HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE: CPT) today announced operating results for
the three and twelve months ended December 31, 2009.
Funds from Operations ("FFO")
FFO for the fourth quarter of 2009 totaled ($0.53) per diluted share or
($36.3) million, as compared to $0.17 per diluted share or $10.1 million
for the same period in 2008. FFO for the three months ended December 31,
2009 included a $1.24 per diluted share impact from impairment losses on
land held for development and predevelopment investments. FFO for the
three months ended December 31, 2008 included an $0.88 per diluted share
impact from impairment losses on land held for development and
predevelopment investments, and a $0.15 per diluted share impact from
gains related to early retirement of debt. FFO excluding these
non-recurring items for the three months ended December 31, 2009 and
December 31, 2008 would have been $0.71 per diluted share and $0.90 per
diluted share respectively.
FFO for the twelve months ended December 31, 2009 totaled $1.68 per
diluted share or $109.9 million, as compared to $2.90 per diluted share
or $169.6 million for the same period in 2008. FFO for the twelve months
ended December 31, 2009 included a $1.31 per diluted share impact from
impairment losses on land held for development and predevelopment
investments, and a $0.04 per diluted share impact from losses related to
early retirement of debt. FFO for the twelve months ended December 31,
2008 included an $0.88 per diluted share impact from impairment losses
on land held for development and predevelopment investments, and a $0.23
per diluted share impact from gains related to early retirement of debt.
FFO excluding these non-recurring items for the twelve months ended
December 31, 2009 and December 31, 2008 would have been $3.04 per
diluted share and $3.54 per diluted share respectively.
Net Income Attributable to Common
Shareholders ("EPS")
The Company reported a net loss attributable to common shareholders
("EPS") of $79.3 million or $1.19 per diluted share for the fourth
quarter of 2009, as compared to a net loss of $34.9 million or $0.63 per
diluted share for the same period in 2008. EPS for the three months
ended December 31, 2009 included a $1.24 per diluted share impact from
impairment losses on land held for development and predevelopment
investments. EPS for the three months ended December 31, 2008 included a
$0.93 per diluted share impact from impairment losses on land held for
development and predevelopment investments, and a $0.16 per diluted
share impact from gains related to early retirement of debt.
For the twelve months ended December 31, 2009, Camden reported a net
loss attributable to common shareholders of $50.8 million or $0.80 per
diluted share, as compared to net income attributable to common
shareholders of $71.0 million or $1.28 per diluted share for the same
period in 2008. EPS for the twelve months ended December 31, 2009
included an $1.31 per diluted share impact from impairment losses on
land held for development and predevelopment investments, 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 twelve months ended December 31, 2008 included a
$1.50 per diluted share impact from gain on sale of properties including
discontinued operations, a $0.93 per diluted share impact from
impairment losses on land held for development and predevelopment
investments, and a $0.25 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, fourth quarter 2009 same-property net operating income ("NOI")
declined 5.5% compared to the fourth quarter of 2008, with revenues
declining 5.1% and expenses declining 4.4%. On a sequential basis,
fourth quarter 2009 same-property NOI increased 2.6% compared to the
third quarter of 2009, with revenues declining 2.7% and expenses
declining 10.2% compared to the prior quarter. On a full-year basis,
2009 same-property NOI declined 6.0%, with a revenue decline of 3.1% and
expense growth of 1.8% compared to the same period in fiscal year 2008.
Same-property physical occupancy levels for the combined portfolio
averaged 92.9% during the fourth quarter of 2009, compared to 93.7% in
the fourth quarter of 2008 and 93.7% in the third 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 to net
operating income and same-property net operating income is included in
the financial tables accompanying this press release.
Development Activity
During the fourth quarter, the Company completed lease-up at Camden
Orange Court in Orlando, FL, a $45.5 million project that is currently
94% occupied. Camden currently has one wholly-owned apartment community
completed and in lease-up: Camden Dulles Station in Oak Hill, VA, a
$72.3 million project that is currently 85% leased.
Camden also had two joint venture communities which were completed and
in lease-up: Camden Amber Oaks in Austin, TX, a $35.2 million project
that is currently 80% leased; and Braeswood Place in Houston, TX, a
$50.3 million project that is currently 64% leased. Camden has two
additional joint venture communities currently under construction in
Houston, TX: Belle Meade, a $36.7 million project that is currently 32%
leased; and Camden Travis Street, a $39.0 million project that is
currently 31% leased.
Camden recently announced a reduction in the number of planned
development projects it would undertake, which resulted in a $85.6
million impairment charge during the fourth quarter of 2009. [See
press release dated February 2, 2010 for further details.]
Earnings Guidance
Camden provided initial 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. First quarter 2010 earnings guidance is $0.64 to
$0.68 per diluted share for FFO and $(0.01) to $0.03 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 initial 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 Tuesday, February 9, 2010 at
11:00 a.m. Central Time to review its fourth quarter and full-year 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: 4636692,
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 183 properties containing 63,286 apartment homes across
the United States. Upon completion of two 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 third
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 Twelve Months Ended
December 31, December 31,
OPERATING DATA 2009 2008 2009 2008
Property revenues
Rental revenues $ 131,420 $ 137,921 $ 537,422 $ 547,718
Other property revenues 21,643 19,721 86,504 76,298
Total property revenues 153,063 157,642 623,926 624,016
Property expenses
Property operating and 42,099 41,990 175,788 168,981
maintenance
Real estate taxes 15,937 17,052 71,079 70,301
Total property expenses 58,036 59,042 246,867 239,282
Non-property income
Fee and asset management 1,915 2,274 8,008 9,167
income
Interest and other income 412 1,077 2,826 4,736
Income (loss) on deferred 2,907 (13,713 ) 14,609 (33,443 )
compensation plans
Total non-property income 5,234 (10,362 ) 25,443 (19,540 )
(loss)
Other expenses
Property management 5,016 4,722 18,864 19,910
Fee and asset management 1,366 1,435 4,878 6,054
General and administrative 8,233 7,699 31,243 31,586
Interest 30,932 33,702 128,296 132,399
Depreciation and 43,919 43,300 174,682 171,814
amortization
Amortization of deferred 1,569 837 3,925 2,958
financing costs
Expense (benefit) on 2,907 (13,713 ) 14,609 (33,443 )
deferred compensation plans
Total other expenses 93,942 77,982 376,497 331,278
Income from continuing
operations before gain on
sale of properties,
including land, gain (loss)
on early retirement of 6,319 10,256 26,005 33,916
debt, impairment associated
with land development
activities, and equity in
income (loss) of joint
ventures
Gain on sale of properties, - - - 2,929
including land
Gain (loss) on early - 8,828 (2,550 ) 13,566
retirement of debt
Impairment associated with (85,614 ) (51,323 ) (85,614 ) (51,323 )
land development activities
Equity in income (loss) of 103 (483 ) 695 (1,265 )
joint ventures
Loss from continuing
operations before income (79,192 ) (32,722 ) (61,464 ) (2,177 )
taxes
Income tax expense - (195 ) (327 ) (967 ) (843 )
current
Loss from continuing (79,387 ) (33,049 ) (62,431 ) (3,020 )
operations
Income from discontinued - 619 1,341 4,847
operations
Gain (loss) on sale of - (77 ) 16,887 80,198
discontinued operations
Net income (loss) (79,387 ) (32,507 ) (44,203 ) 82,025
Less (income) loss
allocated to noncontrolling 1,851 (652 ) 403 (4,052 )
interests
Less income allocated to (1,750 ) (1,750 ) (7,000 ) (7,000 )
perpetual preferred units
Net income (loss)
attributable to common ($79,286 ) ($34,909 ) ($50,800 ) $ 70,973
shareholders
CONDENSED CONSOLIDATED
STATEMENTS OF OTHER
COMPREHENSIVE INCOME
Net income (loss) ($79,387 ) ($32,507 ) ($44,203 ) $ 82,025
Other comprehensive income
(loss)
Unrealized loss on cash (1,984 ) (36,109 ) (12,291 ) (44,386 )
flow hedging activities
Reclassification of net
losses on cash flow hedging 5,750 2,442 22,192 9,317
activities
Gain on postretirement - 33 - 136
obligations
Comprehensive income (loss) (75,621 ) (66,141 ) (34,302 ) 47,092
Less (income) loss
allocated to noncontrolling 1,851 (652 ) 403 (4,052 )
interests
Less income allocated to (1,750 ) (1,750 ) (7,000 ) (7,000 )
perpetual preferred units
Comprehensive income (loss)
attributable to common ($75,520 ) ($68,543 ) ($40,899 ) $ 36,040
shareholders
PER SHARE DATA
Net income (loss)
attributable to common ($1.19 ) ($0.63 ) ($0.80 ) $ 1.28
shareholders - basic
Net income (loss)
attributable to common (1.19 ) (0.63 ) (0.80 ) 1.28
shareholders - diluted
Income (loss) from
continuing operations (1.19 ) (0.64 ) (1.09 ) (0.26 )
attributable to common
shareholders - basic
Income (loss) from
continuing operations (1.19 ) (0.64 ) (1.09 ) (0.26 )
attributable to common
shareholders - diluted
Weighted average number of
common and
common equivalent shares
outstanding:
Basic 66,134 55,401 62,359 55,272
Diluted 66,134 55,401 62,359 55,272
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 Twelve Months Ended
December 31, December 31,
FUNDS FROM OPERATIONS 2009 2008 2009 2008
Net income (loss)
attributable to common ($79,286 ) ($34,909 ) ($50,800 ) $ 70,973
shareholders
Real estate depreciation and
amortization from continuing 42,773 42,403 170,480 168,264
operations
Real estate depreciation from - - - 2,745
discontinued operations
Adjustments for 1,988 1,960 7,800 7,103
unconsolidated joint ventures
Income (loss) allocated to (1,794 ) 573 (646 ) 3,617
noncontrolling interests
Gain (loss) on sale of
operating properties, net of - - - (2,929 )
taxes
Gain (loss) on sale of - 77 (16,887 ) (80,188 )
discontinued operations
Funds from operations - ($36,319 ) $ 10,104 $ 109,947 $ 169,585
diluted
PER SHARE DATA
Funds from operations - ($0.53 ) $ 0.17 $ 1.68 $ 2.90
diluted
Cash distributions 0.45 0.70 2.05 2.80
Weighted average number of
common and
common equivalent shares
outstanding:
FFO - diluted 69,119 58,398 65,266 58,528
PROPERTY DATA
Total operating properties 183 181 183 181
(end of period) (a)
Total operating apartment
homes in operating properties 63,286 62,903 63,286 62,903
(end of period) (a)
Total operating apartment 50,515 50,509 50,608 51,277
homes (weighted average)
Total operating apartment
homes - excluding 50,515 49,838 50,272 49,312
discontinued operations
(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) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2009 2009 2009 2009 2008
ASSETS
Real estate
assets, at
cost
Land $ 747,921 $ 746,825 $ 746,936 $ 746,935 $ 744,059
Buildings and 4,512,124 4,484,335 4,473,906 4,466,296 4,447,587
improvements
5,260,045 5,231,160 5,220,842 5,213,231 5,191,646
Accumulated (1,149,056 ) (1,107,227 ) (1,065,861 ) (1,023,466 ) (981,049 )
depreciation
Net operating
real estate 4,110,989 4,123,933 4,154,981 4,189,765 4,210,597
assets
Properties
under 201,581 279,620 268,655 258,239 264,188
development
and land
Investments in 43,542 43,236 22,334 15,158 15,106
joint ventures
Properties
held for sale, - 6,622 6,732 20,696 20,653
including land
Total real 4,356,112 4,453,411 4,452,702 4,483,858 4,510,544
estate assets
Accounts
receivable - 36,112 35,971 35,909 36,105 37,000
affiliates
Notes
receivable
Affiliates 45,847 54,462 54,033 58,481 58,109
Other - - - - 8,710
Other assets, 102,114 104,669 92,421 84,905 103,013
net (a)
Cash and cash 64,156 81,683 157,665 7,256 7,407
equivalents
Restricted 3,658 3,901 5,190 4,437 5,559
cash
Total assets $ 4,607,999 $ 4,734,097 $ 4,797,920 $ 4,675,042 $ 4,730,342
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
Liabilities
Notes payable
Unsecured $ 1,645,926 $ 1,646,106 $ 1,728,150 $ 2,151,492 $ 2,103,187
Secured 979,273 976,051 969,668 680,631 729,209
Accounts
payable and 74,420 78,466 65,012 73,250 82,575
accrued
expenses
Accrued real 23,241 42,386 30,154 19,113 23,600
estate taxes
Other 145,176 145,464 132,763 137,397 149,554
liabilities(b)
Distributions 33,025 33,028 33,050 43,136 42,936
payable
Total 2,901,061 2,921,501 2,958,797 3,105,019 3,131,061
liabilities
Commitments
and
contingencies
Perpetual
preferred 97,925 97,925 97,925 97,925 97,925
units
Shareholders'
equity
Common shares
of beneficial 770 770 769 666 660
interest
Additional
paid-in 2,525,656 2,522,525 2,517,788 2,242,940 2,237,703
capital
Distributions
in excess of
net income (492,571 ) (383,265 ) (357,168 ) (345,481 ) (312,309 )
attributable
to common
shareholders
Notes
receivable (101 ) (101 ) (287 ) (291 ) (295 )
secured by
common shares
Treasury
shares, at (462,188 ) (462,188 ) (462,751 ) (462,751 ) (463,209 )
cost
Accumulated
other (41,155 ) (44,921 ) (41,886 ) (48,716 ) (51,056 )
comprehensive
loss (c)
Total common
shareholders' 1,530,411 1,632,820 1,656,465 1,386,367 1,411,494
equity
Noncontrolling 78,602 81,851 84,733 85,731 89,862
interest
Total
shareholders' 1,609,013 1,714,671 1,741,198 1,472,098 1,501,356
equity
Total
liabilities
and $ 4,607,999 $ 4,734,097 $ 4,797,920 $ 4,675,042 $ 4,730,342
shareholders'
equity
(a) includes:
net deferred $ 11,113 $ 11,617 $ 12,108 $ 10,061 $ 10,505
charges of:
(b) includes:
deferred $ 2,664 $ 2,938 $ 3,183 $ 2,402 $ 2,640
revenues of:
distributions
in excess of
investments in $ 31,410 $ 30,507 $ 30,287 $ 31,318 $ 30,105
joint ventures
of:
fair value
adjustment of $ 41,083 $ 44,730 $ 41,797 $ 48,693 $ 51,068
derivative
instruments:
(c) Represents the fair value adjustment of derivative instruments and gain on post
retirement obligations.
CAMDEN
2010 Financial Outlook
as of February 8, 2010
(Unaudited)
2009 Reported FFO, Adjusted for Non-Routine Items
Total Per Share
2009 Reported FFO $109,947 $1.68
Adjustments for non-routine items:
Plus: Impairment associated with land development 85,614 1.31
activities
Plus: Loss on early retirement of debt 2,550 0.04
2009 FFO adjusted for non-routine items $198,111 $3.04
2009 Fully Diluted Shares Outstanding - FFO 65,266
December 31, 2009 Fully Diluted Shares Outstanding 69,190
- FFO
2009 FFO adjusted for non-routine items and
December 31, 2009 Fully Diluted Shares Outstanding $2.86
- FFO
2010 Financial Outlook
Earnings Guidance - Per Diluted Share
Expected net income attributable to common ($0.24) - $0.06
shareholders per share - diluted
Expected real estate depreciation $2.43
Expected adjustments for unconsolidated joint $0.13
ventures
Expected income allocated to noncontrolling $0.03
interests
Expected FFO per share - diluted $2.35 - $2.65
"Same Property" Communities
Number of Units 47,359
2009 Base Net Operating Income $353 million
Total Revenue Growth (4.25%) - (2.25%)
Total Expense Growth 2.00% - 3.50%
Net Operating Income Growth (8.50%) - (5.50%)
Physical Occupancy 94.00%
Impact from 1.0% change in NOI Growth is
approximately $0.05 / share
Acquisitions/Dispositions
Future Dispositions Volume $0 - $100 million
Future Acquisitions Volume (consolidated on $0 - $100 million
balance sheet)
Future Acquisitions Volume (joint venture) $200 - $500 million
Development
Development Starts (consolidated on balance sheet) $0 - $150 million
Development Starts (joint venture) $0 - $150 million
2010 Incremental FFO Dilution vs. 2009 from
Impaired Assets (excludes 2009 impairment loss on ($6.5 million)
land)
Capitalized Maintenance Expenditures $35 - $40 million
Non-Property Income
Non-Property Income, Net $5 - $7 million
Includes: Fee and asset management income, net of
expenses and
Interest and other income
Corporate Expenses
General and Administrative and Property Management $48 - $52 million
Expense
Debt
Capitalized Interest $4 - $6 million
Expensed Interest $127 - $130 million
30 Day LIBOR (average) 0.58%
Note: Please refer to pages 29 and 30 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
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)
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 Twelve Months Ended
December 31, December 31,
2009 2008 2009 2008
Net income (loss)
attributable to common ($79,286 ) ($34,909 ) ($50,800 ) $ 70,973
shareholders
Real estate depreciation
and amortization from 42,773 42,403 170,480 168,264
continuing operations
Real estate depreciation
from discontinued - - - 2,745
operations
Adjustments for
unconsolidated joint 1,988 1,960 7,800 7,103
ventures
Income (loss) allocated
to noncontrolling (1,794 ) 573 (646 ) 3,617
interests
Gain (loss) on sale of
operating properties, - - - (2,929 )
net of taxes
Gain (loss) on sale of - 77 (16,887 ) (80,188 )
discontinued operations
Funds from operations - ($36,319 ) $ 10,104 $ 109,947 $ 169,585
diluted
Weighted average number
of common and common
equivalent shares
outstanding:
EPS diluted 66,134 55,401 62,359 55,272
FFO diluted 69,119 58,398 65,266 58,528
Net income attributable
to common shareholders - ($1.19 ) ($0.63 ) ($0.80 ) $ 1.28
diluted
FFO per common share - ($0.53 ) $ 0.17 $ 1.68 $ 2.90
diluted
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:
1Q10 Range 2010 Range
Low High Low High
Expected net income
attributable to common ($0.01 ) $ 0.03 ($0.24 ) $ 0.06
shareholders per share -
diluted
Expected real estate 0.61 0.61 2.43 2.43
depreciation
Expected adjustments for
unconsolidated joint 0.03 0.03 0.13 0.13
ventures
Expected income
allocated to 0.01 0.01 0.03 0.03
noncontrolling interests
Expected FFO per share - 0.64 0.68 $ 2.35 $ 2.65
diluted
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements earlier in this document.
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 Twelve Months Ended
December 31, December 31,
2009 2008 2009 2008
Net income (loss)
attributable to common ($79,286 ) ($34,909 ) ($50,800 ) $ 70,973
shareholders
Less: Fee and asset (1,915 ) (2,274 ) (8,008 ) (9,167 )
management income
Less: Interest and other (412 ) (1,077 ) (2,826 ) (4,736 )
income
Less: (Income) loss on
deferred compensation (2,907 ) 13,713 (14,609 ) 33,443
plans
Plus: Property 5,016 4,722 18,864 19,910
management expense
Plus: Fee and asset 1,366 1,435 4,878 6,054
management expense
Plus: General and 8,233 7,699 31,243 31,586
administrative expense
Plus: Interest expense 30,932 33,702 128,296 132,399
Plus: Depreciation and 43,919 43,300 174,682 171,814
amortization
Plus: Amortization of 1,569 837 3,925 2,958
deferred financing costs
Plus: (Expense) benefit
on deferred compensation 2,907 (13,713 ) 14,609 (33,443 )
plans
Less: Gain on sale of
properties, including - - - (2,929 )
land
Less: (Gain) loss on - (8,828 ) 2,550 (13,566 )
early retirement of debt
Less: Equity in (income) (103 ) 483 (695 ) 1,265
loss of joint ventures
Plus: Impairment
associated with land 85,614 51,323 85,614 51,323
development activities
Plus: Income allocated
to perpetual preferred 1,750 1,750 7,000 7,000
units
Plus: Income (loss)
allocated to (1,851 ) 652 (403 ) 4,052
noncontrolling interests
Plus: Income tax expense 195 327 967 843
- current
Less: Income from - (619 ) (1,341 ) (4,847 )
discontinued operations
Less: (Gain) loss on
sale of discontinued - 77 (16,887 ) (80,198 )
operations
Net Operating Income $ 95,027 $ 98,600 $ 377,059 $ 384,734
(NOI)
"Same Property" $ 78,257 $ 82,810 $ 314,342 $ 334,426
Communities
Non-"Same Property" 14,758 13,791 55,969 43,833
Communities
Development and Lease-Up 797 450 2,499 698
Communities
Redevelopment 787 744 2,886 3,000
Communities
Dispositions / Other 428 805 1,363 2,777
Net Operating Income $ 95,027 $ 98,600 $ 377,059 $ 384,734
(NOI)
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 on sale of
real estate assets, impairment associated with land development activities,
(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 Twelve Months Ended
December 31, December 31,
2009 2008 2009 2008
Net income (loss)
attributable to common ($79,286 ) ($34,909 ) ($50,800 ) $ 70,973
shareholders
Plus: Interest expense 30,932 33,702 128,296 132,865
Plus: Amortization of 1,569 837 3,925 2,958
deferred financing costs
Plus: Depreciation and 43,919 43,300 174,682 171,814
amortization
Plus: Income allocated
to perpetual preferred 1,750 1,750 7,000 7,000
units
Plus: Income (loss)
allocated to (1,851 ) 652 (403 ) 4,052
noncontrolling interests
Plus: Income tax expense 195 327 967 843
- current
Plus: Real estate
depreciation and - - - 2,762
amortization from
discontinued operations
Less: Gain on sale of
properties, including - - - (2,929 )
land
Less: (Gain) loss on - (8,828 ) 2,550 (13,566 )
early retirement of debt
Less: Equity in (income) (103 ) 483 (695 ) 1,265
loss of joint ventures
Plus: Impairment
associated with land 85,614 51,323 85,614 51,323
development activities
Less: (Gain) loss on
sale of discontinued - 77 (16,887 ) (80,198 )
operations
EBITDA $ 82,739 $ 88,714 $ 334,249 $ 349,162
Source: Camden Property Trust
Contact: Camden Property Trust
Kim Callahan, 713-354-2549