Camden Property Trust Announces Fourth Quarter 2002 Acquisition/Disposition Activity.

Business Editors & Real Estate Writers

HOUSTON--(BUSINESS WIRE)--Jan. 13, 2003

Camden Property Trust (NYSE:CPT) today announced the acquisition of 842 apartment homes in three multifamily communities for a total of $105 million during the fourth quarter of 2002. The Company also purchased three undeveloped land parcels for a total of $39 million, which it intends to develop into multifamily apartment communities. Camden completed $126 million of dispositions during the same period, consisting of 2,110 apartment homes in five multifamily communities and four undeveloped land parcels. "The impact of these transactions was included in our 2003 funds from operations ("FFO") guidance of between $3.15 and $3.35 per diluted share," said Richard Campo, chairman and chief executive officer.

Acquisitions

Camden acquired one stabilized community and two properties under development during the quarter. Camden Providence Lakes, a 260-home apartment community in Brandon, Fla., was built in 1996 and was acquired for $17 million. Average monthly rental rates are $822 per unit or $0.80 per square foot, and the community is currently 90% occupied.

Camden Sierra at Otay Ranch, a 422-home apartment community in the San Diego, Calif. area, was acquired for $56 million in December 2002. The property is currently 36% leased and 35% occupied, and construction completion is scheduled for first quarter 2003. Camden Tuscany, a 160-home apartment community in San Diego, was acquired for $32 million in December 2002. The property is currently under construction and is expected to begin leasing in the first quarter of 2003. Construction completion is scheduled for the second quarter of 2003.

Upon stabilization of the two development properties, the weighted average yield on the 842 apartment homes acquired during the quarter is expected to be 7.8% after 2.5% management fees and a $150 per unit cap-ex reserve.

Dispositions

Camden disposed of the following three communities in Texas for $54 million during the quarter: Camden Chasewood - 282 apartment homes in Houston, Camden Wallingford - 462 apartment homes in Houston, and Camden Waterford - 580 apartment homes in Corpus Christi, Texas. These assets had an average age of 22 years and average monthly rents of $599 per month or $0.78 per square foot. The cap rate on these dispositions was approximately 8.2% based on trailing 12-month Net Operating Income after 2.5% management fees and a $450 per unit cap-ex reserve.

The Company also sold two properties in Nevada with adjacent undeveloped land parcels for $70 million to The Delta Group during the quarter. Camden Harbor - 336 apartment homes in Las Vegas, and Camden Bluffs - 450 apartment homes in Reno, had a disposition cap rate of approximately 8.5% based on trailing 12-month Net Operating Income after 2.5% management fees and a $200 per unit cap-ex reserve. The Delta Group also acquired a $33 million property in Denver, which had been developed and managed by Camden for a third party. Camden will continue to manage all three properties and has provided $15.6 million in mezzanine financing to The Delta Group relating to those assets.

Two undeveloped land parcels which were part of the former Andrau Airport tract in Houston, were also sold by Camden during the quarter. The sites totaled 4 acres and were sold for approximately $2 million.

Undeveloped Land

The Company acquired three land parcels during the fourth quarter of 2002, which it intends to develop into multifamily apartment communities. The new development sites are located in San Diego, Houston and Northern Virginia, and the Company expects to begin construction on these projects in late 2003 or early 2004. Initial plans call for the development of 350 apartment homes in San Diego, 211 apartment homes in Houston and 464 apartment homes in Northern Virginia. Additional information on these projects will be made available once development plans are finalized.

Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 143 properties containing 50,790 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of four properties under development, the Company's portfolio will increase to 52,274 apartment homes in 147 properties.

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.

For additional information, please contact Camden's Investor Relations Department at 1-800-9Camden or 713/354-2787 or access our Web site at http://www.camdenliving.com.