NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 18. PRICE RANGE OF COMMON SHARES (UNAUDITED) 19. SUBSEQUENT EVENTS (UNAUDITED) On February 28, 2005, Summit Properties, Inc. (“Summit”) was merged with and into Camden Summit Inc., one  of our wholly-owned subsidiaries (“Camden Summit”), pursuant to an Agreement and Plan of Merger dated as of  October 4, 2004 (the “Merger Agreement”), as amended. Prior to the effective time of the merger, Summit was the  sole general partner of Summit Properties Partnership, L.P. (the “Camden Summit Partnership”), and at the effective  time, Camden Summit became the sole general partner of the Camden Summit Partnership. As of December 31,  2004, Summit owned or held an ownership interest in 48 communities comprised of 15,002 apartment homes with an  additional 1,834 apartment homes under construction in five new communities. Under the terms of the Merger Agreement, Summit stockholders had the right to elect, on a share-by-share basis,  to receive either $31.20 in cash or 0.6687 of a Camden common share at the closing of the merger. These elections  were subject to reallocation so that the aggregate amount of cash issued in the merger to Summit’s stockholders  equaled approximately $436.3 million. In the merger, we issued approximately 11.8 million common shares to  Summit stockholders. The limited partners in the Camden Summit Partnership were offered, on a unit-by-unit basis,  the opportunity to redeem their partnership units for $31.20 in cash per unit or to remain in the Camden Summit  Partnership following the merger at a unit valuation equal to 0.6687 of a Camden common share. The limited partner  elections resulted in our redeeming 0.7 million partnership units for cash, for an aggregate of $21.7 million, and  issuing 1.8 million partnership units. The high and low sales prices per share of our common shares, as reported on the New York Stock Exchange  composite tape, and distributions per share declared for the quarters indicated are as follows: HIGH  LOW  DISTRIBUTIONS 2004 Quarters: First $  45.35  $  41.37  $  0.635 Second 46.71  40.04  0.635 Third 47.75  44.33  0.635  Fourth  51.00  44.20  0.635 2003 Quarters: First $  33.99  $  30.70  $  0.635 Second 36.14  32.93  0.635 Third 38.99  34.88  0.635  Fourth  44.30  38.73  0.635 transforming camden 91