COMMON SHARES OF ADDITIONAL DISTRIBUTIONS UNEARNED TREASURY BENEFICIAL PAID-IN IN EXCESS OF SHARE SHARES, in thousands, except per share amounts INTEREST CAPITAL NET INCOME AWARDS AT COST Shareholders’ equity, January 1, 2002  $  476 $  1,297,239 $  (194,718) $ (8,621) $ (176,125) Net income available to common shareholders 74,612 Common shares issued under dividend reinvestment plan  26 Share awards issued under benefit plan (385 shares)  4  10,764  (10,459) Share awards canceled under benefit plan (18 shares)  (565)  566 Amortization of previously granted share awards 4,800 Employee share purchase plan 125 639 Share awards placed into rabbi trust (310 shares)  (3)  3 Common shares options exercised (204 shares) 2 6,190 1,013 Conversion of operating partnership units (35 shares) 810 Repurchase of common shares (1,945 shares)  (62,675) Cash distributions ($2.54 per share)  (104,650) Shareholders’ equity, December 31, 2002  479 1,314,592 (224,756) (13,714) (237,148) Net income available to common shareholders 29,430 Common shares issued under dividend reinvestment plan 41 Share awards issued under benefit plan (195 shares)  2  5,000  (4,834) Share awards canceled under benefit plan (74 shares)  (1)  (2,379)  2,380 Amortization of previously granted share awards 4,293 Employee share purchase plan 88 721 Share awards placed into rabbi trust (410 shares)  (4)  4 Common share options exercised (689 shares) 7 12,849 Conversion of operating partnership units (16 shares) 317  Cash distributions ($2.54 per share)  (102,482) Shareholders’ equity, December 31, 2003  483 1,330,512 (297,808) (11,875) (236,427) Net income available to common shareholders 41,341 Common shares issued under dividend reinvestment plan 40 Share awards issued under benefit plan (233 shares)  2  7,659  (6,875) Share awards canceled under benefit plan (32 shares)  (1,112)  1,112 Amortization of previously granted share awards 4,615 Employee share purchase plan 299 604 Share awards placed into rabbi trust (384 shares)  (4)  4  Common share options exercised (483 shares) 5 11,547 Redemption of operating partnership units  (101) Cash distributions ($2.54 per share)  (105,506) Shareholders’ equity, December 31, 2004  $  486 $  1,348,848 $  (361,973) $ (13,023) $ (235,823) CAMDEN PROPERTY TRUST CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY 70 camden transforming $_{See notes to consolidated fi nancial statements}$ 