To the Board of Trust Managers and the Shareholders of Camden Property Trust, We have audited the accompanying consolidated balance sheets of Camden Property Trust and subsidiaries (the  “Trust”) as of December 31, 2004 and 2003, and the related consolidated statements of operations, shareholders’  equity, and cash flows for each of the three years in the period ended December 31, 2004. These fi nancial statements  are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these fi nancial  statements based on our audits. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United  States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether  the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence  supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting  principles used and significant estimates made by management, as well as evaluating the overall fi nancial statement  presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of  Camden Property Trust and subsidiaries at December 31, 2004 and 2003, and the results of their operations and their  cash flows for each of the three years in the period ended December 31, 2004, in conformity with accounting principles  generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United  States), the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2004, based on  the criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organiza- tions of the Treadway Commission and our report dated March 11, 2005 (not included herein) expressed an unqualifi ed  opinion on management’s assessment of the effectiveness of the Trust’s internal control over financial reporting and  an unqualified opinion on the effectiveness of the Trust’s internal control over fi nancial reporting. DELOITTE & TOUCHE LLP Houston, Texas March 11, 2005 transforming camden 67