Camden Property Trust Announces Settlement of Shareholder Action.

HOUSTON -- Camden Property Trust (NYSE:CPT) today announced that it has entered into a memorandum of understanding setting forth the terms of a settlement with plaintiff's counsel of a purported class action lawsuit filed on Oct. 6, 2004 against Camden, Summit Properties Inc. and each then member of the Board of Directors of Summit in the General Court of Justice, Superior Court Division, of Mecklenburg County, North Carolina in connection with the merger of Camden and Summit, which closed on Feb. 28, 2005.

Under the terms of the memorandum, the parties agreed to settle the lawsuit subject to, among other things, court approval. If the court approves the settlement, the lawsuit will be dismissed with prejudice and the defendants will be released of all claims related to the merger. In connection with negotiations relating to the memorandum of understanding, the parties agreed to include, and have included, in the joint proxy statement/prospectus relating to the merger additional disclosures regarding the merger. If the conditions are satisfied and the action dismissed with prejudice, the plaintiff's counsel will seek and Camden, as successor to Summit, will pay $383,000 in settlement of this action for attorneys' fees and expenses.

The defendants vigorously deny all liability with respect to the facts and claims alleged in this action, and specifically deny that any further supplemental disclosure was required under any applicable rule, statute, regulation, or law. However, the defendants considered it desirable that these actions be settled to avoid the substantial burden, expense, risk, inconvenience and distraction of continued litigation and to fully and finally resolve the settled claims.

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.

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 192 properties containing 66,446 apartment homes across the United States. Upon completion of seven properties under development, the Company's portfolio will increase to 68,974 apartment homes in 199 properties. 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.