Texas (State of Other Jurisdiction of Incorporation or Organization) 3 Greenway Plaza, Suite 1300 Houston, Texas (Address of Principle Executive Offices) | 76-6088377 (I.R.S. Employer Identification No. 77046 (Zip Code) |
Registrant’s telephone number, including are code:(713) 354-2500 |
Title of each class | Name of each exchange on which registered | |
Common Shares of Beneficial Interest, $.01 par value | New York Stock Exchange |
TABLE OF CONTENTS
Page | ||
---|---|---|
PART I | ||
Item 1. | Business | 3 |
Item 2. | Properties | 6 |
Item 3. | Legal Proceedings | 10 |
Item 4. | Submission of Matters to a Vote of Security Holders | 11 |
PART II | ||
Item 5. | Market for Registrant's Common Equity and Related Stockholder Matters | 11 |
Item 6. | Selected Financial Data | 11 |
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 11 |
Item 7a. | Quantitative and Qualitative Disclosures About Market Risk | 11 |
Item 8. | Financial Statements and Supplementary Data | 11 |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 11 |
PART III | ||
Item 10. | Directors and Officers of the Registrant | 11 |
Item 11. | Executive Compensation | 11 |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 11 |
Item 13. | Certain Relationships and Related Transactions | 12 |
Item 14. | Controls and Procedures | 12 |
Item 15. | Exhibits, Financial Statement Schedules, and Reports on Form 8-K | 12 |
SIGNATURES | 17 | |
CERTIFICATIONS | 19 |
o | the results of our efforts to implement our property development, construction and | ||
acquisition strategies; | |||
o | the effects of economic conditions, including rising interest rates; | ||
o | our ability to generate sufficient cash flows; | ||
o | the failure to qualify as a real estate investment trust; | ||
o | the costs of our capital and debt; | ||
o | changes in our capital requirements; | ||
o | the actions of our competitors and our ability to respond to those actions; | ||
o | changes in governmental regulations, tax rates and similar matters; and | ||
o | environmental uncertainties and disasters. |
Year Placed in Service | Number of Properties | ||
---|---|---|---|
1997 - 2002 | 26 | ||
1992 - 1996 | 30 | ||
1987 - 1991 | 28 | ||
1982 - 1986 | 48 | ||
Prior to 1982 | 11 |
Property Table
The following table sets forth information with respect to our operating properties at December 31, 2002.
6 |
OPERATING PROPERTIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
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December 2002 Avg. Mo. Rental Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Location | Number of Apartments | Year Placed In Service | Average Apartment Size (Sq. Ft.) | 2002 Average Occupancy (1) | Per Apartment | Per Sq Ft. | ||||||||||||||||||||||||||||||||||||||||||||
ARIZONA | ||||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Copper Square | 332 | 2000 | 786 | 85 | % | $ | 831 | $ | 1.06 | |||||||||||||||||||||||||||||||||||||||||
Camden Fountain Palms | 192 | 1986/1996 | 1,050 | 92 | 772 | 0.73 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Legacy | 428 | 1996 | 1,067 | 91 | 923 | 0.87 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Pecos Ranch | 272 | 2001 | 924 | 90 | 854 | 0.92 | ||||||||||||||||||||||||||||||||||||||||||||
Camden San Paloma (3) | 324 | 1993/1994 | 1,042 | 93 | 1,000 | 0.96 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Sierra | 288 | 1997 | 925 | 90 | 762 | 0.82 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Towne Center | 240 | 1998 | 871 | 90 | 794 | 0.91 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Vista Valley | 357 | 1986 | 923 | 91 | 728 | 0.79 | ||||||||||||||||||||||||||||||||||||||||||||
Tucson | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Pass | 456 | 1984 | 559 | 94 | 470 | 0.84 | ||||||||||||||||||||||||||||||||||||||||||||
Camden View | 365 | 1974 | 1,026 | 91 | 725 | 0.71 | ||||||||||||||||||||||||||||||||||||||||||||
CALIFORNIA | ||||||||||||||||||||||||||||||||||||||||||||||||||
Orange County | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Crown Valley (2) | 380 | 2001 | 1,009 | 95 | 1,446 | 1.43 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Martinique | 714 | 1986 | 795 | 96 | 1,274 | 1.60 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Parkside | 421 | 1972 | 835 | 96 | 1,107 | 1.33 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Sea Palms | 138 | 1990 | 891 | 98 | 1,295 | 1.45 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Vineyards (7) | 264 | 2002 | 1,053 | Lease-up | 1,274 | 1.21 | ||||||||||||||||||||||||||||||||||||||||||||
COLORADO | ||||||||||||||||||||||||||||||||||||||||||||||||||
Denver | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Arbors | 358 | 1986 | 810 | 91 | 867 | 1.07 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Caley | 218 | 2000 | 925 | 92 | 1,006 | 1.09 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Centennial | 276 | 1985 | 744 | 93 | 832 | 1.12 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Denver West (5) | 320 | 1997 | 1,015 | 93 | 1,201 | 1.18 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Highlands Ridge | 342 | 1996 | 1,141 | 90 | 1,246 | 1.09 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Interlocken | 340 | 1999 | 1,022 | 93 | 1,261 | 1.23 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Lakeway | 451 | 1997 | 919 | 90 | 1,085 | 1.18 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Pinnacle | 224 | 1985 | 748 | 94 | 831 | 1.11 | ||||||||||||||||||||||||||||||||||||||||||||
FLORIDA | ||||||||||||||||||||||||||||||||||||||||||||||||||
Orlando | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Club | 436 | 1986 | 1,077 | 89 | 875 | 0.81 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Fountains | 552 | 1984/1986 | 747 | 90 | 615 | 0.82 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Landings | 220 | 1983 | 748 | 94 | 656 | 0.88 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Lee Vista | 492 | 2000 | 937 | 91 | 832 | 0.89 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Renaissance | 578 | 1996/1998 | 899 | 89 | 804 | 0.89 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Reserve | 526 | 1990/1991 | 824 | 93 | 739 | 0.90 | ||||||||||||||||||||||||||||||||||||||||||||
Tampa/St. Petersburg | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Bay (3) | 760 | 1997/2001 | 943 | 86 | 848 | 0.90 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Bay Pointe | 368 | 1984 | 771 | 91 | 672 | 0.87 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Bayside | 832 | 1987/1989 | 748 | 91 | 723 | 0.97 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Citrus Park | 247 | 1985 | 704 | 96 | 641 | 0.91 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Isles | 484 | 1983/1985 | 722 | 92 | 627 | 0.87 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Lakes | 688 | 1982/1983 | 728 | 89 | 676 | 0.93 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Lakeside | 228 | 1986 | 728 | 93 | 683 | 0.94 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Live Oaks | 770 | 1990 | 1,093 | 90 | 786 | 0.72 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Preserve | 276 | 1996 | 942 | 91 | 944 | 1.00 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Providence Lakes (3) | 260 | 1996 | 1,024 | 88 | 822 | 0.80 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Westshore | 278 | 1986 | 728 | 92 | 734 | 1.01 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Woods | 444 | 1986 | 1,223 | 91 | 811 | 0.66 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Ybor City (7) | 454 | 2002 | 843 | Lease-up | 914 | 1.08 | ||||||||||||||||||||||||||||||||||||||||||||
KENTUCKY | ||||||||||||||||||||||||||||||||||||||||||||||||||
Louisville | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Brookside | 224 | 1987 | 732 | 89 | 654 | 0.89 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Downs | 254 | 1975 | 682 | 97 | 573 | 0.84 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Meadows | 400 | 1987/1990 | 746 | 90 | 663 | 0.89 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Oxmoor | 432 | 2000 | 903 | 89 | 784 | 0.87 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Prospect Park | 138 | 1990 | 916 | 92 | 757 | 0.83 |
7 |
OPERATING PROPERTIES (CONTINUED) | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
December 2002 Avg. Mo. Rental Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Location | Number of Apartments | Year Placed In Service | Average Apartment Size (Sq. Ft.) | 2002 Average Occupancy (1) | Per Apartment | Per Sq Ft. | ||||||||||||||||||||||||||||||||||||||||||||
MISSOURI | ||||||||||||||||||||||||||||||||||||||||||||||||||
Kansas City | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Passage | 596 | 1989/1997 | 832 | 93 | % | $ | 750 | $ | 0.90 | |||||||||||||||||||||||||||||||||||||||||
St. Louis | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Cedar Lakes | 420 | 1986 | 852 | 95 | 640 | 0.75 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Cove West | 276 | 1990 | 828 | 90 | 973 | 1.18 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Cross Creek | 591 | 1973/1980 | 947 | 90 | 850 | 0.90 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Taravue | 304 | 1975 | 676 | 92 | 592 | 0.88 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Trace | 372 | 1972 | 1,158 | 90 | 810 | 0.70 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Westchase | 160 | 1986 | 945 | 93 | 954 | 1.01 | ||||||||||||||||||||||||||||||||||||||||||||
NEVADA | ||||||||||||||||||||||||||||||||||||||||||||||||||
Las Vegas | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Bel Air | 528 | 1988/1995 | 943 | 95 | 812 | 0.86 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Breeze | 320 | 1989 | 846 | 96 | 740 | 0.87 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Canyon | 200 | 1995 | 987 | 96 | 812 | 0.82 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Commons | 376 | 1988 | 936 | 95 | 827 | 0.88 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Cove | 124 | 1990 | 898 | 94 | 752 | 0.84 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Del Mar | 560 | 1995 | 986 | 96 | 868 | 0.88 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Fairways | 320 | 1989 | 896 | 96 | 804 | 0.90 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Greens | 432 | 1990 | 892 | 94 | 785 | 0.88 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Hills | 184 | 1991 | 579 | 96 | 561 | 0.97 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Legends | 113 | 1994 | 792 | 95 | 795 | 1.00 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Palisades | 624 | 1991 | 905 | 94 | 824 | 0.91 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Pines | 315 | 1997 | 1,005 | 97 | 838 | 0.83 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Pointe | 252 | 1996 | 985 | 95 | 804 | 0.82 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Summit | 234 | 1995 | 1,187 | 93 | 1,139 | 0.96 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Tiara | 400 | 1996 | 1,043 | 93 | 898 | 0.86 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Vintage | 368 | 1994 | 978 | 94 | 811 | 0.83 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Bay (4) | 128 | 1990 | 862 | 94 | 797 | 0.93 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Crossings (4) | 72 | 1996 | 983 | 98 | 794 | 0.81 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Emerald (4) | 132 | 1988 | 873 | 93 | 642 | 0.74 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Gateway (4) | 360 | 1997 | 1,146 | 91 | 868 | 0.76 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Heritage (4) | 720 | 1986 | 950 | 91 | 597 | 0.63 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Island (4) | 118 | 1990 | 901 | 94 | 662 | 0.73 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Landing (4) | 144 | 1990 | 938 | 93 | 708 | 0.75 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Meadows (4) | 383 | 1996 | 1,031 | 93 | 768 | 0.74 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Palms (4) | 208 | 1989 | 880 | 94 | 720 | 0.82 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Pearl (4) | 90 | 1989 | 930 | 94 | 743 | 0.80 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Place (4) | 240 | 1992 | 440 | 95 | 544 | 1.24 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Ridge (4) | 477 | 1984 | 391 | 91 | 454 | 1.16 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Rose (4) | 212 | 1994 | 1,025 | 96 | 758 | 0.74 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Sands | 48 | 1994 | 1,125 | 97 | 815 | 0.72 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Sierra (4) | 208 | 1998 | 922 | 95 | 819 | 0.89 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Springs (4) | 304 | 1988 | 838 | 90 | 630 | 0.75 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Suites (4) | 409 | 1988 | 404 | 90 | 520 | 1.29 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis View (4) | 180 | 1983 | 940 | 97 | 720 | 0.77 | ||||||||||||||||||||||||||||||||||||||||||||
Oasis Vinings (4) | 234 | 1994 | 1,152 | 92 | 809 | 0.70 | ||||||||||||||||||||||||||||||||||||||||||||
NORTH CAROLINA | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charlotte | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Eastchase | 220 | 1986 | 698 | 91 | 625 | 0.90 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Forest | 208 | 1989 | 703 | 90 | 658 | 0.94 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Habersham | 240 | 1986 | 773 | 91 | 683 | 0.88 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Park Commons | 232 | 1997 | 859 | 92 | 764 | 0.89 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Pinehurst | 407 | 1967 | 1,147 | 85 | 782 | 0.68 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Timber Creek | 352 | 1984 | 706 | 84 | 663 | 0.94 | ||||||||||||||||||||||||||||||||||||||||||||
Greensboro | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Glen | 304 | 1980 | 662 | 91 | 594 | 0.90 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Wendover | 216 | 1985 | 795 | 90 | 659 | 0.83 |
8 |
OPERATING PROPERTIES (CONTINUED) | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
December 2002 Avg. Mo. Rental Rates | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Location | Number of Apartments | Year Placed In Service | Average Apartment Size (Sq. Ft.) | 2002 Average Occupancy (1) | Per Apartment | Per Sq Ft. | ||||||||||||||||||||||||||||||||||||||||||||
TEXAS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Austin | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Briar Oaks | 430 | 1980 | 711 | 96 | % | $ | 682 | $ | 0.96 | |||||||||||||||||||||||||||||||||||||||||
Camden Huntingdon | 398 | 1995 | 903 | 96 | 875 | 0.97 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Laurel Ridge | 183 | 1986 | 705 | 94 | 690 | 0.98 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Ridge View | 167 | 1984 | 859 | 94 | 788 | 0.92 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Ridgecrest | 284 | 1995 | 851 | 96 | 831 | 0.98 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Woodview | 283 | 1984 | 644 | 95 | 680 | 1.06 | ||||||||||||||||||||||||||||||||||||||||||||
Corpus Christi | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Breakers | 288 | 1996 | 861 | 98 | 793 | 0.92 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Copper Ridge | 344 | 1986 | 775 | 96 | 664 | 0.86 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Miramar (6) | 652 | 1994/2002 | 481 | 84 | 721 | 1.50 | ||||||||||||||||||||||||||||||||||||||||||||
Dallas/Fort Worth | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Addison | 456 | 1996 | 942 | 92 | 916 | 0.97 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Buckingham | 464 | 1997 | 919 | 92 | 875 | 0.95 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Centreport | 268 | 1997 | 910 | 90 | 854 | 0.94 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Cimarron | 286 | 1992 | 772 | 89 | 847 | 1.10 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Farmers Market (2) | 620 | 2001 | 916 | 91 | 1,158 | 1.26 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Gardens | 256 | 1983 | 652 | 89 | 646 | 0.99 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Glen Lakes | 424 | 1979 | 877 | 85 | 803 | 0.92 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Highlands | 160 | 1985 | 816 | 92 | 692 | 0.85 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Lakeview | 476 | 1985 | 853 | 92 | 676 | 0.79 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Legacy Creek | 240 | 1995 | 831 | 93 | 829 | 1.00 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Legacy Park | 276 | 1996 | 871 | 93 | 849 | 0.97 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Oaks | 446 | 1985 | 730 | 89 | 689 | 0.94 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Oasis | 602 | 1986 | 548 | 84 | 608 | 1.11 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Place | 442 | 1984 | 772 | 90 | 663 | 0.86 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Ridge | 208 | 1985 | 829 | 92 | 663 | 0.80 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Springs | 304 | 1987 | 713 | 92 | 654 | 0.92 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Terrace | 340 | 1984 | 848 | 93 | 656 | 0.77 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Towne Village | 188 | 1983 | 735 | 94 | 679 | 0.92 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Trails | 264 | 1984 | 733 | 89 | 637 | 0.87 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Valley Creek | 380 | 1984 | 855 | 93 | 718 | 0.84 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Valley Park | 516 | 1986 | 743 | 93 | 727 | 0.98 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Valley Ridge | 408 | 1987 | 773 | 90 | 651 | 0.84 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Westview | 335 | 1983 | 697 | 91 | 668 | 0.96 | ||||||||||||||||||||||||||||||||||||||||||||
Houston | ||||||||||||||||||||||||||||||||||||||||||||||||||
Camden Baytown | 272 | 1999 | 844 | 95 | 738 | 0.87 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Creek | 456 | 1984 | 639 | 94 | 638 | 1.00 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Crossing | 366 | 1982 | 762 | 95 | 633 | 0.83 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Greenway | 756 | 1999 | 861 | 90 | 1,016 | 1.18 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Holly Springs | 548 | 1999 | 934 | 96 | 936 | 1.00 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Midtown | 337 | 1999 | 843 | 89 | 1,083 | 1.28 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Park | 288 | 1995 | 866 | 91 | 860 | 0.99 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Steeplechase | 290 | 1982 | 748 | 96 | 644 | 0.86 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Stonebridge | 204 | 1993 | 845 | 94 | 847 | 1.00 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Sugar Grove | 380 | 1997 | 917 | 92 | 878 | 0.96 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Vanderbilt | 894 | 1996/1997 | 863 | 93 | 1,070 | 1.24 | ||||||||||||||||||||||||||||||||||||||||||||
Camden West Oaks | 671 | 1982 | 726 | 96 | 597 | 0.82 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Wilshire | 536 | 1982 | 761 | 95 | 605 | 0.80 | ||||||||||||||||||||||||||||||||||||||||||||
Camden Wyndham | 448 | 1978/1981 | 797 | 95 | 576 | 0.72 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 50,790 | 850 | 92 | % | $ | 795 | $ | 0.94 | ||||||||||||||||||||||||||||||||||||||||||
(1) | Represents average physical occupancy for the year, except as noted below. |
(2) | Development property - average occupancy calculated from date at which occupancy exceeded 90% through year-end. |
(3) | Acquisition property - average occupancy calculated from acquisition date through year-end. |
(4) | Properties owned through a joint venture in which we own a 20% interest. The remaining interest is owned by an unaffiliated private pension fund. |
(5) | Property owned through a joint venture in which we own a 50% interest. The remaining interest is owned by an unaffiliated private investor. |
(6) | Miramar is a student housing project for Texas A&M at Corpus Christi. Average occupancy includes summer which is normally subject to high vacancies. |
(7) | Properties under lease-up at December 31, 2002. |
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Operating Properties In Lease-Up The operating properties under lease-up table is incorporated herein by reference from page 6 of the Company's Annual Report to Shareholders for the year ended December 31, 2002, which page is filed as Exhibit 13.1 hereto. Development Properties The total budgeted cost of the development properties is approximately $250.4 million, with a remaining cost to complete, as of December 31, 2002, of approximately $39.5 million. There can be no assurance that our budget, leasing or occupancy estimates will be attained for the development properties or that their performance will be comparable to that of our existing portfolio. Development Properties Table The development properties table is incorporated herein by reference from page 6 of our Annual Report to Shareholders for the year ended December 31, 2002, which is filed as Exhibit 13.1. Management believes that we possess the development capabilities and experience to provide a continuing source of portfolio growth. In making development decisions, management considers a number of factors, including the size of the property, projected market rents and expenses, projected local area job growth, cost of single family housing in the area and availability of land for competing development properties. In order to pursue a development opportunity, we currently require a minimum initial stabilized target return of 8% to 10%. This minimum target return is based on projected market rents and projected stabilized expenses, considering the market and the nature of the prospective development. Item 3. Legal Proceedings Prior to our merger with Oasis Residential, Inc. in 1998, Oasis had been contacted by certain regulatory agencies with regards to alleged failures to comply with the Fair Housing Amendments Act as it pertained to nine properties (seven of which we currently own) constructed for first occupancy after March 31, 1991. On February 1, 1999, the Justice Department filed a lawsuit against us and several other defendants in the United States District Court for the District of Nevada alleging (1) that the design and construction of these properties violates the Fair Housing Act and (2) that we, through the merger with Oasis, had discriminated in the rental of dwellings to persons because of handicap. The complaint requests an order that (i) declares that the defendants' policies and practices violate the Fair Housing Act; (ii) enjoins us from (a) failing or refusing, to the extent possible, to bring the dwelling units and public use and common use areas at these properties and other covered units that Oasis had designed and/or constructed into compliance with the Fair Housing Act, (b) failing or refusing to take such affirmative steps as may be necessary to restore, as nearly as possible, the alleged victims of the defendants alleged unlawful practices to positions they would have been in but for the discriminatory conduct and (c) designing or constructing any covered multi-family dwellings in the future that do not contain the accessibility and adaptability features set forth in the Fair Housing Act; and requires us to pay damages, including punitive damages, and a civil penalty. With any acquisition, we plan for and undertake renovations needed to correct deferred maintenance, life/safety and Fair Housing matters. On January 30, 2001, a consent decree was ordered and executed in the above Justice Department action. Under the terms of the decree, we were ordered to make certain retrofits and implement certain educational programs and fair housing advertising. These changes are to take place over five years. The costs associated with complying with the decree have been accrued for, and are not material to our consolidated financial statements. We are subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such matters will not have a material adverse effect on our consolidated financial statements. |
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Item 4. Submission of Matters to a Vote of Security Holders No matter was submitted during the fourth quarter of the fiscal year covered by this report to a vote of security holders, through the solicitation of proxies or otherwise. PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters Information with respect to this Item 5 is incorporated herein by reference from page 48 of our Annual Report to Shareholders for the year ended December 31, 2002, which is filed as Exhibit 13.1. The number of holders of record of our common shares, $0.01 par value, as of March 14, 2003, was 1,262. Item 6. Selected Financial Data Information with respect to this Item 6 is incorporated herein by reference from pages 49 and 50 of our Annual Report to Shareholders for the year ended December 31, 2002, which is filed as Exhibit 13.1. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Information with respect to this Item 7 is incorporated herein by reference from pages 2 through 19 of our Annual Report to Shareholders for the year ended December 31, 2002, which is filed as Exhibit 13.1. Item 7A. Quantitative and Qualitative Disclosures About Market Risk Information with respect to this Item 7A is incorporated herein by reference from page 13 of our Annual Report to Shareholders for the year ended December 31, 2002, which is filed as Exhibit 13.1. Item 8. Financial Statements and Supplementary Data Our financial statements and supplementary financial information for the years ended December 31, 2002, 2001 and 2000 are listed in the accompanying Index to Consolidated Financial Statements and Supplementary Data at F-1 and are incorporated herein by reference from pages 20 through 48 of our Annual Report to Shareholders for the year ended December 31, 2002, which is filed as Exhibit 13.1. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Not applicable. PART III Item 10. Directors and Executive Officers of the Registrant Information with respect to this Item 10 is incorporated by reference from our Proxy Statement, which we intend to file on or before March 27, 2003 in connection with the Annual Meeting of Shareholders to be held May 8, 2003. Item 11. Executive Compensation Information with respect to this Item 11 is incorporated by reference from our Proxy Statement, which we intend to file on or before March 27, 2003 in connection with the Annual Meeting of Shareholders to be held May 8, 2003. Item 12. Security Ownership of Certain Beneficial Owners and Management Information with respect to this Item 12 is incorporated by reference from our Proxy Statement, which we intend to file on or before March 27, 2003 in connection with the Annual Meeting of Shareholders to be held May 8, 2003. Equity Compensation Plan Information |
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Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(a) | (b) | (c) | ||||||||||||||||||||||||
Equity compensation plans approved by security holders | 4,532,655 | $ | 31.73 | 5,090,943 | ||||||||||||||||||||||
Equity compensation plans | ||||||||||||||||||||||||||
approved by security holders | -- | -- | -- | |||||||||||||||||||||||
Total | 4,532,655 | $ | 31.73 | 5,090,943 | ||||||||||||||||||||||
Item 13. Certain Relationships and Related Transactions Information with respect to this Item 13 is incorporated by reference from our Proxy Statement, which we intend to file on or before March 27, 2003 in connection with the Annual Meeting of Shareholders to be held May 8, 2003. Item 14. Controls and Procedures |
(a) | Our Chief Executive Officer and Chief Financial Officer have concluded, based on an evaluation within 90 days of the filing date of this report, that our disclosure controls and procedures are effective for gathering, analyzing and disclosing any material information required to be disclosed in our filings under the Securities Exchange Act of 1934. |
(b) | There have been no significant changes in internal controls, or in other factors that could affect our internal controls, subsequent to the date of their evaluation. |
Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) | (1) Financial Statements: |
Our financial statements and supplementary financial information for the years ended December 31, 2002, 2001 and 2000 are listed in the accompanying Index to Consolidated Financial Statements and Supplementary Data at F-1 and are incorporated herein by reference from pages 20 through 48 of our Annual Report to the Shareholders for the year ended December 31, 2002, which pages are filed as Exhibit 13.1 hereto. |
(2) Financial Statement Schedule: |
The financial statement schedule listed in the accompanying Index to Consolidated Financial Statements and Supplementary Data at page F-1 is filed as part of this Report. |
(3) Index to Exhibits: |
Number | Title | |
2.1 | Agreement and Plan of Merger, dated December 16, 1997, among Camden Property Trust, Camden Subsidiary II, Inc. and Oasis Residential, Inc. Incorporated by reference from Exhibit 2.1 to Camden Property Trust's Form 8-K filed December 17, 1997 (File No. 1-12110). |
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2.2 | Amendment No. 1, dated February 4, 1998, to the Agreement and Plan of Merger, dated December 16, 1997, among Camden Property Trust, Camden Subsidiary II, Inc. and Oasis Residential, Inc. Incorporated by reference from Exhibit 2.1 to Camden Property Trust's Form 8-K filed February 5, 1998 (File No. 1-12110). | |
2.3 | Contribution Agreement, dated June 26, 1998, by and between Camden Subsidiary, Inc. and Sierra-Nevada Multifamily Investments, LLC. Incorporated by reference from Exhibit 2.1 to Camden Property Trust's Form 8-K filed July 15, 1998 (File No. 1-12110). | |
2.4 | Agreement of Purchase and Sale, dated June 26, 1998, by and between Camden Subsidiary, Inc. and Sierra-Nevada Multifamily Investments, LLC. Incorporated by reference from Exhibit 2.2 to Camden Property Trust's Form 8-K filed July 15, 1998 (File No. 1-12110). | |
2.5 | Agreement of Purchase and Sale, dated June 26, 1998, by and between NQRS, Inc. and Sierra-Nevada Multifamily Investments, LLC. Incorporated by reference from Exhibit 2.3 to Camden Property Trust's Form 8-K filed July 15, 1998 (Filed No. 1-12110). | |
3.1 | Amended and Restated Declaration of Trust of Camden Property Trust. Incorporated by reference from Exhibit 3.1 to Camden Property Trust's Form 10-K for the year ended December 31, 1993 (File No. 1-12110). | |
3.2 | Amendment to the Amended and Restated Declaration of Trust of Camden Property Trust. Incorporated by reference from Exhibit 3.1 to Camden Property Trust's Form 10-Q filed August 14, 1997 (File No. 1-12110). | |
3.3 | Second Amended and Restated Bylaws of Camden Property Trust. Incorporated by reference from Exhibit 3.3 to Camden Property Trust's Form 10-K for the year ended December 31, 1997 (File No. 1-12110). | |
4.1 | Specimen certificate for Common Shares of Beneficial Interest. Incorporated by reference from Exhibit 4.1 to Camden Property Trust's Registration Statement on Form S-11 filed September 15, 1993 (File No. 33-68736). | |
4.2 | Indenture dated as of April 1, 1994 by and between Camden Property Trust and The First National Bank of Boston, as Trustee. Incorporated by reference from Exhibit 4.3 to Camden Property Trust’s Registration Statement on Form S-11 filed April 12, 1994 (File No. 33-76244). | |
4.3 | Form of Convertible Subordinated Debenture Due 2001. Incorporated by reference from Exhibit 4.3 to Camden Property Trust's Statement on Form S-11 filed April 12, 1994 (File No. 33-76244). | |
4.4 | Indenture dated as of February 15, 1996 between Camden Property Trust and the U.S. Trust Company of Texas, N.A., as Trustee. Incorporated by reference from Exhibit 4.1 to Camden Property Trust's Form 8-K filed February 15, 1996 (File No. 1-12110). | |
4.5 | First Supplemental Indenture dated as of February 15, 1996 between Camden Property Trust and U.S. Trust Company of Texas N.A., as trustee. Incorporated by reference from Exhibit 4.2 to Camden Property Trust's Form 8-K filed February 15, 1996 (File No. 1-12110). | |
4.6 | Form of Camden Property Trust 6 5/8% Note due 2001. Incorporated by reference from Exhibit 4.3 to Camden Property Trust's Form 8-K filed February 15, 1996 (File No. 1-12110). | |
4.7 | Form of Camden Property Trust 7% Note due 2006. Incorporated by reference from Exhibit 4.3 to Camden Property Trust's Form 8-K filed December 2, 1996 (File No. 1-12110). |
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4.8 | Specimen certificate for Camden Series A Cumulative Convertible Shares of Beneficial Interest. Incorporated from Exhibit 4.3 to Camden Property Trust's Registration Statement on Form S-4 filed February 6, 1998 (File No. 333-45817). | |
4.9 | Form of Indenture for Senior Debt Securities dated as of February 11, 2003 between Camden Property Trust and SunTrust Bank, as trustee. Incorporated by reference from Exhibit 4.1 to Camden Property Trust’s Registration Statement on Form S-3 filed February 12, 2003 (File No. 333-103119). | |
4.10 | Form of Statement of Designation of Series B Cumulative Redeemable Preferred Shares of Beneficial Interest. Incorporated by reference from Exhibit 4.1 to Camden Property Trust’s Form 8-K filed on March 10, 1999 (File No. 1-12110). | |
4.11 | Form of Statement of Designation of Series C Cumulative Redeemable Perpetual Preferred Shares of Beneficial Interest of Camden Property Trust. Incorporated by reference from Exhibit 4.11 to Camden Property Trust’s Form 10-K for the year ended December 31, 1999 (File No. 1-12110). | |
4.12 | Form of First Amendment to Statement of Designation of Series C Cumulative Redeemable Perpetual Preferred Shares of Beneficial Interest of Camden Property Trust. Incorporated by reference from Exhibit 4.12 to Camden Property Trust’s Form 10-K for the year ended December 31, 1999 (File No. 1-12110). | |
4.13 | Form of Second Amendment to Statement of Designation of Series C Cumulative Redeemable Perpetual Preferred Shares of Beneficial Interest of Camden Property Trust. Incorporated by reference from Exhibit 4.13 to Camden Property Trust’s Form 10-K for the year ended December 31, 1999 (File No. 1-12110). | |
4.14 | Form of Camden Property Trust 7% Note due 2004. Incorporated by reference from Exhibit 4.3 to Camden Property Trust’s Form 8-K filed April 20, 1999 (File No. 1-12110). | |
4.15 | Form of Camden Property Trust 7% Note due 2006. Incorporated by reference from Exhibit 4.3 to Camden Property Trust’s Form 8-K filed February 20, 2001 (File No. 1-12110). | |
4.16 | Form of Camden Property Trust 7.625% Note due 2011. Incorporated by reference from Exhibit 4.4 to Camden Property Trust’s Form 8-K filed February 20, 2001 (File No. 1-12110). | |
4.17 | Form of Camden Property Trust’s 6.75% Note due 2010. Incorporated by reference from Exhibit 4.3 to Camden Property Trust’s Form 8-K filed September 17, 2001 (Filed No. 1-12110). | |
4.18 | Form of Camden Property Trust 5.875% Note due 2007. Incorporated by reference from Exhibit 4.3 to Camden Property Trust’s Form 8-K filed June 4, 2002 (File No. 1-12110). | |
4.19 | Form of Camden Property Trust 5.875% Note due 2012. Incorporated by reference from Exhibit 4.3 to Camden Property Trust’s Form 8-K filed November 25, 2002 (File No. 1- 12110). | |
10.1 | Form of Indemnification Agreement by and between Camden Property Trust and certain of its trust managers and executive officers. Incorporated by reference from Exhibit 10.18 to Amendment No. 1 of Camden Property Trust’s Registration Statement on Form S-11 filed July 9, 1993 (File No. 33-63588). | |
10.2 | Amended and Restated Employment Agreement dated August 7, 1998 by and between Camden Property Trust and Richard J. Campo. Incorporated by reference from Exhibit 10.4 to Camden Property Trust's Form 10-K filed March 30, 1999 (File No. 1-12110). |
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10.3 | Amended and Restated Employment Agreement dated August 7, 1998 by and between Camden Property Trust and D. Keith Oden. Incorporated by reference from Exhibit 10.5 to Camden Property Trust's Form 10-K filed March 30, 1999 (File No. 1-12110). | |
10.4 | Form of Employment Agreement by and between Camden Property Trust and certain senior executive officers. Incorporated by reference from Exhibit 10.13 to Camden Property Trust’s Form 10-K filed March 28, 1997 (File No. 1-12110). | |
10.5 | Camden Property Trust Key Employee Share Option Plan. Incorporated by reference from Exhibit 10.14 to Camden Property Trust’s Form 10-K filed March 28, 1997 (File No. 1-12110). | |
10.6 | Distribution Agreement dated March 20, 1997 among Camden Property Trust and the Agents listed therein relating to the issuance of Medium Term Notes. Incorporated by reference from Exhibit 1.1 to Camden Property Trust’s Form 8-K filed March 21, 1997 (File No. 1-12110). | |
10.7 | Form of Master Exchange Agreement by and between Camden Property Trust and certain key employees. Incorporated by reference from Exhibit 10.16 to Camden Property Trust’s Form 10-K filed February 6, 1998 (File No. 1-12110). | |
10.8 | Form of Credit Agreement dated August 15, 2002 between Camden Property Trust and Bank of America, N.A. Incorporated by reference from Exhibit 99.1 to Camden Property Trust’s Form 8- K filed August 21, 2002 (File No. 1-12110). | |
10.9 | Form of Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P. Incorporated by reference from Exhibit 10.1 to Camden Property Trust’s Form S-4 filed on February 26, 1997 (File No. 333-22411). | |
10.10 | Amended and Restated Limited Liability Company Agreement of Sierra-Nevada Multifamily Investments, LLC, adopted as of June 29, 1998 by Camden Subsidiary, Inc. and TMT-Nevada, L.L.C. Incorporated by reference from Exhibit 99.1 to Camden Property Trust’s Form 8-K filed July 15, 1998 (File No. 1-12110). | |
10.11 | Amended and Restated Limited Liability Company Agreement of Oasis Martinique, LLC, dated as of October 23, 1998, by and among Oasis Residential, Inc. and the persons named therein. Incorporated by reference from Exhibit 10.59 to Oasis Residential, Inc.‘s Annual Report on Form 10-K for the year ended December 31, 1997 (File No. 1-12428). | |
10.12 | Exchange Agreement, dated as of October 23, 1998, by and among Oasis Residential, Inc., Oasis Martinique, LLC and the holders listed thereon. Incorporated by reference from Exhibit 10.60 to Oasis Residential, Inc.‘s Annual Report on Form 10-K for the year ended December 31, 1997 (File No. 1-12428). | |
10.13 | Contribution Agreement, dated as of February 23, 1999, by and among Belcrest Realty Corporation, Belair Real Estate Corporation, Camden Operating, L.P. and Camden Property Trust. Incorporated by reference from Exhibit 99.1 to Camden Property Trust’s Form 8-K filed on March 10, 1999 (File No. 1-12110). | |
10.14 | First Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of February 23, 1999. Incorporated by reference from Exhibit 99.2 to Camden Property Trust's Form 8-K filed on March 10, 1999 (File No. 1-12110). | |
10.15 | Form of Second Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of August 13, 1999. Incorporated by reference from Exhibit 10.15 to Camden Property Trust's Form 10-K for the year ended December 31, 1999 (File No. 1-12110). |
15 |
10.16 | Form of Third Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of September 7, 1999. Incorporated by reference from Exhibit 10.16 to Camden Property Trust's Form 10-K for the year ended December 31, 1999 (File No. 1-12110). | |
10.17 | Form of Fourth Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of January 7, 2000. Incorporated by reference from Exhibit 10.17 to Camden Property Trust's Form 10-K for the year ended December 31, 1999 (File No. 1-12110). | |
10.18 | Amended and Restated 1993 Share Incentive Plan of Camden Property Trust. Incorporated by reference from Exhibit 10.18 to Camden Property Trust's Form 10-K for the year ended December 31, 1999 (File No. 1-12110). | |
10.19 | Camden Property Trust 1999 Employee Share Purchase Plan. Incorporated by reference from Exhibit 10.19 to Camden Property Trust's Form 10-K for the year ended December 31, 1999 (File No. 1-12110). | |
10.20 | Form of Senior Executive Loan Guaranty between Camden Operating L.P., Camden USA, Inc. and Bank One, NA. Incorporated by reference from Exhibit 10.20 to Camden Property Trust's Form 10-K for the year ended December 31, 1999 (File No. 1-12110). | |
10.21 | Amended and Restated 2002 Share Incentive Plan of Camden Property Trust. Incorporated by reference from Exhibit 10.1 to Camden Property Trust's Form 10-Q filed May 3, 2002 (File No. 1-12110). | |
10.22 | Camden Property Trust Short Term Incentive Plan. Incorporated by reference from Exhibit 10.2 to Camden Property Trust's Form 10-Q filed May 3, 2002 (File No. 1-12110). | |
12.1* | Statement re Computation of Ratios | |
13.1* | Selected pages of the Camden Property Trust Annual Report to Shareholders for the year ended December 31, 2002. | |
21.1* | Subsidiaries of Camden Property Trust. | |
23.1* | Consent of Deloitte & Touche LLP. | |
24.1* | Powers of Attorney for Richard J. Campo, D. Keith Oden, G. Steven Dawson, William R. Cooper, George A. Hrdlicka, Scott S. Ingraham, Lewis A. Levey, F. Gardner Parker and Steven A. Webster. | |
99.1* | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 of Chief Executive Officer dated March 27, 2003. | |
99.2* | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 of Chief Financial Officer dated March 27, 2003. |
16 |
By: /s/ G. Steven Dawson G. Steven Dawson Chief Financial Officer, Senior Vice President - Finance and Secretary | |
By: /s/ Dennis M. Steen Dennis M. Steen Vice President - Controller, Chief Accounting Officer and Treasurer | |
17 |
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of Camden Property Trust and in the capacities and on the dates indicated. |
Name | Title | Date | |||
---|---|---|---|---|---|
* | Chairman of the Board of Trust | March 27, 2003 | |||
Richard J. Campo | Managers and Chief Executive Officer | ||||
(Principal Executive Officer) | |||||
* | President, Chief Operating Officer and | March 27, 2003 | |||
D. Keith Oden | Trust Manager | ||||
/s/G. Steven Dawson | Chief Financial Officer, Senior Vice | March 27, 2003 | |||
G. Steven Dawson | President-Finance and Secretary | ||||
(Principal Financial Officer) | |||||
/s/Dennis M. Steen | Vice President - Controller, Chief | March 27, 2003 | |||
Dennis M. Steen | Accounting Officer and Treasurer | ||||
(Principal Accounting Officer) | |||||
* | Trust Manager | March 27, 2003 | |||
William R. Cooper | |||||
* | Trust Manager | March 27, 2003 | |||
George A. Hrdlicka | |||||
* | Trust Manager | March 27, 2003 | |||
Scott S. Ingraham | |||||
* | Trust Manager | March 27, 2003 | |||
Lewis A. Levey | |||||
* | Trust Manager | March 27, 2003 | |||
F. Gardner Parker | |||||
* | Trust Manager | March 27, 2003 | |||
Steven A. Webster |
*By: /s/G. Steven Dawson | |
G. Steven Dawson Attorney-in-Fact |
18 |
CERTIFICATIONS CERTIFICATION PURSUANT TO I, Richard J. Campo, certify that: |
1. | I have reviewed this annual report on Form 10-K of Camden Property Trust (the “Registrant”); | |
2. | Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this annual report; | |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have: |
a. | Designed such disclosure controls and procedures to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; | |
b. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the “Evaluation Date”); and | |
c. | Presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the Registrant’s auditors and the Audit Committee of the Registrant’s Board of Trust Managers: |
a. | All significant deficiencies in the design or operation of internal controls which could adversely affect the Registrant’s ability to record, process, summarize and report financial data and have identified for the Registrant’s auditors any material weaknesses in internal controls; and | |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal controls; |
6. | The Registrant’s other certifying officer and I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. |
Date: March 27, 2003 | /s/Richard J. Campo Richard J. Campo Chairman of the Board of Trust Managers and Chief Executive Officer |
19 |
CERTIFICATIONS CERTIFICATION PURSUANT TO I, G. Steven Dawson, certify that: |
1. | I have reviewed this annual report on Form 10-K of Camden Property Trust (the “Registrant”); | |
2. | Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this annual report; | |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have: |
a. | Designed such disclosure controls and procedures to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; | |
b. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the “Evaluation Date”); and | |
c. | Presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the Registrant’s auditors and the Audit Committee of the Registrant’s Board of Trust Managers: |
a. | All significant deficiencies in the design or operation of internal controls which could adversely affect the Registrant’s ability to record, process, summarize and report financial data and have identified for the Registrant’s auditors any material weaknesses in internal controls; and | |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal controls; |
6. | The Registrant’s other certifying officer and I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. |
Date: March 27, 2003 | /s/ G. Steven Dawson G. Steven Dawson Chief Financial Officer, Senior Vice President - Finance and Secretary |
20 |
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The following financial statements of Camden Property Trust and its subsidiaries required to be included in Item 15(a)(1) are listed below: |
Page |
CAMDEN PROPERTY TRUST |
Independent Auditors’ Report (included herein) | F-2 |
Financial Statements (incorporated by reference under Item 8 of Part II from pages 20 through 48 of our Annual Report to Shareholders for the year ended December 31, 2002): |
Independent Auditors' Report Consolidated Balance Sheets as of December 31, 2002 and 2001 Consolidated Statements of Operations for the Years Ended December 31, 2002, 2001 and 2000 Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2002, 2001 and 2000 Consolidated Statements of Cash Flows for the Years Ended December 31, 2002, 2001 and 2000 Notes to Consolidated Financial Statements |
The following financial statement supplementary data of Camden Property Trust and its subsidiaries required |
Schedule III — Real Estate and Accumulated Depreciation | S-1 |
F-1 |
F-2 |
Schedule III |
CAMDEN PROPERTY TRUST (In thousands) |
Description | Encumbrances | Initial Cost to Camden Property Trust | Cost Capitalized Subsequent To Acquisition Or Development | Gross Amount at Which Carried at December 31, 2002 (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Property Name | Location | Land | Building and Improvements | Land | Building and Improvements | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Apartments | TX | $ | 27,832 | $ | 127,269 | $ | 645,398 | $ | 68,832 | $ | 127,269 | $ | 714,230 | $ | 841,499 | ||||||||||||||||||||||||||||||||||||||||||||
Apartments | AZ | 27,465 | 172,703 | 9,329 | 27,465 | 182,032 | 209,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Apartments | CA | 47,836 | 66,709 | 200,535 | 11,860 | 66,709 | 212,395 | 279,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Apartments | CO | 31,400 | 21,907 | 164,470 | 6,361 | 21,907 | 170,831 | 192,738 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Apartments | FL | 21,265 | 59,032 | 411,125 | 32,003 | 59,032 | 443,128 | 502,160 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Apartments | KY | 17,100 | 5,107 | 66,993 | 5,208 | 5,107 | 72,201 | 77,308 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Apartments | MO | 50,931 | 18,148 | 120,848 | 14,853 | 18,148 | 135,701 | 153,849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Apartments | NV | 40,222 | 48,767 | 314,111 | 16,728 | 48,767 | 330,839 | 379,606 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Apartments | NC | 13,083 | 11,842 | 75,099 | 12,246 | 11,842 | 87,345 | 99,187 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Properties under Development | CA | 48,179 | 127,595 | 48,179 | 127,595 | 175,774 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties under Development | FL | 3,331 | 3,052 | 3,331 | 3,052 | 6,383 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties under Development | TX | 49,531 | 33,931 | 49,531 | 33,931 | 83,462 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties under Development | VA | 19,511 | 506 | 19,511 | 506 | 20,017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 249,669 | $ | 506,798 | $ | 2,336,366 | $ | 177,420 | $ | 506,798 | $ | 2,513,786 | $ | 3,020,584 | |||||||||||||||||||||||||||||||||||||||||||||
Description | Accumulated Depreciation(a) | Date Constructed Or Acquired | Depreciable Life (Years) | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Property Name | Location | |||||||||||||||||||||||||||||
Apartments | TX | $ | 185,009 | 1993-2002 | 3 - 35 | |||||||||||||||||||||||||
Apartments | AZ | 36,584 | 1994-2002 | 3 - 35 | ||||||||||||||||||||||||||
Apartments | CA | 17,577 | 1998-2002 | 3 - 35 | ||||||||||||||||||||||||||
Apartments | CO | 24,726 | 1998-2000 | 3 - 35 | ||||||||||||||||||||||||||
Apartments | FL | 79,921 | 1997-2002 | 3 - 35 | ||||||||||||||||||||||||||
Apartments | KY | 16,085 | 1997-2000 | 3 - 35 | ||||||||||||||||||||||||||
Apartments | MO | 43,075 | 1997 | 3 - 35 | ||||||||||||||||||||||||||
Apartments | NV | 58,014 | 1998-1999 | 3 - 35 | ||||||||||||||||||||||||||
Apartments | NC | 37,785 | 1997 | 3 - 35 | ||||||||||||||||||||||||||
Properties under Development | CA | 1998-2002 | ||||||||||||||||||||||||||||
Properties under Development | FL | 1998-2002 | ||||||||||||||||||||||||||||
Properties under Development | TX | 1995-2002 | ||||||||||||||||||||||||||||
Properties under Development | VA | 2002 | ||||||||||||||||||||||||||||
Total | $ | 498,776 | ||||||||||||||||||||||||||||
(a) The aggregate cost for federal income tax purposes at December 31, 2002 was $2.9 billion. The changes in total real estate assets, excluding investments in joint ventures and third party development |
2002 | 2001 | 2000 | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance, beginning of year | $ | 2,736,474 | $ | 2,623,729 | $ | 2,656,165 | |||||||||||||||||
Additions during year: | |||||||||||||||||||||||
Acquisitions | 245,836 | 20,634 | |||||||||||||||||||||
Development | 128,312 | 76,562 | 94,444 | ||||||||||||||||||||
Improvements | 33,733 | 26,655 | 27,940 | ||||||||||||||||||||
Deductions during year: | |||||||||||||||||||||||
Cost of real estate sold | (123,771 | ) | (11,106 | ) | (154,820 | ) | |||||||||||||||||
Balance, end of year | $ | 3,020,584 | $ | 2,736,474 | $ | 2,623,729 | |||||||||||||||||
The changes in accumulated depreciation for the years ended December 31, 2002, 2001 and 2000 are as follows:
2002 | 2001 | 2000 | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance, beginning of year | $ | 422,154 | $ | 326,723 | $ | 253,545 | |||||||||||||||||
Depreciation | 100,991 | 98,400 | 94,227 | ||||||||||||||||||||
Real estate sold | (24,369 | ) | (2,969 | ) | (21,049 | ) | |||||||||||||||||
Balance, end of year | $ | 498,776 | $ | 422,154 | $ | 326,723 | |||||||||||||||||
S-1 |