Filed by Camden Property Trust Pursuant to Rule 425
under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934

Subject Company: Summit Properties, Inc.
Commission File No.: 001-12792

     This filing relates to a proposed acquisition (the “Acquisition”) by Camden Property Trust (“Camden”) of Summit Properties, Inc. (“Summit”) pursuant to the terms of an Agreement and Plan of Merger, dated as of October 4, 2004 (the “Merger Agreement”), by and among Camden, Camden Summit, Inc. (formerly Camden Sparks, Inc.), a wholly owned subsidiary of Camden, and Summit, as amended pursuant to the terms of an Amendment No. 1 to such Merger Agreement dated as of October 6, 2004 (the “Amendment”). The Merger Agreement is on file with the Securities and Exchange Commission (the “Commission”) as an exhibit to the Current Report on Form 8-K filed by Camden on October 5, 2004, and the Amendment is on file with the Commission as an exhibit to the Current Report on Form 8-K filed by Camden on October 7, 2004. Both the Merger Agreement and the Amendment are incorporated by reference into this filing.

     On November 4, 2004, Camden issued a press release reporting its financial results for the quarter ended September 30, 2004. The press release has been filed by Camden on Form 8-K. The text of the press release is as follows:

CAMDEN PROPERTY TRUST ANNOUNCES
THIRD QUARTER 2004 OPERATING RESULTS

Houston, TEXAS (November 4, 2004) — Camden Property Trust (NYSE: CPT) announced that its net income (“EPS”) for the third quarter of 2004 was $5.8 million or $0.14 per diluted share compared to $5.9 million or $0.14 per diluted share for the same period in 2003. For the nine months ended September 30, 2004, EPS totaled $22.8 million or $0.54 per diluted share compared to $20.2 million or $0.49 per diluted share for the same period in 2003.

Funds from operations (“FFO”) for the third quarter of 2004 totaled $0.76 per diluted share or $33.6 million, as compared to $0.76 per diluted share or $32.9 million reported for the same period in 2003. FFO for the three months ended September 30, 2004 included a charge of $0.7 million or $0.02 per diluted share related to the redemption of $35.5 million of Series C preferred units. FFO for the nine months ended September 30, 2004 totaled $2.38 per diluted share or $105.5 million, as compared to $2.30 per diluted share or $98.9 million reported for the same period in 2003. FFO for the nine months ended September 30, 2004 included $1.7 million or

$0.04 per diluted share related to insurance proceeds received for lost rents related to a fire in one of Camden’s communities in 2000, a $0.9 million or $0.02 per diluted share gain associated with the sale of an e-commerce investment that had previously been written off, and a $0.7 million or $0.02 per diluted share charge related to the redemption of $35.5 million of Series C preferred units. 2003 FFO has been adjusted from amounts previously reported to include gains on sale of undepreciated property in accordance with the National Association of Real Estate Investment Trusts (“NAREIT”) definition of FFO. A reconciliation of net income to FFO is included in the financial tables accompanying this press release.

Physical occupancy levels averaged 94.8% during the third quarter of 2004 as compared to 94.3% in the second quarter of 2004 and 94.4% in the third quarter of 2003. For the 44,481 apartment homes included in “same-property” results, third quarter 2004 revenues increased 0.5% while operating expenses increased 2.5%, producing a 0.9% decline in same-property net operating income (“NOI”) compared to the third quarter of 2003. On a sequential basis, third quarter 2004 same-property NOI declined 1.7% compared to second quarter 2004, with revenues increasing 0.5% and expenses increasing 3.6% compared to the prior quarter. On a year-to-date basis, 2004 same-property NOI increased 0.5%, with a revenue increase of 1.4% and expense growth of 2.6% compared to the same period in 2003. A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Leasing continued at Camden Harbor View in Long Beach, CA during the quarter, and that community is currently 84% leased and 82% occupied. Construction continued on Camden Westwind in Ashburn, VA, Camden Lago Vista in Orlando, FL and Camden Farmers Market II in Dallas, TX, with initial occupancies expected at all three communities during early to mid-2005. Camden Westwind is being developed in a joint venture format, with Camden retaining a 20% ownership interest. In addition, construction and leasing was completed during the quarter on an additional phase at Camden Miramar in Corpus Christi, TX, which added 126 student housing units to the existing community.

During the quarter, the Company issued $100 million of 4.70% senior unsecured notes, retired $58.2 million of 7.29% secured mortgage debt, and redeemed $35.5 million of its 8.25% Series C preferred units. Original issuance costs of $0.7 million were expensed in connection with the redemption of the Series C preferred units.

As previously announced, on October 4, 2004, Camden and Summit Properties Inc. executed a definitive merger agreement pursuant to which Summit will be merged with and into a wholly owned subsidiary of Camden. The transaction is currently expected to close in the first quarter of 2005.

Camden expects 2004 FFO between $3.18 and $3.30 per diluted share and 2004 EPS between $0.66 and $0.78 per diluted share, excluding any future gains from potential property sales. For 2004, 12 research analysts have contributed FFO estimates on CPT to First Call ranging from $3.18 to $3.27 per diluted share, for a mean of $3.24 per diluted share. The Company also provided guidance for the fourth quarter of 2004 of $0.80 to $0.92 per diluted share for FFO and $0.12 to $0.24 per diluted share for EPS. Camden updates its earnings guidance to the market on a quarterly basis. A reconciliation of expected net income to expected FFO is included in the financial tables accompanying this press release.

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The Company will hold a conference call on Friday, November 5, 2004 at 11:00 AM Central Time to review its third quarter results and discuss its outlook for future performance. To participate in the call, please dial (800) 901-5241 (domestic) or (617) 786-2963 (international) by 10:50 AM Central Time and request the Camden Property Trust Third Quarter Earnings Call, Conference Passcode #53493631, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at www.camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website or by calling Camden’s Investor Relations Department at (800) 922-6336.

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management’s beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.

Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 145 properties containing 52,008 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of three properties under development, the Company’s portfolio will increase to 53,122 apartment homes in 148 properties.

For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at http://www.camdenliving.com.

Additional Information about the Merger and Where to Find It

In connection with the proposed merger of Summit with and into a wholly owned subsidiary of Camden, Camden and Summit intend to file relevant materials with the Securities and Exchange Commission, including a registration statement on Form S-4 that will contain a prospectus and a joint proxy statement. INVESTORS AND SECURITY HOLDERS OF CAMDEN AND SUMMIT ARE URGED TO READ THE MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CAMDEN, SUMMIT AND THE MERGER. The proxy statement, prospectus and other relevant materials (when they become available), and any other documents filed by Camden or Summit with the SEC, may be obtained free of charge at the SEC’s web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Camden by directing a written request to Camden Property Trust, 3 Greenway Plaza, Suite 1300, Houston, TX 77046, Attention: Investor Relations, and free copies of the documents filed with the SEC by Summit by directing a written request to Summit Properties Inc. 309 East Morehead Street, Suite 200, Charlotte, NC 28202, Attention: Investor Relations. Investors and security holders are urged to read the proxy statement, prospectus and the other relevant materials when they become available before making any voting or investment decision with respect to the merger.

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Camden, Summit and their respective executive officers, trust managers and directors may be deemed to be participants in the solicitation of proxies from the security holders of Camden and Summit in connection with the merger. Information about those executive officers and trust managers of Camden and their ownership of Camden common shares is set forth in the proxy statement for Camden’s 2004 Annual Meeting of Shareholders, which was filed with the SEC on March 30, 2004. Information about the executive officers and directors of Summit and their ownership of Summit common stock is set forth in the proxy statement for Summit’s 2004 Annual Meeting of Stockholders, which was filed with the SEC on March 24, 2004. Investors and security holders may obtain additional information regarding the direct and indirect interests of Camden, Summit and their respective executive officers, trust managers and directors in the merger by reading the proxy statement and prospectus regarding the merger when they become available.

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

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(a) Includes joint venture investments.

Note: Please refer to pages 6 and 7 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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(Unaudited)

This document contains certain non-GAAP financial measures that management believes are useful in evaluating an equity REIT’s performance. Camden’s definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses from of depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities, including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a company’s real estate between periods or as compared to different companies. A reconciliation of net income to FFO is provided below:

Expected FFO

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected net income (EPS). A reconciliation of the ranges provided for expected net income per diluted share to expected FFO per diluted share is provided below:

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

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(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income to net operating income is provided below:

EBITDA

EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in income of joint ventures, gain on sale of real estate assets, and income allocated to minority interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income to EBITDA is provided below:

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