EXHIBIT 99.2
FOURTH QUARTER 2008 | |
Supplemental Operating and Financial Data |
Camden Whispering Oaks - Houston, TX | |
274 Apartment Homes | |
Currently in Lease-Up | |
Camden Property Trust | |
Three Greenway Plaza, Suite 1300 | |
Houston, Texas 77046 | |
Phone: 713-354-2500 Fax: 713-354-2700 | |
www.camdenliving.com | |
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 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. |
CAMDEN | TABLE OF CONTENTS | |
Page | ||
Press Release Text | 3 | |
Financial Highlights | 6 | |
Operating Results | 7 | |
Funds from Operations | 8 | |
Balance Sheets | 9 | |
Portfolio Statistics | 10 | |
Components of Property Net Operating Income | 11 | |
"Same Property" Fourth Quarter Comparisons | 12 | |
"Same Property" Sequential Quarter Comparisons | 13 | |
"Same Property" Year to Date Comparisons | 14 | |
Joint Venture Operations | 15 | |
Current Development Pipeline | 16 | |
Joint Venture Development Pipeline | 17 | |
Development Pipeline, Land & Land Held for Sale | 18 | |
Redevelopment Summary | 19 | |
Notes Receivable Summary | 20 | |
Acquisitions & Dispositions | 21 | |
Debt Analysis | 22 | |
Debt Maturity Analysis | 23 | |
Debt Covenant Analysis | 24 | |
Capitalized Expenditures & Maintenance Expense | 25 | |
2009 Financial Outlook | 26 | |
Non-GAAP Financial Measures - Definitions & Reconciliations | 27 | |
Other Data | 29 | |
Community Table | 30 |
Camden Property Trust Announces Fourth Quarter
and Full Year 2008 Operating Results
HOUSTON--(BUSINESS WIRE)--February 9, 2009--Camden Property Trust (NYSE:CPT) announced that its funds from operations (“FFO”) for the fourth quarter of 2008 totaled $0.17 per diluted share or $10.1 million, as compared to $0.94 per diluted share or $57.1 million for the same period in 2007. FFO for the three months ended December 31, 2008 included an $0.88 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.15 per diluted share impact from gains on the repurchase of unsecured senior notes.
FFO for the twelve months ended December 31, 2008 totaled $2.90 per diluted share or $169.6 million, as compared to $3.66 per diluted share or $227.2 million for the same period in 2007. FFO for the twelve months ended December 31, 2008 included an $0.88 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.23 per diluted share impact from gains on the repurchase of unsecured senior notes.
Net Income (“EPS”)
The Company reported a net loss of $34.9 million or $0.63 per diluted share for the fourth quarter of 2008, as compared to net income of $81.0 million or $1.41 per diluted share for the same period in 2007. EPS for the three months ended December 31, 2008 included a $0.93 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.16 per diluted share impact from gains on the repurchase of unsecured senior notes. EPS for the three months ended December 31, 2007 included a $1.17 per diluted share impact from gain on sale of land and discontinued operations, net of minority interest.
For the twelve months ended December 31, 2008, net income totaled $71.0 million or $1.28 per diluted share, as compared to $148.5 million or $2.51 per diluted share for the same period in 2007. EPS for the twelve months ended December 31, 2008 included a $1.50 per diluted share impact from gain on sale of properties including discontinued operations, a $0.93 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.25 per diluted share impact from gains on the repurchase of unsecured senior notes. EPS for the twelve months ended December 31, 2007 included a $1.58 per diluted share impact from gain on sale of land and discontinued operations, net of minority interest.
A reconciliation of net income to FFO is included in the financial tables accompanying this press release.
Same-Property Results
For the 40,340 apartment homes included in consolidated same-property results, fourth quarter 2008 same-property net operating income (“NOI”) declined 2.8% compared to the fourth quarter of 2007, with revenues increasing 1.1% and expenses increasing 8.2%. On a sequential basis, fourth quarter 2008 same-property NOI increased 0.8% compared to the third quarter of 2008, with revenues declining 2.2% and expenses declining 6.7% compared to the prior quarter. On a full-year basis, 2008 same-property NOI declined 0.4%, with revenue growth of 1.5% and expense growth of 4.6% compared to the same period in fiscal year 2007. Same-property physical occupancy levels for the combined portfolio averaged 93.6% during the fourth quarter of 2008, compared to 93.6% in the fourth quarter of 2007 and 94.9% in the third quarter of 2008.
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 fourth quarter, lease-up was completed at Camden Royal Oaks in Houston, TX, a $21.1 million project that is currently 92% leased. In addition, the Company completed construction on two projects during the quarter: Camden Cedar Hills in Austin, TX and Camden Whispering Oaks in Houston, TX. As of December 31, 2008, Camden had five wholly-owned apartment communities which were completed and in lease-up: Camden Potomac Yard in Arlington, VA, a $104.5 million project that is currently 72% leased; Camden Summerfield in Landover, MD, a $62.6 million project that is currently 78% leased; Camden Orange Court in Orlando, FL, a $45.5 million project that is currently 66% leased; Camden Cedar Hills in Austin, TX, a $23.6 million project that is currently 84% leased; and Camden Whispering Oaks in Houston, TX, a $27.3 million project that is currently 80% leased. The Company also had two joint venture communities which were completed and in lease-up: Camden College Park in College Park, MD, a $125.3 million project that is currently 66% leased; and Camden Main & Jamboree in Irvine, CA, a $110.1 million project that is currently 88% leased.
The Company has one wholly-owned community and two joint venture communities currently under construction and in lease-up: Camden Dulles Station in Oak Hill, VA, a $77.0 million wholly-owned project that is currently 52% leased; Camden Amber Oaks in Austin, TX, a $40.0 million joint venture project that is currently 20% leased; and Braeswood Place in Houston, TX, a $48.6 million joint venture project that is currently 5% leased. Camden has two additional joint venture communities currently under construction in Houston, TX: Camden Travis Street, a $39.0 million project, and Belle Meade, a $33.2 million project.
In January 2009, Camden announced a reduction in the number of planned development projects it would undertake, which resulted in a $51.3 million non-cash impairment charge during the fourth quarter of 2008. In addition, the Company announced a reduction in its construction and development staff, which will result in a cash charge of approximately $1.0 million for severance costs during the first quarter of 2009. [See press release dated January 26, 2009 for further details.]
Properties Held for Sale
At December 31, 2008, Camden had one operating community held for sale: Camden West Oaks, a 671-home apartment community in Houston, TX.
Debt & Equity Repurchases
During the fourth quarter, Camden repurchased and retired $137.8 million of senior unsecured notes, resulting in an $8.8 million gain on early retirement of debt. During the twelve months ended December 31, 2008, the Company repurchased and retired a total of $191.0 million of senior unsecured notes, resulting in a $13.6 million gain on early retirement of debt.
During the twelve months ended December 31, 2008, Camden repurchased 694,800 common shares for a total of $30.1 million.
Liquidity
As of December 31, 2008, Camden had $444 million available under its $600 million unsecured revolving Line of Credit. After all extension options, the Line of Credit is scheduled to mature in January 2011. The Company anticipates that it may issue approximately $250 million in new secured or unsecured debt during 2009. Camden has $126 million of debt maturities in 2009 and $348 million of debt maturities in 2010. It is anticipated that these debt maturities will be repaid utilizing a combination of the following sources: the Company’s existing Line of Credit, future debt offerings, retained cash flow from operations and property dispositions.
Earnings Guidance
Camden provided initial earnings guidance for 2009 based on its current and expected views of the apartment market and general economic conditions. Full-year 2009 FFO is expected to be $3.15 to $3.45 per diluted share, and full-year 2009 EPS is expected to be $0.05 to $0.35 per diluted share. First quarter 2009 earnings guidance is $0.80 to $0.84 per diluted share for FFO and $0.02 to $0.06 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update its earnings guidance to the market on a quarterly basis.
The Company’s initial 2009 earnings guidance is based on projections of same-property revenue declines between 0.5% and 2.5%, expense growth between 5.0% and 6.25%, and NOI declines between 4.5% and 7.5%. Additional information on the Company’s 2009 financial outlook and a reconciliation of expected net income to expected FFO are included in the financial tables accompanying this press release.
Conference Call
The Company will hold a conference call on Tuesday, February 10, 2009 at 10:00 a.m. Central Time to review its fourth quarter and full-year 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 Fourth 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.
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 62,903 apartment homes across the United States. Upon completion of five properties under development, the Company’s portfolio will increase to 64,329 apartment homes in 186 properties. Camden was recently named by FORTUNE® Magazine for the second consecutive year as one of the “100 Best Companies to Work For” in America.
For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at camdenliving.com.
CAMDEN | FINANCIAL HIGHLIGHTS | |||||||||||||||||||
(In thousands, except per share, property data amounts and ratios) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||||
Total property revenues (a) |
| $157,642 |
| $149,465 |
| $624,016 |
| $588,319 | ||||||||||||
EBITDA | 88,714 | 91,920 | 349,162 | 354,301 | ||||||||||||||||
Net income | (34,909 | ) | 80,976 | 70,973 | 148,457 | |||||||||||||||
Per share - basic | (0.63 | ) | 1.43 | 1.28 | 2.55 | |||||||||||||||
Per share - diluted | (0.63 | ) | 1.41 | 1.28 | 2.51 | |||||||||||||||
Income from continuing operations | (35,375 | ) | 10,991 | (13,705 | ) | 41,721 | ||||||||||||||
per share - basic | (0.64 | ) | 0.19 | (0.25 | ) | 0.72 | ||||||||||||||
per share - diluted | (0.64 | ) | 0.19 | (0.25 | ) | 0.71 | ||||||||||||||
Funds from operations | 10,104 | 57,139 | 169,585 | 227,153 | ||||||||||||||||
Per share - diluted | 0.17 | 0.94 | 2.90 | 3.66 | ||||||||||||||||
Dividends per share | 0.70 | 0.69 | 2.80 | 2.76 | ||||||||||||||||
Dividend payout ratio (b) | 66.7 | % | 73.4 | % | 74.1 | % | 75.4 | % | ||||||||||||
Interest expensed (including discontinued operations) | 33,702 | 31,592 | 132,865 | 116,751 | ||||||||||||||||
Interest capitalized | 4,076 | 5,896 | 17,718 | 22,622 | ||||||||||||||||
Total interest incurred | 37,778 | 37,488 | 150,583 | 139,373 | ||||||||||||||||
Principal amortization | 2,366 | 3,238 | 11,907 | 13,709 | ||||||||||||||||
Preferred dividends & distributions | 1,750 | 1,750 | 7,000 | 7,000 | ||||||||||||||||
Interest expense coverage ratio | 2.6 | x | 2.9 | x | 2.6 | x | 3.0 | x | ||||||||||||
Total interest coverage ratio | 2.3 | x | 2.5 | x | 2.3 | x | 2.5 | x | ||||||||||||
Fixed charge expense coverage ratio | 2.3 | x | 2.5 | x | 2.3 | x | 2.6 | x | ||||||||||||
Total fixed charge coverage ratio | 2.1 | x | 2.2 | x | 2.1 | x | 2.2 | x | ||||||||||||
Same property NOI increase (c) | (2.8 | %) | 5.0 | % | (0.4 | %) | 5.1 | % | ||||||||||||
(# of apartment homes included) | 40,340 | 42,089 | 40,340 | 42,089 | ||||||||||||||||
Gross turnover of apartment homes (annualized) | 66 | % | 62 | % | 73 | % | 71 | % | ||||||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 56 | % | 56 | % | 63 | % | 64 | % | ||||||||||||
As of December 31, | ||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||
Total assets |
| $4,730,342 |
| $4,890,760 | ||||||||||||||||
Total debt |
| $2,832,396 |
| $2,828,095 | ||||||||||||||||
Common and common equivalent shares, outstanding end of period (d) | 58,379 | 59,173 | ||||||||||||||||||
Share price, end of period |
| $31.34 |
| $48.15 | ||||||||||||||||
Preferred units, end of period |
| $97,925 |
| $97,925 | ||||||||||||||||
Book equity value, end of period (e) |
| $1,599,281 |
| $1,751,265 | ||||||||||||||||
Market equity value, end of period (e) |
| $1,929,598 |
| $2,949,180 | ||||||||||||||||
Debt to total market capitalization ratio | 59.5 | % | 49.0 | % | ||||||||||||||||
Unencumbered real estate assets (at cost) | ||||||||||||||||||||
to unsecured debt ratio | 204 | % | 199 | % | ||||||||||||||||
(a) Excludes discontinued operations. | ||||||||||||||||||||
(b) Excludes ($0.88) per diluted share from a non-cash impairment on land held for development and pre-development investments recorded in the fourth quarter 2008. | ||||||||||||||||||||
(c) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale and communities under redevelopment. | ||||||||||||||||||||
(d) Includes at December 31, 2008: 55,434 common shares (including 1 common share equivalent related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (2,945). | ||||||||||||||||||||
(e) Includes: common shares, preferred and common units, and common share equivalents. | ||||||||||||||||||||
Note: Please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
CAMDEN | OPERATING RESULTS | |||||||||||||
(In thousands, except per share and property data amounts) | ||||||||||||||
(Unaudited) | Three Months Ended | Twelve Months Ended | ||||||||||||
December 31, | December 31, | |||||||||||||
OPERATING DATA | 2008 | 2007 | 2008 | 2007 | ||||||||||
Property revenues | ||||||||||||||
Rental revenues |
| $137,921 |
| $133,080 |
| $547,718 |
| $525,497 | ||||||
Other property revenues | 19,721 | 16,385 | 76,298 | 62,822 | ||||||||||
Total property revenues | 157,642 | 149,465 | 624,016 | 588,319 | ||||||||||
Property expenses | ||||||||||||||
Property operating and maintenance | 41,967 | 38,858 | 168,883 | 155,181 | ||||||||||
Real estate taxes | 16,999 | 14,322 | 70,032 | 62,169 | ||||||||||
Total property expenses | 58,966 | 53,180 | 238,915 | 217,350 | ||||||||||
Non-property income | ||||||||||||||
Fee and asset management income | 2,274 | 1,722 | 9,167 | 8,293 | ||||||||||
Sale of technology investments | - | - | - | 623 | ||||||||||
Interest and other income | 1,077 | 4,047 | 4,736 | 8,804 | ||||||||||
Income (loss) on deferred compensation plans | (13,713 | ) | (1,120 | ) | (33,443 | ) | 7,282 | |||||||
Total non-property income (loss) | (10,362 | ) | 4,649 | (19,540 | ) | 25,002 | ||||||||
Other expenses | ||||||||||||||
Property management | 4,722 | 4,437 | 19,910 | 18,413 | ||||||||||
Fee and asset management | 1,435 | 1,150 | 6,054 | 4,552 | ||||||||||
General and administrative | 7,699 | 8,514 | 31,586 | 32,590 | ||||||||||
Interest | 33,702 | 31,350 | 132,399 | 115,753 | ||||||||||
Depreciation and amortization | 43,300 | 40,068 | 171,814 | 157,297 | ||||||||||
Amortization of deferred financing costs | 837 | 949 | 2,958 | 3,661 | ||||||||||
Expense (benefit) on deferred compensation plans | (13,713 | ) | (1,120 | ) | (33,443 | ) | 7,282 | |||||||
Total other expenses | 77,982 | 85,348 | 331,278 | 339,548 | ||||||||||
Income from continuing operations before gain on sale of properties, | ||||||||||||||
gain on early retirement of debt, impairment loss on land, | ||||||||||||||
equity in income of joint ventures, minority interests and income taxes | 10,332 | 15,586 | 34,283 | 56,423 | ||||||||||
Gain on sale of properties, including land | - | - | 2,929 | - | ||||||||||
Gain on early retirement of debt | 8,828 | - | 13,566 | - | ||||||||||
Impairment loss on land | (51,323 | ) | (1,447 | ) | (51,323 | ) | (1,447 | ) | ||||||
Equity in income (loss) of joint ventures | (483 | ) | 454 | (1,265 | ) | 1,526 | ||||||||
Minority interests | ||||||||||||||
Distributions on perpetual preferred units | (1,750 | ) | (1,750 | ) | (7,000 | ) | (7,000 | ) | ||||||
Income allocated to common units and other minority interests | (652 | ) | (1,374 | ) | (4,052 | ) | (4,729 | ) | ||||||
Income (loss) from continuing operations before income taxes | (35,048 | ) | 11,469 | (12,862 | ) | 44,773 | ||||||||
Income tax expense | (327 | ) | (478 | ) | (843 | ) | (3,052 | ) | ||||||
Income (loss) from continuing operations | (35,375 | ) | 10,991 | (13,705 | ) | 41,721 | ||||||||
Income from discontinued operations | 543 | 2,431 | 4,480 | 13,214 | ||||||||||
Gain (loss) on sale of discontinued operations | (77 | ) | 76,063 | 80,198 | 107,039 | |||||||||
Income from discontinued operations allocated to common units | - | (8,509 | ) | - | (13,517 | ) | ||||||||
Net income (loss) | ($34,909 | ) |
| $80,976 |
| $70,973 |
| $148,457 | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME | ||||||||||||||
Net income (loss) | ($34,909 | ) |
| $80,976 |
| $70,973 |
| $148,457 | ||||||
Other comprehensive income (loss) | ||||||||||||||
Unrealized loss on cash flow hedging activities | (33,667 | ) | (16,123 | ) | (35,069 | ) | (16,123 | ) | ||||||
Gain on postretirement obligations | 33 | - | 136 | - | ||||||||||
Comprehensive income (loss) | ($68,543 | ) |
| $64,853 |
| $36,040 |
| $132,334 | ||||||
PER SHARE DATA | ||||||||||||||
Net income - basic | ($0.63 | ) |
| $1.43 |
| $1.28 |
| $2.55 | ||||||
Net income - diluted | (0.63 | ) | 1.41 | 1.28 | 2.51 | |||||||||
Income from continuing operations - basic | (0.64 | ) | 0.19 | (0.25 | ) | 0.72 | ||||||||
Income from continuing operations - diluted | (0.64 | ) | 0.19 | (0.25 | ) | 0.71 | ||||||||
Weighted average number of common and | ||||||||||||||
common equivalent shares outstanding: | ||||||||||||||
Basic | 55,401 | 56,782 | 55,272 | 58,135 | ||||||||||
Diluted | 55,401 | 57,613 | 55,272 | 59,125 | ||||||||||
Note: Please refer to pages 27 and 28 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 | Twelve Months Ended | |||||||||||
December 31, | December 31, | ||||||||||||
FUNDS FROM OPERATIONS | 2008 | 2007 | 2008 | 2007 | |||||||||
Net income (loss) | ($34,909 | ) |
| $80,976 |
| $70,973 |
| $148,457 | |||||
Real estate depreciation and amortization from continuing operations | 42,403 | 39,247 | 168,264 | 154,140 | |||||||||
Real estate depreciation from discontinued operations | - | 1,287 | 2,745 | 6,924 | |||||||||
Adjustments for unconsolidated joint ventures | 1,960 | 982 | 7,103 | 4,934 | |||||||||
Income from continuing operations allocated to common units | 573 | 1,444 | 3,617 | 4,279 | |||||||||
Income from discontinued operations allocated to common units | - | 8,509 | - | 13,517 | |||||||||
(Gain) loss on sale of operating properties, net of taxes | - | - | (2,929 | ) | 1,184 | ||||||||
(Gain) loss on sale of discontinued operations | 77 | (75,306 | ) | (80,188 | ) | (106,282 | ) | ||||||
Funds from operations - diluted |
| $10,104 |
| $57,139 |
| $169,585 |
| $227,153 | |||||
PER SHARE DATA | |||||||||||||
Funds from operations - diluted |
| $0.17 |
| $0.94 |
| $2.90 |
| $3.66 | |||||
Cash distributions | 0.70 | 0.69 | 2.80 | 2.76 | |||||||||
Weighted average number of common and | |||||||||||||
common equivalent shares outstanding: | |||||||||||||
FFO - diluted | 58,398 | 60,597 | 58,528 | 62,120 | |||||||||
PROPERTY DATA | |||||||||||||
Total operating properties (end of period) (a) | 181 | 182 | 181 | 182 | |||||||||
Total operating apartment homes in operating properties (end of period) (a) | 62,903 | 63,085 | 62,903 | 63,085 | |||||||||
Total operating apartment homes (weighted average) | 50,509 | 52,542 | 51,277 | 53,132 | |||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 49,838 | 48,520 | 49,312 | 47,832 | |||||||||
(a) Includes joint ventures and properties held for sale. |
Note: Please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
CAMDEN | BALANCE SHEETS | ||||||||||||||
(In thousands) | |||||||||||||||
(Unaudited) | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||||||
2008 | 2008 | 2008 | 2008 | 2007 | |||||||||||
ASSETS | |||||||||||||||
Real estate assets, at cost | |||||||||||||||
Land |
| $744,059 |
| $745,085 |
| $755,200 |
| $749,664 |
| $730,548 | |||||
Buildings and improvements | 4,447,587 | 4,442,067 | 4,474,749 | 4,435,787 | 4,316,472 | ||||||||||
5,191,646 | 5,187,152 | 5,229,949 | 5,185,451 | 5,047,020 | |||||||||||
Accumulated depreciation | (981,049 | ) | (952,883 | ) | (935,640 | ) | (907,643 | ) | (868,074 | ) | |||||
Net operating real estate assets | 4,210,597 | 4,234,269 | 4,294,309 | 4,277,808 | 4,178,946 | ||||||||||
Properties under development and land | 264,188 | 323,300 | 333,419 | 358,994 | 446,664 | ||||||||||
Investments in joint ventures | 15,106 | 15,663 | 14,773 | 12,526 | 8,466 | ||||||||||
Properties held for sale, including land | 20,653 | 9,495 | 36,152 | 23,299 | 25,253 | ||||||||||
Total real estate assets | 4,510,544 | 4,582,727 | 4,678,653 | 4,672,627 | 4,659,329 | ||||||||||
Accounts receivable - affiliates | 37,000 | 36,868 | 36,556 | 36,166 | 35,940 | ||||||||||
Notes receivable | |||||||||||||||
Affiliates | 58,109 | 58,240 | 53,849 | 52,331 | 50,358 | ||||||||||
Other | 8,710 | 8,710 | 8,710 | 8,710 | 11,565 | ||||||||||
Other assets, net (a) | 103,013 | 111,847 | 117,599 | 116,010 | 126,996 | ||||||||||
Cash and cash equivalents | 7,407 | 29,517 | 1,242 | 947 | 897 | ||||||||||
Restricted cash | 5,559 | 4,971 | 4,687 | 5,325 | 5,675 | ||||||||||
Total assets |
| $4,730,342 |
| $4,832,880 |
| $4,901,296 |
| $4,892,116 |
| $4,890,760 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
Liabilities | |||||||||||||||
Notes payable | |||||||||||||||
Unsecured |
| $2,103,187 |
| $2,096,285 |
| $2,400,027 |
| $2,351,006 |
| $2,265,319 | |||||
Secured | 729,209 | 727,235 | 539,328 | 559,952 | 562,776 | ||||||||||
Accounts payable and accrued expenses | 82,575 | 86,668 | 77,441 | 90,779 | 107,403 | ||||||||||
Accrued real estate taxes | 23,600 | 40,664 | 30,664 | 17,769 | 24,943 | ||||||||||
Other liabilities (b) | 149,554 | 124,915 | 129,471 | 146,817 | 136,365 | ||||||||||
Distributions payable | 42,936 | 42,968 | 42,965 | 42,942 | 42,689 | ||||||||||
Total liabilities | 3,131,061 | 3,118,735 | 3,219,896 | 3,209,265 | 3,139,495 | ||||||||||
Commitments and contingencies | |||||||||||||||
Minority interests | |||||||||||||||
Perpetual preferred units | 97,925 | 97,925 | 97,925 | 97,925 | 97,925 | ||||||||||
Common units | 88,075 | 93,816 | 96,249 | 97,416 | 111,624 | ||||||||||
Other minority interests | 1,787 | 8,438 | 8,572 | 8,537 | 10,403 | ||||||||||
Total minority interests | 187,787 | 200,179 | 202,746 | 203,878 | 219,952 | ||||||||||
Shareholders' equity | |||||||||||||||
Common shares of beneficial interest | 660 | 660 | 660 | 660 | 654 | ||||||||||
Additional paid-in capital | 2,237,703 | 2,232,436 | 2,230,119 | 2,227,256 | 2,209,631 | ||||||||||
Distributions in excess of net income | (312,309 | ) | (238,301 | ) | (272,294 | ) | (250,845 | ) | (227,025 | ) | |||||
Employee notes receivable | (295 | ) | (298 | ) | (302 | ) | (306 | ) | (1,950 | ) | |||||
Treasury shares, at cost | (463,209 | ) | (463,108 | ) | (463,574 | ) | (463,574 | ) | (433,874 | ) | |||||
Accumulated other comprehensive loss (c) | (51,056 | ) | (17,423 | ) | (15,955 | ) | (34,218 | ) | (16,123 | ) | |||||
Total shareholders' equity | 1,411,494 | 1,513,966 | 1,478,654 | 1,478,973 | 1,531,313 | ||||||||||
Total liabilities and shareholders' equity |
| $4,730,342 |
| $4,832,880 |
| $4,901,296 |
| $4,892,116 |
| $4,890,760 | |||||
(a) includes: | |||||||||||||||
net deferred charges of: |
| $10,505 |
| $11,388 |
| $9,434 |
| $10,287 |
| $10,811 | |||||
value of in place leases of: | - | - | - |
| $62 |
| $258 | ||||||||
(b) includes: | |||||||||||||||
deferred revenues of: |
| $2,640 |
| $2,940 |
| $2,747 |
| $2,575 |
| $2,459 | |||||
(above)/below market leases of: | - | - | - | ($6 | ) | ($13 | ) | ||||||||
distributions in excess of investments in joint ventures of: |
| $30,105 |
| $27,977 |
| $26,022 |
| $25,065 |
| $23,653 | |||||
fair value adjustment of derivative instruments: |
| $51,056 |
| $17,423 |
| $15,955 |
| $34,218 |
| $16,123 | |||||
(c) Represents the fair value adjustment of derivative instruments and gain on post retirement obligations. |
CAMDEN | PORTFOLIO STATISTICS | ||||||||||||||||||
(Unaudited) | |||||||||||||||||||
COMMUNITY PORTFOLIO AT DECEMBER 31, 2008 (in apartment homes) | |||||||||||||||||||
"Same Property" | Non-"Same | Wholly - Owned | Joint Venture | Stabilized Operating | Completed in | Total Operating | Under Construction | Total | |||||||||||
D.C. Metro (b)(c) | 2,663 | 1,862 | 4,525 | - | 4,525 | 1,177 | 5,702 | 366 | 6,068 | ||||||||||
Las Vegas, NV | 2,889 | 1,080 | 3,969 | 4,047 | 8,016 | - | 8,016 | - | 8,016 | ||||||||||
Los Angeles/Orange County, CA (d) | 1,770 | - | 1,770 | 421 | 2,191 | 290 | 2,481 | - | 2,481 | ||||||||||
San Diego/Inland Empire, CA | 846 | 350 | 1,196 | - | 1,196 | - | 1,196 | - | 1,196 | ||||||||||
Tampa, FL | 4,613 | 890 | 5,503 | - | 5,503 | - | 5,503 | - | 5,503 | ||||||||||
Dallas, TX | 4,723 | 940 | 5,663 | 456 | 6,119 | - | 6,119 | - | 6,119 | ||||||||||
Houston, TX (e) | 2,679 | 2,180 | 4,859 | 1,487 | 6,346 | 274 | 6,620 | 712 | 7,332 | ||||||||||
SE Florida | 2,520 | - | 2,520 | - | 2,520 | - | 2,520 | - | 2,520 | ||||||||||
Charlotte, NC | 3,286 | 288 | 3,574 | - | 3,574 | - | 3,574 | - | 3,574 | ||||||||||
Orlando, FL | 3,296 | - | 3,296 | - | 3,296 | 261 | 3,557 | - | 3,557 | ||||||||||
Atlanta, GA | 3,202 | - | 3,202 | - | 3,202 | - | 3,202 | - | 3,202 | ||||||||||
Denver, CO | 1,851 | - | 1,851 | 320 | 2,171 | - | 2,171 | - | 2,171 | ||||||||||
Raleigh, NC | 2,220 | 484 | 2,704 | - | 2,704 | - | 2,704 | - | 2,704 | ||||||||||
Phoenix, AZ | 1,441 | - | 1,441 | 992 | 2,433 | - | 2,433 | - | 2,433 | ||||||||||
Austin, TX (f) | 1,645 | - | 1,645 | 253 | 1,898 | 208 | 2,106 | 348 | 2,454 | ||||||||||
Other | 696 | 1,066 | 1,762 | 3,237 | 4,999 | - | 4,999 | - | 4,999 | ||||||||||
Total Portfolio | 40,340 | 9,140 | 49,480 | 11,213 | 60,693 | 2,210 | 62,903 | 1,426 | 64,329 | ||||||||||
(a) Includes eleven redevelopment properties (4,028 apartment homes) and one property held for sale and reported in discontinued operations (671 apartment homes). | |||||||||||||||||||
(b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. | |||||||||||||||||||
(c) 508 units completed in lease up in College Park, MD are held through a joint venture investment. | |||||||||||||||||||
(d) 290 units completed in lease up in Irvine, CA are held through a joint venture investment. | |||||||||||||||||||
(e) 712 units under construction in Houston, TX are held through joint venture investments, of which 253 units are fully consolidated. | |||||||||||||||||||
(f) 348 units under construction in Austin, TX are held through a joint venture investment. |
FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (i) | ||||||||||
"Same Property" | Operating | Incl. JVs at | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | ||||
Communities | Communities (g) | Pro Rata % (h) | 2008 | 2008 | 2008 | 2008 | 2007 | ||||
D.C. Metro | 11.0% | 15.9% | 15.4% | 94.8% | 96.5% | 96.0% | 94.4% | 94.2% | |||
Las Vegas, NV | 6.7% | 7.5% | 8.6% | 93.0% | 95.2% | 94.9% | 93.9% | 93.7% | |||
Los Angeles/Orange County, CA | 8.1% | 6.4% | 6.5% | 94.2% | 94.4% | 94.7% | 93.5% | 93.9% | |||
San Diego/Inland Empire, CA | 3.1% | 3.4% | 3.3% | 91.0% | 94.4% | 94.6% | 94.5% | 95.1% | |||
Tampa, FL | 8.3% | 7.7% | 7.4% | 93.3% | 93.5% | 93.4% | 93.8% | 92.6% | |||
Dallas, TX | 8.0% | 7.2% | 7.1% | 93.0% | 94.1% | 93.7% | 92.7% | 92.5% | |||
Houston, TX | 5.9% | 9.2% | 9.4% | 95.6% | 95.0% | 95.3% | 95.2% | 94.6% | |||
SE Florida | 9.0% | 7.1% | 6.8% | 95.1% | 95.8% | 95.4% | 94.3% | 94.3% | |||
Charlotte, NC | 8.0% | 6.7% | 6.4% | 92.4% | 94.6% | 94.7% | 92.9% | 93.8% | |||
Orlando, FL | 6.7% | 5.8% | 5.5% | 93.3% | 95.0% | 93.7% | 93.9% | 92.9% | |||
Atlanta, GA | 7.2% | 5.7% | 5.5% | 93.3% | 94.7% | 94.7% | 93.5% | 94.1% | |||
Denver, CO | 4.9% | 3.8% | 4.1% | 93.5% | 96.0% | 95.7% | 94.5% | 95.5% | |||
Raleigh, NC | 4.9% | 4.8% | 4.6% | 92.7% | 95.0% | 94.3% | 94.1% | 92.5% | |||
Phoenix, AZ | 3.4% | 2.6% | 2.7% | 92.0% | 92.4% | 93.1% | 93.2% | 93.4% | |||
Austin, TX | 3.0% | 2.5% | 2.5% | 93.8% | 95.1% | 94.4% | 94.1% | 93.8% | |||
Other | 1.8% | 3.7% | 4.2% | 94.6% | 95.4% | 95.7% | 94.8% | 94.3% | |||
Total Portfolio | 100.0% | 100.0% | 100.0% | 93.6% | 94.9% | 94.6% | 93.9% | 93.7% | |||
(g) Operating communities include wholly-owned communities and completed communities in lease-up at quarter end and exclude communities sold during the quarter. | |||||||||||
(h) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities. | |||||||||||
(i) Occupancy figures include apartment homes held through joint venture investments but exclude communities in lease-up, under development, or under redevelopment. |
CAMDEN | COMPONENTS OF | ||||||||||||||||||||||||
PROPERTY NET OPERATING INCOME | |||||||||||||||||||||||||
(In thousands, except property data amounts) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Apartment | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||
Property Revenues | Homes | 2008 | 2007 | Change | 2008 | 2007 | Change | ||||||||||||||||||
"Same Property" Communities (a) | 40,340 |
| $123,886 |
| $122,564 |
| $1,322 |
| $498,875 |
| $491,736 |
| $7,139 | ||||||||||||
Non-"Same Property" Communities (b) | 4,441 | 16,332 | 13,873 | 2,459 | 62,251 | 46,535 | 15,716 | ||||||||||||||||||
Development and Lease-Up Communities (c) | 2,031 | 4,604 | 77 | 4,527 | 9,444 | 81 | 9,363 | ||||||||||||||||||
Redevelopment Communities (d) | 4,028 | 11,715 | 10,722 | 993 | 45,933 | 42,390 | 3,543 | ||||||||||||||||||
Dispositions / Other (e) | - | 1,105 | 2,229 | (1,124 | ) | 7,513 | 7,577 | (64 | ) | ||||||||||||||||
Total Property Revenues | 50,840 |
| $157,642 |
| $149,465 |
| $8,177 |
| $624,016 |
| $588,319 |
| $35,697 | ||||||||||||
Property Expenses | |||||||||||||||||||||||||
"Same Property" Communities (a) | 40,340 |
| $47,063 |
| $43,505 |
| $3,558 |
| $188,644 |
| $180,277 |
| $8,367 | ||||||||||||
Non-"Same Property" Communities (b) | 4,441 | 5,363 | 4,703 | 660 | 22,166 | 16,528 | 5,638 | ||||||||||||||||||
Development and Lease-Up Communities (c) | 2,031 | 1,955 | 124 | 1,831 | 5,694 | 140 | 5,554 | ||||||||||||||||||
Redevelopment Communities (d) | 4,028 | 4,481 | 4,201 | 280 | 18,229 | 16,916 | 1,313 | ||||||||||||||||||
Dispositions / Other (e) | - | 104 | 647 | (543 | ) | 4,182 | 3,489 | 693 | |||||||||||||||||
Total Property Expenses | 50,840 |
| $58,966 |
| $53,180 |
| $5,786 |
| $238,915 |
| $217,350 |
| $21,565 | ||||||||||||
Property Net Operating Income | |||||||||||||||||||||||||
"Same Property" Communities (a) | 40,340 |
| $76,823 |
| $79,059 | ($2,236 | ) |
| $310,231 |
| $311,459 | ($1,228 | ) | ||||||||||||
Non-"Same Property" Communities (b) | 4,441 | 10,969 | 9,170 | 1,799 | 40,085 | 30,007 | 10,078 | ||||||||||||||||||
Development and Lease-Up Communities (c) | 2,031 | 2,649 | (47 | ) | 2,696 | 3,750 | (59 | ) | 3,809 | ||||||||||||||||
Redevelopment Communities (d) | 4,028 | 7,234 | 6,521 | 713 | 27,704 | 25,474 | 2,230 | ||||||||||||||||||
Dispositions / Other (e) | - | 1,001 | 1,582 | (581 | ) | 3,331 | 4,088 | (757 | ) | ||||||||||||||||
Total Property Net Operating Income | 50,840 |
| $98,676 |
| $96,285 |
| $2,391 |
| $385,101 |
| $370,969 |
| $14,132 |
Income from Discontinued Operations (f) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||
Property Revenues |
| $1,198 |
| $8,152 |
| $15,857 |
| $41,693 | ||||||||||
Property Expenses | 655 | 4,185 | 8,149 | 20,526 | ||||||||||||||
Property Net Operating Income | 543 | 3,967 | 7,708 | 21,167 | ||||||||||||||
Interest | - | (242 | ) | (466 | ) | (998 | ) | |||||||||||
Depreciation and Amortization | - | (1,294 | ) | (2,762 | ) | (6,955 | ) | |||||||||||
Income from Discontinued Operations Allocated to Common Units | - | (8,509 | ) | - | (13,517 | ) | ||||||||||||
Gain on sale of discontinued operations | (77 | ) | 76,063 | 80,198 | 107,039 | |||||||||||||
Income from Discontinued Operations |
| $466 |
| $69,985 |
| $84,678 |
| $106,736 |
Notes: | |
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale and Redevelopment Communities. |
(b) | Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2007, excluding properties held for sale and Redevelopment Communities. |
(c) | Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2007, excluding properties held for sale and Redevelopment Communities. |
(d) | Redevelopment Communities are communities redeveloped by the Company after January 1, 2007, excluding properties held for sale. |
(e) | Disposition Communities include those communities disposed of by the Company which are not classified as "Discontinued Operations". "Other" includes |
results from non-multifamily rental properties. "Other" property revenues includes the amortization of above and below market leases of communities acquired during 2007. | |
(f) | Represents operating results for communities disposed of during 2007 and 2008 or held for sale at December 31, 2008, of which Camden has, or expects to have, no continuing involvement. |
"SAME PROPERTY" | ||||||||||||||||||||||
CAMDEN | FOURTH QUARTER COMPARISONS | |||||||||||||||||||||
December 31, 2008 | ||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||
Quarterly Results (a) | 4Q08 | 4Q07 | Growth | 4Q08 | 4Q07 | Growth | 4Q08 | 4Q07 | Growth | |||||||||||||
D.C. Metro |
| $11,997 |
| $11,758 | 2.0 | % |
| $3,548 |
| $3,189 | 11.3 | % |
| $8,449 |
| $8,569 | (1.4 | %) | ||||
Las Vegas, NV | 7,896 | 7,936 | (0.5 | %) | 2,735 | 2,679 | 2.1 | % | 5,161 | 5,257 | (1.8 | %) | ||||||||||
Los Angeles/Orange County, CA | 8,977 | 8,898 | 0.9 | % | 2,747 | 2,560 | 7.3 | % | 6,230 | 6,338 | (1.7 | %) | ||||||||||
San Diego/Inland Empire, CA | 3,878 | 3,968 | (2.3 | %) | 1,524 | 1,479 | 3.0 | % | 2,354 | 2,489 | (5.4 | %) | ||||||||||
Tampa, FL | 11,794 | 11,779 | 0.1 | % | 5,404 | 4,983 | 8.4 | % | 6,390 | 6,796 | (6.0 | %) | ||||||||||
Dallas, TX | 11,195 | 10,735 | 4.3 | % | 5,077 | 4,924 | 3.1 | % | 6,118 | 5,811 | 5.3 | % | ||||||||||
Houston, TX | 7,573 | 7,100 | 6.7 | % | 3,021 | 2,828 | 6.8 | % | 4,552 | 4,272 | 6.6 | % | ||||||||||
SE Florida | 11,390 | 11,368 | 0.2 | % | 4,515 | 3,875 | 16.5 | % | 6,875 | 7,493 | (8.2 | %) | ||||||||||
Charlotte, NC | 9,471 | 9,703 | (2.4 | %) | 3,344 | 3,272 | 2.2 | % | 6,127 | 6,431 | (4.7 | %) | ||||||||||
Orlando, FL | 8,840 | 8,996 | (1.7 | %) | 3,658 | 3,291 | 11.2 | % | 5,182 | 5,705 | (9.2 | %) | ||||||||||
Atlanta, GA | 9,164 | 9,000 | 1.8 | % | 3,602 | 3,202 | 12.5 | % | 5,562 | 5,798 | (4.1 | %) | ||||||||||
Denver, CO | 5,437 | 5,311 | 2.4 | % | 1,680 | 1,588 | 5.8 | % | 3,757 | 3,723 | 0.9 | % | ||||||||||
Raleigh, NC | 5,674 | 5,606 | 1.2 | % | 1,881 | 1,917 | (1.9 | %) | 3,793 | 3,689 | 2.8 | % | ||||||||||
Phoenix, AZ | 4,055 | 4,047 | 0.2 | % | 1,478 | 1,228 | 20.4 | % | 2,577 | 2,819 | (8.6 | %) | ||||||||||
Austin, TX | 4,376 | 4,283 | 2.2 | % | 2,083 | 1,763 | 18.2 | % | 2,293 | 2,520 | (9.0 | %) | ||||||||||
Other | 2,169 | 2,076 | 4.5 | % | 766 | 727 | 5.4 | % | 1,403 | 1,349 | 4.0 | % | ||||||||||
Total Same Property |
| $123,886 |
| $122,564 | 1.1 | % |
| $47,063 |
| $43,505 | 8.2 | % |
| $76,823 |
| $79,059 | (2.8 | %) | ||||
Apartment | ||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 4Q08 | 4Q07 | Change | 4Q08 | 4Q07 | Change | ||||||||||||||
D.C. Metro | 2,663 | 11.0 | % | 95.4 | % | 94.7 | % | 0.7 | % |
| $1,452 |
| $1,446 | 0.4 | % | |||||||
Las Vegas, NV | 2,889 | 6.7 | % | 93.4 | % | 93.2 | % | 0.2 | % | 852 | 872 | (2.3 | %) | |||||||||
Los Angeles/Orange County, CA | 1,770 | 8.1 | % | 94.8 | % | 93.9 | % | 0.9 | % | 1,649 | 1,660 | (0.7 | %) | |||||||||
San Diego/Inland Empire, CA | 846 | 3.1 | % | 91.5 | % | 95.1 | % | (3.7 | %) | 1,538 | 1,523 | 0.9 | % | |||||||||
Tampa, FL | 4,613 | 8.3 | % | 93.3 | % | 93.3 | % | 0.1 | % | 770 | 805 | (4.3 | %) | |||||||||
Dallas, TX | 4,723 | 8.0 | % | 93.0 | % | 92.1 | % | 0.9 | % | 726 | 715 | 1.6 | % | |||||||||
Houston, TX | 2,679 | 5.9 | % | 95.6 | % | 95.0 | % | 0.7 | % | 881 | 841 | 4.7 | % | |||||||||
SE Florida | 2,520 | 9.0 | % | 95.1 | % | 94.3 | % | 0.8 | % | 1,440 | 1,475 | (2.3 | %) | |||||||||
Charlotte, NC | 3,286 | 8.0 | % | 92.3 | % | 93.9 | % | (1.5 | %) | 903 | 933 | (3.3 | %) | |||||||||
Orlando, FL | 3,296 | 6.7 | % | 93.3 | % | 92.9 | % | 0.4 | % | 865 | 899 | (3.8 | %) | |||||||||
Atlanta, GA | 3,202 | 7.2 | % | 93.3 | % | 94.1 | % | (0.9 | %) | 898 | 911 | (1.4 | %) | |||||||||
Denver, CO | 1,851 | 4.9 | % | 93.6 | % | 95.7 | % | (2.1 | %) | 921 | 899 | 2.5 | % | |||||||||
Raleigh, NC | 2,220 | 4.9 | % | 92.4 | % | 92.3 | % | 0.1 | % | 773 | 788 | (1.9 | %) | |||||||||
Phoenix, AZ | 1,441 | 3.4 | % | 93.1 | % | 93.5 | % | (0.4 | %) | 856 | 921 | (7.1 | %) | |||||||||
Austin, TX | 1,645 | 3.0 | % | 94.1 | % | 94.3 | % | (0.2 | %) | 814 | 808 | 0.7 | % | |||||||||
Other | 696 | 1.8 | % | 94.6 | % | 92.4 | % | 2.2 | % | 972 | 969 | 0.3 | % | |||||||||
Total Same Property | 40,340 | 100.0 | % | 93.6 | % | 93.6 | % | (0.0 | %) |
| $964 |
| $975 | (1.1 | %) | |||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale and communities under redevelopment. | ||||||||||||||||||||||
(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. |
"SAME PROPERTY" | ||||||||||||||||||||||||
CAMDEN | SEQUENTIAL QUARTER COMPARISONS | |||||||||||||||||||||||
December 31, 2008 | ||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||
Quarterly Results (a) |
| 4Q08 | 3Q08 | Growth | 4Q08 | 3Q08 | Growth | 4Q08 | 3Q08 | Growth | ||||||||||||||
D.C. Metro |
| $11,997 |
| $12,193 | (1.6 | %) |
| $3,548 |
| $3,738 | (5.1 | %) |
| $8,449 |
| $8,455 | (0.1 | %) | ||||||
Las Vegas, NV | 7,896 | 8,192 | (3.6 | %) | 2,735 | 2,996 | (8.7 | %) | 5,161 | 5,196 | (0.7 | %) | ||||||||||||
Los Angeles/Orange County, CA | 8,977 | 9,102 | (1.4 | %) | 2,747 | 2,851 | (3.6 | %) | 6,230 | 6,251 | (0.3 | %) | ||||||||||||
San Diego/Inland Empire, CA | 3,878 | 4,021 | (3.6 | %) | 1,524 | 1,561 | (2.4 | %) | 2,354 | 2,460 | (4.3 | %) | ||||||||||||
Tampa, FL | 11,794 | 12,060 | (2.2 | %) | 5,404 | 5,803 | (6.9 | %) | 6,390 | 6,257 | 2.1 | % | ||||||||||||
Dallas, TX | 11,195 | 11,347 | (1.3 | %) | 5,077 | 5,609 | (9.5 | %) | 6,118 | 5,738 | 6.6 | % | ||||||||||||
Houston, TX | 7,573 | 7,545 | 0.4 | % | 3,021 | 3,165 | (4.5 | %) | 4,552 | 4,380 | 3.9 | % | ||||||||||||
SE Florida | 11,390 | 11,628 | (2.0 | %) | 4,515 | 4,620 | (2.3 | %) | 6,875 | 7,008 | (1.9 | %) | ||||||||||||
Charlotte, NC | 9,471 | 9,876 | (4.1 | %) | 3,344 | 3,742 | (10.6 | %) | 6,127 | 6,134 | (0.1 | %) | ||||||||||||
Orlando, FL | 8,840 | 9,088 | (2.7 | %) | 3,658 | 3,788 | (3.4 | %) | 5,182 | 5,300 | (2.2 | %) | ||||||||||||
Atlanta, GA | 9,164 | 9,400 | (2.5 | %) | 3,602 | 3,749 | (3.9 | %) | 5,562 | 5,651 | (1.6 | %) | ||||||||||||
Denver, CO | 5,437 | 5,536 | (1.8 | %) | 1,680 | 1,984 | (15.3 | %) | 3,757 | 3,552 | 5.8 | % | ||||||||||||
Raleigh, NC | 5,674 | 5,843 | (2.9 | %) | 1,881 | 2,234 | (15.8 | %) | 3,793 | 3,609 | 5.1 | % | ||||||||||||
Phoenix, AZ | 4,055 | 4,069 | (0.3 | %) | 1,478 | 1,583 | (6.6 | %) | 2,577 | 2,486 | 3.7 | % | ||||||||||||
Austin, TX | 4,376 | 4,487 | (2.5 | %) | 2,083 | 2,202 | (5.4 | %) | 2,293 | 2,285 | 0.4 | % | ||||||||||||
Other | 2,169 | 2,273 | (4.6 | %) | 766 | 839 | (8.7 | %) | 1,403 | 1,434 | (2.2 | %) | ||||||||||||
Total Same Property |
|
| $123,886 |
| $126,660 | (2.2 | %) |
| $47,063 |
| $50,464 | (6.7 | %) |
| $76,823 |
| $76,196 | 0.8 | % | |||||
Apartment | ||||||||||||||||||||||||
|
| Homes |
|
| % of NOI |
| Average Occupancy (a) |
| Weighted Average Rental Rate (b) | |||||||||||||||
Quarterly Results (a) |
| Included | Contribution (a) | 4Q08 | 3Q08 | Change | 4Q08 | 3Q08 | Change | |||||||||||||||
D.C. Metro | 2,663 | 11.0 | % | 95.4 | % | 97.1 | % | (1.7 | %) |
| $1,452 |
| $1,460 | (0.6 | %) | |||||||||
Las Vegas, NV | 2,889 | 6.7 | % | 93.4 | % | 95.2 | % | (1.8 | %) | 852 | 862 | (1.2 | %) | |||||||||||
Los Angeles/Orange County, CA | 1,770 | 8.1 | % | 94.8 | % | 94.6 | % | 0.2 | % | 1,649 | 1,662 | (0.8 | %) | |||||||||||
San Diego/Inland Empire, CA | 846 | 3.1 | % | 91.5 | % | 95.0 | % | (3.5 | %) | 1,538 | 1,530 | 0.5 | % | |||||||||||
Tampa, FL | 4,613 | 8.3 | % | 93.3 | % | 94.0 | % | (0.7 | %) | 770 | 782 | (1.5 | %) | |||||||||||
Dallas, TX | 4,723 | 8.0 | % | 93.0 | % | 94.0 | % | (1.0 | %) | 726 | 727 | (0.1 | %) | |||||||||||
Houston, TX | 2,679 | 5.9 | % | 95.6 | % | 95.5 | % | 0.1 | % | 881 | 879 | 0.2 | % | |||||||||||
SE Florida | 2,520 | 9.0 | % | 95.1 | % | 95.8 | % | (0.7 | %) | 1,440 | 1,451 | (0.8 | %) | |||||||||||
Charlotte, NC | 3,286 | 8.0 | % | 92.3 | % | 94.6 | % | (2.2 | %) | 903 | 921 | (2.0 | %) | |||||||||||
Orlando, FL | 3,296 | 6.7 | % | 93.3 | % | 95.0 | % | (1.7 | %) | 865 | 877 | (1.4 | %) | |||||||||||
Atlanta, GA | 3,202 | 7.2 | % | 93.3 | % | 94.7 | % | (1.5 | %) | 898 | 912 | (1.5 | %) | |||||||||||
Denver, CO | 1,851 | 4.9 | % | 93.6 | % | 96.0 | % | (2.4 | %) | 921 | 916 | 0.6 | % | |||||||||||
Raleigh, NC | 2,220 | 4.9 | % | 92.4 | % | 94.8 | % | (2.4 | %) | 773 | 783 | (1.3 | %) | |||||||||||
Phoenix, AZ | 1,441 | 3.4 | % | 93.1 | % | 92.2 | % | 0.9 | % | 856 | 883 | (3.0 | %) | |||||||||||
Austin, TX | 1,645 | 3.0 | % | 94.1 | % | 95.7 | % | (1.6 | %) | 814 | 813 | 0.0 | % | |||||||||||
Other | 696 | 1.8 | % | 94.6 | % | 95.8 | % | (1.2 | %) | 972 | 993 | (2.0 | %) | |||||||||||
Total Same Property |
| 40,340 | 100.0 | % | 93.6 | % | 94.9 | % | (1.3 | %) |
| $964 |
| $973 | (0.9 | %) | ||||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale and communities under redevelopment. | ||||||||||||||||||||||||
(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. |
"SAME PROPERTY" | |||||||||||||||||||||||
CAMDEN | YEAR TO DATE COMPARISONS | ||||||||||||||||||||||
December 31, 2008 | |||||||||||||||||||||||
(In thousands, except property data amounts) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
| Revenues | Expenses | NOI | ||||||||||||||||||||
Year to Date Results (a) | 2008 | 2007 | Growth | 2008 | 2007 | Growth | 2008 | 2007 | Growth | ||||||||||||||
D.C. Metro |
| $47,996 |
| $47,487 | 1.1 | % |
| $14,020 |
| $12,923 | 8.5 | % |
| $33,976 |
| $34,564 | (1.7 | %) | |||||
Las Vegas, NV | 32,033 | 31,908 | 0.4 | % | 10,989 | 10,521 | 4.4 | % | 21,044 | 21,387 | (1.6 | %) | |||||||||||
Los Angeles/Orange County, CA | 36,160 | 34,863 | 3.7 | % | 10,737 | 10,171 | 5.6 | % | 25,423 | 24,692 | 3.0 | % | |||||||||||
San Diego/Inland Empire, CA | 15,799 | 15,546 | 1.6 | % | 5,982 | 5,741 | 4.2 | % | 9,817 | 9,805 | 0.1 | % | |||||||||||
Tampa, FL | 47,643 | 48,156 | (1.1 | %) | 21,566 | 20,926 | 3.1 | % | 26,077 | 27,230 | (4.2 | %) | |||||||||||
Dallas, TX | 44,431 | 43,050 | 3.2 | % | 20,761 | 20,418 | 1.7 | % | 23,670 | 22,632 | 4.6 | % | |||||||||||
Houston, TX | 29,830 | 28,416 | 5.0 | % | 12,114 | 11,631 | 4.2 | % | 17,716 | 16,785 | 5.5 | % | |||||||||||
SE Florida | 46,155 | 46,442 | (0.6 | %) | 17,859 | 17,008 | 5.0 | % | 28,296 | 29,434 | (3.9 | %) | |||||||||||
Charlotte, NC | 38,643 | 38,124 | 1.4 | % | 14,003 | 13,238 | 5.8 | % | 24,640 | 24,886 | (1.0 | %) | |||||||||||
Orlando, FL | 36,060 | 36,835 | (2.1 | %) | 14,150 | 13,822 | 2.4 | % | 21,910 | 23,013 | (4.8 | %) | |||||||||||
Atlanta, GA | 36,833 | 35,928 | 2.5 | % | 14,178 | 13,346 | 6.2 | % | 22,655 | 22,582 | 0.3 | % | |||||||||||
Denver, CO | 21,759 | 20,920 | 4.0 | % | 6,966 | 6,610 | 5.4 | % | 14,793 | 14,310 | 3.4 | % | |||||||||||
Raleigh, NC | 22,999 | 22,239 | 3.4 | % | 8,194 | 7,953 | 3.0 | % | 14,805 | 14,286 | 3.6 | % | |||||||||||
Phoenix, AZ | 16,259 | 16,536 | (1.7 | %) | 5,824 | 5,311 | 9.7 | % | 10,435 | 11,225 | (7.0 | %) | |||||||||||
Austin, TX | 17,590 | 16,842 | 4.4 | % | 8,215 | 7,623 | 7.8 | % | 9,375 | 9,219 | 1.7 | % | |||||||||||
Other | 8,685 | 8,444 | 2.9 | % | 3,086 | 3,035 | 1.7 | % | 5,599 | 5,409 | 3.5 | % | |||||||||||
Total Same Property |
| $498,875 |
| $491,736 | 1.5 | % |
| $188,644 |
| $180,277 | 4.6 | % |
| $310,231 |
| $311,459 | (0.4 | %) | |||||
| Apartment | ||||||||||||||||||||||
| Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||
Year to Date Results (a) |
| Included | Contribution (a) | 2008 | 2007 | Change | 2008 | 2007 | Change | ||||||||||||||
D.C. Metro | 2,663 | 10.9 | % | 95.8 | % | 95.4 | % | 0.4 | % |
| $1,453 |
| $1,453 | (0.0 | %) | ||||||||
Las Vegas, NV | 2,889 | 6.8 | % | 94.3 | % | 94.8 | % | (0.5 | %) | 861 | 873 | (1.3 | %) | ||||||||||
Los Angeles/Orange County, CA | 1,770 | 8.2 | % | 94.5 | % | 93.4 | % | 1.1 | % | 1,657 | 1,646 | 0.7 | % | ||||||||||
San Diego/Inland Empire, CA | 846 | 3.2 | % | 93.9 | % | 94.1 | % | (0.2 | %) | 1,529 | 1,526 | 0.2 | % | ||||||||||
Tampa, FL | 4,613 | 8.4 | % | 93.9 | % | 94.0 | % | (0.2 | %) | 785 | 821 | (4.4 | %) | ||||||||||
Dallas, TX | 4,723 | 7.6 | % | 93.2 | % | 93.7 | % | (0.5 | %) | 723 | 712 | 1.6 | % | ||||||||||
Houston, TX | 2,679 | 5.7 | % | 95.4 | % | 95.4 | % | 0.1 | % | 869 | 837 | 3.8 | % | ||||||||||
SE Florida | 2,520 | 9.1 | % | 95.2 | % | 95.3 | % | (0.1 | %) | 1,457 | 1,473 | (1.1 | %) | ||||||||||
Charlotte, NC | 3,286 | 7.9 | % | 93.6 | % | 95.2 | % | (1.6 | %) | 918 | 916 | 0.2 | % | ||||||||||
Orlando, FL | 3,296 | 7.1 | % | 94.0 | % | 93.2 | % | 0.8 | % | 880 | 914 | (3.8 | %) | ||||||||||
Atlanta, GA | 3,202 | 7.3 | % | 94.0 | % | 94.5 | % | (0.5 | %) | 907 | 904 | 0.3 | % | ||||||||||
Denver, CO | 1,851 | 4.8 | % | 95.0 | % | 95.6 | % | (0.6 | %) | 909 | 877 | 3.7 | % | ||||||||||
Raleigh, NC | 2,220 | 4.8 | % | 93.9 | % | 93.7 | % | 0.2 | % | 778 | 778 | 0.0 | % | ||||||||||
Phoenix, AZ | 1,441 | 3.4 | % | 93.0 | % | 94.1 | % | (1.1 | %) | 890 | 928 | (4.1 | %) | ||||||||||
Austin, TX | 1,645 | 3.0 | % | 94.7 | % | 94.6 | % | 0.0 | % | 812 | 799 | 1.6 | % | ||||||||||
Other | 696 | 1.8 | % | 94.8 | % | 93.8 | % | 1.0 | % | 977 | 967 | 1.0 | % | ||||||||||
Total Same Property | 40,340 | 100.0 | % | 94.2 | % | 94.4 | % | (0.2 | %) |
| $970 |
| $974 | (0.4 | %) | ||||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale and communities under redevelopment. | |||||||||||||||||||||||
(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. |
CAMDEN | JOINT VENTURE OPERATIONS | |||||||||||||||||||
(In thousands, except per share and property data amounts) | ||||||||||||||||||||
Company's Pro-rata Share of Joint Venture Operations: | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
OPERATING DATA (a) | 2008 | 2007 | 2008 | 2007 | ||||||||||||||||
Property Revenues | ||||||||||||||||||||
Rental revenues |
| $6,450 |
| $5,443 |
| $24,033 |
| $20,858 | ||||||||||||
Other property revenues | 936 | 763 | 3,490 | 2,570 | ||||||||||||||||
Total property revenues | 7,386 | 6,206 | 27,523 | 23,428 | ||||||||||||||||
Property Expenses | ||||||||||||||||||||
Property operating and maintenance | 2,544 | 1,971 | 8,798 | 7,112 | ||||||||||||||||
Real estate taxes | 748 | 519 | 2,733 | 1,982 | ||||||||||||||||
Total property expenses | 3,292 | 2,490 | 11,531 | 9,094 | ||||||||||||||||
Net Operating Income (NOI) | 4,094 | 3,716 | 15,992 | 14,334 | ||||||||||||||||
Other expenses | ||||||||||||||||||||
Interest | 2,537 | 2,180 | 9,262 | 7,649 | ||||||||||||||||
Depreciation and amortization | 1,983 | 1,029 | 7,235 | 5,016 | ||||||||||||||||
Other | 57 | 53 |
| 760 | 143 | |||||||||||||||
Total other expenses | 4,577 | 3,262 | 17,257 | 12,808 | ||||||||||||||||
Equity in income (loss) of joint ventures | ($483 | ) |
| $454 | ($1,265 | ) |
| $1,526 | ||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2007 | ||||||||||||||||
BALANCE SHEET DATA (b) | ||||||||||||||||||||
Real estate assets, net |
| $1,184,107 |
| $1,175,672 |
| $1,114,297 |
| $1,092,409 |
| $1,075,437 | ||||||||||
Cash and other assets, net | 50,291 | 58,482 | 49,838 | 34,014 | 23,762 | |||||||||||||||
Total assets | 1,234,398 | 1,234,154 | 1,164,135 | 1,126,423 | 1,099,199 | |||||||||||||||
Notes payable | 984,200 | 967,930 | 918,377 | 897,178 | 883,972 | |||||||||||||||
Notes payable due to Camden | 56,928 | 56,748 | 52,405 | 51,086 | 50,358 | |||||||||||||||
Other liabilities | 24,578 | 27,716 | 20,067 | 17,327 | 15,144 | |||||||||||||||
Total liabilities | 1,065,706 | 1,052,394 | 990,849 | 965,591 | 949,474 | |||||||||||||||
Members' equity | 168,692 | 181,760 | 173,286 | 160,832 | 149,725 | |||||||||||||||
Total liabilities and members' equity |
| $1,234,398 |
| $1,234,154 |
| $1,164,135 |
| $1,126,423 |
| $1,099,199 | ||||||||||
Camden's equity investment |
| $15,106 |
| $15,663 |
| $14,773 |
| $12,526 |
| $8,466 | ||||||||||
Distributions in excess of investment in joint ventures | ($30,105 | ) | ($27,977 | ) | ($26,022 | ) | ($25,065 | ) | ($23,653 | ) | ||||||||||
Camden's pro-rata share of debt |
| $253,840 |
| $248,889 |
| $236,590 |
| $226,828 |
| $222,278 | ||||||||||
PROPERTY DATA (end of period) | ||||||||||||||||||||
Total operating properties | 40 | 40 | 37 | 37 | 37 | |||||||||||||||
Total operating apartment homes | 12,011 | 12,011 | 10,960 | 10,960 | 10,960 | |||||||||||||||
Pro rata share of operating apartment homes | 2,443 | 2,443 | 2,153 | 2,153 | 2,153 | |||||||||||||||
Total development properties | 3 | 4 | 5 | 5 | 4 | |||||||||||||||
Total development apartment homes | 807 | 1,126 | 1,605 | 1,605 | 1,257 | |||||||||||||||
Pro rata share of development apartment homes | 207 | 303 | 447 | 447 | 377 | |||||||||||||||
(a) Operating data represents Camden's pro-rata share of revenues and expenses. | ||||||||||||||||||||
(b) Balance sheet and property data reported at 100%. |
CAMDEN | CURRENT DEVELOPMENT PIPELINE | ||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2008 ($ in millions) | |||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||
Total | Total | Construction | Initial | Construction | Stabilized | As of 2/1/09 | |||||||||||||||||||
Completed Communities | Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||
1. | Camden Potomac Yard | 378 | $104.5 | 1Q05 | 3Q07 | 2Q08 | 4Q09 | 72% |
| 71% |
| ||||||||||||||
Arlington, VA | |||||||||||||||||||||||||
2. | Camden Summerfield | 291 | 62.6 | 2Q06 | 4Q07 | 2Q08 | 4Q09 | 78% |
| 74% |
| ||||||||||||||
Landover, MD | |||||||||||||||||||||||||
3. | Camden Orange Court | 261 | 45.5 | 2Q06 | 1Q08 | 2Q08 | 3Q09 | 66% |
| 63% |
| ||||||||||||||
Orlando, FL | |||||||||||||||||||||||||
4. | Camden Cedar Hills (a) | 208 | 23.6 | 2Q07 | 2Q08 | 4Q08 | 2Q09 | 84% |
| 81% |
| ||||||||||||||
Austin, TX | |||||||||||||||||||||||||
5. | Camden Whispering Oaks | 274 | 27.3 | 3Q07 | 2Q08 | 4Q08 | 3Q09 | 80% |
| 77% |
| ||||||||||||||
Houston, TX | |||||||||||||||||||||||||
Total Completed Communities | 1,412 | $263.5 | 75% |
| 73% |
| |||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||
Total | Total | Cost | Amount | Construction | Initial | Construction | Stabilized | As of 2/1/09 | |||||||||||||||||
Development Communities | Homes | Budget | to Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||
UNDER CONSTRUCTION | |||||||||||||||||||||||||
6. | Camden Dulles Station | 366 | $77.0 | $71.4 | $14.4 | 1Q06 | 2Q08 | 1Q09 | 3Q10 | 52% |
| 49% |
| ||||||||||||
Oak Hill, VA | |||||||||||||||||||||||||
7. | Camden Travis Street (b) | 253 | 39.0 | 9.3 | 9.3 | 3Q08 | 4Q09 | 1Q10 | 3Q10 | ||||||||||||||||
Houston, TX | |||||||||||||||||||||||||
52% |
| 49% |
| ||||||||||||||||||||||
Total Development Communities | 619 | $116.0 | $80.7 | $23.7 | |||||||||||||||||||||
Additional land (c) | 240.5 | ||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $264.2 |
| |||||||||||||||||||||||
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions) | |||||||||||||||||||||||||
Total Cost | 4Q08 NOI | ||||||||||||||||||||||||
Development Communities stabilized at quarter end | $21.1 | $0.4 | |||||||||||||||||||||||
Completed Communities in lease-up | 263.5 | 2.2 | |||||||||||||||||||||||
Development Communities | 80.7 | 0.4 | |||||||||||||||||||||||
Total Development NOI Contribution | $365.3 | $3.0 | |||||||||||||||||||||||
(a) Formerly known as Camden Circle C. | |||||||||||||||||||||||||
(b) Camden Travis Street, formerly known as Camden Sutherland, is owned in a fully consolidated joint venture, of which Camden retains a 25% ownership. | |||||||||||||||||||||||||
(c) Please refer to the development pipeline and land summary on page 18. | |||||||||||||||||||||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. |
CAMDEN | JOINT VENTURE DEVELOPMENT PIPELINE | |||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||
JOINT VENTURE DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2008 ($ in millions) | ||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||
Total | Total | Construction | Initial | Construction | Stabilized | As of 2/1/09 | ||||||||||||||||||||||||
Joint Venture Camden Developed Communities Completed | Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||
1. | Camden College Park | 508 |
| $125.3 | 3Q06 | 4Q07 | 3Q08 | 1Q10 | 66% |
| 65% |
| ||||||||||||||||||
College Park, MD | ||||||||||||||||||||||||||||||
2. | Camden Main & Jamboree | 290 | 110.1 | 3Q04 | 4Q07 | 3Q08 | 2Q09 | 88% |
| 87% |
| |||||||||||||||||||
Irvine, CA | ||||||||||||||||||||||||||||||
Total Joint Venture Camden Developed Communities Completed | 798 |
| $235.4 | 74% |
| 73% |
| |||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||
Total | Total | Cost | Amount | Construction | Initial | Construction | Stabilized | As of 2/1/09 | ||||||||||||||||||||||
Joint Venture Camden Developed Communities Under Construction | Homes | Budget | to Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||
1. | Camden Amber Oaks | 348 |
| $40.0 |
| $32.6 |
| $14.1 | 4Q07 | 4Q08 | 2Q09 | 1Q10 | 20% |
| 16% |
| ||||||||||||||
Austin, TX | ||||||||||||||||||||||||||||||
Total Joint Venture Camden Developed Communities Under Construction | 348 |
| $40.0 |
| $32.6 |
| $14.1 | |||||||||||||||||||||||
Camden | Camden | Estimated/Actual Dates for | ||||||||||||||||||||||||||||
Total | Total | Cost | Equity | Mezzanine | Construction | Initial | Construction | Stabilized | As of 2/1/09 | |||||||||||||||||||||
Joint Venture Third Party Developed Communities Under Construction | Homes | Budget | to Date | Invested | Invested | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||
1. | Braeswood Place | 340 |
| $48.6 |
| $41.1 |
| $1.4 |
| $8.4 | 1Q07 | 1Q09 | 2Q09 | 2Q10 | 5% |
| 2% |
| ||||||||||||
Houston, TX | ||||||||||||||||||||||||||||||
2. | Belle Meade | 119 | 33.2 | 20.0 | 1.0 | 5.6 | 4Q07 | 3Q09 | 3Q09 | 1Q10 | ||||||||||||||||||||
Houston, TX | ||||||||||||||||||||||||||||||
Total Joint Venture Third Party Developed Communities | 459 |
| $81.8 |
| $61.1 |
| $2.4 |
| $14.0 | |||||||||||||||||||||
Camden | Camden | |||||||||||||||||||||||||||||
Total | Cost | Equity | Mezzanine | |||||||||||||||||||||||||||
Joint Venture Third Party Developed Pipeline Communities | Acres | to Date | Invested | Invested | ||||||||||||||||||||||||||
1. | Lakes at 610 | 6.1 | $ | 6.4 |
| $1.1 |
| $2.8 | ||||||||||||||||||||||
Houston, TX | ||||||||||||||||||||||||||||||
2. | Town Lake | 25.9 | 37.9 | 9.0 | - | |||||||||||||||||||||||||
Austin, TX | ||||||||||||||||||||||||||||||
Total Joint Venture Third Party Developed Pipeline Communities | 32.0 |
| $44.3 |
| $10.1 |
| $2.8 | |||||||||||||||||||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. |
CAMDEN | DEVELOPMENT PIPELINE, LAND | ||||||
& LAND HELD FOR SALE | |||||||
(Unaudited) | |||||||
DEVELOPMENT PIPELINE AND LAND AS OF DECEMBER 31, 2008 ($ in millions) | |||||||
Projected | |||||||
PIPELINE COMMUNITIES (a) | Homes | Cost to Date | |||||
1. | Camden South Capitol | 276 |
| $27.0 | |||
Washington, DC | |||||||
2. | Camden Lake Nona | 432 | 22.0 | ||||
Orlando, FL | |||||||
3. | Camden Noma I | 313 | 25.0 | ||||
Washington, DC | |||||||
4. | Camden Deer Springs | 428 | 20.0 | ||||
Las Vegas, NV | |||||||
5. | Camden North Lamar | 290 | 8.5 | ||||
Austin, TX | |||||||
6. | Camden McGowen Station | 237 | 10.8 | ||||
Houston, TX | |||||||
7. | Camden Summerfield II | 187 | 18.7 | ||||
Landover, MD | |||||||
8. | Camden City Centre II | 239 | 7.9 | ||||
Houston, TX | |||||||
9. | Camden Amber Oaks II | 244 | 4.1 | ||||
Austin, TX | |||||||
10. | Camden Andrau | 601 | 9.0 | ||||
Houston, TX | |||||||
11. | Camden Countryway | 348 | 16.1 | ||||
Tampa, FL | |||||||
12. | Camden Celebration | 438 | 15.2 | ||||
Orlando, FL | |||||||
Development Pipeline | 4,033 |
| $184.3 | ||||
Other (b) | 56.2 | ||||||
Total Development Pipeline and Land |
| $240.5 | |||||
Current | |||||||
LAND HELD FOR SALE AS OF DECEMBER 31, 2008 ($ in millions) | Acres | Book Value | |||||
1. | Southeast Florida | 2.2 |
| $7.4 | |||
2. | Dallas | 2.4 | 1.8 | ||||
Total Land Parcels Held For Sale: | 4.6 |
| $9.2 | ||||
(a) Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community. | |||||||
(b) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments. | |||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. |
CAMDEN | REDEVELOPMENT SUMMARY | ||||||||||
(Unaudited) | |||||||||||
REDEVELOPMENT SUMMARY AS OF DECEMBER 31, 2008 ($ in millions) | |||||||||||
Homes | Estimated/Actual Dates for | ||||||||||
Total | Redeveloped | Total | Cost | Redevelopment | Redevelopment | Project | 4Q08 Average | ||||
Completed Communities | Homes | To Date | Budget | to Date | Start | Completion | Restabilization | % Occupied | |||
1. | Camden Breakers | 288 | 288 | $1.2 | $1.0 | 4Q06 | 2Q08 | 2Q08 | 93% | ||
Corpus Christi, TX | |||||||||||
2. | Camden Canyon | 200 | 200 | 2.9 | 3.1 | 1Q07 | 2Q08 | 3Q08 | 95% | ||
Las Vegas, NV | |||||||||||
3. | Camden Del Mar | 560 | 560 | 8.7 | 9.0 | 1Q07 | 3Q08 | 3Q08 | 92% | ||
Las Vegas, NV | |||||||||||
4. | Camden Fairways | 320 | 320 | 5.3 | 5.7 | 1Q07 | 2Q08 | 3Q08 | 95% | ||
Henderson, NV | |||||||||||
5. | Camden Glen Lakes | 424 | 424 | 7.0 | 7.2 | 4Q06 | 1Q08 | 2Q08 | 92% | ||
Dallas, TX | |||||||||||
6. | Camden Providence Lakes | 260 | 260 | 2.3 | 2.3 | 4Q06 | 1Q08 | 2Q08 | 93% | ||
Brandon, FL | |||||||||||
7. | Camden Touchstone | 132 | 132 | 1.3 | 1.1 | 4Q06 | 1Q08 | 2Q08 | 95% | ||
Charlotte, NC | |||||||||||
8. | Camden Vanderbilt | 894 | 894 | 8.2 | 7.5 | 4Q06 | 2Q08 | 3Q08 | 96% | ||
Houston, TX | |||||||||||
9. | Camden Westshore | 278 | 278 | 1.8 | 1.8 | 4Q06 | 1Q08 | 2Q08 | 93% | ||
Tampa, FL | |||||||||||
Total Completed Communities | 3356 | 3356 | $38.7 | $38.7 | 94% | ||||||
Homes | Estimated/Actual Dates for | ||||||||||
Total | Redeveloped | Total | Cost | Redevelopment | Redevelopment | Project | 4Q08 Average | ||||
Communities Under Redevelopment | Homes | To Date | Budget | to Date | Start | Completion | Restabilization | % Occupied | |||
1. | Camden Foxcroft | 156 | 144 | $1.4 | $1.3 | 4Q07 | 1Q09 | 2Q09 | 90% | ||
Charlotte, NC | |||||||||||
2. | Camden Valley Park | 516 | 198 | 5.5 | 2.0 | 2Q08 | 1Q10 | 2Q10 | 86% | ||
Irving, TX | |||||||||||
Total Communities Under Redevelopment | 672 | 342 | $6.9 | $3.3 | 87% | ||||||
Total Redevelopment Communities | 4028 | 3698 | $45.6 | $42.0 | 93% | ||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. |
CAMDEN | NOTES RECEIVABLE SUMMARY | ||||||||||||
(Unaudited) | |||||||||||||
NOTES RECEIVABLE AS OF DECEMBER 31, 2008 ($ in thousands) | |||||||||||||
12/31/08 | 12/31/08 | 09/30/08 | |||||||||||
Total | Note | Note | |||||||||||
Location | Current Property Type | Current Status | Homes | Balance | Balance | ||||||||
Irvine, CA | Multifamily | Completed in Lease-Up | 290 | $22,616 | $22,397 | ||||||||
Houston, TX | Multifamily | Stable/Development/Predevelopment | 1,150 | 34,791 | 34,537 | ||||||||
College Park, MD | Multifamily | Completed in Lease-Up | 508 | 9,412 | 9,088 | ||||||||
Charlotte, NC | Multifamily | Land Under Contract | - | - | 929 | ||||||||
Total Notes Receivable: | 1,948 | $66,819 | $66,951 | ||||||||||
Weighted Average Interest Rate Recognized: | 7.0% | 8.3% |
CAMDEN | ACQUISITIONS & DISPOSITIONS | ||||||||||||
(Unaudited) | |||||||||||||
2008 ACQUISITION/DISPOSITION ACTIVITY | |||||||||||||
Apartment Homes/ | |||||||||||||
Dispositions | Location | Property Type | Retail Square Feet | Year Built | Closing Date | ||||||||
1. | Retail Center | Las Vegas, NV | Retail | 4,100 square feet | N/A | 02/05/08 | |||||||
2. | Camden Ridgeview | Austin, TX | Multifamily | 167 | 1984 | 02/28/08 | |||||||
3. | Oasis Sands | Las Vegas, NV | Multifamily | 48 | 1994 | 05/29/08 | |||||||
4. | Camden Towne Village | Mesquite, TX | Multifamily | 188 | 1983 | 06/24/08 | |||||||
5. | Camden Lakeview | Irving, TX | Multifamily | 476 | 1985 | 07/15/08 | |||||||
6. | Camden Arbors | Westminster, CO | Multifamily | 358 | 1986 | 07/24/08 | |||||||
7. | Camden Briar Oaks | Austin, TX | Multifamily | 430 | 1980 | 07/24/08 | |||||||
8. | Camden Woodview | Austin, TX | Multifamily | 283 | 1984 | 07/24/08 | |||||||
9. | Camden Place | Mesquite, TX | Multifamily | 442 | 1984 | 09/04/08 | |||||||
Total Disposition Volume: | $141.7 million | 2,392 apartment homes | |||||||||||
4,100 square feet of retail | |||||||||||||
Apartment Homes/ | |||||||||||||
Dispositions to Joint Ventures | Location | Property Type | Acreage | Year Built | Closing Date | ||||||||
1. | Camden Amber Oaks (a) | Austin, TX | Undeveloped Land | 14.3 Acres | N/A | 03/07/08 | |||||||
2. | Camden South Congress (b) | Austin, TX | Multifamily | 253 | 2001 | 08/21/08 | |||||||
Total Disposition to Joint Ventures Volume: | $40.1 million (a)(b) | 253 apartment homes | |||||||||||
14.3 acres of undeveloped land | |||||||||||||
(a) Represents value of partnership interests for undeveloped land parcel sold on March 7, 2008. | |||||||||||||
(b) Represents value of partnership interests for multifamily asset sold on August 21, 2008. |
CAMDEN | DEBT ANALYSIS | |||||||||||||
(In thousands, except property data amounts) | ||||||||||||||
(Unaudited) | ||||||||||||||
DEBT MATURITIES AS OF DECEMBER 31, 2008: (a) | ||||||||||||||
Weighted Average | ||||||||||||||
Future Scheduled Repayments | Percent | Interest Rate on | ||||||||||||
Year | Amortization | Maturities | Total | of Total | Maturing Debt | |||||||||
2009 | $8,683 | $125,762 | $134,445 | 4.7% | 5.2% | |||||||||
2010 | 7,029 | 348,443 | 355,472 | 12.6% | 5.1% | |||||||||
2011 | 4,176 | 272,555 | 276,731 | 9.8% | 6.4% | |||||||||
2012 | 2,692 | 769,541 | 772,233 | 27.3% | 5.4% | |||||||||
2013 | 1,386 | 225,831 | 227,217 | 8.0% | 5.4% | |||||||||
Thereafter | 35,721 | 885,577 | 921,298 | 32.5% | 5.1% | |||||||||
Total Maturing Debt | $59,687 | $2,627,709 | $2,687,396 | 94.9% | 5.3% | |||||||||
Unsecured Line of Credit | 0 | 145,000 | 145,000 | 5.1% | 0.9% | |||||||||
Total Debt | $59,687 | $2,772,709 | $2,832,396 | 100.0% | 5.1% | |||||||||
Weighted Average Maturity of Debt | 5.0 Years | (excluding line of credit) |
Weighted Average | ||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | |||||||
Floating rate debt | $365,139 | 12.9% | 2.7% | |||||||
Fixed rate debt | 2,467,257 | 87.1% | 5.5% | |||||||
Total | $2,832,396 | 100.0% | 5.1% | |||||||
Weighted Average | ||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | |||||||
Unsecured debt | $2,103,187 | 74.3% | 5.2% | |||||||
Secured debt | 729,209 | 25.7% | 4.8% | |||||||
Total | $2,832,396 | 100.0% | 5.1% | |||||||
Weighted Average | ||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | |||||||
Conventional fixed-rate mortgage debt | $509,070 | 69.8% | 5.2% | |||||||
Conventional variable-rate mortgage debt (b) | 177,551 | 24.3% | 4.2% | |||||||
Tax exempt variable rate debt | 42,588 | 5.9% | 2.1% | |||||||
Total | $729,209 | 100.0% | 4.8% | |||||||
REAL ESTATE ASSETS: (c) | Total Homes | % of Total | Total Cost | % of Total | ||||||
Unencumbered real estate assets | 40,703 | 79.0% | $4,296,633 | 78.3% | ||||||
Encumbered real estate assets | 10,808 | 21.0% | 1,193,507 | 21.7% | ||||||
Total | 51,511 | 100.0% | $5,490,140 | 100.0% | ||||||
Ratio of unencumbered assets at cost to unsecured debt is 2.0 times | ||||||||||
UNCONSOLIDATED, NON-RECOURSE DEBT: | ||||||||||
Pro-Rata Share of Debt | $253,840 | |||||||||
Weighted Average Interest Rate | 4.6% | |||||||||
(a) Debt maturities exclude unsecured line of credit, which after all extensions matures in January 2011. | ||||||||||
(b) Conventional variable-rate mortgage debt includes a variable-rate construction loan for Camden Travis Street with a $5.9MM balance at 12/31/08, of which $3.4MM was fixed utilizing an interest rate swap. | ||||||||||
(c) Real estate assets include communities under development and exclude communities held through joint ventures. |
CAMDEN | DEBT MATURITY ANALYSIS | |||||||||||
(In thousands) | ||||||||||||
(Unaudited) | ||||||||||||
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2009 and 2010: | ||||||||||||
Future Scheduled Repayments |
| |||||||||||
Quarter | Amortization | Secured | Unsecured | Total | Weighted Average | |||||||
1Q 2009 | $2,301 | $3,895 | $40,000 | $46,196 | 6.0% | |||||||
2Q 2009 | 2,094 | - | - | 2,094 | N/A | |||||||
3Q 2009 | 2,120 | - | 81,867 | 83,987 | 4.7% | |||||||
4Q 2009 | 2,168 | - | - | 2,168 | N/A | |||||||
2009 | $8,683 | $3,895 | $121,867 | $134,445 | 5.2% | |||||||
1Q 2010 | $2,016 | $45,262 | $150,411 | $197,689 | 4.4% | |||||||
2Q 2010 | $1,894 | - | - | $1,894 | N/A | |||||||
3Q 2010 | $1,607 | 48,340 | 104,430 | $154,377 | 6.0% | |||||||
4Q 2010 | $1,512 | - | - | $1,512 | N/A | |||||||
2010 | $7,029 | $93,602 | $254,841 | $355,472 | 5.1% |
CAMDEN | DEBT COVENANT ANALYSIS | |||||||
(Unaudited) | ||||||||
UNSECURED LINE OF CREDIT | ||||||||
Covenant (a) | Required | Actual (b) | Compliance | |||||
Total Consolidated Debt to Gross Asset Value | ≤ | 60% | 50% | Yes | ||||
Secured Debt to Gross Asset Value | ≤ | 40% | 12% | Yes | ||||
Consolidated EBITDA to Total Fixed Charges | ≥ | 150% | 209% | Yes | ||||
Unencumbered Adjusted NOI to Unsecured Interest Expense | > | 200% | 245% | Yes | ||||
SENIOR UNSECURED NOTES | ||||||||
Covenant (a) | Required | Actual (b) | Compliance | |||||
Total Consolidated Debt to Total Asset Value | ≤ | 60% | 51% | Yes | ||||
Total Secured Debt to Total Asset Value | ≤ | 40% | 13% | Yes | ||||
Total Unencumbered Asset Value to Total Unsecured Debt | ≥ | 150% | 210% | Yes | ||||
Consolidated Income Available for Debt Service to Total | > | 150% | 235% | Yes | ||||
Annual Service Charges | ||||||||
(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. |
CAMDEN | CAPITALIZED EXPENDITURES | |||||||||
& MAINTENANCE EXPENSE | ||||||||||
(In thousands, except unit data) | ||||||||||
(Unaudited) | ||||||||||
Fourth Quarter 2008 (a) | ||||||||||
Capitalized | Expensed | |||||||||
Weighted Average | ||||||||||
Item | Useful Life (b) | Total | Per Unit | Total | Per Unit | |||||
Interiors | ||||||||||
Floor coverings | 5.4 years | $2,300 | $45 | $1,006 | $20 | |||||
Appliances | 9.2 years | 400 | 8 | 173 | 4 | |||||
Painting | - | - | - | 1,616 | 32 | |||||
Cabinetry/Countertops | 10.0 years | 182 | 4 | - | - | |||||
Other | 8.7 years | 659 | 13 | 524 | 10 | |||||
Exteriors | ||||||||||
Painting | 5.0 years | 787 | 16 | - | - | |||||
Carpentry | 10.0 years | 551 | 11 | - | - | |||||
Landscaping | 6.5 years | 330 | 6 | 2,366 | 47 | |||||
Roofing | 20.0 years | 285 | 6 | 64 | 1 | |||||
Site Drainage | 10.0 years | 39 | 1 | - | - | |||||
Fencing/Stair | 10.0 years | 268 | 5 | - | - | |||||
Other (c) | 8.6 years | 922 | 18 | 2,548 | 50 | |||||
Common Areas | ||||||||||
Mech., Elec., Plumbing | 9.8 years | 680 | 13 | 824 | 16 | |||||
Parking/Paving | 5.0 years | 190 | 4 | - | - | |||||
Pool/Exercise/Facility | 7.7 years | 735 | 15 | 291 | 6 | |||||
$8,328 | $165 | $9,412 | $186 | |||||||
Weighted Average Apartment Homes | 50,509 | 50,509 | ||||||||
Year to Date 2008 (a) | ||||||||||
Capitalized | Expensed | |||||||||
Weighted Average | ||||||||||
Item | Useful Life (b) | Total | Per Unit | Total |
| Per Unit | ||||
Interiors | ||||||||||
Floor coverings | 5.4 years | $10,589 | $207 | $3,550 | $69 | |||||
Appliances | 9.2 years | 2,019 | 39 | 660 | 13 | |||||
Painting | - | - | - | 6,383 | 124 | |||||
Cabinetry/Countertops | 10.0 years | 963 | 19 | - | - | |||||
Other | 8.7 years | 3,226 | 63 | 1,830 | 36 | |||||
Exteriors | ||||||||||
Painting | 5.0 years | 1,968 | 38 | - | - | |||||
Carpentry | 10.0 years | 1,611 | 32 | - | - | |||||
Landscaping | 6.5 years | 1,956 | 38 | 10,374 | 202 | |||||
Roofing | 20.0 years | 1,482 | 29 | 290 | 6 | |||||
Site Drainage | 10.0 years | 311 | 6 | - | - | |||||
Fencing/Stair | 10.0 years | 780 | 15 | - | - | |||||
Other (c) | 8.6 years | 3,184 | 62 | 10,840 | 211 | |||||
Common Areas | ||||||||||
Mech., Elec., Plumbing | 9.8 years | 3,834 | 75 | 3,313 | 65 | |||||
Parking/Paving | 5.0 years | 827 | 16 | - | - | |||||
Pool/Exercise/Facility | 7.7 years | 2,731 | 53 | 1,424 | 28 | |||||
$35,481 | $692 | $38,664 | $754 | |||||||
Weighted Average Apartment Homes | 51,277 | 51,277 | ||||||||
| ||||||||||
(a) Includes discontinued operations. Capitalized expenditures for discontinued operations were $90 and $945 for the three and twelve months ended December 31, 2008. Maintenance expenses for discontinued operations were $111 and $1,262 for the same periods. | ||||||||||
(b) Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2008. | ||||||||||
(c) Includes in part the following items: site/building repair, masonry/plaster, and general conditions. Costs recorded as repairs and maintenance exclude costs related to our trash removal rebilling program which were included as a component of repairs and maintenance in prior periods but are now included in utility costs during the periods. |
CAMDEN | 2009 Financial Outlook | |||||||
as of February 9, 2009 | ||||||||
(Unaudited) | ||||||||
2008 Reported FFO, Adjusted for Non-Routine Items | ||||||||
Total | Per Share | |||||||
2008 Reported FFO | $169,585 | $2.90 | ||||||
Adjustments for non-routine items: | ||||||||
Plus: Impairment loss on land | 51,323 | 0.88 | ||||||
Less: Gain on early retirement of debt | (13,566 | ) | (0.23 | ) | ||||
2008 FFO adjusted for non-routine items | $207,342 | $3.55 | ||||||
2008 Fully Diluted Shares Outstanding - FFO | 58,528 | |||||||
2009 Financial Outlook | ||||||||
Earnings Guidance - Per Diluted Share | ||||||||
Expected net income per share - diluted | $0.05 to $0.35 | |||||||
Expected difference between EPS and fully diluted FFO shares | 0.00 | |||||||
Expected real estate depreciation | 2.91 | |||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | |||||||
Expected income allocated to common units | 0.17 | |||||||
Expected FFO per share - diluted | $3.15 to $3.45 | |||||||
"Same Property" Communities | ||||||||
Number of Units | 42,670 | |||||||
2008 Base Net Operating Income | $334 million | |||||||
Total Revenue Growth | (0.50%) to (2.50%) | |||||||
Revenue Growth excluding revenue attributable to ancillary income initiatives (a) | (2.00%) to (4.00%) | |||||||
Total Expense Growth | 5.00% to 6.25% | |||||||
Expense Growth excluding expenses related to ancillary income initiatives (b) | 3.10% to 4.35% | |||||||
Net Operating Income Growth | (4.50%) to (7.50%) | |||||||
Physical Occupancy | 93.3% | |||||||
∙ Impact from 1.0% change in NOI Growth is approximately $0.06 / share | ||||||||
Acquisitions/Dispositions | ||||||||
Dispositions (Communities Held for Sale at 12/31/08) | $25 to $30 million | |||||||
Future Dispositions Volume | $0 to $100 million | |||||||
Future Acquisitions Volume (consolidated on balance sheet) | $0 to $100 million | |||||||
Future Acquisitions Volume (joint venture) | $0 to $200 million | |||||||
Development | ||||||||
Development Starts (consolidated on balance sheet) | $0 to $100 million | |||||||
Development Starts (joint venture) | $0 to $100 million | |||||||
2009 Incremental FFO Accretion vs. 2008 for Developments Stabilized in 2008 (consolidated on balance sheet) | $2 million | |||||||
2009 Incremental FFO Accretion vs. 2008 for Current Developments (consolidated on balance sheet) | $4 to $5 million | |||||||
2009 Incremental FFO Dilution vs. 2008 from Impaired Assets (excludes 2008 impairment loss on land) | ($6 million) | |||||||
2009 Incremental FFO Accretion vs. 2008 for Current Developments (joint venture) | $3 million | |||||||
Capitalized Maintenance Expenditures | $25 to $30 million | |||||||
Non-Property Income | ||||||||
Non-Property Income, Net | $4 to $6 million | |||||||
Includes: Fee and asset management income, net of expenses and | ||||||||
Interest and other income | ||||||||
Corporate Expenses | ||||||||
General and Administrative and Property Management Expense | $48 to $52 million | |||||||
Anticipated 1Q2009 Severance Charge | $1 million | |||||||
Debt | ||||||||
Capitalized Interest | $9 to $11 million | |||||||
Expensed Interest | $126 to $134 million | |||||||
30 Day LIBOR (average) | 0.70% | |||||||
Note: Please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document. | ||||||||
(a) Excludes revenue earned from Perfect Connection (Camden's bulk cable program) and Valet Waste (Camden's door to door trash collection program). | ||||||||
(b) Excludes expenses associated with Perfect Connection (Camden's bulk cable program) and Valet Waste (Camden's door to door trash collection program). | ||||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. |
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 | Twelve Months Ended | ||||||||||
December 31, | December 31, | ||||||||||
2008 | 2007 | 2008 | 2007 | ||||||||
Net income (loss) | ($34,909 | ) | $80,976 | $70,973 | $148,457 | ||||||
Real estate depreciation and amortization from continuing operations | 42,403 | 39,247 | 168,264 | 154,140 | |||||||
Real estate depreciation from discontinued operations | - | 1,287 | 2,745 | 6,924 | |||||||
Adjustments for unconsolidated joint ventures | 1,960 | 982 | 7,103 | 4,934 | |||||||
Income from continuing operations allocated to common units | 573 | 1,444 | 3,617 | 4,279 | |||||||
Income from discontinued operations allocated to common units | - | 8,509 | - | 13,517 | |||||||
(Gain) loss on sale of operating properties, net of taxes | - | - | (2,929 | ) | 1,184 | ||||||
(Gain) loss on sale of discontinued operations | 77 | (75,306 | ) | (80,188 | ) | (106,282 | ) | ||||
Funds from operations - diluted | $10,104 | $57,139 | $169,585 | $227,153 | |||||||
Weighted average number of common and | |||||||||||
common equivalent shares outstanding: | |||||||||||
EPS diluted | 55,401 | 57,613 | 55,272 | 59,125 | |||||||
FFO diluted | 58,398 | 60,597 | 58,528 | 62,120 | |||||||
Net income per common share - diluted | ($0.63 | ) | $1.41 | $1.28 | $2.51 | ||||||
FFO per common share - diluted | $0.17 | $0.94 | $2.90 | $3.66 | |||||||
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: | |||||||||||
1Q09 Range | 2009 Range | ||||||||||
Low | High | Low | High | ||||||||
Expected net income per share - diluted | $0.02 | $0.06 | $0.05 | $0.35 | |||||||
Expected real estate depreciation | 0.73 | 0.73 | 2.91 | 2.91 | |||||||
Expected adjustments for unconsolidated joint ventures | 0.01 | 0.01 | 0.02 | 0.02 | |||||||
Expected income allocated to common units | 0.04 | 0.04 | 0.17 | 0.17 | |||||||
Expected FFO per share - diluted | $0.80 | $0.84 | $3.15 | $3.45 | |||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of 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 | Twelve Months Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2008 | 2007 | 2008 | 2007 | ||||||||||
Net income | ($34,909 | ) | $80,976 | $70,973 | $148,457 | ||||||||
Fee and asset management income | (2,274 | ) | (1,722 | ) | (9,167 | ) | (8,293 | ) | |||||
Sale of technology investments | - | - | - | (623 | ) | ||||||||
Interest and other income | (1,077 | ) | (4,047 | ) | (4,736 | ) | (8,804 | ) | |||||
Income (loss) on deferred compensation plans | 13,713 | 1,120 | 33,443 | (7,282 | ) | ||||||||
Property management expense | 4,722 | 4,437 | 19,910 | 18,413 | |||||||||
Fee and asset management expense | 1,435 | 1,150 | 6,054 | 4,552 | |||||||||
General and administrative expense | 7,699 | 8,514 | 31,586 | 32,590 | |||||||||
Interest expense | 33,702 | 31,350 | 132,399 | 115,753 | |||||||||
Depreciation and amortization | 43,300 | 40,068 | 171,814 | 157,297 | |||||||||
Amortization of deferred financing costs | 837 | 949 | 2,958 | 3,661 | |||||||||
Expense (benefit) on deferred compensation plans | (13,713 | ) | (1,120 | ) | (33,443 | ) | 7,282 | ||||||
(Gain) loss on sale of properties, including land | - | - | (2,929 | ) | - | ||||||||
Gain on early retirement of debt | (8,828 | ) | - | (13,566 | ) | - | |||||||
Equity in income (loss) of joint ventures | 483 | (454 | ) | 1,265 | (1,526 | ) | |||||||
Impairment loss on land | 51,323 | 1,447 | 51,323 | 1,447 | |||||||||
Distributions on perpetual preferred units | 1,750 | 1,750 | 7,000 | 7,000 | |||||||||
Income allocated to common units and other minority interests | 652 | 1,374 | 4,052 | 4,729 | |||||||||
Income tax expense | 327 | 478 | 843 | 3,052 | |||||||||
Income from discontinued operations | (543 | ) | (2,431 | ) | (4,480 | ) | (13,214 | ) | |||||
Gain (loss) on sale of discontinued operations | 77 | (76,063 | ) | (80,198 | ) | (107,039 | ) | ||||||
Income from discontinued operations allocated to common units | - | 8,509 | - | 13,517 | |||||||||
Net Operating Income (NOI) | $98,676 | $96,285 | $385,101 | $370,969 | |||||||||
"Same Property" Communities | $76,823 | $79,059 | $310,231 | $311,459 | |||||||||
Non-"Same Property" Communities | 10,969 | 9,170 | 40,085 | 30,007 | |||||||||
Development and Lease-Up Communities | 2,649 | (47 | ) | 3,750 | (59 | ) | |||||||
Redevelopment Communities | 7,234 | 6,521 | 27,704 | 25,474 | |||||||||
Dispositions / Other | 1,001 | 1,582 | 3,331 | 4,088 | |||||||||
Net Operating Income (NOI) | $98,676 | $96,285 | $385,101 | $370,969 | |||||||||
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 | Twelve Months Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2008 | 2007 | 2008 | 2007 | ||||||||||
Net income | ($34,909 | ) | $80,976 | $70,973 | $148,457 | ||||||||
Interest expense | 33,702 | 31,592 | 132,865 | 116,751 | |||||||||
Amortization of deferred financing costs | 837 | 949 | 2,958 | 3,661 | |||||||||
Depreciation and amortization | 43,300 | 40,068 | 171,814 | 157,297 | |||||||||
Distributions on perpetual preferred units | 1,750 | 1,750 | 7,000 | 7,000 | |||||||||
Income allocated to common units and other minority interests | 652 | 1,374 | 4,052 | 4,729 | |||||||||
Income tax expense | 327 | 478 | 843 | 3,052 | |||||||||
Real estate depreciation and amortization from discontinued operations | - | 1,294 | 2,762 | 6,955 | |||||||||
(Gain) loss on sale of properties, including land | - | - | (2,929 | ) | - | ||||||||
Gain on early retirement of debt | (8,828 | ) | - | (13,566 | ) | - | |||||||
Equity in income (loss) of joint ventures | 483 | (454 | ) | 1,265 | (1,526 | ) | |||||||
Impairment loss on land | 51,323 | 1,447 | 51,323 | 1,447 | |||||||||
Gain (loss) on sale of discontinued operations | 77 | (76,063 | ) | (80,198 | ) | (107,039 | ) | ||||||
Income from discontinued operations allocated to common units | - | 8,509 | - | 13,517 | |||||||||
EBITDA | $88,714 | $91,920 | $349,162 | $354,301 |
CAMDEN | OTHER DATA | |||||||||||
(Unaudited) | ||||||||||||
Stock Symbol: | CPT | |||||||||||
Exchange Traded: | NYSE | |||||||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | ||||||||||
Standard & Poors | BBB+ | Negative | ||||||||||
Fitch | BBB+ | Stable | ||||||||||
Moody's | Baa1 | Stable | ||||||||||
Estimated Future Dates: | Q1 '09 | Q2 '09 | Q3 '09 | Q4 '09 | ||||||||
Earnings release & conference call | Early May | Early Aug | Late Oct | Early Feb | ||||||||
Dividend Information - Common Shares: | Q1 '08 | Q2 '08 | Q3 '08 | Q4 '08 | ||||||||
Declaration Date | 03/14/08 | 06/16/08 | 09/15/08 | 11/24/08 | ||||||||
Record Date | 03/31/08 | 06/30/08 | 09/30/08 | 12/04/08 | ||||||||
Payment Date | 04/17/08 | 07/17/08 | 10/17/08 | 01/02/09 | ||||||||
Distributions Per Share | $0.70 | $0.70 | $0.70 | $0.70 | ||||||||
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 | |||||||||||
Dennis M. Steen | Chief Financial Officer | |||||||||||
Kimberly A. Callahan | Vice President - Investor Relations |
CAMDEN | COMMUNITY TABLE | ||||||||||||||||
Community Statistics as of 12/31/08 | |||||||||||||||||
(Unaudited) | 4Q08 Avg | ||||||||||||||||
Year Placed | Average | Apartment | 4Q08 Avg | Market Rental Rates | |||||||||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | |||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 94% | 813 | 1.03 | |||||||||
Camden Fountain Palms (1) | Peoria | AZ | 1986/1996 | 1,050 | 192 | 89% | 768 | 0.73 | |||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 95% | 930 | 0.87 | |||||||||
Camden Pecos Ranch (1) | Chandler | AZ | 2001 | 924 | 272 | 94% | 796 | 0.86 | |||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 96% | 986 | 0.95 | |||||||||
Camden Sierra (1) | Peoria | AZ | 1997 | 925 | 288 | 87% | 740 | 0.80 | |||||||||
Camden Towne Center (1) | Glendale | AZ | 1998 | 871 | 240 | 92% | 751 | 0.86 | |||||||||
Camden Vista Valley | Mesa | AZ | 1986 | 923 | 357 | 88% | 689 | 0.75 | |||||||||
TOTAL ARIZONA | 8 | Properties | 951 | 2,433 | 92% | 818 | 0.86 | ||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 97% | 1,640 | 1.63 | |||||||||
Camden Harbor View | Long Beach | CA | 2004 | 975 | 538 | 95% | 2,006 | 2.06 | |||||||||
Camden Main and Jamboree (1) (2) | Irvine | CA | 2008 | 1,011 | 290 | Lease-up | 1,844 | 1.82 | |||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 794 | 714 | 94% | 1,398 | 1.76 | |||||||||
Camden Parkside (1) | Fullerton | CA | 1972 | 836 | 421 | 92% | 1,300 | 1.55 | |||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 96% | 1,574 | 1.77 | |||||||||
Total Los Angeles/Orange County | 6 | Properties | 904 | 2,481 | 94% | 1,612 | 1.78 | ||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 90% | 1,589 | 1.53 | |||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 92% | 1,561 | 1.62 | |||||||||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 96% | 1,937 | 2.16 | |||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 88% | 1,259 | 1.20 | |||||||||
Total San Diego/Inland Empire | 4 | Properties | 995 | 1,196 | 91% | 1,553 | 1.56 | ||||||||||
TOTAL CALIFORNIA | 10 | Properties | 934 | 3,677 | 93% | 1,593 | 1.71 | ||||||||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 94% | 930 | 1.00 | |||||||||
Camden Centennial | Littleton | CO | 1985 | 744 | 276 | 92% | 701 | 0.94 | |||||||||
Camden Denver West (1) | Golden | CO | 1997 | 1,015 | 320 | 93% | 1,092 | 1.08 | |||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 95% | 1,102 | 0.96 | |||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,022 | 340 | 96% | 1,061 | 1.04 | |||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 93% | 921 | 0.99 | |||||||||
Camden Pinnacle | Westminster | CO | 1985 | 748 | 224 | 90% | 699 | 0.93 | |||||||||
TOTAL COLORADO | 7 | Properties | 949 | 2,171 | 94% | 946 | 1.00 | ||||||||||
Camden Ashburn Farms | Ashburn | VA | 2000 | 1,062 | 162 | 96% | 1,368 | 1.29 | |||||||||
Camden Clearbrook | Frederick | MD | 2007 | 1,048 | 297 | 95% | 1,239 | 1.18 | |||||||||
Camden College Park (1) (2) | College Park | MD | 2008 | 942 | 508 | Lease-up | 1,614 | 1.71 | |||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 94% | 1,473 | 1.39 | |||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 488 | 96% | 1,526 | 1.63 | |||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 98% | 1,513 | 1.52 | |||||||||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 97% | 2,174 | 3.22 | |||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 95% | 1,268 | 1.26 | |||||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 88% | 1,589 | 1.55 | |||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 92% | 1,413 | 1.65 | |||||||||
Camden Potomac Yard (2) | Arlington | VA | 2008 | 835 | 378 | Lease-up | 1,931 | 2.31 | |||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 96% | 2,218 | 2.59 | |||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 96% | 1,333 | 1.34 | |||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 94% | 1,227 | 1.26 | |||||||||
Camden Summerfield (2) | Landover | MD | 2008 | 957 | 291 | Lease-up | 1,555 | 1.63 | |||||||||
Camden Westwind | Ashburn | VA | 2006 | 1,036 | 464 | 96% | 1,240 | 1.20 | |||||||||
TOTAL DC METRO | 16 | Properties | 968 | 5,702 | 95% | 1,485 | 1.53 | ||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 96% | 1,364 | 1.23 | |||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 97% | 1,454 | 1.55 | |||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 97% | 1,473 | 1.32 | |||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 99% | 1,542 | 1.23 | |||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 91% | 1,700 | 1.63 | |||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 95% | 1,286 | 1.07 | |||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 94% | 1,316 | 1.18 | |||||||||
Total Southeast Florida | 7 | Properties | 1,103 | 2,520 | 95% | 1,440 | 1.31 | ||||||||||
Camden Club | Longwood | FL | 1986 | 1,077 | 436 | 94% | 868 | 0.81 | |||||||||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 97% | 992 | 0.92 | |||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 94% | 923 | 0.97 | |||||||||
Camden Landings | Orlando | FL | 1983 | 748 | 220 | 92% | 708 | 0.95 | |||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 93% | 869 | 0.93 | |||||||||
Camden Orange Court (2) | Orlando | FL | 2008 | 812 | 261 | Lease-up | 1,249 | 1.56 | |||||||||
Camden Renaissance | Altamonte Springs | FL | 1996/1998 | 899 | 578 | 94% | 820 | 0.91 | |||||||||
Camden Reserve | Orlando | FL | 1990/1991 | 824 | 526 | 92% | 759 | 0.92 | |||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 90% | 1,004 | 1.03 | |||||||||
Total Orlando | 9 | Properties | 928 | 3,557 | 93% | 893 | 0.96 |
CAMDEN | COMMUNITY TABLE | |||||||||||||||||
Community Statistics as of 12/31/08 | ||||||||||||||||||
(Unaudited) | 4Q08 Avg. | |||||||||||||||||
Year Placed | Average | Apartment | 4Q08 Avg | Market Rental Rates | ||||||||||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | ||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 93% | 833 | 0.88 | ||||||||||
Camden Bay Pointe | Tampa | FL | 1984 | 771 | 368 | 93% | 701 | 0.91 | ||||||||||
Camden Bayside | Tampa | FL | 1987/1989 | 748 | 832 | 95% | 724 | 0.97 | ||||||||||
Camden Citrus Park | Tampa | FL | 1985 | 704 | 247 | 91% | 679 | 0.96 | ||||||||||
Camden Lakes | St. Petersburg | FL | 1982/1983 | 732 | 688 | 92% | 688 | 0.94 | ||||||||||
Camden Lakeside | Brandon | FL | 1986 | 729 | 228 | 94% | 728 | 1.00 | ||||||||||
Camden Live Oaks | Tampa | FL | 1990 | 1,093 | 770 | 93% | 775 | 0.71 | ||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 94% | 1,040 | 1.10 | ||||||||||
Camden Providence Lakes | Brandon | FL | 1996 | 1,024 | 260 | 93% | 886 | 0.87 | ||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 92% | 911 | 0.90 | ||||||||||
Camden Westshore | Tampa | FL | 1986 | 728 | 278 | 93% | 817 | 1.12 | ||||||||||
Camden Woods | Tampa | FL | 1986 | 1,223 | 444 | 93% | 826 | 0.68 | ||||||||||
Total Tampa/St. Petersburg | 12 | Properties | 897 | 5,503 | 93% | 787 | 0.88 | |||||||||||
TOTAL FLORIDA | 28 | Properties | 951 | 11,580 | 94% | 962 | 1.01 | |||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 94% | 992 | 1.09 | ||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 94% | 921 | 0.91 | ||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 92% | 944 | 0.79 | ||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 95% | 1,022 | 1.09 | ||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 94% | 875 | 0.85 | ||||||||||
Camden River | Duluth | GA | 1997 | 1,103 | 352 | 93% | 875 | 0.79 | ||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 94% | 849 | 0.74 | ||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 96% | 940 | 0.94 | ||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 91% | 769 | 0.76 | ||||||||||
Camden Sweetwater | Lawrenceville | GA | 2000 | 1,151 | 308 | 91% | 777 | 0.67 | ||||||||||
TOTAL GEORGIA | 10 | Properties | 1,042 | 3,202 | 93% | 898 | 0.86 | |||||||||||
Camden Brookside (1) | Louisville | KY | 1987 | 732 | 224 | 96% | 634 | 0.87 | ||||||||||
Camden Meadows (1) | Louisville | KY | 1987/1990 | 746 | 400 | 96% | 664 | 0.89 | ||||||||||
Camden Oxmoor (1) | Louisville | KY | 2000 | 903 | 432 | 95% | 795 | 0.88 | ||||||||||
Camden Prospect Park (1) | Louisville | KY | 1990 | 916 | 138 | 98% | 742 | 0.81 | ||||||||||
TOTAL KENTUCKY | 4 | Properties | 820 | 1,194 | 96% | 715 | 0.87 | |||||||||||
Camden Passage (1) | Kansas City | MO | 1989/1997 | 834 | 596 | 95% | 699 | 0.84 | ||||||||||
Total Kansas City | 1 | Property | 834 | 596 | 95% | 699 | 0.84 | |||||||||||
Camden Cedar Lakes (1) | Lake St. Louis | MO | 1986 | 852 | 420 | 91% | 634 | 0.74 | ||||||||||
Camden Cove West (1) | Creve Coeur | MO | 1990 | 828 | 276 | 95% | 848 | 1.02 | ||||||||||
Camden Cross Creek (1) | St. Louis | MO | 1973/1980 | 947 | 591 | 94% | 756 | 0.80 | ||||||||||
Camden Westchase (1) | St. Louis | MO | 1986 | 945 | 160 | 97% | 841 | 0.89 | ||||||||||
Total St. Louis | 4 | Properties | 896 | 1,447 | 94% | 747 | 0.83 | |||||||||||
TOTAL MISSOURI | 5 | Properties | 878 | 2,043 | 94% | 733 | 0.84 | |||||||||||
Camden Bel Air | Las Vegas | NV | 1988/1995 | 943 | 528 | 94% | 865 | 0.92 | ||||||||||
Camden Breeze | Las Vegas | NV | 1989 | 846 | 320 | 93% | 844 | 1.00 | ||||||||||
Camden Canyon | Las Vegas | NV | 1995 | 987 | 200 | 95% | 987 | 1.00 | ||||||||||
Camden Commons | Henderson | NV | 1988 | 936 | 376 | 92% | 881 | 0.94 | ||||||||||
Camden Cove | Las Vegas | NV | 1990 | 898 | 124 | 98% | 848 | 0.95 | ||||||||||
Camden Del Mar | Las Vegas | NV | 1995 | 986 | 560 | 92% | 1,034 | 1.05 | ||||||||||
Camden Fairways | Henderson | NV | 1989 | 896 | 320 | 95% | 1,008 | 1.13 | ||||||||||
Camden Hills | Las Vegas | NV | 1991 | 439 | 184 | 95% | 618 | 1.41 | ||||||||||
Camden Legends | Henderson | NV | 1994 | 792 | 113 | 94% | 904 | 1.14 | ||||||||||
Camden Palisades | Las Vegas | NV | 1991 | 905 | 624 | 93% | 879 | 0.97 | ||||||||||
Camden Pines (1) | Las Vegas | NV | 1997 | 982 | 315 | 96% | 934 | 0.95 | ||||||||||
Camden Pointe | Las Vegas | NV | 1996 | 983 | 252 | 95% | 899 | 0.91 | ||||||||||
Camden Summit (1) | Henderson | NV | 1995 | 1,187 | 234 | 96% | 1,212 | 1.02 | ||||||||||
Camden Tiara (1) | Las Vegas | NV | 1996 | 1,043 | 400 | 94% | 992 | 0.95 | ||||||||||
Camden Vintage | Las Vegas | NV | 1994 | 978 | 368 | 93% | 831 | 0.85 | ||||||||||
Oasis Bay (1) | Las Vegas | NV | 1990 | 876 | 128 | 96% | 888 | 1.01 | ||||||||||
Oasis Crossing (1) | Las Vegas | NV | 1996 | 983 | 72 | 93% | 883 | 0.90 | ||||||||||
Oasis Emerald (1) | Las Vegas | NV | 1988 | 873 | 132 | 94% | 771 | 0.88 | ||||||||||
Oasis Gateway (1) | Las Vegas | NV | 1997 | 1,146 | 360 | 93% | 930 | 0.81 | ||||||||||
Oasis Island (1) | Las Vegas | NV | 1990 | 901 | 118 | 94% | 721 | 0.80 | ||||||||||
Oasis Landing (1) | Las Vegas | NV | 1990 | 938 | 144 | 94% | 808 | 0.86 | ||||||||||
Oasis Meadows (1) | Las Vegas | NV | 1996 | 1,031 | 383 | 92% | 867 | 0.84 | ||||||||||
Oasis Palms (1) | Las Vegas | NV | 1989 | 880 | 208 | 91% | 813 | 0.92 | ||||||||||
Oasis Pearl (1) | Las Vegas | NV | 1989 | 930 | 90 | 95% | 800 | 0.86 | ||||||||||
Oasis Place (1) | Las Vegas | NV | 1992 | 440 | 240 | 93% | 602 | 1.37 | ||||||||||
Oasis Ridge (1) | Las Vegas | NV | 1984 | 391 | 477 | 85% | 546 | 1.40 | ||||||||||
Oasis Sierra (1) | Las Vegas | NV | 1998 | 923 | 208 | 94% | 925 | 1.00 | ||||||||||
Oasis Springs (1) | Las Vegas | NV | 1988 | 838 | 304 | 92% | 743 | 0.89 | ||||||||||
Oasis Vinings (1) | Las Vegas | NV | 1994 | 1,152 | 234 | 93% | 857 | 0.74 | ||||||||||
TOTAL NEVADA | 29 | Properties | 903 | 8,016 | 93% | 866 | 0.96 |
CAMDEN | COMMUNITY TABLE | |||||||||||||||||
Community Statistics as of 12/31/08 | ||||||||||||||||||
|
| |||||||||||||||||
(Unaudited) | 4Q08 Avg | |||||||||||||||||
| Year Placed | Average | Apartment | 4Q08 Avg | Market Rental Rates | |||||||||||||
Comunity Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | ||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,045 | 400 | 91% | 869 | 0.83 | ||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 93% | 1,262 | 1.40 | ||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 94% | 1,209 | 1.41 | ||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 95% | 821 | 0.79 | ||||||||||
Camden Forest | Charlotte | NC | 1989 | 703 | 208 | 91% | 614 | 0.87 | ||||||||||
Camden Foxcroft (3) | Charlotte | NC | 1979 | 940 | 156 | 90% | 778 | 0.83 | ||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,057 | 266 | 92% | 1,364 | 1.29 | ||||||||||
Camden Habersham | Charlotte | NC | 1986 | 773 | 240 | 94% | 650 | 0.84 | ||||||||||
Camden Park Commons | Charlotte | NC | 1997 | 861 | 232 | 89% | 687 | 0.80 | ||||||||||
Camden Pinehurst | Charlotte | NC | 1967 | 1,147 | 407 | 91% | 773 | 0.67 | ||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 94% | 792 | 0.81 | ||||||||||
Camden Simsbury | Charlotte | NC | 1985 | 874 | 100 | 95% | 764 | 0.87 | ||||||||||
Camden South End Square | Charlotte | NC | 2003 | 882 | 299 | 92% | 1,109 | 1.26 | ||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 94% | 932 | 0.85 | ||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 95% | 760 | 0.85 | ||||||||||
Total Charlotte | 15 | Properties | 961 | 3,574 | 92% | 892 | 0.93 | |||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 93% | 762 | 0.75 | ||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 92% | 840 | 0.80 | ||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 93% | 789 | 0.74 | ||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 94% | 825 | 0.85 | ||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 94% | 869 | 0.82 | ||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 91% | 671 | 0.69 | ||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 92% | 753 | 0.73 | ||||||||||
Total Raleigh | 7 | Properties | 1,017 | 2,704 | 93% | 782 | 0.77 | |||||||||||
TOTAL NORTH CAROLINA | 22 | Properties | 985 | 6,278 | 93% | 845 | 0.86 | |||||||||||
Camden Valleybrook | Chadds Ford | PA | 2002 | 992 | 352 | 96% | 1,279 | 1.29 | ||||||||||
TOTAL PENNSYLVANIA | 1 | Property | 992 | 352 | 96% | 1,279 | 1.29 | |||||||||||
Camden Cedar Hills (2) | Austin | TX | 2008 | 911 | 208 | Lease-up | 989 | 1.09 | ||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 93% | 992 | 1.04 | ||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 95% | 762 | 0.84 | ||||||||||
Camden Laurel Ridge | Austin | TX | 1986 | 702 | 183 | 93% | 617 | 0.88 | ||||||||||
Camden Ridgecrest | Austin | TX | 1995 | 855 | 284 | 95% | 689 | 0.81 | ||||||||||
Camden South Congress (1) | Austin | TX | 2001 | 975 | 253 | 92% | 1,357 | 1.39 | ||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 94% | 872 | 0.96 | ||||||||||
Total Austin | 7 | Properties | 899 | 2,106 | 94% | 896 | 1.00 | |||||||||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 93% | 895 | 1.03 | ||||||||||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 93% | 659 | 0.85 | ||||||||||
Camden Miramar (4) | Corpus Christi | TX | 1994-2004 | 482 | 778 | 99% | 871 | 1.81 | ||||||||||
Total Corpus Christi | 3 | Properties | 632 | 1,410 | 93% | 824 | 1.30 | |||||||||||
Camden Addison (1) | Addison | TX | 1996 | 942 | 456 | 95% | 845 | 0.90 | ||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 93% | 813 | 0.88 | ||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 91% | 788 | 0.87 | ||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 94% | 801 | 1.04 | ||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 95% | 921 | 0.99 | ||||||||||
Camden Gardens | Dallas | TX | 1983 | 652 | 256 | 94% | 565 | 0.87 | ||||||||||
Camden Glen Lakes | Dallas | TX | 1979 | 877 | 424 | 92% | 792 | 0.90 | ||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 95% | 823 | 0.99 | ||||||||||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 94% | 862 | 0.99 | ||||||||||
Camden Oasis | Euless | TX | 1986 | 548 | 602 | 89% | 523 | 0.95 | ||||||||||
Camden Springs | Dallas | TX | 1987 | 713 | 304 | 91% | 583 | 0.82 | ||||||||||
Camden Valley Creek | Irving | TX | 1984 | 855 | 380 | 95% | 671 | 0.78 | ||||||||||
Camden Valley Park (3) | Irving | TX | 1986 | 743 | 516 | 86% | 688 | 0.92 | ||||||||||
Camden Valley Ridge | Irving | TX | 1987 | 773 | 408 | 92% | 596 | 0.77 | ||||||||||
Camden Westview | Lewisville | TX | 1983 | 697 | 335 | 93% | 629 | 0.90 | ||||||||||
Total Dallas/Ft. Worth | 15 | Properties | 808 | 6,119 | 93% | 737 | 0.91 |
CAMDEN | COMMUNITY TABLE | |||||||||||||||||
Community Statistics as of 12/31/08 | ||||||||||||||||||
| ||||||||||||||||||
(Unaudited) | 4Q08 Avg | |||||||||||||||||
| Year Placed | Average | Apartment | 4Q08 Avg | Market Rental Rates | |||||||||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | ||||||||||
Camden Baytown | Baytown | TX | 1999 | 844 | 272 | 97% | 892 | 1.06 | ||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 95% | 1,376 | 1.48 | ||||||||||
Camden Creek | Houston | TX | 1984 | 639 | 456 | 92% | 590 | 0.92 | ||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96% | 1,037 | 1.21 | ||||||||||
Camden Holly Springs (1) | Houston | TX | 1999 | 934 | 548 | 95% | 907 | 0.97 | ||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 98% | 1,199 | 1.42 | ||||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 95% | 830 | 0.95 | ||||||||||
Camden Park (1) | Houston | TX | 1995 | 866 | 288 | 98% | 797 | 0.92 | ||||||||||
Camden Plaza (1) | Houston | TX | 2007 | 915 | 271 | 95% | 1,386 | 1.52 | ||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 88% | 1,043 | 1.13 | ||||||||||
Camden Steeplechase | Houston | TX | 1982 | 748 | 290 | 94% | 636 | 0.85 | ||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 97% | 848 | 1.00 | ||||||||||
Camden Sugar Grove (1) | Stafford | TX | 1997 | 921 | 380 | 94% | 859 | 0.93 | ||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 96% | 1,153 | 1.34 | ||||||||||
Camden West Oaks (5) | Houston | TX | 1982 | 726 | 671 | 96% | 574 | 0.79 | ||||||||||
Camden Whispering Oaks (2) | Houston | TX | 2008 | 934 | 274 | Lease-up | 982 | 1.05 | ||||||||||
Total Houston | 16 | Properties | 847 | 6,620 | 96% | 943 | 1.11 | |||||||||||
TOTAL TEXAS | 41 | Properties | 821 | 16,255 | 94% | 849 | 1.03 | |||||||||||
TOTAL PROPERTIES | 181 | Properties | 915 | 62,903 | 94% | $973 | $1.06 | |||||||||||
(1) | Communities owned through investment in joint venture. | |||||||||||||||||
(2) | Completed communities in lease-up as of December 31, 2008 are excluded from total occupancy numbers. | |||||||||||||||||
(3) | Communities under redevelopment during 4Q08 are excluded from total occupancy numbers. | |||||||||||||||||
(4) | Miramar is a student housing community which is excluded from total occupancy numbers. | |||||||||||||||||
(5) | Communities held for sale as of December 31, 2008. |
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