Camden Property Trust Announces Second Quarter 2008 Operating Results

HOUSTON--(Business Wire)--
Camden Property Trust (NYSE:CPT) announced that its funds from
operations ("FFO") for the second quarter of 2008 totaled $0.94 per
diluted share or $54.9 million, as compared to $0.92 per diluted share
or $57.8 million for the same period in 2007. FFO for the six months
ended June 30, 2008 totaled $1.83 per diluted share or $107.2 million,
as compared to $1.81 per diluted share or $113.7 million for the same
period in 2007. FFO for the three and six months ended June 30, 2008
included a $0.04 per diluted share impact from gains related to
repurchase of unsecured senior notes.

Net Income ("EPS")

The Company reported net income ("EPS") of $17.3 million or $0.31
per diluted share for the second quarter of 2008, as compared to $42.6
million or $0.71 per diluted share for the same period in 2007. EPS
for the three months ended June 30, 2008 included a $0.15 per diluted
share impact from gain on sale of discontinued operations, and a $0.04
per diluted share impact from gains related to repurchase of unsecured
senior notes. EPS for the three months ended June 30, 2007 included a
$0.52 per diluted share impact from gain on sale of discontinued
operations.

For the six months ended June 30, 2008, net income totaled $32.2
million or $0.58 per diluted share, as compared to $55.6 million or
$0.93 per diluted share for the same period in 2007. EPS for the six
months ended June 30, 2008 included a $0.28 per diluted share impact
from gain on sale of properties including discontinued operations, and
a $0.04 per diluted share impact from gains related to repurchase of
unsecured senior notes. EPS for the six months ended June 30, 2007
included a $0.52 per diluted share impact from gain on sale of
properties including discontinued operations.

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

Same-Property Results

For the 42,166 apartment homes included in consolidated
same-property results, second quarter 2008 same-property net operating
income ("NOI") increased 0.8% compared to the second quarter of 2007,
with revenues increasing 1.6% and expenses increasing 3.0%. On a
sequential basis, second quarter 2008 same-property NOI increased 1.7%
compared to the first quarter of 2008, with revenues increasing 1.8%
and expenses increasing 2.1% compared to the prior quarter.
Same-property physical occupancy levels for the portfolio averaged
94.6% during the second quarter of 2008, compared to 94.8% in the
second quarter of 2007 and 93.8% in the first 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 second quarter, lease-up was completed at Camden
Monument Place in Fairfax, VA, a $62.7 million project that is
currently 96% occupied, and Camden Plaza in Houston, TX, a $40.8
million joint venture project that is currently 93% occupied. As of
June 30, 2008, Camden had five wholly-owned apartment communities
which were completed and in lease-up: Camden Royal Oaks in Houston,
TX, a $21.0 million project that is currently 94% leased; Camden City
Centre in Houston, TX, a $51.6 million project that is currently 93%
leased; Camden Potomac Yard in Arlington, VA, a $104.2 million project
that is currently 63% leased; Camden Summerfield in Landover, MD, a
$62.0 million project that is currently 57% leased; and Camden Orange
Court in Orlando, FL, a $45.1 million project that is currently 44%
leased.

The Company has five additional communities currently under
construction and in lease-up: Camden Dulles Station in Oak Hill, VA, a
$77.0 million project that is currently 30% leased; Camden Cedar Hills
in Austin, TX, a $27.0 million project that is currently 47% leased;
Camden Whispering Oaks in Houston, TX, a $30.0 million project that is
currently 32% leased; Camden College Park in College Park, MD, a
$139.9 million joint venture project that is currently 56% leased; and
Camden Main & Jamboree in Irvine, CA, a $115.0 million joint venture
project that is currently 65% leased.

Camden's current development pipeline also includes three joint
venture communities which are under construction but have not yet
begun leasing. These projects comprise 807 apartment homes with a
total budgeted cost of $121.8 million.

Camden's future development pipeline currently consists of 18
potential developments comprising 5,855 apartment homes and a total
estimated cost of $1.5 billion. The future pipeline represents
projects in the early phase of development, for which Camden owns the
land but has not yet begun construction.

Disposition Activity

During the quarter, the Company disposed of Oasis Sands, a 48-home
apartment community in Las Vegas, NV and Camden Towne Village, a
188-home apartment community in Mesquite, TX for a total of $14.0
million, resulting in a gain on sale of $8.6 million. Subsequent to
quarter-end, the Company completed the sales of: Camden Lakeview, a
476-home apartment community in Irving, TX; Camden Woodview, a
283-home apartment community in Austin, TX; Camden Briar Oaks, a
430-home apartment community in Austin, TX; and Camden Arbors, a
358-home apartment community in Westminster, CO. The four communities
were sold for a total of $94.9 million.

Properties and Land Held for Sale

At June 30, 2008, Camden had two operating communities consisting
of 834 apartment homes held for sale: Camden Lakeview, a 476-home
apartment community in Irving, TX; and Camden Arbors, a 358-home
apartment community in Westminster, CO. Both communities were disposed
of subsequent to quarter-end.

The Company also had 4.6 acres of undeveloped land in Boca Raton,
FL and Dallas, TX classified as held for sale at quarter-end.

Stock Repurchase

During the first quarter of 2008, Camden repurchased 690,400
common shares at an average price per share of $43.41, for a total of
$30.0 million. No shares were repurchased during the second quarter of
2008. The Company has completed a total of $230.1 million of common
share repurchases during 2007 and 2008.

Earnings Guidance

Camden's earnings guidance for 2008 is based on its current and
expected views of the apartment market and general economic
conditions. Full-year 2008 FFO is expected to be $3.55 to $3.65 per
diluted share, and full-year 2008 EPS is expected to be $0.72 to $0.82
per diluted share. The Company's revised 2008 earnings guidance is
based on projections of same-property revenue growth of 2.0% to 2.75%,
expense growth of 4.25% to 5.25%, and NOI growth of 0.5% to 1.5%.
Third quarter 2008 earnings guidance is $0.85 to $0.89 per diluted
share for FFO and $0.06 to $0.10 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. A reconciliation of expected net income to expected
FFO is included in the financial tables accompanying this press
release.

Conference Call

The Company will hold a conference call on Friday, August 1, 2008
at 10:00 a.m. Central Time to review its second quarter 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 Second 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 178 properties containing 62,065 apartment
homes across the United States. Upon completion of eight properties
under development, the Company's portfolio will increase to 64,518
apartment homes in 186 properties. Camden was recently named to
FORTUNE(R) Magazine's list of the "100 Best Companies to Work For."

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.

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*T

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 2008 2007 2008 2007
------------------------------ ------------------- -------------------
Property revenues
Rental revenues $139,628 $133,798 $276,951 $265,450
Other property revenues 19,488 15,989 37,179 30,426
------------------- -------------------
Total property revenues 159,116 149,787 314,130 295,876

Property expenses
Property operating and
maintenance 41,464 38,293 81,852 76,338
Real estate taxes 18,237 16,892 35,919 32,722
------------------- -------------------
Total property expenses 59,701 55,185 117,771 109,060

Non-property income
Fee and asset management
income 2,131 2,420 4,543 4,806
Interest and other income 1,092 1,810 2,425 3,372
Income on deferred
compensation plans (639) 4,835 (9,180) 7,141
------------------- -------------------
Total non-property income 2,584 9,065 (2,212) 15,319

Other expenses
Property management 5,281 4,800 10,181 9,528
Fee and asset management 1,696 811 3,421 2,431
General and administrative 8,414 7,912 16,374 15,966
Interest 33,378 29,243 66,044 57,003
Depreciation and amortization 43,983 38,905 86,288 77,627
Amortization of deferred
financing costs 592 901 1,329 1,812
Expense on deferred
compensation plans (639) 4,835 (9,180) 7,141
------------------- -------------------
Total other expenses 92,705 87,407 174,457 171,508
------------------- -------------------

Income from continuing
operations before gain on
sale of properties, gains
related to early retirement
of debt, equity in income of
joint ventures, minority
interests and income taxes 9,294 16,260 19,690 30,627
Gain on sale of properties,
including land - - 1,106 -
Gains related to early
retirement of debt 2,298 - 2,298 -
Equity in income (loss) of
joint ventures (474) 484 (521) 1,219
Minority interests
Distributions on perpetual
preferred units (1,750) (1,750) (3,500) (3,500)
Income allocated to common
units and other minority
interests (1,126) (1,343) (2,395) (2,130)
------------------- -------------------
Income from continuing
operations before income
taxes 8,242 13,651 16,678 26,216
Income tax expense (160) (316) (433) (2,221)
------------------- -------------------
Income from continuing
operations 8,082 13,335 16,245 23,995
Income from discontinued
operations 663 2,800 1,288 5,447
Gain on sale of
discontinued operations 8,549 30,976 14,676 30,976
Income from discontinued
operations allocated to
common units - (4,519) - (4,789)
------------------- -------------------
Net income $ 17,294 $ 42,592 $ 32,209 $ 55,629
=================== ===================

PER SHARE DATA
------------------------------
Net income - basic $ 0.31 $ 0.72 $ 0.58 $ 0.95
Net income - diluted 0.31 0.71 0.58 0.93
Income from continuing
operations - basic 0.15 0.23 0.29 0.41
Income from continuing
operations - diluted 0.15 0.22 0.29 0.40

Weighted average number of
common and common equivalent
shares outstanding:
Basic 55,351 58,894 55,158 58,854
Diluted 56,033 59,929 55,829 59,961

PROPERTY DATA
------------------------------
Total operating properties
(end of period) (a) 182 186 182 186
Total operating apartment
homes in operating
properties (end of period)
(a) 63,612 64,191 63,612 64,191
Total operating apartment
homes (weighted average) 51,957 53,424 51,860 53,260
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 50,919 49,375 50,750 49,091

(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.
*T

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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 2008 2007 2008 2007
----------------------------- ------------------ -------------------

Net income $17,294 $ 42,592 $ 32,209 $ 55,629
Real estate depreciation and
amortization from
continuing operations 43,088 38,213 84,530 76,220
Real estate depreciation
from discontinued
operations 321 1,191 817 2,790
Adjustments for
unconsolidated joint
ventures 1,715 1,225 3,254 2,311
Income from continuing
operations allocated to
common units 1,004 1,048 2,160 1,784
Income from discontinued
operations allocated to
common units - 4,519 - 4,789
(Gain) loss on sale of
operating properties, net
of taxes - - (1,106) 1,184
(Gain) on sale of
discontinued operations (8,554) (30,976) (14,666) (30,976)
------------------ -------------------
Funds from operations -
diluted $54,868 $ 57,812 $107,198 $113,731
================== ===================

PER SHARE DATA
----------------------------
Funds from operations -
diluted $ 0.94 $ 0.92 $ 1.83 $ 1.81
Cash distributions 0.70 0.69 1.40 1.38

Weighted average number of
common and common equivalent
shares outstanding:
FFO - diluted 58,612 62,914 58,578 62,967

PROPERTY DATA
----------------------------
Total operating properties
(end of period) (a) 182 186 182 186
Total operating apartment
homes in operating
properties (end of period)
(a) 63,612 64,191 63,612 64,191
Total operating apartment
homes (weighted average) 51,957 53,424 51,860 53,260
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 50,919 49,375 50,750 49,091

(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.
*T

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CAMDEN BALANCE SHEETS
(In thousands)

----------------------------------------------------------------------

(Unaudited) Jun 30, Mar 31, Dec 31,
2008 2008 2007
------------------------------------
ASSETS
Real estate assets, at cost
Land $ 755,200 $ 749,664 $ 730,548
Buildings and improvements 4,474,749 4,435,787 4,316,472
------------------------------------
5,229,949 5,185,451 5,047,020
Accumulated depreciation (935,640) (907,643) (868,074)
------------------------------------
Net operating real estate
assets 4,294,309 4,277,808 4,178,946
Properties under development,
including land 333,419 358,994 446,664
Investments in joint ventures 14,773 12,526 8,466
Properties held for sale,
including land 36,152 23,299 25,253
------------------------------------
Total real estate assets 4,678,653 4,672,627 4,659,329
Accounts receivable - affiliates 36,556 36,166 35,940
Notes receivable
Affiliates 53,849 52,331 50,358
Other 8,710 8,710 11,565
Other assets, net (a) 117,599 116,010 126,996
Cash and cash equivalents 1,242 947 897
Restricted cash 4,687 5,325 5,675
------------------------------------
Total assets $4,901,296 $4,892,116 $4,890,760
====================================

LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities
Notes payable
Unsecured $2,400,027 $2,351,006 $2,265,319
Secured 539,328 559,952 562,776
Accounts payable and accrued
expenses 77,441 90,779 107,403
Accrued real estate taxes 30,664 17,769 24,943
Other liabilities (b) 129,471 146,817 136,365
Distributions payable 42,965 42,942 42,689
------------------------------------
Total liabilities 3,219,896 3,209,265 3,139,495

Commitments and contingencies

Minority interests
Perpetual preferred units 97,925 97,925 97,925
Common units 96,249 97,416 111,624
Other minority interests 8,572 8,537 10,403
------------------------------------
Total minority interests 202,746 203,878 219,952

Shareholders' equity
Common shares of beneficial
interest 660 660 654
Additional paid-in capital 2,230,119 2,227,256 2,209,631
Distributions in excess of net
income (272,294) (250,845) (227,025)
Employee notes receivable (302) (306) (1,950)
Treasury shares, at cost (463,574) (463,574) (433,874)
Other comprehensive loss (c) (15,955) (34,218) (16,123)
------------------------------------
Total shareholders' equity 1,478,654 1,478,973 1,531,313
------------------------------------
Total liabilities and
shareholders' equity $4,901,296 $4,892,116 $4,890,760
====================================

(a) includes:
net deferred charges of: $ 9,434 $ 10,287 $ 10,811
value of in place leases
of: - $ 62 $ 258

(b) includes:
deferred revenues of: $ 2,747 $ 2,575 $ 2,459
above/below market leases
of: - ($6) ($13)
distributions in excess of
investments in joint
ventures of: $ 26,022 $ 25,065 $ 23,653
fair value adjustment of
derivative instrument: $ 15,955 $ 34,218 $ 16,123

(c) Represents the fair value
adjustment of the derivative
instrument.

(Unaudited) Sep 30, Jun 30,
2007 2007
-----------------------
ASSETS
Real estate assets, at cost
Land $ 714,044 $ 713,084
Buildings and improvements 4,215,662 4,144,075
-----------------------
4,929,706 4,857,159
Accumulated depreciation (827,944) (788,318)
-----------------------
Net operating real estate assets 4,101,762 4,068,841
Properties under development, including land 488,620 454,617
Investments in joint ventures 12,243 12,722
Properties held for sale, including land 73,325 72,577
-----------------------
Total real estate assets 4,675,950 4,608,757
Accounts receivable - affiliates 36,171 35,341
Notes receivable
Affiliates 48,172 45,560
Other 11,565 11,565
Other assets, net (a) 129,810 136,524
Cash and cash equivalents 1,207 3,058
Restricted cash 5,904 20,053
-----------------------
Total assets $4,908,779 $4,860,858
=======================

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $2,198,628 $2,065,175
Secured 565,564 566,001
Accounts payable and accrued expenses 110,643 128,892
Accrued real estate taxes 42,151 29,785
Other liabilities (b) 117,317 115,547
Distributions payable 44,180 44,982
-----------------------
Total liabilities 3,078,483 2,950,382

Commitments and contingencies

Minority interests
Perpetual preferred units 97,925 97,925
Common units 104,176 105,353
Other minority interests 10,740 10,916
-----------------------
Total minority interests 212,841 214,194

Shareholders' equity
Common shares of beneficial interest 654 654
Additional paid-in capital 2,207,333 2,204,525
Distributions in excess of net income (269,667) (241,711)
Employee notes receivable (1,963) (1,976)
Treasury shares, at cost (318,902) (265,210)
Other comprehensive loss (c) - -
-----------------------
Total shareholders' equity 1,617,455 1,696,282
-----------------------
Total liabilities and shareholders' equity $4,908,779 $4,860,858
=======================

(a) includes:
net deferred charges of: $ 10,308 $ 11,565
value of in place leases of: $ 703 $ 1,091

(b) includes:
deferred revenues of: $ 2,738 $ 2,937
above/below market leases of: $ 25 $ 43
distributions in excess of investments in
joint ventures of: $ 20,867 $ 19,549
fair value adjustment of derivative
instrument: - -

(c) Represents the fair value adjustment of the
derivative instrument.
*T

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*T

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 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 to FFO is provided below:

Three Months Six Months Ended
Ended
June 30, June 30,
----------------- ------------------
2008 2007 2008 2007
----------------- ------------------
Net income $17,294 $ 42,592 $ 32,209 $ 55,629
Real estate depreciation and
amortization from continuing
operations 43,088 38,213 84,530 76,220
Real estate depreciation from
discontinued operations 321 1,191 817 2,790
Adjustments for unconsolidated
joint ventures 1,715 1,225 3,254 2,311
Income from continuing
operations allocated to common
units 1,004 1,048 2,160 1,784
Income from discontinued
operations allocated to common
units - 4,519 - 4,789
(Gain) loss on sale of operating
properties, net of taxes - - (1,106) 1,184
(Gain) on sale of discontinued
operations (8,554) (30,976) (14,666) (30,976)
----------------- ------------------
Funds from operations -
diluted $54,868 $ 57,812 $107,198 $113,731
================= ==================

Weighted average number of
common and common equivalent
shares outstanding:
EPS diluted 56,033 59,929 55,829 59,961
FFO diluted 58,612 62,914 58,578 62,967

Net income per common share -
diluted $ 0.31 $ 0.71 $ 0.58 $ 0.93
FFO per common share - diluted $ 0.94 $ 0.92 $ 1.83 $ 1.81

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 (EPS). A
reconciliation of the ranges provided for expected net income per
diluted share to expected FFO per diluted share is provided below:

3Q08 Range 2008 Range
Low High Low High
----------------- ------------------

Expected net income per share -
diluted $ 0.06 $ 0.10 $ 0.72 $ 0.82
Expected difference between EPS
and fully diluted FFO shares (0.01) (0.01) (0.03) (0.03)
Expected real estate
depreciation 0.74 0.74 2.94 2.94
Expected adjustments for
unconsolidated joint ventures 0.03 0.03 0.12 0.12
Expected income allocated to
common units 0.03 0.03 0.08 0.08
Expected (gain) on sale of
properties and properties held
for sale 0.00 0.00 (0.28) (0.28)
----------------- ------------------
Expected FFO per share - diluted $ 0.85 $ 0.89 $ 3.55 $ 3.65

Note: This table contains forward-looking statements. Please see the
paragraph regarding forward-looking statements on page 1 of this
document.

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 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 to net operating income is provided
below:

Three Months Six Months Ended
Ended
June 30, June 30,
----------------- ------------------
2008 2007 2008 2007
----------------- ------------------
Net income $17,294 $ 42,592 $ 32,209 $ 55,629
Fee and asset management income (2,131) (2,420) (4,543) (4,806)
Interest and other income (1,092) (1,810) (2,425) (3,372)
Income on deferred compensation
plans 639 (4,835) 9,180 (7,141)
Property management expense 5,281 4,800 10,181 9,528
Fee and asset management expense 1,696 811 3,421 2,431
General and administrative
expense 8,414 7,912 16,374 15,966
Interest expense 33,378 29,243 66,044 57,003
Depreciation and amortization 43,983 38,905 86,288 77,627
Amortization of deferred
financing costs 592 901 1,329 1,812
Expense on deferred compensation
plans (639) 4,835 (9,180) 7,141
(Gain) loss on sale of
properties, including land - - (1,106) -
Gains related to early
retirement of debt (2,298) - (2,298) -
Equity in income (loss) of joint
ventures 474 (484) 521 (1,219)
Distributions on perpetual
preferred units 1,750 1,750 3,500 3,500
Income allocated to common units
and other minority interests 1,126 1,343 2,395 2,130
Income tax expense 160 316 433 2,221
Income from discontinued
operations (663) (2,800) (1,288) (5,447)
Gain on sale of discontinued
operations (8,549) (30,976) (14,676) (30,976)
Income from discontinued
operations allocated to common
units - 4,519 - 4,789
----------------- ------------------
Net Operating Income (NOI) $99,415 $ 94,602 $196,359 $186,816

"Same Property" Communities $81,246 $ 80,579 $161,150 $159,483
Non-"Same Property" Communities 9,634 7,109 19,327 13,506
Development and Lease-Up
Communities 726 (23) 1,004 (114)
Redevelopment Communities 6,925 6,301 13,351 12,794
Dispositions / Other 884 636 1,527 1,147
----------------- ------------------
Net Operating Income (NOI) $99,415 $ 94,602 $196,359 $186,816

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 of joint
ventures, gain on sale of real estate assets, and income allocated to
minority interests. The Company considers EBITDA to be an appropriate
supplemental measure of operating performance to net income 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 to EBITDA is provided below:

Three Months Six Months Ended
Ended
June 30, June 30,
----------------- ------------------
2008 2007 2008 2007
----------------- ------------------
Net income $17,294 $ 42,592 $ 32,209 $ 55,629
Interest expense 33,463 29,398 66,239 57,306
Amortization of deferred
financing costs 592 901 1,329 1,812
Depreciation and amortization 43,983 38,905 86,288 77,627
Distributions on perpetual
preferred units 1,750 1,750 3,500 3,500
Income allocated to common units
and other minority interests 1,126 1,343 2,395 2,130
Income tax expense 160 316 433 2,221
Real estate depreciation and
amortization from discontinued
operations 325 1,196 826 2,800
(Gain) loss on sale of
properties, including land - - (1,106) -
Gains related to early
retirement of debt (2,298) - (2,298) -
Equity in income(loss) of joint
ventures 474 (484) 521 (1,219)
Gain on sale of discontinued
operations (8,549) (30,976) (14,676) (30,976)
Income from discontinued
operations allocated to common
units - 4,519 - 4,789
----------------- ------------------
EBITDA $88,320 $ 89,460 $175,660 $175,619
*T

Camden Property Trust, Houston
Kim Callahan, 713-354-2549

Copyright Business Wire 2008