HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE: CPT) today announced operating results for
the three and six months ended June 30, 2009.
"We are pleased to report that Camden's second quarter operating results
were better than expected," said Richard J. Campo, Chairman and Chief
Executive Officer. "Funds from operations ("FFO") for the second quarter
totaled $0.78 per diluted share, excluding a $0.06 per diluted share
non-recurring charge related to early retirement of secured debt which
was not included in prior guidance. We are also pleased to announce that
we are maintaining the midpoint of both our FFO and same-property net
operating income ("NOI") guidance."
Funds From Operations
FFO for the second quarter of 2009 totaled $0.72 per diluted share or
$46.6 million, as compared to $0.94 per diluted share or $54.9 million
for the same period in 2008. FFO for the six months ended June 30, 2009
totaled $1.60 per diluted share or $98.2 million, as compared to $1.83
per diluted share or $107.2 million for the same period in 2008. FFO for
the three and six months ended June 30, 2009 included a $0.06 per
diluted share impact from losses related to early retirement of secured
debt, partially offset by a $0.02 per share impact from gains related to
early retirement of unsecured debt which was included in prior guidance.
FFO for the three and six months ended June 30, 2008 included a $0.04
per diluted share impact from gains related to early retirement of debt.
Net Income Attributable to Common
Shareholders ("EPS")
The Company reported net income attributable to common shareholders
("EPS") of $18.3 million or $0.30 per diluted share for the second
quarter of 2009, as compared to $17.3 million or $0.31 per diluted share
for the same period in 2008. EPS for the three months ended June 30,
2009 included a $0.27 per diluted share impact from gain on sale of
discontinued operations, and a $0.04 per diluted share impact from
losses related to early retirement of debt. EPS for the three months
ended June 30, 2008 included a $0.15 per diluted share impact from gain
on sale of discontinued operations, and a $0.04 per diluted share impact
from gains related to early retirement of debt.
For the six months ended June 30, 2009, net income attributable to
common shareholders totaled $24.5 million or $0.41 per diluted share, as
compared to $32.2 million or $0.57 per diluted share for the same period
in 2008. EPS for the six months ended June 30, 2009 included a $0.29 per
diluted share impact from gain on sale of discontinued operations, and a
$0.04 per diluted share impact from losses related to early retirement
of debt. EPS for the six months ended June 30, 2008 included a $0.28 per
diluted share impact from gain on sale of properties including
discontinued operations, and a $0.04 per diluted share impact from gains
related to early retirement of debt.
A reconciliation of net income attributable to common shareholders to
FFO is included in the financial tables accompanying this press release.
Same-Property Results
For the 42,670 apartment homes included in consolidated same-property
results, second quarter 2009 same-property NOI declined 7.7% compared to
the second quarter of 2008, with revenues declining 2.3% and expenses
increasing 7.1%. On a sequential basis, second quarter 2009
same-property NOI declined 2.4% compared to the first quarter of 2009,
with revenues declining 0.1% and expenses increasing 3.8% compared to
the prior quarter. On a year-to-date basis, 2009 same-property NOI
declined 5.8%, with revenues declining 1.4% and expenses increasing 6.3%
compared to the same period in 2008. Same-property physical occupancy
levels for the portfolio averaged 94.2% during the second quarter of
2009, compared to 94.6% in the second quarter of 2008 and 93.6% in the
first quarter of 2009.
The Company defines same-property communities as communities owned and
stabilized as of January 1, 2008, excluding properties held for sale and
communities under redevelopment. A reconciliation of net income
attributable to common shareholders to net operating income and
same-property net operating income is included in the financial tables
accompanying this press release.
Development Activity
During the second quarter, the Company completed lease-up on Camden
Cedar Hill in Austin, TX. As of June 30, 2009, construction had been
completed on all of Camden's wholly-owned development projects, with no
material obligations remaining to fund. The Company currently has five
wholly-owned apartment communities completed and in lease-up: Camden
Potomac Yard in Arlington, VA, a $104.8 million project that is
currently 84% leased; Camden Summerfield in Landover, MD, a $62.6
million project that is currently 93% leased; Camden Orange Court in
Orlando, FL, a $45.5 million project that is currently 81% leased;
Camden Whispering Oaks in Houston, TX, a $27.4 million project that is
currently 92% leased; and Camden Dulles Station in Oak Hill, VA, a $72.2
million project that is currently 67% leased. The Company also had two
joint venture communities which were completed and in lease-up: Camden
College Park in College Park, MD, a $127.9 million project that is
currently 84% leased; and Camden Amber Oaks in Austin, TX, a $35.0
million project that is currently 62% leased.
The Company has one joint venture community currently under construction
and in lease-up: Braeswood Place in Houston, TX, a $48.6 million joint
venture project that is currently 43% leased. Camden has two additional
joint venture communities currently under construction in Houston, TX:
Camden Travis Street, a $39.0 million project, and Belle Meade, a $33.2
million project. Both projects are scheduled for initial occupancy later
in 2009.
Disposition Activity
On June 30, 2009, the Company disposed of Camden West Oaks, a 671-home
apartment community in Houston, TX for a total of $28.7 million,
resulting in a gain on sale of $16.9 million.
Equity Offering
During the second quarter, Camden completed a public offering of
10,350,000 common shares at a price of $27.50 per share. The Company
received approximately $272.1 million in net proceeds from the offering
after deducting the underwriting discount and expenses of the offering.
Debt Repurchases & Retirements
During the quarter, Camden repurchased a total of $182.3 million of
senior unsecured notes, resulting in a $1.1 million gain on early
retirement of debt. On June 30, 2009, the Company prepaid $135.3 million
of secured mortgage debt originally scheduled to mature in 2010 and
2011, resulting in a $3.8 million loss on early retirement of debt.
Subsequent to quarter-end, the Company retired $81.9 million of senior
unsecured notes. Camden has no remaining debt maturities in 2009 and
$137.6 million of debt maturities in 2010.
Earnings Guidance
Camden updated its earnings guidance for 2009 based on its current and
expected views of the apartment market and general economic conditions.
Full-year 2009 FFO is expected to be $2.91 to $3.05 per diluted share,
and full-year 2009 EPS is expected to be $0.42 to $0.56 per diluted
share. The Company's previous FFO guidance was $2.87 to $3.09 per
diluted share. Third quarter 2009 earnings guidance is $0.67 to $0.73
per diluted share for FFO and $0.02 to $0.08 per diluted share for EPS.
Camden intends to update its earnings guidance to the market on a
quarterly basis.
The Company's 2009 earnings guidance continues to be based on
projections of same-property NOI declines between 4.5% and 7.5%.
Same-property revenue is now expected to decline between 2.0% and 3.5%,
compared to a prior estimated decline between 0.5% and 2.5%.
Same-property expense growth is projected between 2.5% and 4.0%,
compared to a prior range of 5.0% to 6.25%. A reconciliation of expected
net income attributable to common shareholders to expected FFO is
included in the financial tables accompanying this press release.
Conference Call
The Company will hold a conference call on Friday, July 31, 2009 at
11:00 a.m. Central Time to review its second quarter 2009 results and
discuss its outlook for future performance. To participate in the call,
please dial (866) 843-0890 (domestic) or (412) 317-9250 (international)
by 10:50 a.m. Central Time and enter passcode: 9120864, or join the live
webcast of the conference call by accessing the Investor Relations
section of the Company's website at camdenliving.com.
Supplemental financial information is available in the Investor
Relations section of the Company's website under Earnings Releases or by
calling Camden's Investor Relations Department at (800) 922-6336.
Forward-Looking Statements
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.
About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company
engaged in the ownership, development, acquisition, management and
disposition of multifamily apartment communities. Camden owns interests
in and operates 182 properties containing 62,946 apartment homes across
the United States. Upon completion of three properties under
development, the Company's portfolio will increase to 63,658 apartment
homes in 185 properties. Camden was recently named by FORTUNE(R) Magazine
for the second consecutive year as one of the "100 Best Companies to
Work For" in America.
For additional information, please contact Camden's Investor Relations
Department at (800) 922-6336 or (713) 354-2787 or access our website at camdenliving.com.
CAMDEN OPERATING RESULTS
(In thousands, except per share and property data amounts)
(Unaudited) Three Months Ended Six Months Ended
June 30, June 30,
OPERATING DATA 2009 2008 2009 2008
Property revenues
Rental revenues $135,800 $136,555 $272,300 $270,818
Other property revenues 21,657 18,972 42,189 36,173
Total property revenues 157,457 155,527 314,489 306,991
Property expenses
Property operating and 44,562 40,218 86,845 79,397
maintenance
Real estate taxes 18,532 17,831 37,064 35,112
Total property expenses 63,094 58,049 123,909 114,509
Non-property income
Fee and asset management income 2,244 2,131 4,275 4,543
Interest and other income 1,097 1,092 1,832 2,425
Income (loss) on deferred 7,660 (639 ) 3,508 (9,180 )
compensation plans
Total non-property income (loss) 11,001 2,584 9,615 (2,212 )
Other expenses
Property management 4,542 5,281 9,471 10,181
Fee and asset management 1,303 1,696 2,438 3,421
General and administrative 7,246 8,414 15,478 16,374
Interest 34,002 33,286 66,247 65,859
Depreciation and amortization 43,888 43,190 87,868 84,706
Amortization of deferred 857 589 1,674 1,323
financing costs
Expense (benefit) on deferred 7,660 (639 ) 3,508 (9,180 )
compensation plans
Total other expenses 99,498 91,817 186,684 172,684
Income from continuing
operations before gain on sale
of properties, including land, 5,866 8,245 13,511 17,586
gain (loss) on early retirement
of debt, and equity in income
(loss) of joint ventures
Gain on sale of properties, - - - 1,106
including land
Gain (loss) on early retirement (2,716 ) 2,298 (2,550 ) 2,298
of debt
Equity in income (loss) of joint 222 (474 ) 630 (521 )
ventures
Income from continuing 3,372 10,069 11,591 20,469
operations before income taxes
Income tax expense - current (347 ) (160 ) (646 ) (433 )
Income from continuing 3,025 9,909 10,945 20,036
operations
Income from discontinued 575 1,712 1,160 3,392
operations
Gain on sale of discontinued 16,887 8,549 16,887 14,676
operations
Net income 20,487 20,170 28,992 38,104
Less net income allocated to (422 ) (1,126 ) (943 ) (2,395 )
noncontrolling interests
Less income allocated to (1,750 ) (1,750 ) (3,500 ) (3,500 )
perpetual preferred units
Net income attributable to $18,315 $17,294 $24,549 $32,209
common shareholders
CONDENSED CONSOLIDATED
STATEMENTS OF OTHER
COMPREHENSIVE INCOME
Net income $20,487 $20,170 $28,992 $38,104
Other comprehensive income
(loss)
Unrealized gain (loss) on cash 1,361 15,623 (1,574 ) (3,802 )
flow hedging activities
Reclassification of net losses 5,469 2,640 10,744 3,970
on cash flow hedging activities
Comprehensive income 27,317 38,433 38,162 38,272
Less net income allocated to (422 ) (1,126 ) (943 ) (2,395 )
noncontrolling interests
Less income allocated to (1,750 ) (1,750 ) (3,500 ) (3,500 )
perpetual preferred units
Comprehensive income
attributable to common $25,145 $35,557 $33,719 $32,377
shareholders
PER SHARE DATA
Net income attributable to $0.30 $0.31 $0.42 $0.58
common shareholders - basic
Net income attributable to 0.30 0.31 0.41 0.57
common shareholders - diluted
Income from continuing
operations attributable to 0.01 0.12 0.11 0.25
common shareholders - basic
Income from continuing
operations attributable to 0.01 0.12 0.11 0.25
common shareholders - diluted
Weighted average number of
common and
common equivalent shares
outstanding:
Basic 61,499 55,351 58,542 55,158
Diluted 61,499 56,033 59,025 55,829
Note: Please refer to the following pages for definitions and reconciliations of
all non-GAAP financial measures presented in this document.
CAMDEN FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited) Three Months Ended Six Months Ended
June 30, June 30,
FUNDS FROM OPERATIONS 2009 2008 2009 2008
Net income attributable to common $18,315 $17,294 $24,549 $32,209
shareholders
Real estate depreciation and
amortization from continuing 42,863 42,295 85,873 82,948
operations
Real estate depreciation from - 1,114 - 2,399
discontinued operations
Adjustments for unconsolidated 1,961 1,715 3,877 3,254
joint ventures
Income allocated to noncontrolling 321 1,004 742 2,160
interests
(Gain) on sale of operating - - - (1,106 )
properties, net of taxes
(Gain) on sale of discontinued (16,887 ) (8,554 ) (16,887 ) (14,666 )
operations
Funds from operations - diluted $46,573 $54,868 $98,154 $107,198
PER SHARE DATA
Funds from operations - diluted $0.72 $0.94 $1.60 $1.83
Cash distributions 0.45 0.70 1.15 1.40
Weighted average number of common
and
common equivalent shares
outstanding:
FFO - diluted 64,357 58,612 61,430 58,578
PROPERTY DATA
Total operating properties (end of 182 182 182 182
period) (a)
Total operating apartment homes in
operating properties (end of 62,946 63,612 62,946 63,612
period) (a)
Total operating apartment homes 50,846 51,957 50,767 51,860
(weighted average)
Total operating apartment homes -
excluding discontinued operations 50,175 49,093 50,096 48,924
(weighted average)
(a)Includes joint ventures and properties held for sale.
Note: Please refer to the following pages for definitions and reconciliations of
all non-GAAP financial measures presented in this document.
CAMDEN BALANCE SHEETS
(In thousands)
(Unaudited) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2009 2009 2008 2008 2008
ASSETS
Real estate
assets, at
cost
Land $746,936 $746,935 $744,059 $745,085 $755,200
Buildings and 4,473,906 4,466,296 4,447,587 4,442,067 4,474,749
improvements
5,220,842 5,213,231 5,191,646 5,187,152 5,229,949
Accumulated (1,065,861 ) (1,023,466 ) (981,049 ) (952,883 ) (935,640 )
depreciation
Net operating
real estate 4,154,981 4,189,765 4,210,597 4,234,269 4,294,309
assets
Properties
under 268,655 258,239 264,188 323,300 333,419
development
and land
Investments in 22,334 15,158 15,106 15,663 14,773
joint ventures
Properties
held for sale, 6,732 20,696 20,653 9,495 36,152
including land
Total real 4,452,702 4,483,858 4,510,544 4,582,727 4,678,653
estate assets
Accounts
receivable - 35,909 36,105 37,000 36,868 36,556
affiliates
Notes
receivable
Affiliates 54,033 58,481 58,109 58,240 53,849
Other - - 8,710 8,710 8,710
Other assets, 92,421 84,905 103,013 111,847 117,599
net (a)
Cash and cash 157,665 7,256 7,407 29,517 1,242
equivalents
Restricted 5,190 4,437 5,559 4,971 4,687
cash
Total assets $4,797,920 $4,675,042 $4,730,342 $4,832,880 $4,901,296
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
Liabilities
Notes payable
Unsecured $1,728,150 $2,151,492 $2,103,187 $2,096,285 $2,400,027
Secured 969,668 680,631 729,209 727,235 539,328
Accounts
payable and 65,012 73,250 82,575 86,668 77,441
accrued
expenses
Accrued real 30,154 19,113 23,600 40,664 30,664
estate taxes
Other 132,763 137,397 149,554 124,915 129,471
liabilities(b)
Distributions 33,050 43,136 42,936 42,968 42,965
payable
Total 2,958,797 3,105,019 3,131,061 3,118,735 3,219,896
liabilities
Commitments
and
contingencies
Perpetual
preferred 97,925 97,925 97,925 97,925 97,925
units
Shareholders'
equity
Common shares
of beneficial 769 666 660 660 660
interest
Additional
paid-in 2,517,788 2,242,940 2,237,703 2,232,436 2,230,119
capital
Distributions
in excess of
net income (357,168 ) (345,481 ) (312,309 ) (238,301 ) (272,294 )
attributable
to common
shareholders
Notes
receivable (287 ) (291 ) (295 ) (298 ) (302 )
secured by
common shares
Treasury
shares, at (462,751 ) (462,751 ) (463,209 ) (463,108 ) (463,574 )
cost
Accumulated
other (41,886 ) (48,716 ) (51,056 ) (17,423 ) (15,955 )
comprehensive
loss (c)
Total common
shareholders' 1,656,465 1,386,367 1,411,494 1,513,966 1,478,654
equity
Noncontrolling 84,733 85,731 89,862 102,254 104,821
interest
Total
shareholders' 1,741,198 1,472,098 1,501,356 1,616,220 1,583,475
equity
Total
liabilities
and $4,797,920 $4,675,042 $4,730,342 $4,832,880 $4,901,296
shareholders'
equity
(a) includes:
net deferred $12,108 $10,061 $10,505 $11,388 $9,434
charges of:
(b) includes:
deferred $3,183 $2,402 $2,640 $2,940 $2,747
revenues of:
distributions
in excess of
investments in $30,287 $31,318 $30,105 $27,977 $26,022
joint ventures
of:
fair value
adjustment of $41,797 $48,693 $51,068 $17,511 $15,955
derivative
instruments:
(c) Represents the fair value adjustment of derivative instruments and gain on post
retirement obligations.
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
This document contains certain non-GAAP financial measures 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 attributable to common shares computed in accordance
with generally accepted accounting principles ("GAAP"), excluding gains or
losses from 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 attributable to common shareholders to FFO is provided below:
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Net income attributable to common $18,315 $17,294 $24,549 $32,209
shareholders
Real estate depreciation and
amortization from continuing 42,863 42,295 85,873 82,948
operations
Real estate depreciation from - 1,114 - 2,399
discontinued operations
Adjustments for unconsolidated 1,961 1,715 3,877 3,254
joint ventures
Income allocated to noncontrolling 321 1,004 742 2,160
interests
(Gain) on sale of operating - - - (1,106 )
properties, net of taxes
(Gain) on sale of discontinued (16,887 ) (8,554 ) (16,887 ) (14,666 )
operations
Funds from operations - diluted $46,573 $54,868 $98,154 $107,198
Weighted average number of common
and common equivalent shares
outstanding:
EPS diluted 61,499 56,033 59,025 55,829
FFO diluted 64,357 58,612 61,430 58,578
Net income attributable to common $0.30 $0.31 $0.41 $0.57
shareholders - diluted
FFO per common share - diluted $0.72 $0.94 $1.60 $1.83
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 attributable to common shareholders (EPS).
A reconciliation of the ranges provided for expected net income attributable to
common shareholders per diluted share to expected FFO per diluted share is
provided below:
3Q09 Range 2009 Range
Low High Low High
Expected net income attributable
to common shareholders per share - $0.02 $0.08 $0.42 $0.56
diluted
Expected difference between EPS 0.00 0.00 (0.02 ) (0.02 )
and fully diluted FFO shares
Expected real estate depreciation 0.62 0.62 2.62 2.62
Expected adjustments for 0.03 0.03 0.13 0.13
unconsolidated joint ventures
Expected income allocated to 0.00 0.00 0.02 0.02
noncontrolling interests
Expected (gain) on sale of
properties and properties held for 0.00 0.00 (0.26 ) (0.26 )
sale
Expected FFO per share - diluted 0.67 0.73 $2.91 $3.05
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements earlier in this document.
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(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
attributable to common shareholders 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 attributable to common shareholders to net operating income is provided
below:
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Net income attributable to common $18,315 $17,294 $24,549 $32,209
shareholders
Fee and asset management income (2,244 ) (2,131 ) (4,275 ) (4,543 )
Interest and other income (1,097 ) (1,092 ) (1,832 ) (2,425 )
Income (loss) on deferred (7,660 ) 639 (3,508 ) 9,180
compensation plans
Property management expense 4,542 5,281 9,471 10,181
Fee and asset management expense 1,303 1,696 2,438 3,421
General and administrative expense 7,246 8,414 15,478 16,374
Interest expense 34,002 33,286 66,247 65,859
Depreciation and amortization 43,888 43,190 87,868 84,706
Amortization of deferred financing 857 589 1,674 1,323
costs
Expense (benefit) on deferred 7,660 (639 ) 3,508 (9,180 )
compensation plans
Gain on sale of properties, - - - (1,106 )
including land
Gain (loss) on early retirement of 2,716 (2,298 ) 2,550 (2,298 )
debt
Equity in income (loss) of joint (222 ) 474 (630 ) 521
ventures
Less income allocated to perpetual 1,750 1,750 3,500 3,500
preferred units
Net income allocated to 422 1,126 943 2,395
noncontrolling interests
Income tax expense - current 347 160 646 433
Income from discontinued (575 ) (1,712 ) (1,160 ) (3,392 )
operations
Gain on sale of discontinued (16,887 ) (8,549 ) (16,887 ) (14,676 )
operations
Income from discontinued
operations allocated to common - - - -
units
Net Operating Income (NOI) $94,363 $97,478 $190,580 $192,482
"Same Property" Communities $78,905 $85,497 $159,777 $169,581
Non-"Same Property" Communities 11,197 9,647 23,048 18,610
Development and Lease-Up 2,996 124 5,548 68
Communities
Redevelopment Communities 690 772 1,394 1,531
Dispositions / Other 575 1,438 813 2,692
Net Operating Income (NOI) $94,363 $97,478 $190,580 $192,482
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 net income allocated to noncontrolling interests. The Company
considers EBITDA to be an appropriate supplemental measure of operating
performance to net income attributable to common shareholders 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 attributable to common shareholders to EBITDA is provided below:
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Net income attributable to common $18,315 $17,294 $24,549 $32,209
shareholders
Interest expense 34,002 33,463 66,247 66,239
Amortization of deferred financing 857 589 1,674 1,323
costs
Depreciation and amortization 43,888 43,190 87,868 84,706
Less income allocated to perpetual 1,750 1,750 3,500 3,500
preferred units
Net income allocated to 422 1,126 943 2,395
noncontrolling interests
Income tax expense - current 347 160 646 433
Real estate depreciation and
amortization from discontinued - 1,121 - 2,414
operations
Gain on sale of properties, - - - (1,106 )
including land
Gain (loss) on early retirement of 2,716 (2,298 ) 2,550 (2,298 )
debt
Equity in income (loss) of joint (222 ) 474 (630 ) 521
ventures
Gain on sale of discontinued (16,887 ) (8,549 ) (16,887 ) (14,676 )
operations
EBITDA $85,188 $88,320 $170,460 $175,660
Source: Camden Property Trust
Contact: Camden Property Trust, Houston
Kim Callahan, 713-354-2549