123,829
Total liabilities		2,647,666			2,692,484			2,696,382			2,718,800			2,702,746

Commitments and contingencies

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

Equity
Common shares of beneficial interest		945			919			845			839			834
Additional paid-in capital		3,501,354			3,327,961			2,901,024			2,861,139			2,823,690
Distributions in excess of net income attributable to common shareholders		(674,221	)		(648,074	)		(690,466	)		(700,897	)		(676,367	)
Treasury shares, at cost		(430,958	)		(437,215	)		(452,003	)		(452,244	)		(459,134	)
Accumulated other comprehensive income (loss) (c)		(667	)		(675	)		(683	)		201			93
Total common equity		2,396,453			2,242,916			1,758,717			1,709,038			1,689,116
Noncontrolling interests		68,455			68,615			69,051			68,811			69,272
Total equity		2,464,908			2,311,531			1,827,768			1,777,849			1,758,388
Total liabilities and equity		$5,112,574			$5,004,015			$4,622,075			$4,594,574			$4,559,059



(a) Includes:
net deferred charges of:		$14,432			$15,267			$16,102			$16,868			$14,484

(b) Includes:
deferred revenues of:		$2,012			$2,337			$2,140			$2,213			$2,181
distributions in excess of investments in joint ventures of:		$16,499			$16,298			$30,596			$31,799			$31,040
fair value adjustment of derivative instruments:		$5,918			$11,574			$16,486			$22,192			$27,977

(c) Represents the fair value adjustment of derivative instruments and amortization of prior service costs on post retirement obligations.

CAMDEN	PORTFOLIO STATISTICS

(Unaudited)

COMMUNITY PORTFOLIO AT JUNE 30, 2012 (in apartment homes)

	"Same Property"			Non-"Same Property"			Fully Consolidated			Joint Venture		Stabilized Operating			Completed in Lease-up			Total Operating			Under Construction			Total
D.C. Metro (a)		5,313			291			5,604			-		5,604			187			5,791			596			6,387
Houston, TX		4,294			1,452			5,746			3,152		8,898			104			9,002			268			9,270
Tampa, FL		5,503			-			5,503			450		5,953			192			6,145			348			6,493
Las Vegas, NV		3,969			949			4,918			3,098		8,016			-			8,016			-			8,016
SE Florida		2,520			-			2,520			-		2,520			-			2,520			-			2,520
Dallas, TX		4,273			933			5,206			1,250		6,456			-			6,456			-			6,456
Los Angeles/Orange County, CA		2,060			421			2,481			-		2,481			-			2,481			-			2,481
Charlotte, NC		3,574			-			3,574			-		3,574			-			3,574			-			3,574
Orlando, FL		3,344			-			3,344			-		3,344			420			3,764			438			4,202
Atlanta, GA		3,202			-			3,202			344		3,546			-			3,546			-			3,546
Raleigh, NC		2,704			-			2,704			350		3,054			-			3,054			-			3,054
Denver, CO		1,851			-			1,851			320		2,171			-			2,171			-			2,171
San Diego/Inland Empire, CA		1,196			-			1,196			-		1,196			-			1,196			-			1,196
Austin, TX (b)		1,853			-			1,853			1,369		3,222			-			3,222			558			3,780
Phoenix, AZ		1,084			992			2,076			-		2,076			-			2,076			-			2,076
Other		984			855			1,839			2,841		4,680			-			4,680			-			4,680

Total Portfolio		47,724			5,893			53,617			13,174		66,791			903			67,694			2,208			69,902

(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.

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


	"Same Property"			Operating			Incl. JVs at					Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
	Communities			Communities (c)			Pro Rata % (d)						2012			2012			2011			2011			2011
D.C. Metro		18.4	%		18.0	%		17.2	%				95.5	%		94.5	%		94.2	%		96.3	%		96.0	%
Houston, TX		9.2	%		10.4	%		11.5	%				96.5	%		96.0	%		95.2	%		95.4	%		94.2	%
Tampa, FL		8.4	%		7.8	%		7.6	%				94.4	%		94.9	%		94.8	%		94.8	%		94.5	%
Las Vegas, NV		6.1	%		7.0	%		7.3	%				93.0	%		92.0	%		92.0	%		92.0	%		92.5	%
SE Florida		7.5	%		6.9	%		6.6	%				94.9	%		95.5	%		94.9	%		94.1	%		95.2	%
Dallas, TX		6.5	%		6.6	%		6.8	%				95.6	%		95.1	%		94.6	%		95.3	%		95.6	%
Los Angeles/Orange County, CA		7.1	%		7.3	%		7.0	%				95.6	%		95.4	%		95.1	%		95.7	%		94.8	%
Charlotte, NC		6.5	%		6.0	%		5.8	%				95.9	%		95.8	%		95.3	%		95.9	%		96.3	%
Orlando, FL		5.7	%		5.7	%		5.4	%				95.5	%		95.3	%		94.9	%		95.3	%		94.7	%
Atlanta, GA		5.4	%		4.9	%		4.8	%				94.9	%		94.4	%		93.8	%		94.9	%		94.5	%
Raleigh, NC		4.8	%		4.4	%		4.3	%				95.3	%		94.8	%		94.4	%		94.9	%		95.0	%
Denver, CO		4.0	%		3.6	%		3.8	%				95.2	%		94.1	%		93.7	%		94.6	%		94.4	%
San Diego/Inland Empire, CA		3.4	%		3.1	%		2.9	%				94.2	%		92.9	%		92.0	%		94.7	%		92.9	%
Austin, TX		2.9	%		2.6	%		2.9	%				95.3	%		95.5	%		95.5	%		96.1	%		94.4	%
Phoenix, AZ		2.1	%		3.0	%		2.9	%				92.3	%		93.7	%		93.2	%		93.2	%		91.1	%
Other		2.0	%		2.7	%		3.2	%				95.4	%		94.3	%		94.0	%		95.0	%		95.6	%

Total Portfolio		100.0	%		100.0	%		100.0	%				95.1	%		94.7	%		94.3	%		94.8	%		94.5	%


(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 June 30,								Six Months Ended June 30,
Property Revenues	Homes		2012		2011			Change			2012			2011			Change
"Same Property" Communities (a)		47,724		$165,802		$156,322			$9,480			$327,973			$308,188			$19,785
Non-"Same Property" Communities (b)		5,893		15,931		3,843			12,088			29,463			8,349			21,114
Development and Lease-Up Communities (c)		2,591		2,576		-			2,576			3,779			-			3,779
Other (d)		-		1,736		1,237			499			3,481			2,467			1,014
Total Property Revenues		56,208		$186,045		$161,402			$24,643			$364,696			$319,004			$45,692

Property Expenses
"Same Property" Communities (a)		47,724		$62,239		$60,962			$1,277			$123,305			$120,572			$2,733
Non-"Same Property" Communities (b)		5,893		6,440		1,648			4,792			11,523			3,078			8,445
Development and Lease-Up Communities (c)		2,591		1,040		-			1,040			1,563			-			1,563
Other (d)		-		738		1,180			(442	)		1,656			2,290			(634	)
Total Property Expenses		56,208		$70,457		$63,790			$6,667			$138,047			$125,940			$12,107

Property Net Operating Income
"Same Property" Communities (a)		47,724		$103,563		$95,360			$8,203			$204,668			$187,616			$17,052
Non-"Same Property" Communities (b)		5,893		9,491		2,195			7,296			17,940			5,271			12,669
Development and Lease-Up Communities (c)		2,591		1,536		-			1,536			2,216			-			2,216
Other (d)		-		998		57			941			1,825			177			1,648
Total Property Net Operating Income		56,208		$115,588		$97,612			$17,976			$226,649			$193,064			$33,585





Income from Discontinued Operations (e)				Three Months Ended June 30,								Six Months Ended June 30,
				2012		2011						2012			2011
Property Revenues				$-		$3,704						$1,209			$7,249
Property Expenses				-		1,832						670			3,614
Property Net Operating Income				-		1,872						539			3,635
Depreciation and Amortization				-		(977	)					(186	)		(1,948	)
Gain on Sale of Discontinued Operations, net of tax				-		-						32,541			-
Income, including gain on sale, allocated to noncontrolling interests				-		(11	)					(670	)		(20	)
Income attributable to common shareholders				$-		$884						$32,224			$1,667

Notes:
(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, 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, 2011, or communities which underwent major redevelopment after January 1, 2011, excluding properties held for sale.
(c)	Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2011, excluding properties held for sale and communities under major redevelopment.
(d)	"Other" includes results from non-multifamily rental properties, above/below market lease amortization related to acquired communities, and expenses related to land holdings not under active development.
(e)	Represents operating results for communities disposed of during 2011 and 2012, of which Camden has no continuing involvement.

	"SAME PROPERTY"
CAMDEN	SECOND QUARTER COMPARISONS
	June 30, 2012
	(In thousands, except property data amounts)

(Unaudited)

	Revenues						Expenses								NOI
Quarterly Results (a)		2Q12	2Q11	Growth				2Q12		2Q11		Growth				2Q12	2Q11	Growth

D.C. Metro		$27,342	$26,484		3.2	%		$8,259		$8,169			1.1	%		$19,083	$18,315		4.2	%
Houston, TX		15,979	14,393		11.0	%		6,447		6,033			6.9	%		9,532	8,360		14.0	%
Tampa, FL		15,286	14,573		4.9	%		6,613		6,365			3.9	%		8,673	8,208		5.7	%
Las Vegas, NV		10,000	9,869		1.3	%		3,716		3,782			(1.7	%)		6,284	6,087		3.2	%
SE Florida		12,258	11,638		5.3	%		4,451		4,296			3.6	%		7,807	7,342		6.3	%
Dallas, TX		11,977	11,036		8.5	%		5,229		5,124			2.0	%		6,748	5,912		14.1	%
Los Angeles/Orange County, CA		10,478	10,010		4.7	%		3,155		3,416			(7.6	%)		7,323	6,594		11.1	%
Charlotte, NC		10,886	9,880		10.2	%		4,125		4,100			0.6	%		6,761	5,780		17.0	%
Orlando, FL		9,848	9,324		5.6	%		3,939		3,807			3.5	%		5,909	5,517		7.1	%
Atlanta, GA		9,617	9,080		5.9	%		4,009		3,911			2.5	%		5,608	5,169		8.5	%
Raleigh, NC		7,694	7,248		6.2	%		2,683		2,685			(0.1	%)		5,011	4,563		9.8	%
Denver, CO		6,156	5,691		8.2	%		2,072		2,018			2.7	%		4,084	3,673		11.2	%
San Diego/Inland Empire, CA		5,789	5,574		3.9	%		2,309		2,279			1.3	%		3,480	3,295		5.6	%
Austin, TX		5,694	5,158		10.4	%		2,692		2,490			8.1	%		3,002	2,668		12.5	%
Phoenix, AZ		3,440	3,128		10.0	%		1,260		1,306			(3.5	%)		2,180	1,822		19.6	%
Other		3,358	3,236		3.8	%		1,280		1,181			8.4	%		2,078	2,055		1.1	%

Total Same Property		$165,802	$156,322		6.1	%		$62,239		$60,962			2.1	%		$103,563	$95,360		8.6	%



	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				2Q12		2Q11		Change				2Q12	2Q11	Change

D.C. Metro		5,313			18.4	%		95.7	%	96.0	%		(0.3	%)		$1,602	$1,547		3.6	%
Houston, TX		4,294			9.2	%		97.1	%	94.9	%		2.2	%		1,131	1,043		8.4	%
Tampa, FL		5,503			8.4	%		94.3	%	94.4	%		(0.1	%)		811	774		4.8	%
Las Vegas, NV		3,969			6.1	%		94.2	%	93.6	%		0.6	%		758	757		0.1	%
SE Florida		2,520			7.5	%		94.9	%	95.2	%		(0.3	%)		1,521	1,437		5.8	%
Dallas, TX		4,273			6.5	%		95.8	%	95.9	%		(0.1	%)		832	760		9.4	%
Los Angeles/Orange County, CA		2,060			7.1	%		95.6	%	95.0	%		0.6	%		1,617	1,552		4.2	%
Charlotte, NC		3,574			6.5	%		95.9	%	96.3	%		(0.4	%)		923	825		11.9	%
Orlando, FL		3,344			5.7	%		95.5	%	94.5	%		1.0	%		882	841		4.8	%
Atlanta, GA		3,202			5.4	%		95.0	%	94.5	%		0.5	%		894	855		4.6	%
Raleigh, NC		2,704			4.8	%		95.6	%	95.0	%		0.6	%		843	791		6.6	%
Denver, CO		1,851			4.0	%		95.3	%	94.5	%		0.8	%		997	931		7.1	%
San Diego/Inland Empire, CA		1,196			3.4	%		94.2	%	92.9	%		1.3	%		1,534	1,497		2.5	%
Austin, TX		1,853			2.9	%		95.5	%	94.7	%		0.8	%		902	822		9.7	%
Phoenix, AZ		1,084			2.1	%		93.5	%	92.6	%		0.9	%		927	863		7.4	%
Other		984			2.0	%		96.1	%	95.6	%		0.5	%		1,020	985		3.6	%

Total Same Property		47,724			100.0	%		95.3	%	94.9	%		0.4	%		$1,054	$998		5.6	%

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, 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
	June 30, 2012
	(In thousands, except property data amounts)



(Unaudited)


	Revenues				Expenses					NOI
Quarterly Results (a)	2Q12	1Q12	Growth			2Q12	1Q12	Growth		2Q12	1Q12	Growth

D.C. Metro	$27,342	$26,898	1.7	%		$8,259	$7,942	4.0	%	$19,083	$18,956	0.7	%
Houston, TX	15,979	15,371	4.0	%		6,447	6,225	3.6	%	9,532	9,146	4.2	%
Tampa, FL	15,286	15,177	0.7	%		6,613	6,645	(0.5	%)	8,673	8,532	1.7	%
Las Vegas, NV	10,000	9,799	2.1	%		3,716	3,631	2.3	%	6,284	6,168	1.9	%
SE Florida	12,258	12,064	1.6	%		4,451	4,147	7.3	%	7,807	7,917	(1.4	%)
Dallas, TX	11,977	11,633	3.0	%		5,229	5,082	2.9	%	6,748	6,551	3.0	%
Los Angeles/Orange County, CA	10,478	10,395	0.8	%		3,155	3,519	(10.3	%)	7,323	6,876	6.5	%
Charlotte, NC	10,886	10,536	3.3	%		4,125	4,065	1.5	%	6,761	6,471	4.5	%
Orlando, FL	9,848	9,616	2.4	%		3,939	3,953	(0.4	%)	5,909	5,663	4.3	%
Atlanta, GA	9,617	9,338	3.0	%		4,009	4,021	(0.3	%)	5,608	5,317	5.5	%
Raleigh, NC	7,694	7,525	2.2	%		2,683	2,623	2.3	%	5,011	4,902	2.2	%
Denver, CO	6,156	5,975	3.0	%		2,072	1,967	5.3	%	4,084	4,008	1.9	%
San Diego/Inland Empire, CA	5,789	5,677	2.0	%		2,309	2,246	2.8	%	3,480	3,431	1.4	%
Austin, TX	5,694	5,515	3.2	%		2,692	2,600	3.5	%	3,002	2,915	3.0	%
Phoenix, AZ	3,440	3,387	1.6	%		1,260	1,194	5.5	%	2,180	2,193	(0.6	%)
Other	3,358	3,265	2.8	%		1,280	1,206	6.1	%	2,078	2,059	0.9	%

Total SameProperty	$165,802	$162,171	2.2	%		$62,239	$61,066	1.9	%	$103,563	$101,105	2.4	%

	Apartment
	Homes	% of NOI		Average Occupancy (a)						Weighted Average Rental Rate (b)
Quarterly Results (a)	Included	Contribution (a)		2Q12		1Q12		Change			2Q12	1Q12	Change

D.C. Metro	5,313	18.4	%	95.7	%	94.6	%	1.1	%		$1,602	$1,590	0.8	%
Houston, TX	4,294	9.2	%	97.1	%	96.4	%	0.7	%		1,131	1,101	2.7	%
Tampa, FL	5,503	8.4	%	94.3	%	94.8	%	(0.5	%)		811	803	1.0	%
Las Vegas, NV	3,969	6.1	%	94.2	%	93.0	%	1.2	%		758	756	0.3	%
SE Florida	2,520	7.5	%	94.9	%	95.5	%	(0.6	%)		1,521	1,499	1.5	%
Dallas, TX	4,273	6.5	%	95.8	%	95.3	%	0.5	%		832	812	2.5	%
Los Angeles/Orange County, CA	2,060	7.1	%	95.6	%	95.4	%	0.2	%		1,617	1,598	1.2	%
Charlotte, NC	3,574	6.5	%	95.9	%	95.8	%	0.1	%		923	896	3.1	%
Orlando, FL	3,344	5.7	%	95.5	%	95.2	%	0.3	%		882	868	1.6	%
Atlanta, GA	3,202	5.4	%	95.0	%	94.3	%	0.7	%		894	879	1.6	%
Raleigh, NC	2,704	4.8	%	95.6	%	95.2	%	0.4	%		843	829	1.8	%
Denver, CO	1,851	4.0	%	95.3	%	94.4	%	0.9	%		997	983	1.4	%
San Diego/Inland Empire, CA	1,196	3.4	%	94.2	%	92.9	%	1.3	%		1,534	1,525	0.6	%
Austin, TX	1,853	2.9	%	95.5	%	95.1	%	0.4	%		902	883	2.1	%
Phoenix, AZ	1,084	2.1	%	93.5	%	94.5	%	(1.0	%)		927	918	1.1	%
Other	984	2.0	%	96.1	%	95.3	%	0.8	%		1,020	1,004	1.6	%

Total Same Property	47,724	100.0	%	95.3	%	94.9	%	0.4	%		$1,054	$1,038	1.5	%

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, 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
	June 30, 2012
	(In thousands, except property data amounts)



(Unaudited)


	Revenues				Expenses					NOI
Year to Date Results (a)	2012	2011	Growth		2012		2011	Growth		2012	2011	Growth

D.C. Metro	$54,240	$52,301	3.7	%		$16,201	$16,380	(1.1	%)	$38,039	$35,921	5.9	%
Houston, TX	31,350	28,115	11.5	%		12,671	11,711	8.2	%	18,679	16,404	13.9	%
Tampa, FL	30,463	28,810	5.7	%		13,258	12,796	3.6	%	17,205	16,014	7.4	%
Las Vegas, NV	19,799	19,567	1.2	%		7,347	7,471	(1.7	%)	12,452	12,096	2.9	%
SE Florida	24,323	22,960	5.9	%		8,598	8,792	(2.2	%)	15,725	14,168	11.0	%
Dallas, TX	23,610	21,606	9.3	%		10,310	10,004	3.1	%	13,300	11,602	14.6	%
Los Angeles/Orange County, CA	20,872	19,806	5.4	%		6,675	6,848	(2.5	%)	14,197	12,958	9.6	%
Charlotte, NC	21,422	19,413	10.3	%		8,190	8,087	1.3	%	13,232	11,326	16.8	%
Orlando, FL	19,464	18,453	5.5	%		7,892	7,518	5.0	%	11,572	10,935	5.8	%
Atlanta, GA	18,955	17,929	5.7	%		8,030	7,631	5.2	%	10,925	10,298	6.1	%
Raleigh, NC	15,219	14,427	5.5	%		5,305	5,296	0.2	%	9,914	9,131	8.6	%
Denver, CO	12,131	11,116	9.1	%		4,038	3,885	3.9	%	8,093	7,231	11.9	%
San Diego/Inland Empire, CA	11,466	11,058	3.7	%		4,558	4,433	2.8	%	6,908	6,625	4.3	%
Austin, TX	11,209	10,091	11.1	%		5,291	4,830	9.5	%	5,918	5,261	12.5	%
Phoenix, AZ	6,827	6,229	9.6	%		2,455	2,564	(4.3	%)	4,372	3,665	19.3	%
Other	6,623	6,307	5.0	%		2,486	2,326	6.9	%	4,137	3,981	3.9	%

Total Same Property	$327,973	$308,188	6.4	%		$123,305	$120,572	2.3	%	$204,668	$187,616	9.1	%

	Apartment
	Homes	% of NOI		Average Occupancy (a)						Weighted Average Rental Rate (b)
Year to Date Results (a)	Included	Contribution (a)		2012		2011		Change		2012	2011	Change

D.C. Metro	5,313	18.6	%	95.2	%	95.8	%	(0.6	%)	$1,596	$1,537	3.9	%
Houston, TX	4,294	9.1	%	96.7	%	93.5	%	3.2	%	1,116	1,036	7.8	%
Tampa, FL	5,503	8.4	%	94.6	%	94.2	%	0.4	%	807	768	5.0	%
Las Vegas, NV	3,969	6.1	%	93.6	%	92.9	%	0.7	%	757	757	0.0	%
SE Florida	2,520	7.7	%	95.2	%	95.0	%	0.2	%	1,510	1,428	5.7	%
Dallas, TX	4,273	6.5	%	95.6	%	95.1	%	0.5	%	822	753	9.2	%
Los Angeles/Orange County, CA	2,060	6.9	%	95.5	%	94.5	%	1.0	%	1,608	1,544	4.1	%
Charlotte, NC	3,574	6.5	%	95.9	%	95.8	%	0.1	%	910	816	11.5	%
Orlando, FL	3,344	5.7	%	95.4	%	94.3	%	1.1	%	875	836	4.7	%
Atlanta, GA	3,202	5.3	%	94.6	%	94.2	%	0.4	%	887	851	4.2	%
Raleigh, NC	2,704	4.8	%	95.4	%	94.8	%	0.6	%	836	793	5.4	%
Denver, CO	1,851	4.0	%	94.9	%	93.7	%	1.2	%	990	923	7.3	%
San Diego/Inland Empire, CA	1,196	3.4	%	93.5	%	92.8	%	0.7	%	1,529	1,491	2.6	%
Austin, TX	1,853	2.9	%	95.3	%	94.2	%	1.1	%	892	814	9.6	%
Phoenix, AZ	1,084	2.1	%	94.0	%	93.6	%	0.4	%	922	855	7.8	%
Other	984	2.0	%	95.7	%	94.8	%	0.9	%	1,012	973	3.9	%

Total Same Property	47,724	100.0	%	95.1	%	94.4	%	0.7	%	$1,046	$991	5.5	%

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, 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
	JUNE 30, 2012
	(In thousands)



(Unaudited)

							% of Actual 2Q12 Operating
Quarterly Comparison (a)	2Q12	2Q11	$ Change		% Change		Expenses

Property taxes	$17,297	$16,733	$564		3.4	%	27.8	%
Salaries and Benefits for On-site Employees	14,722	14,491	231		1.6	%	23.6	%
Utilities	13,833	13,463	370		2.7	%	22.2	%
Repairs and Maintenance	9,430	9,351	79		0.9	%	15.2	%
Property Insurance	3,175	3,054	121		3.9	%	5.1	%
Other	3,782	3,870	(88	)	(2.3	%)	6.1	%

Total Same Property	$62,239	$60,962	$1,277		2.1	%	100.0	%

							% of Actual 2Q12 Operating
Sequential Comparison (a)	2Q12	1Q12	$ Change		% Change		Expenses

Property taxes	$17,297	$16,730	$567		3.4	%	27.8	%
Salaries and Benefits for On-site Employees	14,722	14,698	24		0.2	%	23.6	%
Utilities	13,833	13,687	146		1.1	%	22.2	%
Repairs and Maintenance	9,430	8,756	674		7.7	%	15.2	%
Property Insurance	3,175	3,182	(7	)	(0.2	%)	5.1	%
Other	3,782	4,013	(231	)	(5.8	%)	6.1	%

Total Same Property	$62,239	$61,066	$1,173		1.9	%	100.0	%

							% of Actual 2012 Operating
Year to Date Comparison (a)	2012	2011	$ Change		% Change		Expenses

Property taxes	$34,028	$33,354	$674		2.0	%	27.6	%
Salaries and Benefits for On-site Employees	29,420	28,602	818		2.9	%	23.9	%
Utilities	27,519	26,660	859		3.2	%	22.3	%
Repairs and Maintenance	18,186	18,053	133		0.7	%	14.7	%
Property Insurance	6,357	6,378	(21	)	(0.3	%)	5.2	%
Other	7,795	7,525	270		3.6	%	6.3	%

Total Same Property	$123,305	$120,572	$2,733		2.3	%	100.0	%

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, 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		Six Months Ended
	June 30,		June 30,
OPERATING DATA (a)	2012	2011	2012	2011
Property Revenues
Rental revenues	$6,849	$6,201	$14,024	$12,763
Other property revenues	1,044	1,010	2,057	2,018
Total property revenues	7,893	7,211	16,081	14,781

Property Expenses
Property operating and maintenance	2,326	2,333	4,703	4,620
Real estate taxes	978	749	2,042	1,541
Total property expenses	3,304	3,082	6,745	6,161

Net Operating Income (NOI)	4,589	4,129	9,336	8,620

Other expenses
Interest	1,823	2,016	3,821	4,007
Depreciation and amortization	2,056	1,864	4,361	3,860
Other	78	233	156	363
Total other expenses	3,957	4,113	8,338	8,230

Equity in income of joint ventures	$632	$16	$998	$390

	Jun 30,			Mar 31,		Dec 31,		Sep 30,		Jun 30,
	2012			2012		2011		2011		2011
BALANCE SHEET DATA (b)
Land		$154,418		$153,286		$213,106		$199,323		$192,872
Buildings and improvements		1,033,326		1,016,357		1,320,795		1,284,010		1,268,982
		1,187,744		1,169,643		1,533,901		1,483,333		1,461,854
Accumulated depreciation		(166,324	)	(156,705	)	(225,577	)	(229,212	)	(217,324	)
Real estate assets, net		1,021,420		1,012,938		1,308,324		1,254,121		1,244,530
Properties under development and land		57,043		52,264		39,684		28,694		23,774
Cash and other assets, net		17,642		18,879		46,843		39,688		46,606
Total assets		$1,096,105		$1,084,081		$1,394,851		$1,322,503		$1,314,910

Notes payable		$864,867		$852,861		$1,093,944		$1,066,924		$1,049,387
Other liabilities		35,267		26,610		39,296		32,274		24,678
Total liabilities		900,134		879,471		1,133,240		1,099,198		1,074,065

Members' equity		195,971		204,610		261,611		223,305		240,845
Total liabilities and members' equity		$1,096,105		$1,084,081		$1,394,851		$1,322,503		$1,314,910

Camden's equity investment		$47,776		$49,436		$44,844		$37,033		$39,398
Distributions in excess of investment in joint ventures		$(16,499	)	$(16,298	)	$(30,596	)	$(31,799	)	$(31,040	)

Camden's pro-rata share of debt		$175,299		$172,942		$221,204		$212,561		$209,112

PROPERTY DATA (end of period)
Total operating properties	44	44	55	54	53
Total operating apartment homes	13,174	13,174	16,858	16,564	16,324
Pro rata share of operating apartment homes	2,558	2,558	3,365	3,247	3,199
Total development properties	2	2	2	2	2
Total development apartment homes	520	520	520	520	520
Pro rata share of development apartment homes	104	104	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%.

CAMDEN	CURRENT DEVELOPMENT COMMUNITIES



(Unaudited)



AS OF JUNE 30, 2012 ($ in millions)

				Estimated/Actual Dates for
	Total	Total	Total	Construction	Initial	Construction	Stabilized	As of 07/29/2012
Completed Communities in Lease-Up	Homes	Budget	Cost	Start	Occupancy	Completion	Operations	% Leased		% Occupied

1. Camden LaVina	420	$60.0	$55.6	3Q10	3Q11	1Q12	4Q12	88	%	86	%
Orlando, FL
2. Camden Summerfield II	187	30.0	25.0	3Q10	3Q11	1Q12	3Q12	98	%	94	%
Landover, MD
3. Camden Royal Oaks II	104	14.0	13.2	1Q11	1Q12	1Q12	3Q13	39	%	28	%
Houston, TX
4. Camden Montague	192	23.0	19.8	2Q11	1Q12	2Q12	3Q12	99	%	91	%
Tampa, FL

Total Completed Communities in Lease-Up	903	$127.0	$113.6					87	%	82	%

Estimated/Actual Dates for

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 07/29/2012

Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

IN LEASE-UP

5. Camden Westchase Park

348

$52.0

$47.3

$18.5

2Q11

1Q12

1Q13

2Q13

Tampa, FL

6. Camden Town Square

438

66.0

52.6

31.2

2Q11

2Q12

1Q13

4Q13

Orlando, FL

UNDER CONSTRUCTION

7. Camden City Centre II

268

36.0

16.3

4Q11

1Q13

2Q13

3Q14

Houston, TX

8. Camden NOMA

320

110.0

50.2

4Q11

1Q14

2Q14

2Q15

Washington, DC

9. Camden Lamar Heights (a)

314

47.0

7.2

2Q12

4Q13

2Q14

3Q15

Austin, TX

Total Development Communities

1,688

$311.0

$173.6

$123.4

Additional Development Pipeline & Land (b)

174.3

Total Properties Under Development and Land (per Balance Sheet)

$297.7

NOI CONTRIBUTION FROM NON-STABILIZED COMMUNITIES ($ in millions)
	Total Cost		2Q12 NOI
Completed Communities in Lease-Up		$113.6		$1.2
Development Communities in Lease-Up		173.6		0.3
Total Non-Stabilized Communities NOI Contribution		$287.2		$1.5

Joint Venture Communities Under Construction

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 07/29/2012

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1. Camden Amber Oaks II

244

$25.0

$20.8

$2.5

2Q11

1Q12

3Q12

2Q13

Austin, TX

2. Camden South Capitol

276

88.0

48.2

2Q11

3Q13

4Q13

3Q14

Washington, DC

Total Joint Venture Development Communities

520

$113.0

$69.0

$50.7

(a) Formerly known as Camden 5400 Lamar.

(b) Please refer to the Development Pipeline & Land Summary on page 18.

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 JUNE 30, 2012 ($ in millions)

	Projected	Total
PIPELINE COMMUNITIES (a)	Homes	Estimated Cost (b)	Cost to Date

1. Camden McGowen Station	251	$40.0	$6.8
Houston, TX
2. Camden Flatirons (c)	424	77.0	8.4
Denver, CO
3. Camden Paces (Phase 1) (d)	310	70.0	48.5
Atlanta, GA
4. Camden Glendale Triangle	242	90.0	27.5
Glendale, CA
5. Camden Boca Raton	261	54.0	6.0
Boca Raton, FL
6. Camden Lincoln Station	275	48.0	5.0
Denver, CO
7. Camden Hollywood (e)	299	125.0	17.5
Los Angeles, CA
8. Camden Victory Park	425	70.0	13.8
Dallas, TX


Development Pipeline	2,487	$574.0	$133.5

LAND HOLDINGS	Acreage	Cost to Date

Washington, DC	0.9	$17.3
Houston, TX	13.2	6.9
Dallas, TX	7.2	8.6
Las Vegas, NV	19.6	4.2
Other	4.8	3.8

Land Holdings	45.7	$40.8

Total Development Pipeline and Land		$174.3

(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) Represents our best estimate of total costs we expect to incur on these projects. However, forward-looking statements are not guarantees of future performances,

results, or events. Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop as forecasted, and the best

estimates routinely require adjustment.

(d) The development will be developed in two phases. The estimated cost and units represents costs for phase one only. The cost to date represents the cost to date for all phases.

(e) Formerly known as Camden Selma & Vine

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)




2012 ACQUISITION/DISPOSITION ACTIVITY

Acquisitions	Location	Property Type	Apartment Homes	Year Built	Closing Date (a)
1. Camden Addison	Dallas, TX	Multifamily	456	1996	01/25/12
2. Camden Holly Springs	Houston, TX	Multifamily	548	1999	01/25/12
3. Camden Park	Houston, TX	Multifamily	288	1995	01/25/12
4. Camden Sugar Grove	Houston, TX	Multifamily	380	1997	01/25/12
5. Camden Parkside	Los Angeles/Orange County, CA	Multifamily	421	1972	01/25/12
6. Camden Fountain Palms	Phoenix, AZ	Multifamily	192	1986/1996	01/25/12
7. Camden Pecos Ranch	Phoenix, AZ	Multifamily	272	2001	01/25/12
8. Camden Sierra	Phoenix, AZ	Multifamily	288	1997	01/25/12
9. Camden Towne Center	Phoenix, AZ	Multifamily	240	1998	01/25/12
10. Camden Pines	Las Vegas, NV	Multifamily	315	1997	01/25/12
11. Camden Summit	Las Vegas, NV	Multifamily	234	1995	01/25/12
12. Camden Tiara	Las Vegas, NV	Multifamily	400	1996	01/25/12
13. Camden Belmont	Dallas, TX	Multifamily	477	2010/2012	06/28/12

Total/Average Acquisitions	$473.0	million	4,511 apartment homes	1996

Dispositions	Location	Property Type	Apartment Homes	Year Built	Closing Date
1. Camden Vista Valley	Phoenix, AZ	Multifamily	357	1986	01/12/12
2. Camden Landings	Orlando, FL	Multifamily	220	1983	03/07/12
3. Camden Creek	Houston, TX	Multifamily	456	1984	03/16/12

Total/Average Dispositions	$55.6	million	1,033 apartment homes	1984

Joint Venture Acquisitions	Location	Property Type	Apartment Homes	Year Built	Closing Date
1. Camden Asbury Village	Raleigh, NC	Multifamily	350	2009	01/27/12


Total/Average Joint Venture Acquisitions	$44.2	million	350 apartment homes	2009
Pro Rata Joint Venture Acquisitions	$8.8	million

(a) The communities acquired on January 25, 2012 were acquired from joint ventures of which Camden previously owned a 20% interest. Apartment homes were previously included in Camden's unit count.

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


(Unaudited)


DEBT MATURITIES AS OF JUNE 30, 2012:

	Future Scheduled Repayments						Weighted Average
		Secured	Unsecured				Interest Rate on
Year	Amortization	Maturities	Maturities	Total	% of Total		Maturing Debt
2012	$1,411	$35,928	$189,667	$227,006	9.5	%	5.8	%
2013 (a)	2,225	57,307	200,000	259,532	10.8	%	4.9	%
2014	2,187	8,827	-	11,014	0.5	%	6.0	%
2015	2,359	-	250,000	252,359	10.5	%	5.1	%
2016	2,594	-	-	2,594	0.1	%	N/A
Thereafter	78,050	819,107	746,750	1,643,907	68.6	%	4.6	%
Total Maturing Debt	$88,826	$921,169	$1,386,417	$2,396,412	100.0	%	4.8	%

Unsecured Line of Credit	- '	- '	- '	- '	- '		N/A
Total Debt	$88,826	$921,169	$1,386,417	$2,396,412	100.0	%	4.8	%

Weighted Average Maturity of Debt		6.4 Years

				Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance	% of Total		Interest Rate		Time to Maturity
Floating rate debt	$244,877	10.2	%	1.1	%	7.1 Years
Fixed rate debt	2,151,535	89.8	%	5.3	%	6.3 Years
Total	$2,396,412	100.0	%	4.8	%	6.4 Years

				Weighted Average
SECURED vs. UNSECURED DEBT:	Balance	% of Total		Interest Rate		Time to Maturity
Unsecured debt	$1,381,152	57.6	%	5.3	%	5.3 Years
Secured debt	1,015,260	42.4	%	4.2	%	7.9 Years
Total	$2,396,412	100.0	%	4.8	%	6.4 Years

				Weighted Average
SECURED DEBT DETAIL:	Balance	% of Total		Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt	$770,383	75.9	%	5.2	%	8.1 Years
Conventional variable-rate mortgage debt	206,476	20.3	%	1.0	%	5.5 Years
Tax exempt variable rate debt	38,401	3.8	%	1.4	%	16.0 Years
Total	$1,015,260	100.0	%	4.2	%	7.9 Years

REAL ESTATE ASSETS: (b)	Total Homes	% of Total		Total Cost	% of Total		2Q12 NOI	% of Total
Unencumbered real estate assets	42,401	75.4	%	$4,793,759	75.0	%	$83,794	72.5	%
Encumbered real estate assets	13,807	24.6	%	1,601,538	25.0	%	31,794	27.5	%
Total	56,208	100.0	%	$6,395,297	100.0	%	$115,588	100.0	%

				Ratio of unencumbered assets at cost to unsecured debt is				3.5 times

(a) Includes extension option company exercised subsequent to quarter end.

(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	Amortization		Maturities		Maturities		Total		Maturing Debt
3Q 2012		$767		$35,928	$ -			$36,695		5.0	%
4Q 2012		644		-		189,667		190,311		5.9	%
2012		$1,411		$35,928		$189,667		$227,006		5.8	%

1Q 2013		$681		$ -		$ -		$681		N/A
2Q 2013		547		25,831		-		26,378		5.0	%
3Q 2013 (a)		490		31,476		-		31,966		1.7	%
4Q 2013		507		-		200,000		200,507		5.4	%
2013		$2,225		$57,307		$200,000		$259,532		4.9	%


(a) Includes extension option company exercised subsequent to quarter end.

CAMDEN		DEBT COVENANT ANALYSIS



(Unaudited)



UNSECURED LINE OF CREDIT


Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	≤	60%	33%	Yes

Secured Debt to Gross Asset Value	≤	35%	14%	Yes

Consolidated EBITDA to Total Fixed Charges	≥	150%	319%	Yes

Unencumbered Adjusted NOI to Total Unsecured Debt	>	10.5%	23%	Yes



SENIOR UNSECURED NOTES

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

Total Secured Debt to Total Asset Value	≤	40%	16%	Yes

Total Unencumbered Asset Value to Total Unsecured Debt	≥	150%	357%	Yes

Consolidated Income Available for Debt Service to Total	>	150%	349%	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 JUNE 30, 2012:

	Future Scheduled Repayments										Weighted Average
			Secured								Interest Rate on
Year (a)	Amortization		Maturities		Total			% of Total			Maturing Debt
2012		$782		$13,485		$14,267			8.1	%		5.8	%
2013		1,743		38,080		39,823			22.7	%		4.6	%
2014		2,275		17,849		20,124			11.5	%		4.5	%
2015		2,118		11,167		13,285			7.6	%		2.5	%
2016		1,999		28,785		30,784			17.6	%		3.6	%
Thereafter		3,744		51,550		55,294			31.5	%		4.1	%
Total Maturing Debt		$12,661		$160,916		$173,577			99.0	%		4.2	%

Subscription lines of credit (b)	-			1,722		1,722			1.0	%		1.6	%
Total Debt		$12,661		$162,638		$175,299			100.0	%		4.2	%

Weighted Average Maturity of Debt (a)			3.6 Years

								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate			Time to Maturity (a)
Floating rate debt				$23,515		13.4	%		1.9	%	3.4 Years
Fixed rate debt				151,784		86.6	%		4.5	%	3.7 Years
Total				$175,299		100.0	%		4.2	%	3.6 Years

								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate			Time to Maturity (a)
Conventional fixed-rate mortgage debt				$151,784		86.6	%		4.5	%	3.7 Years
Conventional variable-rate mortgage debt				13,936		7.9	%		1.8	%	2.2 Years
Tax exempt variable rate debt				2,014		1.2	%		0.7	%	18.9 Years
Variable-rate construction loans				5,843		3.3	%		2.4	%	1.7 Years
Subscription lines of credit				1,722		1.0	%		1.6	%	0.9 Years
Total				$175,299		100.0	%		4.2	%	3.6 Years

REAL ESTATE ASSETS: (c)			Total Homes		Total Cost
Operating real estate assets				13,174		$1,187,744
Properties under development and land				520		57,043
Total				13,694		$1,244,787

(a)	Includes available extension options.
(b)	As of June 30, 2012 these borrowings were drawn under the subscription secured lines of credit with $12.9 million in total capacity. Camden has a 20% ownership interest in the borrowing entity.
(c)	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
3Q 2012		$384		$-		$384		n/a
4Q 2012 (b)		398		13,845		14,243		5.6	%
2012		$782		$13,845		$14,627		5.6	%

1Q 2013		$420		$2,100		$2,520		2.5	%
2Q 2013 (c)		428		1,362		1,790		1.6	%
3Q 2013		442		35,980		36,422		4.7	%
4Q 2013		453		-		453		N/A
2013		$1,743		$39,442		$41,185		4.5	%

(a)	Includes available extension options.
(b)	4Q 2012 maturities include a subscription secured line of credit with $360 (Camden's pro-rata share) outstanding as of June 30, 2012. The line of credit has $4.0 million in total capacity.
(c)	2Q 2013 maturities include a subscription secured line of credit with $1,362 (Camden's pro-rata share) outstanding as of June 30, 2012. The line of credit has $8.9 million in total capacity.

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


(Unaudited)

	Second Quarter 2012 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.5 years			$2,847		$53		$771		$14
Appliances	9.6 years			1,237		23		207		4
Painting		-		-		-		1,616		30
Cabinetry/Countertops	10.0 years			455		8		-		-
Other	8.7 years			1,331		25		465		9
Exteriors
Painting	5.0 years			1,824		34		-		-
Carpentry	10.0 years			409		8		-		-
Landscaping	5.7 years			412		8		3,110		58
Roofing	20.0 years			588		11		79		1
Site Drainage	10.0 years			106		2		-		-
Fencing/Stair	10.0 years			321		6		-		-
Other (c)	7.5 years			2,785		52		2,927		54
Common Areas
Mech., Elec., Plumbing	9.5 years			1,497		28		1,122		21
Parking/Paving	5.0 years			583		11		-		-
Pool/Exercise/Facility	8.3 years			3,788		70		421		8

Total				$18,183		$339		$10,718		$200

Weighted Average Apartment Homes						53,720				53,720

	Year to Date 2012 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.5 years			$5,458		$102		$1,473		$28
Appliances	9.6 years			2,388		45		414		8
Painting		-		-		-		3,041		57
Cabinetry/Countertops	10.0 years			880		16		-		-
Other	8.7 years			2,481		47		930		17
Exteriors
Painting	5.0 years			1,892		35		-		-
Carpentry	10.0 years			614		12		-		-
Landscaping	5.7 years			772		14		6,111		115
Roofing	20.0 years			1,099		21		156		3
Site Drainage	10.0 years			182		3		-		-
Fencing/Stair	10.0 years			363		7		-		-
Other (c)	7.5 years			4,575		86		5,656		106
Common Areas
Mech., Elec., Plumbing	9.5 years			2,433		46		2,092		39
Parking/Paving	5.0 years			656		12		-		-
Pool/Exercise/Facility	8.3 years			5,320		100		725		14

Total				$29,113		$546		$20,598		$387

Weighted Average Apartment Homes						53,338				53,338

(a)	Includes discontinued operations. Capitalized expenditures for discontinued operations was $0 and $289 for the three and six months ended June 30, 2012, respectively. Maintenance expenses for discontinued operations was $0 and $111 for the same periods.
(b)	Weighted average useful life of capitalized expenses for the three and six months ended June 30, 2012.
(c)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

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			Six Months Ended
	June 30,			June 30,
	2012	2011		2012		2011
Net income (loss) attributable to common shareholders (a)	$21,763	($16,597	)	$110,521		($9,311	)
Real estate depreciation from continuing operations	52,197	43,505		101,206		88,108
Real estate depreciation and amortization from discontinued operations	-	977		186		1,948
Adjustments for unconsolidated joint ventures	2,038	1,813		4,313		3,819
Income allocated to noncontrolling interests	709	653		1,802		1,036
(Gain) on acquisition of controlling interests in joint ventures	-	-		(40,191	)	-
(Gain) on sale of discontinued operations, net of tax	-	-		(32,541	)	-
(Gain) on sale of unconsolidated joint venture interests	-	-		-		(1,136	)
Funds from operations - diluted	$76,707	$30,351		$145,296		$84,464

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted	83,846	72,343		84,461		72,126
FFO diluted	86,067	75,523		84,461		75,273

Net income (loss) attributable to common shareholders - diluted	$0.26	($0.23	)	$1.32		($0.13	)
FFO per common share - diluted	$0.89	$0.40		$1.72		$1.12


(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the three and six months ended June 30, 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:

	3Q12 Range		2012 Range
	Low	High	Low		High

Expected net income attributable to common shareholders per share - diluted	$0.30	$0.34	$1.94		$2.02
Expected real estate depreciation from continuing operations	0.55	0.55	2.30		2.30
Expected real estate depreciation and amortization from discontinued operations	0.00	0.00	0.00		0.00
Expected adjustments for unconsolidated joint ventures	0.02	0.02	0.10		0.10
Expected income allocated to noncontrolling interests	0.01	0.01	0.04		0.04
Realized (gain) on acquisition of controlling interests in joint ventures	0.00	0.00	(0.49	)	(0.49	)
Realized (gain) on sale of discontinued operations, net of tax	0.00	0.00	(0.39	)	(0.39	)
Expected FFO per share - diluted	$0.88	$0.92	$3.50		$3.58


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)

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				Six Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
Net income (loss) attributable to common shareholders	$21,763		($16,597	)	$110,521		($9,311	)
Less: Fee and asset management income	(3,608	)	(2,471	)	(6,531	)	(4,309	)
Less: Interest and other (income) loss	65		(86	)	753		(4,857	)
Less: Income (loss) on deferred compensation plans	2,185		(1,375	)	(5,601	)	(7,329	)
Plus: Property management expense	4,851		5,109		10,135		10,428
Plus: Fee and asset management expense	1,444		1,670		3,187		2,890
Plus: General and administrative expense	9,730		8,032		18,409		17,820
Plus: Interest expense	26,247		28,381		52,930		58,118
Plus: Depreciation and amortization	53,310		44,754		103,428		90,605
Plus: Amortization of deferred financing costs	900		1,890		1,812		3,417
Plus: Expense (benefit) on deferred compensation plans	(2,185	)	1,375		5,601		7,329
Less: Gain on acquisition of controlling interests in joint ventures	-		-		(40,191	)	-
Less: Gain on sale of properties, including land	-		(4,748	)	-		(4,748	)
Less: Gain on sale of unconsolidated joint venture interests	-		-		-		(1,136	)
Plus: Loss on discontinuation of hedging relationship	-		29,791		-		29,791
Less: Equity in income of joint ventures	(632	)	(16	)	(998	)	(390	)
Plus: Income tax expense - current	434		256		658		1,576
Less: Income from discontinued operations	-		(895	)	(353	)	(1,687	)
Less: Gain on sale of discontinued operations, net of tax	-		-		(32,541	)	-
Plus: Income allocated to noncontrolling interests from continuing operations	1,084		781		1,909		1,337
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations	-		11		670		20
Plus: Income allocated to perpetual preferred units	-		1,750		776		3,500
Plus: Write off of original issuance costs of redeemed perpetual preferred units	-		-		2,075		-
Net Operating Income (NOI)	$115,588		$97,612		$226,649		$193,064

"Same Property" Communities	$103,563		$95,360		$204,668		$187,616
Non-"Same Property" Communities	9,491		2,195		17,940		5,271
Development and Lease-Up Communities	1,536		-		2,216		-
Other	998		57		1,825		177
Net Operating Income (NOI)	$115,588		$97,612		$226,649		$193,064

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, gain on acquisition of controlling interest in joint ventures,

gain on sale of discontinued operations, net of tax, 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				Six Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
Net income (loss) attributable to common shareholders	$21,763		($16,597	)	$110,521		($9,311	)
Plus: Interest expense	26,247		28,381		52,930		58,118
Plus: Amortization of deferred financing costs	900		1,890		1,812		3,417
Plus: Depreciation and amortization	53,310		44,754		103,428		90,605
Plus: Income allocated to perpetual preferred units	-		1,750		776		3,500
Plus: Write off of original issuance costs on redeemed perpetual preferred units	-		-		2,075		-
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations	-		11		670		20
Plus: Income allocated to noncontrolling interests from continuing operations	1,084		781		1,909		1,337
Plus: Income tax expense - current	434		256		658		1,576
Plus: Real estate depreciation and amortization from discontinued operations	-		977		186		1,948
Less: Gain on sale of properties, including land	-		(4,748	)	-		(4,748	)
Less: Gain on sale of unconsolidated joint venture interests	-		-		-		(1,136	)
Less: Gain on acquisition of controlling interests in joint ventures	-		-		(40,191	)	-
Less: Equity in income of joint ventures	(632	)	(16	)	(998	)	(390	)
Less: Gain on sale of discontinued operations, net of tax	-		-		(32,541	)	-
Plus: Loss on discontinuation of hedging relationship	-		29,791		-		29,791
EBITDA	$103,106		$87,230		$201,235		$174,727

CAMDEN			OTHER DATA



(Unaudited)

Stock Symbol:

CPT

Exchange Traded:

NYSE

Senior Unsecured Debt Ratings:

Rating

Outlook

Moody's

Baa1

Stable

Fitch

BBB+

Stable

Standard & Poors

BBB

Positive

Estimated Future Dates:

Q3 '12

Q4 '12

Q1 '13

Q2 '13

Earnings release & conference call

Early Nov

Early Feb

Early May

Early Aug

Dividend Information - Common Shares:

Q1 '12

Q2 '12

Declaration Date

03/08/12

06/15/12

Record Date

03/30/12

06/29/12

Payment Date

04/17/12

07/17/12

Distributions Per Share

$0.56

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 06/30/12


(Unaudited)													2Q12 Avg
				Year Placed		Average		Apartment		2Q12 Avg			Monthly Rental Rates
Community Name	City		State	in Service		Size		Homes		Occupancy			Per Home		Per Sq. Ft.

Camden Copper Square	Phoenix		AZ	2000			786		332		93	%		$870		$1.11
Camden Fountain Palms	Peoria		AZ		1986/1996		1,050		192		90	%		683		0.65
Camden Legacy	Scottsdale		AZ		1996		1,067		428		94	%		938		0.88
Camden Pecos Ranch	Chandler		AZ		2001		924		272		93	%		837		0.91
Camden San Paloma	Scottsdale		AZ		1993/1994		1,042		324		93	%		972		0.93
Camden Sierra	Peoria		AZ		1997		925		288		91	%		673		0.73
Camden Towne Center	Glendale		AZ		1998		871		240		90	%		667		0.77
TOTAL ARIZONA		7	Properties				955		2,076		92	%		827		0.87

Camden Crown Valley	Mission Viejo		CA		2001		1,009		380		96	%		1,582		1.57
Camden Harbor View	Long Beach		CA		2004		975		538		95	%		1,949		2.00
Camden Main and Jamboree	Irvine		CA		2008		1,011		290		96	%		1,802		1.78
Camden Martinique	Costa Mesa		CA		1986		794		714		95	%		1,336		1.68
Camden Parkside	Fullerton		CA		1972		836		421		95	%		1,229		1.47
Camden Sea Palms	Costa Mesa		CA		1990		891		138		98	%		1,485		1.67
Total Los Angeles/Orange County		6	Properties				904		2,481		96	%		1,551		1.72

Camden Old Creek	San Marcos		CA		2007		1,037		350		94	%		1,595		1.54
Camden Sierra at Otay Ranch	Chula Vista		CA		2003		962		422		94	%		1,501		1.56
Camden Tuscany	San Diego		CA		2003		896		160		96	%		1,982		2.21
Camden Vineyards	Murrieta		CA		2002		1,053		264		94	%		1,232		1.17
Total San Diego/Inland Empire		4	Properties				995		1,196		94	%		1,534		1.54

TOTAL CALIFORNIA		10	Properties				934		3,677		95	%		1,545		1.66

Camden Caley	Englewood		CO		2000		925		218		96	%		970		1.05
Camden Centennial	Littleton		CO		1985		744		276		94	%		748		1.01
Camden Denver West (1)	Golden		CO		1997		1,015		320		95	%		1,141		1.12
Camden Highlands Ridge	Highlands Ranch		CO		1996		1,149		342		97	%		1,208		1.05
Camden Interlocken	Broomfield		CO		1999		1,022		340		97	%		1,194		1.17
Camden Lakeway	Littleton		CO		1997		932		451		94	%		966		1.04
Camden Pinnacle	Westminster		CO		1985		748		224		95	%		772		1.03
TOTAL COLORADO		7	Properties				949		2,171		95	%		1,018		1.07

Camden Ashburn Farms	Ashburn		VA		2000		1,062		162		99	%		1,470		1.38
Camden Clearbrook	Frederick		MD		2007		1,048		297		97	%		1,335		1.27
Camden College Park	College Park		MD		2008		942		508		95	%		1,564		1.66
Camden Dulles Station	Oak Hill		VA		2009		984		366		96	%		1,611		1.64
Camden Fair Lakes	Fairfax		VA		1999		1,056		530		96	%		1,621		1.53
Camden Fairfax Corner	Fairfax		VA		2006		934		488		96	%		1,657		1.77
Camden Fallsgrove	Rockville		MD		2004		996		268		96	%		1,664		1.67
Camden Grand Parc	Washington		DC		2002		674		105		94	%		2,435		3.61
Camden Lansdowne	Leesburg		VA		2002		1,006		690		96	%		1,412		1.40
Camden Largo Town Center	Largo		MD		2000/2007		1,027		245		93	%		1,591		1.55
Camden Monument Place	Fairfax		VA		2007		856		368		96	%		1,496		1.75
Camden Potomac Yard	Arlington		VA		2008		835		378		96	%		1,967		2.36
Camden Roosevelt	Washington		DC		2003		856		198		98	%		2,425		2.83
Camden Russett	Laurel		MD		2000		992		426		93	%		1,373		1.38
Camden Silo Creek	Ashburn		VA		2004		975		284		97	%		1,418		1.45
Camden Summerfield	Landover		MD		2008		957		291		92	%		1,566		1.64
Camden Summerfield II (2)	Landover		MD		2012		936		187	Lease-up				1,544		1.65
TOTAL DC METRO		17	Properties				963		5,791		96	%		1,599		1.66

Camden Aventura	Aventura		FL		1995		1,108		379		93	%		1,532		1.38
Camden Brickell	Miami		FL		2003		937		405		95	%		1,622		1.73
Camden Doral	Miami		FL		1999		1,120		260		96	%		1,538		1.37
Camden Doral Villas	Miami		FL		2000		1,253		232		92	%		1,669		1.33
Camden Las Olas	Ft. Lauderdale		FL		2004		1,043		420		96	%		1,729		1.66
Camden Plantation	Plantation		FL		1997		1,201		502		95	%		1,298		1.08
Camden Portofino	Pembroke Pines		FL		1995		1,112		322		96	%		1,336		1.20
Total Southeast Florida		7	Properties				1,103		2,520		95	%		1,521		1.38

Camden Club	Longwood		FL		1986		1,077		436		98	%		858		0.80
Camden Hunter's Creek	Orlando		FL		2000		1,075		270		96	%		995		0.93
Camden Lago Vista	Orlando		FL		2005		955		366		95	%		900		0.94
Camden LaVina (2)	Orlando		FL		2012		970		420	Lease-up				1,058		1.09
Camden Lee Vista	Orlando		FL		2000		937		492		96	%		878		0.94
Camden Orange Court	Orlando		FL		2008		817		268		96	%		1,107		1.36
Camden Renaissance	Altamonte Springs		FL		1996/1998		899		578		94	%		802		0.89
Camden Reserve	Orlando		FL		1990/1991		824		526		95	%		740		0.90
Camden World Gateway	Orlando		FL		2000		979		408		97	%		968		0.99
Total Orlando		9	Properties				943		3,764		96	%		902		0.96

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 06/30/12

(Unaudited)

2Q12 Avg

Year Placed

Average

Apartment

2Q12 Avg

Monthly Rental Rates

Community Name

City

State

in Service

Size

Homes

Occupancy

Per Home

Per Sq. Ft.


Camden Bay	Tampa		FL	1997/2001	943	760		93	%	875	0.93
Camden Bay Pointe	Tampa		FL	1984	771	368		94	%	702	0.91
Camden Bayside	Tampa		FL	1987/1989	748	832		96	%	773	1.03
Camden Citrus Park	Tampa		FL	1985	704	247		94	%	685	0.97
Camden Lakes	St. Petersburg		FL	1982/1983	732	688		94	%	696	0.95
Camden Lakeside	Brandon		FL	1986	729	228		94	%	747	1.02
Camden Live Oaks	Tampa		FL	1990	1,093	770		93	%	784	0.72
Camden Montague (2)	Tampa		FL	2012	975	192	Lease-up			1,082	1.11
Camden Preserve	Tampa		FL	1996	942	276		95	%	1,060	1.13
Camden Providence Lakes	Brandon		FL	1996	1,024	260		95	%	913	0.89
Camden Royal Palms	Brandon		FL	2006	1,017	352		93	%	946	0.93
Camden Visconti (1)	Tampa		FL	2007	1,125	450		96	%	1,121	1.00
Camden Westshore	Tampa		FL	1986	728	278		95	%	845	1.16
Camden Woods	Tampa		FL	1986	1,223	444		96	%	849	0.69
Total Tampa/St. Petersburg		14	Properties		916	6,145		94	%	842	0.93

TOTAL FLORIDA		30	Properties		962	12,429		95	%	998	1.04

Camden Brookwood	Atlanta		GA	2002	912	359		95	%	971	1.06
Camden Deerfield	Alpharetta		GA	2000	1,187	292		94	%	958	0.81
Camden Dunwoody	Atlanta		GA	1997	1,007	324		95	%	897	0.89
Camden Ivy Hall (1)	Atlanta		GA	2010	1,181	110		94	%	1,638	1.39
Camden Midtown Atlanta	Atlanta		GA	2001	935	296		94	%	996	1.07
Camden Peachtree City	Peachtree City		GA	2001	1,027	399		97	%	922	0.90
Camden Phipps (1)	Atlanta		GA	1996	1,018	234		94	%	1,193	1.17
Camden River	Duluth		GA	1997	1,103	352		95	%	899	0.82
Camden Shiloh	Kennesaw		GA	1999/2002	1,143	232		96	%	869	0.76
Camden St. Clair	Atlanta		GA	1997	999	336		97	%	918	0.92
Camden Stockbridge	Stockbridge		GA	2003	1,009	304		94	%	755	0.75
Camden Sweetwater	Lawrenceville		GA	2000	1,151	308		93	%	727	0.63
TOTAL GEORGIA		12	Properties		1,045	3,546		95	%	936	0.90

Camden Passage (1)	Kansas City		MO	1989/1997	834	596		94	%	678	0.81
Total Kansas City		1	Property		834	596		94	%	678	0.81

Camden Cedar Lakes (1)	Lake St. Louis		MO	1986	852	420		92	%	661	0.78
Camden Cove West (1)	Creve Coeur		MO	1990	828	276		98	%	851	1.03
Camden Cross Creek (1)	St. Louis		MO	1973/1980	947	591		96	%	790	0.83
Camden Westchase (1)	St. Louis		MO	1986	945	160		96	%	902	0.95
Total St. Louis		4	Properties		896	1,447		95	%	777	0.87

TOTAL MISSOURI		5	Properties		878	2,043		95	%	748	0.85

Camden Bel Air	Las Vegas		NV	1988/1995	943	528		93	%	716	0.76
Camden Breeze	Las Vegas		NV	1989	846	320		94	%	722	0.85
Camden Canyon	Las Vegas		NV	1995	987	200		96	%	857	0.87
Camden Commons	Henderson		NV	1988	936	376		95	%	748	0.80
Camden Cove	Las Vegas		NV	1990	898	124		94	%	712	0.79
Camden Del Mar	Las Vegas		NV	1995	986	560		96	%	893	0.91
Camden Fairways	Henderson		NV	1989	896	320		95	%	874	0.98
Camden Hills	Las Vegas		NV	1991	439	184		91	%	497	1.13
Camden Legends	Henderson		NV	1994	792	113		92	%	825	1.04
Camden Palisades	Las Vegas		NV	1991	905	624		93	%	723	0.80
Camden Pines	Las Vegas		NV	1997	982	315		93	%	794	0.81
Camden Pointe	Las Vegas		NV	1996	983	252		96	%	731	0.74
Camden Summit	Henderson		NV	1995	1,187	234		95	%	1,077	0.91
Camden Tiara	Las Vegas		NV	1996	1,043	400		93	%	862	0.83
Camden Vintage	Las Vegas		NV	1994	978	368		95	%	705	0.72
Oasis Bay (1)	Las Vegas		NV	1990	876	128		97	%	746	0.85
Oasis Crossings (1)	Las Vegas		NV	1996	983	72		92	%	746	0.76
Oasis Emerald (1)	Las Vegas		NV	1988	873	132		92	%	608	0.70
Oasis Gateway (1)	Las Vegas		NV	1997	1,146	360		94	%	778	0.68
Oasis Island (1)	Las Vegas		NV	1990	901	118		92	%	620	0.69
Oasis Landing (1)	Las Vegas		NV	1990	938	144		92	%	676	0.72
Oasis Meadows (1)	Las Vegas		NV	1996	1,031	383		91	%	724	0.70
Oasis Palms (1)	Las Vegas		NV	1989	880	208		92	%	680	0.77
Oasis Pearl (1)	Las Vegas		NV	1989	930	90		92	%	680	0.73
Oasis Place (1)	Las Vegas		NV	1992	440	240		88	%	483	1.10
Oasis Ridge (1)	Las Vegas		NV	1984	391	477		88	%	414	1.06
Oasis Sierra (1)	Las Vegas		NV	1998	923	208		94	%	781	0.85
Oasis Springs (1)	Las Vegas		NV	1988	838	304		91	%	578	0.69
Oasis Vinings (1)	Las Vegas		NV	1994	1,152	234		92	%	713	0.62
TOTAL NEVADA		29	Properties		903	8,016		93	%	728	0.81

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 06/30/12

(Unaudited)

2Q12 Avg

Year Placed

Average

Apartment

2Q12 Avg

Monthly Rental Rates

Community Name

City

State

in Service

Size

Homes

Occupancy

Per Home

Per Sq. Ft.


Camden Ballantyne	Charlotte		NC	1998		1,045	400	95	%	956	0.91
Camden Cotton Mills	Charlotte		NC	2002		905	180	96	%	1,225	1.35
Camden Dilworth	Charlotte		NC	2006		857	145	98	%	1,188	1.39
Camden Fairview	Charlotte		NC	1983		1,036	135	97	%	882	0.85
Camden Forest	Charlotte		NC	1989		703	208	92	%	583	0.83
Camden Foxcroft	Charlotte		NC	1979		940	156	99	%	801	0.85
Camden Grandview	Charlotte		NC	2000		1,057	266	95	%	1,342	1.27
Camden Habersham	Charlotte		NC	1986		773	240	96	%	674	0.87
Camden Park Commons	Charlotte		NC	1997		861	232	96	%	683	0.79
Camden Pinehurst	Charlotte		NC	1967		1,147	407	96	%	805	0.70
Camden Sedgebrook	Charlotte		NC	1999		972	368	96	%	862	0.89
Camden Simsbury	Charlotte		NC	1985		874	100	97	%	864	0.99
Camden South End Square	Charlotte		NC	2003		882	299	96	%	1,135	1.29
Camden Stonecrest	Charlotte		NC	2001		1,098	306	96	%	1,014	0.92
Camden Touchstone	Charlotte		NC	1986		899	132	98	%	774	0.86
Total Charlotte		15	Properties			961	3,574	96	%	923	0.96

Camden Asbury Village (1)	Raleigh		NC		2009	1,009	350	93	%	997	0.99
Camden Crest	Raleigh		NC		2001	1,013	438	96	%	807	0.80
Camden Governor's Village	Chapel Hill		NC		1999	1,046	242	95	%	909	0.87
Camden Lake Pine	Apex		NC		1999	1,066	446	94	%	853	0.80
Camden Manor Park	Raleigh		NC		2006	966	484	97	%	885	0.92
Camden Overlook	Raleigh		NC		2001	1,060	320	95	%	947	0.89
Camden Reunion Park	Apex		NC		2000/2004	972	420	96	%	738	0.76
Camden Westwood	Morrisville		NC		1999	1,027	354	96	%	807	0.79
Total Raleigh		8	Properties			1,016	3,054	95	%	861	0.85

TOTAL NORTH CAROLINA		23	Properties			986	6,628	96	%	895	0.91

Camden Valleybrook	Chadds Ford		PA		2002	992	352	96	%	1,320	1.33
TOTAL PENNSYLVANIA		1	Property			992	352	96	%	1,320	1.33

Camden Amber Oaks (1)	Austin		TX		2009	862	348	95	%	860	1.00
Camden Brushy Creek (1)	Cedar Park		TX		2008	882	272	95	%	848	0.96
Camden Cedar Hills	Austin		TX		2008	911	208	96	%	1,019	1.12
Camden Gaines Ranch	Austin		TX		1997	955	390	96	%	1,083	1.13
Camden Huntingdon	Austin		TX		1995	903	398	96	%	818	0.91
Camden Laurel Ridge	Austin		TX		1986	702	183	94	%	662	0.94
Camden Ridgecrest	Austin		TX		1995	855	284	95	%	745	0.87
Camden Shadow Brook (1)	Austin		TX		2009	909	496	96	%	899	0.99
Camden South Congress (1)	Austin		TX		2001	975	253	94	%	1,522	1.56
Camden Stoneleigh	Austin		TX		2001	908	390	95	%	968	1.07
Total Austin		10	Properties			895	3,222	95	%	941	1.05

Camden Breakers	Corpus Christi		TX		1996	868	288	97	%	1,008	1.16
Camden Copper Ridge	Corpus Christi		TX		1986	775	344	96	%	722	0.93
Camden Miramar (3)	Corpus Christi		TX		1994-2011	488	855	69	%	974	2.00
Camden South Bay (1)	Corpus Christi		TX		2007	1,055	270	96	%	1,117	1.06
Total Corpus Christi		4	Properties			693	1,757	96	%	952	1.37

Camden Addison	Addison		TX		1996	942	456	97	%	837	0.89
Camden Belmont	Dallas		TX		2010/2012	945	477	96	%	1,354	1.43
Camden Buckingham	Richardson		TX		1997	919	464	96	%	862	0.94
Camden Centreport	Ft. Worth		TX		1997	911	268	95	%	854	0.94
Camden Cimarron	Irving		TX		1992	772	286	97	%	875	1.13
Camden Design District (1)	Dallas		TX		2009	939	355	95	%	1,170	1.25
Camden Farmers Market	Dallas		TX		2001/2005	932	904	95	%	985	1.06
Camden Gardens	Dallas		TX		1983	652	256	96	%	599	0.92
Camden Glen Lakes	Dallas		TX		1979	877	424	96	%	801	0.91
Camden Legacy Creek	Plano		TX		1995	831	240	97	%	914	1.10
Camden Legacy Park	Plano		TX		1996	871	276	97	%	932	1.07
Camden Panther Creek (1)	Frisco		TX		2009	946	295	94	%	969	1.02
Camden Riverwalk (1)	Grapevine		TX		2008	982	600	95	%	1,188	1.21
Camden Springs	Dallas		TX		1987	713	304	97	%	609	0.85
Camden Valley Park	Irving		TX		1986	743	516	96	%	796	1.07
Camden Westview	Lewisville		TX		1983	697	335	94	%	654	0.94
Total Dallas/Ft. Worth		16	Properties			872	6,456	96	%	929	1.07

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 06/30/12

(Unaudited)

2Q12 Avg

Year Placed

Average

Apartment

2Q12 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	98	%	828	0.98
Camden City Centre	Houston	TX	2007	932	379	97	%	1,402	1.50
Camden Cypress Creek (1)	Cypress	TX	2009	993	310	95	%	1,067	1.07
Camden Downs at Cinco Ranch (1)	Katy	TX	2004	1,075	318	97	%	1,070	0.99
Camden Grand Harbor (1)	Katy	TX	2008	959	300	97	%	1,004	1.05
Camden Greenway	Houston	TX	1999	861	756	97	%	1,129	1.31
Camden Heights (1)	Houston	TX	2004	927	352	97	%	1,270	1.37
Camden Holly Springs	Houston	TX	1999	934	548	97	%	962	1.03
Camden Lakemont (1)	Richmond	TX	2007	904	312	97	%	870	0.96
Camden Midtown	Houston	TX	1999	844	337	98	%	1,376	1.63
Camden Northpointe (1)	Tomball	TX	2008	940	384	95	%	946	1.01
Camden Oak Crest	Houston	TX	2003	870	364	97	%	879	1.01
Camden Park	Houston	TX	1995	866	288	96	%	832	0.96
Camden Piney Point (1)	Houston	TX	2004	919	318	96	%	1,054	1.15
Camden Plaza	Houston	TX	2007	915	271	97	%	1,362	1.49
Camden Royal Oaks	Houston	TX	2006	923	236	89	%	1,180	1.28
Camden Royal Oaks II (2)	Houston	TX	2012	1,054	104	Lease-up		1,421	1.35
Camden Spring Creek (1)	Spring	TX	2004	1,080	304	96	%	999	0.93
Camden Steeplechase	Houston	TX	1982	748	290	93	%	684	0.91
Camden Stonebridge	Houston	TX	1993	845	204	97	%	860	1.02
Camden Sugar Grove	Stafford	TX	1997	921	380	96	%	893	0.97
Camden Travis Street (1)	Houston	TX	2010	819	253	99	%	1,385	1.69
Camden Vanderbilt	Houston	TX	1996/1997	863	894	97	%	1,212	1.40
Camden Whispering Oaks	Houston	TX	2008	934	274	98	%	1,044	1.12
Camden Woodson Park (1)	Houston	TX	2008	916	248	98	%	983	1.07
Camden Yorktown (1)	Houston	TX	2008	995	306	95	%	967	0.97
Total Houston	26	Properties		911	9,002	97	%	1,069	1.17

Camden Braun Station (1)	San Antonio	TX	2006	827	240	95	%	824	1.00
Camden Westover Hills (1)	San Antonio	TX	2010	959	288	95	%	1,056	1.09
Total San Antonio	2	Properties		899	528	95	%	950	1.05

TOTAL TEXAS	58	Properties		878	20,965	96	%	993	1.13

TOTAL PROPERTIES	199	Properties		931	67,694	95	%	$1,022	$1.10

(1)	Communities owned through investment in joint venture.
(2)	Completed communities in lease-up as of June 30, 2012 are excluded from total occupancy numbers.
(3)	Miramar is a student housing community which is excluded from total occupancy numbers.