Camden Property Trust Announces Fourth Quarter 2008 Dividend

The Board of Trust Managers of Camden Property Trust declared a fourth quarter dividend of $0.70 per share to holders of record as of December 4, 2008 of its Common Shares of Beneficial Interest. The dividend is to be paid on January 2, 2009.

Ric Campo, Camden’s Chairman and Chief Executive Officer, stated that “with all of the uncertainty in the financial markets, many analysts and shareholders have asked questions about possible changes in Camden’s dividend policy. That is why we have chosen to declare and pay the fourth quarter dividend at this time. Our view is that for many of our long-term investors the dividend is an important part of their reason for owning Camden.” Campo continued, “We believe that Camden has a strong balance sheet and our liquidity position is sound. As of September 30, 2008, we had $29 million in cash on the balance sheet, no debt maturities for the remainder of 2008, and no amounts drawn under our $600 million unsecured line of credit. Based upon our existing liquidity position, potential proceeds from asset sales and our ability to incur additional secured debt, with Fannie and Freddie still very active in the multifamily space and over 75% of our real estate assets unencumbered, we do not anticipate any problems in meeting our upcoming debt maturities. We are currently paying our $2.80 annual dividend from operating cash flows. Our full year guidance for funds from operations for 2008 is $3.57 to $3.61 per diluted share. We have a high quality portfolio that is geographically diversified. With an average unit rent of $980 across our portfolio, we intend to continue to provide a high quality, reasonably priced housing option for our current and future residents.”