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CAMDEN | TABLE OF CONTENTS | |
Page | |
Press Release Text | |
Financial Highlights | |
Operating Results | |
Funds from Operations | |
Balance Sheets | |
Portfolio Statistics | |
Components of Property Net Operating Income | |
"Same Property" Third Quarter Comparisons | |
"Same Property" Sequential Quarter Comparisons | |
"Same Property" Year to Date Comparisons | |
"Same Property" Operating Expense Detail & Comparisons | |
Joint Venture Operations | |
Current Development Communities | |
Development Pipeline & Land | |
Acquisitions and Dispositions | |
Debt Analysis | |
Debt Maturity Analysis | |
Debt Covenant Analysis | |
Unconsolidated Real Estate Investments Debt Analysis | |
Unconsolidated Real Estate Investments Debt Maturity Analysis | |
Capitalized Expenditures & Maintenance Expense | |
Non-GAAP Financial Measures - Definitions & Reconciliations | |
Other Data | |
Community Table |
In addition to historical information, this document 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 (the "Company") 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. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
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CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2016 OPERATING RESULTS
Houston, TEXAS (October 27, 2016) - Camden Property Trust (NYSE:CPT) today announced operating results for the three and nine months ended September 30, 2016. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and nine months ended September 30, 2016 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.
Three Months Ended | Nine Months Ended | ||||
September 30 | September 30 | ||||
Per Diluted Share | 2016 | 2015 | 2016 | 2015 | |
EPS | $3.21 | $0.41 | $8.60 | $2.09 | |
FFO | $1.13 | $1.14 | $3.49 | $3.34 | |
AFFO | $0.92 | $0.94 | $3.01 | $2.83 |
Quarterly Growth | Sequential Growth | Year to Date Growth | ||||
Same Property Results | 3Q16 vs. 3Q15 | 3Q16 vs. 2Q16 | 2016 vs. 2015 | |||
Revenues | 3.7 | % | 1.6 | % | 4.2 | % |
Expenses | 2.2 | % | 1.4 | % | 3.2 | % |
Net Operating Income ("NOI") | 4.5 | % | 1.7 | % | 4.7 | % |
Same Property Results | 3Q16 | 3Q15 | 2Q16 | |||
Occupancy | 95.8 | % | 96.2 | % | 95.5 | % |
“We are pleased to announce another solid quarter of performance,” said Richard Campo, Camden’s Chairman and CEO. “Our earnings were better than expected primarily due to lower operating expenses and the timing of certain dispositions, and we have raised our full-year guidance for both FFO and same property NOI as a result. In addition, we have now successfully completed all dispositions planned for 2016, for a total of nearly $1.2 billion in asset sales year-to-date, and we paid a special dividend of $4.25 per share to our common shareholders.”
The Company defines same property communities as communities owned and stabilized as of January 1, 2015, excluding properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.
Development Activity
Lease-up was completed during the quarter at Camden Glendale in Glendale, CA, and construction was completed at Camden Victory Park in Dallas, TX. The Company also commenced construction at Camden Washingtonian in Gaithersburg, MD.
Development Communities - Construction Completed and Projects in Lease-Up ($ in millions)
Total | Total | % Leased | |||
Community Name | Location | Units | Cost | as of 10/26/2016 | |
Camden Chandler | Chandler, AZ | 380 | $67.8 | 87 | % |
Camden Victory Park | Dallas, TX | 423 | 84.8 | 67 | % |
TOTAL | 803 | $152.6 |
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Development Communities - Construction Ongoing ($ in millions)
Total | Total | % Leased | |||
Community Name | Location | Units | Budget | as of 10/26/2016 | |
Camden Gallery | Charlotte, NC | 323 | $58.0 | 69 | % |
The Camden | Los Angeles, CA | 287 | 145.0 | 70 | % |
Camden Lincoln Station | Denver, CO | 267 | 56.0 | ||
Camden NoMa II | Washington, DC | 405 | 115.0 | ||
Camden Shady Grove | Rockville, MD | 457 | 116.0 | ||
Camden McGowen Station | Houston, TX | 315 | 90.0 | ||
Camden Washingtonian | Gaithersburg, MD | 365 | 90.0 | ||
TOTAL | 2,419 | $670.0 |
Acquisition/Disposition Activity
During the quarter Camden acquired approximately 2.4 acres of land in Denver, CO for $15.0 million for the future development of approximately 230 apartment homes. The Company also sold one dual-phased community and five operating communities comprised of 2,906 apartment homes for approximately $484.4 million. Year-to-date, dispositions totaled nearly $1.2 billion.
Earnings Guidance
Camden updated its earnings guidance for 2016 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for fourth quarter 2016 as detailed below.
Per Diluted Share | 4Q16 | 2016 |
EPS | $0.40 - $0.44 | $9.00 - $9.04 |
FFO | $1.12 - $1.16 | $4.61 - $4.65 |
Same Property Growth | 2016 Range | 2016 Midpoint |
Revenues | 3.9% - 4.1% | 4.0% |
Expenses | 2.3% - 2.5% | 2.4% |
NOI | 4.8% - 5.0% | 4.9% |
The Company's revised 2016 same store expense guidance is the result of lower projected operating expenses, including lower than anticipated property taxes due to both lower rates and valuations combined with better than expected resolutions to several prior year property tax appeals. The majority of the tax refunds from these prior year appeals will be recognized in the fourth quarter of 2016.
Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2016 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.
Special Dividend
In addition to the regular quarterly dividend, Camden declared a special dividend of $4.25 per share to its common shareholders of record as of September 23, 2016. The special dividend, consisting primarily of gains on dispositions completed in 2016, was paid on September 30, 2016.
Conference Call
Friday, October 28, 2016 at 11:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 6983019
Webcast: http://services.choruscall.com/links/cpt161028.html
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Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.
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 (the "Company") 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. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 151 properties containing 52,506 apartment homes across the United States. Upon completion of 7 properties under development, the Company’s portfolio will increase to 54,925 apartment homes in 158 properties. Camden was recently named by FORTUNE® Magazine for the ninth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #9.
For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
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CAMDEN | FINANCIAL HIGHLIGHTS | |
(In thousands, except per share, property data amounts and ratios) | ||
(Unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Total property revenues (a) | $220,235 | $212,593 | $659,308 | $620,633 | |||||||||
Adjusted EBITDA | 125,144 | 126,187 | 383,306 | 372,883 | |||||||||
Net income attributable to common shareholders | 290,898 | 37,044 | 778,930 | 188,722 | |||||||||
Per share - basic | 3.23 | 0.41 | 8.63 | 2.10 | |||||||||
Per share - diluted | 3.21 | 0.41 | 8.60 | 2.09 | |||||||||
Income from continuing operations attributable to common shareholders | 290,898 | 32,137 | 396,088 | 173,890 | |||||||||
Per share - basic | 3.23 | 0.36 | 4.35 | 1.93 | |||||||||
Per share - diluted | 3.21 | 0.36 | 4.34 | 1.93 | |||||||||
Funds from operations | 104,232 | 104,346 | 319,920 | 304,915 | |||||||||
Per share - diluted | 1.13 | 1.14 | 3.49 | 3.34 | |||||||||
Adjusted funds from operations | 84,986 | 86,144 | 276,311 | 258,175 | |||||||||
Per share - diluted | 0.92 | 0.94 | 3.01 | 2.83 | |||||||||
Dividends per share (b) | 0.75 | 0.70 | 2.25 | 2.10 | |||||||||
Dividend payout ratio (FFO) (b) | 66.4 | % | 61.4 | % | 64.5 | % | 62.9 | % | |||||
Special Dividend Per Share | 4.25 | — | 4.25 | — | |||||||||
Interest expensed (c) | 23,076 | 23,674 | 69,936 | 73,572 | |||||||||
Interest capitalized (c) | 4,514 | 4,319 | 13,809 | 14,920 | |||||||||
Total interest incurred (c) | 27,590 | 27,993 | 83,745 | 88,492 | |||||||||
Principal amortization (c) | 752 | 560 | 1,786 | 1,656 | |||||||||
Net Debt to Annualized Adjusted EBITDA (c)(d) | 4.2x | 5.4x | 4.7x | 5.3x | |||||||||
Interest expense coverage ratio (c) | 5.4x | 5.3x | 5.5x | 5.1x | |||||||||
Total interest coverage ratio (c) | 4.5x | 4.5x | 4.6x | 4.2x | |||||||||
Fixed charge expense coverage ratio (c) | 5.3x | 5.2x | 5.3x | 5.0x | |||||||||
Total fixed charge coverage ratio (c) | 4.4x | 4.4x | 4.5x | 4.1x | |||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio (c) | 3.6x | 3.4x | 3.6x | 3.4x | |||||||||
Same property NOI increase (e) | 4.5 | % | 5.5 | % | 4.7 | % | 5.0 | % | |||||
(# of apartment homes included) | 40,221 | 47,618 | 40,221 | 47,618 | |||||||||
Gross turnover of apartment homes (annualized) | 68 | % | 74 | % | 60 | % | 64 | % | |||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 57 | % | 64 | % | 51 | % | 53 | % | |||||
As of September 30, | |||||||||||||
2016 | 2015 | ||||||||||||
Total assets | $6,088,279 | $6,022,513 | |||||||||||
Total debt | $2,480,626 | $2,703,832 | |||||||||||
Common and common equivalent shares, outstanding end of period (f) | 91,936 | 91,413 | |||||||||||
Share price, end of period | $83.74 | $73.90 | |||||||||||
Book equity value, end of period (g) | $3,193,250 | $2,968,552 | |||||||||||
Market equity value, end of period (h) | $7,698,721 | $6,755,421 |
(a) Excludes discontinued operations.
(b) Excludes special dividend of $4.25 per share.
(c) Prior period presented has been changed to reflect the adoption of Accounting Standards Update 2015-03 (“ASU 2015-03”), “Simplifying the Presentation of Debt Issuance Costs” (as supplemented by Accounting Standards Update 2015-15 [“ASU 2015-15”], “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”) at December 31, 2015, which required retrospective application.
(d) Net Debt is the average Notes Payable less the average Cash balance and Short Term Investments over the period. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by either 4 for quarter results or 1.33 for 9 month results.
(e) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2015, excluding properties held for sale.
(f) Includes at September 30, 2016: 90,048 common shares (including 359 common share equivalents related to share awards & options), plus 1,888 common share equivalents upon the assumed conversion of non-controlling units.
(g) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
(h) Includes: common shares, common units, and common share equivalents.
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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CAMDEN | OPERATING RESULTS | |
(In thousands, except per share amounts) | ||
(Unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
OPERATING DATA | |||||||||||||
Property revenues | |||||||||||||
Rental revenues | $187,771 | $182,650 | $564,136 | $536,183 | |||||||||
Other property revenues | 32,464 | 29,943 | 95,172 | 84,450 | |||||||||
Total property revenues | 220,235 | 212,593 | 659,308 | 620,633 | |||||||||
Property expenses | |||||||||||||
Property operating and maintenance | 53,679 | 53,380 | 156,804 | 151,400 | |||||||||
Real estate taxes | 26,695 | 25,284 | 80,875 | 74,542 | |||||||||
Total property expenses | 80,374 | 78,664 | 237,679 | 225,942 | |||||||||
Non-property income | |||||||||||||
Fee and asset management | 1,667 | 1,902 | 5,223 | 5,083 | |||||||||
Interest and other income | 927 | 107 | 1,366 | 308 | |||||||||
Income/(loss) on deferred compensation plans | 3,494 | (3,438 | ) | 4,781 | (1,871 | ) | |||||||
Total non-property income | 6,088 | (1,429 | ) | 11,370 | 3,520 | ||||||||
Other expenses | |||||||||||||
Property management | 5,590 | 5,700 | 19,147 | 17,423 | |||||||||
Fee and asset management | 911 | 1,227 | 2,861 | 3,424 | |||||||||
General and administrative | 10,810 | 11,790 | 34,836 | 33,120 | |||||||||
Interest (a) | 23,076 | 23,674 | 69,936 | 73,572 | |||||||||
Depreciation and amortization | 62,832 | 61,336 | 187,379 | 179,260 | |||||||||
Expense/(benefit) on deferred compensation plans | 3,494 | (3,438 | ) | 4,781 | (1,871 | ) | |||||||
Total other expenses | 106,713 | 100,289 | 318,940 | 304,928 | |||||||||
Gain on sale of operating properties, including land | 262,719 | — | 295,397 | 85,192 | |||||||||
Equity in income of joint ventures | 1,866 | 1,574 | 5,052 | 4,487 | |||||||||
Income from continuing operations before income taxes | 303,821 | 33,785 | 414,508 | 182,962 | |||||||||
Income tax expense | (400 | ) | (498 | ) | (1,204 | ) | (1,334 | ) | |||||
Income from continuing operations | 303,421 | 33,287 | 413,304 | 181,628 | |||||||||
Income from discontinued operations | — | 4,907 | 7,605 | 14,832 | |||||||||
Gain on sale of discontinued operations, net of tax | — | — | 375,237 | — | |||||||||
Net income | 303,421 | 38,194 | 796,146 | 196,460 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (12,523 | ) | (1,150 | ) | (17,216 | ) | (7,738 | ) | |||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
Net income | $303,421 | $38,194 | $796,146 | $196,460 | |||||||||
Other comprehensive income | |||||||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 32 | 38 | 97 | 112 | |||||||||
Comprehensive income | 303,453 | 38,232 | 796,243 | 196,572 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (12,523 | ) | (1,150 | ) | (17,216 | ) | (7,738 | ) | |||||
Comprehensive income attributable to common shareholders | $290,930 | $37,082 | $779,027 | $188,834 | |||||||||
PER SHARE DATA | |||||||||||||
Total earnings per common share - basic | $3.23 | $0.41 | $8.63 | $2.10 | |||||||||
Total earnings per common share - diluted | 3.21 | 0.41 | 8.60 | 2.09 | |||||||||
Earnings per share from continuing operations - basic | 3.23 | 0.36 | 4.35 | 1.93 | |||||||||
Earnings per share from continuing operations - diluted | 3.21 | 0.36 | 4.34 | 1.93 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
Basic | 89,669 | 89,164 | 89,524 | 89,102 | |||||||||
Diluted | 90,012 | 89,530 | 89,858 | 89,450 |
(a) Prior period has been changed to reflect the adoption of ASU 2015-03 (as supplemented by ASU 2015-15) at December 31, 2015, which required retrospective application.
Note: Please refer to pages 26 and 27 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 September 30, | Nine Months Ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
FUNDS FROM OPERATIONS | |||||||||||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
Real estate depreciation and amortization | 61,264 | 59,793 | 182,694 | 174,882 | |||||||||
Real estate depreciation from discontinued operations | — | 4,059 | 4,327 | 11,936 | |||||||||
Adjustments for unconsolidated joint ventures | 2,266 | 2,300 | 6,944 | 6,782 | |||||||||
Income allocated to non-controlling interests | 12,523 | 1,150 | 17,216 | 7,738 | |||||||||
Gain on sale of operating properties, net of tax | (262,719 | ) | — | (294,954 | ) | (85,145 | ) | ||||||
Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Funds from operations | $104,232 | $104,346 | $319,920 | $304,915 | |||||||||
Less: recurring capitalized expenditures (a) | (19,246 | ) | (18,202 | ) | (43,609 | ) | (46,740 | ) | |||||
Adjusted funds from operations - diluted | $84,986 | $86,144 | $276,311 | $258,175 | |||||||||
PER SHARE DATA | |||||||||||||
Funds from operations - diluted | $1.13 | $1.14 | $3.49 | $3.34 | |||||||||
Adjusted funds from operations - diluted | 0.92 | 0.94 | 3.01 | 2.83 | |||||||||
Distributions declared per common share | 0.75 | 0.70 | 2.25 | 2.10 | |||||||||
Special Distributions declared per common share | 4.25 | — | 4.25 | — | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
FFO/AFFO - diluted | 91,901 | 91,426 | 91,749 | 91,347 | |||||||||
PROPERTY DATA | |||||||||||||
Total operating properties (end of period) (b) | 151 | 171 | 151 | 171 | |||||||||
Total operating apartment homes in operating properties (end of period) (b) | 52,506 | 59,407 | 52,506 | 59,407 | |||||||||
Total operating apartment homes (weighted average) | 46,702 | 52,323 | 49,521 | 51,881 | |||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 46,702 | 47,405 | 47,426 | 46,963 |
(a) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(b) Includes joint ventures and properties held for sale.
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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CAMDEN | BALANCE SHEET | |
(In thousands) | ||
(Unaudited)
Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | ||||||||||||
ASSETS | ||||||||||||||||
Real estate assets, at cost | ||||||||||||||||
Land | $962,507 | $989,097 | $998,519 | $989,247 | $990,035 | |||||||||||
Buildings and improvements | 5,910,347 | 5,956,361 | 5,978,843 | 5,911,432 | 5,890,751 | |||||||||||
6,872,854 | 6,945,458 | 6,977,362 | 6,900,679 | 6,880,786 | ||||||||||||
Accumulated depreciation | (1,829,563 | ) | (1,855,678 | ) | (1,841,107 | ) | (1,780,694 | ) | (1,730,929 | ) | ||||||
Net operating real estate assets | 5,043,291 | 5,089,780 | 5,136,255 | 5,119,985 | 5,149,857 | |||||||||||
Properties under development, including land | 425,452 | 446,740 | 489,730 | 486,918 | 439,777 | |||||||||||
Investments in joint ventures | 30,046 | 31,142 | 32,568 | 33,698 | 34,705 | |||||||||||
Properties held for sale, including land | ||||||||||||||||
Operating properties held for sale (a) | — | 105,254 | — | — | — | |||||||||||
Discontinued operations held for sale (b) | — | — | 238,417 | 239,063 | 237,635 | |||||||||||
Total real estate assets | 5,498,789 | 5,672,916 | 5,896,970 | 5,879,664 | 5,861,974 | |||||||||||
Short-term investments (c) | 100,000 | — | — | — | — | |||||||||||
Accounts receivable – affiliates | 23,998 | 24,008 | 24,011 | 25,100 | 25,053 | |||||||||||
Other assets, net (d) | 143,059 | 139,263 | 107,161 | 116,260 | 118,985 | |||||||||||
Cash and cash equivalents | 313,742 | 341,726 | 6,935 | 10,617 | 10,375 | |||||||||||
Restricted cash | 8,691 | 21,561 | 5,378 | 5,971 | 6,126 | |||||||||||
Total assets | $6,088,279 | $6,199,474 | $6,040,455 | $6,037,612 | $6,022,513 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Liabilities | ||||||||||||||||
Notes payable | ||||||||||||||||
Unsecured | $1,582,655 | $1,582,077 | $1,866,502 | $1,824,930 | $1,803,360 | |||||||||||
Secured | 897,971 | 898,723 | 899,315 | 899,757 | 900,472 | |||||||||||
Accounts payable and accrued expenses | 143,193 | 140,864 | 140,991 | 133,353 | 131,532 | |||||||||||
Accrued real estate taxes | 66,079 | 46,801 | 25,499 | 45,223 | 57,642 | |||||||||||
Distributions payable | 82,861 | 69,116 | 69,020 | 64,275 | 64,276 | |||||||||||
Other liabilities (e) | 122,270 | 117,023 | 86,423 | 97,814 | 96,679 | |||||||||||
Total liabilities | 2,895,029 | 2,854,604 | 3,087,750 | 3,065,352 | 3,053,961 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Non-qualified deferred compensation share awards | 72,222 | 72,480 | 88,550 | 79,364 | 72,316 | |||||||||||
Equity | ||||||||||||||||
Common shares of beneficial interest | 978 | 978 | 975 | 976 | 976 | |||||||||||
Additional paid-in capital | 3,675,806 | 3,673,237 | 3,658,372 | 3,662,864 | 3,660,482 | |||||||||||
Distributions in excess of net income attributable to common shareholders | (261,324 | ) | (104,004 | ) | (491,275 | ) | (458,577 | ) | (452,257 | ) | ||||||
Treasury shares, at cost | (373,597 | ) | (373,914 | ) | (378,032 | ) | (386,793 | ) | (387,114 | ) | ||||||
Accumulated other comprehensive loss (f) | (1,816 | ) | (1,848 | ) | (1,881 | ) | (1,913 | ) | (2,307 | ) | ||||||
Total common equity | 3,040,047 | 3,194,449 | 2,788,159 | 2,816,557 | 2,819,780 | |||||||||||
Non-controlling interests | 80,981 | 77,941 | 75,996 | 76,339 | 76,456 | |||||||||||
Total equity | 3,121,028 | 3,272,390 | 2,864,155 | 2,892,896 | 2,896,236 | |||||||||||
Total liabilities and equity | $6,088,279 | $6,199,474 | $6,040,455 | $6,037,612 | $6,022,513 | |||||||||||
(a) Operating properties held for sale includes one dual-phase property and one operating property as of June 30, 2016 which were each subsequently sold in July. | ||||||||||||||||
(b) All prior periods presented have been changed to present the 15 operating properties, 19.6 acres of land, and retail center located in Las Vegas, Nevada, which were classified as held for sale at March 31, 2016 and subsequently sold on April 26, 2016. (See page 19 for additional information relating to this sale). | ||||||||||||||||
(c) At September 30, 2016, our short-term investments consist wholly of a certificate of deposit that has a maturity date of January 4, 2017. | ||||||||||||||||
(d) Includes net deferred charges of: | $2,140 | $2,353 | $2,600 | $2,851 | $3,077 | |||||||||||
(e) Includes deferred revenues of: | $1,598 | $831 | $1,797 | $1,768 | $1,918 | |||||||||||
(f) Represents the unrealized net loss and unamortized prior service costs on post retirement obligation, and unrealized loss on cash flow hedging activities. |
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CAMDEN | PORTFOLIO STATISTICS | |
(Unaudited)
COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2016 (in apartment homes)
Fully Consolidated | Non-Consolidated | |||||||||||||||
"Same Property" | Non-"Same Property" | Completed in Lease-up | Under Construction | Total | Operating | Grand Total | ||||||||||
D.C. Metro (a) | 5,033 | 321 | — | 1,227 | 6,581 | 281 | 6,862 | |||||||||
Houston, TX | 5,912 | — | — | 315 | 6,227 | 2,522 | 8,749 | |||||||||
SE Florida | 2,520 | 261 | — | — | 2,781 | — | 2,781 | |||||||||
Dallas, TX | 3,993 | — | 423 | — | 4,416 | 1,250 | 5,666 | |||||||||
Los Angeles/Orange County, CA | 2,068 | 303 | — | 287 | 2,658 | — | 2,658 | |||||||||
Atlanta, GA | 3,633 | 379 | — | — | 4,012 | 234 | 4,246 | |||||||||
Tampa, FL | 1,928 | — | — | — | 1,928 | 450 | 2,378 | |||||||||
Orlando, FL | 2,662 | — | — | — | 2,662 | 300 | 2,962 | |||||||||
Charlotte, NC | 2,487 | — | — | 323 | 2,810 | 266 | 3,076 | |||||||||
Denver, CO | 1,941 | 424 | — | 267 | 2,632 | — | 2,632 | |||||||||
San Diego/Inland Empire, CA | 1,665 | — | — | — | 1,665 | — | 1,665 | |||||||||
Phoenix, AZ | 2,095 | 454 | 380 | — | 2,929 | — | 2,929 | |||||||||
Raleigh, NC | 2,266 | 438 | — | — | 2,704 | 350 | 3,054 | |||||||||
Austin, TX | 1,386 | 614 | — | — | 2,000 | 1,360 | 3,360 | |||||||||
Corpus Christi, TX | 632 | 1,005 | — | — | 1,637 | 270 | 1,907 | |||||||||
Total Portfolio | 40,221 | 4,199 | 803 | 2,419 | 47,642 | 7,283 | 54,925 |
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d) | ||||||||||||||||
"Same Property" Communities | Operating Communities (b) | Incl. JVs at Pro Rata % (c) | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | ||||||||||
D.C. Metro | 15.5 | % | 15.5 | % | 15.2 | % | 96.1 | % | 95.4 | % | 94.8 | % | 94.8 | % | 96.1 | % | |
Houston, TX | 13.1 | % | 11.5 | % | 12.3 | % | 94.4 | % | 94.1 | % | 93.9 | % | 94.7 | % | 95.6 | % | |
SE Florida | 8.7 | % | 8.4 | % | 8.1 | % | 96.3 | % | 96.3 | % | 96.9 | % | 96.8 | % | 96.9 | % | |
Dallas, TX | 7.7 | % | 7.0 | % | 7.3 | % | 96.5 | % | 96.0 | % | 96.1 | % | 95.9 | % | 96.3 | % | |
Los Angeles/Orange County, CA | 7.4 | % | 8.0 | % | 7.7 | % | 95.5 | % | 95.5 | % | 95.4 | % | 95.6 | % | 95.5 | % | |
Atlanta, GA | 8.1 | % | 8.2 | % | 8.0 | % | 95.9 | % | 95.8 | % | 95.4 | % | 95.6 | % | 95.9 | % | |
Tampa, FL | 4.1 | % | 4.9 | % | 5.0 | % | 96.2 | % | 95.6 | % | 95.9 | % | 96.3 | % | 95.9 | % | |
Orlando, FL | 5.8 | % | 5.5 | % | 5.5 | % | 96.3 | % | 96.3 | % | 95.7 | % | 95.4 | % | 96.4 | % | |
Charlotte, NC | 6.2 | % | 5.5 | % | 5.5 | % | 96.6 | % | 96.3 | % | 96.0 | % | 96.2 | % | 97.1 | % | |
Denver, CO | 5.6 | % | 5.9 | % | 5.7 | % | 96.0 | % | 95.7 | % | 94.3 | % | 95.0 | % | 96.6 | % | |
San Diego/Inland Empire, CA | 5.1 | % | 4.5 | % | 4.3 | % | 95.6 | % | 95.5 | % | 95.2 | % | 95.9 | % | 96.4 | % | |
Phoenix, AZ | 4.6 | % | 5.7 | % | 5.4 | % | 94.4 | % | 93.7 | % | 95.2 | % | 95.5 | % | 95.5 | % | |
Raleigh, NC | 4.3 | % | 4.4 | % | 4.4 | % | 95.9 | % | 95.1 | % | 94.8 | % | 94.7 | % | 95.8 | % | |
Austin, TX | 2.7 | % | 3.5 | % | 4.0 | % | 96.1 | % | 95.3 | % | 95.7 | % | 95.3 | % | 96.3 | % | |
Corpus Christi, TX | 1.1 | % | 1.5 | % | 1.6 | % | 93.9 | % | 93.1 | % | 93.0 | % | 94.4 | % | 95.3 | % | |
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 95.7 | % | 95.3 | % | 95.2 | % | 95.4 | % | 96.1 | % | |
(b) Operating communities represent all fully-consolidated communities for the period, excluding communities under construction.
(c) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from unconsolidated joint venture communities.
(d) Occupancy figures include all stabilized operating communities, owned during the period, including those held through unconsolidated joint venture investments.
10
CAMDEN | COMPONENTS OF PROPERTY | |
NET OPERATING INCOME | ||
(In thousands, except property data amounts) | ||
(Unaudited)
Apartment | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Property Revenues | Homes | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||||
"Same Property" Communities (a) | 40,221 | $189,104 | $182,415 | $6,689 | $558,394 | $536,093 | $22,301 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 4,199 | 19,368 | 15,251 | 4,117 | 57,682 | 40,436 | 17,246 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 3,222 | 4,435 | 566 | 3,869 | 8,220 | 871 | 7,349 | |||||||||||||||||||
Disposition/Other (d) | — | 7,328 | 14,361 | (7,033 | ) | 35,012 | 43,233 | (8,221 | ) | |||||||||||||||||
Total Property Revenues | 47,642 | $220,235 | $212,593 | $7,642 | $659,308 | $620,633 | $38,675 | |||||||||||||||||||
Property Expenses | ||||||||||||||||||||||||||
"Same Property" Communities (a) | 40,221 | $68,138 | $66,676 | $1,462 | $200,475 | $194,183 | $6,292 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 4,199 | 7,567 | 6,706 | 861 | 21,784 | 16,276 | 5,508 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 3,222 | 1,910 | 207 | 1,703 | 3,475 | 295 | 3,180 | |||||||||||||||||||
Disposition/Other (d) | — | 2,759 | 5,075 | (2,316 | ) | 11,945 | 15,188 | (3,243 | ) | |||||||||||||||||
Total Property Expenses | 47,642 | $80,374 | $78,664 | $1,710 | $237,679 | $225,942 | $11,737 | |||||||||||||||||||
Property Net Operating Income | ||||||||||||||||||||||||||
"Same Property" Communities (a) | 40,221 | $120,966 | $115,739 | $5,227 | $357,919 | $341,910 | $16,009 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 4,199 | 11,801 | 8,545 | 3,256 | 35,898 | 24,160 | 11,738 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 3,222 | 2,525 | 359 | 2,166 | 4,745 | 576 | 4,169 | |||||||||||||||||||
Disposition/Other (d) | — | 4,569 | 9,286 | (4,717 | ) | 23,067 | 28,045 | (4,978 | ) | |||||||||||||||||
Total Property Net Operating Income | 47,642 | $139,861 | $133,929 | $5,932 | $421,629 | $394,691 | $26,938 | |||||||||||||||||||
Income from Discontinued Operations (e) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
Property Revenues | $— | $14,592 | $19,184 | $42,637 | ||||||||||||||||||||||
Property Expenses | — | (5,442 | ) | (6,898 | ) | (15,364 | ) | |||||||||||||||||||
Property Net Operating Income | — | 9,150 | 12,286 | 27,273 | ||||||||||||||||||||||
Property management expense | — | (184 | ) | (242 | ) | (505 | ) | |||||||||||||||||||
Depreciation and amortization | — | (4,059 | ) | (4,327 | ) | (11,936 | ) | |||||||||||||||||||
Other taxes | — | — | (112 | ) | — | |||||||||||||||||||||
Gain on Sale of Discontinued Operations | — | — | 375,237 | — | ||||||||||||||||||||||
Income from Discontinued Operations | $— | $4,907 | $382,842 | $14,832 |
(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2015, excluding properties held for sale. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized as of January 1, 2015, excluding properties held for sale.
(c) Development and Lease-Up Communities are non-stabilized communities we have acquired or developed since January 1, 2015, excluding properties held for sale.
(d) Disposition/Other includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, below market lease amortization related to acquired communities, and expenses related to land holdings not under active development.
(e) Represents operating results for our Las Vegas assets sold on April 26, 2016.
11
CAMDEN | "SAME PROPERTY" | |
THIRD QUARTER COMPARISONS | ||
September 30, 2016 | ||
(In thousands, except property data amounts) | ||
(Unaudited)
Apartment | |||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||
Quarterly Results (a) | Included | 3Q16 | 3Q15 | Growth | 3Q16 | 3Q15 | Growth | 3Q16 | 3Q15 | Growth | |||||||||||||||||||
D.C. Metro | 5,033 | $27,860 | $27,591 | 1.0 | % | $9,084 | $8,424 | 7.8 | % | $18,776 | $19,167 | (2.0 | )% | ||||||||||||||||
Houston, TX | 5,912 | 27,616 | 27,936 | (1.1 | )% | 11,752 | 11,667 | 0.7 | % | 15,864 | 16,269 | (2.5 | )% | ||||||||||||||||
SE Florida | 2,520 | 15,488 | 14,709 | 5.3 | % | 5,012 | 5,023 | (0.2 | )% | 10,476 | 9,686 | 8.2 | % | ||||||||||||||||
Dallas, TX | 3,993 | 16,312 | 15,216 | 7.2 | % | 7,053 | 6,354 | 11.0 | % | 9,259 | 8,862 | 4.5 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 2,068 | 12,914 | 12,415 | 4.0 | % | 3,908 | 4,009 | (2.5 | )% | 9,006 | 8,406 | 7.1 | % | ||||||||||||||||
Atlanta, GA | 3,633 | 15,405 | 14,764 | 4.3 | % | 5,579 | 5,867 | (4.9 | )% | 9,826 | 8,897 | 10.4 | % | ||||||||||||||||
Tampa, FL | 1,928 | 8,054 | 7,522 | 7.1 | % | 3,035 | 2,988 | 1.6 | % | 5,019 | 4,534 | 10.7 | % | ||||||||||||||||
Orlando, FL | 2,662 | 10,968 | 10,214 | 7.4 | % | 3,969 | 3,926 | 1.1 | % | 6,999 | 6,288 | 11.3 | % | ||||||||||||||||
Charlotte, NC | 2,487 | 10,629 | 10,414 | 2.1 | % | 3,173 | 3,464 | (8.4 | )% | 7,456 | 6,950 | 7.3 | % | ||||||||||||||||
Denver, CO | 1,941 | 9,465 | 9,023 | 4.9 | % | 2,737 | 2,673 | 2.4 | % | 6,728 | 6,350 | 6.0 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 9,591 | 8,959 | 7.1 | % | 3,388 | 3,241 | 4.5 | % | 6,203 | 5,718 | 8.5 | % | ||||||||||||||||
Phoenix, AZ | 2,095 | 8,518 | 8,061 | 5.7 | % | 2,947 | 2,864 | 2.9 | % | 5,571 | 5,197 | 7.2 | % | ||||||||||||||||
Raleigh, NC | 2,266 | 8,195 | 7,766 | 5.5 | % | 2,972 | 2,771 | 7.3 | % | 5,223 | 4,995 | 4.6 | % | ||||||||||||||||
Austin, TX | 1,386 | 5,892 | 5,579 | 5.6 | % | 2,606 | 2,570 | 1.4 | % | 3,286 | 3,009 | 9.2 | % | ||||||||||||||||
Corpus Christi, TX | 632 | 2,197 | 2,246 | (2.2 | )% | 923 | 835 | 10.5 | % | 1,274 | 1,411 | (9.7 | )% | ||||||||||||||||
Total Same Property | 40,221 | $189,104 | $182,415 | 3.7 | % | $68,138 | $66,676 | 2.2 | % | $120,966 | $115,739 | 4.5 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 3Q16 | 3Q15 | Growth | 3Q16 | 3Q15 | Growth | 3Q16 | 3Q15 | Growth | |||||||||||||||||
D.C. Metro | 15.5 | % | 96.0 | % | 96.4 | % | (0.4 | )% | $1,682 | $1,670 | 0.7 | % | $1,921 | $1,895 | 1.4 | % | |||||||||||
Houston, TX | 13.1 | % | 94.3 | % | 95.7 | % | (1.4 | )% | 1,449 | 1,471 | (1.5 | )% | 1,652 | 1,647 | 0.3 | % | |||||||||||
SE Florida | 8.7 | % | 96.4 | % | 97.0 | % | (0.6 | )% | 1,874 | 1,788 | 4.8 | % | 2,125 | 2,006 | 5.9 | % | |||||||||||
Dallas, TX | 7.7 | % | 96.7 | % | 96.3 | % | 0.4 | % | 1,206 | 1,142 | 5.6 | % | 1,409 | 1,318 | 6.8 | % | |||||||||||
Los Angeles/Orange County, CA | 7.4 | % | 95.5 | % | 95.4 | % | 0.1 | % | 1,979 | 1,888 | 4.8 | % | 2,180 | 2,098 | 3.9 | % | |||||||||||
Atlanta, GA | 8.1 | % | 96.0 | % | 95.9 | % | 0.1 | % | 1,265 | 1,213 | 4.3 | % | 1,472 | 1,413 | 4.2 | % | |||||||||||
Tampa, FL | 4.1 | % | 96.1 | % | 95.8 | % | 0.3 | % | 1,185 | 1,121 | 5.7 | % | 1,449 | 1,356 | 6.8 | % | |||||||||||
Orlando, FL | 5.8 | % | 96.7 | % | 96.5 | % | 0.2 | % | 1,195 | 1,121 | 6.6 | % | 1,420 | 1,325 | 7.2 | % | |||||||||||
Charlotte, NC | 6.2 | % | 96.6 | % | 97.1 | % | (0.5 | )% | 1,259 | 1,234 | 2.0 | % | 1,475 | 1,438 | 2.6 | % | |||||||||||
Denver, CO | 5.6 | % | 96.2 | % | 96.6 | % | (0.4 | )% | 1,471 | 1,412 | 4.2 | % | 1,689 | 1,605 | 5.3 | % | |||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 95.6 | % | 96.4 | % | (0.8 | )% | 1,770 | 1,677 | 5.5 | % | 2,008 | 1,861 | 7.9 | % | |||||||||||
Phoenix, AZ | 4.6 | % | 95.1 | % | 95.7 | % | (0.6 | )% | 1,162 | 1,120 | 3.8 | % | 1,425 | 1,341 | 6.3 | % | |||||||||||
Raleigh, NC | 4.3 | % | 95.8 | % | 95.9 | % | (0.1 | )% | 1,025 | 987 | 3.9 | % | 1,258 | 1,192 | 5.6 | % | |||||||||||
Austin, TX | 2.7 | % | 96.3 | % | 96.2 | % | 0.1 | % | 1,221 | 1,172 | 4.2 | % | 1,471 | 1,395 | 5.5 | % | |||||||||||
Corpus Christi, TX | 1.1 | % | 93.8 | % | 94.8 | % | (1.0 | )% | 1,001 | 1,013 | (1.2 | )% | 1,236 | 1,250 | (1.2 | )% | |||||||||||
Total Same Property | 100.0 | % | 95.8 | % | 96.2 | % | (0.4 | )% | $1,411 | $1,369 | 3.1 | % | $1,636 | $1,572 | 4.1 | % |
(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2015, excluding properties held for sale. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.
(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.
12
CAMDEN | "SAME PROPERTY" | |
SEQUENTIAL QUARTER COMPARISONS | ||
September 30, 2016 | ||
(In thousands, except property data amounts) | ||
(Unaudited)
Apartment | |||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||
Quarterly Results (a) | Included | 3Q16 | 2Q16 | Growth | 3Q16 | 2Q16 | Growth | 3Q16 | 2Q16 | Growth | |||||||||||||||||||
D.C. Metro | 5,033 | $27,860 | $27,361 | 1.8 | % | $9,084 | $8,711 | 4.3 | % | $18,776 | $18,650 | 0.7 | % | ||||||||||||||||
Houston, TX | 5,912 | 27,616 | 27,486 | 0.5 | % | 11,752 | 11,988 | (2.0 | )% | 15,864 | 15,498 | 2.4 | % | ||||||||||||||||
SE Florida | 2,520 | 15,488 | 15,257 | 1.5 | % | 5,012 | 4,974 | 0.8 | % | 10,476 | 10,283 | 1.9 | % | ||||||||||||||||
Dallas, TX | 3,993 | 16,312 | 15,982 | 2.1 | % | 7,053 | 6,633 | 6.3 | % | 9,259 | 9,349 | (1.0 | )% | ||||||||||||||||
Los Angeles/Orange County, CA | 2,068 | 12,914 | 12,702 | 1.7 | % | 3,908 | 3,923 | (0.4 | )% | 9,006 | 8,779 | 2.6 | % | ||||||||||||||||
Atlanta, GA | 3,633 | 15,405 | 15,182 | 1.5 | % | 5,579 | 5,666 | (1.5 | )% | 9,826 | 9,516 | 3.3 | % | ||||||||||||||||
Tampa, FL | 1,928 | 8,054 | 7,970 | 1.1 | % | 3,035 | 3,041 | (0.2 | )% | 5,019 | 4,929 | 1.8 | % | ||||||||||||||||
Orlando, FL | 2,662 | 10,968 | 10,754 | 2.0 | % | 3,969 | 3,871 | 2.5 | % | 6,999 | 6,883 | 1.7 | % | ||||||||||||||||
Charlotte, NC | 2,487 | 10,629 | 10,453 | 1.7 | % | 3,173 | 3,401 | (6.7 | )% | 7,456 | 7,052 | 5.7 | % | ||||||||||||||||
Denver, CO | 1,941 | 9,465 | 9,258 | 2.2 | % | 2,737 | 2,678 | 2.2 | % | 6,728 | 6,580 | 2.2 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 9,591 | 9,356 | 2.5 | % | 3,388 | 3,269 | 3.6 | % | 6,203 | 6,087 | 1.9 | % | ||||||||||||||||
Phoenix, AZ | 2,095 | 8,518 | 8,397 | 1.4 | % | 2,947 | 2,880 | 2.3 | % | 5,571 | 5,517 | 1.0 | % | ||||||||||||||||
Raleigh, NC | 2,266 | 8,195 | 8,002 | 2.4 | % | 2,972 | 2,803 | 6.0 | % | 5,223 | 5,199 | 0.5 | % | ||||||||||||||||
Austin, TX | 1,386 | 5,892 | 5,775 | 2.0 | % | 2,606 | 2,522 | 3.3 | % | 3,286 | 3,253 | 1.0 | % | ||||||||||||||||
Corpus Christi, TX | 632 | 2,197 | 2,175 | 1.0 | % | 923 | 843 | 9.5 | % | 1,274 | 1,332 | (4.4 | )% | ||||||||||||||||
Total Same Property | 40,221 | $189,104 | $186,110 | 1.6 | % | $68,138 | $67,203 | 1.4 | % | $120,966 | $118,907 | 1.7 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 3Q16 | 2Q16 | Growth | 3Q16 | 2Q16 | Growth | 3Q16 | 2Q16 | Growth | |||||||||||||||||
D.C. Metro | 15.5 | % | 96.0 | % | 95.5 | % | 0.5 | % | $1,682 | $1,668 | 0.8 | % | $1,921 | $1,898 | 1.3 | % | |||||||||||
Houston, TX | 13.1 | % | 94.3 | % | 93.9 | % | 0.4 | % | 1,449 | 1,460 | (0.8 | )% | 1,652 | 1,650 | 0.1 | % | |||||||||||
SE Florida | 8.7 | % | 96.4 | % | 96.5 | % | (0.1 | )% | 1,874 | 1,851 | 1.2 | % | 2,125 | 2,092 | 1.6 | % | |||||||||||
Dallas, TX | 7.7 | % | 96.7 | % | 96.2 | % | 0.5 | % | 1,206 | 1,186 | 1.7 | % | 1,409 | 1,387 | 1.6 | % | |||||||||||
Los Angeles/Orange County, CA | 7.4 | % | 95.5 | % | 95.4 | % | 0.1 | % | 1,979 | 1,952 | 1.4 | % | 2,180 | 2,147 | 1.6 | % | |||||||||||
Atlanta, GA | 8.1 | % | 96.0 | % | 95.9 | % | 0.1 | % | 1,265 | 1,243 | 1.8 | % | 1,472 | 1,453 | 1.4 | % | |||||||||||
Tampa, FL | 4.1 | % | 96.1 | % | 96.0 | % | 0.1 | % | 1,185 | 1,167 | 1.5 | % | 1,449 | 1,435 | 1.0 | % | |||||||||||
Orlando, FL | 5.8 | % | 96.7 | % | 96.7 | % | 0.0 | % | 1,195 | 1,176 | 1.6 | % | 1,420 | 1,393 | 2.0 | % | |||||||||||
Charlotte, NC | 6.2 | % | 96.6 | % | 96.3 | % | 0.3 | % | 1,259 | 1,244 | 1.2 | % | 1,475 | 1,455 | 1.4 | % | |||||||||||
Denver, CO | 5.6 | % | 96.2 | % | 95.6 | % | 0.6 | % | 1,471 | 1,451 | 1.4 | % | 1,689 | 1,664 | 1.6 | % | |||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 95.6 | % | 95.5 | % | 0.1 | % | 1,770 | 1,736 | 2.0 | % | 2,008 | 1,961 | 2.4 | % | |||||||||||
Phoenix, AZ | 4.6 | % | 95.1 | % | 94.7 | % | 0.4 | % | 1,162 | 1,154 | 0.7 | % | 1,425 | 1,410 | 1.0 | % | |||||||||||
Raleigh, NC | 4.3 | % | 95.8 | % | 95.3 | % | 0.5 | % | 1,025 | 1,006 | 1.9 | % | 1,258 | 1,235 | 1.9 | % | |||||||||||
Austin, TX | 2.7 | % | 96.3 | % | 95.7 | % | 0.6 | % | 1,221 | 1,202 | 1.6 | % | 1,471 | 1,451 | 1.4 | % | |||||||||||
Corpus Christi, TX | 1.1 | % | 93.8 | % | 92.7 | % | 1.1 | % | 1,001 | 1,006 | (0.5 | )% | 1,236 | 1,237 | (0.1 | )% | |||||||||||
Total Same Property | 100.0 | % | 95.8 | % | 95.5 | % | 0.3 | % | $1,411 | $1,396 | 1.1 | % | $1,636 | $1,616 | 1.3 | % |
(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2015, excluding properties held for sale. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.
(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.
13
CAMDEN | "SAME PROPERTY" | |
YEAR TO DATE COMPARISONS | ||
September 30, 2016 | ||
(In thousands, except property data amounts) | ||
(Unaudited)
Apartment | |||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||
Year to Date Results (a) | Included | 2016 | 2015 | Growth | 2016 | 2015 | Growth | 2016 | 2015 | Growth | |||||||||||||||||||
D.C. Metro | 5,033 | $82,208 | $81,785 | 0.5 | % | $26,570 | $25,792 | 3.0 | % | $55,638 | $55,993 | (0.6 | )% | ||||||||||||||||
Houston, TX | 5,912 | 82,415 | 82,898 | (0.6 | )% | 35,422 | 34,531 | 2.6 | % | 46,993 | 48,367 | (2.8 | )% | ||||||||||||||||
SE Florida | 2,520 | 45,837 | 43,406 | 5.6 | % | 14,809 | 14,764 | 0.3 | % | 31,028 | 28,642 | 8.3 | % | ||||||||||||||||
Dallas, TX | 3,993 | 47,999 | 44,391 | 8.1 | % | 20,037 | 17,986 | 11.4 | % | 27,962 | 26,405 | 5.9 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 2,068 | 38,199 | 36,539 | 4.5 | % | 11,671 | 11,591 | 0.7 | % | 26,528 | 24,948 | 6.3 | % | ||||||||||||||||
Atlanta, GA | 3,633 | 45,390 | 43,083 | 5.4 | % | 16,659 | 16,580 | 0.5 | % | 28,731 | 26,503 | 8.4 | % | ||||||||||||||||
Tampa, FL | 1,928 | 23,803 | 21,945 | 8.5 | % | 8,991 | 8,594 | 4.6 | % | 14,812 | 13,351 | 10.9 | % | ||||||||||||||||
Orlando, FL | 2,662 | 32,211 | 29,818 | 8.0 | % | 11,675 | 11,230 | 4.0 | % | 20,536 | 18,588 | 10.5 | % | ||||||||||||||||
Charlotte, NC | 2,487 | 31,410 | 30,682 | 2.4 | % | 9,786 | 10,029 | (2.4 | )% | 21,624 | 20,653 | 4.7 | % | ||||||||||||||||
Denver, CO | 1,941 | 27,612 | 26,146 | 5.6 | % | 7,654 | 7,705 | (0.7 | )% | 19,958 | 18,441 | 8.2 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 28,145 | 26,118 | 7.8 | % | 9,944 | 9,510 | 4.6 | % | 18,201 | 16,608 | 9.6 | % | ||||||||||||||||
Phoenix, AZ | 2,095 | 25,207 | 23,510 | 7.2 | % | 8,608 | 8,068 | 6.7 | % | 16,599 | 15,442 | 7.5 | % | ||||||||||||||||
Raleigh, NC | 2,266 | 24,073 | 22,730 | 5.9 | % | 8,470 | 7,881 | 7.5 | % | 15,603 | 14,849 | 5.1 | % | ||||||||||||||||
Austin, TX | 1,386 | 17,351 | 16,387 | 5.9 | % | 7,595 | 7,385 | 2.8 | % | 9,756 | 9,002 | 8.4 | % | ||||||||||||||||
Corpus Christi, TX | 632 | 6,534 | 6,655 | (1.8 | )% | 2,584 | 2,537 | 1.9 | % | 3,950 | 4,118 | (4.1 | )% | ||||||||||||||||
Total Same Property | 40,221 | $558,394 | $536,093 | 4.2 | % | $200,475 | $194,183 | 3.2 | % | $357,919 | $341,910 | 4.7 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||
Year to Date Results (a) | Contribution | 2016 | 2015 | Growth | 2016 | 2015 | Growth | 2016 | 2015 | Growth | |||||||||||||||||
D.C. Metro | 15.6 | % | 95.5 | % | 96.0 | % | (0.5 | )% | $1,669 | $1,662 | 0.4 | % | $1,901 | $1,881 | 1.0 | % | |||||||||||
Houston, TX | 13.1 | % | 94.1 | % | 95.6 | % | (1.5 | )% | 1,459 | 1,461 | (0.1 | )% | 1,645 | 1,629 | 0.9 | % | |||||||||||
SE Florida | 8.7 | % | 96.6 | % | 96.7 | % | (0.1 | )% | 1,853 | 1,768 | 4.8 | % | 2,092 | 1,979 | 5.7 | % | |||||||||||
Dallas, TX | 7.8 | % | 96.4 | % | 96.2 | % | 0.2 | % | 1,187 | 1,118 | 6.2 | % | 1,386 | 1,284 | 7.9 | % | |||||||||||
Los Angeles/Orange County, CA | 7.4 | % | 95.4 | % | 95.3 | % | 0.1 | % | 1,952 | 1,858 | 5.1 | % | 2,151 | 2,060 | 4.4 | % | |||||||||||
Atlanta, GA | 8.0 | % | 95.8 | % | 95.6 | % | 0.2 | % | 1,247 | 1,191 | 4.7 | % | 1,449 | 1,378 | 5.2 | % | |||||||||||
Tampa, FL | 4.2 | % | 96.0 | % | 95.4 | % | 0.6 | % | 1,167 | 1,104 | 5.7 | % | 1,430 | 1,325 | 7.9 | % | |||||||||||
Orlando, FL | 5.7 | % | 96.4 | % | 96.1 | % | 0.3 | % | 1,177 | 1,102 | 6.8 | % | 1,395 | 1,295 | 7.7 | % | |||||||||||
Charlotte, NC | 6.0 | % | 96.3 | % | 96.8 | % | (0.5 | )% | 1,246 | 1,218 | 2.3 | % | 1,457 | 1,416 | 2.9 | % | |||||||||||
Denver, CO | 5.6 | % | 95.4 | % | 96.2 | % | (0.8 | )% | 1,453 | 1,369 | 6.1 | % | 1,656 | 1,556 | 6.4 | % | |||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 95.4 | % | 96.0 | % | (0.6 | )% | 1,740 | 1,641 | 6.0 | % | 1,968 | 1,815 | 8.4 | % | |||||||||||
Phoenix, AZ | 4.6 | % | 95.2 | % | 95.5 | % | (0.3 | )% | 1,154 | 1,109 | 4.1 | % | 1,404 | 1,306 | 7.5 | % | |||||||||||
Raleigh, NC | 4.4 | % | 95.5 | % | 95.5 | % | 0.0 | % | 1,009 | 967 | 4.3 | % | 1,236 | 1,167 | 5.9 | % | |||||||||||
Austin, TX | 2.7 | % | 96.1 | % | 95.8 | % | 0.3 | % | 1,203 | 1,155 | 4.2 | % | 1,448 | 1,372 | 5.6 | % | |||||||||||
Corpus Christi, TX | 1.1 | % | 93.0 | % | 93.8 | % | (0.8 | )% | 1,007 | 1,009 | (0.2 | )% | 1,236 | 1,248 | (1.0 | )% | |||||||||||
Total Same Property | 100.0 | % | 95.6 | % | 95.9 | % | (0.3 | )% | $1,398 | $1,351 | 3.5 | % | $1,614 | $1,544 | 4.5 | % |
(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2015, excluding properties held for sale. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
(b) Weighted average rental rates are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.
(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.
14
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |
DETAIL AND COMPARISONS | ||
September 30, 2016 | ||
(In thousands) | ||
(Unaudited)
% of Actual | |||||||||||||
3Q16 Operating | |||||||||||||
Quarterly Comparison (a) | 3Q16 | 3Q15 | $ Change | % Change | Expenses | ||||||||
Property taxes | $23,510 | $22,493 | $1,017 | 4.5 | % | 34.5 | % | ||||||
Salaries and Benefits for On-site Employees | 14,218 | 14,755 | (537 | ) | (3.6 | )% | 20.9 | % | |||||
Utilities | 15,025 | 13,807 | 1,218 | 8.8 | % | 22.1 | % | ||||||
Repairs and Maintenance | 9,176 | 9,621 | (445 | ) | (4.6 | )% | 13.5 | % | |||||
Property Insurance | 2,252 | 2,468 | (216 | ) | (8.7 | )% | 3.3 | % | |||||
General and Administrative | 2,282 | 2,139 | 143 | 6.7 | % | 3.3 | % | ||||||
Marketing and Leasing | 1,122 | 1,235 | (113 | ) | (9.2 | )% | 1.6 | % | |||||
Other | 553 | 158 | 395 | 251.0 | % | 0.8 | % | ||||||
Total Same Property | $68,138 | $66,676 | $1,462 | 2.2 | % | 100.0 | % |
% of Actual | |||||||||||||
3Q16 Operating | |||||||||||||
Sequential Comparison (a) | 3Q16 | 2Q16 | $ Change | % Change | Expenses | ||||||||
Property taxes | $23,510 | $23,568 | ($58 | ) | (0.2 | )% | 34.5 | % | |||||
Salaries and Benefits for On-site Employees | 14,218 | 14,553 | (335 | ) | (2.3 | )% | 20.9 | % | |||||
Utilities | 15,025 | 14,001 | 1,024 | 7.3 | % | 22.1 | % | ||||||
Repairs and Maintenance | 9,176 | 8,996 | 180 | 2.0 | % | 13.5 | % | ||||||
Property Insurance | 2,252 | 2,164 | 89 | 4.1 | % | 3.3 | % | ||||||
General and Administrative | 2,282 | 2,248 | 34 | 1.5 | % | 3.3 | % | ||||||
Marketing and Leasing | 1,122 | 1,117 | 5 | 0.4 | % | 1.6 | % | ||||||
Other | 553 | 556 | (3 | ) | (0.5 | )% | 0.8 | % | |||||
Total Same Property | $68,138 | $67,203 | $935 | 1.4 | % | 100.0 | % |
% of Actual | ||||||||||||||
2016 Operating | ||||||||||||||
Year to Date Comparison (a) | 2016 | 2015 | $ Change | % Change | Expenses | |||||||||
Property taxes | $70,411 | $66,886 | $3,525 | 5.3 | % | 35.1 | % | |||||||
Salaries and Benefits for On-site Employees | 42,966 | 42,305 | 661 | 1.6 | % | 21.4 | % | |||||||
Utilities | 42,743 | 38,995 | 3,748 | 9.6 | % | 21.4 | % | |||||||
Repairs and Maintenance | 26,586 | 26,419 | 167 | 0.6 | % | 13.3 | % | |||||||
Property Insurance | 5,978 | 8,304 | (2,326 | ) | (28.0 | )% | 3.0 | % | ||||||
General and Administrative | 6,845 | 6,432 | 413 | 6.4 | % | 3.4 | % | |||||||
Marketing and Leasing | 3,284 | 3,514 | (230 | ) | (6.5 | )% | 1.6 | % | ||||||
Other | 1,662 | 1,328 | 334 | 25.2 | % | 0.8 | % | |||||||
Total Same Property | $200,475 | $194,183 | $6,292 | 3.2 | % | 100.0 | % | |||||||
(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2015, excluding properties held for sale. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
15
CAMDEN | JOINT VENTURE OPERATIONS | |
(In thousands, except property data amounts) | ||
(Unaudited)
Company's Pro-Rata Share of Joint Venture Operations:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
OPERATING DATA (a) | 2016 | 2015 | 2016 | 2015 | |||||||||
Property Revenues | |||||||||||||
Rental revenues | $8,252 | $7,985 | $24,426 | $23,294 | |||||||||
Other property revenues | 1,279 | 1,205 | 3,723 | 3,369 | |||||||||
Total property revenues | 9,531 | 9,190 | 28,149 | 26,663 | |||||||||
Property expenses | |||||||||||||
Property operating and maintenance | 2,399 | 2,283 | 6,825 | 6,434 | |||||||||
Real estate taxes | 1,503 | 1,492 | 4,677 | 4,389 | |||||||||
3,902 | 3,775 | 11,502 | 10,823 | ||||||||||
Net Operating Income | 5,629 | 5,415 | 16,647 | 15,840 | |||||||||
Other expenses | |||||||||||||
Interest (b) | 1,428 | 1,482 | 4,432 | 4,395 | |||||||||
Depreciation and amortization | 2,247 | 2,276 | 6,902 | 6,643 | |||||||||
Other (including debt prepayment penalties) | 88 | 83 | 261 | 315 | |||||||||
Total other expenses | 3,763 | 3,841 | 11,595 | 11,353 | |||||||||
Equity in income of joint ventures | $1,866 | $1,574 | $5,052 | $4,487 |
Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | |||||||||||
BALANCE SHEET DATA(c) | |||||||||||||||
Land | $109,912 | $109,912 | $109,912 | $109,912 | $108,157 | ||||||||||
Building & Improvements | 737,460 | 734,947 | 731,896 | 730,867 | 714,631 | ||||||||||
847,372 | 844,859 | 841,808 | 840,779 | 822,788 | |||||||||||
Accumulated Depreciation | (136,671 | ) | (129,364 | ) | (121,865 | ) | (114,277 | ) | (106,669 | ) | |||||
Net operating real estate assets | 710,701 | 715,495 | 719,943 | 726,502 | 716,119 | ||||||||||
Properties under development and land | 1,265 | 1,265 | 2,347 | 1,711 | 16,177 | ||||||||||
Cash and other assets, net | 17,334 | 14,873 | 13,863 | 19,768 | 20,880 | ||||||||||
Total assets | $729,300 | $731,633 | $736,153 | $747,981 | $753,176 | ||||||||||
Notes payable | $520,976 | $524,155 | $528,193 | $526,950 | $528,702 | ||||||||||
Other liabilities | 24,871 | 20,457 | 16,347 | 25,765 | 26,011 | ||||||||||
Total liabilities | 545,847 | 544,612 | 544,540 | 552,715 | 554,713 | ||||||||||
Member's equity | 183,453 | 187,021 | 191,613 | 195,266 | 198,463 | ||||||||||
Total liabilities and members' equity | $729,300 | $731,633 | $736,153 | $747,981 | $753,176 | ||||||||||
Company's equity investment | $30,046 | $31,142 | $32,568 | $33,698 | $34,705 | ||||||||||
Company's pro-rata share of debt | $163,065 | $164,061 | $165,325 | $164,935 | $165,484 | ||||||||||
PROPERTY DATA (end of period) | |||||||||||||||
Total operating properties | 22 | 22 | 22 | 22 | 21 | ||||||||||
Total operating apartment homes (d) | 7,283 | 7,278 | 7,278 | 7,278 | 7,012 | ||||||||||
Pro rata share of operating apartment homes | 2,280 | 2,278 | 2,278 | 2,278 | 2,195 | ||||||||||
Total development properties | — | — | — | — | 1 | ||||||||||
Total development apartment homes | — | — | — | — | 266 | ||||||||||
Pro rata share of development apartment homes | — | — | — | — | 83 |
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) Prior year has been changed to reflect the adoption of ASU 2015-03 (as supplemented by ASU 2015-15) at December 31, 2015, which required retrospective application.
(c) Balance sheet and property data reported at 100%.
(d) In August 2016, one of the funds completed the conversion of retail space to five apartment homes at one of it's operating properties.
16
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |
(Unaudited)
AS OF SEPTEMBER 30, 2016 ($ in millions)
Estimated/Actual Dates for | |||||||||||||||
Completed Communities in Lease-Up | Total | Total | Construction | Initial | Construction | Stabilized | As of 10/26/2016 | ||||||||
Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||
1. | Camden Chandler | 380 | $67.8 | 1Q14 | 1Q15 | 1Q16 | 4Q16 | 87% | 86% | ||||||
Chandler, AZ | |||||||||||||||
2. | Camden Victory Park | 423 | 84.8 | 4Q13 | 1Q16 | 3Q16 | 1Q18 | 67% | 58% | ||||||
Dallas, TX | |||||||||||||||
Total Completed Communities in Lease-Up | 803 | $152.6 | 76% | 71% | |||||||||||
Estimated/Actual Dates for | |||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 10/26/2016 | |||||||
Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||
UNDER CONSTRUCTION | |||||||||||||||
1. | Camden Gallery | 323 | $58.0 | $57.7 | $14.2 | 3Q13 | 1Q16 | 4Q16 | 1Q17 | 69% | 67% | ||||
Charlotte, NC | |||||||||||||||
2. | The Camden | 287 | 145.0 | 131.8 | 1.5 | 4Q13 | 2Q16 | 4Q16 | 2Q17 | 70% | 66% | ||||
Los Angeles, CA | |||||||||||||||
3. | Camden Lincoln Station | 267 | 56.0 | 43.7 | 43.6 | 4Q14 | 4Q16 | 2Q17 | 1Q18 | ||||||
Denver, CO | |||||||||||||||
4. | Camden NoMa II | 405 | 115.0 | 91.7 | 91.7 | 1Q15 | 2Q17 | 4Q17 | 4Q19 | ||||||
Washington, DC | |||||||||||||||
5. | Camden Shady Grove | 457 | 116.0 | 78.7 | 78.7 | 2Q15 | 1Q17 | 1Q18 | 4Q19 | ||||||
Rockville, MD | |||||||||||||||
6. | Camden McGowen Station | 315 | 90.0 | 27.8 | 27.8 | 4Q14 | 4Q17 | 2Q18 | 3Q19 | ||||||
Houston, TX | |||||||||||||||
7. | Camden Washingtonian | 365 | 90.0 | 26.0 | 26.0 | 3Q16 | 2Q18 | 4Q18 | 4Q19 | ||||||
Gaithersburg, MD | |||||||||||||||
Total Development Communities | 2,419 | $670.0 | $457.4 | $283.5 | 69% | 67% | |||||||||
Additional Development Pipeline & Land (a) | 142.0 | ||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $425.5 | ||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 3Q16 NOI | |||||||||||||
Communities that Stabilized During Quarter | $113.9 | $1.1 | |||||||||||||
Completed Communities in Lease-Up | 152.6 | 1.2 | |||||||||||||
Development Communities in Lease-Up | 189.5 | 1.3 | |||||||||||||
Total Development Communities NOI Contribution | $456.0 | $3.6 | |||||||||||||
(a) Please refer to the Development Pipeline & Land Summary on page 18.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
17
CAMDEN | DEVELOPMENT PIPELINE & LAND | |
(Unaudited)
AS OF SEPTEMBER 30, 2016 ($ in millions)
Projected | Total | ||||||||
PIPELINE COMMUNITIES | Homes | Estimated Cost (a) | Cost to Date | ||||||
1. | Camden North End (b) | 1,069 | $225.0 | $42.5 | |||||
Scottsdale, AZ | |||||||||
2. | Camden Grandview II | 28 | 17.0 | 5.9 | |||||
Charlotte, NC | |||||||||
3. | Camden Buckhead | 336 | 80.0 | 24.7 | |||||
Atlanta, GA | |||||||||
4. | Camden Arts District | 354 | 150.0 | 15.8 | |||||
Los Angeles, CA | |||||||||
5. | Camden Conte (c) | 519 | 170.0 | 22.2 | |||||
Houston, TX | |||||||||
6. | Camden Atlantic | 286 | 62.0 | 14.0 | |||||
Plantation, FL | |||||||||
7. | Camden Gallery II | 5 | 3.0 | 1.0 | |||||
Charlotte, NC | |||||||||
8. | Camden RiNo | 230 | 70.0 | 15.9 | |||||
Denver, CO | |||||||||
Development Pipeline | 2,827 | $777.0 | $142.0 | ||||||
(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking statements are not guarantees of future performances, results, or events. Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasted and estimates routinely require adjustment.
(b) Anticipated to be developed in three phases. The estimated units, estimated cost, and cost to date represent all phases.
(c) Anticipated to be developed in two phases. The estimated units, estimated cost, and cost to date represent both phases.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
18
CAMDEN | ACQUISITIONS & DISPOSITIONS | |
(Unaudited)
2016 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per Unit amounts)
Apartment | Weighted Average | Community | ||||||
Dispositions | Location | Sales Price | Homes | Monthly Rental Rate | Age | Closing Date | ||
1. | Las Vegas Portfolio (a) | Las Vegas, NV | $630.0 | 4,918 Homes | $1,060 | 23 years | 4/26/2016 | |
2. | Camden Westshore | Tampa, FL | 39.0 | 278 Homes | 1,026 | 30 years | 6/28/2016 | |
3. | Camden Clearbrook | Frederick, MD | 61.0 | 297 Homes | 1,373 | 9 years | 7/11/2016 | |
4. | Camden Summerfield | Landover, MD | 67.0 | 291 Homes | 1,648 | 8 years | 7/11/2016 | |
5. | Camden Summerfield II | Landover, MD | 43.0 | 187 Homes | 1,627 | 4 years | 7/11/2016 | |
6. | Camden Woods | Tampa, FL | 58.0 | 444 Homes | 1,030 | 30 years | 8/9/2016 | |
7. | Camden Renaissance | Altamonte Springs, FL | 78.9 | 578 Homes | 979 | 19 years | 8/22/2016 | |
8. | Camden Parkside | Fullerton, CA | 95.6 | 421 Homes | 1,496 | 44 years | 8/31/2016 | |
9. | Camden Lakes | St. Petersburg, FL | 80.9 | 688 Homes | 899 | 34 years | 9/27/2016 | |
Total/Average Dispositions | $1,153.4 | 8,102 Homes | $1,147 | 23 years | ||||
Land Acquisitions | Location | Purchase Price | Acres | Closing Date | ||||
1. | Camden Grandview II | Charlotte, NC | $4.1 | 2.0 | 2/23/2016 | |||
2. | Camden Gallery (b) | Charlotte, NC | 0.8 | 0.2 | 6/15/2016 | |||
3. | Camden RiNo | Denver, CO | 15.0 | 2.4 | 9/8/2016 | |||
Total/Average Land Acquisitions | $19.9 | 4.6 Acres | ||||||
(a) Includes retail center and 19.6 acres of land.
(b) Additional outparcel of an existing development.
19
CAMDEN | DEBT ANALYSIS | |
(In thousands, except property data amounts) | ||
(Unaudited)
DEBT MATURITIES AS OF SEPTEMBER 30, 2016:
Future Scheduled Repayments | ||||||||||||||||||
Year (a) | Amortization | Secured Maturities | Unsecured Maturities | Total | % of Total | Weighted Average Interest Rate on Maturing Debt | ||||||||||||
2016 (b) | ($113 | ) | $— | $— | ($113 | ) | — | % | N/A | |||||||||
2017 | 436 | — | 246,750 | 247,186 | 10.0 | % | 5.8 | % | ||||||||||
2018 | 799 | 175,000 | — | 175,799 | 7.1 | % | 1.3 | % | ||||||||||
2019 | 1,139 | 644,107 | — | 645,246 | 26.0 | % | 5.4 | % | ||||||||||
2020 | 1,110 | — | — | 1,110 | — | % | N/A | |||||||||||
2021 | 1,480 | — | 250,000 | 251,480 | 10.1 | % | 4.8 | % | ||||||||||
2022 | 1,860 | — | 350,000 | 351,860 | 14.2 | % | 3.2 | % | ||||||||||
2023 | 2,991 | — | 250,000 | 252,991 | 10.2 | % | 5.1 | % | ||||||||||
2024 | 3,832 | — | 500,000 | 503,832 | 20.3 | % | 4.0 | % | ||||||||||
Thereafter | 51,235 | — | — | 51,235 | 2.1 | % | 3.6 | % | ||||||||||
Total Maturing Debt | $64,769 | $819,107 | $1,596,750 | $2,480,626 | 100.0 | % | 4.4 | % | ||||||||||
Unsecured Line of Credit | — | — | — | — | — | % | — | % | ||||||||||
Total Debt | $64,769 | $819,107 | $1,596,750 | $2,480,626 | 100.0 | % | 4.4 | % | ||||||||||
Weighted Average Maturity of Debt | 5.1 Years | |||||||||||||||||
Weighted Average | ||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Floating rate debt | $206,131 | 8.3 | % | 1.4 | % | 3.5 Years | ||||||||||||
Fixed rate debt | 2,274,495 | 91.7 | % | 4.7 | % | 5.3 Years | ||||||||||||
Total | $2,480,626 | 100.0 | % | 4.4 | % | 5.1 Years | ||||||||||||
Weighted Average | ||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Unsecured debt | $1,582,655 | 63.8 | % | 4.4 | % | 5.6 Years | ||||||||||||
Secured debt | 897,971 | 36.2 | % | 4.4 | % | 4.3 Years | ||||||||||||
Total | $2,480,626 | 100.0 | % | 4.4 | % | 5.1 Years | ||||||||||||
Weighted Average | ||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Conventional fixed-rate mortgage debt | $691,840 | 77.0 | % | 5.3 | % | 4.5 Years | ||||||||||||
Conventional variable-rate mortgage debt | 175,000 | 19.5 | % | 1.3 | % | 2.0 Years | ||||||||||||
Tax exempt variable rate debt | 31,131 | 3.5 | % | 2.3 | % | 11.7 Years | ||||||||||||
Total | $897,971 | 100.0 | % | 4.4 | % | 4.3 Years | ||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | % of Total | Total Cost | % of Total | 3Q16 NOI | % of Total | ||||||||||||
Unencumbered real estate assets | 35,221 | 73.9 | % | $5,709,148 | 78.2 | % | $103,714 | 74.2 | % | |||||||||
Encumbered real estate assets | 12,421 | 26.1 | % | 1,589,158 | 21.8 | % | 36,147 | 25.8 | % | |||||||||
Total | 47,642 | 100.0 | % | $7,298,306 | 100.0 | % | $139,861 | 100.0 | % | |||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 3.6x |
(a) Includes all available extension options.
(b) Accretion of discount.
(c) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.
20
CAMDEN | DEBT MATURITY ANALYSIS | |
(In thousands) | ||
(Unaudited)
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2016 AND 2017:
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | ||||||||||||||
Quarter | Amortization | Secured Maturities | Unsecured Maturities | Total | |||||||||||
4Q 2016 (a) | ($113 | ) | $— | $— | ($113 | ) | N/A | ||||||||
2016 | ($113 | ) | $— | $— | ($113 | ) | N/A | ||||||||
1Q 2017 | $47 | $— | $— | $47 | N/A | ||||||||||
2Q 2017 | 99 | — | 246,750 | 246,849 | 5.8 | % | |||||||||
3Q 2017 | 139 | — | — | 139 | N/A | ||||||||||
4Q 2017 | 151 | — | — | 151 | N/A | ||||||||||
2017 | $436 | $— | $246,750 | $247,186 | 5.8 | % | |||||||||
(a) Accretion of discount.
21
CAMDEN | DEBT COVENANT ANALYSIS | |
(Unaudited)
UNSECURED LINE OF CREDIT | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Gross Asset Value | < | 60% | 24% | Yes | |||
Secured Debt to Gross Asset Value | < | 40% | 9% | Yes | |||
Consolidated Adjusted EBITDA to Total Fixed Charges | > | 150% | 421% | Yes | |||
Unsecured Debt to Gross Asset Value | < | 60% | 21% | Yes | |||
SENIOR UNSECURED NOTES | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Total Asset Value | < | 60% | 32% | Yes | |||
Total Secured Debt to Total Asset Value | < | 40% | 11% | Yes | |||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 395% | Yes | |||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 393% | Yes | |||
(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.
(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.
22
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |
DEBT ANALYSIS | ||
(In thousands, except property data amounts) | ||
(Unaudited)
PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF SEPTEMBER 30, 2016:
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||||
Year (a) | Amortization | Secured Maturities | Total | % of Total | ||||||||||
2016 | $432 | $— | $432 | 0.3 | % | N/A | ||||||||
2017 | 1,576 | 44,153 | 45,729 | 28.0 | % | 3.2 | % | |||||||
2018 | 630 | 50,818 | 51,448 | 31.5 | % | 4.0 | % | |||||||
2019 | 282 | 7,383 | 7,665 | 4.7 | % | 4.2 | % | |||||||
2020 | 92 | — | 92 | 0.1 | % | N/A | ||||||||
2021 | (43 | ) | 5,160 | 5,117 | 3.1 | % | 4.8 | % | ||||||
2022 | (55 | ) | — | (55 | ) | — | % | N/A | ||||||
2023 | (56 | ) | — | (56 | ) | — | % | N/A | ||||||
2024 | (57 | ) | — | (57 | ) | — | % | N/A | ||||||
Thereafter | (87 | ) | 52,235 | 52,148 | 31.9 | % | 2.5 | % | ||||||
Total Debt | $2,714 | $159,749 | $162,463 | 99.6 | % | 3.5 | % | |||||||
Unsecured lines of credit (b) | $— | $602 | $602 | 0.4 | % | 3.3 | % | |||||||
$2,714 | $160,351 | $163,065 | 100.0 | % | 3.4 | % | ||||||||
Weighted Average Maturity of Debt | 4.1 Years | |||||||||||||
Weighted Average | ||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||
Floating rate debt | $87,608 | 53.7 | % | 2.5 | % | 6.2 Years | ||||||||
Fixed rate debt | 75,457 | 46.3 | % | 4.3 | % | 1.6 Years | ||||||||
Total | $163,065 | 100.0 | % | 3.4 | % | 4.1 Years | ||||||||
Weighted Average | ||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||
Conventional fixed-rate mortgage debt | $75,457 | 46.3 | % | 4.3 | % | 1.6 Years | ||||||||
Conventional variable-rate mortgage debt | 68,182 | 41.8 | % | 2.6 | % | 7.5 Years | ||||||||
Variable-rate construction loans | 18,824 | 11.5 | % | 2.2 | % | 1.5 Years | ||||||||
Unsecured lines of credit | 602 | 0.4 | % | 3.3 | % | 0.4 Years | ||||||||
Total | $163,065 | 100.0 | % | 3.4 | % | 4.1 Years | ||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | ||||||||||||
Operating real estate assets | 7,283 | $847,372 | ||||||||||||
Land | 0 | 1,265 | ||||||||||||
Total | 7,283 | $848,637 | ||||||||||||
(a) Includes all available extension options.
(b) As of September 30, 2016 these borrowings were drawn under the lines of credit with $10.0 million in total capacity. Camden has a 31.3% ownership interest in the borrowing entity.
(c) Balance sheet and property data reported at 100%.
23
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |
DEBT MATURITY ANALYSIS | ||
(In thousands) | ||
(Unaudited)
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2016 AND 2017:
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||
Quarter (a) | Amortization | Secured Maturities | Total | |||||||||
4Q 2016 | $432 | $— | $432 | N/A | ||||||||
2016 | $432 | $— | $432 | N/A | ||||||||
1Q 2017 (b) | $429 | $9,727 | $10,156 | 3.7 | % | |||||||
2Q 2017 | 386 | 16,467 | 16,853 | 2.8 | % | |||||||
3Q 2017 | 383 | 4,992 | 5,375 | 4.8 | % | |||||||
4Q 2017 | 378 | 13,569 | 13,947 | 2.9 | % | |||||||
2017 | $1,576 | $44,755 | $46,331 | 3.2 | % | |||||||
(a) Includes all available extension options.
(b) 1Q 2017 maturities includes unsecured lines of credit with $602 (Camden's pro-rata share) outstanding as of September 30, 2016. The lines of credit have $10.0 million in total capacity.
24
CAMDEN | CAPITALIZED EXPENDITURES | |
& MAINTENANCE EXPENSE | ||
(In thousands, except unit data) | ||
(Unaudited)
Third Quarter 2016 (a) | ||||||||||||||||||
Recurring Capitalized | Expensed | |||||||||||||||||
Item | Weighted Average Useful Life (b) | Total | Per Unit | Total | Per Unit | |||||||||||||
Interiors | ||||||||||||||||||
Floor Coverings | 5.5 | years | $2,924 | $63 | $631 | $14 | ||||||||||||
Appliances | 9.5 | years | 564 | 12 | 273 | 6 | ||||||||||||
Painting | — | — | — | 1,808 | 39 | |||||||||||||
Cabinetry/Countertops | 10.0 | years | 226 | 5 | — | — | ||||||||||||
Other | 9.0 | years | 1,272 | 27 | 479 | 10 | ||||||||||||
Exteriors | ||||||||||||||||||
Painting | 5.0 | years | 1,901 | 41 | — | — | ||||||||||||
Carpentry | 10.0 | years | 209 | 4 | — | — | ||||||||||||
Landscaping | 5.5 | years | 520 | 11 | 2,257 | 48 | ||||||||||||
Roofing | 18.5 | years | 850 | 18 | 77 | 2 | ||||||||||||
Site Drainage | 10.0 | years | 90 | 2 | — | — | ||||||||||||
Fencing/Stair | 10.0 | years | 523 | 11 | — | — | ||||||||||||
Other (c) | 6.9 | years | 2,981 | 64 | 3,495 | 75 | ||||||||||||
Common Areas | ||||||||||||||||||
Mech., Elec., Plumbing | 9.3 | years | 3,153 | 68 | 1,687 | 36 | ||||||||||||
Parking/Paving | 4.7 | years | 1,275 | 27 | — | — | ||||||||||||
Pool/Exercise/Facility | 8.1 | years | 2,758 | 59 | 378 | 8 | ||||||||||||
Total Recurring (d) | $19,246 | $412 | $11,085 | $238 | ||||||||||||||
Weighted Average Apartment Homes | 46,702 | 46,702 | ||||||||||||||||
Non-recurring capitalized expenditures (e) | $2,567 | |||||||||||||||||
Revenue Enhancing Expenditures (f) | 10.0 | years | $4,747 | $9,042 | ||||||||||||||
Revenue Enhanced Apartment Homes | 525 | |||||||||||||||||
Year to date 2016 (a) | ||||||||||||||||||
Recurring Capitalized | Expensed | |||||||||||||||||
Item | Weighted Average Useful Life (b) | Total | Per Unit | Total | Per Unit | |||||||||||||
Interiors | ||||||||||||||||||
Floor Coverings | 5.5 | years | $7,030 | $142 | $2,564 | $52 | ||||||||||||
Appliances | 9.5 | years | 1,866 | 38 | 782 | 16 | ||||||||||||
Painting | — | — | — | 4,739 | 96 | |||||||||||||
Cabinetry/Countertops | 10.0 | years | 728 | 15 | — | — | ||||||||||||
Other | 9.0 | years | 3,418 | 69 | 1,485 | 30 | ||||||||||||
Exteriors | ||||||||||||||||||
Painting | 5.0 | years | 2,777 | 56 | — | — | ||||||||||||
Carpentry | 10.0 | years | 695 | 14 | — | — | ||||||||||||
Landscaping | 5.5 | years | 1,390 | 28 | 8,007 | 162 | ||||||||||||
Roofing | 18.5 | years | 2,124 | 43 | 246 | 5 | ||||||||||||
Site Drainage | 10.0 | years | 156 | 3 | — | — | ||||||||||||
Fencing/Stair | 10.0 | years | 1,043 | 21 | — | — | ||||||||||||
Other (c) | 6.9 | years | 7,074 | 143 | 9,471 | 191 | ||||||||||||
Common Areas | ||||||||||||||||||
Mech., Elec., Plumbing | 9.3 | years | 7,507 | 152 | 4,471 | 90 | ||||||||||||
Parking/Paving | 4.7 | years | 1,866 | 38 | — | — | ||||||||||||
Pool/Exercise/Facility | 8.1 | years | 5,935 | 120 | 1,081 | 22 | ||||||||||||
Total Recurring (d) | $43,609 | $882 | $32,846 | $664 | ||||||||||||||
Weighted Average Apartment Homes | 49,521 | 49,521 | ||||||||||||||||
Non-recurring capitalized expenditures (e) | $5,988 | |||||||||||||||||
Revenue Enhancing Expenditures (f) | 10.0 | years | $13,233 | $10,637 | ||||||||||||||
Revenue Enhanced Apartment Homes | 1,244 | |||||||||||||||||
(a) Includes discontinued operations. Capital expenditures for discontinued operations were $0 and $1,892 for the three and nine months ended September 30, 2016. Maintenance expenses were $0 and $1,157 for the same periods.
(b) Weighted average useful life of capitalized expenses for the three and nine months ended September 30, 2016.
(c) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(d) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(e) Capital expenditures primarily composed of non-recurring or one-time additions such as LED lighting programs for 2016 in addition to other, non-routine items.
(f) Represents capital expenditures for the three and nine months ended September 30, 2016 spent on apartment unit renovation (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets.
25
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 (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding gains (or losses) associated with previously depreciated operating properties, real estate depreciation and amortization, impairments of depreciable assets, and adjustments for unconsolidated joint ventures. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:
Adjusted FFO
In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to AFFO is provided below:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
Real estate depreciation and amortization | 61,264 | 59,793 | 182,694 | 174,882 | |||||||||
Real estate depreciation from discontinued operations | — | 4,059 | 4,327 | 11,936 | |||||||||
Adjustments for unconsolidated joint ventures | 2,266 | 2,300 | 6,944 | 6,782 | |||||||||
Income allocated to non-controlling interests | 12,523 | 1,150 | 17,216 | 7,738 | |||||||||
Gain on sale of operating properties, net of tax | (262,719 | ) | — | (294,954 | ) | (85,145 | ) | ||||||
Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Funds from operations | $104,232 | $104,346 | $319,920 | $304,915 | |||||||||
Less: recurring capitalized expenditures | (19,246 | ) | (18,202 | ) | (43,609 | ) | (46,740 | ) | |||||
Adjusted funds from operations | $84,986 | $86,144 | $276,311 | $258,175 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
EPS diluted | 90,012 | 89,530 | 89,858 | 89,450 | |||||||||
FFO/AFFO diluted | 91,901 | 91,426 | 91,749 | 91,347 | |||||||||
Total earnings per common share - diluted | $3.21 | $0.41 | $8.60 | $2.09 | |||||||||
FFO per common share - diluted | $1.13 | $1.14 | $3.49 | $3.34 | |||||||||
AFFO per common share - diluted | $0.92 | $0.94 | $3.01 | $2.83 |
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 earnings per common share (EPS). Guidance excludes gains, if any, on properties not currently held for sale due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales. A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:
4Q16 | Range | 2016 | Range | ||||||||||
Low | High | Low | High | ||||||||||
Expected earnings per common share - diluted | $0.40 | $0.44 | $9.00 | $9.04 | |||||||||
Expected real estate depreciation and amortization | 0.68 | 0.68 | 2.75 | 2.75 | |||||||||
Expected adjustments for unconsolidated joint ventures | 0.03 | 0.03 | 0.10 | 0.10 | |||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.21 | 0.21 | |||||||||
Reported (gain) on sale of operating properties | — | — | (3.28 | ) | (3.28 | ) | |||||||
Reported (gain) on sale of discontinued operations | — | — | (4.17 | ) | (4.17 | ) | |||||||
Expected FFO per share - diluted | $1.12 | $1.16 | $4.61 | $4.65 |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
26
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
(Unaudited)
Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11. 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 September 30, | Nine months ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Net income | $303,421 | $38,194 | $796,146 | $196,460 | |||||||||
Less: Fee and asset management income | (1,667 | ) | (1,902 | ) | (5,223 | ) | (5,083 | ) | |||||
Less: Interest and other income | (927 | ) | (107 | ) | (1,366 | ) | (308 | ) | |||||
Less: Income/(loss) on deferred compensation plans | (3,494 | ) | 3,438 | (4,781 | ) | 1,871 | |||||||
Plus: Property management expense | 5,590 | 5,700 | 19,147 | 17,423 | |||||||||
Plus: Fee and asset management expense | 911 | 1,227 | 2,861 | 3,424 | |||||||||
Plus: General and administrative expense | 10,810 | 11,790 | 34,836 | 33,120 | |||||||||
Plus: Interest expense | 23,076 | 23,674 | 69,936 | 73,572 | |||||||||
Plus: Depreciation and amortization expense | 62,832 | 61,336 | 187,379 | 179,260 | |||||||||
Plus: Expense/(benefit) on deferred compensation plans | 3,494 | (3,438 | ) | 4,781 | (1,871 | ) | |||||||
Less: Gain on sale of operating properties, including land | (262,719 | ) | — | (295,397 | ) | (85,192 | ) | ||||||
Less: Equity in income of joint ventures | (1,866 | ) | (1,574 | ) | (5,052 | ) | (4,487 | ) | |||||
Plus: Income tax expense | 400 | 498 | 1,204 | 1,334 | |||||||||
Less: Income from discontinued operations | — | (4,907 | ) | (7,605 | ) | (14,832 | ) | ||||||
Less: Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Net Operating Income (NOI) | $139,861 | $133,929 | $421,629 | $394,691 | |||||||||
"Same Property" Communities | $120,966 | $115,739 | $357,919 | $341,910 | |||||||||
Non-"Same Property" Communities | 11,801 | 8,545 | 35,898 | 24,160 | |||||||||
Development and Lease-Up Communities | 2,525 | 359 | 4,745 | 576 | |||||||||
Dispositions/Other | 4,569 | 9,286 | 23,067 | 28,045 | |||||||||
Net Operating Income (NOI) | $139,861 | $133,929 | $421,629 | $394,691 |
Adjusted EBITDA
Adjusted 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 operating properties including land, net of tax, and income (loss) allocated to non-controlling interests. The Company considers Adjusted 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 Adjusted EBITDA is provided below:
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
Plus: Interest expense | 23,076 | 23,674 | 69,936 | 73,572 | |||||||||
Plus: Depreciation and amortization expense | 62,832 | 61,336 | 187,379 | 179,260 | |||||||||
Plus: Income allocated to non-controlling interests from continuing operations | 12,523 | 1,150 | 17,216 | 7,738 | |||||||||
Plus: Income tax expense | 400 | 498 | 1,204 | 1,334 | |||||||||
Plus: Real estate depreciation from discontinued operations | — | 4,059 | 4,327 | 11,936 | |||||||||
Less: Gain on sale of operating properties, including land | (262,719 | ) | — | (295,397 | ) | (85,192 | ) | ||||||
Less: Equity in income of joint ventures | (1,866 | ) | (1,574 | ) | (5,052 | ) | (4,487 | ) | |||||
Less: Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Adjusted EBITDA | $125,144 | $126,187 | $383,306 | $372,883 |
27
CAMDEN | OTHER DATA | |
(Unaudited)
Stock Symbol: | CPT | ||||||
Exchange Traded: | NYSE | ||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | |||||
Fitch | A- | Stable | |||||
Moody's | Baa1 | Positive | |||||
Standard & Poor's | BBB+ | Stable | |||||
Estimated Future Dates: | Q4 '16 | Q1 '17 | Q2 '17 | Q3 '17 | |||
Earnings Release & Conference Call | Early February | Early May | Late July | Late October | |||
Dividend Information - Common Shares: | Q1 '16 | Q2 '16 | Q3 '16 | Special Q3 '16 | |||
Declaration Date | 1/28/2016 | 6/15/2016 | 9/12/2016 | 9/12/2016 | |||
Record Date | 3/31/2016 | 6/30/2016 | 9/30/2016 | 9/23/2016 | |||
Payment Date | 4/18/2016 | 7/18/2016 | 10/17/2017 | 9/30/2016 | |||
Distributions Per Share | $0.75 | $0.75 | $0.75 | $4.25 |
Investor Relations Data: | ||||
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request. | ||||
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call 1-800-9CAMDEN or (713) 354-2787. | ||||
To access Camden's Quarterly Conference Call, please visit our web site at camdenliving.com. | ||||
For questions contact: | ||||
Richard J. Campo | Chairman & Chief Executive Officer | |||
D. Keith Oden | President | |||
H. Malcolm Stewart | Chief Operating Officer | |||
Alexander J. Jessett | Chief Financial Officer | |||
Kimberly A. Callahan | Senior Vice President - Investor Relations |
28
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 9/30/2016 |
(Unaudited) | 3Q16 Avg Monthly | 3Q16 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 3Q16 Avg | Rental Rates per | Revenue per Occupied | ||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | |||||||||||
Camden Chandler (1) | Chandler | AZ | 2015 | 1,146 | 380 | Lease-Up | $1,297 | $1.13 | $1,468 | $1.28 | |||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 96% | 1,094 | 1.39 | 1,389 | 1.77 | |||||||||||
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 | 220 | 91% | 1,519 | 1.47 | 1,858 | 1.80 | |||||||||||
Camden Hayden | Tempe | AZ | 2015 | 1,043 | 234 | 91% | 1,381 | 1.32 | 1,661 | 1.59 | |||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 95% | 1,149 | 1.08 | 1,404 | 1.32 | |||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 96% | 1,269 | 1.19 | 1,515 | 1.41 | |||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 924 | 272 | 95% | 1,011 | 1.09 | 1,254 | 1.36 | |||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 95% | 1,148 | 1.17 | 1,398 | 1.42 | |||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 95% | 1,155 | 1.11 | 1,437 | 1.38 | |||||||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 93% | 1,452 | 1.11 | 1,725 | 1.32 | |||||||||||
TOTAL ARIZONA | 10 | Properties | 1,030 | 2,929 | 94% | 1,224 | 1.19 | 1,480 | 1.44 | ||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 97% | 1,929 | 1.91 | 2,144 | 2.13 | |||||||||||
Camden Glendale | Glendale | CA | 2015 | 882 | 303 | 94% | 2,215 | 2.51 | 2,355 | 2.67 | |||||||||||
Camden Harbor View | Long Beach | CA | 2004 | 981 | 546 | 96% | 2,438 | 2.48 | 2,608 | 2.66 | |||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96% | 2,035 | 2.01 | 2,237 | 2.21 | |||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 794 | 714 | 94% | 1,656 | 2.08 | 1,875 | 2.36 | |||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 97% | 1,856 | 2.08 | 2,004 | 2.25 | |||||||||||
Total Los Angeles/Orange County | 6 | Properties | 915 | 2,371 | 95% | 2,009 | 2.20 | 2,201 | 2.40 | ||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 95% | 1,496 | 1.52 | 1,675 | 1.71 | |||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 95% | 1,933 | 1.86 | 2,188 | 2.11 | |||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 96% | 1,816 | 1.89 | 2,070 | 2.15 | |||||||||||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 97% | 2,501 | 2.79 | 2,786 | 3.11 | |||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 95% | 1,524 | 1.45 | 1,789 | 1.70 | |||||||||||
Total San Diego/Inland Empire | 5 | Properties | 992 | 1,665 | 96% | 1,770 | 1.78 | 2,009 | 2.03 | ||||||||||||
TOTAL CALIFORNIA | 11 | Properties | 947 | 4,036 | 96% | 1,910 | 2.02 | 2,121 | 2.24 | ||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 95% | 1,379 | 1.56 | 1,547 | 1.75 | |||||||||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 96% | 1,336 | 1.44 | 1,566 | 1.69 | |||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 96% | 1,581 | 1.56 | 1,804 | 1.78 | |||||||||||
Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 95% | 1,481 | 1.54 | 1,739 | 1.81 | |||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 97% | 1,595 | 1.39 | 1,812 | 1.58 | |||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,010 | 340 | 97% | 1,479 | 1.46 | 1,715 | 1.70 | |||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 96% | 1,411 | 1.51 | 1,637 | 1.76 | |||||||||||
TOTAL COLORADO | 7 | Properties | 985 | 2,365 | 96% | 1,473 | 1.50 | 1,698 | 1.72 | ||||||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 96% | 1,551 | 1.46 | 1,819 | 1.71 | |||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 93% | 1,530 | 1.62 | 1,720 | 1.83 | |||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 978 | 382 | 97% | 1,633 | 1.67 | 1,886 | 1.93 | |||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 97% | 1,723 | 1.63 | 2,004 | 1.90 | |||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 96% | 1,786 | 1.91 | 2,036 | 2.18 | |||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 97% | 1,737 | 1.74 | 1,938 | 1.95 | |||||||||||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 99% | 2,431 | 3.62 | 2,710 | 4.03 | |||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 97% | 1,494 | 1.49 | 1,713 | 1.70 | |||||||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 93% | 1,620 | 1.58 | 1,841 | 1.79 | |||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 96% | 1,531 | 1.79 | 1,781 | 2.08 | |||||||||||
Camden NoMa | Washington | DC | 2014 | 770 | 321 | 95% | 2,196 | 2.85 | 2,488 | 3.23 | |||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 835 | 378 | 96% | 1,981 | 2.37 | 2,247 | 2.69 | |||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 98% | 2,635 | 3.08 | 2,927 | 3.42 | |||||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 95% | 1,460 | 1.47 | 1,656 | 1.67 | |||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 97% | 1,484 | 1.52 | 1,717 | 1.76 | |||||||||||
Camden South Capitol (2) | Washington | DC | 2013 | 821 | 281 | 95% | 2,160 | 2.68 | 2,513 | 3.12 | |||||||||||
TOTAL DC METRO | 16 | Properties | 940 | 5,635 | 96% | 1,735 | 1.85 | 1,982 | 2.11 | ||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 96% | 1,964 | 1.77 | 2,308 | 2.08 | |||||||||||
Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 95% | 1,942 | 2.30 | 2,158 | 2.56 | |||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 96% | 2,076 | 2.22 | 2,270 | 2.42 | |||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 97% | 1,878 | 1.68 | 2,145 | 1.91 | |||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 96% | 2,010 | 1.60 | 2,209 | 1.76 | |||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 96% | 2,036 | 1.95 | 2,270 | 2.18 | |||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 97% | 1,609 | 1.34 | 1,859 | 1.55 | |||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 96% | 1,611 | 1.45 | 1,879 | 1.69 | |||||||||||
Total Southeast Florida | 8 | Properties | 1,079 | 2,781 | 96% | $1,880 | $1.74 | $2,128 | $1.97 | ||||||||||||
29
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 9/30/2016 |
(Unaudited) | 3Q16 Avg Monthly | 3Q16 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 3Q16 Avg | Rental Rates per | Revenue per Occupied | ||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | |||||||||||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 97% | $1,292 | $1.20 | $1,540 | $1.43 | |||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 97% | 1,146 | 1.20 | 1,386 | 1.45 | |||||||||||
Camden LaVina | Orlando | FL | 2012 | 970 | 420 | 97% | 1,187 | 1.23 | 1,398 | 1.44 | |||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 98% | 1,094 | 1.17 | 1,318 | 1.41 | |||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 96% | 1,293 | 1.58 | 1,552 | 1.90 | |||||||||||
Camden Town Square | Orlando | FL | 2012 | 986 | 438 | 97% | 1,248 | 1.27 | 1,453 | 1.48 | |||||||||||
Camden Waterford Lakes (2) | Orlando | FL | 2013 | 971 | 300 | 95% | 1,317 | 1.36 | 1,573 | 1.62 | |||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 97% | 1,185 | 1.21 | 1,397 | 1.43 | |||||||||||
Total Orlando | 8 | Properties | 962 | 2,962 | 97% | 1,208 | 1.26 | 1,435 | 1.49 | ||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 96% | 1,086 | 1.15 | 1,361 | 1.44 | |||||||||||
Camden Montague | Tampa | FL | 2012 | 975 | 192 | 95% | 1,223 | 1.25 | 1,476 | 1.51 | |||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 96% | 1,306 | 1.39 | 1,535 | 1.63 | |||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 97% | 1,120 | 1.10 | 1,363 | 1.34 | |||||||||||
Camden Visconti (2) | Tampa | FL | 2007 | 1,125 | 450 | 96% | 1,270 | 1.13 | 1,525 | 1.36 | |||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 96% | 1,352 | 1.36 | 1,643 | 1.66 | |||||||||||
Total Tampa | 6 | Properties | 998 | 2,378 | 96% | 1,201 | 1.20 | 1,463 | 1.47 | ||||||||||||
TOTAL FLORIDA | 22 | Properties | 1,012 | 8,121 | 96% | 1,436 | 1.42 | 1,681 | 1.66 | ||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 95% | 1,295 | 1.41 | 1,498 | 1.63 | |||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 96% | 1,210 | 1.22 | 1,333 | 1.35 | |||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 95% | 1,327 | 1.12 | 1,568 | 1.32 | |||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 97% | 1,231 | 1.22 | 1,446 | 1.44 | |||||||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 847 | 276 | 97% | 1,606 | 1.90 | 1,831 | 2.16 | |||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 94% | 1,364 | 1.46 | 1,578 | 1.69 | |||||||||||
Camden Paces | Atlanta | GA | 2015 | 1,407 | 379 | 95% | 2,487 | 1.77 | 2,650 | 1.88 | |||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 96% | 1,210 | 1.18 | 1,464 | 1.43 | |||||||||||
Camden Phipps (2) | Atlanta | GA | 1996 | 1,018 | 234 | 96% | 1,470 | 1.45 | 1,675 | 1.65 | |||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 97% | 1,189 | 1.04 | 1,434 | 1.25 | |||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 96% | 1,246 | 1.25 | 1,466 | 1.47 | |||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 96% | 938 | 0.93 | 1,118 | 1.11 | |||||||||||
Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 97% | 1,291 | 1.43 | 1,462 | 1.62 | |||||||||||
TOTAL GEORGIA | 13 | Properties | 1,026 | 4,246 | 96% | 1,385 | 1.35 | 1,587 | 1.55 | ||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,045 | 400 | 97% | 1,221 | 1.17 | 1,458 | 1.39 | |||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 97% | 1,452 | 1.60 | 1,670 | 1.85 | |||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 97% | 1,446 | 1.69 | 1,659 | 1.94 | |||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 96% | 1,144 | 1.10 | 1,357 | 1.31 | |||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 96% | 1,007 | 1.07 | 1,250 | 1.33 | |||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,057 | 266 | 96% | 1,612 | 1.52 | 1,782 | 1.68 | |||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 97% | 1,080 | 1.11 | 1,309 | 1.35 | |||||||||||
Camden Simsbury | Charlotte | NC | 1985 | 874 | 100 | 98% | 1,103 | 1.26 | 1,338 | 1.53 | |||||||||||
Camden South End Square | Charlotte | NC | 2003 | 882 | 299 | 97% | 1,349 | 1.53 | 1,557 | 1.77 | |||||||||||
Camden Southline (2) | Charlotte | NC | 2015 | 831 | 266 | 97% | 1,439 | 1.73 | 1,626 | 1.96 | |||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 97% | 1,272 | 1.16 | 1,501 | 1.37 | |||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 97% | 985 | 1.10 | 1,155 | 1.28 | |||||||||||
Total Charlotte | 12 | Properties | 966 | 2,753 | 97% | 1,276 | 1.32 | 1,490 | 1.54 | ||||||||||||
Camden Asbury Village (2) | Raleigh | NC | 2009 | 1,009 | 350 | 97% | 1,123 | 1.11 | 1,249 | 1.24 | |||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 96% | 982 | 0.97 | 1,206 | 1.19 | |||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 97% | 1,013 | 0.97 | 1,280 | 1.22 | |||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 96% | 1,049 | 0.98 | 1,297 | 1.22 | |||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 97% | 1,020 | 1.06 | 1,237 | 1.28 | |||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 96% | 1,165 | 1.10 | 1,426 | 1.34 | |||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 95% | 931 | 0.96 | 1,126 | 1.16 | |||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 95% | 993 | 0.97 | 1,227 | 1.19 | |||||||||||
Total Raleigh | 8 | Properties | 1,016 | 3,054 | 96% | 1,030 | 1.01 | 1,250 | 1.23 | ||||||||||||
TOTAL NORTH CAROLINA | 20 | Properties | 992 | 5,807 | 96% | 1,147 | 1.16 | 1,364 | 1.37 | ||||||||||||
30
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 9/30/2016 |
(Unaudited) | 3Q16 Avg Monthly | 3Q16 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 3Q16 Avg | Rental Rates per | Revenue per Occupied | ||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | |||||||||||
Camden Amber Oaks (2) | Austin | TX | 2009 | 862 | 348 | 97% | $1,056 | $1.22 | $1,313 | $1.52 | |||||||||||
Camden Amber Oaks II (2) | Austin | TX | 2012 | 910 | 244 | 95% | 1,119 | 1.23 | 1,387 | 1.52 | |||||||||||
Camden Brushy Creek (2) | Cedar Park | TX | 2008 | 882 | 272 | 96% | 1,104 | 1.25 | 1,265 | 1.43 | |||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 96% | 1,231 | 1.35 | 1,465 | 1.61 | |||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 97% | 1,356 | 1.42 | 1,616 | 1.69 | |||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 96% | 1,085 | 1.20 | 1,339 | 1.48 | |||||||||||
Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 96% | 1,206 | 1.34 | 1,467 | 1.63 | |||||||||||
Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 95% | 1,465 | 1.75 | 1,690 | 2.02 | |||||||||||
Camden Shadow Brook (2) | Austin | TX | 2009 | 909 | 496 | 97% | 1,125 | 1.24 | 1,296 | 1.43 | |||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 96% | 1,219 | 1.34 | 1,463 | 1.61 | |||||||||||
Total Austin | 10 | Properties | 899 | 3,360 | 96% | 1,194 | 1.33 | 1,426 | 1.59 | ||||||||||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 94% | 1,154 | 1.33 | 1,416 | 1.63 | |||||||||||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 93% | 873 | 1.13 | 1,083 | 1.40 | |||||||||||
Camden Miramar (3) | Corpus Christi | TX | 1994-2014 | 494 | 1,005 | 51% | 1,154 | 2.33 | 1,309 | 2.65 | |||||||||||
Camden South Bay (2) | Corpus Christi | TX | 2007 | 1,055 | 270 | 94% | 1,276 | 1.21 | 1,484 | 1.41 | |||||||||||
Total Corpus Christi | 4 | Properties | 681 | 1,907 | 94% | 1,121 | 1.65 | 1,307 | 1.92 | ||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 97% | 1,139 | 1.21 | 1,336 | 1.42 | |||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 945 | 477 | 96% | 1,437 | 1.52 | 1,587 | 1.68 | |||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 97% | 1,161 | 1.26 | 1,394 | 1.52 | |||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 97% | 1,066 | 1.17 | 1,275 | 1.40 | |||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 96% | 1,123 | 1.45 | 1,345 | 1.74 | |||||||||||
Camden Design District (2) | Dallas | TX | 2009 | 939 | 355 | 97% | 1,358 | 1.45 | 1,490 | 1.59 | |||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 96% | 1,272 | 1.36 | 1,487 | 1.59 | |||||||||||
Camden Henderson | Dallas | TX | 2012 | 967 | 106 | 96% | 1,551 | 1.60 | 1,760 | 1.82 | |||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 98% | 1,194 | 1.44 | 1,384 | 1.66 | |||||||||||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 98% | 1,187 | 1.36 | 1,396 | 1.60 | |||||||||||
Camden Panther Creek (2) | Frisco | TX | 2009 | 946 | 295 | 96% | 1,174 | 1.24 | 1,341 | 1.42 | |||||||||||
Camden Riverwalk (2) | Grapevine | TX | 2008 | 982 | 600 | 95% | 1,363 | 1.39 | 1,486 | 1.51 | |||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 97% | 1,042 | 1.40 | 1,241 | 1.67 | |||||||||||
Camden Victory Park (1) | Dallas | TX | 2016 | 861 | 423 | Lease-Up | 1,684 | 2.01 | 1,772 | 2.12 | |||||||||||
Total Dallas/Ft. Worth | 14 | Properties | 901 | 5,666 | 97% | 1,266 | 1.40 | 1,431 | 1.59 | ||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 94% | 1,588 | 1.70 | 1,842 | 1.98 | |||||||||||
Camden City Centre II | Houston | TX | 2013 | 868 | 268 | 95% | 1,646 | 1.90 | 1,886 | 2.17 | |||||||||||
Camden Cypress Creek (2) | Cypress | TX | 2009 | 993 | 310 | 95% | 1,245 | 1.25 | 1,406 | 1.42 | |||||||||||
Camden Downs at Cinco Ranch (2) | Katy | TX | 2004 | 1,075 | 318 | 95% | 1,240 | 1.15 | 1,375 | 1.28 | |||||||||||
Camden Grand Harbor (2) | Katy | TX | 2008 | 959 | 300 | 94% | 1,165 | 1.21 | 1,327 | 1.38 | |||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96% | 1,405 | 1.63 | 1,646 | 1.91 | |||||||||||
Camden Heights (2) | Houston | TX | 2004 | 927 | 352 | 96% | 1,513 | 1.63 | 1,644 | 1.77 | |||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 93% | 1,249 | 1.34 | 1,460 | 1.56 | |||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 95% | 1,646 | 1.95 | 1,830 | 2.17 | |||||||||||
Camden Northpointe (2) | Tomball | TX | 2008 | 940 | 384 | 96% | 1,103 | 1.17 | 1,327 | 1.41 | |||||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 95% | 1,133 | 1.30 | 1,313 | 1.51 | |||||||||||
Camden Park | Houston | TX | 1995 | 866 | 288 | 94% | 1,100 | 1.27 | 1,318 | 1.52 | |||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 96% | 1,565 | 1.71 | 1,766 | 1.93 | |||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 94% | 2,519 | 2.10 | 2,631 | 2.19 | |||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 91% | 1,305 | 1.41 | 1,396 | 1.51 | |||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 88% | 1,509 | 1.43 | 1,615 | 1.53 | |||||||||||
Camden Spring Creek (2) | Spring | TX | 2004 | 1,080 | 304 | 93% | 1,222 | 1.13 | 1,355 | 1.26 | |||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 94% | 1,122 | 1.33 | 1,342 | 1.59 | |||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 93% | 1,164 | 1.26 | 1,359 | 1.48 | |||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 95% | 1,554 | 1.90 | 1,766 | 2.16 | |||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 95% | 1,458 | 1.69 | 1,682 | 1.95 | |||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 934 | 274 | 92% | 1,230 | 1.31 | 1,399 | 1.49 | |||||||||||
Camden Woodson Park (2) | Houston | TX | 2008 | 916 | 248 | 94% | 1,168 | 1.28 | 1,306 | 1.43 | |||||||||||
Camden Yorktown (2) | Houston | TX | 2008 | 995 | 306 | 94% | 1,158 | 1.16 | 1,355 | 1.36 | |||||||||||
Total Houston | 24 | Properties | 930 | 8,434 | 94% | 1,383 | 1.49 | 1,574 | 1.69 | ||||||||||||
TOTAL TEXAS | 52 | Properties | 892 | 19,367 | 95% | 1,290 | 1.45 | 1,485 | 1.66 | ||||||||||||
TOTAL PROPERTIES | 151 | Properties | 954 | 52,506 | 96% | $1,405 | $1.47 | $1,624 | $1.70 |
(1) Completed communities in lease-up as of September 30, 2016 are excluded from total occupancy numbers.
(2) Communities owned through investment in joint venture.
(3) Miramar is a student housing community which is excluded from total occupancy numbers.
31