a50678063ex99-2.htm

EXHIBIT 99.2

SECOND QUARTER 2013

Supplemental Operating and Financial Data

Camden City Centre II - Houston, TX

268 Apartment Homes

Currently in Lease-Up

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 2013 OPERATING RESULTS

Houston, TEXAS (July 25, 2013) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and six months ended June 30, 2013.

Funds From Operations (“FFO”)

FFO for the second quarter of 2013 totaled $1.02 per diluted share or $91.4 million, as compared to $0.89 per diluted share or $76.7 million for the same period in 2012. FFO for the three months ended June 30, 2013 included: a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $1.0 million or $0.01 per diluted share charge related to executive separation costs.

FFO for the six months ended June 30, 2013 totaled $1.99 per diluted share or $178.1 million, as compared to $1.72 per diluted share or $145.3 million for the same period in 2012. FFO for the six months ended June 30, 2013 included: a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; a $1.0 million or $0.01 per diluted share charge related to executive separation costs; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land. 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.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $72.2 million or $0.81 per diluted share for the second quarter of 2013, as compared to $21.8 million or $0.26 per diluted share for the same period in 2012. EPS for the three months ended June 30, 2013 included: a $24.9 million or $0.28 per diluted share gain on sale of discontinued operations; a $13.0 million or $0.15 per diluted share gain on sale of unconsolidated joint venture properties; a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $1.0 million or $0.01 per diluted share charge related to executive separation costs.

For the six months ended June 30, 2013, the Company reported EPS of $135.6 million or $1.53 per diluted share, as compared to $110.5 million or $1.33 per diluted share for the same period in 2012. EPS for the six months ended June 30, 2013 included: a $56.6 million or $0.64 per diluted share gain on sale of discontinued operations; a $13.0 million or $0.15 per diluted share gain on sale of unconsolidated joint venture properties; a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; a $1.0 million or $0.01 per diluted share charge related to executive separation costs; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land. EPS for the six months ended June 30, 2012 included: a $40.2 million or $0.48 per diluted share gain on acquisition of the controlling interest in twelve joint ventures; a $32.5 million or $0.39 per diluted share 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.

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 43,503 apartment homes included in consolidated same property results, second quarter 2013 same property NOI increased 6.4% compared to the second quarter of 2012, with revenues increasing 5.4% and expenses increasing 3.7%. On a sequential basis, second quarter 2013 same property NOI increased 2.1% compared to the first quarter of 2013, with revenues increasing 1.8% and expenses increasing 1.2% compared to the prior quarter. On a year-to-date basis, 2013 same property NOI increased 6.6%, with revenues increasing 5.6% and expenses increasing 4.1% compared to the same period in 2012. Same property physical occupancy levels for the portfolio averaged 95.4% during the second quarter of both 2012 and 2013, compared to 95.1% in the first quarter of 2013.

The Company defines same property communities as communities owned and stabilized since January 1, 2012, excluding properties held for sale. 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

The Company acquired Camden Post Oak, a 356-home apartment community in Houston, TX, during the quarter for approximately $108.5 million. Camden also acquired 38.8 acres of land in the metro Phoenix area for future development of three multifamily communities.

Disposition Activity

During the quarter, the Company disposed of Camden Reserve, a 526-home apartment community in Orlando, FL, for approximately $40.5 million. Additionally, a joint venture of which the Company owned 20% sold 14 communities with 3,098 apartment homes in Las Vegas, NV for a total sales price of $200.2 million. The Company’s proportionate share of the gain on sale was $13.0 million, and Camden also recognized a promoted equity interest of $3.8 million relating to the achievement of certain performance measures as set forth in the joint venture agreement.

Development Activity

Lease-ups were completed during the quarter at Camden Royal Oaks II, a 104-home project in Houston, TX, which is currently 97% occupied; and Camden Town Square, a 438-home project in Orlando, FL, which is currently 94% occupied. Construction was completed and leasing continued during the quarter at Camden City Centre II, a 268-home project in Houston, TX, which is currently 84% leased.

Construction began during the second quarter at Camden La Frontera in Round Rock, TX, a $36 million project with 300 apartment homes, and Camden Miramar Phase IX in Corpus Christi, TX, an $8 million project with 75 apartment homes. Construction continued at six additional wholly-owned development communities: Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes; Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes; Camden Flatirons in Denver, CO, a $78 million project with 424 apartment homes; Camden Glendale in Glendale, CA, a $115 million project with 303 apartment homes; Camden Boca Raton in Boca Raton, FL, a $54 million project with 261 apartment homes; and Camden Paces in Atlanta, GA, a $110 million project with 379 apartment homes.

Construction began during the second quarter at Camden Southline in Charlotte, NC, a $47 million joint venture project with 266 apartment homes. Construction also continued at two other joint venture development communities: Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes which is currently 39% leased; and Camden Waterford Lakes in Orlando, FL, a $40 million project with 300 apartment homes.

Equity Issuances

During the second quarter, Camden issued 419,346 common shares through its ATM program at an average price of $74.74 per share, for total net consideration of approximately $30.8 million.

Earnings Guidance

Camden updated its earnings guidance for 2013 based on its current and expected views of the apartment market and general economic conditions. Full-year 2013 FFO is expected to be $4.00 to $4.08 per diluted share, and full-year 2013 EPS is expected to be $2.31 to $2.39 per diluted share. Third quarter 2013 earnings guidance is $0.99 to $1.03 per diluted share for FFO and $0.38 to $0.42 per diluted share for EPS. 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 2013 earnings guidance is based on projections of same property revenue growth between 5.0% and 6.0%, expense growth between 3.25% and 4.25%, and NOI growth between 6.0% and 7.0%. Additional information on the Company’s 2013 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, July 26, 2013 at 11:00 a.m. Central Time to review its second quarter 2013 results and discuss its outlook for future performance. To participate in the call, please dial (888) 317-6003 (Domestic) or (412) 317-6061 (International) by 10:50 a.m. Central Time and enter passcode: 6328562, 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 179 properties containing 62,021 apartment homes across the United States. Upon completion of 10 properties and the expansion of one property under development, the Company's portfolio will increase to 65,239 apartment homes in 189 properties. Camden was recently named by FORTUNE® Magazine for the sixth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #10.

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,
		2013				2012				2013				2012
Total property revenues (a)			$201,527				$176,918				$397,717				$346,617

EBITDA			112,751				103,106				223,449				201,235

Net income attributable to common shareholders			72,172				21,763				135,648				110,521
Per share - basic			0.82				0.26				1.54				1.34
Per share - diluted			0.81				0.26				1.53				1.33

Income from continuing operations attributable to common shareholders			48,956				19,083				79,941				73,041
Per share - basic			0.55				0.23				0.90				0.88
Per share - diluted			0.55				0.23				0.90				0.87

Funds from operations			91,446				76,707				178,077				145,296
Per share - diluted			1.02				0.89				1.99				1.72

Dividends per share			0.63				0.56				1.26				1.12
Dividend payout ratio			61.8	%			62.9	%			63.3	%			65.1	%

Interest expensed			24,797				26,247				49,692				52,930
Interest capitalized			3,402				3,243				6,672				6,291
Total interest incurred			28,199				29,490				56,364				59,221

Principal amortization			1,044				1,208				2,139				2,411
Preferred distributions			-				-				-				776

Net Debt to Annualized EBITDA (b)			5.6		x		5.7		x		5.6		x		5.8		x
Interest expense coverage ratio			4.5		x		3.9		x		4.5		x		3.8		x
Total interest coverage ratio			4.0		x		3.5		x		4.0		x		3.4		x
Fixed charge expense coverage ratio			4.4		x		3.8		x		4.3		x		3.6		x
Total fixed charge coverage ratio			3.9		x		3.4		x		3.8		x		3.2		x
Unencumbered real estate assets (at cost) to unsecured debt ratio			3.4		x		3.5		x		3.4		x		3.5		x

Same property NOI increase (c)			6.4	%			8.6	%			6.6	%			9.1	%
(# of apartment homes included)			43,503				47,724				43,503				47,724

Gross turnover of apartment homes (annualized)			68	%			67	%			62	%			61	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)			60	%			59	%			53	%			53	%


										As of June 30,
											2013				2012
Total assets											$5,486,282				$5,112,574
Total debt											$2,523,823				$2,396,412
Common and common equivalent shares, outstanding end of period (d)											89,779				87,549
Share price, end of period											$69.14				$67.67
Book equity value, end of period (e)											$2,705,130				$2,464,908
Market equity value, end of period (e)											$6,207,320				$5,924,441

(a)	Excludes discontinued operations.

(b)	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.

(c)	"Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale.

(d)	Includes at June 30, 2013: 87,879 common shares (including 442 common share equivalents related to share awards & options), plus common share
	equivalents upon the assumed conversion of minority interest units (1,900).

(e)	Includes: common shares, 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		2013			2012			2013			2012
Property revenues
Rental revenues			$173,946			$151,775			$343,549			$298,029
Other property revenues			27,581			25,143			54,168			48,588
Total property revenues			201,527			176,918			397,717			346,617

Property expenses
Property operating and maintenance			52,114			47,974			102,608			94,088
Real estate taxes			22,271			18,324			43,924			35,697
Total property expenses			74,385			66,298			146,532			129,785

Non-property income
Fee and asset management			2,827			3,608			5,721			6,531
Interest and other income (loss)			1,038			(65	)		1,090			(753	)
Income (loss) on deferred compensation plans			(102	)		(2,185	)		2,897			5,601
Total non-property income			3,763			1,358			9,708			11,379

Other expenses
Property management			5,242			4,851			11,225			10,135
Fee and asset management			1,486			1,444			2,963			3,187
General and administrative			11,590			9,730			21,384			18,409
Interest			24,797			26,247			49,692			52,930
Depreciation and amortization			54,315			51,087			107,570			98,993
Amortization of deferred financing costs			898			900			1,814			1,812
Expense (benefit) on deferred compensation plans			(102	)		(2,185	)		2,897			5,601
Total other expenses			98,226			92,074			197,545			191,067


Gain on sale of land			-			-			698			-
Gain on acquisition of controlling interest in joint ventures			-			-			-			40,191
Equity in income of joint ventures			17,798			632			18,732			998
Income from continuing operations before income taxes			50,477			20,536			82,778			78,333
Income tax expense - current			(468	)		(434	)		(867	)		(658	)
Income from continuing operations			50,009			20,102			81,911			77,675
Income from discontinued operations			62			2,745			810			5,735
Gain on sale of discontinued operations, net of tax			24,866			-			56,649			32,541
Net income			74,937			22,847			139,370			115,951
Less income allocated to non-controlling interests from continuing operations			(1,053	)		(1,019	)		(1,970	)		(1,783	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations			(1,712	)		(65	)		(1,752	)		(796	)
Less income allocated to perpetual preferred units			-			-			-			(776	)
Less write off of original issuance costs of redeemed perpetual preferred units			-			-			-			(2,075	)
Net income attributable to common shareholders			$72,172			$21,763			$135,648			$110,521


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income			$74,937			$22,847			$139,370			$115,951
Other comprehensive income
Reclassification of prior service cost and net loss on post retirement obligations			13			8			27			16
Comprehensive income			74,950			22,855			139,397			115,967
Less income allocated to non-controlling interests from continuing operations			(1,053	)		(1,019	)		(1,970	)		(1,783	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations			(1,712	)		(65	)		(1,752	)		(796	)
Less income allocated to perpetual preferred units			-			-			-			(776	)
Less write off of original issuance costs of redeemed perpetual preferred units			-			-			-			(2,075	)
Comprehensive income attributable to common shareholders			$72,185			$21,771			$135,675			$110,537


PER SHARE DATA
Net income attributable to common shareholders - basic			$0.82			$0.26			$1.54			$1.34
Net income attributable to common shareholders - diluted			0.81			0.26			1.53			1.33
Income from continuing operations attributable to common shareholders - basic			0.55			0.23			0.90			0.88
Income from continuing operations attributable to common shareholders - diluted			0.55			0.23			0.90			0.87

Weighted average number of common and
common equivalent shares outstanding:
Basic			87,191			83,223			86,949			81,554
Diluted			88,472			83,846			88,283			83,333


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	2013		2012	2013		2012

Net income attributable to common shareholders	$72,172		$21,763	$135,648		$110,521
Real estate depreciation from continuing operations	53,094		49,974	105,252		96,771
Real estate depreciation and amortization from discontinued operations	-		2,223	215		4,621
Adjustments for unconsolidated joint ventures	1,313		2,038	2,921		4,313
Income allocated to noncontrolling interests	2,765		709	3,722		1,802
(Gain) on sale of unconsolidated joint venture properties	(13,032	)	-	(13,032	)	-
(Gain) on acquisition of controlling interests in joint ventures	-		-	-		(40,191	)
(Gain) on sale of discontinued operations, net of tax	(24,866	)	-	(56,649	)	(32,541	)
Funds from operations - diluted	$91,446		$76,707	$178,077		$145,296

PER SHARE DATA
Funds from operations - diluted	$1.02		$0.89	$1.99		$1.72
Cash distributions	0.63		0.56	1.26		1.12

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted	89,558		86,067	89,369		84,461

PROPERTY DATA
Total operating properties (end of period) (a)	179		199	179		199
Total operating apartment homes in operating properties (end of period) (a)	62,021		67,694	62,021		67,694
Total operating apartment homes (weighted average)	54,186		53,720	54,249		53,338
Total operating apartment homes - excluding discontinued operations (weighted average)	54,135		50,244	53,894		49,572

(a) Includes joint ventures and properties held for sale.

Note: Please refer to the following pages 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,			Sept 30,			Jun 30,
	2013			2013			2012			2012			2012
ASSETS
Real estate assets, at cost
Land		$965,257			$949,244			$949,777			$929,289			$893,910
Buildings and improvements		5,552,095			5,404,616			5,389,674			5,359,707			5,203,675
		6,517,352			6,353,860			6,339,451			6,288,996			6,097,585
Accumulated depreciation		(1,604,402	)		(1,552,499	)		(1,518,896	)		(1,542,530	)		(1,505,862	)
Net operating real estate assets		4,912,950			4,801,361			4,820,555			4,746,466			4,591,723
Properties under development, including land		393,694			339,848			334,463			280,948			297,712
Investments in joint ventures		44,630			45,260			45,092			46,566			47,776
Properties held for sale		-			14,986			30,517			6,373			-
Total real estate assets		5,351,274			5,201,455			5,230,627			5,080,353			4,937,211
Accounts receivable - affiliates		27,274			26,948			33,625			28,874			29,940
Other assets, net (a)		94,847			89,233			88,260			96,401			88,002
Cash and cash equivalents		6,506			59,642			26,669			5,590			52,126
Restricted cash		6,381			5,578			5,991			6,742			5,295
Total assets		$5,486,282			$5,382,856			$5,385,172			$5,217,960			$5,112,574



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,579,733			$1,538,471			$1,538,212			$1,415,354			$1,381,152
Secured		944,090			945,134			972,256			978,371			1,015,260
Accounts payable and accrued expenses		100,279			102,307			101,896			118,879			87,041
Accrued real estate taxes		36,863			20,683			28,452			43,757			31,607
Distributions payable		56,821			56,559			49,969			49,940			49,135
Other liabilities (b)		63,366			69,679			67,679			78,551			83,471
Total liabilities		2,781,152			2,732,833			2,758,464			2,684,852			2,647,666

Commitments and contingencies

Equity
Common shares of beneficial interest		967			962			962			959			945
Additional paid-in capital		3,625,283			3,590,261			3,587,505			3,580,528			3,501,354
Distributions in excess of net income attributable to common shareholders		(574,286	)		(590,831	)		(598,951	)		(692,235	)		(674,221	)
Treasury shares, at cost		(410,665	)		(412,643	)		(425,355	)		(425,756	)		(430,958	)
Accumulated other comprehensive loss (c)		(1,035	)		(1,048	)		(1,062	)		(660	)		(667	)
Total common equity		2,640,264			2,586,701			2,563,099			2,462,836			2,396,453
Noncontrolling interests		64,866			63,322			63,609			70,272			68,455
Total equity		2,705,130			2,650,023			2,626,708			2,533,108			2,464,908
Total liabilities and equity		$5,486,282			$5,382,856			$5,385,172			$5,217,960			$5,112,574



(a) Includes:
net deferred charges of:		$14,008			$14,861			$15,635			$13,695			$14,432

(b) Includes:
deferred revenues of:		$1,336			$2,158			$2,521			$1,746			$2,012
distributions in excess of investments in joint ventures of:		$-			$9,718			$9,509			$16,708			$16,499
fair value adjustment of derivative instruments:		$-			($2	)		($1	)		$185			$5,918

(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligations.

CAMDEN											PORTFOLIO STATISTICS


(Unaudited)

COMMUNITY PORTFOLIO AT JUNE 30, 2013 (in apartment homes)


	Fully Consolidated										Non-Consolidated

	"Same Property"		Non-"Same Property"		Completed in Lease-up		Under Construction		Total		Operating		Under Construction		Total		Grand Total
D.C. Metro (a)		4,947		860		-		320		6,127		-		276		276		6,403
Houston, TX		3,353		2,291		268		-		5,912		3,152		-		3,152		9,064
Tampa, FL		4,733		540		-		-		5,273		450		-		450		5,723
Dallas, TX		3,938		1,039		-		-		4,977		1,250		-		1,250		6,227
Las Vegas, NV		3,969		949		-		-		4,918		-		-		-		4,918
Los Angeles/Orange County, CA		2,060		421		-		303		2,784		-		-		-		2,784
SE Florida		2,520		-		-		261		2,781		-		-		-		2,781
Orlando, FL		2,818		858		-		-		3,676		-		300		300		3,976
Charlotte, NC		3,134		-		-		-		3,134		-		266		266		3,400
Atlanta, GA		2,894		223		-		379		3,496		234		-		234		3,730
Denver, CO		1,851		590		-		424		2,865		-		-		-		2,865
Raleigh, NC		2,704		-		-		-		2,704		350		-		350		3,054
Phoenix, AZ		1,084		1,561		-		-		2,645		-		-		-		2,645
San Diego/Inland Empire, CA		1,196		469		-		-		1,665		-		-		-		1,665
Austin, TX		1,670		-		-		614		2,284		1,360		-		1,360		3,644
Other		632		855		-		75		1,562		798		-		798		2,360

Total Portfolio		43,503		10,656		268		2,376		56,803		7,594		842		8,436		65,239

(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.

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


	"Same Property"			Operating			Incl. JVs at			Jun 30			Mar 31			Dec 31			Sept 30			Jun 30
	Communities			Communities (b)			Pro Rata % (c)			2013			2013			2012			2012			2012
D.C. Metro		17.9	%		16.9	%		16.5	%		95.5	%		95.5	%		95.7	%		96.2	%		95.5	%
Houston, TX		8.6	%		11.5	%		12.2	%		96.5	%		96.0	%		95.4	%		96.1	%		96.5	%
Tampa, FL		7.9	%		7.5	%		7.5	%		95.5	%		95.0	%		94.7	%		95.2	%		94.4	%
Dallas, TX		6.7	%		7.1	%		7.3	%		95.4	%		94.9	%		94.6	%		95.3	%		95.6	%
Las Vegas, NV		6.1	%		6.4	%		6.2	%		94.2	%		92.4	%		92.4	%		92.9	%		93.0	%
Los Angeles/Orange County, CA		7.1	%		6.6	%		6.5	%		95.6	%		95.7	%		96.2	%		95.4	%		95.6	%
SE Florida		8.2	%		6.8	%		6.7	%		95.1	%		94.9	%		95.3	%		95.4	%		94.9	%
Orlando, FL		5.3	%		5.8	%		5.7	%		95.8	%		95.3	%		95.3	%		95.4	%		95.5	%
Charlotte, NC		7.1	%		5.8	%		5.7	%		96.4	%		96.1	%		95.6	%		96.5	%		95.9	%
Atlanta, GA		5.6	%		4.9	%		4.8	%		95.3	%		95.2	%		95.5	%		95.6	%		94.9	%
Denver, CO		4.5	%		4.8	%		4.7	%		94.7	%		94.8	%		95.2	%		95.6	%		95.2	%
Raleigh, NC		5.2	%		4.2	%		4.2	%		95.0	%		94.7	%		94.6	%		95.7	%		95.3	%
Phoenix, AZ		2.3	%		3.9	%		3.8	%		92.3	%		93.0	%		92.5	%		93.5	%		92.3	%
San Diego/Inland Empire, CA		3.5	%		3.7	%		3.6	%		94.3	%		93.2	%		93.3	%		94.9	%		94.2	%
Austin, TX		2.8	%		2.3	%		2.6	%		94.7	%		95.0	%		95.0	%		95.6	%		95.3	%
Other		1.2	%		1.8	%		2.0	%		96.7	%		95.3	%		94.4	%		95.0	%		95.4	%

Total Portfolio		100.0	%		100.0	%		100.0	%		95.3	%		94.8	%		94.7	%		95.2	%		95.1	%


(b) Operating communities represent all fully-consolidated communities at period end, excluding communities under construction.
(c) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities.
(d) Occupancy figures include all stabilized operating communities including those held through non-consolidated joint venture investments.

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		2013		2012		Change			2013		2012		Change
"Same Property" Communities (a)		43,503		$161,323		$153,074		$8,249			$319,824		$302,725		$17,099
Non-"Same Property" Communities (b)		10,656		37,979		22,108		15,871			73,798		40,410		33,388
Development and Lease-Up Communities (c)		2,644		633		-		633			797		-		797
Other (d)		-		1,592		1,736		(144	)		3,298		3,482		(184	)
Total Property Revenues		56,803		$201,527		$176,918		$24,609			$397,717		$346,617		$51,100

Property Expenses
"Same Property" Communities (a)		43,503		$58,852		$56,761		$2,091			$116,990		$112,390		$4,600
Non-"Same Property" Communities (b)		10,656		14,427		8,782		5,645			27,296		15,630		11,666
Development and Lease-Up Communities (c)		2,644		320		-		320			388		-		388
Other (d)		-		786		755		31			1,858		1,765		93
Total Property Expenses		56,803		$74,385		$66,298		$8,087			$146,532		$129,785		$16,747

Property Net Operating Income
"Same Property" Communities (a)		43,503		$102,471		$96,313		$6,158			$202,834		$190,335		$12,499
Non-"Same Property" Communities (b)		10,656		23,552		13,326		10,226			46,502		24,780		21,722
Development and Lease-Up Communities (c)		2,644		313		-		313			409		-		409
Other (d)		-		806		981		(175	)		1,440		1,717		(277	)
Total Property Net Operating Income		56,803		$127,142		$110,620		$16,522			$251,185		$216,832		$34,353

Income from Discontinued Operations (e)	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Property revenues		$164			$9,127			$1,896			$19,288
Property expenses		(102	)		(4,159	)		(871	)		(8,932	)
Property net operating income		62			4,968			1,025			10,356
Depreciation and amortization		-			(2,223	)		(215	)		(4,621	)
Gain on sale of discontinued operations, net of tax		24,866			-			56,649			32,541
Income, including gain on sale, allocated to non-controlling interests		(1,712	)		(65	)		(1,752	)		(796	)
Income attributable to common shareholders		$23,216			$2,680			$55,707			$37,480

Notes:

(a)

"Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale.

(b)

Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2012, excluding properties held for sale.

(c)

Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2012, excluding properties held for sale.

(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 held for sale or disposed of during 2012 and 2013, of which Camden has no continuing involvement.

				"SAME PROPERTY"
CAMDEN				SECOND QUARTER COMPARISONS
				June 30, 2013
				(In thousands, except property data amounts)


(Unaudited)

	Revenues						Expenses						NOI
Quarterly Results (a)		2Q13	2Q12	Growth				2Q13	2Q12	Growth				2Q13	2Q12	Growth

D.C. Metro		$26,241	$25,455		3.1	%		$7,932	$7,687		3.2	%		$18,309	$17,768		3.0	%
Houston, TX		14,193	12,877		10.2	%		5,348	5,051		5.9	%		8,845	7,826		13.0	%
Tampa, FL		13,813	13,170		4.9	%		5,783	5,605		3.2	%		8,030	7,565		6.1	%
Dallas, TX		11,910	11,223		6.1	%		5,033	4,874		3.3	%		6,877	6,349		8.3	%
Las Vegas, NV		10,001	10,000		0.0	%		3,744	3,716		0.8	%		6,257	6,284		(0.4	%)
Los Angeles/Orange County, CA		10,925	10,477		4.3	%		3,648	3,156		15.6	%		7,277	7,321		(0.6	%)
SE Florida		13,042	12,258		6.4	%		4,596	4,451		3.3	%		8,446	7,807		8.2	%
Orlando, FL		8,878	8,553		3.8	%		3,415	3,393		0.6	%		5,463	5,160		5.9	%
Charlotte, NC		10,940	9,976		9.7	%		3,680	3,667		0.4	%		7,260	6,309		15.1	%
Atlanta, GA		9,475	8,848		7.1	%		3,705	3,643		1.7	%		5,770	5,205		10.9	%
Denver, CO		6,633	6,156		7.7	%		2,064	2,072		(0.4	%)		4,569	4,084		11.9	%
Raleigh, NC		8,085	7,695		5.1	%		2,795	2,683		4.2	%		5,290	5,012		5.5	%
Phoenix, AZ		3,625	3,440		5.4	%		1,316	1,260		4.4	%		2,309	2,180		5.9	%
San Diego/Inland Empire, CA		5,985	5,789		3.4	%		2,389	2,309		3.5	%		3,596	3,480		3.3	%
Austin, TX		5,535	5,265		5.1	%		2,620	2,456		6.7	%		2,915	2,809		3.8	%
Corpus Christi, TX		2,042	1,892		7.9	%		784	738		6.2	%		1,258	1,154		9.0	%

Total Same Property		$161,323	$153,074		5.4	%		$58,852	$56,761		3.7	%		$102,471	$96,313		6.4	%

	Apartment
	Homes		% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included		Contribution (a)				2Q13		2Q12		Change				2Q13	2Q12	Change

D.C. Metro		4,947		17.9	%		95.6	%	95.7	%		(0.1	%)		$1,646	$1,602		2.7	%
Houston, TX		3,353		8.6	%		96.6	%	97.4	%		(0.8	%)		1,292	1,164		11.0	%
Tampa, FL		4,733		7.9	%		95.5	%	94.5	%		1.0	%		846	815		3.7	%
Dallas, TX		3,938		6.7	%		95.6	%	95.9	%		(0.3	%)		907	847		7.1	%
Las Vegas, NV		3,969		6.1	%		94.5	%	94.2	%		0.3	%		756	758		(0.3	%)
Los Angeles/Orange County, CA		2,060		7.1	%		95.6	%	95.6	%		0.0	%		1,686	1,617		4.3	%
SE Florida		2,520		8.2	%		95.1	%	94.9	%		0.2	%		1,616	1,521		6.3	%
Orlando, FL		2,818		5.3	%		95.9	%	95.7	%		0.2	%		941	908		3.6	%
Charlotte, NC		3,134		7.1	%		96.4	%	96.2	%		0.2	%		1,056	964		9.5	%
Atlanta, GA		2,894		5.6	%		95.1	%	95.2	%		(0.1	%)		974	911		6.9	%
Denver, CO		1,851		4.5	%		95.4	%	95.3	%		0.1	%		1,085	997		8.8	%
Raleigh, NC		2,704		5.2	%		95.0	%	95.6	%		(0.6	%)		890	843		5.5	%
Phoenix, AZ		1,084		2.3	%		92.9	%	93.5	%		(0.6	%)		994	927		7.2	%
San Diego/Inland Empire, CA		1,196		3.5	%		95.0	%	94.2	%		0.8	%		1,575	1,534		2.7	%
Austin, TX		1,670		2.8	%		94.5	%	95.7	%		(1.2	%)		991	928		6.8	%
Corpus Christi, TX		632		1.2	%		96.5	%	96.3	%		0.2	%		923	852		8.3	%

Total Same Property		43,503		100.0	%		95.4	%	95.4	%		0.0	%		$1,126	$1,068		5.4	%


(a) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale.
(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, 2013
				(In thousands, except property data amounts)


(Unaudited)

	Revenues						Expenses						NOI
Quarterly Results (a)		2Q13	1Q13	Growth				2Q13	1Q13	Growth				2Q13	1Q13	Growth

D.C. Metro		$26,241	$26,031		0.8	%		$7,932	$7,621		4.1	%		$18,309	$18,410		(0.5	%)
Houston, TX		14,193	13,810		2.8	%		5,348	5,308		0.8	%		8,845	8,502		4.0	%
Tampa, FL		13,813	13,595		1.6	%		5,783	5,792		(0.2	%)		8,030	7,803		2.9	%
Dallas, TX		11,910	11,657		2.2	%		5,033	5,273		(4.6	%)		6,877	6,384		7.7	%
Las Vegas, NV		10,001	9,969		0.3	%		3,744	3,781		(1.0	%)		6,257	6,188		1.1	%
Los Angeles/Orange County, CA		10,925	10,845		0.7	%		3,648	3,570		2.2	%		7,277	7,275		0.0	%
SE Florida		13,042	12,788		2.0	%		4,596	4,615		(0.4	%)		8,446	8,173		3.3	%
Orlando, FL		8,878	8,727		1.7	%		3,415	3,479		(1.8	%)		5,463	5,248		4.1	%
Charlotte, NC		10,940	10,616		3.1	%		3,680	3,646		0.9	%		7,260	6,970		4.2	%
Atlanta, GA		9,475	9,264		2.3	%		3,705	3,563		4.0	%		5,770	5,701		1.2	%
Denver, CO		6,633	6,415		3.4	%		2,064	1,962		5.2	%		4,569	4,453		2.6	%
Raleigh, NC		8,085	7,966		1.5	%		2,795	2,662		5.0	%		5,290	5,304		(0.3	%)
Phoenix, AZ		3,625	3,539		2.4	%		1,316	1,284		2.5	%		2,309	2,255		2.4	%
San Diego/Inland Empire, CA		5,985	5,828		2.7	%		2,389	2,351		1.6	%		3,596	3,477		3.4	%
Austin, TX		5,535	5,450		1.6	%		2,620	2,499		4.8	%		2,915	2,951		(1.2	%)
Corpus Christi, TX		2,042	2,001		2.0	%		784	732		7.1	%		1,258	1,269		(0.9	%)

Total Same Property		$161,323	$158,501		1.8	%		$58,852	$58,138		1.2	%		$102,471	$100,363		2.1	%


	Apartment
	Homes		% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included		Contribution (a)				2Q13		1Q13		Change				2Q13	1Q13	Change

D.C. Metro		4,947		17.9	%		95.6	%	95.6	%		0.0	%		$1,646	$1,636		0.6	%
Houston, TX		3,353		8.6	%		96.6	%	96.6	%		0.0	%		1,292	1,266		2.0	%
Tampa, FL		4,733		7.9	%		95.5	%	95.0	%		0.5	%		846	837		1.0	%
Dallas, TX		3,938		6.7	%		95.6	%	95.5	%		0.1	%		907	893		1.6	%
Las Vegas, NV		3,969		6.1	%		94.5	%	93.7	%		0.8	%		756	753		0.4	%
Los Angeles/Orange County, CA		2,060		7.1	%		95.6	%	95.7	%		(0.1	%)		1,686	1,664		1.3	%
SE Florida		2,520		8.2	%		95.1	%	94.9	%		0.2	%		1,616	1,594		1.4	%
Orlando, FL		2,818		5.3	%		95.9	%	95.7	%		0.2	%		941	932		0.9	%
Charlotte, NC		3,134		7.1	%		96.4	%	96.1	%		0.3	%		1,056	1,035		2.0	%
Atlanta, GA		2,894		5.6	%		95.1	%	95.3	%		(0.2	%)		974	957		1.8	%
Denver, CO		1,851		4.5	%		95.4	%	94.9	%		0.5	%		1,085	1,062		2.2	%
Raleigh, NC		2,704		5.2	%		95.0	%	94.5	%		0.5	%		890	878		1.3	%
Phoenix, AZ		1,084		2.3	%		92.9	%	93.2	%		(0.3	%)		994	982		1.2	%
San Diego/Inland Empire, CA		1,196		3.5	%		95.0	%	93.3	%		1.7	%		1,575	1,558		1.1	%
Austin, TX		1,670		2.8	%		94.5	%	94.4	%		0.1	%		991	979		1.2	%
Corpus Christi, TX		632		1.2	%		96.5	%	95.4	%		1.1	%		923	903		2.3	%

Total Same Property		43,503		100.0	%		95.4	%	95.1	%		0.3	%		$1,126	$1,112		1.3	%


(a) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale.
(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, 2013
					(In thousands, except property data amounts)


(Unaudited)

	Revenues							Expenses							NOI
Year to Date Results (a)	2013		2012		Growth			2013		2012		Growth			2013		2012		Growth

D.C. Metro		$52,272		$50,470		3.6	%		$15,553		$15,051		3.3	%		$36,719		$35,419		3.7	%
Houston, TX		28,003		25,257		10.9	%		10,656		9,977		6.8	%		17,347		15,280		13.5	%
Tampa, FL		27,408		26,217		4.5	%		11,575		11,202		3.3	%		15,833		15,015		5.4	%
Dallas, TX		23,567		22,130		6.5	%		10,306		9,594		7.4	%		13,261		12,536		5.8	%
Las Vegas, NV		19,970		19,799		0.9	%		7,525		7,345		2.5	%		12,445		12,454		(0.1	%)
Los Angeles/Orange County, CA		21,770		20,872		4.3	%		7,218		6,675		8.1	%		14,552		14,197		2.5	%
SE Florida		25,830		24,323		6.2	%		9,211		8,596		7.2	%		16,619		15,727		5.7	%
Orlando, FL		17,605		16,915		4.1	%		6,894		6,799		1.4	%		10,711		10,116		5.9	%
Charlotte, NC		21,556		19,614		9.9	%		7,326		7,270		0.8	%		14,230		12,344		15.3	%
Atlanta, GA		18,739		17,425		7.5	%		7,268		7,299		(0.4	%)		11,471		10,126		13.3	%
Denver, CO		13,048		12,131		7.6	%		4,026		4,037		(0.3	%)		9,022		8,094		11.5	%
Raleigh, NC		16,051		15,220		5.5	%		5,457		5,304		2.9	%		10,594		9,916		6.8	%
Phoenix, AZ		7,164		6,827		4.9	%		2,600		2,454		5.9	%		4,564		4,373		4.4	%
San Diego/Inland Empire, CA		11,813		11,466		3.0	%		4,740		4,555		4.1	%		7,073		6,911		2.3	%
Austin, TX		10,985		10,361		6.0	%		5,119		4,828		6.0	%		5,866		5,533		6.0	%
Corpus Christi, TX		4,043		3,698		9.3	%		1,516		1,404		8.0	%		2,527		2,294		10.2	%

Total Same Property		$319,824		$302,725		5.6	%		$116,990		$112,390		4.1	%		$202,834		$190,335		6.6	%

	Apartment
	Homes	% of NOI		Average Occupancy (a)						Weighted Average Rental Rate (b)
Year to Date Results (a)	Included	Contribution (a)		2013		2012		Change		2013	2012	Change

D.C. Metro	4,947	18.1	%	95.6	%	95.1	%	0.5	%	$1,641	$1,596	2.8	%
Houston, TX	3,353	8.6	%	96.6	%	97.1	%	(0.5	%)	1,279	1,148	11.4	%
Tampa, FL	4,733	7.8	%	95.2	%	94.7	%	0.5	%	842	811	3.8	%
Dallas, TX	3,938	6.5	%	95.5	%	95.7	%	(0.2	%)	900	837	7.5	%
Las Vegas, NV	3,969	6.1	%	94.1	%	93.6	%	0.5	%	754	757	(0.4	%)
Los Angeles/Orange County, CA	2,060	7.2	%	95.6	%	95.5	%	0.1	%	1,675	1,608	4.2	%
SE Florida	2,520	8.2	%	95.0	%	95.2	%	(0.2	%)	1,605	1,510	6.3	%
Orlando, FL	2,818	5.3	%	95.8	%	95.4	%	0.4	%	937	902	3.8	%
Charlotte, NC	3,134	7.0	%	96.3	%	96.1	%	0.2	%	1,045	949	10.2	%
Atlanta, GA	2,894	5.7	%	95.2	%	94.8	%	0.4	%	965	904	6.8	%
Denver, CO	1,851	4.4	%	95.2	%	94.9	%	0.3	%	1,073	990	8.4	%
Raleigh, NC	2,704	5.2	%	94.7	%	95.4	%	(0.7	%)	884	836	5.8	%
Phoenix, AZ	1,084	2.3	%	93.1	%	94.0	%	(0.9	%)	988	922	7.1	%
San Diego/Inland Empire, CA	1,196	3.5	%	94.2	%	93.5	%	0.7	%	1,567	1,529	2.4	%
Austin, TX	1,670	2.9	%	94.5	%	95.4	%	(0.9	%)	985	919	7.2	%
Corpus Christi, TX	632	1.2	%	95.9	%	95.9	%	0.0	%	913	838	9.0	%

Total Same Property	43,503	100.0	%	95.3	%	95.2	%	0.1	%	$1,119	$1,060	5.6	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, 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, 2013
	(In thousands)


(Unaudited)
										% of Actual 2Q13 Operating
Quarterly Comparison (a)		2Q13	2Q12	$ Change			% Change			Expenses

Property taxes		$17,420	$15,704		$1,716			10.9	%		29.6	%
Salaries and Benefits for On-site Employees		13,857	13,433		424			3.2	%		23.5	%
Utilities		12,455	12,682		(227	)		(1.8	%)		21.2	%
Repairs and Maintenance		8,295	8,577		(282	)		(3.3	%)		14.1	%
Property Insurance		3,362	2,903		459			15.8	%		5.7	%
Other		3,463	3,462		1			0.0	%		5.9	%

Total Same Property		$58,852	$56,761		$2,091			3.7	%		100.0	%


										% of Actual 2Q13 Operating
Sequential Comparison (a)		2Q13	1Q13	$ Change			% Change				Expenses

Property taxes		$17,420	$17,277		$143			0.8	%		29.6	%
Salaries and Benefits for On-site Employees		13,857	13,207		650			4.9	%		23.5	%
Utilities		12,455	12,309		146			1.2	%		21.2	%
Repairs and Maintenance		8,295	7,800		495			6.3	%		14.1	%
Property Insurance		3,362	3,995		(633	)		(15.8	%)		5.7	%
Other		3,463	3,550		(87	)		(2.4	%)		5.9	%

Total Same Property		$58,852	$58,138		$714			1.2	%		100.0	%


										% of Actual 2013 Operating
Year to Date Comparison (a)		2013	2012	$ Change			% Change				Expenses

Property taxes		$34,697	$30,889		$3,808			12.3	%		29.7	%
Salaries and Benefits for On-site Employees		27,064	26,851		213			0.8	%		23.1	%
Utilities		24,764	25,219		(455	)		(1.8	%)		21.2	%
Repairs and Maintenance		16,095	16,492		(397	)		(2.4	%)		13.7	%
Property Insurance		7,357	5,823		1,534			26.3	%		6.3	%
Other		7,013	7,116		(103	)		(1.5	%)		6.0	%

Total Same Property		$116,990	$112,390		$4,600			4.1	%		100.0	%

(a) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale.

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)	2013		2012		2013		2012
Property Revenues
Rental revenues		$5,315		$6,849		$10,989		$14,024
Other property revenues		798		1,044		1,618		2,057
Total property revenues		6,113		7,893		12,607		16,081

Property Expenses
Property operating and maintenance		1,733		2,326		3,560		4,703
Real estate taxes		879		978		1,799		2,042
Total property expenses		2,612		3,304		5,359		6,745

Net Operating Income (NOI)		3,501		4,589		7,248		9,336

Other expenses
Interest		1,135		1,823		2,333		3,821
Depreciation and amortization		1,314		2,056		2,920		4,361
Other		84		78		93		156
Total other expenses		2,533		3,957		5,346		8,338

Promoted equity interests		3,798		-		3,798		-
Gain on sale of properties, net		13,032		-		13,032		-

Equity in income of joint ventures		$17,798		$632		$18,732		$998

	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2013			2013			2012			2012			2012
BALANCE SHEET DATA (b)
Land		$110,549			$126,010			$125,707			$147,126			$154,418
Buildings and improvements		705,450			828,505			823,820			1,002,759			1,033,326
		815,999			954,515			949,527			1,149,885			1,187,744
Accumulated depreciation		(51,587	)		(143,212	)		(135,146	)		(170,390	)		(166,324	)
Real estate assets, net		764,412			811,303			814,381			979,495			1,021,420
Properties under development and land		42,778			91,821			83,573			70,574			57,043
Cash and other assets, net		21,077			14,646			19,830			17,994			17,642
Total assets		$828,267			$917,770			$917,784			$1,068,063			$1,096,105

Notes payable		$555,406			$724,775			$712,707			$844,680			$864,867
Other liabilities		29,848			27,461			39,911			34,677			35,267
Total liabilities		585,254			752,236			752,618			879,357			900,134

Members' equity		243,013			165,534			165,166			188,706			195,971
Total liabilities and members' equity		$828,267			$917,770			$917,784			$1,068,063			$1,096,105

Camden's equity investment		$44,630			$45,260			$45,092			$46,566			$47,776
Distributions in excess of investment in joint ventures		$-			($9,718	)		($9,509	)		($16,708	)		($16,499	)

Camden's pro-rata share of debt		$111,081			$144,955			$142,541			$171,215			$175,299

PROPERTY DATA (end of period)
Total operating properties	23	37	37	44	44
Total operating apartment homes	7,594	10,692	10,692	13,165	13,174
Pro rata share of operating apartment homes	1,519	2,138	2,138	2,556	2,558
Total development properties	3	2	2	1	2
Total development apartment homes	842	576	576	276	520
Pro rata share of development apartment homes	168	115	115	55	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, 2013 ($ in millions)

Estimated/Actual Dates for

Total

Construction

Initial

Construction

Stabilized

As of 07/21/2013

Completed Communities in Lease-Up

Homes

Budget

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

Camden City Centre II

268

$36.0

$33.5

4Q11

1Q13

2Q13

4Q13

Houston, TX

Total Completed Communities in Lease-Up

268

$36.0

$33.5

Estimated/Actual Dates for

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

UNDER CONSTRUCTION

Camden NOMA

320

$110.0

$87.3

4Q11

1Q14

2Q14

2Q15

Washington, DC

Camden Lamar Heights

314

47.0

16.5

2Q12

1Q14

2Q14

3Q15

Austin, TX

Camden Flatirons

424

78.0

29.9

3Q12

2Q14

4Q14

4Q16

Denver, CO

Camden Glendale

303

115.0

40.0

4Q12

1Q15

3Q15

1Q16

Glendale, CA

Camden Boca Raton

261

54.0

14.1

4Q12

3Q14

4Q14

1Q16

Boca Raton, FL

Camden Paces

379

110.0

31.0

4Q12

1Q14

1Q15

1Q17

Atlanta, GA

Camden Miramar Phase IX

8.0

3.1

2Q13

3Q13

Corpus Christi, TX

Camden La Frontera

300

36.0

5.1

2Q13

2Q14

1Q15

4Q15

Round Rock, TX

Total Development Communities

2,376

$558.0

$227.0

Additional Development Pipeline & Land (a)

166.7

Total Properties Under Development and Land (per Balance Sheet)

$393.7

NOI CONTRIBUTION FROM NON-STABILIZED COMMUNITIES ($ in millions)

2Q13 NOI

NOI from Communities that Stabilized During Quarter

$72.4

$1.1

Completed Communities in Lease-Up

33.5

0.3

Total Recently Stabilized and Non-Stabilized Communities NOI Contribution

$105.9

$1.4

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 07/21/2013

Joint Venture Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

Camden South Capitol

276

$88.0

$76.4

$14.1

2Q11

2Q13

3Q13

3Q14

Washington, DC

Camden Waterford Lakes

300

40.0

18.4

4Q12

1Q14

3Q14

4Q15

Orlando, FL

Camden Southline

266

47.0

8.5

2Q13

1Q15

3Q15

4Q15

Charlotte, NC

Total Joint Venture Development Communities

842

$175.0

$103.3

$41.0

(a) 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, 2013 ($ in millions)

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

1.	Camden Foothills		220		$50.0		$13.5
	Scottsdale, AZ
2.	Camden Vida		234		48.0		9.5
	Tempe, AZ
3.	Camden Gallery (c)		324		56.0		10.0
	Charlotte, NC
4.	Camden Victory Park		425		70.0		16.2
	Dallas, TX
5.	Camden Hollywood		287		125.0		21.7
	Los Angeles, CA
6.	Camden Desert Stone		380		75.0		5.8
	Chandler, AZ
7.	Camden Atlantic		286		62.0		10.1
	Plantation, FL
8.	Camden Lincoln Station		275		48.0		5.5
	Denver, CO
9.	Camden McGowen Station		251		40.0		7.5
	Houston, TX
10.	Camden Buckhead		390		70.0		18.5
	Atlanta, GA


Development Pipeline			3,072		$644.0		$118.3

LAND HOLDINGS		Acreage				Cost to Date

	Washington, DC		0.9				$17.4
	Dallas, TX		7.2				8.6
	Houston, TX		11.5				6.5
	Atlanta, GA		3.0				5.3
	Las Vegas, NV		19.6				4.2
	Other		4.8				6.4

Land Holdings			47.0				$48.4

Total Development Pipeline and Land							$166.7

(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.
(c)	Formerly known as Camden Centro.

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)

2013 ACQUISITION/DISPOSITION ACTIVITY ($ in millions)

Acquisitions

Location

Apartment Homes

Year Built

Closing Date

Camden Post Oak

Houston, TX

356

2003

04/10/13

Total/Average Acquisitions

$108.5

356 Apartment Homes

2003

Dispositions

Location

Apartment Homes

Year Built

Closing Date

Camden Live Oaks

Tampa, FL

770

1990

01/17/13

Camden Reserve

Orlando, FL

526

1990/1991

04/10/13

Total/Average Dispositions

$103.9

1,296 Apartment Homes

1990

Land Dispositions

Location

Acres

Year Built

Closing Date

Paces Tract

Atlanta, GA

2.0

N/A

01/15/13

Andrau Tract

Houston, TX

1.7

N/A

02/15/13

Total/Average Land Dispositions

$6.6

3.7 Acres

N/A

Joint Venture Dispositions

Location

Apartment Homes

Year Built

Closing Date

Oasis Bay

Las Vegas, NV

128

1990

05/23/13

Oasis Crossings

Las Vegas, NV

1996

05/23/13

Oasis Emerald

Las Vegas, NV

132

1988

05/23/13

Oasis Gateway

Las Vegas, NV

360

1997

05/23/13

Oasis Island

Las Vegas, NV

118

1990

05/23/13

Oasis Landing

Las Vegas, NV

144

1990

05/23/13

Oasis Meadows

Las Vegas, NV

383

1996

05/23/13

Oasis Palms

Las Vegas, NV

208

1989

05/23/13

Oasis Pearl

Las Vegas, NV

1989

05/23/13

10.

Oasis Place

Las Vegas, NV

240

1992

05/23/13

11.

Oasis Ridge

Las Vegas, NV

477

1984

05/23/13

12.

Oasis Sierra

Las Vegas, NV

208

1998

05/23/13

13.

Oasis Springs

Las Vegas, NV

304

1988

05/23/13

14.

Oasis Vinings

Las Vegas, NV

234

1994

05/23/13

Total/Average Joint Venture Dispositions

$200.2

3,098 Apartment Homes

1992

Pro Rata Joint Venture Dispositions

$40.0

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


(Unaudited)

DEBT MATURITIES AS OF JUNE 30, 2013:

	Future Scheduled Repayments														Weighted Average
			Secured			Unsecured									Interest Rate on
Year (a)	Amortization		Maturities			Maturities			Total			% of Total			Maturing Debt
2013		$1,595		$-			$200,000			$201,595			8.0	%		5.4	%
2014		3,143		32,247			-			35,390			1.4	%		3.2	%
2015		2,019		-			250,000			252,019			10.0	%		5.1	%
2016		2,242		-			-			2,242			0.1	%		N/A
2017		2,462		-			246,750			249,212			9.9	%		5.7	%
Thereafter		73,258		819,107			850,000			1,742,365			69.0	%		4.2	%
Total Maturing Debt		$84,719		$851,354			$1,546,750			$2,482,823			98.4	%		4.5	%

Unsecured Line of Credit		-		-			40,000			40,000			1.6	%		1.0	%
Other Short Term Borrowings		-		-			1,000			1,000			0.0	%		1.0	%
Total Debt		$84,719		$851,354			$1,587,750			$2,523,823			100.0	%		4.5	%

Weighted Average Maturity of Debt			6.5 Years


						Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt		$253,013		10.0	%		1.0	%	6.4 Years
Fixed rate debt		2,270,810		90.0	%		4.8	%	6.5 Years
Total		$2,523,823		100.0	%		4.5	%	6.5 Years

						Weighted Average
SECURED vs. UNSECURED DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Unsecured debt		$1,579,733		62.6	%		4.6	%	5.9 Years
Secured debt		944,090		37.4	%		4.2	%	7.4 Years
Total		$2,523,823		100.0	%		4.5	%	6.5 Years

						Weighted Average
SECURED DEBT DETAIL:	Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt		$732,076		77.5	%		5.1	%	7.6 Years
Conventional variable-rate mortgage debt		175,000		18.6	%		1.0	%	5.3 Years
Tax exempt variable rate debt		37,013		3.9	%		1.3	%	15.0 Years
Total		$944,089		100.0	%		4.2	%	7.4 Years

REAL ESTATE ASSETS: (b)	Total Homes		% of Total			Total Cost			% of Total			2Q13 NOI			% of Total
Unencumbered real estate assets		43,815		77.1	%		$5,357,245			77.5	%		$94,998			74.7	%
Encumbered real estate assets		12,988		22.9	%		1,553,801			22.5	%		32,144			25.3	%
Total		56,803		100.0	%		$6,911,046			100.0	%		$127,142			100.0	%


			Ratio of unencumbered assets at cost to unsecured debt is				3.4 times

(a) Includes all available extension 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 2013 AND 2014:


		Future Scheduled Repayments								Weighted Average
				Secured		Unsecured				Interest Rate on
	Quarter (a)	Amortization		Maturities		Maturities		Total		Maturing Debt
	3Q 2013		$787		$-		$-		$787		N/A
	4Q 2013		808		-		200,000		200,808		5.4	%
	2013		$1,595		$-		$200,000		$201,595		5.4	%

	1Q 2014		$853		$-		$-		$853		N/A
	2Q 2014		849		-		-		849		N/A
	3Q 2014		852		32,247		-		33,099		3.2	%
	4Q 2014		589		-		-		589		N/A
	2014		$3,143		$32,247		$-		$35,390		3.2	%




(a) Includes all available extension options.

CAMDEN

DEBT COVENANT ANALYSIS




(Unaudited)


UNSECURED LINE OF CREDIT


Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	<	60%	32%	Yes

Secured Debt to Gross Asset Value	<	35%	12%	Yes

Consolidated EBITDA to Total Fixed Charges	>	150%	360%	Yes

Unencumbered Adjusted NOI to Total Unsecured Debt	>	10.5%	22%	Yes



SENIOR UNSECURED NOTES

Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	<	60%	36%	Yes

Total Secured Debt to Total Asset Value	<	40%	14%	Yes

Total Unencumbered Asset Value to Total Unsecured Debt	>	150%	345%	Yes

Consolidated Income Available for Debt Service to Total	>	150%	396%	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, 2013:


		Future Scheduled Repayments										Weighted Average
				Secured								Interest Rate on
	Year (a)	Amortization		Maturities		Total			% of Total			Maturing Debt
	2013		$702		$-		$702			0.6	%		N/A
	2014		1,873		-		1,873			1.7	%		N/A
	2015		2,057		3,462		5,519			4.9	%		3.4	%
	2016		1,933		37,041		38,974			35.1	%		3.3	%
	2017		1,221		23,431		24,652			22.2	%		3.4	%
	Thereafter		746		37,332		38,078			34.3	%		4.4	%
	Total Maturing Debt		$8,532		$101,266		$109,798			98.8	%		3.7	%

	Subscription lines of credit (b)		-		1,283		1,283			1.2	%		1.6	%
	Total Debt		$8,532		$102,549		$111,081			100.0	%		3.7	%

	Weighted Average Maturity of Debt			4.0 Years

									Weighted Average
FLOATING vs. FIXED RATE DEBT:				Balance		% of Total			Interest Rate			Time to Maturity
	Floating rate debt				$18,751		16.9	%		2.3	%	3.2 Years
	Fixed rate debt				92,330		83.1	%		4.0	%	4.2 Years
	Total				$111,081		100.0	%		3.7	%	4.0 Years

									Weighted Average
SECURED DEBT DETAIL:				Balance		% of Total			Interest Rate			Time to Maturity
	Conventional fixed-rate mortgage debt				$92,330		83.2	%		4.0	%	4.2 Years
	Conventional variable-rate mortgage debt				4,256		3.8	%		2.1	%	2.8 Years
	Variable-rate construction loans				13,212		11.9	%		2.4	%	3.5 Years
	Subscription lines of credit				1,283		1.1	%		1.6	%	1.5 Years
	Total				$111,081		100.0	%		3.7	%	4.0 Years

REAL ESTATE ASSETS: (c)				Total Homes		Total Cost
	Operating real estate assets				7,594		$815,999
	Properties under development and land				842		42,778
	Total				8,436		$858,777

(a) Includes all available extension options.

(b) As of June 30, 2013 these borrowings were drawn under the subscription lines of credit with $9.9 million in total capacity. Camden has a 20% ownership interest in the borrowing entity.

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


(Unaudited)

ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2013 and 2014:

								Weighted Average
		Future Scheduled Repayments						Interest Rate on
	Quarter (a)	Amortization		Secured Maturities		Total		Maturing Debt
	3Q 2013		$347		$-		$347		N/A
	4Q 2013		355		-		355		N/A
	2013		$702		$-		$702		N/A

	1Q 2014		$436		$-		$436		N/A
	2Q 2014		472		-		472		N/A
	3Q 2014		477		-		477		N/A
	4Q 2014 (b)		488		1,283		1,771		1.6	%
	2014		$1,873		$1,283		$3,156		1.6	%

(a) Includes all available extension options.

(b) 4Q 2014 maturities includes subscription lines of credit with $1.3M (Camden's pro-rata share) outstanding as of June 30, 2013.

The lines of credit have $9.9 million in total capacity.

CAMDEN

CAPITALIZED EXPENDITURES

& MAINTENANCE EXPENSE

(In thousands, except unit data)

(Unaudited)

	Second Quarter 2013 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.4 years			$2,763		$51		$607		$11
Appliances	9.6 years			1,240		23		207		4
Painting		-		-		-		1,494		28
Cabinetry/Countertops	10.0 years			436		8		-		-
Other	9.1 years			1,395		26		519		10
Exteriors
Painting	5.0 years			2,327		43		-		-
Carpentry	10.0 years			812		15		-		-
Landscaping	5.8 years			559		10		2,996		55
Roofing	20.0 years			1,165		21		80		1
Site Drainage	10.0 years			62		1		-		-
Fencing/Stair	10.0 years			381		7		-		-
Other (c)	8.3 years			2,330		43		2,859		53
Common Areas
Mech., Elec., Plumbing	9.4 years			1,608		30		1,258		23
Parking/Paving	5.0 years			367		7		-		-
Pool/Exercise/Facility	8.0 years			2,876		53		416		8

Total				$18,321		$338		$10,436		$193

Weighted Average Apartment Homes						54,186				54,186



Revenue Enhancing Expenditures (d)	10.0 years			$21,908		$10,285

Revenue Enhanced Apartment Homes						2,130


	Year to Date 2013 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.4 years			$5,071		$94		$1,179		$22
Appliances	9.6 years			2,427		45		397		7
Painting		-		-		-		2,782		51
Cabinetry/Countertops	10.0 years			804		15		-		-
Other	9.1 years			2,624		48		948		18
Exteriors
Painting	5.0 years			2,668		49		-		-
Carpentry	10.0 years			1,458		27		-		-
Landscaping	5.8 years			786		15		6,080		112
Roofing	20.0 years			1,451		27		126		2
Site Drainage	10.0 years			107		2		-		-
Fencing/Stair	10.0 years			506		9		-		-
Other (c)	8.3 years			3,796		70		5,608		103
Common Areas
Mech., Elec., Plumbing	9.4 years			2,461		45		2,351		43
Parking/Paving	5.0 years			396		7		-		-
Pool/Exercise/Facility	8.0 years			4,577		84		727		14

Total				$29,132		$537		$20,198		$372


Weighted Average Apartment Homes						54,249				54,249

Revenue Enhancing Expenditures (d)	10.0 years			$35,221		$9,882

Revenue Enhanced Apartment Homes						3,564

(a)	Includes discontinued operations. Capitalized expenditures for discontinued operations was $15 for the three months ended June 30, 2013 and $125 for the 6 months ended June 30, 2013. Total maintenance expenses for discontinued operations was $16 and $157 for the same periods, respectively.
(b)	Weighted average useful life of capitalized expenses for the three and six months ended June 30, 2013.
(c)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(d)	Represents capital expenditures for the three and six months ended June 30, 2013 spent on apartment unit renovatons (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets.

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,
	2013			2012		2013			2012
Net income attributable to common shareholders		$72,172			$21,763		$135,648			$110,521
Real estate depreciation from continuing operations		53,094			49,974		105,252			96,771
Real estate depreciation and amortization from discontinued operations		-			2,223		215			4,621
Adjustments for unconsolidated joint ventures		1,313			2,038		2,921			4,313
Income allocated to noncontrolling interests		2,765			709		3,722			1,802
(Gain) on sale of unconsolidated joint venture properties		(13,032	)		-		(13,032	)		-
(Gain) on acquisition of controlling interest in joint ventures		-			-		-			(40,191	)
(Gain) on sale of discontinued operations, net of tax		(24,866	)		-		(56,649	)		(32,541	)
Funds from operations - diluted		$91,446			$76,707		$178,077			$145,296

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		88,472			83,846		88,283			83,333
FFO diluted		89,558			86,067		89,369			84,461

Net income attributable to common shareholders - diluted		$0.81			$0.26		$1.53			$1.33
FFO per common share - diluted		$1.02			$0.89		$1.99			$1.72

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:


	3Q13 Range				2013 Range
	Low		High		Low			High

Expected net income attributable to common shareholders per share - diluted		$0.38		$0.42		$2.31			$2.39
Expected real estate depreciation		0.58		0.58		2.34			2.34
Expected adjustments for unconsolidated joint ventures		0.02		0.02		0.06			0.06
Expected income allocated to non-controlling interests		0.01		0.01		0.07			0.07
(Gain) on sale of unconsolidated joint venture property		0.00		0.00		(0.15	)		(0.15	)
Realized (gain) on sale of discontinued operations		0.00		0.00		(0.63	)		(0.63	)
Expected FFO per share - diluted		$0.99		$1.03		$4.00			$4.08

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						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Net income attributable to common shareholders		$72,172			$21,763			$135,648			$110,521
Less: Fee and asset management income		(2,827	)		(3,608	)		(5,721	)		(6,531	)
Less: Interest and other (income) loss		(1,038	)		65			(1,090	)		753
Less: Income (loss) on deferred compensation plans		102			2,185			(2,897	)		(5,601	)
Plus: Property management expense		5,242			4,851			11,225			10,135
Plus: Fee and asset management expense		1,486			1,444			2,963			3,187
Plus: General and administrative expense		11,590			9,730			21,384			18,409
Plus: Interest expense		24,797			26,247			49,692			52,930
Plus: Depreciation and amortization		54,315			51,087			107,570			98,993
Plus: Amortization of deferred financing costs		898			900			1,814			1,812
Plus: Expense (benefit) on deferred compensation plans		(102	)		(2,185	)		2,897			5,601
Less: Gain on sale of land		-			-			(698	)		-
Less: Gain on acquisition of controlling interests in joint ventures		-			-			-			(40,191	)
Less: Equity in income of joint ventures		(17,798	)		(632	)		(18,732	)		(998	)
Plus: Income tax expense - current		468			434			867			658
Less: Income from discontinued operations		(62	)		(2,745	)		(810	)		(5,735	)
Less: Gain on sale of discontinued operations, net of tax		(24,866	)		-			(56,649	)		(32,541	)
Plus: Income allocated to non-controlling interests from continuing operations		1,053			1,019			1,970			1,783
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		1,712			65			1,752			796
Plus: Income allocated to perpetual preferred units		-			-			-			776
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			-			-			2,075
Net Operating Income (NOI)		$127,142			$110,620			$251,185			$216,832

"Same Property" Communities		$102,471			$96,313			$202,834			$190,335
Non-"Same Property" Communities		23,552			13,326			46,502			24,780
Development and Lease-Up Communities		313			-			409			-
Other		806			981			1,440			1,717
Net Operating Income (NOI)		$127,142			$110,620			$251,185			$216,832

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, gain on acquisition of controlling interest in joint ventures,

gain on sale of discontinued operations, net of tax, and income (loss) allocated to non-controlling 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,
	2013			2012			2013			2012
Net income attributable to common shareholders		$72,172			$21,763			$135,648			$110,521
Plus: Interest expense		24,797			26,247			49,692			52,930
Plus: Amortization of deferred financing costs		898			900			1,814			1,812
Plus: Depreciation and amortization		54,315			51,087			107,570			98,993
Plus: Income allocated to perpetual preferred units		-			-			-			776
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			-			-			2,075
Plus: Income allocated to non-controlling interests from continuing operations		1,053			1,019			1,970			1,783
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		1,712			65			1,752			796
Plus: Income tax expense - current		468			434			867			658
Plus: Real estate depreciation and amortization from discontinued operations		-			2,223			215			4,621
Less: Gain on acquisition of controlling interests in joint ventures		-			-			-			(40,191	)
Less: Gain on sale of land		-			-			(698	)		-
Less: Equity in income of joint ventures		(17,798	)		(632	)		(18,732	)		(998	)
Less: Gain on sale of discontinued operations, net of tax		(24,866	)		-			(56,649	)		(32,541	)
EBITDA		$112,751			$103,106			$223,449			$201,235

CAMDEN							OTHER DATA



(Unaudited)

Stock Symbol:		CPT

Exchange Traded:		NYSE

Senior Unsecured Debt Ratings:			Rating	Outlook
		Moody's	Baa1	Stable
		Standard & Poor's	BBB+	Stable
		Fitch	BBB+	Stable


Estimated Future Dates:			Q3 '13	Q4 '13	Q1 '14	Q2 '14
	Earnings release & conference call		Late Oct	Early Feb	Early May	Late July

Dividend Information - Common Shares:			Q1 '13	Q2 '13
	Declaration Date		01/31/13	06/14/13
	Record Date		03/28/13	06/28/13
	Payment Date		04/17/13	07/17/13
	Distributions Per Share		$0.63	$0.63

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
		Alexander J. Jessett	Chief Financial Officer
		Kimberly A. Callahan	Senior Vice President - Investor Relations

CAMDEN								COMMUNITY TABLE
								Community Statistics as of 6/30/13


(Unaudited)													2Q13 Avg
					Year Placed	Average		Apartment		2Q13 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		92	%		$951		$1.21
	Camden Fountain Palms	Peoria		AZ	1986/1996		1,050		192		93	%		698		0.66
	Camden Legacy	Scottsdale		AZ	1996		1,067		428		93	%		1,010		0.95
	Camden Montierra	Scottsdale		AZ	1999		1,071		249		91	%		1,192		1.11
	Camden Pecos Ranch	Chandler		AZ	2001		924		272		93	%		888		0.96
	Camden San Marcos	Scottsdale		AZ	1995		984		320		91	%		1,007		1.02
	Camden San Paloma	Scottsdale		AZ	1993/1994		1,042		324		94	%		1,018		0.98
	Camden Sierra	Peoria		AZ	1997		925		288		91	%		699		0.76
	Camden Towne Center	Glendale		AZ	1998		871		240		93	%		689		0.79
	TOTAL ARIZONA		9	Properties			970		2,645		92	%		922		0.95

	Camden Crown Valley	Mission Viejo		CA	2001		1,009		380		96	%		1,645		1.63
	Camden Harbor View	Long Beach		CA	2004		975		538		95	%		2,037		2.09
	Camden Main and Jamboree	Irvine		CA	2008		1,011		290		96	%		1,867		1.85
	Camden Martinique	Costa Mesa		CA	1986		794		714		95	%		1,396		1.76
	Camden Parkside	Fullerton		CA	1972		836		421		94	%		1,286		1.54
	Camden Sea Palms	Costa Mesa		CA	1990		891		138		97	%		1,554		1.74
	Total Los Angeles/Orange County		6	Properties			904		2,481		96	%		1,618		1.79

	Camden Landmark	Ontario		CA	2006		982		469		93	%		1,330		1.35
	Camden Old Creek	San Marcos		CA	2007		1,037		350		96	%		1,655		1.60
	Camden Sierra at Otay Ranch	Chula Vista		CA	2003		962		422		95	%		1,519		1.58
	Camden Tuscany	San Diego		CA	2003		896		160		95	%		2,088		2.33
	Camden Vineyards	Murrieta		CA	2002		1,053		264		94	%		1,246		1.18
	Total San Diego/Inland Empire		5	Properties			991		1,665		94	%		1,506		1.52

	TOTAL CALIFORNIA		11	Properties			939		4,146		94	%		1,573		1.67

	Camden Belleview Station	Denver		CO	2009		888		270		92	%		1,221		1.38
	Camden Caley	Englewood		CO	2000		925		218		95	%		1,059		1.15
	Camden Centennial	Littleton		CO	1985		744		276		96	%		806		1.08
	Camden Denver West	Golden		CO	1997		1,015		320		93	%		1,228		1.21
	Camden Highlands Ridge	Highlands Ranch		CO	1996		1,149		342		95	%		1,320		1.15
	Camden Interlocken	Broomfield		CO	1999		1,022		340		95	%		1,276		1.26
	Camden Lakeway	Littleton		CO	1997		932		451		96	%		1,066		1.14
	Camden Pinnacle	Westminster		CO	1985		748		224		96	%		842		1.13
	TOTAL COLORADO		8	Properties			942		2,441		95	%		1,119		1.19

	Camden Ashburn Farms	Ashburn		VA	2000		1,062		162		96	%		1,502		1.42
	Camden Clearbrook	Frederick		MD	2007		1,048		297		95	%		1,367		1.30
	Camden College Park	College Park		MD	2008		942		508		95	%		1,602		1.70
	Camden Dulles Station	Oak Hill		VA	2009		978		382		96	%		1,611		1.65
	Camden Fair Lakes	Fairfax		VA	1999		1,056		530		95	%		1,686		1.60
	Camden Fairfax Corner	Fairfax		VA	2006		934		488		96	%		1,707		1.83
	Camden Fallsgrove	Rockville		MD	2004		996		268		96	%		1,688		1.69
	Camden Grand Parc	Washington		DC	2002		674		105		95	%		2,446		3.64
	Camden Lansdowne	Leesburg		VA	2002		1,006		690		96	%		1,444		1.44
	Camden Largo Town Center	Largo		MD	2000/2007		1,027		245		94	%		1,612		1.57
	Camden Monument Place	Fairfax		VA	2007		856		368		96	%		1,538		1.80
	Camden Potomac Yard	Arlington		VA	2008		835		378		96	%		2,041		2.45
	Camden Roosevelt	Washington		DC	2003		856		198		94	%		2,551		2.98
	Camden Russett	Laurel		MD	2000		992		426		95	%		1,401		1.41
	Camden Silo Creek	Ashburn		VA	2004		975		284		97	%		1,454		1.49
	Camden Summerfield	Landover		MD	2008		957		291		94	%		1,593		1.67
	Camden Summerfield II	Landover		MD	2012		936		187		95	%		1,577		1.69
	TOTAL DC METRO		17	Properties			962		5,807		96	%		1,639		1.70

	Camden Aventura	Aventura		FL	1995		1,108		379		95	%		1,629		1.47
	Camden Brickell	Miami		FL	2003		937		405		96	%		1,766		1.88
	Camden Doral	Miami		FL	1999		1,120		260		95	%		1,599		1.43
	Camden Doral Villas	Miami		FL	2000		1,253		232		94	%		1,714		1.37
	Camden Las Olas	Ft. Lauderdale		FL	2004		1,043		420		93	%		1,865		1.79
	Camden Plantation	Plantation		FL	1997		1,201		502		96	%		1,370		1.14
	Camden Portofino	Pembroke Pines		FL	1995		1,112		322		97	%		1,412		1.27
	Total Southeast Florida		7	Properties			1,103		2,520		95	%		1,616		1.46

	Camden Club	Longwood		FL	1986		1,077		436		96	%		900		0.84
	Camden Hunter's Creek	Orlando		FL	2000		1,075		270		96	%		1,050		0.98
	Camden Lago Vista	Orlando		FL	2005		955		366		96	%		928		0.97
	Camden LaVina	Orlando		FL	2012		970		420		95	%		1,090		1.13
	Camden Lee Vista	Orlando		FL	2000		937		492		96	%		894		0.95
	Camden Orange Court	Orlando		FL	2008		817		268		96	%		1,148		1.41
	Camden Renaissance	Altamonte Springs		FL	1996/1998		899		578		96	%		829		0.92
	Camden Town Square	Orlando		FL	2012		986		438		97	%		1,108		1.13
	Camden World Gateway	Orlando		FL	2000		979		408		95	%		1,002		1.02
	Total Orlando		9	Properties			965		3,676		96	%		978		1.01

CAMDEN								COMMUNITY TABLE
								Community Statistics as of 6/30/13


(Unaudited)										2Q13 Avg
					Year Placed	Average	Apartment	2Q13 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	95	%	$899	$0.95
	Camden Bay Pointe	Tampa		FL	1984	771	368	95	%	727	0.94
	Camden Bayside	Tampa		FL	1987/1989	748	832	96	%	799	1.07
	Camden Citrus Park	Tampa		FL	1985	704	247	95	%	708	1.01
	Camden Lakes	St. Petersburg		FL	1982/1983	732	688	96	%	743	1.02
	Camden Lakeside	Brandon		FL	1986	729	228	95	%	771	1.06
	Camden Montague	Tampa		FL	2012	975	192	96	%	1,139	1.17
	Camden Preserve	Tampa		FL	1996	942	276	95	%	1,129	1.20
	Camden Providence Lakes	Brandon		FL	1996	1,024	260	96	%	914	0.89
	Camden Royal Palms	Brandon		FL	2006	1,017	352	95	%	965	0.95
	Camden Visconti (1)	Tampa		FL	2007	1,125	450	95	%	1,149	1.02
	Camden Westchase Park	Tampa		FL	2012	993	348	95	%	1,215	1.22
	Camden Westshore	Tampa		FL	1986	728	278	96	%	886	1.22
	Camden Woods	Tampa		FL	1986	1,223	444	96	%	879	0.72
	Total Tampa/St. Petersburg		14	Properties		897	5,723	96	%	902	1.02

	TOTAL FLORIDA		30	Properties		962	11,919	96	%	1,076	1.12

	Camden Brookwood	Atlanta		GA	2002	912	359	95	%	1,050	1.15
	Camden Creekstone	Atlanta		GA	2002	990	223	96	%	993	1.00
	Camden Deerfield	Alpharetta		GA	2000	1,187	292	96	%	1,055	0.89
	Camden Dunwoody	Atlanta		GA	1997	1,007	324	94	%	979	0.97
	Camden Midtown Atlanta	Atlanta		GA	2001	935	296	95	%	1,085	1.16
	Camden Peachtree City	Peachtree City		GA	2001	1,027	399	98	%	968	0.94
	Camden Phipps (1)	Atlanta		GA	1996	1,018	234	97	%	1,271	1.25
	Camden River	Duluth		GA	1997	1,103	352	95	%	928	0.84
	Camden Shiloh	Kennesaw		GA	1999/2002	1,143	232	94	%	911	0.80
	Camden St. Clair	Atlanta		GA	1997	999	336	94	%	1,007	1.01
	Camden Stockbridge	Stockbridge		GA	2003	1,009	304	95	%	767	0.76
	TOTAL GEORGIA		11	Properties		1,027	3,351	95	%	996	0.97

	Camden Bel Air	Las Vegas		NV	1988/1995	943	528	95	%	716	0.76
	Camden Breeze	Las Vegas		NV	1989	846	320	95	%	714	0.84
	Camden Canyon	Las Vegas		NV	1995	987	200	97	%	864	0.88
	Camden Commons	Henderson		NV	1988	936	376	94	%	744	0.80
	Camden Cove	Las Vegas		NV	1990	898	124	95	%	714	0.80
	Camden Del Mar	Las Vegas		NV	1995	986	560	94	%	899	0.91
	Camden Fairways	Henderson		NV	1989	896	320	95	%	872	0.97
	Camden Hills	Las Vegas		NV	1991	439	184	95	%	490	1.11
	Camden Legends	Henderson		NV	1994	792	113	93	%	823	1.04
	Camden Palisades	Las Vegas		NV	1991	905	624	95	%	717	0.79
	Camden Pines	Las Vegas		NV	1997	982	315	95	%	787	0.80
	Camden Pointe	Las Vegas		NV	1996	983	252	95	%	729	0.74
	Camden Summit	Henderson		NV	1995	1,187	234	95	%	1,093	0.92
	Camden Tiara	Las Vegas		NV	1996	1,043	400	94	%	853	0.82
	Camden Vintage	Las Vegas		NV	1994	978	368	94	%	693	0.71
	TOTAL NEVADA		15	Properties		938	4,918	94	%	782	0.83

	Camden Ballantyne	Charlotte		NC	1998	1,045	400	96	%	1,072	1.02
	Camden Cotton Mills	Charlotte		NC	2002	905	180	97	%	1,344	1.49
	Camden Dilworth	Charlotte		NC	2006	857	145	98	%	1,296	1.51
	Camden Fairview	Charlotte		NC	1983	1,036	135	96	%	990	0.96
	Camden Foxcroft	Charlotte		NC	1979	940	156	97	%	880	0.94
	Camden Grandview	Charlotte		NC	2000	1,057	266	98	%	1,464	1.38
	Camden Habersham	Charlotte		NC	1986	773	240	96	%	733	0.95
	Camden Pinehurst	Charlotte		NC	1967	1,147	407	95	%	879	0.77
	Camden Sedgebrook	Charlotte		NC	1999	972	368	97	%	938	0.96
	Camden Simsbury	Charlotte		NC	1985	874	100	95	%	971	1.11
	Camden South End Square	Charlotte		NC	2003	882	299	97	%	1,226	1.39
	Camden Stonecrest	Charlotte		NC	2001	1,098	306	96	%	1,112	1.01
	Camden Touchstone	Charlotte		NC	1986	899	132	98	%	826	0.92
	Total Charlotte		13	Properties		985	3,134	96	%	1,056	1.07

	Camden Asbury Village (1)	Raleigh		NC	2009	1,009	350	95	%	1,030	1.02
	Camden Crest	Raleigh		NC	2001	1,013	438	96	%	848	0.84
	Camden Governor's Village	Chapel Hill		NC	1999	1,046	242	97	%	925	0.88
	Camden Lake Pine	Apex		NC	1999	1,066	446	94	%	906	0.85
	Camden Manor Park	Raleigh		NC	2006	966	484	97	%	930	0.96
	Camden Overlook	Raleigh		NC	2001	1,060	320	95	%	991	0.93
	Camden Reunion Park	Apex		NC	2000/2004	972	420	93	%	800	0.82
	Camden Westwood	Morrisville		NC	1999	1,027	354	94	%	858	0.84
	Total Raleigh		8	Properties		1,016	3,054	95	%	906	0.89

	TOTAL NORTH CAROLINA		21	Properties		1,001	6,188	96	%	982	0.98

CAMDEN											COMMUNITY TABLE
											Community Statistics as of 6/30/13


(Unaudited)											2Q13 Avg
					Year Placed	Average	Apartment		2Q13 Avg		Monthly Rental Rates
Community Name		City		State	in Service	Size	Homes		Occupancy		Per Home	Per Sq. Ft.

	Camden Amber Oaks (1)	Austin		TX	2009	862	348		96	%	$895	$1.04
	Camden Amber Oaks II (1)	Austin		TX	2012	910	244		94	%	996	1.09
	Camden Brushy Creek (1)	Cedar Park		TX	2008	882	272		95	%	903	1.02
	Camden Cedar Hills	Austin		TX	2008	911	208		96	%	1,053	1.16
	Camden Gaines Ranch	Austin		TX	1997	955	390		94	%	1,190	1.25
	Camden Huntingdon	Austin		TX	1995	903	398		94	%	862	0.95
	Camden Ridgecrest	Austin		TX	1995	855	284		94	%	793	0.93
	Camden Shadow Brook (1)	Austin		TX	2009	909	496		95	%	936	1.03
	Camden Stoneleigh	Austin		TX	2001	908	390		95	%	1,035	1.14
	Total Austin		9	Properties		901	3,030		95	%	964	1.07

	Camden Breakers	Corpus Christi		TX	1996	868	288		96	%	1,074	1.24
	Camden Copper Ridge	Corpus Christi		TX	1986	775	344		97	%	797	1.03
	Camden Miramar (2)	Corpus Christi		TX	1994-2011	488	855		56	%	991	2.03
	Camden South Bay (1)	Corpus Christi		TX	2007	1,055	270		98	%	1,185	1.12
	Total Corpus Christi		4	Properties		693	1,757		97	%	996	1.44

	Camden Addison	Addison		TX	1996	942	456		94	%	899	0.95
	Camden Belmont	Dallas		TX	2010/2012	945	477		96	%	1,354	1.43
	Camden Buckingham	Richardson		TX	1997	919	464		95	%	956	1.04
	Camden Centreport	Ft. Worth		TX	1997	911	268		95	%	893	0.98
	Camden Cimarron	Irving		TX	1992	772	286		96	%	930	1.21
	Camden Design District (1)	Dallas		TX	2009	939	355		95	%	1,243	1.32
	Camden Farmers Market	Dallas		TX	2001/2005	932	904		94	%	1,063	1.14
	Camden Gardens	Dallas		TX	1983	652	256		98	%	645	0.99
	Camden Glen Lakes	Dallas		TX	1979	877	424		95	%	864	0.99
	Camden Henderson	Dallas		TX	2012	967	106		94	%	1,462	1.51
	Camden Legacy Creek	Plano		TX	1995	831	240		96	%	951	1.14
	Camden Legacy Park	Plano		TX	1996	871	276		95	%	979	1.12
	Camden Panther Creek (1)	Frisco		TX	2009	946	295		95	%	1,030	1.09
	Camden Riverwalk (1)	Grapevine		TX	2008	982	600		95	%	1,237	1.26
	Camden Springs	Dallas		TX	1987	713	304		97	%	639	0.90
	Camden Valley Park	Irving		TX	1986	743	516		97	%	846	1.14
	Total Dallas/Ft. Worth		16	Properties		883	6,227		95	%	1,007	1.14

	Camden City Centre	Houston		TX	2007	932	379		96	%	1,522	1.63
	Camden City Centre II (3)	Houston		TX	2013	868	268	Lease-up			1,605	1.85
	Camden Cypress Creek (1)	Cypress		TX	2009	993	310		96	%	1,155	1.16
	Camden Downs at Cinco Ranch (1)	Katy		TX	2004	1,075	318		96	%	1,161	1.08
	Camden Grand Harbor (1)	Katy		TX	2008	959	300		96	%	1,059	1.10
	Camden Greenway	Houston		TX	1999	861	756		94	%	1,286	1.49
	Camden Heights (1)	Houston		TX	2004	927	352		97	%	1,411	1.52
	Camden Holly Springs	Houston		TX	1999	934	548		95	%	1,089	1.17
	Camden Lakemont (1)	Richmond		TX	2007	904	312		97	%	964	1.07
	Camden Midtown	Houston		TX	1999	844	337		96	%	1,581	1.87
	Camden Northpointe (1)	Tomball		TX	2008	940	384		96	%	999	1.06
	Camden Oak Crest	Houston		TX	2003	870	364		96	%	956	1.10
	Camden Park	Houston		TX	1995	866	288		98	%	915	1.06
	Camden Piney Point (1)	Houston		TX	2004	919	318		96	%	1,170	1.27
	Camden Plaza	Houston		TX	2007	915	271		97	%	1,478	1.62
	Camden Post Oak	Houston		TX	2003	1,200	356		98	%	2,471	2.06
	Camden Royal Oaks	Houston		TX	2006	923	236		96	%	1,137	1.23
	Camden Royal Oaks II	Houston		TX	2012	1,054	104		95	%	1,286	1.22
	Camden Spring Creek (1)	Spring		TX	2004	1,080	304		98	%	1,072	0.99
	Camden Stonebridge	Houston		TX	1993	845	204		97	%	944	1.12
	Camden Sugar Grove	Stafford		TX	1997	921	380		97	%	957	1.04
	Camden Travis Street	Houston		TX	2010	819	253		98	%	1,534	1.87
	Camden Vanderbilt	Houston		TX	1996/1997	863	894		98	%	1,329	1.54
	Camden Whispering Oaks	Houston		TX	2008	934	274		98	%	1,124	1.20
	Camden Woodson Park (1)	Houston		TX	2008	916	248		97	%	1,039	1.13
	Camden Yorktown (1)	Houston		TX	2008	995	306		96	%	1,051	1.06
	Total Houston		26	Properties		929	9,064		97	%	1,252	1.35

	Camden Braun Station (1)	San Antonio		TX	2006	827	240		97	%	854	1.03
	Camden Westover Hills (1)	San Antonio		TX	2010	959	288		96	%	1,055	1.10
	Total San Antonio		2	Properties		899	528		97	%	964	1.07

	TOTAL TEXAS		57	Properties		890	20,606		96	%	1,106	1.24

TOTAL PROPERTIES			179	Properties		942	62,021		95	%	$1,130	$1.20

(1)	Communities owned through investment in joint venture.
(2)	Miramar is a student housing community which is excluded from total occupancy numbers.
(3)	Completed communities in lease-up as of June 30, 2013 are excluded from total occupancy numbers.