FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * STEWART H MALCOLM   2. Issuer Name and Ticker or Trading Symbol CAMDEN PROPERTY TRUST [(CPT)] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Executive Vice President (Last) (First) (Middle) C/O CAMDEN PROPERTY TRUST, 3 GREENWAY PLAZASTE 1300 3. Date of Earliest Transaction (Month/Day/Year) 01/10/2006 (Street) HOUSTON, TX 77046 4. If Amendment, Date Original Filed(Month/Day/Year) 01/10/2006 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (Right to Purchase)

$ 62.32

01/10/2006

A

7,401

02/10/2006

02/15/2012

Common Shares of Beneficial Interest

7,401 (1)

$ 0

223,590

D

Employee Stock Option (Right to Purchase)

$ 62.32

01/10/2006

A

4,209

02/10/2006

02/15/2013

Common Shares of Beneficial Interest

4,209 (2)

$ 0

227,799

D

Employee Stock Option (Right to Purchase)

$ 62.32

01/10/2006

A

3,442

02/10/2006

01/29/2014

Common Shares of Beneficial Interest

3,442 (3)

$ 0

231,241 (3)

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
STEWART H MALCOLM C/O CAMDEN PROPERTY TRUST 3 GREENWAY PLAZASTE 1300 HOUSTON, TX 77046			Executive Vice President

Signatures

/s/ H. Malcolm Stewart		01/30/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On January 12, 2006, the reporting person filed a Form 4 reporting the acquisition of 13,333 shares; however, the reporting person acquired only 7,401 shares.
(2)	On January 12, 2006, the reporting person filed a Form 4 reporting the acquisition of 8,333 shares; however, the reporting person acquired only 4,209 shares.
(3)	On January 12, 2006, the reporting person filed a Form 4 reporting the acquisition of 5,000 shares; however, the reporting person acquired only 3,442 shares. As of January 12, 2006, the reporting person owned 231,241 derivative securities.

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