Camden Property Trust

Investor Presentation
November 2009

1
Forward-Looking Statements
In addition to historical information, this presentation
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.

2
Why Camden?
• Experienced management team with proven track
record
• Consistent long-term focus and commitment to high-
growth markets
• Strong balance sheet and ample liquidity
• Well-positioned to capitalize on future opportunities

3
Camden’s Strategy
• Operate a portfolio of high-quality apartment homes
located in high-growth markets across the U.S.
• Focus on geographic diversification and market balance,
limiting NOI exposure in each market to reduce volatility
• Continually improve quality of portfolio through capital
recycling, prudent development and re-development
• Capitalize on opportunities to expand operating platform
through joint ventures and Multifamily Value Add Fund
• Maintain strong balance sheet and financial flexibility

4
Camden’s Portfolio
• 183 operating communities containing 63,286 apartment
homes located in 15 major markets across the U.S.
• 2 joint venture development communities with 372
apartment homes currently under construction
• High-quality properties with average age of 10 years –
youngest in sector
• Focus on high-growth markets

5
Geographic Diversity & Market Balance

Las Vegas
8.0% Washington, DC
Denver
4.0% 17.8%

Raleigh
LA/Orange County Phoenix 4.3%
6.6% 2.4%
Charlotte
Atlanta 5.9%
San Diego/Inland Empire 5.4%
Dallas
3.4%
7.0%
Austin Orlando
2.8% Tampa 5.7%
Houston 7.8%
8.7% Southeast
Florida
6.8%

Percentage of NOI by Market – 3Q09 Actual

(Including pro-rata share of NOI from JV communities)
Note: “Other” Markets represent 3.4% of NOI 6
 Focus on Growth Markets
Top 25 Metro Areas For Estimated Gains: 2008 - 2013
Employment Growth Population Growth
Rank Metro area* Gain Rank Metro area* Gain
1 Houston-Baytown TX 241.0 1 Houston-Baytown TX 618.5
2 Dallas-Plano TX 191.2 2 Atlanta-Sandy Springs GA 579.0
3 Washington-Arlington DC-VA-MD-WV 165.6 3 Phoenix-Mesa-Scottsdale AZ 546.9
4 Los Angeles-Long Beach CA 156.3 4 Los Angeles-Long Beach CA 520.7
5 Chicago-Naperville IL 136.7 5 Dallas-Plano TX 459.1
6 San Antonio TX 106.0 6 Riverside-San Bernardino CA 281.1
7 Austin-Round Rock TX 99.3 7 Washington-Arlington DC-VA-MD-WV 268.6
8 Fort Worth-Arlington TX 92.9 8 Chicago-Naperville IL 260.3
9 Philadelphia PA 81.3 9 Austin-Round Rock TX 246.1
10 Minneapolis-St. Paul MN-WI 77.8 10 Fort Worth-Arlington TX 231.6
11 Atlanta-Sandy Springs GA 75.2 11 San Antonio TX 224.2
12 Seattle-Bellevue WA 74.3 12 Portland-Vancouver OR-WA 205.8
13 St. Louis MO-IL 66.0 13 Charlotte-Gastonia NC-SC 203.6
14 Kansas City MO-KS 63.8 14 Raleigh-Cary NC 201.1
15 New York-Wayne NY-NJ 56.5 15 Las Vegas-Paradise NV 200.4
16 Santa Ana-Anaheim CA 54.7 16 Santa Ana-Anaheim CA 193.0
17 Pittsburgh PA 51.8 17 San Diego-Carlsbad CA 182.8
18 Virginia Beach-Norfolk VA-NC 50.1 18 Minneapolis-St. Paul MN-WI 180.6
19 Denver-Aurora CO 47.9 19 Denver-Aurora CO 179.5
20 Baltimore-Towson MD 44.1 20 New York-Wayne NY-NJ 179.4
21 Newark-Union NJ-PA 42.9 21 Seattle-Bellevue WA 178.9
22 San Diego-Carlsbad CA 42.5 22 Orlando FL 172.2
23 Tampa-St. Petersburg FL 41.6 23 Sacramento-Arden CA 164.6
24 Orlando FL 41.4 24 Oakland-Fremont CA 133.3
25 Columbus OH 40.8 25 Nashville-Davidson TN 131.8

7
Over 90% of Camden’s NOI is derived from these markets
Source: Précis METRO© 2005 Economy.com, Inc. - September 2009 Issue * Highlighted entries represent Camden markets
High-Growth Market Characteristics
• Positive population inflows
• Above-average historical job growth
• Desirable places to live and work
• Pro-business environments
• Affordable cost of living
• Good weather/moderate climate

8
“WISO” – Weakest In, Strongest Out
ƒ Markets that declined the most in 2008 will outperform when
the economy improves
ƒ 42 markets tracked by Witten Advisors
ƒ 9 had negative revenue growth in 2008, averaging -2.3%
ƒ 33 had positive revenue growth in 2008, averaging 2.7%
ƒ In 2011, the 9 markets that had negative revenue growth
in 2008 are expected to achieve 3.1% revenue growth
versus 2.4% in the other 33 markets
ƒ 32% of Camden’s NOI is derived from the 9 markets
described above

9
Expected Revenue Growth: 2008 vs. 2011

2008 Actual Revenue Growth 2011 Expected Revenue Growth

Las Vegas -0.5% Las Vegas -0.8%
Riverside -0.7% Riverside -1.4%
West Palm Beach -2.0% West Palm Beach 4.8%
Fort Lauderdale -2.0% Fort Lauderdale 4.3%
Miami -2.2% Miami 3.4%
Tampa -2.9% Tampa 3.3%
Orlando -3.0% Orlando 4.5%
Jacksonville -3.5% Jacksonville -0.3%
Phoenix -4.3% Phoenix 10.2%
Average -2.3% Average 3.1%

Other 33 markets 2.7% Other 33 markets 2.4%

Source: Witten Advisors, LLC. 10

2008’s weak markets should outperform in 2011
4%
3%
Positive Revenue
2% Growth in 2008 (33)
Annual Revenue Growth

1%
0%
-1% 2008 2009 2010 2011

-2%
-3% Negative Revenue
Growth in 2008 (9)
-4%
-5%
-6%

Source: Witten Advisors, LLC. 11

 Rotation to “Recovery/Growth” by 2011
Camden’s portfolio includes many of the markets expected to achieve 4.0% or higher
revenue growth in 2011.

Estimated 2011 Multifamily Revenue Growth

Phoenix 10.2%
San Jose 6.9%
Atlanta 6.6%
San Francisco 5.7%
Dallas 5.5%
Houston 5.4%
San Antonio 4.9%
West Palm Beach 4.8%
Denver 4.7%
Fort Worth 4.7%
Orlando 4.5%
Portland 4.5%
Fort Lauderdale 4.3%
Raleigh 4.0%
Camden markets highlighted in BLUE text. 12
Source: Witten Advisors, LLC.
 Multifamily Supply/Demand
Equation is Favorable Long-Term

13
Housing Supply
• Multifamily supply at reasonable levels, despite large
inventory of single family homes and condos available
for rent or purchase
• Minimal new starts due to tighter lending standards and
limited capital availability
• Much of excess single-family home inventory doesn’t
compete with well-located apartment homes
• Many vacant and foreclosed homes are located in
remote areas, far from employment corridors
• Long commute times make these homes less
attractive to many consumers
14
Demand for Apartments
• Natural demand for housing will ultimately absorb excess supply
• Demand driven by “Echo Boom” and immigrant household formations with
high propensity to rent
• Estimated annual demand of 1.7M to 1.9M housing units
• Potential shortage of multifamily units by 2011/2012
• Homeownership rate declining from peak of 69% to 67%
• Homeownership rate expected to return to long-term average of 64% to
65% or perhaps even lower
• Many former homeowners are now returning as renters
• Each 100 basis point drop in the U.S. homeownership rate creates over
1,000,000 new rental households
• Move-out rates from apartment residents purchasing or renting homes have
declined dramatically
• Negative consumer sentiment towards home ownership
• Strong credit scores and significant down payments now required by
mortgage lenders
15
 46
Favorable Demographics = Pent-up Demand

Favorable
Population 20-29 (millions)

44

Population 20-29 demographics from

42
growing Echo Boom
40 population
38
2000

2002

2003

2004

2005

2006

2007

2008

2009

2010

2012

2013

2014

2015
2001

2011
Source: Witten Advisors, LLC.

20%

Fewer apartment 15%

renters moving out to 10%

purchase homes 5%

0%
2007 2008 2009
16
 Secular Shift Toward Renting Helps
70% 2.0%
Share of U.S. Households Who Own Home

Year-Year Change in Homeownership Rate

69% 1.5%

68% 1.0%
67.4%
67% 0.5%

66% 0.0%

65% -0.5%
Homeownership
Rate (left scale) Year-Year Change in
64% Homeownership Rate
-1.0%
(right scale)
63% -1.5%
1Q90

1Q92
1Q93
1Q94
1Q95
1Q96
1Q97
1Q98
1Q99
1Q00

1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q91

1Q01

Source: U.S. Department of Commerce

Source: Witten Advisors, LLC.

17
 Occupancy

85%
90%
95%
100%
1Q 1995
1Q 1996

Occupancy
1Q 1997
1Q 1998
1Q 1999
1Q 2000
1Q 2001
1Q 2002

Occupancy Forecast
1Q 2003
1Q 2004
1Q 2005
1Q 2006
Rent Growth 1Q 2007
1Q 2008
1Q 2009
1Q 2010
1Q 2011
1Q 2012
0%
5%

-5%
10%
Market Challenged Near-term, Above Trend 2011+

Rent Growth Forecast

Annual Effective Rent Growth

Source: Witten Advisors

18
Challenges Facing Multifamily Industry
• Significant job losses experienced in 2008/2009, with a
current U.S. unemployment rate of 10.2%
• High inventory of single family homes and condos
• Single family home affordability due to price declines
and low mortgage rates
• Weak consumer confidence and fear of prolonged
recession

19
Opportunities for Multifamily Industry
• Limited new supply of housing expected for next several
years
• Favorable demographics from growing Echo Boom
population and continued positive immigration inflows
• Homeownership rate declining steadily
• Fewer apartment renters moving out to purchase homes

20
Development & Acquisitions

21
 Current Development Pipeline
($ in millions)

Wholly-Owned Communities
Total Total Percent Percent
Community Location Homes Cost(1) Complete(1) Leased(2)
Camden Orange Court Orlando, FL 261 $46 100% 95%
Camden Dulles Station Oak Hill, VA 366 72 100% 78%

Total/Weighted Average 627 $118 100% 85%

(1) As of 09/30/09
(2) As of 10/25/09 22
 Current Development Pipeline (cont.)
($ in millions)

Joint Venture Communities

Total Total Cost to Percent Percent
Community Location Homes Budget Date (1) Leased (2) Owned
Camden Amber Oaks Austin, TX 348 $35 $35 74% 20%
Camden Travis Street (3) Houston, TX 253 39 26 2% 25%
Braeswood Place Houston, TX 340 49 50 52% 30%
Belle Meade Houston, TX 119 33 35 20% 30%
Total 1,060 $156 $146 37% 26%

(1) As of 09/30/09
(2) As of 10/25/09
(3) Fully consolidated joint venture

23
Acquisition Environment
• Transaction volumes down significantly
• Most financing provided by Fannie Mae & Freddie Mac
• Wide bid-ask spread
• Limited seller distress so far
• Future opportunities will emerge for experienced, well-
capitalized companies

24
Camden Multifamily Value Add Fund
• $375M total equity – $300M institutional capital, $75M
Camden
• $1.0B total investment capacity (based on 60%
leverage)
• Investment vehicle for acquisitions and development
• Camden fee income includes asset management,
property management, construction, development and
capital improvements
• Allows Camden to increase operational efficiency
• 20% carried interest and fees enhance equity returns

25
Capital Structure
and Liquidity

26
Conservative Debt Structure
$ Millions –as of 09/30/09

Senior Unsecured
• 5.1% weighted average
Notes
$1,646
Equity *
$2,882
interest rate on all debt
• 91.4% fixed-rate debt
• 62.8% unsecured debt

Unsecured Line
• Manageable debt maturities
of Credit over next several years
$0 Mortgages
$976

Total Market Capitalization = $5.5 Billion

27
Liquidity
• Approximately $82M cash on hand at 09/30/09
• $600M revolving line of credit
• Matures January 2011
• $0 drawn at 09/30/09
• Ample liquidity to meet capital needs
• Minimal 2010 debt maturities
• No remaining funding requirements for development

28
May 2009 Equity Offering
• 10,350,000 shares issued
• $272.1M net proceeds
• Positions Camden to meet capital needs through 2012
• Allows CPT to take advantage of future strategic
opportunities
• Proceeds used to retire maturing debt and for other
general corporate purposes
• Quarterly dividend reduced from $0.70 to $0.45 per
share, representing a 60% payout ratio on the expected
midpoint of 2009 FFO per diluted share
29
Recent Secured Debt Transactions
• $380M Fannie Mae Credit Facility completed September 2008
• Fixed Rate Portion:
Debt amount $205 million
Term 10 years fixed plus 1 year floating
Interest rate 5.625%

• Variable Rate Portion:

Debt amount $175 million
Term 10 years
Interest rate 1.09%

• Interest only
• Collateralized with 17 geographically diverse properties
• Allows for collateral substitutions and releases upon certain
conditions
30
Recent Secured Debt Transactions (cont.)
• Fannie Mae Credit Facility completed April 2009
• Debt amount $420 million
• Term 10 years fixed
• Interest rate 5.12%
• Interest only
• Collateralized with 11 geographically diverse properties
• Allows for collateral substitutions and releases upon
certain conditions

31
Tender Offers & Debt Repurchases
• During 2008 and 2009 Camden repurchased a total of $380.7M
senior unsecured notes at an average discount of 4.4%,
recognizing total gains of approximately $15M.
• $108.3M senior notes tendered in December 2008 at a
discount of approximately 7.2%
• $169.5M senior notes tendered in April 2009 at par
• $102.9M senior notes repurchased in open market
transactions during 2008 and 2009
• In June 2009, Camden prepaid $135.3M of secured
mortgage debt originally scheduled to mature in 2010 and
2011.

32
 Manageable Debt Maturities
Future scheduled maturities (as of 09/30/09)
$1,341.3
$1,400 $ millions

$1,200

$1,000 $761.9

$800

$600

$400 $141.6 $149.2 $227.2

$1.0
$200
$0
2009 2010 2011 2012 2013 Thereafter

33
Financial Strength and Stability
• Strong investment grade ratings
Company Rating Outlook
Standard & Poor’s BBB Stable
Moody’s Baa1 Stable

• Solid coverage ratios*

• Total interest coverage ratio: 2.4 times
• Total fixed charge coverage ratio: 2.2 times

* YTD as of 09/30/09
34
2009 Guidance
• Expected same-property performance
• Revenues (2.75)% to (3.25)%
• Expenses (1.75)% to (2.25)%
• NOI (5.5)% to (6.5)%
• Expected earnings guidance (FFO and EPS)
• 2009 FFO of $2.97 to $3.01
• 2009 EPS of $0.49 to $0.53

35
Summary

One
Oneof
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Strong FORTUNE®
FORTUNE®
Diversified
Diversified Balance
Balance Magazine’s
Magazine’s
Sound
Sound Experienced
Experienced Proven
Proven
&&Balanced
Balanced Sheet
Sheet Business Management “100
“100Best
Best
Business Management History of
History of
Real Estate
Real Estate With
With Companies
Companies
Plan
Plan Team
Team Performance
Performance
Portfolio
Portfolio Ample
Ample To
ToWork
Work
Liquidity
Liquidity For”
For”

36
Definitions & Disclosure
FFO – The National Association of Real Estate Investment Trusts (“NAREIT”) currently
defines FFO as net income attributable to common shareholders 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.

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.

37
Non-GAAP Reconciliations
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:
2009 Range
Low High
Expected net income attributable to common shareholders - per diluted share $0.49 $0.53
Expected difference between EPS and fully diluted FFO shares (0.01) (0.01)
Expected real estate depreciation 2.61 2.61
Expected adjustments for unconsolidated joint ventures 0.12 0.12
Expected income allocated to noncontrolling interest 0.02 0.02
Expected (gain) on sale of properties and properties held for sale (0.26) (0.26)

Expected FFO - per diluted share $2.97 $3.01

38
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