EXHIBIT 99.1
Camden Property Trust Announces First Quarter 2008 Operating Results
HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) announced that its funds from operations (“FFO”) for the first quarter of 2008 totaled $0.89 per diluted share or $52.3 million, as compared to $0.89 per diluted share or $55.9 million for the same period in 2007. The Company reported net income (“EPS”) of $14.9 million or $0.27 per diluted share for the first quarter of 2008, as compared to $13.0 million or $0.22 per diluted share for the same period in 2007. EPS for the three months ended March 31, 2008 included a $0.13 per diluted share impact from gain on sale of properties, including discontinued operations. A reconciliation of net income to FFO is included in the financial tables accompanying this press release.
Same-Property Results
For the 43,480 apartment homes included in consolidated same-property results, first quarter 2008 same-property net operating income (“NOI”) increased 1.4% compared to the first quarter of 2007, with revenues increasing 1.5% and expenses increasing 1.6%. On a sequential basis, first quarter 2008 same-property NOI declined 1.2% compared to the fourth quarter of 2007, with revenues increasing 0.5% and expenses increasing 3.5% compared to the prior quarter. Same-property physical occupancy levels for the portfolio averaged 93.8% during the first quarter of 2008, compared to 94.5% in the first quarter of 2007 and 93.6% in the fourth quarter of 2007.
The Company defines same-property communities as communities owned and stabilized as of January 1, 2007, excluding properties held for sale and communities under redevelopment. A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release.
Development Activity
During the first quarter, lease-up was completed at Camden Old Creek in San Marcos, CA, a $92.2 million project that is currently 94% occupied. As of March 31, 2008, Camden had three wholly-owned apartment communities which were completed and in lease-up: Camden Royal Oaks in Houston, TX, a $21.0 million project that is currently 86% leased; Camden Monument Place in Fairfax, VA, a $62.4 million project that is currently 88% leased; and Camden City Centre in Houston, TX, a $51.6 million project that is currently 77% leased. The Company also had one joint venture community which was completed and in lease-up: Camden Plaza in Houston, TX, a $40.8 million project that is currently 80% leased.
The Company has eight additional communities currently under construction and in lease-up: Camden Potomac Yard in Arlington, VA, a $110.0 million project that is currently 34% leased; Camden Summerfield in Landover, MD, a $68.0 million project that is currently 36% leased; Camden Orange Court in Orlando, FL, a $49.0 million project that is currently 14% leased; Camden Dulles Station in Oak Hill, VA, a $77.0 million project that is currently 9% leased; Camden Cedar Hills in Austin, TX, a $27.0 million project that is currently 3% leased; Camden Whispering Oaks in Houston, TX, a $30.0 million project that is currently 3% leased; Camden College Park in College Park, MD, a $139.9 million joint venture project that is currently 32% leased; and Camden Main & Jamboree in Irvine, CA, a $115.0 million joint venture project that is currently 27% leased.
Camden’s current development pipeline under construction includes six wholly-owned communities comprising 1,778 apartment homes with a total budgeted cost of $361.0 million. The Company also has five joint venture communities under construction comprising 1,605 apartment homes with a total budgeted cost of $376.7 million.
Camden’s future development pipeline currently consists of 18 potential developments comprising 5,855 apartment homes and a total estimated cost of $1.5 billion. The future pipeline represents projects in the early phase of the development process for which Camden either owns the land, has an option to acquire the land or enter into a leasehold interest, or is the buyer under a long-term conditional contract.
Disposition Activity
During the quarter, the Company disposed of Camden Ridgeview, a 167-home apartment community in Austin, TX for $10.6 million, resulting in a gain on sale of $6.1 million. The Company also sold 4,100 square feet of retail space adjacent to its regional office in Las Vegas for $1.4 million, resulting in a gain on sale of $1.1 million.
Properties and Land Held for Sale
At March 31, 2008, Camden had two operating communities consisting of 272 apartment homes held for sale: Camden Pinnacle, a 224-home apartment community in Denver, CO; and Oasis Sands, a 48-home apartment community in Las Vegas, NV.
The Company also had 4.6 acres of undeveloped land in Boca Raton, FL and Dallas, TX classified as held for sale at quarter-end.
Stock Repurchase
During the first quarter of 2008, Camden repurchased 690,400 common shares at an average price per share of $43.41, for a total of $30.0 million. The Company completed a total of $230.1 million of common share repurchases during 2007 and early 2008.
Earnings Guidance
Camden’s earnings guidance for 2008 is based on its current and expected views of the apartment market and general economic conditions. Full-year 2008 FFO is expected to be $3.60 to $3.80 per diluted share, and full-year 2008 EPS is expected to be $0.57 to $0.77 per diluted share. Second quarter 2008 earnings guidance is $0.87 to $0.91 per diluted share for FFO and $0.08 to $0.12 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update its earnings guidance to the market on a quarterly basis. A reconciliation of expected net income to expected FFO is included in the financial tables accompanying this press release.
Conference Call
The Company will hold a conference call on Friday, May 2, 2008 at 10:00 a.m. Central Time to review its first quarter 2008 results and discuss its outlook for future performance. To participate in the call, please dial (800) 860-2442 (domestic) or (412) 858-4600 (international) by 9:50 a.m. Central Time and request the Camden Property Trust First Quarter 2008 Earnings Call, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at www.camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.
Annual Meeting of Shareholders
Camden’s Annual Meeting of Shareholders will be held on May 6, 2008 at the Renaissance Hotel, 6 East Greenway Plaza, Houston, Texas, at 1:30 p.m., Central Standard Time. The Company’s proxy statement, 10-K, and Annual Report to Shareholders are available in the Investor Relations section of the company’s website at www.camdenliving.com. If you wish to receive hard copies of these documents, please contact Camden’s Investor Relations Department at ir@camdenliving.com.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.
About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 181 properties containing 62,918 apartment homes across the United States. Upon completion of 11 properties under development, the Company’s portfolio will increase to 66,301 apartment homes in 192 properties. Camden was recently named to FORTUNE® Magazine’s list of the “100 Best Companies to Work For.”
For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at www.camdenliving.com.
CAMDEN | OPERATING RESULTS | ||||||||
(In thousands, except per share and property data amounts) | |||||||||
(Unaudited) | Three Months Ended | ||||||||
March 31, | |||||||||
OPERATING DATA | 2008 | 2007 | |||||||
Property revenues | |||||||||
Rental revenues | $ | 138,793 | $ | 133,036 | |||||
Other property revenues | 17,930 | 14,640 | |||||||
Total property revenues | 156,723 | 147,676 | |||||||
Property expenses | |||||||||
Property operating and maintenance | 40,985 | 38,589 | |||||||
Real estate taxes | 17,917 | 16,049 | |||||||
Total property expenses | 58,902 | 54,638 | |||||||
Non-property income | |||||||||
Fee and asset management income | 2,412 | 2,386 | |||||||
Interest and other income | 1,333 | 1,562 | |||||||
Income on deferred compensation plans | (8,541 | ) | 2,306 | ||||||
Total non-property income | (4,796 | ) | 6,254 | ||||||
Other expenses | |||||||||
Property management | 4,900 | 4,728 | |||||||
Fee and asset management | 1,725 | 1,620 | |||||||
General and administrative | 7,960 | 8,054 | |||||||
Interest | 32,661 | 27,790 | |||||||
Depreciation and amortization | 42,785 | 39,053 | |||||||
Amortization of deferred financing costs | 742 | 913 | |||||||
Expense on deferred compensation plans | (8,541 | ) | 2,306 | ||||||
Total other expenses | 82,232 | 84,464 | |||||||
Income from continuing operations before gain on sale of properties, equity in income of joint ventures, minority interests and income taxes | 10,793 | 14,828 | |||||||
Gain on sale of properties, including land | 1,106 | - | |||||||
Equity in income (loss) of joint ventures | (47 | ) | 735 | ||||||
Minority interests | |||||||||
Distributions on perpetual preferred units | (1,750 | ) | (1,750 | ) | |||||
Income allocated to common units and other minority interests | (1,269 | ) | (787 | ) | |||||
Income from continuing operations before income taxes | 8,833 | 13,026 | |||||||
Income tax expense | (273 | ) | (1,905 | ) | |||||
Income from continuing operations | 8,560 | 11,121 | |||||||
Income from discontinued operations | 228 | 2,186 | |||||||
Gain on sale of discontinued operations | 6,127 | - | |||||||
Income from discontinued operations allocated to common units | - | (270 | ) | ||||||
Net income | $ | 14,915 | $ | 13,037 | |||||
PER SHARE DATA | |||||||||
Net income - basic | $ | 0.27 | $ | 0.22 | |||||
Net income - diluted | 0.27 | 0.22 | |||||||
Income from continuing operations - basic | 0.16 | 0.19 | |||||||
Income from continuing operations - diluted | 0.16 | 0.19 | |||||||
| |||||||||
Weighted average number of common and common equivalent shares outstanding: | |||||||||
Basic | 54,965 | 58,813 | |||||||
Diluted | 55,625 | 59,994 | |||||||
PROPERTY DATA | |||||||||
Total operating properties (end of period) (a) | 181 | 187 | |||||||
Total operating apartment homes in operating properties (end of period) (a) | 62,918 | 64,516 | |||||||
Total operating apartment homes (weighted average) | 51,763 | 53,097 | |||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 51,380 | 49,604 | |||||||
(a) Includes joint ventures and properties held for sale. | |||||||||
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
CAMDEN | FUNDS FROM OPERATIONS | ||||||
(In thousands, except per share and property data amounts) | |||||||
(Unaudited) | Three Months Ended | ||||||
March 31, | |||||||
FUNDS FROM OPERATIONS | 2008 | 2007 | |||||
Net income | $ | 14,915 | $ | 13,037 | |||
Real estate depreciation and amortization from continuing operations | 41,921 | 38,338 | |||||
Real estate depreciation from discontinued operations | 17 | 1,268 | |||||
Adjustments for unconsolidated joint ventures | 1,539 | 1,086 | |||||
Income from continuing operations allocated to common units | 1,156 | 736 | |||||
Income from discontinued operations allocated to common units | - | 270 | |||||
(Gain) loss on sale of operating properties, net of taxes | (1,106 | ) | 1,184 | ||||
(Gain) on sale of discontinued operations | (6,112 | ) | - | ||||
Funds from operations - diluted | $ | 52,330 | $ | 55,919 | |||
PER SHARE DATA | |||||||
Funds from operations - diluted | $ | 0.89 | $ | 0.89 | |||
Cash distributions | 0.70 | 0.69 | |||||
Weighted average number of common and common equivalent shares outstanding: | |||||||
FFO - diluted | 58,544 | 63,021 | |||||
PROPERTY DATA | |||||||
Total operating properties (end of period) (a) | 181 | 187 | |||||
Total operating apartment homes in operating properties (end of period) (a) | 62,918 | 64,516 | |||||
Total operating apartment homes (weighted average) | 51,763 | 53,097 | |||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 51,380 | 49,604 | |||||
(a) Includes joint ventures and properties held for sale. | |||||||
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
CAMDEN | BALANCE SHEETS | ||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||
2008 | 2007 | 2007 | 2007 | 2007 | |||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $ | 749,664 | $ | 730,548 | $ | 714,044 | $ | 713,084 | $ | 703,850 | |||||||
Buildings and improvements | 4,435,787 | 4,316,472 | 4,215,662 | 4,144,075 | 4,108,955 | ||||||||||||
5,185,451 | 5,047,020 | 4,929,706 | 4,857,159 | 4,812,805 | |||||||||||||
Accumulated depreciation | (907,643 | ) | (868,074 | ) | (827,944 | ) | (788,318 | ) | (799,624 | ) | |||||||
Net operating real estate assets | 4,277,808 | 4,178,946 | 4,101,762 | 4,068,841 | 4,013,181 | ||||||||||||
Properties under development, including land | 358,994 | 446,664 | 488,620 | 454,617 | 410,002 | ||||||||||||
Investments in joint ventures | 12,526 | 8,466 | 12,243 | 12,722 | 8,321 | ||||||||||||
Properties held for sale, including land | 23,299 | 25,253 | 73,325 | 72,577 | 32,879 | ||||||||||||
Total real estate assets | 4,672,627 | 4,659,329 | 4,675,950 | 4,608,757 | 4,464,383 | ||||||||||||
Accounts receivable - affiliates | 36,166 | 35,940 | 36,171 | 35,341 | 34,854 | ||||||||||||
Notes receivable | |||||||||||||||||
Affiliates | 52,331 | 50,358 | 48,172 | 45,560 | 43,507 | ||||||||||||
Other | 8,710 | 11,565 | 11,565 | 11,565 | 11,565 | ||||||||||||
Other assets, net (a) | 116,010 | 126,996 | 129,810 | 136,524 | 118,329 | ||||||||||||
Cash and cash equivalents | 947 | 897 | 1,207 | 3,058 | 1,470 | ||||||||||||
Restricted cash | 5,325 | 5,675 | 5,904 | 20,053 | 5,772 | ||||||||||||
Total assets | $ | 4,892,116 | $ | 4,890,760 | $ | 4,908,779 | $ | 4,860,858 | $ | 4,679,880 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $ | 2,351,006 | $ | 2,265,319 | $ | 2,198,628 | $ | 2,065,175 | $ | 1,897,865 | |||||||
Secured | 559,952 | 562,776 | 565,564 | 566,001 | 568,731 | ||||||||||||
Accounts payable and accrued expenses | 90,779 | 107,403 | 110,643 | 128,892 | 110,486 | ||||||||||||
Accrued real estate taxes | 17,769 | 24,943 | 42,151 | 29,785 | 16,036 | ||||||||||||
Other liabilities (b) | 146,817 | 136,365 | 117,317 | 115,547 | 110,684 | ||||||||||||
Distributions payable | 42,942 | 42,689 | 44,180 | 44,982 | 45,137 | ||||||||||||
Total liabilities | 3,209,265 | 3,139,495 | 3,078,483 | 2,950,382 | 2,748,939 | ||||||||||||
Commitments and contingencies | |||||||||||||||||
Minority interests | |||||||||||||||||
Perpetual preferred units | 97,925 | 97,925 | 97,925 | 97,925 | 97,925 | ||||||||||||
Common units | 97,416 | 111,624 | 104,176 | 105,353 | 102,217 | ||||||||||||
Other minority interests | 8,537 | 10,403 | 10,740 | 10,916 | 10,335 | ||||||||||||
Total minority interests | 203,878 | 219,952 | 212,841 | 214,194 | 210,477 | ||||||||||||
Shareholders' equity | |||||||||||||||||
Common shares of beneficial interest | 660 | 654 | 654 | 654 | 654 | ||||||||||||
Additional paid-in capital | 2,227,256 | 2,209,631 | 2,207,333 | 2,204,525 | 2,199,713 | ||||||||||||
Distributions in excess of net income | (250,845 | ) | (227,025 | ) | (269,667 | ) | (241,711 | ) | (243,786 | ) | |||||||
Employee notes receivable | (306 | ) | (1,950 | ) | (1,963 | ) | (1,976 | ) | (2,025 | ) | |||||||
Treasury shares, at cost | (463,574 | ) | (433,874 | ) | (318,902 | ) | (265,210 | ) | (234,092 | ) | |||||||
Other comprehensive loss (c) | (34,218 | ) | (16,123 | ) | - | - | - | ||||||||||
Total shareholders' equity | 1,478,973 | 1,531,313 | 1,617,455 | 1,696,282 | 1,720,464 | ||||||||||||
Total liabilities and shareholders' equity | $ | 4,892,116 | $ | 4,890,760 | $ | 4,908,779 | $ | 4,860,858 | $ | 4,679,880 | |||||||
(a) includes: | |||||||||||||||||
net deferred charges of: | $ | 10,287 | $ | 10,811 | $ | 10,308 | $ | 11,565 | $ | 9,724 | |||||||
value of in place leases of: | $ | 62 | $ | 258 | $ | 703 | $ | 1,091 | $ | 61 | |||||||
(b) includes: | |||||||||||||||||
deferred revenues of: | $ | 2,575 | $ | 2,459 | $ | 2,738 | $ | 2,937 | $ | 3,321 | |||||||
above/below market leases of: | ($6 | ) | ($13 | ) | $ | 25 | $ | 43 | $ | 8 | |||||||
distributions in excess of investments in joint ventures of: | $ | 25,065 | $ | 23,653 | $ | 20,867 | $ | 19,549 | $ | 18,805 | |||||||
fair value adjustment of derivative instrument: | $ | 34,218 | $ | 16,123 | - | - | - | ||||||||||
(c) Represents the fair value adjustment of the derivative instrument. |
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 generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities, including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a company's real estate between periods or as compared to different companies. A reconciliation of net income to FFO is provided below: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2008 | 2007 | |||||||||||||||
Net income | $ | 14,915 | $ | 13,037 | ||||||||||||
Real estate depreciation and amortization from continuing operations | 41,921 | 38,338 | ||||||||||||||
Real estate depreciation from discontinued operations | 17 | 1,268 | ||||||||||||||
Adjustments for unconsolidated joint ventures | 1,539 | 1,086 | ||||||||||||||
Income from continuing operations allocated to common units | 1,156 | 736 | ||||||||||||||
Income from discontinued operations allocated to common units | - | 270 | ||||||||||||||
(Gain) loss on sale of operating properties, net of taxes | (1,106 | ) | 1,184 | |||||||||||||
(Gain) on sale of discontinued operations | (6,112 | ) | - | |||||||||||||
Funds from operations - diluted | $ | 52,330 | $ | 55,919 | ||||||||||||
Weighted average number of common and common equivalent shares outstanding: | ||||||||||||||||
EPS diluted | 55,625 | 59,994 | ||||||||||||||
FFO diluted | 58,544 | 63,021 | ||||||||||||||
Net income per common share - diluted | $ | 0.27 | $ | 0.22 | ||||||||||||
FFO per common share - diluted | $ | 0.89 | $ | 0.89 | ||||||||||||
Expected FFO | ||||||||||||||||
Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected net income (EPS). A reconciliation of the ranges provided for expected net income per diluted share to expected FFO per diluted share is provided below: | ||||||||||||||||
| ||||||||||||||||
2Q08 Range | 2008 Range | |||||||||||||||
Low | High | Low | High | |||||||||||||
Expected net income per share - diluted | $ | 0.08 | $ | 0.12 | $ | 0.57 | $ | 0.77 | ||||||||
Expected difference between EPS and fully diluted FFO shares | (0.01 | ) | (0.01 | ) | ($0.03 | ) | ($0.03 | ) | ||||||||
Expected real estate depreciation | 0.73 | 0.73 | $ | 2.94 | $ | 2.94 | ||||||||||
Expected adjustments for unconsolidated joint ventures | 0.04 | 0.04 | $ | 0.13 | $ | 0.13 | ||||||||||
Expected income allocated to common units | 0.03 | 0.03 | $ | 0.11 | $ | 0.11 | ||||||||||
Expected (gain) on sale of properties and properties held for sale | 0.00 | 0.00 | ($0.12 | ) | ($0.12 | ) | ||||||||||
Expected FFO per share - diluted | $ | 0.87 | $ | 0.91 | $ | 3.60 | $ | 3.80 | ||||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document. | ||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | ||||||||||||
DEFINITIONS & RECONCILIATIONS | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||
(Unaudited) | |||||||||||||
Net Operating Income (NOI) | |||||||||||||
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income 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 to net operating income is provided below: | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2008 | 2007 | ||||||||||||
Net income | $ | 14,915 | $ | 13,037 | |||||||||
Fee and asset management income | (2,412 | ) | (2,386 | ) | |||||||||
Interest and other income | (1,333 | ) | (1,562 | ) | |||||||||
Income on deferred compensation plans | 8,541 | (2,306 | ) | ||||||||||
Property management expense | 4,900 | 4,728 | |||||||||||
Fee and asset management expense | 1,725 | 1,620 | |||||||||||
General and administrative expense | 7,960 | 8,054 | |||||||||||
Interest expense | 32,661 | 27,790 | |||||||||||
Depreciation and amortization | 42,785 | 39,053 | |||||||||||
Amortization of deferred financing costs | 742 | 913 | |||||||||||
Expense on deferred compensation plans | (8,541 | ) | 2,306 | ||||||||||
(Gain) loss on sale of properties, including land | (1,106 | ) | - | ||||||||||
Equity in income of joint ventures | 47 | (735 | ) | ||||||||||
Distributions on perpetual preferred units | 1,750 | 1,750 | |||||||||||
Income allocated to common units and other minority interests | 1,269 | 787 | |||||||||||
Income tax expense | 273 | 1,905 | |||||||||||
Income tax expense on sale of depreciable operating properties | - | - | |||||||||||
Income from discontinued operations | (228 | ) | (2,186 | ) | |||||||||
Gain on sale of discontinued operations | (6,127 | ) | - | ||||||||||
Income from discontinued operations allocated to common units | - | 270 | |||||||||||
Net Operating Income (NOI) | $ | 97,821 | $ | 93,038 | |||||||||
"Same Property" Communities | $ | 81,328 | $ | 80,232 | |||||||||
Non-"Same Property" Communities | 8,990 | 6,395 | |||||||||||
Development and Lease-Up Communities | 978 | (90 | ) | ||||||||||
Redevelopment Communities | 5,886 | 5,969 | |||||||||||
Dispositions / Other | 639 | 532 | |||||||||||
Net Operating Income (NOI) | $ | 97,821 | $ | 93,038 | |||||||||
EBITDA | |||||||||||||
EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in income of joint ventures, gain on sale of real estate assets, and income allocated to minority interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income 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 to EBITDA is provided below: | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2008 | 2007 | ||||||||||||
Net income | $ | 14,915 | $ | 13,037 | |||||||||
Interest expense | 32,775 | 27,911 | |||||||||||
Amortization of deferred financing costs including discontinued operations | 742 | 913 | |||||||||||
Depreciation and amortization | 42,785 | 39,053 | |||||||||||
Distributions on perpetual preferred units | 1,750 | 1,750 | |||||||||||
Income allocated to common units and other minority interests | 1,269 | 787 | |||||||||||
Income tax expense | 273 | 1,905 | |||||||||||
Real estate depreciation from discontinued operations | 17 | 1,268 | |||||||||||
(Gain) loss on sale of properties, including land | (1,106 | ) | - | ||||||||||
Equity in income of joint ventures | 47 | (735 | ) | ||||||||||
Gain on sale of discontinued operations | (6,127 | ) | - | ||||||||||
Income from discontinued operations allocated to common units | - | 270 | |||||||||||
EBITDA | $ | 87,340 | $ | 86,159 |
CONTACT:
Camden Property Trust, Houston
Kim Callahan, 713-354-2549