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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): January 26, 2009</B>

<P style="font-size: 24pt" align="center"><B>CAMDEN PROPERTY
TRUST<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Texas</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-12110</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>76-6088377</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
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cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Three Greenway Plaza, Suite
1300, Houston, Texas<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>77046</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(713) 354-2500</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>Not
applicable<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="display: none; font-size: 10pt" align="center">1
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<P style="font-size: 10pt" align="justify"><B>Item&nbsp;2.06 Material
Impairments.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">On January&nbsp;26,
2009, Camden Property Trust (the &#8220;Company&#8221;) announced a reduction
in the number of planned development projects it will undertake, a reduction in
its construction and development staff and the charges related to these
actions. These decisions were the result of the Company&#8217;s quarterly
strategic review taking into consideration the current and anticipated economic
climate.

<P style="font-size: 10pt; text-indent: 4%" align="justify">The Company will
recognize in the fourth quarter of 2008 a non-cash charge of approximately
$51.3&nbsp;million. The charge reflects a $48.6&nbsp;million impairment in the
carrying value of land holdings for five future development projects the
Company no longer plans to develop, a $1.6&nbsp;million charge for a land
parcel held for investment, and a $1.1&nbsp;million charge associated with
abandoning a potential joint venture development project. The impairment charge
reflects the difference between each parcel&#8217;s or investment&#8217;s
estimated fair value and its current book value. The impairment related-charges
are not currently expected to result in material future cash expenditures.

<P style="font-size: 10pt; text-indent: 4%" align="justify">As a result of the
planned reduction in development activity, the Company expects to incur a cash
charge of approximately $1&nbsp;million for severance costs during the first
quarter of 2009.

<P style="font-size: 10pt; text-indent: 4%" align="justify">For additional
information concerning the impairment charge and other matters discussed above,
refer to the press release attached to this report as Exhibit&nbsp;99.1 and
incorporated herein by reference.

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;9.01. Financial
Statements and Exhibits.</B>

<P style="font-size: 10pt" align="justify">(c)&nbsp;<I>Exhibits</I>.
<DIV align="center">
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  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px" style="border-bottom: 1px solid #000000">Exhibit<BR>Number</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left" style="border-bottom: 1px solid #000000"><BR>Title</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD  valign="top"
align="left">&nbsp;</TD>
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press release, dated January&nbsp;26, 2009</TD>
 </TR>
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<P style="font-size: 10pt" align="center">2

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.

<P style="font-size: 10pt" align="justify">Date: January&nbsp;28, 2009

<P style="font-size: 10pt; margin-left: 46%" align="justify">CAMDEN PROPERTY
TRUST

<P style="font-size: 10pt; margin-left: 46%" align="justify">By: <U>/s/ Michael
P.
Gallagher&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Michael
P. Gallagher<BR>
Vice President &#8212; Chief Accounting Officer<BR>


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<P style="font-size: 10pt" align="center">3

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px" style="border-bottom: 1px solid #000000">Exhibit<BR>Number</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left" style="border-bottom: 1px solid #000000"><BR>Title</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top"
align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release, dated January&nbsp;26, 2009</TD>
 </TR>
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<P style="font-size: 10pt" align="right">&nbsp;

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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{"company-data": {"conformed-name": "CAMDEN PROPERTY TRUST", "cik": "0000906345", "assigned-sic": "6798", "irs-number": "766088377", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12110", "film-number": "09551332"}, "business-address": {"street1": "3 GREENWAY PLAZA", "street2": "SUITE 1300", "city": "HOUSTON", "state": "TX", "zip": "77046", "phone": "7133542500"}, "mail-address": {"street1": "3 GREENWAY PLAZA", "street2": "SUITE 1300", "city": "HOUSTON", "state": "TX", "zip": "77046"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): January 26, 2009
CAMDEN PROPERTY
TRUST
(Exact name of registrant as
specified in its charter)
Texas
001-12110
76-6088377
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
Three Greenway Plaza, Suite
1300, Houston, Texas
77046
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(713) 354-2500
Not
applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.06 Material
Impairments.
On January 26,
2009, Camden Property Trust (the "Company") announced a reduction
in the number of planned development projects it will undertake, a reduction in
its construction and development staff and the charges related to these
actions. These decisions were the result of the Company's quarterly
strategic review taking into consideration the current and anticipated economic
climate.
The Company will
recognize in the fourth quarter of 2008 a non-cash charge of approximately
$51.3 million. The charge reflects a $48.6 million impairment in the
carrying value of land holdings for five future development projects the
Company no longer plans to develop, a $1.6 million charge for a land
parcel held for investment, and a $1.1 million charge associated with
abandoning a potential joint venture development project. The impairment charge
reflects the difference between each parcel's or investment's
estimated fair value and its current book value. The impairment related-charges
are not currently expected to result in material future cash expenditures.
As a result of the
planned reduction in development activity, the Company expects to incur a cash
charge of approximately $1 million for severance costs during the first
quarter of 2009.
For additional
information concerning the impairment charge and other matters discussed above,
refer to the press release attached to this report as Exhibit 99.1 and
incorporated herein by reference.
Item 9.01. Financial
Statements and Exhibits.
(c)
Exhibits
.
Exhibit
Number
Title
99.1
Press release, dated January 26, 2009
2
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date: January 28, 2009
CAMDEN PROPERTY
TRUST
By:
/s/ Michael
P.
Gallagher
Michael
P. Gallagher
Vice President — Chief Accounting Officer
3
EXHIBIT INDEX
Exhibit
Number
Title
99.1
Press Release, dated January 26, 2009