CPT Camden Property Trust Oct 2010 Presentation Slides Deck

Market Advisory Services Witten Advisors
Market-Smart Investment Decisions
U.S. Apartment Markets:

Trends and Outlook
1
Market insights for apartment owners, Camden Investor Meeting Copyright 2010, Witten Advisors LLC
developers, investors and lenders
October 4, 2010 Dallas, Texas
Market
Market
Advisory
Update
Services Witten Advisors
Like Q1, leasing in 2Q10 was best in 15+ years

150,000
Net Absorption in 2nd Quarter of Each Year
116,430
103,646
100,000
50,000
-50,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
-100,000
Source: Witten Advisors
2
Market
Market
Advisory
Update
Disconnect between apartment demand and jobs?

4%
3%
Job Growth Rate
2% Apartment
June
Absorption
1%
Year-Year % Change
Rate*
Aug
0%
2001
2000
2002
2003
2004
2005
2006
2007
2008
2009
2010
-1%
-2%
-3%
-4%
-5%
-6%
*net change in occupied apartments Source: U.S. Bureau of Labor Statistics, Witten Advisors
3
Market
Market
Advisory
Update
Why then? 1) Ownership still losing market share

70% 2Q04
Share of U.S. Households Who Own Home
69.4%
69%
Homeownership
Rate, SA
68%
67%
2Q10
66.9%
66%
65% Predicted
64%
63%
1Q90
1Q92
1Q93
1Q94
1Q95
1Q96
1Q97
1Q98
1Q99
1Q00
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q12
1Q13
1Q91
1Q01
1Q11
Source: U.S. Department of Commerce
4
Market
Market
Advisory
Update
2) Pent-up demand: Young adults out of market

46 17
In recession, young adults double up...
Households <30
# Households < 30 (millions)

Population 20-29 (millions)
(right scale)
44 16
…but underlying
42 population still expanding 15
40 14
Population 20-29
(left scale)
38 13
2000
2002
2003
2004
2005
2006
2007
2008
2009
2010
2012
2013
2014
2015
2011
2001
Source: U.S. Census Bureau, Witten Advisors
5
Market
Market
Advisory
Update
2009: 1.1 million more young adults at home than normal

60% 15%
Share of U.S. Young Adults 25-34 Living at

Share of U.S. Young Adults 18-24 Living at
12.8%
% 25-34 at Home
(right scale)
55% 10%
52.8%
Home
Home
% 18-24 at Home
(left scale)
50% 5%
45% 0%
1990
1992
1993
1994
1995
1996
1997
1998
1999
2000
2002
2003
2004
2005
2006
2007
2008
2009
2001
1991
Source: U.S. Department of Commerce

6
Market
Market
Advisory
Update
Young adult hiring in 2010 the best since 1984

3,000
000 Jobs Gained/Lost by Year (Dec-Dec)
2,500
2,000
1,500
973
1,000
500
0
2010* YTD Aug

1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
-500
-1,000
-1,500
-2,000
-2,500
Source: U.S. Bureau of Labor Statistics

7
Market Economy
Advisory Services Witten Advisors
Hiring is uneven in recoveries; 2010 better than most

0.4%
Early 1980s
Month-Month % Employment Change
Early 1990s
0.2%
Early
2000s
0.0%
Deepest Loss
2
3
4
5
6
7
8
9
10
12
13
14
15
16
17
18
19
20
22
23
24
Month 1
11
21
-0.2%
Late 2000s
(excl Census temps)
-0.4%
-0.6%
Source: U.S. Bureau of Labor Statistics

8
Market Economy
Advisory Services Witten Advisors
Job Growth Forecast: 2010 gradual; 2011-2013 solid

4,000 YE12
3.1m
3,000 YE13
Year-Year Change in Employment (000)
Actual 2.9m
2,000 YE11
YE10 2.5m
1.2m
1,000
0
1990
1992
1993
1994
1995
1996
1997
1998
1999
2010
2012
2013
2000
2002
2003
2004
2005
2006
2007
2008
2009
2001
1991
2011
-1,000
-2,000
-3,000
-4,000
-5,000
-6,000
-7,000
Sources: U.S. Bureau of Labor Statistics; Consensus forecast

9
Market
Investment
Advisory
Markets
Cap rates fall faster than NOIs = 1) higher values…

180
Apartment Value Index (2000=100)
160
based on In-Place NOI / Cap Rate
140
120
100
80
60
40
20
0
1Q01
1Q00
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
10
Market
Apartment
AdvisoryStarts
…and 2) improved development margins –

spread should widen gradually, starts follow
300,000 2.0%
Actual Starts
250,000
Development Return Spread

Predicted
1.0%
Units, trailing 12 months
Spread
over Current Cap Rate

200,000 Development Return
0.26%
181k
Spread over Cap Rate
(right scale)
150,000 0.0%
100,000
-1.0%
Predicted
50,000
Starts
0 -2.0%
1Q01
1Q11
1Q94
1Q95
1Q96
1Q97
1Q98
1Q99
1Q00
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q12
1Q13
11
Market
Market
Advisory
Outlook
Demand surge continues, while stock shrinks

400,000
Absorption New Completions
300,000
200,000
100,000
Jan-10
Jan-12
Jan-13
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-01
Jan-11
-100,000
-200,000
Net Completions
-300,000
12
Market
Market
Advisory
Outlook
Recovery began in 2010; 2011-2013 above trend

100% 10%
Annual Effective Rent Growth

95% 5%
Occupancy
90% 0%
85% -5%
1Q 2001
1Q 2011
1Q 1995
1Q 1996
1Q 1997
1Q 1998
1Q 1999
1Q 2000
1Q 2002
1Q 2003
1Q 2004
1Q 2005
1Q 2006
1Q 2007
1Q 2008
1Q 2009
1Q 2010
1Q 2012
1Q 2013
Occupancy Occupancy Forecast Rent Growth Rent Growth Forecast
13
Market
Market
Advisory
Outlook
2010 NOI erodes slightly; strong rebound 2011-2013

15%
4Q12
Year-Year Change in Average Net
10.2%
10%
4Q13
9.5%
Operating Income
4Q11
5% 5.1%
0%
1Q01
1Q11
1Q96
1Q97
1Q98
1Q99
1Q00
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q12
1Q13
4Q10
-5% -2.8%
-10%
14
Market
Forecast
Advisory
Scenarios
Employment growth scenarios

5,000
Best Case*
4,000
Base Case
Year-Year Change in Employment (000)
3,000
Actual
2,000
1,000
0
1990
1992
1993
1994
1995
1996
1997
1998
1999
2010
2012
2013
2000
2002
2003
2004
2005
2006
2007
2008
2009
2001
1991
2011
-1,000
-2,000 Double-Dip**
-3,000
-4,000
-5,000
-6,000
-7,000 Sources for Base Case: U.S. Bureau of Labor Statistics; Consensus includes Economy.com, National Association for
Business Economics, Federal Reserve Bank of Philadelphia, Standard & Poor’s
*Best Case reflects highest forecast from above sources **Double-Dip replicates early 1990s downturn and recovery
15
Market
Forecast
Advisory
Scenarios
Demand surge continues due to

demographics, flight from ownership
400,000
Absorption Best Case
Base Case
300,000
200,000
Double-Dip
100,000
0
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-12
Jan-13
Jan-11
Jan-01
-100,000
-200,000
-300,000
16
Market
Forecast
Advisory
Scenarios
MF rental starts bottom in 2010, rebound modestly

300,000
Actual Starts
250,000
Best Case
200,000
150,000 Base Case
100,000
Double-Dip
50,000
0
1Q91
1Q01
1Q11
1Q92
1Q93
1Q94
1Q95
1Q96
1Q97
1Q98
1Q99
1Q00
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q12
1Q13
Predicted starts based on return on new development relative to U.S.
Treasuries and inflation, availability of debt and equity financing
17
Market
Forecast
Advisory
Scenarios
Starts slump in 2008-2010 = few completions ahead

400,000
New Completions
300,000
200,000
Best Case
Base Case
100,000
Double-Dip
0
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-12
Jan-13
Jan-01
Jan-11
18
Market
Forecast
Advisory
Scenarios
Apartment stock shrinks after obsolescence

400,000
Net Completions
300,000
200,000
Base Case
100,000
Best Case
0
Jan-10
Jan-12
Jan-13
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-01
Jan-11
-100,000
Double-Dip
-200,000
-300,000
19
Market
Forecast
Advisory
Scenarios
Solid demand + shrinking supply = high occupancy

100%
Base Case
Best Case
Double-Dip
95%
Occupancy
90%
85%
1Q 2001
1Q 2011
1Q 1995
1Q 1996
1Q 1997
1Q 1998
1Q 1999
1Q 2000
1Q 2002
1Q 2003
1Q 2004
1Q 2005
1Q 2006
1Q 2007
1Q 2008
1Q 2009
1Q 2010
1Q 2012
1Q 2013
Occupancy Base Case Best Case Double-Dip
20
Market
Forecast
Advisory
Scenarios
High occupancy brings rent growth

10%
8%
Effective Rent Growth, year-year
Best Case
6% Base Case
Double-Dip
4%
2%
0%
1Q 2001
1Q 2011
1Q 1995
1Q 1996
1Q 1997
1Q 1998
1Q 1999
1Q 2000
1Q 2002
1Q 2003
1Q 2004
1Q 2005
1Q 2006
1Q 2007
1Q 2008
1Q 2009
1Q 2010
1Q 2012
1Q 2013
-2%
-4%
-6%
Rent Growth Base Case Best Case Double-Dip

21
Market
Forecast
Advisory
Scenarios
Rent growth drives strong NOI growth

15%
Base Case
Year-Year Change in Average Net
10%
Best Case
Operating Income
Double-
Dip
5%
0%
1Q01
1Q11
1Q96
1Q97
1Q98
1Q99
1Q00
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q12
1Q13
-5%
-10%
22
Market
Forecast
Advisory
Scenarios
Forecast Summary
Base Case Best Case Double-Dip
Rent Rent Rent
Occupancy Growth Occupancy Growth Occupancy Growth
2011 95.3% 4.8% 95.6% 5.3% 95.3% 4.3%
2012 96.6% 6.4% 96.8% 6.7% 96.2% 5.0%
2013 96.6% 5.5% 96.8% 6.1% 95.9% 4.9%
2011-2013 96.2% 5.5% 96.4% 6.0% 95.8% 4.8%
23
Market
MetroAdvisory
Market Focus
Metro Market Focus
24
Market
MetroAdvisory
Market Focus
Strong demand recovery in many CPT markets…

Aus Charl Den Miami Orl Ral Riv Tam
6%
Ral
Year-Year % Change in Occupied Apartments
Aus
5%
Orl
4% Charl
Den
3% Miami
Riv
Tam
2%
1%
0%
1Q10
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
2Q10
-1%
-2%
25
Market
MetroAdvisory
Market Focus
…solidly positive demand in all others

Atl Dal FtL FW Hou LV LA OC Phx SD DC
4%
Year-Year % Change in Occupied Apartments
3%
Atl
Phx FtL
Dal
2% FW
LASD
LV DC
1% Hou
OC
0%
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
-1%
-2%
-3%

26
Market
Metro
Metro
Advisory
Market
Stories
Focus
2Q 2010 Actuals: Apartment Demand Highlights

Absorption Rate*: Leaders Absorption Rate*: Laggards
12 Months ending 2Q 2010 12 Months ending 2Q 2010
1. Raleigh 5.5% 33. Washington DC 1.1%
2. Austin 5.2% 34. Houston 1.1%
3. Orlando 4.6% 35. San Francisco 1.0%
4. Charlotte 3.7% 36. Orange County 0.9%
5. Salt Lake City 3.6% 37. St. Louis 0.9%
6. Nashville 3.5% 38. Detroit 0.3%
7. Denver 3.5% 39. Kansas City 0.2%
8. West Palm Beach 3.1% 40. Columbus –0.2%
9. Jacksonville 2.9% 41. Cincinnati –0.4%
10. Miami 2.9% 42. Minneapolis –0.4%
*year-year % change in occupied apartments Source: Witten Advisors
27
Market
Metro
Metro
Advisory
Market
Stories
Focus
August 2010 Actuals: Year-Year Job Growth

Employment Growth Employment Growth Rate
12 Months ending Aug 2010 12 Months ending Aug 2010
1. Boston 36.6k 1. Austin 2.5%
2. Dallas 24.3k 2. Boston 1.5%
3. Washington DC 20.5k 3. Dallas 1.2%
4. Austin 18.7k 4. Orange County 0.9%
5. Orange County 12.0k 5. Norfolk 0.9%
6. West Palm Beach 0.8%
38. Oakland –23.7k 7. Charlotte 0.8%
39. Sacramento –24.5k 8. Washington DC 0.7%
40. Detroit –31.7k 9. Raleigh 0.6%
41. Los Angeles –39.4k 10. St. Louis 0.6%
42. Chicago –55.7k U.S. +0.2%
Source: U.S. Bureau of Labor Statistics 28
Market
MetroAdvisory
Market Focus
Early job growth leaders in recent recoveries…

1993-1994 Average 2004-2005 Average
1 Las Vegas 10.2% Las Vegas 7.3%
2 Austin 7.1% Phoenix 5.6%
3 Phoenix 7.0% Riverside 5.6%
4 Salt Lake City 6.3% Orlando 5.4%
5 Atlanta 5.4% Fort Lauderdale 4.7%
6 Orlando 5.2% Jacksonville 4.0%
7 Nashville 4.9% West Palm Beach 3.6%
8 Tampa 4.9% Tampa 3.6%
9 Denver 4.8% Austin 3.6%
10 Portland 4.8% Salt Lake City 3.6%

29
Market
MetroAdvisory
Market Focus
…similar names expected in this recovery…

2011 Employment Growth 2012 Employment Growth
1 Austin* 4.3% Austin* 4.7%
2 Riverside* 3.5% Las Vegas* 4.2%
3 Fort Worth 3.5% Fort Worth 4.0%
4 Phoenix * 3.5% Riverside* 3.9%
5 Dallas 3.0% Salt Lake City* 3.8%
6 Denver* 3.0% Phoenix* 3.8%
7 Charlotte 3.0% Jacksonville* 3.5%
8 Jacksonville* 2.9% Dallas 3.5%
9 Orlando* 2.9% Denver* 3.5%
10 Washington DC 2.8% Charlotte 3.4%
*among top 10 early job growth leaders in 1993-1994

or 2004-2005 recoveries, or both Source: Witten Advisors
30
Market
MetroAdvisory
Market Focus
…supporting a sharp rebound in rental income

2011 Revenue Growth 2012 Revenue Growth
1 Orlando 6.4% Denver 8.3%
2 West Palm Beach 6.3% Boston 8.0%
3 Washington DC 5.9% Austin 7.8%
4 Denver 5.6% Orange County 7.8%
5 Fort Lauderdale 5.4% San Jose 7.6%
6 Austin 4.9% Phoenix 7.5%
7 Phoenix 4.7% Oakland 7.2%
8 San Antonio 4.6% Atlanta 7.2%
9 San Jose 4.5% Chicago 6.4%
10 Atlanta 4.2% Charlotte 6.3%

31
Market
Market
Advisory
Outlook
Summary
• 2010: Early recovery well underway
• Job gains return (+1.2m); house payments stabilize (-1%)
• Effective rents up 1% year-year; NOI -3% as rents finish rolling down
• 2011-2012: Strong rebound
• Employment gains 2.5m in 2011, 3.1m in 2012; P&I +10%, +10%
• Negative net completions
• Rents up 4½% in 2011, 6½% in 2012; NOI +5%, +10%
• 2013: Recovery complete
• Hiring continues (+2.9m); lost jobs replaced
• House payments climb +5%
• Net completions only 30k; starts back to 180k
• Rents up 6%+; NOI +10%
• Values back to 2007 levels
32
Market Advisory Services Witten Advisors
Questions/Discussion
33
Camden Property Trust
2010 Investor / Analyst Meeting
Houston, TX
October 4 - 5, 2010
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. 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
presentation represent management’s opinions as of the date of this
presentation, and the Company assumes no obligation to update or
supplement these statements because of subsequent events.
2
Significant Opportunities for Multifamily Industry
• Limited new supply of housing expected for next several
years
• Favorable demographics from growing “Echo Boom”
population and positive immigration inflows
• Homeownership rate declining steadily
• Negative sentiment toward home ownership
• Fewer apartment renters moving out to purchase homes
3
Housing Supply
• Multifamily supply remains well below long-term
average level
• The Harvard University Joint Center for Housing Studies
estimates that we already have a shortage of 3 million
units of affordable rental housing
• All markets are now “Barrier” due to limited availability
of construction financing
4
Rising Demand for Apartments
• Natural demand of 1.5 million to 2.0 million housing
units annually
• 78 million “Echo Boomers” now entering housing market
• “Baby Boomers” downsizing and many choosing to rent
• Less than 22% of current American households are
“Married Couples with Children”
• Between 2008-2015, nearly two-thirds of all new
households formed will be renters, creating 6 million
new renter households
5
Political Winds Impacting Industry
• Focus on more balanced housing policy
• Future of GSEs
• $5 trillion total portfolio
• Multifamily portfolio produced over $2 billion in
profits since GSEs placed in conservatorship
• January 30, 2011 deadline for Treasury to propose a
new plan for the GSEs
6
Camden’s Game Plan
• Maximize portfolio cash flow growth
• Complete Camden Multifamily Value Add Fund
through acquisitions and development
• Expand development pipeline
• Complete selective dispositions
• Continue to reduce leverage
7
Portfolio Trends
8
Camden’s Portfolio
• 187 operating communities containing 64,074
apartment homes in 15 major U.S. markets
• High-quality properties with average age of 11 years
– one of the youngest in sector
• 3Q10 average same property occupancy – 94.3%
• Turnover rates and moveouts for home purchases
near all-time lows
9
Geographic Diversity & Market Balance
Las Vegas
7.5% Washington, DC
Denver
4.0% 19.1%
Raleigh
LA/Orange County Phoenix 4.5%
6.3% 2.4%
Charlotte
Atlanta 5.9%
San Diego/Inland Empire Dallas 5.2%
3.4% 6.8%
Austin Orlando
2.7% Tampa 5.4%
Houston 7.6%
8.7% Southeast
Florida
6.9%
Percentage of NOI by Market – 2Q10 Actual

(Including pro-rata share of NOI from JV communities)
Note: “Other” markets represent 3.6% of NOI 10
Growth Drives Results
Top 25 Metro Areas For Estimated Gains: 2009 - 2014
Employment Growth Population Growth
Rank Metro area Gain Rank Metro area Gain
1 New York-Wayne NY-NJ 411.0 1 Houston-Baytown TX 626.2
2 Houston-Baytown TX 328.7 2 Atlanta-Sandy Springs GA 602.8
3 Atlanta-Sandy Springs GA 303.8 3 Phoenix-Mesa-Scottsdale AZ 591.9
4 Los Angeles-Long Beach CA 299.3 4 Los Angeles-Long Beach CA 510.5
5 Chicago-Naperville IL 295.3 5 Dallas-Plano TX 472.5
6 Dallas-Plano TX 280.5 6 Washington-Arlington DC-VA-MD-WV 270.4
7 Washington-Arlington DC-VA-MD-WV 190.9 7 Austin-Round Rock TX 250.9
8 Minneapolis-St. Paul MN-WI 155.8 8 Fort Worth-Arlington TX 238.9
9 Phoenix-Mesa-Scottsdale AZ 153.8 9 Chicago-Naperville IL 238.0
10 Seattle-Bellevue WA 135.5 10 San Antonio TX 227.0
11 Tampa-St. Petersburg FL 132.6 11 New York-Wayne NY-NJ 224.6
12 Philadelphia PA 132.1 12 San Diego-Carlsbad CA 220.5
13 Fort Worth-Arlington TX 124.2 13 Orlando FL 212.9
14 Orlando FL 123.6 14 Portland-Vancouver OR-WA 210.9
15 Austin-Round Rock TX 119.8 15 Riverside-San Bernardino CA 210.2
16 San Antonio TX 118.9 16 Las Vegas-Paradise NV 209.4
17 Santa Ana-Anaheim CA 117.1 17 Raleigh-Cary NC 197.1
18 Nassau-Suffolk NY 110.6 18 Charlotte-Gastonia NC-SC 190.9
19 St. Louis MO-IL 108.5 19 Minneapolis-St. Paul MN-WI 179.9
20 Miami-Miami Beach FL 100.4 20 Seattle-Bellevue WA 175.3
21 Charlotte-Gastonia NC-SC 98.1 21 Santa Ana-Anaheim CA 173.6
22 Denver-Aurora CO 95.8 22 Denver-Aurora CO 168.6
23 San Diego-Carlsbad CA 93.6 23 Sacramento-Arden CA 165.6
24 Las Vegas-Paradise NV 89.4 24 Tampa-St. Petersburg FL 142.9
25 Portland-Vancouver OR-WA 87.9 25 West Palm Beach-Boynton Beach FL 131.9
Over 97% of Camden’s NOI is derived from these markets 11

Source: Précis METRO© 2005 Economy.com, Inc. - September 2010. Highlighted entries represent Camden markets.
Alphabet Soup
WISO
FISL
WISL
FIST
WINO
12
When Will Then Be Now…?
13
How About…?
Higher
Employment
Lifts
Performance
14
Peak to Trough Rents
Average change in rent per apartment home
Peak to Current
Trough Rent Amount
Market Decline vs. Peak Recovered
Phoenix (17.8%) (17.2%) 0.6%
Las Vegas (16.4%) (16.4%) 0.0%
Charlotte (14.8%) (13.5%) 1.3%
Orlando (12.7%) (12.1%) 0.6%
Atlanta (10.8%) (8.6%) 2.2%
Los Angeles/Orange County (10.5%) (10.3%) 0.1%
Tampa (9.9%) (8.7%) 1.2%
Southeast Florida (9.9%) (7.7%) 2.2%
Austin (8.4%) (6.3%) 2.1%
Raleigh (7.9%) (5.0%) 3.0%
San Diego/Inland Empire (7.6%) (5.5%) 2.1%
Dallas (7.5%) (6.8%) 0.7%
Denver (5.7%) (2.4%) 3.3%
Houston (4.2%) (4.0%) 0.2%
Washington, DC (3.1%) (0.1%) 3.1%
Total (8.5%) (7.3%) 1.3%
15
Pricing Power Beginning to Return
Average change in new lease and renewal rates vs. expiring lease rates when signed
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
-8.0%
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10
New Lease Renewal Overall 16

Renewal Increases by Market – Sept 2010
Average change in renewal rates vs. expiring lease rates when signed
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
Atlanta
CPT Average
Austin
Denver
Southeast Florida
Southern California
Charlotte
Tampa
Dallas
Phoenix
Las Vegas
Raleigh
Orlando
Houston
Washington, DC
17
New Lease Increases by Market – Sept 2010
Average change in new lease rates vs. expiring lease rates when signed
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
CPT Average
Atlanta
Austin
Denver
Southeast Florida
Phoenix
Tampa
Dallas
Southern California
Charlotte
Las Vegas
Orlando
Raleigh
Houston
Washington, DC
18
Rental Rates Improving
$990
$980
$970
$960
$950
$940
$930
$920
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10
Market Rents In-Place Rents 19

Occupancy Rising
96.0%
95.0%
94.3%
94.2%
93.9%
94.0%
93.4%
93.1%
93.0%
92.0%
3Q09 4Q09 1Q10 2Q10 3Q10
Same Property Average Occupancy

20
91.0%
92.0%
93.0%
94.0%
95.0%
96.0%
97.0%
98.0%
Washigton, DC
Denver
Raleigh
Charlotte
Southeast Florida
3Q10 same property average occupancy
Austin
Dallas
CPT Average
Occupancy by Market
Atlanta
Orlando
Tampa
Houston
Southern California
Las Vegas
Phoenix
21
2010 Guidance Increased
Original Guidance (1) Revised Guidance (2)
Earnings
FFO per share $2.35 - $2.65 $2.58 - $2.70
EPS per share $(0.24) - $0.06 $0.06 - $0.18
Same Property Performance

Revenue growth (2.25)% - (4.25)% (1.5)% - (2.5)%
Expense growth 2.0% - 3.5% 0.75% - 1.25%
NOI growth (5.5)% - (8.5)% (3.0)% - (5.0)%
(1) Issued February 2010.

(2) Issued July 2010 and re-affirmed October 2010. 22
Thanks for the
Internet Al Gore!
2010 – 50K Visitors Each Week
Top Internet
Referring Sites
1. CraigsList.com
2. ApartmentGuide.com
3. Facebook
4. ForRent.com
5. Apartments.com
What are our customers saying about us?
August 2010 Focus Group Results

Seriously Mobile
Five Can’t-Miss Mobile Marketing Trends For 2010, Paul Rosenfeld, December 30, 2009 - smallbiztrends.com
Keep an Eye on Mobile Usage Trends, Erin Wilson, May 12, 2010 - blog.90octane.com
Mobile Access 2010, Aaron Smith, Jul 7, 2010 - Pew Research Center
“Nothing but Net” Campaign
Internet Marketing at its finest!
Campaign “Netted” 5,603 leases (July 5 – Sept 19)

Guest Card Volume Change
For July and August
“Nothing but Net” Group - 14.35%
Non-“Nothing but Net” Group - 3.27%

Camden Contact Center
Steve Zissou
Official mascot
35
Acquisitions & Dispositions
37
Camden’s Investment Thesis
• Create value by maximizing return on invested capital
(ROIC)
• Ensure appropriate leverage
• Accomplish by making investments that are accretive to
weighted average cost of capital (WACC)
38
Acquisition Environment
• Transaction volumes beginning to increase
• Most financing still provided by Fannie Mae & Freddie
Mac, but life companies competitive
• Limited seller distress so far
• Well-capitalized buyers competing heavily for core
product
• Cap rates range from 4.5% to 5.25% for core assets in
infill locations
39
Camden Multifamily Value Add Fund
• $120M assets currently owned within Fund
• $375M total equity commitment – $300M institutional
capital, $75M Camden
• $1.0B total investment capacity (based on 60% leverage)
• Investment vehicle for select acquisitions and
development
• Camden fee income includes asset management,
property management, construction, development and
capital improvements
• 20% carried interest and fees enhance equity returns
40
Camden Yorktown
Location Houston, TX
Date acquired July 2010
Purchase price $25 million
Year built 2008

Number of units 306
CPT ownership 20%
% occupied 96% (10/1/10)
41
Camden Ivy Hall
Location Atlanta, GA
Date acquired July 2010
Purchase price $15 million
Cost to complete $2 million
Year built 2010

Number of units 110
CPT ownership 20%
% occupied 44% (10/1/10)
42
Dispositions
• Expect to complete $105M dispositions by year-end
• 25-year old asset in Dallas/Ft. Worth
• 5-year old asset in Suburban Virginia
• Midwest Joint Venture currently being marketed for sale
• 9 communities with 3,237 apartment homes located
in St. Louis, Kansas City and Louisville
• Camden ownership – 15%
• Expect sale to occur in late 2010 or early 2011
43
Development & Re-Development
44
Resuming Development Activity
• Core competency for Camden throughout 17-year
history as public company
• Completed over 50 communities with 20,000 apartment
homes for total cost of $2.3B
• Expected development starts
• $100M in 2010
• $250M-$400M annually thereafter
45
2010 Development Starts
($ in millions)
Total
Projected Estimated
Project Location Homes Cost
Camden Lake Nona Orlando, FL 420 $61
Camden Summerfield II Landover, MD 187 32
Camden Royal Oaks II Houston, TX 105 13
Total 712 $106
46
Camden Lake Nona
Location – Orlando, FL
Number of units – 420
Total budget – $61 million
Start date – 4Q10
Initial occupancy – 4Q11
Construction completion – 3Q12
Stabilized operations – 4Q14
47
Camden Summerfield II
Location – Landover, MD
Start date – 4Q10
48
Camden Royal Oaks II
Location – Houston, TX
Start date – 4Q10
49
Potential 2011 Development Starts
($ in millions)
Total
Projected Estimated
Project Location Homes Cost
Camden Noma Washington, DC 317 $117
Camden South Capital Washington, DC 276 83
Camden Celebration Orlando, FL 438 65
Camden Countryway Tampa, FL 348 51
Camden Montague Tampa, FL 192 23
Camden City Centre II Houston, TX 260 36
Camden Amber Oaks II Austin, TX 244 25
Total 2,075 $400
50
Additional Land Holdings
($ in millions)
Potential Projected Cost to

Location Projects Homes Date*
Washington, DC 1 400 $17.3
Houston, TX 3 750 9.9
Austin, TX 1 300 4.3
Denver, CO 2 675 11.6
Hollywood, CA 1 300 17.3
Dallas, TX 1 300 8.6
Southeast FL 1 200 4.6
Las Vegas, NV 1 425 4.2
Total 11 3,350 $77.8
* Cost as of 6/30/10 51
Re-Development Program
• Completed $45M during 2007-2010 for 10% return on
investment
• Interior and exterior improvements included upgraded
kitchens, baths and common areas
• Recently commenced “on-demand” kitchen and bath
redevelopment program
• 15 communities
• 3,800 apartment homes
• Total cost of $30M
• Expected returns of 10%-15%
52
Capital Structure & Liquidity
53
Strong Capital Structure
($ in millions – as of 9/30/10)
• 41.7% debt-to-total market

Senior Unsecured
capitalization
Notes
$1,508 Equity *
$3,547
• 5.1% weighted average
interest rate on all debt
Unsecured Line
of Credit • 90.9% fixed-rate debt
$0
• 59.3% unsecured debt
Mortgages • Manageable debt maturities
$1,034
over next several years
Total Market Capitalization = $6.1 Billion
* Based on closing share price of $47.97 on 9/30/10. 54

Liquidity
• Approximately $84M cash on hand at 9/30/10
• $0 drawn on credit facility
• Sufficient liquidity to meet capital needs
• Minimal debt maturities over next 24 months
• Large unencumbered asset pool
• Low payout ratio
• Dividend increase likely in 2011
55
Manageable Debt Maturities
Future scheduled maturities (as of 9/30/10)
($ in millions)
$1,380.8
$1,400
$1,200
$1,000
$762.7
$800
$600
$400 $228.0
$158.5
$200
$1.1 $11.0
$0
2010 2011 2012 2013 2014 Thereafter 56
Details on 2011 & 2012 Maturities
Future scheduled maturities (as of 9/30/10)
($ in millions)
$690.3
$700
$600
$500
$400
$300
$200
$89.1 $70.4
$100 $36.1 $32.3
$1.0 $1.0 $1.0
$0
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 57
Camden’s Leverage Relative to Peers
Company EBITDA/Interest Expense
MAA 3.22x
ESS 3.03x
AVB 2.91x
BRE 2.53x
CPT 2.51x
UDR 2.34x
EQR 2.30x
PPS 2.19x
HME 2.18x
CLP 1.87x
AIV 1.72x
AEC 1.67x
Average 2.37x
58
Source: KeyBanc Capital Markets – 9/24/10
New Revolving Credit Facility
Number of Banks 17
Joint Bookrunners: Banc of America Securities, LLC and JP Morgan Securities, Inc
Facility: $500 million Senior Unsecured Revolving Credit Facility
– $100 million letter of credit sublimit
– Accordion up to $600 million
Maturity: August 2012, with 1 year extension option
Pricing: Pricing grid based on credit rating

Current pricing:
– LIBOR margin 210 bps
– Annual facility fee 40 bps
– All-in drawn 250 bps
Financial Covenants: Maximum Leverage Ratio: <60%

Minimum Fixed Charge Coverage: 1.5x
Maximum Secured Debt: 35%
Minimum Net Worth: 75% of tangible net worth prior to closing
plus 50% of new equity proceeds
Minimum Unencumbered Interest Coverage: 2.0x
Minimum Unencumbered Debt Yield: 11.5% 59
Indicative Senior Unsecured Pricing
Pricing as of 9/27/10
Maturity (years) 5 7 10
Size ($ millions) $250 - $500 $250 - $500 $250 - $500
Benchmark Treasury UST 1.250% 8/15 UST 1.875% 8/17 UST 2.625% 8/20
Benchmark Treasury yield (%) 1.29% 1.91% 2.53%
Reoffer spread (bps) T+200 - 212.5 T+212.5 - 225 T+212.5 - 225
Reoffer yield 3.286% - 3.410% 4.031% - 4.160% 4.653% - 4.780%
Swap spread (bps) +23 +15 +3
Reoffer versus LIBOR (bps) +177 - 190 +198 - 120 +209 - 222
Fees upfront (%) 0.600% 0.625% 0.650%
All-in yield 3.42% - 3.54% 4.13% - 4.26% 4.73% - 4.86%
All-in spread versus LIBOR (bps) +190 - 203 +208 - 220 +218 - 230
60
Secured Financing Alternatives
Fannie Mae rates as of 9/27/10
80% LTV / 1.25 DSC

Investor
Spread
Term Investor YM Treasury plus G&S Total Rate
5 years 4.5 years 1.28% 1.99% 3.27%
7 years 6.5 years 1.89% 1.99% 3.88%
10 years 9.5 years 2.51% 1.99% 4.50%
65% LTV / 1.35 DSC

Investor
Spread
5 years 4.5 years 1.28% 1.79% 3.07%
7 years 6.5 years 1.89% 1.79% 3.68%
10 years 9.5 years 2.51% 1.79% 4.30%
55% LTV / 1.55 DSC

Investor
Spread
5 years 4.5 years 1.28% 1.55% 2.83%
7 years 6.5 years 1.89% 1.55% 3.44%
10 years 9.5 years 2.51% 1.55% 4.06%
61
Summary
62
Why Camden?
• Experienced management team with proven history of
performance and sound business plan
• Consistent long-term focus and commitment to high-
growth markets
• Strong balance sheet with ample liquidity
• Well-positioned to capitalize on future opportunities
• Ranked #10 by FORTUNE® Magazine on list of
“100 Best Companies to Work For” in America
63
Definitions & Disclosures
Funds from Operations (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.
65
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:
2010 Range
Low High
Expected net income attributable to common shareholders per share - diluted $0.06 $0.18
Expected real estate depreciation 2.37 2.37
Expected adjustments for unconsolidated joint ventures 0.13 0.13
Expected income allocated to noncontrolling interests 0.02 0.02
Expected FFO per share - diluted $2.58 $2.70
66
67

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Market Advisory Services Witten Advisors

Market-Smart Investment Decisions

U.S. Apartment Markets:

Like Q1, leasing in 2Q10 was best in 15+ years

Disconnect between apartment demand and jobs?

Why then? 1) Ownership still losing market share

2) Pent-up demand: Young adults out of market

# Households < 30 (millions)

Source: U.S. Census Bureau, Witten Advisors

2009: 1.1 million more young adults at home than normal

Share of U.S. Young Adults 25-34 Living at

Source: U.S. Department of Commerce

Young adult hiring in 2010 the best since 1984

2010* YTD Aug

Source: U.S. Bureau of Labor Statistics

Hiring is uneven in recoveries; 2010 better than most

Source: U.S. Bureau of Labor Statistics

Job Growth Forecast: 2010 gradual; 2011-2013 solid

Sources: U.S. Bureau of Labor Statistics; Consensus forecast

Cap rates fall faster than NOIs = 1) higher values…

…and 2) improved development margins –

Development Return Spread

over Current Cap Rate

Demand surge continues, while stock shrinks

Recovery began in 2010; 2011-2013 above trend

Annual Effective Rent Growth

2010 NOI erodes slightly; strong rebound 2011-2013

Source: Witten Advisors

Employment growth scenarios

Demand surge continues due to

MF rental starts bottom in 2010, rebound modestly

150,000 Base Case

Starts slump in 2008-2010 = few completions ahead

Apartment stock shrinks after obsolescence

Solid demand + shrinking supply = high occupancy

High occupancy brings rent growth

Rent Growth Base Case Best Case Double-Dip

Rent growth drives strong NOI growth

Source: Witten Advisors

Metro Market Focus

Strong demand recovery in many CPT markets…

…solidly positive demand in all others

Source: Witten Advisors

2Q 2010 Actuals: Apartment Demand Highlights

August 2010 Actuals: Year-Year Job Growth

Early job growth leaders in recent recoveries…

Source: Witten Advisors

…similar names expected in this recovery…

*among top 10 early job growth leaders in 1993-1994

…supporting a sharp rebound in rental income

Source: Witten Advisors

Percentage of NOI by Market – 2Q10 Actual

Over 97% of Camden’s NOI is derived from these markets 11

New Lease Renewal Overall 16

Market Rents In-Place Rents 19

Same Property Average Occupancy

Same Property Performance

(1) Issued February 2010.

August 2010 Focus Group Results

Campaign “Netted” 5,603 leases (July 5 – Sept 19)

“Nothing but Net” Group - 14.35%

Non-“Nothing but Net” Group - 3.27%

Year built 2008