FFO for the twelve months ended December 31, 2008 totaled $2.90 per diluted share or $169.6 million, as compared to $3.66 per diluted share or $227.2 million for the same period in 2007. FFO for the twelve months ended December 31, 2008 included an $0.88 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.23 per diluted share impact from gains on the repurchase of unsecured senior notes.

Net Income (“EPS”)

The Company reported a net loss of $34.9 million or $0.63 per diluted share for the fourth quarter of 2008, as compared to net income of $81.0 million or $1.41 per diluted share for the same period in 2007. EPS for the three months ended December 31, 2008 included a $0.93 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.16 per diluted share impact from gains on the repurchase of unsecured senior notes. EPS for the three months ended December 31, 2007 included a $1.17 per diluted share impact from gain on sale of land and discontinued operations, net of minority interest.

For the twelve months ended December 31, 2008, net income totaled $71.0 million or $1.28 per diluted share, as compared to $148.5 million or $2.51 per diluted share for the same period in 2007. EPS for the twelve months ended December 31, 2008 included a $1.50 per diluted share impact from gain on sale of properties including discontinued operations, a $0.93 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.25 per diluted share impact from gains on the repurchase of unsecured senior notes. EPS for the twelve months ended December 31, 2007 included a $1.58 per diluted share impact from gain on sale of land and discontinued operations, net of minority interest.

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

Same-Property Results

For the 40,340 apartment homes included in consolidated same-property results, fourth quarter 2008 same-property net operating income (“NOI”) declined 2.8% compared to the fourth quarter of 2007, with revenues increasing 1.1% and expenses increasing 8.2%. On a sequential basis, fourth quarter 2008 same-property NOI increased 0.8% compared to the third quarter of 2008, with revenues declining 2.2% and expenses declining 6.7% compared to the prior quarter. On a full-year basis, 2008 same-property NOI declined 0.4%, with revenue growth of 1.5% and expense growth of 4.6% compared to the same period in fiscal year 2007. Same-property physical occupancy levels for the combined portfolio averaged 93.6% during the fourth quarter of 2008, compared to 93.6% in the fourth quarter of 2007 and 94.9% in the third quarter of 2008.

The Company defines same-property communities as communities owned and stabilized as of January 1, 2007, excluding properties held for sale and communities under redevelopment. A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Development Activity

During the fourth quarter, lease-up was completed at Camden Royal Oaks in Houston, TX, a $21.1 million project that is currently 92% leased. In addition, the Company completed construction on two projects during the quarter: Camden Cedar Hills in Austin, TX and Camden Whispering Oaks in Houston, TX. As of December 31, 2008, Camden had five wholly-owned apartment communities which were completed and in lease-up: Camden Potomac Yard in Arlington, VA, a $104.5 million project that is currently 72% leased; Camden Summerfield in Landover, MD, a $62.6 million project that is currently 78% leased; Camden Orange Court in Orlando, FL, a $45.5 million project that is currently 66% leased; Camden Cedar Hills in Austin, TX, a $23.6 million project that is currently 84% leased; and Camden Whispering Oaks in Houston, TX, a $27.3 million project that is currently 80% leased. The Company also had two joint venture communities which were completed and in lease-up: Camden College Park in College Park, MD, a $125.3 million project that is currently 66% leased; and Camden Main & Jamboree in Irvine, CA, a $110.1 million project that is currently 88% leased.

The Company has one wholly-owned community and two joint venture communities currently under construction and in lease-up: Camden Dulles Station in Oak Hill, VA, a $77.0 million wholly-owned project that is currently 52% leased; Camden Amber Oaks in Austin, TX, a $40.0 million joint venture project that is currently 20% leased; and Braeswood Place in Houston, TX, a $48.6 million joint venture project that is currently 5% leased. Camden has two additional joint venture communities currently under construction in Houston, TX: Camden Travis Street, a $39.0 million project, and Belle Meade, a $33.2 million project.

In January 2009, Camden announced a reduction in the number of planned development projects it would undertake, which resulted in a $51.3 million non-cash impairment charge during the fourth quarter of 2008. In addition, the Company announced a reduction in its construction and development staff, which will result in a cash charge of approximately $1.0 million for severance costs during the first quarter of 2009. [See press release dated January 26, 2009 for further details.]

Properties Held for Sale

At December 31, 2008, Camden had one operating community held for sale: Camden West Oaks, a 671-home apartment community in Houston, TX.

Debt & Equity Repurchases

During the fourth quarter, Camden repurchased and retired $137.8 million of senior unsecured notes, resulting in an $8.8 million gain on early retirement of debt. During the twelve months ended December 31, 2008, the Company repurchased and retired a total of $191.0 million of senior unsecured notes, resulting in a $13.6 million gain on early retirement of debt.

During the twelve months ended December 31, 2008, Camden repurchased 694,800 common shares for a total of $30.1 million.

Liquidity

As of December 31, 2008, Camden had $444 million available under its $600 million unsecured revolving Line of Credit. After all extension options, the Line of Credit is scheduled to mature in January 2011. The Company anticipates that it may issue approximately $250 million in new secured or unsecured debt during 2009. Camden has $126 million of debt maturities in 2009 and $348 million of debt maturities in 2010. It is anticipated that these debt maturities will be repaid utilizing a combination of the following sources: the Company’s existing Line of Credit, future debt offerings, retained cash flow from operations and property dispositions.

Earnings Guidance

Camden provided initial earnings guidance for 2009 based on its current and expected views of the apartment market and general economic conditions. Full-year 2009 FFO is expected to be $3.15 to $3.45 per diluted share, and full-year 2009 EPS is expected to be $0.05 to $0.35 per diluted share. First quarter 2009 earnings guidance is $0.80 to $0.84 per diluted share for FFO and $0.02 to $0.06 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 initial 2009 earnings guidance is based on projections of same-property revenue declines between 0.5% and 2.5%, expense growth between 5.0% and 6.25%, and NOI declines between 4.5% and 7.5%. Additional information on the Company’s 2009 financial outlook and a reconciliation of expected net income to expected FFO are included in the financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Tuesday, February 10, 2009 at 10:00 a.m. Central Time to review its fourth quarter and full-year 2008 results and discuss its outlook for future performance. To participate in the call, please dial (800) 860-2442 (domestic) or (412) 858-4600 (international) by 9:50 a.m. Central Time and request the Camden Property Trust Fourth Quarter 2008 Earnings Call, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at www.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 181 properties containing 62,903 apartment homes across the United States. Upon completion of five properties under development, the Company’s portfolio will increase to 64,329 apartment homes in 186 properties. Camden was recently named by FORTUNE® Magazine for the second consecutive year as one of the “100 Best Companies to Work For” in America.

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