MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS As of December 31, 2004, we had operating properties in 17 markets. No single market contributed more than 15%  of our net operating income for the year then ended. For the year ended December 31, 2004, Houston, Las Vegas, and  Dallas contributed 14.4%, 13.2% and 13.2%, respectively, to our net operating income. We continually evaluate our  portfolio to ensure appropriate geographic diversification in order to manage our risk of market concentration. We  seek to selectively dispose of assets which management believes are highly capital intensive, have a lower projected  growth rate than the overall portfolio, or no longer conform to our operating and investment strategies. A summary of our 2004 disposition and properties held for sale as of December 31, 2004 is as follows: PROPERTY AND LOCATION NUMBER OF APARTMENT HOMES DATE OF  DISPOSITION YEAR BUILT Camden Fountains  Orlando, FL 552 12/29/04 1984 Camden Ybor City  Tampa, FL 454 n/a 2002 Camden Greens  Las Vegas, NV 432 1/27/05 1990 Total apartment homes sold and held for sale 1,438 52 camden transforming