On January 26, 2009, Camden Property Trust (the "Company") announced a reduction in the number of planned development projects it will undertake, a reduction in its construction and development staff and the charges related to these actions. These decisions were the result of the Company's quarterly strategic review taking into consideration the current and anticipated economic climate.

The Company will recognize in the fourth quarter of 2008 a non-cash charge of approximately $51.3 million. The charge reflects a $48.6 million impairment in the carrying value of land holdings for five future development projects the Company no longer plans to develop, a $1.6 million charge for a land parcel held for investment, and a $1.1 million charge associated with abandoning a potential joint venture development project. The impairment charge reflects the difference between each parcel's or investment's estimated fair value and its current book value. The impairment related-charges are not currently expected to result in material future cash expenditures.

As a result of the planned reduction in development activity, the Company expects to incur a cash charge of approximately $1 million for severance costs during the first quarter of 2009.

For additional information concerning the impairment charge and other matters discussed above, refer to the press release attached to this report as Exhibit 99.1 and incorporated herein by reference.

(c) Exhibits.

                 Exhibit   Title
                 Number

                 99.1      Press release, dated January 26, 2009