HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE: CPT) today announced operating results for
the three months ended March 31, 2011.
Funds from Operations (“FFO”)
FFO for the first quarter of 2011 totaled $0.72 per diluted share or
$54.1 million, as compared to $0.68 per diluted share or $47.0 million
for the same period in 2010. FFO for the three months ended March 31,
2011 included a net $3.3 million or $0.04 per diluted share impact
related to other income of $4.3 million from the sale of an
available-for-sale investment, partially offset by $1.0 million of
income taxes associated with that gain, and a $2.1 million or $0.03 per
diluted share impact for General & Administrative (“G&A”) costs related
to a one-time bonus awarded to all non-executive employees. FFO for the
three months ended March 31, 2010 included a $2.7 million or $0.04 per
diluted share impact for income relating to the expiration of an
indemnification provision related to one of the Company’s operating
joint ventures.
Net Income Attributable to Common Shareholders
(“EPS”)
The Company reported EPS of $7.3 million or $0.10 per diluted share for
the first quarter of 2011, as compared to $2.3 million or $0.03 per
diluted share for the same period in 2010. EPS for the three months
ended March 31, 2011 included a net $3.3 million or $0.05 per diluted
share impact related to gain on sale of an available-for-sale
investment; a $2.1 million or $0.03 per diluted share impact for G&A
costs related to a one-time bonus awarded to all non-executive
employees; and a $1.1 million or $0.02 per diluted share impact from
gain on sale of three joint venture interests. EPS for the three months
ended March 31, 2010 included a $2.7 million or $0.04 per diluted share
impact for income relating to the expiration of an indemnification
provision related to one of the Company’s operating joint ventures.
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 47,600 apartment homes included in consolidated same property
results, first quarter 2011 same property net operating income (“NOI”)
increased 6.2% compared to the first quarter of 2010, with revenues
increasing 3.7% and expenses increasing 0.2%. On a sequential basis,
first quarter 2011 same property NOI declined 0.5% compared to the
fourth quarter of 2010, with revenues increasing 1.5% and expenses
increasing 4.7% compared to the prior quarter. Same property physical
occupancy levels for the portfolio averaged 93.9% during the first
quarter of 2011, compared to 93.5% in the fourth quarter of 2010 and
93.4% in the first quarter of 2010.
The Company defines same property communities as communities owned and
stabilized as of January 1, 2010, excluding properties held for sale and
communities under major 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.
Acquisition Activity
Camden completed three acquisitions during the quarter for approximately
$123 million through its Multifamily Value Add Fund (“Fund), in which it
owns a 20% interest. The Fund acquired Camden Heights, a 352-home
stabilized apartment community located in Houston, TX; Camden Design
District, a 355-home stabilized apartment community located in Dallas,
TX; and Camden Phipps, a 234-home stabilized apartment community located
in Atlanta, GA.
Disposition Activity
During the first quarter, Camden sold its ownership interests in three
unconsolidated joint ventures for total proceeds of $19.3 million and
recognized a gain of $1.1 million. The joint ventures were comprised of
two operating communities with 459 apartment homes and one parcel of
undeveloped land, all located in Houston, TX.
Development Activity
Lease-up continued during the first quarter at Camden Ivy Hall, a $17
million joint venture community owned by the Fund which is currently 85%
leased. Construction continued during the quarter on two wholly-owned
development communities: Camden LaVina, a $61 million project in
Orlando, FL; and Camden Summerfield II, a $32 million project in
Landover, MD. Initial occupancy at these communities is scheduled for
mid- to late 2011, with construction completions expected by early to
mid-2012. In addition, the Company began construction during the first
quarter on Camden Royal Oaks II, a $14 million project in Houston, TX
scheduled for initial occupancy in late 2011 with construction
completion expected in early to mid-2012.
Subsequent to quarter-end, the Company began construction on three
additional wholly-owned development communities comprising 978 apartment
homes for a total cost of $141 million: Camden Montague in Tampa, FL, a
$23 million project with 192 apartment homes; Camden Westchase in Tampa,
FL, a $52 million project with 348 apartment homes; and Camden Town
Square in Orlando, FL, a $66 million project with 438 apartment homes.
In addition, Camden sold a land parcel in Washington, DC to the Fund for
approximately $9.4 million subsequent to quarter-end, and the Company
was reimbursed for previously written-off third party development costs,
resulting in a gain of $4.7 million that will be recorded in the second
quarter of 2011. Construction on this community - Camden South Capitol,
an $88 million project with 276 apartment homes – also commenced
subsequent to quarter-end.
The Company has fouradditional development communities expected
to begin construction later in 2011 or during 2012.
Equity Issuance
During the first quarter, Camden issued 71,343 common shares through its
at-the-market (“ATM”) share offering program at an average price of
$54.06 per share, for total net consideration of approximately $3.8
million. Subsequent to quarter-end, the Company issued an additional
181,155 common shares through its ATM program at an average price of
$56.50 per share, for total net consideration of approximately $10.1
million.
Earnings Guidance
Camden updated its earnings guidance for 2011 based on its current and
expected views of the apartment market and general economic conditions.
Full-year 2011 FFO is expected to be $2.90 to $3.10 per diluted share,
and full-year 2011 EPS is expected to be $0.39 to $0.59 per diluted
share. Second quarter 2011 earnings guidance is $0.76 to $0.80 per
diluted share for FFO and $0.14 to $0.18 per diluted share for EPS. The
Company’s earnings guidance for second quarter 2011 and full-year 2011
both include the impact of the $4.7 million or $0.06 per diluted share
gain on the sale of its South Capitol land parcel in Washington, DC, but
exclude other 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 2011 earnings guidance is based on projections of same
property revenue growth between 4.0% and 5.0%, expense growth between
2.5% and 3.5%, and NOI growth between 5.0% and 6.0%. Additional
information on the Company’s 2011 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, April 29, 2011 at
11:00 a.m. Central Time to review its first quarter 2011 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: 3154019, 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 187 properties containing 63,798 apartment homes across
the United States. Upon completion of seven properties under
development, the Company's portfolio will increase to 65,763 apartment
homes in 194 properties. Camden was recently named by FORTUNE® Magazine
for the fourth consecutive year as one of the “100 Best Companies to
Work For” in America, placing 7th 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 www.camdenliving.com.
|
| |
| |
| |
| CAMDEN | OPERATING RESULTS |
| (In thousands, except per share and property data amounts) |
|
|
|
|
|
|
| | | | |
|
| (Unaudited) | | Three Months Ended |
| | | March 31, |
| OPERATING DATA | | 2011 |
| 2010 |
| Property revenues | | | | |
|
Rental revenues
| |
$
|
138,780
| | |
$
|
128,851
| |
|
Other property revenues
| |
|
22,367
|
|
|
|
20,601
|
|
|
Total property revenues
| |
|
161,147
|
|
|
|
149,452
|
|
| | | | |
|
| Property expenses | | | | |
|
Property operating and maintenance
| | |
46,225
| | | |
43,771
| |
|
Real estate taxes
| |
|
17,707
|
|
|
|
18,076
|
|
|
Total property expenses
| |
|
63,932
|
|
|
|
61,847
|
|
| | | | |
|
| Non-property income | | | | |
|
Fee and asset management
| | |
1,838
| | | |
1,838
| |
|
Interest and other income
| | |
4,771
| | | |
3,045
| |
|
Income on deferred compensation plans
| |
|
5,954
|
|
|
|
3,482
|
|
|
Total non-property income
| |
|
12,563
|
|
|
|
8,365
|
|
| | | | |
|
| Other expenses | | | | |
|
Property management
| | |
5,319
| | | |
5,183
| |
|
Fee and asset management
| | |
1,220
| | | |
1,194
| |
|
General and administrative
| | |
9,788
| | | |
7,404
| |
|
Interest
| | |
29,737
| | | |
31,555
| |
|
Depreciation and amortization
| | |
46,822
| | | |
42,968
| |
|
Amortization of deferred financing costs
| | |
1,527
| | | |
726
| |
|
Expense on deferred compensation plans
| |
|
5,954
|
|
|
|
3,482
|
|
|
Total other expenses
| |
|
100,367
|
|
|
|
92,512
|
|
| | | | |
|
|
Gain on sale of unconsolidated joint venture interests
| | |
1,136
| | | |
-
| |
|
Equity in income (loss) of joint ventures
| |
|
374
|
|
|
|
(105
|
)
|
| Income from continuing operations before income taxes | | | 10,921 | | | | 3,353 | |
|
Income tax expense - current
| |
|
(1,320
|
)
|
|
|
(270
|
)
|
| Income from continuing operations | | | 9,601 | | | | 3,083 | |
|
Income from discontinued operations
| |
|
-
|
|
|
|
698
|
|
| Net income | | | 9,601 | | | | 3,781 | |
|
Less (income) loss allocated to noncontrolling interests from
continuing operations
| | |
(565
|
)
| | |
254
| |
|
Less income allocated to perpetual preferred units
| |
|
(1,750
|
)
|
|
|
(1,750
|
)
|
| Net income attributable to common shareholders | | $ | 7,286 |
|
| $ | 2,285 |
|
| | | | |
|
| | | | |
|
| CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME | | | | |
| Net income | | $ | 9,601 | | | $ | 3,781 | |
| Other comprehensive income | | | | |
|
Unrealized loss on cash flow hedging activities
| | |
(503
|
)
| | |
(6,817
|
)
|
|
Reclassification of net losses on cash flow hedging activities
| | |
5,766
| | | |
5,879
| |
|
Reclassification of gain on available-for-sale investment to
earnings, net of tax
| |
|
(3,309
|
)
|
|
|
-
|
|
| Comprehensive income | | | 11,555 | | | | 2,843 | |
|
Less (income) loss allocated to noncontrolling interests from
continuing operations
| | |
(565
|
)
| | |
254
| |
|
Less income allocated to perpetual preferred units
| |
|
(1,750
|
)
|
|
|
(1,750
|
)
|
| Comprehensive income attributable to common shareholders | | $ | 9,240 |
|
| $ | 1,347 |
|
| | | | |
|
| | | | |
|
| PER SHARE DATA | | | | |
|
Net income attributable to common shareholders - basic
| |
$
|
0.10
| | |
$
|
0.03
| |
|
Net income attributable to common shareholders - diluted
| | |
0.10
| | | |
0.03
| |
|
Income from continuing operations attributable to common
shareholders - basic
| | |
0.10
| | | |
0.02
| |
|
Income from continuing operations attributable to common
shareholders - diluted
| | |
0.10
| | | |
0.02
| |
| | | | |
|
| Weighted average number of common and common equivalent shares
outstanding: | | | | |
|
Basic
| | |
71,906
| | | |
66,475
| |
|
Diluted
| | |
72,783
| | | |
66,648
| |
| | | | |
|
| | | | |
|
| | | | |
|
|
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 | | 2011 |
| 2010 |
| | | | |
|
| Net income attributable to common shareholders | | $ | 7,286 | | | $ | 2,285 | |
|
Real estate depreciation from continuing operations
| | |
45,574
| | | |
41,794
| |
|
Real estate depreciation from discontinued operations
| | |
-
| | | |
845
| |
|
Adjustments for unconsolidated joint ventures
| | |
2,006
| | | |
2,163
| |
|
Gain on sale of unconsolidated joint venture interests
| | |
(1,136
|
)
| | |
-
| |
|
Income (loss) allocated to noncontrolling interests
| |
|
383
|
|
|
|
(105
|
)
|
| Funds from operations - diluted | | $ | 54,113 |
|
| $ | 46,982 |
|
| | | | |
|
| PER SHARE DATA | | | | |
|
Funds from operations - diluted
| |
$
|
0.72
| | |
$
|
0.68
| |
|
Cash distributions
| | |
0.49
| | | |
0.45
| |
| | | | |
|
| Weighted average number of common and common equivalent shares
outstanding: | | | | |
|
FFO - diluted
| | |
75,021
| | | |
69,295
| |
| | | | |
|
| PROPERTY DATA | | | | |
|
Total operating properties (end of period) (a) | | |
187
| | | |
185
| |
|
Total operating apartment homes in operating properties (end of
period) (a) | | |
63,798
| | | |
63,658
| |
|
Total operating apartment homes (weighted average)
| | |
50,881
| | | |
50,578
| |
|
Total operating apartment homes - excluding discontinued operations
(weighted average)
| | |
50,881
| | | |
49,512
| |
| | | | |
|
| | | | |
|
| (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) | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, | | Mar 31, |
| | | 2011 |
| 2010 |
| 2010 |
| 2010 |
| 2010 |
| ASSETS | | | | | | | | | | |
|
Real estate assets, at cost
| | | | | | | | | | |
|
Land
| |
$
|
760,397
| | |
$
|
760,397
| | |
$
|
763,559
| | |
$
|
746,195
| | |
$
|
748,604
| |
|
Buildings and improvements
| |
|
4,690,741
|
|
|
|
4,680,361
|
|
|
|
4,613,036
|
|
|
|
4,521,376
|
|
|
|
4,527,523
|
|
| | | |
5,451,138
| | | |
5,440,758
| | | |
5,376,595
| | | |
5,267,571
| | | |
5,276,127
| |
|
Accumulated depreciation
| |
|
(1,335,831
|
)
|
|
|
(1,292,924
|
)
|
|
|
(1,263,173
|
)
|
|
|
(1,221,422
|
)
|
|
|
(1,191,604
|
)
|
|
Net operating real estate assets
| | |
4,115,307
| | | |
4,147,834
| | | |
4,113,422
| | | |
4,046,149
| | | |
4,084,523
| |
|
Properties under development and land
| | |
220,641
| | | |
206,919
| | | |
198,377
| | | |
199,012
| | | |
196,371
| |
|
Investments in joint ventures
| | |
21,196
| | | |
27,632
| | | |
33,226
| | | |
50,392
| | | |
42,994
| |
|
Properties held for sale, including land
| |
|
-
|
|
|
|
-
|
|
|
|
9,737
|
|
|
|
9,692
|
|
|
|
-
|
|
|
Total real estate assets
| | |
4,357,144
| | | |
4,382,385
| | | |
4,354,762
| | | |
4,305,245
| | | |
4,323,888
| |
|
Accounts receivable - affiliates
| | |
29,973
| | | |
31,895
| | | |
32,269
| | | |
31,993
| | | |
32,657
| |
|
Notes receivable - affiliates
| | |
-
| | | |
3,194
| | | |
17,509
| | | |
38,478
| | | |
46,118
| |
|
Other assets, net (a) | | |
92,051
| | | |
106,175
| | | |
105,950
| | | |
87,371
| | | |
92,983
| |
|
Cash and cash equivalents
| | |
98,771
| | | |
170,575
| | | |
91,071
| | | |
128,155
| | | |
28,553
| |
|
Restricted cash
| |
|
5,354
|
|
|
|
5,513
|
|
|
|
5,174
|
|
|
|
3,738
|
|
|
|
3,680
|
|
|
Total assets
| |
$
|
4,583,293
|
|
|
$
|
4,699,737
|
|
|
$
|
4,606,735
|
|
|
$
|
4,594,980
|
|
|
$
|
4,527,879
|
|
| | | | | | | | | | |
|
| | | | | | | | | | |
|
| | | | | | | | | | |
|
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | |
|
Liabilities
| | | | | | | | | | |
|
Notes payable
| | | | | | | | | | |
|
Unsecured
| |
$
|
1,419,681
| | |
$
|
1,507,757
| | |
$
|
1,507,858
| | |
$
|
1,590,287
| | |
$
|
1,590,473
| |
|
Secured
| | |
1,054,839
| | | |
1,055,997
| | | |
1,034,354
| | | |
981,816
| | | |
980,188
| |
|
Accounts payable and accrued expenses
| | |
81,972
| | | |
81,556
| | | |
82,598
| | | |
63,663
| | | |
69,858
| |
|
Accrued real estate taxes
| | |
16,585
| | | |
22,338
| | | |
40,340
| | | |
28,416
| | | |
17,005
| |
|
Distributions payable
| | |
38,662
| | | |
35,295
| | | |
34,548
| | | |
34,275
| | | |
33,403
| |
|
Other liabilities (b) | |
|
134,608
|
|
|
|
141,496
|
|
|
|
144,146
|
|
|
|
137,020
|
|
|
|
138,136
|
|
|
Total liabilities
| | |
2,746,347
| | | |
2,844,439
| | | |
2,843,844
| | | |
2,835,477
| | | |
2,829,063
| |
| | | | | | | | | | |
|
|
Commitments and contingencies
| | | | | | | | | | |
| | | | | | | | | | |
|
|
Perpetual preferred units
| | |
97,925
| | | |
97,925
| | | |
97,925
| | | |
97,925
| | | |
97,925
| |
| | | | | | | | | | |
|
|
Equity
| | | | | | | | | | |
|
Common shares of beneficial interest
| | |
827
| | | |
824
| | | |
804
| | | |
798
| | | |
778
| |
|
Additional paid-in capital
| | |
2,783,621
| | | |
2,775,625
| | | |
2,673,606
| | | |
2,641,354
| | | |
2,548,722
| |
|
Distributions in excess of net income attributable to common
shareholders
| | |
(623,740
|
)
| | |
(595,317
|
)
| | |
(580,046
|
)
| | |
(550,039
|
)
| | |
(520,798
|
)
|
|
Notes receivable secured by common shares
| | |
-
| | | |
-
| | | |
-
| | | |
(102
|
)
| | |
(101
|
)
|
|
Treasury shares, at cost
| | |
(460,467
|
)
| | |
(461,255
|
)
| | |
(461,255
|
)
| | |
(461,517
|
)
| | |
(461,517
|
)
|
|
Accumulated other comprehensive loss (c) | |
|
(31,504
|
)
|
|
|
(33,458
|
)
|
|
|
(41,302
|
)
|
|
|
(43,718
|
)
|
|
|
(42,093
|
)
|
|
Total common shareholders' equity
| | |
1,668,737
| | | |
1,686,419
| | | |
1,591,807
| | | |
1,586,776
| | | |
1,524,991
| |
|
Noncontrolling interest
| |
|
70,284
|
|
|
|
70,954
|
|
|
|
73,159
|
|
|
|
74,802
|
|
|
|
75,900
|
|
|
Total equity
| |
|
1,739,021
|
|
|
|
1,757,373
|
|
|
|
1,664,966
|
|
|
|
1,661,578
|
|
|
|
1,600,891
|
|
|
Total liabilities and equity
| |
$
|
4,583,293
|
|
|
$
|
4,699,737
|
|
|
$
|
4,606,735
|
|
|
$
|
4,594,980
|
|
|
$
|
4,527,879
|
|
| | | | | | | | | | |
|
| | | | | | | | | | |
|
| | | | | | | | | | |
|
| (a) includes: | | | | | | | | | | |
| net deferred charges of: | | $ | 12,677 | | | $ | 13,336 | | | $ | 14,892 | | | $ | 10,193 | | | $ | 10,704 | |
| | | | | | | | | | |
|
| (b) includes: | | | | | | | | | | |
| deferred revenues of: | | $ | 2,254 | | | $ | 2,332 | | | $ | 2,347 | | | $ | 2,467 | | | $ | 2,467 | |
| distributions in excess of investments in joint ventures of: | | $ | 33,442 | | | $ | 32,288 | | | $ | 34,045 | | | $ | 33,074 | | | $ | 32,195 | |
| fair value adjustment of derivative instruments: | | $ | 31,655 | | | $ | 36,898 | | | $ | 43,267 | | | $ | 43,757 | | | $ | 42,119 | |
| | | | | | | | | | |
|
| (c) Represents the fair value adjustment of derivative
instruments, gain on post retirement obligations and unrealized gain
on available-for-sale securities, net of tax, if any. |
|
| | |
|
|
| | | |
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, | | | | | | |
| | 2011 | 2010 | | | | | | |
|
Net income attributable to common shareholders
| |
$
|
7,286
| |
$
|
2,285
| | | | | | | |
|
Real estate depreciation from continuing operations
| | |
45,574
| | |
41,794
| | | | | | | |
|
Real estate depreciation from discontinued operations
| | |
-
| | |
845
| | | | | | | |
|
Adjustments for unconsolidated joint ventures
| | |
2,006
| | |
2,163
| | | | | | | |
|
(Gain) on sale of unconsolidated joint venture interests
| | |
(1,136
|
)
| |
-
| | | | | | | |
|
Income (loss) allocated to noncontrolling interests
| |
|
383
|
|
|
(105
|
)
| | | | | | |
|
Funds from operations - diluted
| |
$
|
54,113
|
|
$
|
46,982
|
| | | | | | |
| | | | | | | | |
|
|
Weighted average number of common and
| | | | | | | | | |
common equivalent shares outstanding:
| | | | | | | | | |
|
EPS diluted
| | |
72,783
| | |
66,648
| | | | | | | |
|
FFO diluted
| | |
75,021
| | |
69,295
| | | | | | | |
| | | | | | | | |
|
|
Net income attributable to common shareholders - diluted
| |
$
|
0.10
| |
$
|
0.03
| | | | | | | |
|
FFO per common share - diluted
| |
$
|
0.72
| |
$
|
0.68
| | | | | | | |
| | | | | | | | |
|
| | | | | | | | |
|
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:
|
| | | | | | | | |
|
| | 2Q11 Range | | | | 2011 Range | |
| | Low | High | | | | Low | High | |
| | | | | | | | |
|
|
Expected net income attributable to common shareholders per share -
diluted
| |
$
|
0.14
| |
$
|
0.18
| | | | |
$
|
0.39
| |
$
|
0.59
| | |
|
Expected real estate depreciation
| | |
0.59
| | |
0.59
| | | | | |
2.37
| | |
2.37
| | |
|
Expected adjustments for unconsolidated joint ventures
| | |
0.03
| | |
0.03
| | | | | |
0.14
| | |
0.14
| | |
|
Recognized (gain) on sale of unconsolidated joint venture interests
| | |
0.00
| | |
0.00
| | | | | |
(0.02
|
)
| |
(0.02
|
)
| |
|
Expected income allocated to noncontrolling interests
| |
|
0.00
|
|
|
0.00
|
| | | |
|
0.02
|
|
|
0.02
|
| |
|
Expected FFO per share - diluted
| |
$
|
0.76
| |
$
|
0.80
| | | | |
$
|
2.90
| |
$
|
3.10
| | |
| | | | | | | | |
|
| | | | | | | | |
|
| | | | | | | | |
|
|
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 | | | | | | |
| | March 31, | | | | | | |
| | 2011 | 2010 | | | | | | |
|
Net income attributable to common shareholders
| |
$
|
7,286
| |
$
|
2,285
| | | | | | | |
|
Less: Fee and asset management income
| | |
(1,838
|
)
| |
(1,838
|
)
| | | | | | |
|
Less: Interest and other income
| | |
(4,771
|
)
| |
(3,045
|
)
| | | | | | |
|
Less: (Income) loss on deferred compensation plans
| | |
(5,954
|
)
| |
(3,482
|
)
| | | | | | |
|
Plus: Property management expense
| | |
5,319
| | |
5,183
| | | | | | | |
|
Plus: Fee and asset management expense
| | |
1,220
| | |
1,194
| | | | | | | |
|
Plus: General and administrative expense
| | |
9,788
| | |
7,404
| | | | | | | |
|
Plus: Interest expense
| | |
29,737
| | |
31,555
| | | | | | | |
|
Plus: Depreciation and amortization
| | |
46,822
| | |
42,968
| | | | | | | |
|
Plus: Amortization of deferred financing costs
| | |
1,527
| | |
726
| | | | | | | |
|
Plus: Expense (benefit) on deferred compensation plans
| | |
5,954
| | |
3,482
| | | | | | | |
|
Less: (Gain) on sale of unconsolidated joint venture interests
| | |
(1,136
|
)
| |
-
| | | | | | | |
|
Less: Equity in (income) loss of joint ventures
| | |
(374
|
)
| |
105
| | | | | | | |
|
Plus: Income allocated to perpetual preferred units
| | |
1,750
| | |
1,750
| | | | | | | |
|
Plus: Income (loss) allocated to noncontrolling interests
| | |
565
| | |
(254
|
)
| | | | | | |
|
Plus: Income tax expense - current
| | |
1,320
| | |
270
| | | | | | | |
|
Less: (Income) from discontinued operations
| |
|
-
|
|
|
(698
|
)
| | | | | | |
|
Net Operating Income (NOI)
| |
$
|
97,215
| |
$
|
87,605
| | | | | | | |
| | | | | | | | |
|
|
"Same Property" Communities
| |
$
|
89,296
| |
$
|
84,102
| | | | | | | |
|
Non-"Same Property" Communities
| | |
7,742
| | |
3,507
| | | | | | | |
|
Other
| |
|
177
|
|
|
(4
|
)
| | | | | | |
|
Net Operating Income (NOI)
| |
$
|
97,215
| |
$
|
87,605
| | | | | | | |
| | | | | | | | |
|
| | | | | | | | |
|
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 sale of unconsolidated
joint venture interests, 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, | | | | | | |
| | 2011 | 2010 | | | | | | |
|
Net income attributable to common shareholders
| |
$
|
7,286
| |
$
|
2,285
| | | | | | | |
|
Plus: Interest expense
| | |
29,737
| | |
31,555
| | | | | | | |
|
Plus: Amortization of deferred financing costs
| | |
1,527
| | |
726
| | | | | | | |
|
Plus: Depreciation and amortization
| | |
46,822
| | |
42,968
| | | | | | | |
|
Plus: Income allocated to perpetual preferred units
| | |
1,750
| | |
1,750
| | | | | | | |
|
Plus: Income (loss) allocated to noncontrolling interests
| | |
565
| | |
(254
|
)
| | | | | | |
|
Plus: Income tax expense - current
| | |
1,320
| | |
270
| | | | | | | |
|
Plus: Real estate depreciation from discontinued operations
| | |
-
| | |
845
| | | | | | | |
|
Less: (Gain) on sale of unconsolidated joint venture interests
| | |
(1,136
|
)
| |
-
| | | | | | | |
|
Less: Equity in (income) loss of joint ventures
| |
|
(374
|
)
|
|
105
|
| | | | | | |
|
EBITDA
| |
$
|
87,497
| |
$
|
80,250
| | | | | | | |
Source: Camden Property Trust
Contact:
Camden Property Trust
Kim Callahan, 713-354-2549