HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE: CPT) today announced operating results for
the three and six months ended June 30, 2012.
Funds From Operations (“FFO”)
FFO for the second quarter of 2012 totaled $0.89 per diluted share or
$76.7 million, as compared to $0.40 per diluted share or $30.4 million
for the same period in 2011. FFO for the three months ended June 30,
2011 included: a $0.40 per diluted share impact related to a $29.8
million loss on the discontinuation of a hedging relationship of an
interest rate swap and $0.5 million write-off of unamortized loan costs
related to the payoff of a term loan; and a $4.7 million or $0.06 per
diluted share gain on sale of undeveloped land.
FFO for the six months ended June 30, 2012 totaled $1.72 per diluted
share or $145.3 million, as compared to $1.12 per diluted share or $84.5
million for the same period in 2011. FFO for the six months ended June
30, 2012 included a $2.1 million or $0.02 per diluted share charge
related to the redemption of perpetual preferred operating partnership
units. FFO for the six months ended June 30, 2011 included: a $0.40 per
diluted share impact related to a $29.8 million loss on discontinuation
of a hedging relationship of an interest rate swap and $0.5 million
write-off of unamortized loan costs related to the payoff of a term
loan; a $4.7 million or $0.06 per diluted share gain on sale of
undeveloped land; a net $3.3 million or $0.04 per diluted share impact
related to the sale of an available-for-sale investment; 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.
Net Income Attributable to Common Shareholders
(“EPS”)
The Company reported EPS of $21.8 million or $0.26 per diluted share for
the second quarter of 2012, as compared to a net loss of $16.6 million
or $0.23 per diluted share for the same period in 2011. EPS for the
three months ended June 30, 2011 included: a $0.42 per diluted share
impact related to a $29.8 million loss on discontinuation of a hedging
relationship of an interest rate swap and $0.5 million write-off of
unamortized loan costs related to the payoff of a term loan; and a $4.7
million or $0.07 per diluted share gain on sale of undeveloped land.
For the six months ended June 30, 2012, the Company reported EPS of
$110.5 million or $1.32 per diluted share, as compared to a net loss of
$9.3 million or $0.13 per diluted share for the same period in 2011. EPS
for the six months ended June 30, 2012 included: a $40.2 million or
$0.48 per diluted share impact related to the gain on acquisition of the
controlling interest in twelve joint ventures; a $32.5 million or $0.39
per diluted share impact related to the gain on sale of discontinued
operations; and, a $2.1 million or $0.02 per diluted share charge
related to the redemption of perpetual preferred operating partnership
units. EPS for the six months ended June 30, 2011 included: a $0.42 per
diluted share impact related to a $29.8 million loss on discontinuation
of a hedging relationship of an interest rate swap and $0.5 million
write-off of unamortized loan costs related to the payoff of a term
loan; a $4.7 million or $0.07 per diluted share gain on sale of
undeveloped land; 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.
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 47,724 apartment homes included in consolidated same property
results, second quarter 2012 same property NOI increased 8.6% compared
to the second quarter of 2011, with revenues increasing 6.1% and
expenses increasing 2.1%. On a sequential basis, second quarter 2012
same property NOI increased 2.4% compared to the first quarter of 2012,
with revenues increasing 2.2% and expenses increasing 1.9% compared to
the prior quarter. On a year-to-date basis, 2012 same property NOI
increased 9.1%, with revenues increasing 6.4% and expenses increasing
2.3% compared to the same period in 2011. Same property physical
occupancy levels for the portfolio averaged 95.3% during the second
quarter of 2012, compared to 94.9% in both the second quarter of 2011
and first quarter of 2012.
The Company defines same property communities as communities owned and
stabilized as of January 1, 2011, 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 acquired one multifamily community with 477 apartment homes
located in Dallas, TX during the quarter for approximately $76.0
million. Subsequent to quarter-end, the Company acquired a multifamily
community with 223 apartment homes located in Atlanta, GA for
approximately $25.3 million.
During the quarter the Company also acquired 4.7 acres of land located
in Dallas, TX for future development of a multifamily community.
Development Activity
Construction was completed during the quarter at Camden Montague, a 192
apartment home project with a current cost of $20 million in Tampa, FL,
which began leasing in February 2012 and is currently 99% leased.
Lease-ups continued during the quarter at three completed communities:
Camden LaVina, a $56 million project with 420 apartment homes in
Orlando, FL, which is currently 88% leased; Camden Summerfield II, a 187
apartment home project with a current cost of $25 million in Landover,
MD, which is currently 98% leased; and Camden Royal Oaks II, a $13
million project with 104 apartment homes in Houston, TX, which is
currently 39% leased. Lease-up activity is also underway at two
communities which are currently under construction: Camden Westchase
Park, a $52 million project with 348 apartment homes in Tampa, FL which
is currently 59% leased; and Camden Town Square, a $66 million project
with 438 apartment homes in Orlando, FL which began leasing during the
quarter and is currently 41% leased.
Construction began during the quarter at Camden Lamar Heights in Austin,
TX, a $47 million project with 314 apartment homes, and continued at two
additional wholly-owned development communities: Camden City Centre II
in Houston, TX, a $36 million project with 268 apartment homes, and
Camden NOMA in Washington, DC, a $110 million project with 320 apartment
homes. Construction also continued during the quarter on two joint
venture communities: Camden Amber Oaks II in Austin, TX, a $25 million
project with 244 apartment homes, which is currently 59% leased, and
Camden South Capitol in Washington, DC, an $88 million project with 276
apartment homes.
Equity Issuance
During the second quarter, Camden issued 2,572,609 common shares through
its at-the-market (“ATM”) share offering programs at an average price of
$66.55 per share, for total net consideration of approximately $168.5
million. Subsequent to quarter-end, the Company issued an additional
938,380 common shares through its ATM program at an average price of
$69.34 per share, for total net consideration of approximately $64.1
million. Year-to-date through July 2012, Camden has issued 4,215,234
common shares through its ATM programs at an average price of $66.73 per
share, for total net consideration of approximately $276.9 million.
Earnings Guidance
Camden updated its earnings guidance for 2012 based on its current and
expected views of the apartment market and general economic conditions.
Full-year 2012 FFO is expected to be $3.50 to $3.58 per diluted share,
and full-year 2012 EPS is expected to be $1.94 to $2.02 per diluted
share. Third quarter 2012 earnings guidance is $0.88 to $0.92 per
diluted share for FFO and $0.30 to $0.34 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 2012 earnings guidance is based on projections of same
property revenue growth between 5.5% and 6.5%, expense growth between
2.5% and 3.0%, and NOI growth between 7.5% and 8.5%. Additional
information on the Company’s 2012 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, August 3, 2012 at
11:00 a.m. Central Time to review its second quarter 2012 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: 7289205, 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 200 properties containing 67,917 apartment homes across
the United States. Upon completion of seven properties under
development, the Company's portfolio will increase to 70,125 apartment
homes in 207 properties. Camden was recently named by FORTUNE® Magazine
for the fifth consecutive year as one of the “100 Best Companies to Work
For” in America, ranking #7.
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.
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|
| |
| 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 | | | | | | 2012 |
|
|
| 2011 |
|
|
| 2012 |
|
|
| 2011 |
| Property revenues | | | | | | | | | | | | | | | | | | |
|
Rental revenues
| | | | | |
$
|
159,318
| | | | |
$
|
138,167
| | | | |
$
|
313,037
| | | | |
$
|
274,002
| |
|
Other property revenues
| | | | | |
|
26,727
|
|
|
|
|
|
23,235
|
| | | |
|
51,659
|
|
|
|
|
|
45,002
|
|
|
Total property revenues
| | | | | |
|
186,045
|
|
|
|
|
|
161,402
|
| | | |
|
364,696
|
|
|
|
|
|
319,004
|
|
| | | | | | | | | | | | | | | | | |
|
| Property expenses | | | | | | | | | | | | | | | | | | |
|
Property operating and maintenance
| | | | | | |
51,119
| | | | | |
46,232
| | | | | |
100,338
| | | | | |
91,038
| |
|
Real estate taxes
| | | | | |
|
19,338
|
|
|
|
|
|
17,558
|
| | | |
|
37,709
|
|
|
|
|
|
34,902
|
|
|
Total property expenses
| | | | | |
|
70,457
|
|
|
|
|
|
63,790
|
| | | |
|
138,047
|
|
|
|
|
|
125,940
|
|
| | | | | | | | | | | | | | | | | |
|
| Non-property income | | | | | | | | | | | | | | | | | | |
|
Fee and asset management
| | | | | | |
3,608
| | | | | |
2,471
| | | | | |
6,531
| | | | | |
4,309
| |
|
Interest and other income (loss)
| | | | | | |
(65
|
)
| | | | |
86
| | | | | |
(753
|
)
| | | | |
4,857
| |
|
Income (loss) on deferred compensation plans
| | | | | |
|
(2,185
|
)
|
|
|
|
|
1,375
|
| | | |
|
5,601
|
|
|
|
|
|
7,329
|
|
|
Total non-property income
| | | | | |
|
1,358
|
|
|
|
|
|
3,932
|
| | | |
|
11,379
|
|
|
|
|
|
16,495
|
|
| | | | | | | | | | | | | | | | | |
|
| Other expenses | | | | | | | | | | | | | | | | | | |
|
Property management
| | | | | | |
4,851
| | | | | |
5,109
| | | | | |
10,135
| | | | | |
10,428
| |
|
Fee and asset management
| | | | | | |
1,444
| | | | | |
1,670
| | | | | |
3,187
| | | | | |
2,890
| |
|
General and administrative
| | | | | | |
9,730
| | | | | |
8,032
| | | | | |
18,409
| | | | | |
17,820
| |
|
Interest
| | | | | | |
26,247
| | | | | |
28,381
| | | | | |
52,930
| | | | | |
58,118
| |
|
Depreciation and amortization
| | | | | | |
53,310
| | | | | |
44,754
| | | | | |
103,428
| | | | | |
90,605
| |
|
Amortization of deferred financing costs
| | | | | | |
900
| | | | | |
1,890
| | | | | |
1,812
| | | | | |
3,417
| |
|
Expense (benefit) on deferred compensation plans
| | | | | |
|
(2,185
|
)
|
|
|
|
|
1,375
|
| | | |
|
5,601
|
|
|
|
|
|
7,329
|
|
|
Total other expenses
| | | | | |
|
94,297
|
|
|
|
|
|
91,211
|
| | | |
|
195,502
|
|
|
|
|
|
190,607
|
|
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
|
Gain on acquisition of controlling interests in joint ventures
| | | | | | |
-
| | | | | |
-
| | | | | |
40,191
| | | | | |
-
| |
|
Gain on sale of properties, including land
| | | | | | |
-
| | | | | |
4,748
| | | | | |
-
| | | | | |
4,748
| |
|
Gain on sale of unconsolidated joint venture interests
| | | | | | |
-
| | | | | |
-
| | | | | |
-
| | | | | |
1,136
| |
|
Loss on discontinuation of hedging relationship
| | | | | | |
-
| | | | | |
(29,791
|
)
| | | | |
-
| | | | | |
(29,791
|
)
|
|
Equity in income of joint ventures
| | | | | |
|
632
|
|
|
|
|
|
16
|
| | | |
|
998
|
|
|
|
|
|
390
|
|
| Income (loss) from continuing operations before income taxes | | | | | | | 23,281 | | | | | | (14,694 | ) | | | | | 83,715 | | | | | | (4,565 | ) |
|
Income tax expense - current
| | | | | |
|
(434
|
)
|
|
|
|
|
(256
|
)
| | | |
|
(658
|
)
|
|
|
|
|
(1,576
|
)
|
| Income (loss) from continuing operations | | | | | | | 22,847 | | | | | | (14,950 | ) | | | | | 83,057 | | | | | | (6,141 | ) |
|
Income from discontinued operations
| | | | | | |
-
| | | | | |
895
| | | | | |
353
| | | | | |
1,687
| |
|
Gain on sale of discontinued operations, net of tax
| | | | | |
|
-
|
|
|
|
|
|
-
|
| | | |
|
32,541
|
|
|
|
|
|
-
|
|
| Net income (loss) | | | | | | | 22,847 | | | | | | (14,055 | ) | | | | | 115,951 | | | | | | (4,454 | ) |
|
Less income allocated to noncontrolling interests from continuing
operations
| | | | | | |
(1,084
|
)
| | | | |
(781
|
)
| | | | |
(1,909
|
)
| | | | |
(1,337
|
)
|
|
Less income, including gain on sale, allocated to noncontrolling
interests from discontinued operations
| | | | | | |
-
| | | | | |
(11
|
)
| | | | |
(670
|
)
| | | | |
(20
|
)
|
|
Less income allocated to perpetual preferred units
| | | | | | |
-
| | | | | |
(1,750
|
)
| | | | |
(776
|
)
| | | | |
(3,500
|
)
|
|
Less write off of original issuance costs of redeemed perpetual
preferred units
| | | | | |
|
-
|
|
|
|
|
|
-
|
| | | |
|
(2,075
|
)
|
|
|
|
|
-
|
|
| Net income (loss) attributable to common shareholders | | | | | | $ | 21,763 |
|
|
|
|
| ($16,597 | ) | | | | $ | 110,521 |
|
|
|
|
| ($9,311 | ) |
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME | | | | | | | | | | | | | | | | | | |
| Net income (loss) | | | | | | $ | 22,847 | | | | | | ($14,055 | ) | | | | $ | 115,951 | | | | | | ($4,454 | ) |
| Other comprehensive income | | | | | | | | | | | | | | | | | | |
|
Unrealized loss on cash flow hedging activities
| | | | | | |
-
| | | | | |
(2,189
|
)
| | | | |
-
| | | | | |
(2,692
|
)
|
|
Reclassification of net losses on cash flow hedging activities
| | | | | | |
-
| | | | | |
33,786
| | | | | |
-
| | | | | |
39,552
| |
|
Reclassification of gain on available-for-sale investment to
earnings, net of tax
| | | | | | |
-
| | | | | |
-
| | | | | |
-
| | | | | |
(3,309
|
)
|
|
Reclassification of prior service cost on post retirement obligations
| | | | | |
|
8
|
|
|
|
|
|
-
|
| | | |
|
16
|
|
|
|
|
|
-
|
|
| Comprehensive income | | | | | | | 22,855 | | | | | | 17,542 | | | | | | 115,967 | | | | | | 29,097 | |
|
Less income allocated to noncontrolling interests from continuing
operations
| | | | | | |
(1,084
|
)
| | | | |
(781
|
)
| | | | |
(1,909
|
)
| | | | |
(1,337
|
)
|
|
Less income, including gain on sale, allocated to noncontrolling
interests from discontinued operations
| | | | | | |
-
| | | | | |
(11
|
)
| | | | |
(670
|
)
| | | | |
(20
|
)
|
|
Less income allocated to perpetual preferred units
| | | | | | |
-
| | | | | |
(1,750
|
)
| | | | |
(776
|
)
| | | | |
(3,500
|
)
|
|
Less write off of original issuance costs of redeemed perpetual
preferred units
| | | | | |
|
-
|
|
|
|
|
|
-
|
| | | |
|
(2,075
|
)
|
|
|
|
|
-
|
|
| Comprehensive income attributable to common shareholders | | | | | | $ | 21,771 |
|
|
|
| $ | 15,000 |
| | | | $ | 110,537 |
|
|
|
| $ | 24,240 |
|
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
PER SHARE DATA | | | | | | | | | | | | | | | | | | |
|
Net income (loss) attributable to common shareholders - basic
| | | | | |
$
|
0.26
| | | | | |
($0.23 |
)
| | | |
$
|
1.34
| | | | | |
($0.13 |
)
|
|
Net income (loss) attributable to common shareholders - diluted
| | | | | | |
0.26
| | | | | |
(0.23
|
)
| | | | |
1.32
| | | | | |
(0.13
|
)
|
|
Income (loss) from continuing operations attributable to common
shareholders - basic
| | | | | | |
0.26
| | | | | |
(0.24
|
)
| | | | |
0.95
| | | | | |
(0.15
|
)
|
|
Income (loss) from continuing operations attributable to common
shareholders - diluted
| | | | | | |
0.26
| | | | | |
(0.24
|
)
| | | | |
0.94
| | | | | |
(0.15
|
)
|
| | | | | | | | | | | | | | | | | |
|
| Weighted average number of common and | | | | | | | | | | | | | | | | | | |
| common equivalent shares outstanding: | | | | | | | | | | | | | | | | | | |
|
Basic
| | | | | | |
83,223
| | | | | |
72,343
| | | | | |
81,554
| | | | | |
72,126
| |
|
Diluted
| | | | | | |
83,846
| | | | | |
72,343
| | | | | |
84,461
| | | | | |
72,126
| |
| | | | | | | | | | | | | | | | | |
|
|
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
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| |
| 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 | | | | | 2012 |
|
|
|
| 2011 | | | | | 2012 |
|
|
|
| 2011 |
| | | | | | | | | | | | | | | | | | | |
|
| Net income (loss) attributable to common shareholders
(a) | | | | | $ | 21,763 | | | | | | ($16,597 | ) | | | | | $ | 110,521 | | | | | | | ($9,311 | ) |
|
Real estate depreciation from continuing operations
| | | | | |
52,197
| | | | | |
43,505
| | | | | | |
101,206
| | | | | | |
88,108
| |
|
Real estate depreciation and amortization from discontinued
operations
| | | | | |
-
| | | | | |
977
| | | | | | |
186
| | | | | | |
1,948
| |
|
Adjustments for unconsolidated joint ventures
| | | | | |
2,038
| | | | | |
1,813
| | | | | | |
4,313
| | | | | | |
3,819
| |
|
Income allocated to noncontrolling interests
| | | | | |
709
| | | | | |
653
| | | | | | |
1,802
| | | | | | |
1,036
| |
|
(Gain) on acquisition of controlling interests in joint ventures
| | | | | |
-
| | | | | |
-
| | | | | | |
(40,191
|
)
| | | | | |
-
| |
|
(Gain) on sale of discontinued operations, net of tax
| | | | | |
-
| | | | | |
-
| | | | | | |
(32,541
|
)
| | | | | |
-
| |
|
(Gain) on sale of unconsolidated joint venture interests
| | | | |
|
-
|
|
|
|
|
|
-
|
| | | | |
|
-
|
|
|
|
|
|
|
(1,136
|
)
|
| Funds from operations - diluted | | | | | $ | 76,707 |
|
|
|
| $ | 30,351 |
| | | | | $ | 145,296 |
|
|
|
|
| $ | 84,464 |
|
| | | | | | | | | | | | | | | | | | | |
|
PER SHARE DATA | | | | | | | | | | | | | | | | | | | | |
|
Funds from operations - diluted
| | | | |
$
|
0.89
| | | | |
$
|
0.40
| | | | | |
$
|
1.72
| | | | | |
$
|
1.12
| |
|
Cash distributions
| | | | | |
0.56
| | | | | |
0.49
| | | | | | |
1.12
| | | | | | |
0.98
| |
| | | | | | | | | | | | | | | | | | | |
|
| Weighted average number of common and | | | | | | | | | | | | | | | | | | | | |
| common equivalent shares outstanding: | | | | | | | | | | | | | | | | | | | | |
|
FFO - diluted
| | | | | |
86,067
| | | | | |
75,523
| | | | | | |
84,461
| | | | | | |
75,273
| |
| | | | | | | | | | | | | | | | | | | |
|
PROPERTY DATA | | | | | | | | | | | | | | | | | | | | |
|
Total operating properties (end of period) (b) | | | | | |
199
| | | | | |
196
| | | | | | |
199
| | | | | | |
196
| |
|
Total operating apartment homes in operating properties (end of
period) (b) | | | | | |
67,694
| | | | | |
67,212
| | | | | | |
67,694
| | | | | | |
67,212
| |
|
Total operating apartment homes (weighted average)
| | | | | |
53,720
| | | | | |
50,883
| | | | | | |
53,338
| | | | | | |
50,849
| |
|
Total operating apartment homes - excluding discontinued operations
(weighted average)
| | | | | |
53,720
| | | | | |
49,062
| | | | | | |
53,048
| | | | | | |
49,061
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(a) |
|
|
| Includes a $29.8 million charge related to a loss on the
discontinuation of a hedging relationship for the three and six
months ended June 30, 2011. | |
(b) | | | | Includes joint ventures. | |
| | | | |
|
|
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
| CAMDEN | | | | | BALANCE SHEETS |
| (In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| (Unaudited) | | | | | Jun 30, | | | | | Mar 31, | | | | | Dec 31, | | | | | Sep 30, | | | | | Jun 30, |
| | | | | 2012 |
|
|
|
| 2012 |
|
|
|
| 2011 |
|
|
|
| 2011 |
|
|
|
| 2011 |
| ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Real estate assets, at cost
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Land
| | | | |
$
|
893,910
| | | | | |
$
|
868,964
| | | | | |
$
|
768,016
| | | | | |
$
|
766,302
| | | | | |
$
|
760,397
| |
|
Buildings and improvements
| | | | |
|
5,203,675
|
|
|
|
|
|
|
5,068,560
|
|
|
|
|
|
|
4,751,654
|
|
|
|
|
|
|
4,758,397
|
|
|
|
|
|
|
4,711,552
|
|
| | | | | |
6,097,585
| | | | | | |
5,937,524
| | | | | | |
5,519,670
| | | | | | |
5,524,699
| | | | | | |
5,471,949
| |
|
Accumulated depreciation
| | | | |
|
(1,505,862
|
)
|
|
|
|
|
|
(1,458,451
|
)
|
|
|
|
|
|
(1,432,799
|
)
|
|
|
|
|
|
(1,421,867
|
)
|
|
|
|
|
|
(1,378,630
|
)
|
|
Net operating real estate assets
| | | | | |
4,591,723
| | | | | | |
4,479,073
| | | | | | |
4,086,871
| | | | | | |
4,102,832
| | | | | | |
4,093,319
| |
|
Properties under development, including land
| | | | | |
297,712
| | | | | | |
301,282
| | | | | | |
299,870
| | | | | | |
274,201
| | | | | | |
237,549
| |
|
Investments in joint ventures
| | | | | |
47,776
| | | | | | |
49,436
| | | | | | |
44,844
| | | | | | |
37,033
| | | | | | |
39,398
| |
|
Properties held for sale
| | | | |
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
11,131
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
Total real estate assets
| | | | | |
4,937,211
| | | | | | |
4,829,791
| | | | | | |
4,442,716
| | | | | | |
4,414,066
| | | | | | |
4,370,266
| |
|
Accounts receivable - affiliates
| | | | | |
29,940
| | | | | | |
29,742
| | | | | | |
31,035
| | | | | | |
31,395
| | | | | | |
30,401
| |
|
Other assets, net (a) | | | | | |
88,002
| | | | | | |
89,706
| | | | | | |
88,089
| | | | | | |
87,657
| | | | | | |
90,346
| |
|
Cash and cash equivalents
| | | | | |
52,126
| | | | | | |
49,702
| | | | | | |
55,159
| | | | | | |
56,099
| | | | | | |
63,148
| |
|
Restricted cash
| | | | |
|
5,295
|
|
|
|
|
|
|
5,074
|
|
|
|
|
|
|
5,076
|
|
|
|
|
|
|
5,357
|
|
|
|
|
|
|
4,898
|
|
|
Total assets
| | | | |
$
|
5,112,574
|
|
|
|
|
|
$
|
5,004,015
|
|
|
|
|
|
$
|
4,622,075
|
|
|
|
|
|
$
|
4,594,574
|
|
|
|
|
|
$
|
4,559,059
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Liabilities
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Notes payable
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Unsecured
| | | | |
$
|
1,381,152
| | | | | |
$
|
1,380,952
| | | | | |
$
|
1,380,755
| | | | | |
$
|
1,380,560
| | | | | |
$
|
1,380,368
| |
|
Secured
| | | | | |
1,015,260
| | | | | | |
1,050,154
| | | | | | |
1,051,357
| | | | | | |
1,052,544
| | | | | | |
1,053,699
| |
|
Accounts payable and accrued expenses
| | | | | |
87,041
| | | | | | |
105,370
| | | | | | |
93,747
| | | | | | |
97,613
| | | | | | |
78,460
| |
|
Accrued real estate taxes
| | | | | |
31,607
| | | | | | |
17,991
| | | | | | |
21,883
| | | | | | |
37,721
| | | | | | |
27,424
| |
|
Distributions payable
| | | | | |
49,135
| | | | | | |
47,594
| | | | | | |
39,364
| | | | | | |
39,319
| | | | | | |
38,966
| |
|
Other liabilities (b) | | | | |
|
83,471
|
|
|
|
|
|
|
90,423
|
|
|
|
|
|
|
109,276
|
|
|
|
|
|
|
111,043
|
|
|
|
|
|
|
123,829
|
|
|
Total liabilities
| | | | | |
2,647,666
| | | | | | |
2,692,484
| | | | | | |
2,696,382
| | | | | | |
2,718,800
| | | | | | |
2,702,746
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
Commitments and contingencies
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
Perpetual preferred units
| | | | | |
-
| | | | | | |
-
| | | | | | |
97,925
| | | | | | |
97,925
| | | | | | |
97,925
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
Equity
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Common shares of beneficial interest
| | | | | |
945
| | | | | | |
919
| | | | | | |
845
| | | | | | |
839
| | | | | | |
834
| |
|
Additional paid-in capital
| | | | | |
3,501,354
| | | | | | |
3,327,961
| | | | | | |
2,901,024
| | | | | | |
2,861,139
| | | | | | |
2,823,690
| |
|
Distributions in excess of net income attributable to common
shareholders
| | | | | |
(674,221
|
)
| | | | | |
(648,074
|
)
| | | | | |
(690,466
|
)
| | | | | |
(700,897
|
)
| | | | | |
(676,367
|
)
|
|
Treasury shares, at cost
| | | | | |
(430,958
|
)
| | | | | |
(437,215
|
)
| | | | | |
(452,003
|
)
| | | | | |
(452,244
|
)
| | | | | |
(459,134
|
)
|
|
Accumulated other comprehensive income (loss) (c) | | | | |
|
(667
|
)
|
|
|
|
|
|
(675
|
)
|
|
|
|
|
|
(683
|
)
|
|
|
|
|
|
201
|
|
|
|
|
|
|
93
|
|
|
Total common equity
| | | | | |
2,396,453
| | | | | | |
2,242,916
| | | | | | |
1,758,717
| | | | | | |
1,709,038
| | | | | | |
1,689,116
| |
|
Noncontrolling interests
| | | | |
|
68,455
|
|
|
|
|
|
|
68,615
|
|
|
|
|
|
|
69,051
|
|
|
|
|
|
|
68,811
|
|
|
|
|
|
|
69,272
|
|
|
Total equity
| | | | |
|
2,464,908
|
|
|
|
|
|
|
2,311,531
|
|
|
|
|
|
|
1,827,768
|
|
|
|
|
|
|
1,777,849
|
|
|
|
|
|
|
1,758,388
|
|
|
Total liabilities and equity
| | | | |
$
|
5,112,574
|
|
|
|
|
|
$
|
5,004,015
|
|
|
|
|
|
$
|
4,622,075
|
|
|
|
|
|
$
|
4,594,574
|
|
|
|
|
|
$
|
4,559,059
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| (a) Includes: | | | | | | | | | | | | | | | | | | | | | | | | | |
| net deferred charges of: | | | | | $ | 14,432 | | | | | | $ | 15,267 | | | | | | $ | 16,102 | | | | | | $ | 16,868 | | | | | | $ | 14,484 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| (b) Includes: | | | | | | | | | | | | | | | | | | | | | | | | | |
| deferred revenues of: | | | | | $ | 2,012 | | | | | | $ | 2,337 | | | | | | $ | 2,140 | | | | | | $ | 2,213 | | | | | | $ | 2,181 | |
| distributions in excess of investments in joint ventures of: | | | | | $ | 16,499 | | | | | | $ | 16,298 | | | | | | $ | 30,596 | | | | | | $ | 31,799 | | | | | | $ | 31,040 | |
| fair value adjustment of derivative instruments: | | | | | $ | 5,918 | | | | | | $ | 11,574 | | | | | | $ | 16,486 | | | | | | $ | 22,192 | | | | | | $ | 27,977 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| (c) Represents the fair value adjustment of derivative
instruments and amortization of prior service costs 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, | |
| | | | | | | 2012 | 2011 | | | | 2012 | 2011 | |
|
Net income (loss) attributable to common shareholders (a) | | | | | | |
$
|
21,763
| |
($16,597 |
)
| | | |
$
|
110,521
| | |
($9,311 |
)
| |
|
Real estate depreciation from continuing operations
| | | | | | | |
52,197
| |
43,505
| | | | | |
101,206
| | |
88,108
| | |
|
Real estate depreciation and amortization from discontinued
operations
| | | | | | | |
-
| |
977
| | | | | |
186
| | |
1,948
| | |
|
Adjustments for unconsolidated joint ventures
| | | | | | | |
2,038
| |
1,813
| | | | | |
4,313
| | |
3,819
| | |
|
Income allocated to noncontrolling interests
| | | | | | | |
709
| |
653
| | | | | |
1,802
| | |
1,036
| | |
|
(Gain) on acquisition of controlling interests in joint ventures
| | | | | | | |
-
| |
-
| | | | | |
(40,191
|
)
| |
-
| | |
|
(Gain) on sale of discontinued operations, net of tax
| | | | | | | |
-
| |
-
| | | | | |
(32,541
|
)
| |
-
| | |
|
(Gain) on sale of unconsolidated joint venture interests
| | | | | | |
|
-
|
|
-
|
| | | |
|
-
|
|
|
(1,136
|
)
| |
|
Funds from operations - diluted
| | | | | | |
$
|
76,707
|
$
|
30,351
|
| | | |
$
|
145,296
|
|
$
|
84,464
|
| |
| | | | | | | | | | | | | |
|
|
Weighted average number of common and
| | | | | | | | | | | | | | |
|
common equivalent shares outstanding:
| | | | | | | | | | | | | | |
|
EPS diluted
| | | | | | | |
83,846
| |
72,343
| | | | | |
84,461
| | |
72,126
| | |
|
FFO diluted
| | | | | | | |
86,067
| |
75,523
| | | | | |
84,461
| | |
75,273
| | |
| | | | | | | | | | | | | |
|
|
Net income (loss) attributable to common shareholders - diluted
| | | | | | |
$
|
0.26
| |
($0.23 |
)
| | | |
$
|
1.32
| | |
($0.13 |
)
| |
|
FFO per common share - diluted
| | | | | | |
$
|
0.89
|
$
|
0.40
| | | | |
$
|
1.72
| |
$
|
1.12
| | |
| | | | | | | | | | | | | |
|
| | | | | | | | | | | | | |
|
(a) Includes a $29.8 million charge related
to a loss on the discontinuation of a hedging relationship for the
three and six months ended June 30, 2011. |
| | | | | | | | | | | | | |
|
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:
|
| | | | | | | | | | | | | |
|
| | | | | | | 3Q12 Range | | | | 2012 Range | |
| | | | | | | Low | High | | | | Low | High | |
| | | | | | | | | | | | | |
|
|
Expected net income attributable to common shareholders per share -
diluted
| | | | | | |
$
|
0.30
|
$
|
0.34
| | | | |
$
|
1.94
| |
$
|
2.02
| | |
|
Expected real estate depreciation from continuing operations
| | | | | | | |
0.55
| |
0.55
| | | | | |
2.30
| | |
2.30
| | |
|
Expected real estate depreciation and amortization from discontinued
operations
| | | | | | | |
0.00
| |
0.00
| | | | | |
0.00
| | |
0.00
| | |
|
Expected adjustments for unconsolidated joint ventures
| | | | | | | |
0.02
| |
0.02
| | | | | |
0.10
| | |
0.10
| | |
|
Expected income allocated to noncontrolling interests
| | | | | | | |
0.01
| |
0.01
| | | | | |
0.04
| | |
0.04
| | |
Realized (gain) on acquisition of controlling interests in joint
ventures
| | | | | | | |
0.00
| |
0.00
| | | | | |
(0.49
|
)
| |
(0.49
|
)
| |
|
Realized (gain) on sale of discontinued operations, net of tax
| | | | | | |
|
0.00
|
|
0.00
|
| | | |
|
(0.39
|
)
|
|
(0.39
|
)
| |
|
Expected FFO per share - diluted
| | | | | | |
$
|
0.88
|
$
|
0.92
| | | | |
$
|
3.50
| |
$
|
3.58
| | |
| | | | | | | | | | | | | |
|
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 | | | | Six Months Ended |
| | | | | | | June 30, | | | | June 30, |
| | | | | | | 2012 | 2011 | | | | 2012 | 2011 |
|
Net income (loss) attributable to common shareholders
| | | | | | |
$
|
21,763
| | |
($16,597 |
)
| | | |
$
|
110,521
| | |
($9,311 |
)
|
|
Less: Fee and asset management income
| | | | | | | |
(3,608
|
)
| |
(2,471
|
)
| | | | |
(6,531
|
)
| |
(4,309
|
)
|
|
Less: Interest and other (income) loss
| | | | | | | |
65
| | |
(86
|
)
| | | | |
753
| | |
(4,857
|
)
|
|
Less: Income (loss) on deferred compensation plans
| | | | | | | |
2,185
| | |
(1,375
|
)
| | | | |
(5,601
|
)
| |
(7,329
|
)
|
|
Plus: Property management expense
| | | | | | | |
4,851
| | |
5,109
| | | | | |
10,135
| | |
10,428
| |
|
Plus: Fee and asset management expense
| | | | | | | |
1,444
| | |
1,670
| | | | | |
3,187
| | |
2,890
| |
|
Plus: General and administrative expense
| | | | | | | |
9,730
| | |
8,032
| | | | | |
18,409
| | |
17,820
| |
|
Plus: Interest expense
| | | | | | | |
26,247
| | |
28,381
| | | | | |
52,930
| | |
58,118
| |
|
Plus: Depreciation and amortization
| | | | | | | |
53,310
| | |
44,754
| | | | | |
103,428
| | |
90,605
| |
|
Plus: Amortization of deferred financing costs
| | | | | | | |
900
| | |
1,890
| | | | | |
1,812
| | |
3,417
| |
|
Plus: Expense (benefit) on deferred compensation plans
| | | | | | | |
(2,185
|
)
| |
1,375
| | | | | |
5,601
| | |
7,329
| |
|
Less: Gain on acquisition of controlling interests in joint ventures
| | | | | | | |
-
| | |
-
| | | | | |
(40,191
|
)
| |
-
| |
|
Less: Gain on sale of properties, including land
| | | | | | | |
-
| | |
(4,748
|
)
| | | | |
-
| | |
(4,748
|
)
|
|
Less: Gain on sale of unconsolidated joint venture interests
| | | | | | | |
-
| | |
-
| | | | | |
-
| | |
(1,136
|
)
|
|
Plus: Loss on discontinuation of hedging relationship
| | | | | | | |
-
| | |
29,791
| | | | | |
-
| | |
29,791
| |
|
Less: Equity in income of joint ventures
| | | | | | | |
(632
|
)
| |
(16
|
)
| | | | |
(998
|
)
| |
(390
|
)
|
|
Plus: Income tax expense - current
| | | | | | | |
434
| | |
256
| | | | | |
658
| | |
1,576
| |
|
Less: Income from discontinued operations
| | | | | | | |
-
| | |
(895
|
)
| | | | |
(353
|
)
| |
(1,687
|
)
|
|
Less: Gain on sale of discontinued operations, net of tax
| | | | | | | |
-
| | |
-
| | | | | |
(32,541
|
)
| |
-
| |
|
Plus: Income allocated to noncontrolling interests from continuing
operations
| | | | | | | |
1,084
| | |
781
| | | | | |
1,909
| | |
1,337
| |
|
Plus: Income, including gain on sale, allocated to noncontrolling
interests from discontinued operations
| | | | | | | |
-
| | |
11
| | | | | |
670
| | |
20
| |
|
Plus: Income allocated to perpetual preferred units
| | | | | | | |
-
| | |
1,750
| | | | | |
776
| | |
3,500
| |
|
Plus: Write off of original issuance costs of redeemed perpetual
preferred units
| | | | | | |
|
-
|
|
|
-
|
| | | |
|
2,075
|
|
|
-
|
|
|
Net Operating Income (NOI)
| | | | | | |
$
|
115,588
| |
$
|
97,612
| | | | |
$
|
226,649
| |
$
|
193,064
| |
| | | | | | | | | | | | |
|
|
"Same Property" Communities
| | | | | | |
$
|
103,563
| |
$
|
95,360
| | | | |
$
|
204,668
| |
$
|
187,616
| |
|
Non-"Same Property" Communities
| | | | | | | |
9,491
| | |
2,195
| | | | | |
17,940
| | |
5,271
| |
|
Development and Lease-Up Communities
| | | | | | | |
1,536
| | |
-
| | | | | |
2,216
| | |
-
| |
|
Other
| | | | | | |
|
998
|
|
|
57
|
| | | |
|
1,825
|
|
|
177
|
|
|
Net Operating Income (NOI)
| | | | | | |
$
|
115,588
| |
$
|
97,612
| | | | |
$
|
226,649
| |
$
|
193,064
| |
| | | | | | | | | | | | |
|
| | | | | | | | | | | | |
|
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, gain on acquisition
of controlling interest
|
|
in joint ventures, gain on sale of discontinued operations, net of
tax, 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 | | | | Six Months Ended |
| | | | | | | June 30, | | | | June 30, |
| | | | | | | 2012 | 2011 | | | | 2012 | 2011 |
|
Net income (loss) attributable to common shareholders
| | | | | | |
$
|
21,763
| | |
($16,597 |
)
| | | |
$
|
110,521
| | |
($9,311 |
)
|
|
Plus: Interest expense
| | | | | | | |
26,247
| | |
28,381
| | | | | |
52,930
| | |
58,118
| |
|
Plus: Amortization of deferred financing costs
| | | | | | | |
900
| | |
1,890
| | | | | |
1,812
| | |
3,417
| |
|
Plus: Depreciation and amortization
| | | | | | | |
53,310
| | |
44,754
| | | | | |
103,428
| | |
90,605
| |
|
Plus: Income allocated to perpetual preferred units
| | | | | | | |
-
| | |
1,750
| | | | | |
776
| | |
3,500
| |
|
Plus: Write off of original issuance costs on redeemed perpetual
preferred units
| | | | | | | |
-
| | |
-
| | | | | |
2,075
| | |
-
| |
|
Plus: Income, including gain on sale, allocated to noncontrolling
interests from discontinued operations
| | | | | | | |
-
| | |
11
| | | | | |
670
| | |
20
| |
|
Plus: Income allocated to noncontrolling interests from continuing
operations
| | | | | | | |
1,084
| | |
781
| | | | | |
1,909
| | |
1,337
| |
|
Plus: Income tax expense - current
| | | | | | | |
434
| | |
256
| | | | | |
658
| | |
1,576
| |
|
Plus: Real estate depreciation and amortization from discontinued
operations
| | | | | | | |
-
| | |
977
| | | | | |
186
| | |
1,948
| |
|
Less: Gain on sale of properties, including land
| | | | | | | |
-
| | |
(4,748
|
)
| | | | |
-
| | |
(4,748
|
)
|
|
Less: Gain on sale of unconsolidated joint venture interests
| | | | | | | |
-
| | |
-
| | | | | |
-
| | |
(1,136
|
)
|
|
Less: Gain on acquisition of controlling interests in joint ventures
| | | | | | | |
-
| | |
-
| | | | | |
(40,191
|
)
| |
-
| |
|
Less: Equity in income of joint ventures
| | | | | | | |
(632
|
)
| |
(16
|
)
| | | | |
(998
|
)
| |
(390
|
)
|
|
Less: Gain on sale of discontinued operations, net of tax
| | | | | | | |
-
| | |
-
| | | | | |
(32,541
|
)
| |
-
| |
|
Plus: Loss on discontinuation of hedging relationship
| | | | | | |
|
-
|
|
|
29,791
|
| | | |
|
-
|
|
|
29,791
|
|
|
EBITDA
| | | | | | |
$
|
103,106
| |
$
|
87,230
| | | | |
$
|
201,235
| |
$
|
174,727
| |
Camden Property Trust
Kim Callahan, 713-354-2549
Source: Camden Property Trust