HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE:CPT) announced that its funds from
operations (“FFO”) for the first quarter of 2010 totaled $0.68 per
diluted share or $47.0 million, as compared to $0.88 per diluted share
or $51.6 million for the same period in 2009. The Company reported net
income attributable to common shareholders (“EPS”) of $2.3 million or
$0.03 per diluted share for the first quarter of 2010, as compared to
$6.2 million or $0.11 per diluted share for the same period in 2009. EPS
for the three months ended March 31, 2009 included a $0.01 per diluted
share impact from the results of discontinued operations. A
reconciliation of net income attributable to common shareholders to FFO
is included in the financial tables accompanying this press release.
“We are pleased to report that our first quarter operating results
reflected better than anticipated performance from our apartment
communities,” said Richard J. Campo, Camden’s Chairman and Chief
Executive Officer. “With market conditions continuing to improve across
our portfolio, we expect our full-year 2010 FFO per share to be in the
upper half of our guidance range.”
Same Property Results
For the 47,359 apartment homes included in consolidated same property
results, first quarter 2010 same property net operating income (“NOI”)
declined 9.1% compared to the first quarter of 2009, with revenues
declining 4.8% and expenses increasing 2.0%. On a sequential basis,
first quarter 2010 same property NOI declined 6.1% compared to the
fourth quarter of 2009, with revenues declining 0.9% and expenses
increasing 7.6% compared to the prior quarter. Same property physical
occupancy levels for the portfolio averaged 93.1% during the first
quarter of 2010, compared to 93.0% in the fourth quarter of 2009 and
93.6% in the first quarter of 2009.
The Company defines same property communities as communities owned and
stabilized as of January 1, 2009, 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
Camden had one wholly-owned development community in lease-up during the
first quarter: Camden Dulles Station in Oak Hill, VA, a $72.3 million
project that is currently 95% leased.
During the quarter, construction was completed on two joint venture
communities: Camden Travis Street, a $30.5 million project that is
currently 47% leased; and Belle Meade, a $37.0 million project that is
currently 54% leased. Lease-ups continued during the quarter at two
additional joint venture communities which completed construction during
2009: Camden Amber Oaks in Austin, TX, a $35.3 million project that is
currently 89% leased; and Braeswood Place in Houston, TX, a $50.3
million project that is currently 70% leased.
Equity Issuance
During the first quarter, Camden issued 403,500 common shares through
its at-the-market (“ATM”) share offering program at an average price of
$43.64 per share, for total net consideration of approximately $17.2
million. Subsequent to quarter-end, the Company issued an additional
825,124 common shares through its ATM program at an average price of
$45.27 per share, for total net consideration of approximately $36.8
million.
Earnings Guidance
Camden maintained its earnings guidance for 2010 based on its current
and expected views of the apartment market and general economic
conditions. Full-year 2010 FFO is expected to be $2.35 to $2.65 per
diluted share, and full-year 2010 EPS is expected to be $(0.24) to $0.06
per diluted share. Second quarter 2010 earnings guidance is $0.61 to
$0.65 per diluted share for FFO and $(0.03) to $0.01 per diluted share
for EPS. Guidance for EPS excludes potential future gains on the sale of
properties. Camden intends to update its earnings guidance to the market
on a quarterly basis.
The Company’s 2010 earnings guidance is based on projections of same
property revenue declines between 2.25% and 4.25%, expense growth
between 2.0% and 3.5%, and NOI declines between 5.5% and 8.5%.
Additional information on the Company’s 2010 financial outlook and a
reconciliation of expected net income attributable to common
shareholders to expected FFO are included in the financial tables
accompanying this press release.
Conference Call
The Company will hold a conference call on Friday, May 7, 2010 at 11:00
a.m. Central Time to review its first quarter 2010 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: 4447563, 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 185 properties containing 63,658 apartment homes across
the United States. Camden was recently named by FORTUNE® Magazine for
the third consecutive year as one of the “100 Best Companies to Work
For” in America, placing 10th on the list.
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 |
| | | | | | | | March 31, |
OPERATING DATA | | | | | | 2010 |
| 2009 |
| Property revenues | | | | | | | | |
|
Rental revenues
| | | | | |
$
|
131,161
| | |
$
|
136,500
| |
|
Other property revenues
| | | | |
|
21,045
|
|
|
|
20,532
|
|
|
Total property revenues
| | | | |
|
152,206
|
|
|
|
157,032
|
|
| | | | | | | | | |
|
| Property expenses | | | | | | | | |
|
Property operating and maintenance
| | | | |
44,613
| | | |
42,304
| |
|
Real estate taxes
| | | | | |
|
18,445
|
|
|
|
18,601
|
|
|
Total property expenses
| | | | |
|
63,058
|
|
|
|
60,905
|
|
| | | | | | | | | |
|
| Non-property income | | | | | | | | |
|
Fee and asset management income
| | | | |
1,838
| | | |
2,031
| |
|
Interest and other income
| | | | | |
3,045
| | | |
735
| |
|
Income (loss) on deferred compensation plans
| |
|
3,482
|
|
|
|
(4,152
|
)
|
|
Total non-property income (loss)
| | | |
|
8,365
|
|
|
|
(1,386
|
)
|
| | | | | | | | | |
|
| Other expenses | | | | | | | | | |
|
Property management
| | | | | | |
5,183
| | | |
4,929
| |
|
Fee and asset management
| | | | | |
1,194
| | | |
1,135
| |
|
General and administrative
| | | | | |
7,404
| | | |
8,232
| |
|
Interest
| | | | | | | | |
31,555
| | | |
32,245
| |
|
Depreciation and amortization
| | | | | |
43,813
| | | |
43,980
| |
|
Amortization of deferred financing costs
| | | | |
726
| | | |
817
| |
|
Expense (benefit) on deferred compensation plans
| |
|
3,482
|
|
|
|
(4,152
|
)
|
|
Total other expenses
| | | | | |
|
93,357
|
|
|
|
87,186
|
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| Income from operations | | | | | | | 4,156 | | | | 7,555 | |
|
Gain on early retirement of debt
| | | | |
-
| | | |
166
| |
|
Equity in income (loss) of joint ventures
| | | |
|
(105
|
)
|
|
|
408
|
|
| Income from continuing operations before income taxes | | | 4,051 | | | | 8,129 | |
|
Income tax expense - current
| | | |
|
(270
|
)
|
|
|
(299
|
)
|
| Income from continuing operations | | | | | 3,781 | | | | 7,830 | |
|
Income from discontinued operations
| | |
|
-
|
|
|
|
675
|
|
| Net income | | | | | | | | 3,781 | | | | 8,505 | |
|
Less (income) loss allocated to noncontrolling interests from
continuing operations
| |
254
| | | |
(521
|
)
|
|
Less income allocated to perpetual preferred units
| |
|
(1,750
|
)
|
|
|
(1,750
|
)
|
| Net income attributable to common shareholders | | $ | 2,285 |
|
| $ | 6,234 |
|
| | | | | | | | | |
|
| | | | | | | | | |
|
CONDENSED CONSOLIDATED
STATEMENTS OF OTHER COMPREHENSIVE INCOME |
| Net income | | | | | | | $ | 3,781 | | | $ | 8,505 | |
| Other comprehensive income (loss) | | | | | | |
|
Unrealized loss on cash flow hedging activities
| | |
(6,817
|
)
| | |
(2,936
|
)
|
|
Reclassification of net losses on cash flow hedging activities
| |
|
5,879
|
|
|
|
5,276
|
|
| Comprehensive income | | | | | | 2,843 | | | | 10,845 | |
|
Less (income) loss allocated to noncontrolling interests from
continuing operations
| |
254
| | | |
(521
|
)
|
|
Less income allocated to perpetual preferred units
| |
|
(1,750
|
)
|
|
|
(1,750
|
)
|
| Comprehensive income attributable to common shareholders | | $ | 1,347 |
|
|
| 8,574 |
|
| | | | | | | | | |
|
| | | | | | | | | |
|
PER SHARE DATA | | | | | | | | |
|
Net income attributable to common shareholders - basic
| |
$
|
0.03
| | |
$
|
0.11
| |
|
Net income attributable to common shareholders - diluted
| | |
0.03
| | | |
0.11
| |
|
Income from continuing operations attributable to common
shareholders - basic
| |
0.03
| | | |
0.10
| |
|
Income from continuing operations attributable to common
shareholders - diluted
| |
0.03
| | | |
0.10
| |
| | | | | | | | | |
|
Weighted average number of common and common equivalent shares
outstanding: | | | | |
|
Basic
| | | | | | | |
66,475
| | | |
55,552
| |
|
Diluted
| | | | | | | |
68,169
| | | |
56,047
| |
| | | | | | | | | |
|
| | | | | | | | | |
|
| | | | | | | | | |
|
|
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 |
| | | | | | | | March 31, |
FUNDS FROM OPERATIONS | | | | 2010 |
| 2009 |
| | | | | | | | | |
|
| Net income attributable to common shareholders | | $ | 2,285 | | | $ | 6,234 |
|
Real estate depreciation from continuing operations
| | |
42,639
| | | |
43,010
|
|
Adjustments for unconsolidated joint ventures
| | |
2,163
| | | |
1,916
|
|
Income (loss) allocated to noncontrolling interests
| |
|
(105
|
)
|
|
|
421
|
| Funds from operations - diluted | | | | $ | 46,982 |
|
| $ | 51,581 |
| | | | | | | | | |
|
PER SHARE DATA | | | | | | |
|
Funds from operations - diluted
| | | |
$
|
0.68
| | |
$
|
0.88
|
|
Cash distributions
| | | | | | |
0.45
| | | |
0.70
|
| | | | | | | | | |
|
Weighted average number of common and common equivalent shares
outstanding: | | | | |
|
FFO - diluted
| | | | | | |
69,295
| | | |
58,471
|
| | | | | | | | | |
|
PROPERTY DATA | | | | | | |
|
Total operating properties (end of period) (a) | | |
185
| | | |
182
|
|
Total operating apartment homes in operating properties (end of
period) (a) | | |
63,658
| | | |
63,269
|
|
Total operating apartment homes (weighted average)
| | |
50,578
| | | |
50,688
|
|
Total operating apartment homes - excluding discontinued operations
(weighted average)
| |
50,578
| | | |
50,017
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| (a) Includes joint ventures and properties held
for sale. | | | | |
| CAMDEN |
| |
| |
| |
| BALANCE SHEETS |
| | | | | | | | (In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | |
| |
| (Unaudited) | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, |
| | 2010 |
| 2009 |
| 2009 |
| 2009 |
| 2009 |
| ASSETS | | | | | | | | | | |
|
Real estate assets, at cost
| | | | | | | | | | |
|
Land
| |
$
|
748,604
| | |
$
|
747,921
| | |
$
|
746,825
| | |
$
|
746,936
| | |
$
|
746,935
| |
|
Buildings and improvements
| |
|
4,527,523
|
|
|
|
4,512,124
|
|
|
|
4,484,335
|
|
|
|
4,473,906
|
|
|
|
4,466,296
|
|
| | |
5,276,127
| | | |
5,260,045
| | | |
5,231,160
| | | |
5,220,842
| | | |
5,213,231
| |
|
Accumulated depreciation
| |
|
(1,191,604
|
)
|
|
|
(1,149,056
|
)
|
|
|
(1,107,227
|
)
|
|
|
(1,065,861
|
)
|
|
|
(1,023,466
|
)
|
|
Net operating real estate assets
| | |
4,084,523
| | | |
4,110,989
| | | |
4,123,933
| | | |
4,154,981
| | | |
4,189,765
| |
|
Properties under development and land
| | |
196,371
| | | |
201,581
| | | |
279,620
| | | |
268,655
| | | |
258,239
| |
|
Investments in joint ventures
| | |
42,994
| | | |
43,542
| | | |
43,236
| | | |
22,334
| | | |
15,158
| |
|
Properties held for sale, including land
| |
|
-
|
|
|
|
-
|
|
|
|
6,622
|
|
|
|
6,732
|
|
|
|
20,696
|
|
|
Total real estate assets
| | |
4,323,888
| | | |
4,356,112
| | | |
4,453,411
| | | |
4,452,702
| | | |
4,483,858
| |
|
Accounts receivable - affiliates
| | |
32,657
| | | |
36,112
| | | |
35,971
| | | |
35,909
| | | |
36,105
| |
|
Notes receivable - affiliates
| | |
46,118
| | | |
45,847
| | | |
54,462
| | | |
54,033
| | | |
58,481
| |
|
Other assets, net (a) | | |
92,983
| | | |
102,114
| | | |
104,669
| | | |
92,421
| | | |
84,905
| |
|
Cash and cash equivalents
| | |
28,553
| | | |
64,156
| | | |
81,683
| | | |
157,665
| | | |
7,256
| |
|
Restricted cash
| |
|
3,680
|
|
|
|
3,658
|
|
|
|
3,901
|
|
|
|
5,190
|
|
|
|
4,437
|
|
|
Total assets
| |
$
|
4,527,879
|
|
|
$
|
4,607,999
|
|
|
$
|
4,734,097
|
|
|
$
|
4,797,920
|
|
|
$
|
4,675,042
|
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | |
|
Liabilities
| | | | | | | | | | |
|
Notes payable
| | | | | | | | | | |
|
Unsecured
| |
$
|
1,590,473
| | |
$
|
1,645,926
| | |
$
|
1,646,106
| | |
$
|
1,728,150
| | |
$
|
2,151,492
| |
|
Secured
| | |
980,188
| | | |
979,273
| | | |
976,051
| | | |
969,668
| | | |
680,631
| |
|
Accounts payable and accrued expenses
| | |
69,858
| | | |
74,420
| | | |
78,466
| | | |
65,012
| | | |
73,250
| |
|
Accrued real estate taxes
| | |
17,005
| | | |
23,241
| | | |
42,386
| | | |
30,154
| | | |
19,113
| |
|
Other liabilities (b) | | |
138,136
| | | |
145,176
| | | |
145,464
| | | |
132,763
| | | |
137,397
| |
|
Distributions payable
| |
|
33,403
|
|
|
|
33,025
|
|
|
|
33,028
|
|
|
|
33,050
|
|
|
|
43,136
|
|
|
Total liabilities
| | |
2,829,063
| | | |
2,901,061
| | | |
2,921,501
| | | |
2,958,797
| | | |
3,105,019
| |
| | | | | | | | | |
|
|
Commitments and contingencies
| | | | | | | | | | |
| | | | | | | | | |
|
|
Perpetual preferred units
| | |
97,925
| | | |
97,925
| | | |
97,925
| | | |
97,925
| | | |
97,925
| |
| | | | | | | | | |
|
|
Shareholders' equity
| | | | | | | | | | |
|
Common shares of beneficial interest
| | |
778
| | | |
770
| | | |
770
| | | |
769
| | | |
666
| |
|
Additional paid-in capital
| | |
2,548,722
| | | |
2,525,656
| | | |
2,522,525
| | | |
2,517,788
| | | |
2,242,940
| |
|
Distributions in excess of net income attributable to common
shareholders
| | |
(520,798
|
)
| | |
(492,571
|
)
| | |
(383,265
|
)
| | |
(357,168
|
)
| | |
(345,481
|
)
|
|
Notes receivable secured by common shares
| | |
(101
|
)
| | |
(101
|
)
| | |
(101
|
)
| | |
(287
|
)
| | |
(291
|
)
|
|
Treasury shares, at cost
| | |
(461,517
|
)
| | |
(462,188
|
)
| | |
(462,188
|
)
| | |
(462,751
|
)
| | |
(462,751
|
)
|
|
Accumulated other comprehensive loss (c) | |
|
(42,093
|
)
|
|
|
(41,155
|
)
|
|
|
(44,921
|
)
|
|
|
(41,886
|
)
|
|
|
(48,716
|
)
|
|
Total common shareholders' equity
| | |
1,524,991
| | | |
1,530,411
| | | |
1,632,820
| | | |
1,656,465
| | | |
1,386,367
| |
|
Noncontrolling interest
| |
|
75,900
|
|
|
|
78,602
|
|
|
|
81,851
|
|
|
|
84,733
|
|
|
|
85,731
|
|
|
Total shareholders' equity
| |
|
1,600,891
|
|
|
|
1,609,013
|
|
|
|
1,714,671
|
|
|
|
1,741,198
|
|
|
|
1,472,098
|
|
|
Total liabilities and shareholders' equity
| |
$
|
4,527,879
|
|
|
$
|
4,607,999
|
|
|
$
|
4,734,097
|
|
|
$
|
4,797,920
|
|
|
$
|
4,675,042
|
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| (a) includes: | | | | | | | | | | |
| net deferred charges of: | | $ | 10,704 | | | $ | 11,113 | | | $ | 11,617 | | | $ | 12,108 | | | $ | 10,061 | |
| | | | | | | | | |
|
| (b) includes: | | | | | | | | | | |
| deferred revenues of: | | $ | 2,467 | | | $ | 2,664 | | | $ | 2,938 | | | $ | 3,183 | | | $ | 2,402 | |
| distributions in excess of investments in joint ventures of: | | $ | 32,195 | | | $ | 31,410 | | | $ | 30,507 | | | $ | 30,287 | | | $ | 31,318 | |
| fair value adjustment of derivative instruments: | | $ | 42,119 | | | $ | 41,083 | | | $ | 44,730 | | | $ | 41,797 | | | $ | 48,693 | |
| | | | | | | | | |
|
| (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 | |
| | | | | | | | March 31, | |
| | | | | | | | 2010 |
| 2009 | |
|
Net income attributable to common shareholders
| | | | | |
$
|
2,285
| | |
$
|
6,234
| |
|
Real estate depreciation from continuing operations
| | | | | | |
42,639
| | | |
43,010
| |
|
Adjustments for unconsolidated joint ventures
| | | | | | |
2,163
| | | |
1,916
| |
|
Income (loss) allocated to noncontrolling interests
| | | | | |
|
(105
|
)
|
|
|
421
| |
|
Funds from operations - diluted
| | | | | |
$
|
46,982
|
|
|
$
|
51,581
| |
| | | | | | | | | | |
|
Weighted average number of common and common equivalent shares
outstanding:
| | | | | | | | | |
|
EPS diluted
| | | | | | |
68,169
| | | |
56,047
| |
|
FFO diluted
| | | | | | |
69,295
| | | |
58,471
| |
| | | | | | | | | | |
|
|
Net income attributable to common shareholders - diluted
| | | | | |
$
|
0.03
| | |
$
|
0.11
| |
|
FFO per common share - diluted
| | | | | |
$
|
0.68
| | |
$
|
0.88
| |
| | | | | | | | | | |
|
| | | | | | | | | | |
|
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:
|
| | | | | | | | | | |
|
| | | 2Q10 Range | | | | 2010 Range | |
| | | Low | High | | | | Low |
| High | |
| | | | | | | | | | |
|
|
Expected net income attributable to common shareholders per share -
diluted
|
($0.03
|
)
|
$
|
0.01
| | | | |
($0.24
|
)
| |
$
|
0.06
| |
|
Expected real estate depreciation
|
0.60
| | |
0.60
| | | | |
2.43
| | | |
2.43
| |
|
Expected adjustments for unconsolidated joint ventures
|
0.03
| | |
0.03
| | | | |
0.13
| | | |
0.13
| |
|
Expected income allocated to noncontrolling interests
|
0.01
|
|
|
0.01
| | | |
|
0.03
|
|
|
|
0.03
| |
|
Expected FFO per share - diluted
|
0.61
| | |
0.65
| | | |
$
|
2.35
| | |
$
|
2.65
| |
| | | | | | | | | | | | | |
|
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 |
Net Operating Income (NOI) | | (In thousands, except per share amounts) |
|
|
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 |
| | | | March 31, |
| | | | 2010 |
| 2009 |
|
Net income attributable to common shareholders
| |
$
|
2,285
| | |
$
|
6,234
| |
|
Less: Fee and asset management income
| | |
(1,838
|
)
| | |
(2,031
|
)
|
|
Less: Interest and other income
| | |
(3,045
|
)
| | |
(735
|
)
|
|
Less: (Income) loss on deferred compensation plans
| | |
(3,482
|
)
| | |
4,152
| |
|
Plus: Property management expense
| | |
5,183
| | | |
4,929
| |
|
Plus: Fee and asset management expense
| | |
1,194
| | | |
1,135
| |
|
Plus: General and administrative expense
| | |
7,404
| | | |
8,232
| |
|
Plus: Interest expense
| | |
31,555
| | | |
32,245
| |
|
Plus: Depreciation and amortization
| | |
43,813
| | | |
43,980
| |
|
Plus: Amortization of deferred financing costs
| | |
726
| | | |
817
| |
|
Plus: Expense (benefit) on deferred compensation plans
| | |
3,482
| | | |
(4,152
|
)
|
|
Less: (Gain) on early retirement of debt
| | |
-
| | | |
(166
|
)
|
|
Less: Equity in (income) loss of joint ventures
| | |
105
| | | |
(408
|
)
|
|
Plus: Income allocated to perpetual preferred units
| | |
1,750
| | | |
1,750
| |
|
Plus: Income (loss) allocated to noncontrolling interests
| | |
(254
|
)
| | |
521
| |
|
Plus: Income tax expense - current
| | |
270
| | | |
299
| |
|
Less: Income from discontinued operations
| |
|
-
|
|
|
|
(675
|
)
|
|
Net Operating Income (NOI)
| |
$
|
89,148
| | |
$
|
96,127
| |
| | | | | |
|
|
"Same Property" Communities
| |
$
|
82,585
| | |
$
|
90,813
| |
|
Non-"Same Property" Communities
| | |
5,201
| | | |
4,116
| |
|
Development and Lease-Up Communities
| | |
799
| | | |
424
| |
|
Redevelopment Communities
| | |
570
| | | |
500
| |
|
Dispositions / Other
| |
|
(7
|
)
|
|
|
274
|
|
|
Net Operating Income (NOI)
| |
$
|
89,148
| | |
$
|
96,127
| |
| | | | | |
|
| | | | | |
|
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)
loss of joint ventures, (gain) loss on early retirement of debt,
and income (loss) 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 |
| | | | March 31, |
| | | | 2010 |
| 2009 |
|
Net income attributable to common shareholders
| |
$
|
2,285
| | |
$
|
6,234
| |
|
Plus: Interest expense
| | |
31,555
| | | |
32,245
| |
|
Plus: Amortization of deferred financing costs
| | |
726
| | | |
817
| |
|
Plus: Depreciation and amortization
| | |
43,813
| | | |
43,980
| |
|
Plus: Income allocated to perpetual preferred units
| | |
1,750
| | | |
1,750
| |
|
Plus: Income (loss) allocated to noncontrolling interests
| | |
(254
|
)
| | |
521
| |
|
Plus: Income tax expense - current
| | |
270
| | | |
299
| |
|
Less: (Gain) on early retirement of debt
| | |
-
| | | |
(166
|
)
|
|
Less: Equity in (income) loss of joint ventures
| |
|
105
|
|
|
|
(408
|
)
|
|
EBITDA
| | |
$
|
80,250
| | |
$
|
85,272
| |
Source: Camden Property Trust
Contact:
Camden Property Trust
Kim Callahan, 713-354-2549