Camden Property Trust Announces Stock Buyback Program

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Camden Property Trust Announces Stock Buyback Program

    HOUSTON, Sept. 3 /PRNewswire/ -- Camden Property Trust (NYSE: CPT) today
announced that its Board of Trust Managers has approved the buyback of up to
$50 million of Camden's common shares through open market purchases and
private transactions.  The Company expects to purchase the shares over the
next six months in lieu of making additional property acquisitions utilizing
proceeds from the recently completed sale of assets to Sierra-Nevada
Multifamily Investments, LLC and using available cash flow from operations.
    Ric Campo, Camden's chairman, stated, "With shares currently trading at a
significant discount to our net asset value, we believe we can reinvest free
cash into our own shares at yields which greatly exceed yields currently
available on direct real estate investments.  Since this can be done without
incurring additional debt and without reducing our financial flexibility, we
believe it is an appropriate strategy for our Company to pursue."
    Camden Property Trust is a fully integrated real estate investment trust
(REIT) engaged in the ownership, development, acquisition, marketing,
management, and disposition of multifamily apartment communities.  Camden owns
interests in and operates 151 properties containing 51,015 apartment homes in
the Sunbelt and Midwestern markets from Florida to California.  Upon
completion of 14 properties under development, the Company's portfolio will
increase to 56,695 apartment homes in 165 properties.
    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 credit
risks and uncertainties, which are difficult to predict.
    For more information, please contact Richard J. Campo or D. Keith Oden at
800-9Camden, or 713-354-2500, or visit the Company's web site at
http://www.camdenprop.com.

SOURCE Camden Property Trust

http://www.camdenprop.com
CONTACT:
Richard J. Campo or D. Keith Oden, both of
Camden Property Trust, 800-9Camden, or 713-354-2500