EXHIBIT 99.1

CAMDEN PROPERTY TRUST ANNOUNCES REDEMPTION OF
8.25% SERIES C PREFERRED UNITS

Houston, TEXAS (January 12, 2005) – Camden Property Trust (NYSE:CPT) announced today that it has redeemed the remaining $17.5 million of its 8.25% Series C Cumulative Convertible Redeemable Perpetual Preferred Units pursuant to the Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P. The holder of the 700,000 Series C Preferred Units received cash equal to $25.00 per unit plus accrued and unpaid distributions.

In connection with the issuance of the Series C Preferred Units, the Company incurred $0.4 million in issuance costs and recorded such costs as a reduction to minority interests. In accordance with generally accepted accounting principles, the Company will reflect the $0.4 million