Profile: Camden Property Trust (CPT)

Camden Property Trust is a real estate investment trust (REIT) engaged in the ownership, development, construction and management of multi-family apartment communities. As of December 31, 2008, the Company owned interests in, operated or were developing 186 multi-family properties comprising 64,329 apartment homes across the United States. As of December 31, 2008, the Company had 1,426 apartment homes under development at five of its multi-family properties, including 1,060 apartment homes at four multi-family properties owned through joint ventures, in which the Company owns an interest. In addition, one property consisting of 671 apartment homes were designated as held for sale. In March 2008, the Company sold Camden Amber Oaks, a development community in Austin, Texas, to the Camden Multifamily Value Add Fund, L.P. (the Fund).

The Company’s properties consist of mid-rise buildings or two and three-story buildings in a landscaped setting and provide residents with a variety of amenities. Most of the properties have one or more swimming pools and a clubhouse, and many have whirlpool spas, tennis courts and controlled-access gates. Many of the apartment homes offer additional features, such as fireplaces, vaulted ceilings, microwave ovens, covered parking, icemakers, washers and dryers, and ceiling fans. The 181 operating properties, including properties held through joint ventures, which the Company owned interests in and operated as of December 31, 2008, averaged 915 square feet of living area per apartment home. Camden Property Trust’s operating properties, including properties held through joint ventures, had a weighted average occupancy rate of 93.9% during the year ended December 31, 2008. Resident lease terms generally range from 6 to 15 months. The Company’s 156 operating properties have over 200 apartment homes, with the largest having 904 apartment homes.