Camden Property's funds from operations totaled $10.1 million atthe end of Q4 2008, versus $57.1 million for the same period lastyear. On the income side, the company reported a net income of $71million during the quarter, a drop from the $148.5 million reportedat the end of 2007.

The alarm bells, however, aren't clanging. Given the number ofyears during which the Houston REIT has been operating, "this isnot our first rodeo," commented Richard Campo, the company'schairman of the board and CEO, at the company's earnings call onFebruary 10. Campo added that staff and management are working hardto position the company to take advantage of economic recovery whenit occurs.

"Our on-site team is focused on day-to-day operations," Camponoted. "The support team is providing on-site teams with workplaceexcellence. Our liquidity and balance sheets are strong."