EXHIBIT 99.2
FIRST QUARTER 2009 | |||||||
Supplemental Operating and Financial Data | |||||||
Camden Summerfield - Landover, MD |
291 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" First Quarter Comparisons | 12 | |
"Same Property" Sequential Quarter Comparisons | 13 | |
Joint Venture Operations | 14 | |
Current Development Pipeline | 15 | |
Joint Venture Development Pipeline | 16 | |
Development Pipeline, Land & Land Held for Sale | 17 | |
Redevelopment Summary | 18 | |
Notes Receivable Summary | 19 | |
Debt Analysis | 20 | |
Pro Forma Debt Maturity Analysis | 21 | |
Debt Covenant Analysis | 22 | |
Unconsolidated Real Estate Investments Debt Analysis | 23 | |
Unconsolidated Real Estate Investments Debt Maturity Analysis | 24 | |
Capitalized Expenditures & Maintenance Expense | 25 | |
Non-GAAP Financial Measures - Definitions & Reconciliations | 26 | |
Other Data | 28 | |
Community Table | 29 | |
Camden Property Trust Announces First Quarter 2009 Operating Results
HOUSTON--(BUSINESS WIRE)--April 30, 2009--Camden Property Trust (NYSE: CPT) announced that its funds from operations (“FFO”) for the first quarter of 2009 totaled $0.88 per diluted share or $51.6 million, as compared to $0.89 per diluted share or $52.3 million for the same period in 2008. The Company reported net income attributable to common shareholders (“EPS”) of $6.2 million or $0.11 per diluted share for the first quarter of 2009, as compared to $14.9 million or $0.27 per diluted share for the same period in 2008. EPS for the three months ended March 31, 2008 included a $0.13 per diluted share impact from gain on sale of properties, including discontinued operations. A reconciliation of net income attributable to common shareholders to FFO is included in the financial tables accompanying this press release.
Same-Property Results
For the 42,670 apartment homes included in consolidated same-property results, first quarter 2009 same-property net operating income (“NOI”) declined 3.8% compared to the first quarter of 2008, with revenues declining 0.5% and expenses increasing 5.5%. On a sequential basis, first quarter 2009 same-property NOI declined 2.3% compared to the fourth quarter of 2008, with revenues declining 1.1% and expenses increasing 0.9% compared to the prior quarter. Same-property physical occupancy levels for the portfolio averaged 93.6% during the first quarter of 2009, compared to 93.7% in both the first quarter and fourth quarter of 2008.
The Company defines same-property communities as communities owned and stabilized as of January 1, 2008, excluding properties held for sale and communities under redevelopment. A reconciliation of net income attributable to common shareholders to net operating income and same-property net operating income is included in the financial tables accompanying this press release.
Development Activity
During the first quarter, the Company completed construction on Camden Dulles Station in Oak Hill, VA. As of March 31, 2009, construction had been completed on all of Camden’s wholly-owned development projects, with no material obligations remaining to fund. The Company currently has six wholly-owned apartment communities completed and in lease-up: Camden Potomac Yard in Arlington, VA, a $104.6 million project that is currently 87% leased; Camden Summerfield in Landover, MD, a $62.6 million project that is currently 86% leased; Camden Orange Court in Orlando, FL, a $45.5 million project that is currently 73% leased; Camden Cedar Hills in Austin, TX, a $23.6 million project that is currently 95% leased; Camden Whispering Oaks in Houston, TX, a $27.4 million project that is currently 87% leased; and Camden Dulles Station in Oak Hill, VA, a $72.2 million project that is currently 57% leased. The Company also had one joint venture community which was completed and in lease-up: Camden College Park in College Park, MD, a $127.9 million project that is currently 76% leased.
The Company has two joint venture communities currently under construction and in lease-up: Camden Amber Oaks in Austin, TX, a $40.0 million joint venture project that is currently 39% leased; and Braeswood Place in Houston, TX, a $48.6 million joint venture project that is currently 25% 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. Both projects are scheduled for initial occupancy in mid- to late-2009.
Properties Held for Sale
At March 31, 2009, Camden had one operating community held for sale: Camden West Oaks, a 671-home apartment community in Houston, TX.
Financing Activities
During the quarter, Camden retired approximately $50.5 million of secured mortgage debt and $40.0 million of unsecured medium-term notes, using proceeds from its unsecured Line of Credit. Subsequent to quarter-end, the Company obtained a $420 million secured credit facility. [See press release dated April 17, 2009 for more details].
Debt Repurchases
During the first quarter, Camden repurchased and retired $7.4 million of senior unsecured notes, resulting in a $0.2 million gain on early retirement of debt. Subsequent to quarter-end, Camden repurchased and retired an additional $10.3 million of senior unsecured notes.
On April 28, 2009, Camden completed a Tender Offer for certain outstanding notes. The aggregate principal amount accepted for purchase totaled $169.5 million. The Company intends to repurchase and retire these notes on May 1, 2009 using cash balances on hand and funds from its unsecured Line of Credit. [See press release dated April 28, 2009 for more details].
Liquidity
As of March 31, 2009, Camden had $241 million outstanding on its $600 million unsecured Line of Credit. Subsequent to quarter-end, the Company repaid all balances outstanding under the Line of Credit with proceeds from a $420 million secured credit facility. Upon completion of the Tender Offer, Camden will have $82 million of debt maturities remaining in 2009 and $186 million of debt maturities in 2010.
Earnings Guidance
Camden updated its 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 $3.20 to $3.45 per diluted share, and full-year 2009 EPS is expected to be $0.12 to $0.37 per diluted share. Second quarter 2009 earnings guidance is $0.82 to $0.86 per diluted share for FFO and $0.05 to $0.09 per diluted share for EPS. The Company’s second quarter 2009 earnings guidance includes a $0.02 per diluted share gain on early retirement of debt recognized in April 2009, but excludes other potential future gains on the sale of properties and the early retirement of debt. Camden intends to update its earnings guidance to the market on a quarterly basis.
The Company’s 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%. A reconciliation of expected net income attributable to common shareholders to expected FFO is included in the financial tables accompanying this press release.
Conference Call
The Company will hold a conference call on Friday, May 1, 2009 at 11:00 a.m. Central Time to review its first quarter 2009 results and discuss its outlook for future performance. To participate in the call, please dial (866) 843-0890 (domestic) or (412) 317-9250 (international) by 10:50 a.m. Central Time and enter passcode: 9409451, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.
Annual Meeting of Shareholders
Camden’s Annual Meeting of Shareholders will be held on May 6, 2009 at the Renaissance Hotel, 6 East Greenway Plaza, Houston, Texas, at 10:00 a.m., Central Time. The Company’s proxy statement, 10-K, and Annual Report to Shareholders are available in the Investor Relations section of the company’s website at camdenliving.com. If you wish to receive hard copies of these documents, please contact Camden’s Investor Relations Department at ir@camdenliving.com.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.
About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 182 properties containing 63,269 apartment homes across the United States. Upon completion of four 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 March 31, | |||||||||||
2009 | 2008 | ||||||||||
Total property revenues (a) | $157,032 | $151,464 | |||||||||
EBITDA | 85,272 | 87,340 | |||||||||
Net income attributable to common shareholders | 6,234 | 14,915 | |||||||||
Per share - basic | 0.11 | 0.27 | |||||||||
Per share - diluted | 0.11 | 0.27 | |||||||||
Income from continuing operations attributable to common shareholders | 5,649 | 7,108 | |||||||||
Per share - basic | 0.10 | 0.13 | |||||||||
Per share - diluted | 0.10 | 0.13 | |||||||||
Funds from operations | 51,581 | 52,330 | |||||||||
Per share - diluted | 0.88 | 0.89 | |||||||||
Dividends per share | 0.70 | 0.70 | |||||||||
Dividend payout ratio | 79.5 | % | 78.7 | % | |||||||
Interest expensed (including discontinued operations) | 32,245 | 32,777 | |||||||||
Interest capitalized | 2,380 | 5,360 | |||||||||
Total interest incurred | 34,625 | 38,137 | |||||||||
Principal amortization | 2,415 | 3,280 | |||||||||
Preferred dividends & distributions | 1,750 | 1,750 | |||||||||
Interest expense coverage ratio | 2.6 | x | 2.7 | x | |||||||
Total interest coverage ratio | 2.5 | x | 2.3 | x | |||||||
Fixed charge expense coverage ratio | 2.3 | x | 2.3 | x | |||||||
Total fixed charge coverage ratio | 2.2 | x | 2.0 | x | |||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 2.0 | x | 1.9 | x | |||||||
Same property NOI increase (b) | (3.8 | %) | 1.4 | % | |||||||
(# of apartment homes included) | 42,670 | 43,480 | |||||||||
Gross turnover of apartment homes (annualized) | 62 | % | 60 | % | |||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 50 | % | 53 | % | |||||||
As of March 31, | |||||||||||
2009 | 2008 | ||||||||||
Total assets | $4,675,042 | $4,892,116 | |||||||||
Total debt | $2,832,123 | $2,910,958 | |||||||||
Common and common equivalent shares, outstanding end of period (c) | 58,551 | 58,611 | |||||||||
Share price, end of period | $21.58 | $50.20 | |||||||||
Preferred units, end of period | $97,925 | $97,925 | |||||||||
Book equity value, end of period (d) | $1,570,023 | $1,682,851 | |||||||||
Market equity value, end of period (d) | $1,363,531 | $3,042,272 | |||||||||
(a) Excludes discontinued operations. |
(b) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and communities under redevelopment. |
(c) Includes at March 31, 2009: 55,694 common shares , plus common share equivalents upon the assumed conversion of minority interest units (2,857). |
(d) Includes: common shares, preferred and common units, and common share equivalents. |
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
(Unaudited) | Three Months Ended | |||||||
March 31, | ||||||||
OPERATING DATA | 2009 | 2008 | ||||||
Property revenues | ||||||||
Rental revenues | $136,500 | $134,263 | ||||||
Other property revenues | 20,532 | 17,201 | ||||||
Total property revenues | 157,032 | 151,464 | ||||||
Property expenses | ||||||||
Property operating and maintenance | 42,283 | 39,179 | ||||||
Real estate taxes | 18,532 | 17,281 | ||||||
Total property expenses | 60,815 | 56,460 | ||||||
Non-property income | ||||||||
Fee and asset management income | 2,031 | 2,412 | ||||||
Interest and other income | 735 | 1,333 | ||||||
Income (loss) on deferred compensation plans | (4,152 | ) | (8,541 | ) | ||||
Total non-property income (loss) | (1,386 | ) | (4,796 | ) | ||||
Other expenses | ||||||||
Property management | 4,929 | 4,900 | ||||||
Fee and asset management | 1,135 | 1,725 | ||||||
General and administrative | 8,232 | 7,960 | ||||||
Interest | 32,245 | 32,573 | ||||||
Depreciation and amortization | 43,980 | 41,516 | ||||||
Amortization of deferred financing costs | 817 | 734 | ||||||
Expense (benefit) on deferred compensation plans | (4,152 | ) | (8,541 | ) | ||||
Total other expenses | 87,186 | 80,867 | ||||||
Income from continuing operations before gain on sale of properties, | ||||||||
including land, gain on early retirement of debt, equity in income (loss) | ||||||||
of joint ventures, and distributions on perpetual perferred units | 7,645 | 9,341 | ||||||
Gain on sale of properties, including land | - | 1,106 | ||||||
Gain on early retirement of debt | 166 | - | ||||||
Equity in income (loss) of joint ventures | 408 | (47 | ) | |||||
Distributions on perpetual preferred units | (1,750 | ) | (1,750 | ) | ||||
Income from continuing operations before income taxes | 6,469 | 8,650 | ||||||
Income tax expense - current | (299 | ) | (273 | ) | ||||
Income from continuing operations | 6,170 | 8,377 | ||||||
Income from discontinued operations | 585 | 1,680 | ||||||
Gain on sale of discontinued operations | - | 6,127 | ||||||
Net income | 6,755 | 16,184 | ||||||
Less net income allocated to noncontrolling interest | (521 | ) | (1,269 | ) | ||||
Net income attributable to common shareholders | $6,234 | $14,915 | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME | ||||||||
Net income | $6,755 | $16,184 | ||||||
Other comprehensive income (loss) | ||||||||
Unrealized loss on cash flow hedging activities | (2,936 | ) | (19,425 | ) | ||||
Reclassification of net losses on cash flow hedging activities | 5,276 | 1,330 | ||||||
Comprehensive income (loss) | 9,095 | (1,911 | ) | |||||
Less net income allocated to noncontrolling interest | (521 | ) | (1,269 | ) | ||||
Comprehensive income (loss) attributable to common shareholders | $8,574 | ($3,180 | ) | |||||
PER SHARE DATA | ||||||||
Net income attributable to common shareholders - basic | $0.11 | $0.27 | ||||||
Net income attributable to common shareholders - diluted | 0.11 | 0.27 | ||||||
Income from continuing operations attributable to common shareholders - basic | 0.10 | 0.13 | ||||||
Income from continuing operations attributable to common shareholders - diluted | 0.10 | 0.13 | ||||||
Weighted average number of common and | ||||||||
common equivalent shares outstanding: | ||||||||
Basic | 55,552 | 54,965 | ||||||
Diluted | 56,047 | 55,625 | ||||||
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
(Unaudited) | Three Months Ended | |||||||
March 31, | ||||||||
FUNDS FROM OPERATIONS | 2009 | 2008 | ||||||
Net income attributable to common shareholders | $6,234 | $14,915 | ||||||
Real estate depreciation and amortization from continuing operations | 43,010 | 40,653 | ||||||
Real estate depreciation from discontinued operations | - | 1,285 | ||||||
Adjustments for unconsolidated joint ventures | 1,916 | 1,539 | ||||||
Income allocated to noncontrolling interest | 421 | 1,156 | ||||||
(Gain) loss on sale of operating properties, net of taxes | - | (1,106 | ) | |||||
(Gain) loss on sale of discontinued operations | - | (6,112 | ) | |||||
Funds from operations - diluted | $51,581 | $52,330 | ||||||
PER SHARE DATA | ||||||||
Funds from operations - diluted | $0.88 | $0.89 | ||||||
Cash distributions | 0.70 | 0.70 | ||||||
Weighted average number of common and | ||||||||
common equivalent shares outstanding: | ||||||||
FFO - diluted | 58,471 | 58,544 | ||||||
PROPERTY DATA | ||||||||
Total operating properties (end of period) (a) | 182 | 181 | ||||||
Total operating apartment homes in operating properties (end of period) (a) | 63,269 | 62,918 | ||||||
Total operating apartment homes (weighted average) | 50,688 | 51,763 | ||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 50,017 | 48,756 | ||||||
(a) Includes joint ventures and properties held for sale. |
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
CAMDEN | BALANCE SHEETS | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
2009 | 2008 | 2008 | 2008 | 2008 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Real estate assets, at cost | ||||||||||||||||||||
Land | $746,935 | $744,059 | $745,085 | $755,200 | $749,664 | |||||||||||||||
Buildings and improvements | 4,466,296 | 4,447,587 | 4,442,067 | 4,474,749 | 4,435,787 | |||||||||||||||
5,213,231 | 5,191,646 | 5,187,152 | 5,229,949 | 5,185,451 | ||||||||||||||||
Accumulated depreciation | (1,023,466 | ) | (981,049 | ) | (952,883 | ) | (935,640 | ) | (907,643 | ) | ||||||||||
Net operating real estate assets | 4,189,765 | 4,210,597 | 4,234,269 | 4,294,309 | 4,277,808 | |||||||||||||||
Properties under development and land | 258,239 | 264,188 | 323,300 | 333,419 | 358,994 | |||||||||||||||
Investments in joint ventures | 15,158 | 15,106 | 15,663 | 14,773 | 12,526 | |||||||||||||||
Properties held for sale, including land | 20,696 | 20,653 | 9,495 | 36,152 | 23,299 | |||||||||||||||
Total real estate assets | 4,483,858 | 4,510,544 | 4,582,727 | 4,678,653 | 4,672,627 | |||||||||||||||
Accounts receivable - affiliates | 36,105 | 37,000 | 36,868 | 36,556 | 36,166 | |||||||||||||||
Notes receivable | ||||||||||||||||||||
Affiliates | 58,481 | 58,109 | 58,240 | 53,849 | 52,331 | |||||||||||||||
Other | - | 8,710 | 8,710 | 8,710 | 8,710 | |||||||||||||||
Other assets, net (a) | 84,905 | 103,013 | 111,847 | 117,599 | 116,010 | |||||||||||||||
Cash and cash equivalents | 7,256 | 7,407 | 29,517 | 1,242 | 947 | |||||||||||||||
Restricted cash | 4,437 | 5,559 | 4,971 | 4,687 | 5,325 | |||||||||||||||
Total assets | $4,675,042 | $4,730,342 | $4,832,880 | $4,901,296 | $4,892,116 | |||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Notes payable | ||||||||||||||||||||
Unsecured | $2,151,492 | $2,103,187 | $2,096,285 | $2,400,027 | $2,351,006 | |||||||||||||||
Secured | 680,631 | 729,209 | 727,235 | 539,328 | 559,952 | |||||||||||||||
Accounts payable and accrued expenses | 73,250 | 82,575 | 86,668 | 77,441 | 90,779 | |||||||||||||||
Accrued real estate taxes | 19,113 | 23,600 | 40,664 | 30,664 | 17,769 | |||||||||||||||
Other liabilities (b) | 137,397 | 149,554 | 124,915 | 129,471 | 146,817 | |||||||||||||||
Distributions payable | 43,136 | 42,936 | 42,968 | 42,965 | 42,942 | |||||||||||||||
Total liabilities | 3,105,019 | 3,131,061 | 3,118,735 | 3,219,896 | 3,209,265 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Minority interests | ||||||||||||||||||||
Perpetual preferred units | 97,925 | 97,925 | 97,925 | 97,925 | 97,925 | |||||||||||||||
Shareholders' equity | ||||||||||||||||||||
Common shares of beneficial interest | 666 | 660 | 660 | 660 | 660 | |||||||||||||||
Additional paid-in capital | 2,242,940 | 2,237,703 | 2,232,436 | 2,230,119 | 2,227,256 | |||||||||||||||
Distributions in excess of net income attributable to common shareholders | (345,481 | ) | (312,309 | ) | (238,301 | ) | (272,294 | ) | (250,845 | ) | ||||||||||
Notes receivable secured by common shares | (291 | ) | (295 | ) | (298 | ) | (302 | ) | (306 | ) | ||||||||||
Treasury shares, at cost | (462,751 | ) | (463,209 | ) | (463,108 | ) | (463,574 | ) | (463,574 | ) | ||||||||||
Accumulated other comprehensive loss (c) | (48,716 | ) | (51,056 | ) | (17,423 | ) | (15,955 | ) | (34,218 | ) | ||||||||||
Total common shareholders' equity | 1,386,367 | 1,411,494 | 1,513,966 | 1,478,654 | 1,478,973 | |||||||||||||||
Noncontrolling interest | 85,731 | 89,862 | 102,254 | 104,821 | 105,953 | |||||||||||||||
Total shareholders' equity | 1,472,098 | 1,501,356 | 1,616,220 | 1,583,475 | 1,584,926 | |||||||||||||||
Total liabilities and shareholders' equity | $4,675,042 | $4,730,342 | $4,832,880 | $4,901,296 | $4,892,116 | |||||||||||||||
(a) includes: | ||||||||||||||||||||
net deferred charges of: | $10,061 | $10,505 | $11,388 | $9,434 | $10,287 | |||||||||||||||
value of in place leases of: | - | - | - | - | $62 | |||||||||||||||
(b) includes: | ||||||||||||||||||||
deferred revenues of: | $2,402 | $2,640 | $2,940 | $2,747 | $2,575 | |||||||||||||||
(above)/below market leases of: | - | - | - | - | ($6 | ) | ||||||||||||||
distributions in excess of investments in joint ventures of: | $31,318 | $30,105 | $27,977 | $26,022 | $25,065 | |||||||||||||||
fair value adjustment of derivative instruments: | $48,693 | $51,068 | $17,511 | $15,955 | $34,218 | |||||||||||||||
(c) Represents the fair value adjustment of derivative instruments and gain on post retirement obligations. |
CAMDEN | PORTFOLIO STATISTICS | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
COMMUNITY PORTFOLIO AT MARCH 31, 2009 (in apartment homes) | ||||||||||||||||||||||||||||||||||||
"Same Property" | Non-"Same Property" (a) | Wholly - Owned | Joint Venture | Stabilized Operating | Completed in Lease-up | Total Operating | Under Construction | Total | ||||||||||||||||||||||||||||
D.C. Metro (b)(c) | 4,157 | 368 | 4,525 | - | 4,525 | 1,543 | 6,068 | - | 6,068 | |||||||||||||||||||||||||||
Las Vegas, NV | 2,889 | 1,080 | 3,969 | 4,047 | 8,016 | - | 8,016 | - | 8,016 | |||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,770 | - | 1,770 | 711 | 2,481 | - | 2,481 | - | 2,481 | |||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 846 | 350 | 1,196 | - | 1,196 | - | 1,196 | - | 1,196 | |||||||||||||||||||||||||||
Tampa, FL | 4,965 | 538 | 5,503 | - | 5,503 | - | 5,503 | - | 5,503 | |||||||||||||||||||||||||||
Dallas, TX | 4,723 | 940 | 5,663 | 456 | 6,119 | - | 6,119 | - | 6,119 | |||||||||||||||||||||||||||
Houston, TX (d) | 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 | 2,704 | - | 2,704 | - | 2,704 | - | 2,704 | - | 2,704 | |||||||||||||||||||||||||||
Phoenix, AZ | 1,441 | - | 1,441 | 992 | 2,433 | - | 2,433 | - | 2,433 | |||||||||||||||||||||||||||
Austin, TX (e) | 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 | 42,670 | 6,810 | 49,480 | 11,503 | 60,983 | 2,286 | 63,269 | 1,060 | 64,329 | |||||||||||||||||||||||||||
(a) Includes two redevelopment properties (672 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) 712 units under construction in Houston, TX are held through joint venture investments, of which 253 units are fully consolidated. | ||||||||||||||||||||||||||||||||||||
(e) 348 units under construction in Austin, TX are held through a joint venture investment. | ||||||||||||||||||||||||||||||||||||
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (h) | |||||||||||||||||||||||||||||||||||
"Same Property" | Operating | Incl. JVs at | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | |||||||||||||||||||||||||||||
Communities | Communities (f) | Pro Rata % (g) | 2009 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||||||||||
D.C. Metro | 15.7 | % | 16.4 | % | 16.0 | % | 94.2 | % | 94.8 | % | 96.5 | % | 96.0 | % | 94.4 | % | ||||||||||||||||||||
Las Vegas, NV | 6.2 | % | 7.5 | % | 8.5 | % | 93.0 | % | 93.0 | % | 95.2 | % | 94.9 | % | 93.9 | % | ||||||||||||||||||||
Los Angeles/Orange County, CA | 7.6 | % | 6.3 | % | 6.6 | % | 92.3 | % | 94.2 | % | 94.4 | % | 94.7 | % | 93.5 | % | ||||||||||||||||||||
San Diego/Inland Empire, CA | 2.8 | % | 3.3 | % | 3.2 | % | 91.6 | % | 91.0 | % | 94.4 | % | 94.6 | % | 94.5 | % | ||||||||||||||||||||
Tampa, FL | 8.6 | % | 8.0 | % | 7.7 | % | 93.5 | % | 93.3 | % | 93.5 | % | 93.4 | % | 93.8 | % | ||||||||||||||||||||
Dallas, TX | 7.3 | % | 7.3 | % | 7.1 | % | 93.4 | % | 93.0 | % | 94.1 | % | 93.7 | % | 92.7 | % | ||||||||||||||||||||
Houston, TX | 5.4 | % | 9.1 | % | 9.3 | % | 95.0 | % | 95.6 | % | 95.0 | % | 95.3 | % | 95.2 | % | ||||||||||||||||||||
SE Florida | 8.5 | % | 7.2 | % | 6.8 | % | 94.5 | % | 95.1 | % | 95.8 | % | 95.4 | % | 94.3 | % | ||||||||||||||||||||
Charlotte, NC | 7.1 | % | 6.4 | % | 6.1 | % | 92.6 | % | 92.4 | % | 94.6 | % | 94.7 | % | 92.9 | % | ||||||||||||||||||||
Orlando, FL | 6.6 | % | 5.8 | % | 5.6 | % | 94.2 | % | 93.3 | % | 95.0 | % | 93.7 | % | 93.9 | % | ||||||||||||||||||||
Atlanta, GA | 6.6 | % | 5.6 | % | 5.4 | % | 92.4 | % | 93.3 | % | 94.7 | % | 94.7 | % | 93.5 | % | ||||||||||||||||||||
Denver, CO | 4.6 | % | 3.8 | % | 4.0 | % | 93.7 | % | 93.5 | % | 96.0 | % | 95.7 | % | 94.5 | % | ||||||||||||||||||||
Raleigh, NC | 5.6 | % | 4.7 | % | 4.4 | % | 94.0 | % | 92.7 | % | 95.0 | % | 94.3 | % | 94.1 | % | ||||||||||||||||||||
Phoenix, AZ | 3.0 | % | 2.5 | % | 2.7 | % | 92.7 | % | 92.0 | % | 92.4 | % | 93.1 | % | 93.2 | % | ||||||||||||||||||||
Austin, TX | 2.8 | % | 2.5 | % | 2.5 | % | 93.1 | % | 93.8 | % | 95.1 | % | 94.4 | % | 94.1 | % | ||||||||||||||||||||
Other | 1.6 | % | 3.6 | % | 4.1 | % | 94.4 | % | 94.6 | % | 95.4 | % | 95.7 | % | 94.8 | % | ||||||||||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 93.6 | % | 93.6 | % | 94.9 | % | 94.6 | % | 93.9 | % | ||||||||||||||||||||
(f) Operating communities include wholly-owned communities and completed communities in lease-up at quarter end and exclude communities sold during the quarter. | ||||||||||||||||||||||||||||||||||||
(g) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities. | ||||||||||||||||||||||||||||||||||||
(h) 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 March 31, | |||||||||||||||
Property Revenues | Homes | 2009 | 2008 | Change | ||||||||||||
"Same Property" Communities (a) | 42,670 | $131,232 | $131,842 | ($610 | ) | |||||||||||
Non-"Same Property" Communities (b) | 5,467 | 17,985 | 15,401 | 2,584 | ||||||||||||
Development and Lease-Up Communities (c) | 2,031 | 5,237 | 488 | 4,749 | ||||||||||||
Redevelopment Communities (d) | 672 | 1,383 | 1,433 | (50 | ) | |||||||||||
Dispositions / Other (e) | - | 1,195 | 2,300 | (1,105 | ) | |||||||||||
Total Property Revenues | 50,840 | $157,032 | $151,464 | $5,568 | ||||||||||||
Property Expenses | ||||||||||||||||
"Same Property" Communities (a) | 42,670 | $50,360 | $47,756 | $2,604 | ||||||||||||
Non-"Same Property" Communities (b) | 5,467 | 6,316 | 6,437 | (121 | ) | |||||||||||
Development and Lease-Up Communities (c) | 2,031 | 2,501 | 543 | 1,958 | ||||||||||||
Redevelopment Communities (d) | 672 | 679 | 675 | 4 | ||||||||||||
Dispositions / Other (e) | - | 959 | 1,049 | (90 | ) | |||||||||||
Total Property Expenses | 50,840 | $60,815 | $56,460 | $4,355 | ||||||||||||
Property Net Operating Income | ||||||||||||||||
"Same Property" Communities (a) | 42,670 | $80,872 | $84,086 | ($3,214 | ) | |||||||||||
Non-"Same Property" Communities (b) | 5,467 | 11,669 | 8,964 | 2,705 | ||||||||||||
Development and Lease-Up Communities (c) | 2,031 | 2,736 | (55 | ) | 2,791 | |||||||||||
Redevelopment Communities (d) | 672 | 704 | 758 | (54 | ) | |||||||||||
Dispositions / Other (e) | - | 236 | 1,251 | (1,015 | ) | |||||||||||
Total Property Net Operating Income | 50,840 | $96,217 | $95,004 | $1,213 | ||||||||||||
Income from Discontinued Operations(f) | Three Months Ended March 31, | ||||||||
2009 | 2008 | ||||||||
Property Revenues | $1,197 | $6,100 | |||||||
Property Expenses | 612 | 2,924 | |||||||
Property Net Operating Income | 585 | 3,176 | |||||||
Interest | - | (204 | ) | ||||||
Depreciation and Amortization | - | (1,292 | ) | ||||||
Gain on sale of discontinued operations | - | 6,127 | |||||||
Income from Discontinued Operations | $585 | $7,807 | |||||||
Notes: | |||||
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, 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, 2008, or redeveloped prior to January 1, 2009, 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, 2008, excluding properties held for sale and Redevelopment Communities. | ||||
(d) | Redevelopment Communities are communities redeveloped by the Company after January 1, 2009, 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. | ||||
(f) | Represents operating results for communities disposed of during 2008 and held for sale at March 31, 2009, of which Camden has, or expects to have, no continuing involvement. |
CAMDEN | "SAME PROPERTY" | |||||||||||||||||||||||||||||||||||
FIRST QUARTER COMPARISONS | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 1Q09 | 1Q08 | Growth | 1Q09 | 1Q08 | Growth | 1Q09 | 1Q08 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $18,362 | $18,298 | 0.3 | % | $5,649 | $5,057 | 11.7 | % | $12,713 | $13,241 | (4.0 | %) | ||||||||||||||||||||||||
Las Vegas, NV | 7,670 | 7,896 | (2.9 | %) | 2,666 | 2,618 | 1.8 | % | 5,004 | 5,278 | (5.2 | %) | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 8,739 | 8,960 | (2.5 | %) | 2,622 | 2,527 | 3.8 | % | 6,117 | 6,433 | (4.9 | %) | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 3,794 | 3,960 | (4.2 | %) | 1,518 | 1,421 | 6.8 | % | 2,276 | 2,539 | (10.4 | %) | ||||||||||||||||||||||||
Tampa, FL | 12,864 | 12,813 | 0.4 | % | 5,936 | 5,606 | 5.9 | % | 6,928 | 7,207 | (3.9 | %) | ||||||||||||||||||||||||
Dallas, TX | 11,162 | 10,818 | 3.2 | % | 5,252 | 5,025 | 4.5 | % | 5,910 | 5,793 | 2.0 | % | ||||||||||||||||||||||||
Houston, TX | 7,518 | 7,276 | 3.3 | % | 3,144 | 2,980 | 5.5 | % | 4,374 | 4,296 | 1.8 | % | ||||||||||||||||||||||||
SE Florida | 11,275 | 11,506 | (2.0 | %) | 4,401 | 4,273 | 3.0 | % | 6,874 | 7,233 | (5.0 | %) | ||||||||||||||||||||||||
Charlotte, NC | 9,248 | 9,499 | (2.6 | %) | 3,477 | 3,398 | 2.3 | % | 5,771 | 6,101 | (5.4 | %) | ||||||||||||||||||||||||
Orlando, FL | 8,932 | 9,094 | (1.8 | %) | 3,585 | 3,388 | 5.8 | % | 5,347 | 5,706 | (6.3 | %) | ||||||||||||||||||||||||
Atlanta, GA | 8,995 | 8,993 | 0.0 | % | 3,632 | 3,354 | 8.3 | % | 5,363 | 5,639 | (4.9 | %) | ||||||||||||||||||||||||
Denver, CO | 5,344 | 5,296 | 0.9 | % | 1,637 | 1,579 | 3.7 | % | 3,707 | 3,717 | (0.3 | %) | ||||||||||||||||||||||||
Raleigh, NC | 6,940 | 7,003 | (0.9 | %) | 2,451 | 2,437 | 0.6 | % | 4,489 | 4,566 | (1.7 | %) | ||||||||||||||||||||||||
Phoenix, AZ | 3,969 | 4,042 | (1.8 | %) | 1,551 | 1,378 | 12.6 | % | 2,418 | 2,664 | (9.2 | %) | ||||||||||||||||||||||||
Austin, TX | 4,288 | 4,315 | (0.6 | %) | 2,042 | 1,954 | 4.5 | % | 2,246 | 2,361 | (4.9 | %) | ||||||||||||||||||||||||
Other | 2,132 | 2,073 | 2.8 | % | 797 | 761 | 4.7 | % | 1,335 | 1,312 | 1.8 | % | ||||||||||||||||||||||||
Total Same Property | $131,232 | $131,842 | (0.5 | %) | $50,360 | $47,756 | 5.5 | % | $80,872 | $84,086 | (3.8 | %) | ||||||||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 1Q09 | 1Q08 | Change | 1Q09 | 1Q08 | Change | ||||||||||||||||||||||||||||
D.C. Metro | 4,157 | 15.7 | % | 94.5 | % | 94.4 | % | 0.1 | % | $1,418 | $1,436 | (1.2 | %) | |||||||||||||||||||||||
Las Vegas, NV | 2,889 | 6.2 | % | 93.3 | % | 93.6 | % | (0.3 | %) | 836 | 869 | (3.8 | %) | |||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,770 | 7.6 | % | 92.4 | % | 93.7 | % | (1.3 | %) | 1,620 | 1,659 | (2.4 | %) | |||||||||||||||||||||||
San Diego/Inland Empire, CA | 846 | 2.8 | % | 91.8 | % | 94.5 | % | (2.7 | %) | 1,504 | 1,528 | (1.6 | %) | |||||||||||||||||||||||
Tampa, FL | 4,965 | 8.6 | % | 93.6 | % | 93.8 | % | (0.2 | %) | 776 | 809 | (4.1 | %) | |||||||||||||||||||||||
Dallas, TX | 4,723 | 7.3 | % | 93.4 | % | 92.1 | % | 1.3 | % | 718 | 717 | 0.1 | % | |||||||||||||||||||||||
Houston, TX | 2,679 | 5.4 | % | 95.5 | % | 95.1 | % | 0.4 | % | 882 | 851 | 3.6 | % | |||||||||||||||||||||||
SE Florida | 2,520 | 8.5 | % | 94.5 | % | 94.3 | % | 0.2 | % | 1,405 | 1,473 | (4.6 | %) | |||||||||||||||||||||||
Charlotte, NC | 3,286 | 7.1 | % | 92.5 | % | 92.9 | % | (0.4 | %) | 876 | 926 | (5.4 | %) | |||||||||||||||||||||||
Orlando, FL | 3,296 | 6.6 | % | 94.2 | % | 93.9 | % | 0.3 | % | 848 | 891 | (4.8 | %) | |||||||||||||||||||||||
Atlanta, GA | 3,202 | 6.6 | % | 92.4 | % | 93.5 | % | (1.1 | %) | 877 | 910 | (3.6 | %) | |||||||||||||||||||||||
Denver, CO | 1,851 | 4.6 | % | 93.7 | % | 94.4 | % | (0.7 | %) | 903 | 898 | 0.5 | % | |||||||||||||||||||||||
Raleigh, NC | 2,704 | 5.6 | % | 94.0 | % | 94.1 | % | (0.1 | %) | 763 | 792 | (3.7 | %) | |||||||||||||||||||||||
Phoenix, AZ | 1,441 | 3.0 | % | 92.9 | % | 93.0 | % | (0.1 | %) | 840 | 920 | (8.7 | %) | |||||||||||||||||||||||
Austin, TX | 1,645 | 2.8 | % | 93.0 | % | 94.0 | % | (1.0 | %) | 800 | 809 | (1.1 | %) | |||||||||||||||||||||||
Other | 696 | 1.6 | % | 94.8 | % | 93.3 | % | 1.5 | % | 965 | 962 | 0.3 | % | |||||||||||||||||||||||
Total Same Property | 42,670 | 100.0 | % | 93.6 | % | 93.7 | % | (0.1 | %) | $961 | $987 | (2.6 | %) | |||||||||||||||||||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and communities under redevelopment since January 1, 2008. | ||||||||||||||||||||||||||||||||||||
(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 | "SAME PROPERTY" | |||||||||||||||||||||||||||||||||||
SEQUENTIAL QUARTER COMPARISONS | ||||||||||||||||||||||||||||||||||||
March 31, 2009 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 1Q09 | 4Q08 | Growth | 1Q09 | 4Q08 | Growth | 1Q09 | 4Q08 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $18,362 | $18,512 | (0.8 | %) | $5,649 | $5,476 | 3.2 | % | $12,713 | $13,036 | (2.5 | %) | ||||||||||||||||||||||||
Las Vegas, NV | 7,670 | 7,896 | (2.9 | %) | 2,666 | 2,736 | (2.6 | %) | 5,004 | 5,160 | (3.0 | %) | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 8,739 | 8,977 | (2.7 | %) | 2,622 | 2,744 | (4.4 | %) | 6,117 | 6,233 | (1.9 | %) | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 3,794 | 3,877 | (2.1 | %) | 1,518 | 1,521 | (0.2 | %) | 2,276 | 2,356 | (3.4 | %) | ||||||||||||||||||||||||
Tampa, FL | 12,864 | 12,803 | 0.5 | % | 5,936 | 5,988 | (0.9 | %) | 6,928 | 6,815 | 1.7 | % | ||||||||||||||||||||||||
Dallas, TX | 11,162 | 11,195 | (0.3 | %) | 5,252 | 5,077 | 3.4 | % | 5,910 | 6,118 | (3.4 | %) | ||||||||||||||||||||||||
Houston, TX | 7,518 | 7,573 | (0.7 | %) | 3,144 | 3,020 | 4.1 | % | 4,374 | 4,553 | (3.9 | %) | ||||||||||||||||||||||||
SE Florida | 11,275 | 11,390 | (1.0 | %) | 4,401 | 4,515 | (2.5 | %) | 6,874 | 6,875 | 0.0 | % | ||||||||||||||||||||||||
Charlotte, NC | 9,248 | 9,472 | (2.4 | %) | 3,477 | 3,344 | 4.0 | % | 5,771 | 6,128 | (5.8 | %) | ||||||||||||||||||||||||
Orlando, FL | 8,932 | 8,840 | 1.0 | % | 3,585 | 3,658 | (2.0 | %) | 5,347 | 5,182 | 3.2 | % | ||||||||||||||||||||||||
Atlanta, GA | 8,995 | 9,164 | (1.8 | %) | 3,632 | 3,602 | 0.8 | % | 5,363 | 5,562 | (3.6 | %) | ||||||||||||||||||||||||
Denver, CO | 5,344 | 5,437 | (1.7 | %) | 1,637 | 1,680 | (2.6 | %) | 3,707 | 3,757 | (1.3 | %) | ||||||||||||||||||||||||
Raleigh, NC | 6,940 | 6,962 | (0.3 | %) | 2,451 | 2,216 | 10.6 | % | 4,489 | 4,746 | (5.4 | %) | ||||||||||||||||||||||||
Phoenix, AZ | 3,969 | 4,055 | (2.1 | %) | 1,551 | 1,477 | 5.0 | % | 2,418 | 2,578 | (6.2 | %) | ||||||||||||||||||||||||
Austin, TX | 4,288 | 4,376 | (2.0 | %) | 2,042 | 2,083 | (2.0 | %) | 2,246 | 2,293 | (2.0 | %) | ||||||||||||||||||||||||
Other | 2,132 | 2,169 | (1.7 | %) | 797 | 766 | 4.0 | % | 1,335 | 1,403 | (4.8 | %) | ||||||||||||||||||||||||
Total Same Property | $131,232 | $132,698 | (1.1 | %) | $50,360 | $49,903 | 0.9 | % | $80,872 | $82,795 | (2.3 | %) | ||||||||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 1Q09 | 4Q08 | Change | 1Q09 | 4Q08 | Change | ||||||||||||||||||||||||||||
D.C. Metro | 4,157 | 15.7 | % | 94.5 | % | 95.1 | % | (0.6 | %) | $1,418 | $1,430 | (0.8 | %) | |||||||||||||||||||||||
Las Vegas, NV | 2,889 | 6.2 | % | 93.3 | % | 93.4 | % | (0.1 | %) | 836 | 852 | (1.8 | %) | |||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,770 | 7.6 | % | 92.4 | % | 94.8 | % | (2.4 | %) | 1,620 | 1,649 | (1.8 | %) | |||||||||||||||||||||||
San Diego/Inland Empire, CA | 846 | 2.8 | % | 91.8 | % | 91.5 | % | 0.3 | % | 1,504 | 1,538 | (2.2 | %) | |||||||||||||||||||||||
Tampa, FL | 4,965 | 8.6 | % | 93.6 | % | 93.3 | % | 0.3 | % | 776 | 780 | (0.5 | %) | |||||||||||||||||||||||
Dallas, TX | 4,723 | 7.3 | % | 93.4 | % | 93.0 | % | 0.4 | % | 718 | 726 | (1.1 | %) | |||||||||||||||||||||||
Houston, TX | 2,679 | 5.4 | % | 95.5 | % | 95.6 | % | (0.1 | %) | 882 | 881 | 0.2 | % | |||||||||||||||||||||||
SE Florida | 2,520 | 8.5 | % | 94.5 | % | 95.1 | % | (0.6 | %) | 1,405 | 1,440 | (2.4 | %) | |||||||||||||||||||||||
Charlotte, NC | 3,286 | 7.1 | % | 92.5 | % | 92.3 | % | 0.2 | % | 876 | 903 | (3.0 | %) | |||||||||||||||||||||||
Orlando, FL | 3,296 | 6.6 | % | 94.2 | % | 93.3 | % | 0.9 | % | 848 | 865 | (1.9 | %) | |||||||||||||||||||||||
Atlanta, GA | 3,202 | 6.6 | % | 92.4 | % | 93.3 | % | (0.9 | %) | 877 | 898 | (2.3 | %) | |||||||||||||||||||||||
Denver, CO | 1,851 | 4.6 | % | 93.7 | % | 93.6 | % | 0.1 | % | 903 | 921 | (2.0 | %) | |||||||||||||||||||||||
Raleigh, NC | 2,704 | 5.6 | % | 94.0 | % | 92.7 | % | 1.3 | % | 763 | 782 | (2.5 | %) | |||||||||||||||||||||||
Phoenix, AZ | 1,441 | 3.0 | % | 92.9 | % | 93.1 | % | (0.2 | %) | 840 | 856 | (1.9 | %) | |||||||||||||||||||||||
Austin, TX | 1,645 | 2.8 | % | 93.0 | % | 94.1 | % | (1.1 | %) | 800 | 814 | (1.7 | %) | |||||||||||||||||||||||
Other | 696 | 1.6 | % | 94.8 | % | 94.6 | % | 0.2 | % | 965 | 972 | (0.8 | %) | |||||||||||||||||||||||
Total Same Property | 42,670 | 100.0 | % | 93.6 | % | 93.7 | % | (0.1 | %) | $961 | $977 | (1.6 | %) | |||||||||||||||||||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and communities under redevelopment since January 1, 2008. | ||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
OPERATING DATA (a) | 2009 | 2008 | ||||||||||||||||||
Property Revenues | ||||||||||||||||||||
Rental revenues | $6,495 | $5,568 | ||||||||||||||||||
Other property revenues | 947 | 710 | ||||||||||||||||||
Total property revenues | 7,442 | 6,278 | ||||||||||||||||||
Property Expenses | ||||||||||||||||||||
Property operating and maintenance | 2,065 | 1,860 | ||||||||||||||||||
Real estate taxes | 868 | 620 | ||||||||||||||||||
Total property expenses | 2,933 | 2,480 | ||||||||||||||||||
Net Operating Income (NOI) | 4,509 | 3,798 | ||||||||||||||||||
Other expenses | ||||||||||||||||||||
Interest | 2,111 | 2,146 | ||||||||||||||||||
Depreciation and amortization | 1,937 | 1,559 | ||||||||||||||||||
Other | 53 | 140 | ||||||||||||||||||
Total other expenses | 4,101 | 3,845 | ||||||||||||||||||
Equity in income (loss) of joint ventures | $408 | ($47 | ) | |||||||||||||||||
Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
2009 | 2008 | 2008 | 2008 | 2008 | ||||||||||||||||
BALANCE SHEET DATA (b) | ||||||||||||||||||||
Land | $209,453 | $217,730 | $213,838 | $199,649 | $172,174 | |||||||||||||||
Buildings and improvements | 1,050,523 | 1,030,486 | 1,016,545 | 966,068 | 885,952 | |||||||||||||||
1,259,976 | 1,248,216 | 1,230,383 | 1,165,717 | 1,058,126 | ||||||||||||||||
Accumulated depreciation | (155,928 | ) | (145,828 | ) | (135,850 | ) | (126,122 | ) | (117,069 | ) | ||||||||||
Real estate assets, net | 1,104,048 | 1,102,388 | 1,094,533 | 1,039,595 | 941,057 | |||||||||||||||
Properties under development and land | 82,106 | 81,719 | 81,139 | 74,702 | 151,352 | |||||||||||||||
Cash and other assets, net | 26,305 | 26,629 | 34,820 | 40,248 | 24,424 | |||||||||||||||
Total assets | 1,212,459 | 1,210,736 | 1,210,492 | 1,154,545 | 1,116,833 | |||||||||||||||
Notes payable | 996,356 | 984,200 | 967,930 | 918,377 | 897,178 | |||||||||||||||
Notes payable due to Camden | 57,645 | 56,928 | 56,748 | 52,405 | 51,086 | |||||||||||||||
Other liabilities | 21,647 | 24,578 | 27,716 | 20,067 | 17,327 | |||||||||||||||
Total liabilities | 1,075,648 | 1,065,706 | 1,052,394 | 990,849 | 965,591 | |||||||||||||||
Members' equity | 136,811 | 145,030 | 158,098 | 163,696 | 151,242 | |||||||||||||||
Total liabilities and members' equity | $1,212,459 | $1,210,736 | $1,210,492 | $1,154,545 | $1,116,833 | |||||||||||||||
Camden's equity investment | $15,158 | $15,106 | $15,663 | $14,773 | $12,526 | |||||||||||||||
Distributions in excess of investment in joint ventures | ($31,318 | ) | ($30,105 | ) | ($27,977 | ) | ($26,022 | ) | ($25,065 | ) | ||||||||||
Camden's pro-rata share of debt (c) | $239,377 | $236,407 | $231,417 | $220,436 | $211,128 | |||||||||||||||
PROPERTY DATA (end of period) | ||||||||||||||||||||
Total operating properties | 40 | 40 | 40 | 37 | 37 | |||||||||||||||
Total operating apartment homes | 12,011 | 12,011 | 12,011 | 10,960 | 10,960 | |||||||||||||||
Pro rata share of operating apartment homes | 2,443 | 2,443 | 2,443 | 2,153 | 2,153 | |||||||||||||||
Total development properties | 3 | 3 | 4 | 5 | 5 | |||||||||||||||
Total development apartment homes | 807 | 807 | 1,126 | 1,605 | 1,605 | |||||||||||||||
Pro rata share of development apartment homes | 207 | 207 | 303 | 447 | 447 | |||||||||||||||
(a) Operating data represents Camden's pro-rata share of revenues and expenses. | ||||||||||||||||||||
(b) Balance sheet and property data reported at 100%. | ||||||||||||||||||||
(c) Excludes Camden's pro-rata share of notes payable due to Camden. |
CAMDEN | CURRENT DEVELOPMENT PIPELINE | ||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||
DEVELOPMENT PIPELINE AS OF MARCH 31, 2009 ($ in millions) | |||||||||||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||||||||||
Total | Total | Construction | Initial | Construction | Stabilized | As of 4/26/09 | |||||||||||||||||||||||||||||||||||||
Completed Communities | Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||||||||||||
1. | Camden Potomac Yard | 378 | $104.6 | 1Q05 | 3Q07 | 2Q08 | 4Q09 | 87% | 75% | ||||||||||||||||||||||||||||||||||
Arlington, VA | |||||||||||||||||||||||||||||||||||||||||||
2. | Camden Summerfield | 291 | 62.6 | 2Q06 | 4Q07 | 2Q08 | 4Q09 | 86% | 84% | ||||||||||||||||||||||||||||||||||
Landover, MD | |||||||||||||||||||||||||||||||||||||||||||
3. | Camden Orange Court | 261 | 45.5 | 2Q06 | 1Q08 | 2Q08 | 3Q09 | 73% | 69% | ||||||||||||||||||||||||||||||||||
Orlando, FL | |||||||||||||||||||||||||||||||||||||||||||
4. | Camden Cedar Hills | 208 | 23.6 | 2Q07 | 2Q08 | 4Q08 | 2Q09 | 95% | 89% | ||||||||||||||||||||||||||||||||||
Austin, TX | |||||||||||||||||||||||||||||||||||||||||||
5. | Camden Whispering Oaks | 274 | 27.4 | 3Q07 | 2Q08 | 4Q08 | 3Q09 | 87% | 83% | ||||||||||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||||||||
6. | Camden Dulles Station | 366 | 72.2 | 1Q06 | 2Q08 | 1Q09 | 3Q10 | 57% | 56% | ||||||||||||||||||||||||||||||||||
Oak Hill, VA | |||||||||||||||||||||||||||||||||||||||||||
Total Completed Communities | 1,778 | $335.9 | 80% | 75% | |||||||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||||||||||
Total | Total | Cost | Amount | Construction | Initial | Construction | Stabilized | ||||||||||||||||||||||||||||||||||||
Development Communities | Homes | Budget | to Date | in CIP | Start | Occupancy | Completion | Operations | |||||||||||||||||||||||||||||||||||
UNDER CONSTRUCTION | |||||||||||||||||||||||||||||||||||||||||||
7. | Camden Travis Street (a) | 253 | $39.0 | $13.1 | $13.1 | 3Q08 | 4Q09 | 1Q10 | 3Q10 | ||||||||||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||||||||
Total Development Communities | 253 | $39.0 | $13.1 | $13.1 | |||||||||||||||||||||||||||||||||||||||
Additional land (b) | 245.1 | ||||||||||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $258.2 | ||||||||||||||||||||||||||||||||||||||||||
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions) | |||||||||||||||||||||||||||||||||||||||||||
Total Cost | 1Q09 NOI | ||||||||||||||||||||||||||||||||||||||||||
Completed Communities in lease-up | $335.9 | $2.7 | |||||||||||||||||||||||||||||||||||||||||
Development Communities | 13.1 | 0.0 | |||||||||||||||||||||||||||||||||||||||||
Total Development NOI Contribution | $349.0 | $2.7 | |||||||||||||||||||||||||||||||||||||||||
(a) Camden Travis Street, formerly known as Camden Sutherland, is owned in a fully consolidated joint venture, of which Camden retains a 25% ownership. | |||||||||||||||||||||||||||||||||||||||||||
(b) Please refer to the development pipeline and land summary on page 17. | |||||||||||||||||||||||||||||||||||||||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. |
CAMDEN | JOINT VENTURE DEVELOPMENT PIPELINE | |||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
JOINT VENTURE DEVELOPMENT PIPELINE AS OF MARCH 31, 2009 ($ in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||||||||||||||||
Joint Venture Camden Developed Communities | Total | Total | Construction | Initial | Construction | Stabilized | As of 4/26/09 | |||||||||||||||||||||||||||||||||||||||
Completed | Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||||||||||||
1. | Camden College Park | 508 | $127.9 | 3Q06 | 4Q07 | 3Q08 | 1Q10 | 76% | 73% | |||||||||||||||||||||||||||||||||||||
College Park, MD | ||||||||||||||||||||||||||||||||||||||||||||||
Total Joint Venture Camden Developed | ||||||||||||||||||||||||||||||||||||||||||||||
Communities Completed | 508 | $127.9 | ||||||||||||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||||||||||||||||
Joint Venture Camden Developed Communities | Total | Total | Cost | Amount | Construction | Initial | Construction | Stabilized | As of 4/26/09 | |||||||||||||||||||||||||||||||||||||
Under Construction | Homes | Budget | to Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||||||||||
1. | Camden Amber Oaks | 348 | $40.0 | $33.9 | $5.8 | 4Q07 | 4Q08 | 2Q09 | 1Q10 | 39% | 32% | |||||||||||||||||||||||||||||||||||
Austin, TX | ||||||||||||||||||||||||||||||||||||||||||||||
Total Joint Venture Camden Developed | ||||||||||||||||||||||||||||||||||||||||||||||
Communities Under Construction | 348 | $40.0 | $33.9 | $5.8 | ||||||||||||||||||||||||||||||||||||||||||
Camden | ||||||||||||||||||||||||||||||||||||||||||||||
Cash | Camden | Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||||||||||||||
Joint Venture Third Party Developed | Total | Total | Cost | Equity | Mezzanine | Construction | Initial | Construction | Stabilized | As of 4/26/09 | ||||||||||||||||||||||||||||||||||||
Communities Under Construction | Homes | Budget | to Date | Invested | Invested | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||||||||||||
1. | Braeswood Place | 340 | $48.6 | $46.8 | $1.4 | $8.5 | 1Q07 | 1Q09 | 2Q09 | 2Q10 | 25% | 11% | ||||||||||||||||||||||||||||||||||
Houston, TX | ||||||||||||||||||||||||||||||||||||||||||||||
2. | Belle Meade | 119 | 33.2 | 25.0 | 1.0 | 5.7 | 4Q07 | 3Q09 | 4Q09 | 1Q10 | ||||||||||||||||||||||||||||||||||||
Houston, TX | ||||||||||||||||||||||||||||||||||||||||||||||
Total Joint Venture Third Party Developed | ||||||||||||||||||||||||||||||||||||||||||||||
Communities | 459 | $81.8 | $71.8 | $2.4 | $14.2 | |||||||||||||||||||||||||||||||||||||||||
Camden | ||||||||||||||||||||||||||||||||||||||||||||||
Cash | Camden | |||||||||||||||||||||||||||||||||||||||||||||
Joint Venture Third Party Developed Pipeline | Total | Cost | Equity | Mezzanine | ||||||||||||||||||||||||||||||||||||||||||
Communities | Acres | to Date | Invested | Invested | ||||||||||||||||||||||||||||||||||||||||||
1. | Lakes at 610 | 6.1 | $6.7 | $1.1 | $2.8 | |||||||||||||||||||||||||||||||||||||||||
Houston, TX | ||||||||||||||||||||||||||||||||||||||||||||||
2. | Town Lake | 25.9 | 38.9 | 9.0 | - | |||||||||||||||||||||||||||||||||||||||||
Austin, TX | �� | |||||||||||||||||||||||||||||||||||||||||||||
Total Joint Venture Third Party Developed | ||||||||||||||||||||||||||||||||||||||||||||||
Pipeline Communities | 32.0 | $45.6 | $10.1 | $2.8 | ||||||||||||||||||||||||||||||||||||||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. |
CAMDEN | DEVELOPMENT PIPELINE, LAND | ||||||||||
& LAND HELD FOR SALE | |||||||||||
(Unaudited) | |||||||||||
DEVELOPMENT PIPELINE AND LAND AS OF MARCH 31, 2009 ($ in millions) | |||||||||||
Projected | |||||||||||
PIPELINE COMMUNITIES (a) | Homes | Cost to Date | |||||||||
1. | Camden South Capitol | 276 | $27.8 | ||||||||
Washington, DC | |||||||||||
2. | Camden Lake Nona | 432 | 22.7 | ||||||||
Orlando, FL | |||||||||||
3. | Camden Noma I | 313 | 25.5 | ||||||||
Washington, DC | |||||||||||
4. | Camden Deer Springs | 428 | 20.5 | ||||||||
Las Vegas, NV | |||||||||||
5. | Camden North Lamar | 290 | 8.5 | ||||||||
Austin, TX | |||||||||||
6. | Camden McGowen Station | 237 | 11.1 | ||||||||
Houston, TX | |||||||||||
7. | Camden Summerfield II | 187 | 19.0 | ||||||||
Landover, MD | |||||||||||
8. | Camden City Centre II | 239 | 8.1 | ||||||||
Houston, TX | |||||||||||
9. | Camden Amber Oaks II | 244 | 4.4 | ||||||||
Austin, TX | |||||||||||
10. | Camden Andrau | 601 | 9.2 | ||||||||
Houston, TX | |||||||||||
11. | Camden Countryway | 348 | 16.5 | ||||||||
Tampa, FL | |||||||||||
12. | Camden Celebration | 438 | 15.6 | ||||||||
Orlando, FL | |||||||||||
Development Pipeline | 4,033 | $188.9 | |||||||||
Other (b) | $56.2 | ||||||||||
Total Development Pipeline and Land | $245.1 | ||||||||||
Current | |||||||||||
LAND HELD FOR SALE AS OF MARCH 31, 2009 ($ 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 | $9.2 | |||||||||
(a) Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community. | |||||||||||
(b) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments. | |||||||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. |
CAMDEN | REDEVELOPMENT SUMMARY | ||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
REDEVELOPMENT SUMMARY AS OF MARCH 31, 2009 ($ in millions) | |||||||||||||||||||||||||||||||||||
Homes | Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||||
Total | Redeveloped | Total | Cost | Redevelopment | Redevelopment | Project | 1Q09 Average | ||||||||||||||||||||||||||||
Communities Under Redevelopment | Homes | To Date | Budget | to Date | Start | Completion | Restabilization | % Occupied | |||||||||||||||||||||||||||
1. | Camden Foxcroft | 156 | 153 | $ | 1.4 | $ | 1.4 | 4Q07 | 2Q09 | 3Q09 | 89% | ||||||||||||||||||||||||
Charlotte, NC | |||||||||||||||||||||||||||||||||||
2. | Camden Valley Park | 516 | 259 | 5.5 | 2.6 | 2Q08 | 1Q10 | 2Q10 | 84% | ||||||||||||||||||||||||||
Irving, TX | |||||||||||||||||||||||||||||||||||
Total Communities Under Redevelopment | 672 | 412 | $ | 6.9 | $ | 4.0 | 85% | ||||||||||||||||||||||||||||
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 MARCH 31, 2009 ($ in thousands) | ||||||||||||||
03/31/09 | 03/31/09 | 12/31/08 | ||||||||||||
Total | Note | Note | ||||||||||||
Location | Current Property Type | Current Status | Homes | Balance | Balance | |||||||||
Irvine, CA | Multifamily | Stable | 290 | $22,736 | $22,616 | |||||||||
Houston, TX | Multifamily | Stable/Development/Predevelopment | 1,049 | 26,231 | 34,791 | |||||||||
College Park, MD | Multifamily | Completed in Lease-Up | 508 | 9,514 | 9,412 | |||||||||
Total Notes Receivable: | 1,847 | $58,481 | $66,819 | |||||||||||
Weighted Average Interest Rate Recognized: | 5.7 | % | 7.0 | % |
CAMDEN | DEBT ANALYSIS | |||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
DEBT MATURITIES AS OF MARCH 31, 2009: | ||||||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||||||
Secured | Unsecured | Percent | Interest Rate on | |||||||||||||||||||||
Year | Amortization | Maturities | Maturities | Total | of Total | Maturing Debt | ||||||||||||||||||
2009 | $4,909 | $0 | $81,867 | $86,776 | 3.1 | % | 4.7 | % | ||||||||||||||||
2010 | 6,932 | 48,340 | 247,481 | 302,753 | 10.7 | % | 5.2 | % | ||||||||||||||||
2011 | 4,176 | 91,671 | 185,000 | 280,847 | 9.9 | % | 6.3 | % | ||||||||||||||||
2012 | 2,692 | 69,541 | 700,000 | 772,233 | 27.3 | % | 5.4 | % | ||||||||||||||||
2013 | 1,386 | 25,831 | 200,000 | 227,217 | 8.0 | % | 5.4 | % | ||||||||||||||||
Thereafter | 35,721 | 388,827 | 496,750 | 921,298 | 32.5 | % | 4.7 | % | ||||||||||||||||
Total Maturing Debt | $55,816 | $624,209 | $1,911,098 | $2,591,123 | 91.5 | % | 5.2 | % | ||||||||||||||||
Unsecured Line of Credit | 0 | 0 | 241,000 | 241,000 | 8.5 | % | 1.4 | % | ||||||||||||||||
Total Debt | $55,816 | $624,209 | $2,152,098 | $2,832,123 | 100.0 | % | 4.9 | % | ||||||||||||||||
Weighted Average Maturity of Debt | 4.6 Years | |||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Floating rate debt | $462,055 | 16.3 | % | 1.7 | % | 6.2 Years | ||||||||||||||||||
Fixed rate debt | 2,370,068 | 83.7 | % | 5.5 | % | 4.3 Years | ||||||||||||||||||
Total | $2,832,123 | 100.0 | % | 4.9 | % | 4.6 Years | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Unsecured debt | $2,151,492 | 76.0 | % | 5.1 | % | 3.7 Years | ||||||||||||||||||
Secured debt | 680,631 | 24.0 | % | 4.2 | % | 7.5 Years | ||||||||||||||||||
Total | $2,832,123 | 100.0 | % | 4.9 | % | 4.6 Years | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Conventional fixed-rate mortgage debt (a) | $459,576 | 67.5 | % | 5.2 | % | 5.7 Years | ||||||||||||||||||
Conventional variable-rate mortgage debt (a) | 178,735 | 26.3 | % | 2.1 | % | 9.1 Years | ||||||||||||||||||
Tax exempt variable rate debt | 42,320 | 6.2 | % | 1.8 | % | 19.2 Years | ||||||||||||||||||
Total | $680,631 | 100.0 | % | 4.2 | % | 7.5 Years | ||||||||||||||||||
REAL ESTATE ASSETS: (b) | Total Homes | % of Total | Total Cost | % of Total | ||||||||||||||||||||
Unencumbered real estate assets | 41,473 | 80.5 | % | $4,401,516 | 79.9 | % | ||||||||||||||||||
Encumbered real estate assets | 10,038 | 19.5 | % | 1,104,303 | 20.1 | % | ||||||||||||||||||
Total | 51,511 | 100.0 | % | $5,505,819 | 100.0 | % | ||||||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is 2.0 times | ||||||||||||||||||||||||
(a) Mortgage debt includes a construction loan for Camden Travis Street with a $10.0MM balance at 3/31/09, of which $5.7MM was fixed utilizing an interest rate swap. | ||||||||||||||||||||||||
(b) Real estate assets include communities under development and exclude communities held through unconsolidated joint ventures. |
CAMDEN | PRO FORMA DEBT MATURITY ANALYSIS | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
DEBT MATURITIES PRO FORMA FOR SECURED LOAN & BOND REPURCHASES TO INCLUDE TRANSACTIONS COMPLETED | ||||||||||||||||||||||
AFTER MARCH 31, 2009: | ||||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||||
Secured | Unsecured | Interest Rate on | ||||||||||||||||||||
Year | Amortization | Maturities | Maturities | Total | Maturing Debt | |||||||||||||||||
2009 | $4,945 | $0 | $81,867 | $86,812 | 4.7 | % | ||||||||||||||||
2010 | 6,978 | 48,339 | 137,571 | 192,888 | 5.4 | % | ||||||||||||||||
2011 | 4,186 | 91,671 | 125,441 | 221,298 | 5.9 | % | ||||||||||||||||
2012 | 2,697 | 69,541 | 689,667 | 761,905 | 5.4 | % | ||||||||||||||||
2013 | 1,386 | 25,831 | 200,000 | 227,217 | 5.4 | % | ||||||||||||||||
Thereafter | 35,721 | 808,827 | 496,750 | 1,341,298 | 4.8 | % | ||||||||||||||||
Total Maturing Debt | $55,913 | $1,044,209 | $1,731,296 | $2,831,418 | 5.1 | % | ||||||||||||||||
Unsecured Line of Credit | 0 | 0 | 0 | 0 | 0.0 | % | ||||||||||||||||
Total Debt | $55,913 | $1,044,209 | $1,731,296 | $2,831,418 | 5.1 | % | ||||||||||||||||
Weighted Average Maturity of Debt | 5.9 Years | |||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||||
Secured | Unsecured | Interest Rate on | ||||||||||||||||||||
Quarter | Amortization | Maturities | Maturities | Total | Maturing Debt | |||||||||||||||||
2Q 2009 | $1,233 | $0 | $0 | $1,233 | N/A | |||||||||||||||||
3Q 2009 | 1,831 | 0 | 81,867 | 83,698 | 4.7 | % | ||||||||||||||||
4Q 2009 | 1,881 | 0 | 0 | 1,881 | N/A | |||||||||||||||||
2009 | $4,945 | $0 | $81,867 | $86,812 | 4.7 | % | ||||||||||||||||
1Q 2010 | $1,931 | $0 | $55,270 | $57,201 | 4.4 | % | ||||||||||||||||
2Q 2010 | 1,906 | 0 | 0 | 1,906 | N/A | |||||||||||||||||
3Q 2010 | 1,619 | 48,339 | 82,301 | 132,259 | 5.8 | % | ||||||||||||||||
4Q 2010 | 1,522 | 0 | 0 | 1,522 | N/A | |||||||||||||||||
2010 | $6,978 | $48,339 | $137,571 | $192,888 | 5.4 | % |
CAMDEN | DEBT COVENANT ANALYSIS | |||||||
(Unaudited) | ||||||||
UNSECURED LINE OF CREDIT | ||||||||
Covenant (a) | Required | Actual (b) | Compliance | |||||
Total Consolidated Debt to Gross Asset Value | < | 60% | 51% | Yes | ||||
Secured Debt to Gross Asset Value | < | 40% | 12% | Yes | ||||
Consolidated EBITDA to Total Fixed Charges | > | 150% | 217% | Yes | ||||
Unencumbered Adjusted NOI to Unsecured Interest Expense | > | 200% | 254% | 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% | 12% | Yes | ||||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 209% | Yes | ||||
Consolidated Income Available for Debt Service to Total | > | 150% | 246% | 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 | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |||||||||||||||||||
DEBT ANALYSIS | ||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF MARCH 31, 2009: | ||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||
Secured | Percent | Interest Rate on | ||||||||||||||||||
Year (a) | Amortization | Maturities | Total | of Total | Maturing Debt | |||||||||||||||
2009 | $195 | $33,847 | $34,042 | 14.2 | % | 1.9 | % | |||||||||||||
2010 | 277 | 65,324 | 65,601 | 27.4 | % | 1.8 | % | |||||||||||||
2011 | 320 | 4,637 | 4,957 | 2.1 | % | 2.1 | % | |||||||||||||
2012 | 358 | 111,275 | 111,633 | 46.6 | % | 5.1 | % | |||||||||||||
2013 | 438 | 0 | 438 | 0.2 | % | N/A | ||||||||||||||
Thereafter | 4,681 | 17,910 | 22,591 | 9.4 | % | 3.9 | % | |||||||||||||
Total Maturing Debt | $6,269 | $232,993 | $239,262 | 100.0 | % | 3.6 | % | |||||||||||||
Subscription line of credit (b) | 0 | 115 | 115 | 0.0 | % | 1.7 | % | |||||||||||||
Total Debt | $6,269 | $233,108 | $239,377 | 100.0 | % | 3.6 | % | |||||||||||||
Weighted Average Maturity of Debt (a) | 2.8 Years | |||||||||||||||||||
Total Recourse Exposure (c) | $74,153 | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity (a) | ||||||||||||||||
Floating rate debt | $118,482 | 49.5 | % | 1.8 | % | 2.1 Years | ||||||||||||||
Fixed rate debt | 120,895 | 50.5 | % | 5.3 | % | 3.5 Years | ||||||||||||||
Total | $239,377 | 100.0 | % | 3.6 | % | 2.8 Years | ||||||||||||||
Weighted Average | ||||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity (a) | ||||||||||||||||
Conventional fixed-rate mortgage debt | $120,895 | 50.5 | % | 5.3 | % | 3.5 Years | ||||||||||||||
Conventional variable-rate mortgage debt | 9,980 | 4.2 | % | 1.9 | % | 5.2 Years | ||||||||||||||
Tax exempt variable rate debt | 4,579 | 1.9 | % | 1.0 | % | 23.0 Years | ||||||||||||||
Variable-rate construction loans (d) | 103,808 | 43.4 | % | 1.8 | % | 0.9 Years | ||||||||||||||
Subscription line of credit | 115 | 0.0 | % | 1.7 | % | 1.4 Years | ||||||||||||||
Total | $239,377 | 100.0 | % | 3.6 | % | 2.8 Years | ||||||||||||||
REAL ESTATE ASSETS: (e) | Total Homes | Total Cost | ||||||||||||||||||
Operating real estate assets | 12,011 | $1,190,693 | ||||||||||||||||||
Development real estate assets | 807 | 151,389 | ||||||||||||||||||
Total | 12,818 | $1,342,082 | ||||||||||||||||||
(a) Excluding extension options. | ||||||||||||||||||||
(b) As of March 31, 2009 these borrowings are drawn under a subscription secured line of credit with $15.0M in total capacity. Camden has a 20% ownership interest in the borrowing entity. | ||||||||||||||||||||
(c) Represents Camden's potential liability under joint venture construction loan guarantees as of March 31, 2009. | ||||||||||||||||||||
(d) Excludes Camden's pro-rata share of Notes Payable due to Camden. | ||||||||||||||||||||
(e) Balance sheet and property data reported at 100%. |
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |||||||||||||||||
DEBT MATURITY ANALYSIS | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2009 and 2010: (a) | ||||||||||||||||||
Weighted Average | ||||||||||||||||||
Future Scheduled Repayments | Interest Rate on | |||||||||||||||||
Quarter | Amortization | Secured Maturities | Total | Maturing Debt | ||||||||||||||
2Q 2009 | $63 | $24,759 | $24,822 | 2.0% | ||||||||||||||
3Q 2009 | 65 | 0 | 65 | N/A | ||||||||||||||
4Q 2009 | 67 | 9,088 | 9,155 | 1.5% | ||||||||||||||
2009 | $195 | $33,847 | $34,042 | 1.9% | ||||||||||||||
1Q 2010 | $70 | $13,545 | $13,615 | 2.4% | ||||||||||||||
2Q 2010 | 67 | 19,180 | 19,247 | 1.8% | ||||||||||||||
3Q 2010 | 68 | 32,714 | 32,782 | 1.6% | ||||||||||||||
4Q 2010 | 72 | 0 | 72 | N/A | ||||||||||||||
2010 | $277 | $65,439 | $65,716 | 1.8% | ||||||||||||||
(a) 3Q 2010 maturities include a subscription secured line of credit with $115M (Camden's 20% pro-rata share) oustanding as of March 31, 2009. The line of credit has $15.0M in total capacity. |
CAMDEN | CAPITALIZED EXPENDITURES | |||||||||||||||||||
& MAINTENANCE EXPENSE | ||||||||||||||||||||
(In thousands, except unit data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
First Quarter 2009 (a) | ||||||||||||||||||||
Capitalized | Expensed | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
Item | Useful Life (b) | Total | Per Unit | Total | Per Unit | |||||||||||||||
Interiors | ||||||||||||||||||||
Floor coverings | 5.4 years | $1,896 | $37 | $661 | $13 | |||||||||||||||
Appliances | 9.1 years | 402 | 8 | 140 | 3 | |||||||||||||||
Painting | - | - | - | 1,199 | 24 | |||||||||||||||
Cabinetry/Countertops | 10.0 years | 184 | 4 | - | - | |||||||||||||||
Other | 9.1 years | 684 | 13 | 333 | 7 | |||||||||||||||
Exteriors | ||||||||||||||||||||
Painting | 5.0 years | 30 | 1 | - | - | |||||||||||||||
Carpentry | 10.0 years | 139 | 3 | - | - | |||||||||||||||
Landscaping | 5.6 years | 183 | 4 | 2,495 | 49 | |||||||||||||||
Roofing | 20.0 years | 157 | 3 | 37 | 1 | |||||||||||||||
Site Drainage | 10.0 years | 31 | 1 | - | - | |||||||||||||||
Fencing/Stair | 10.0 years | 84 | 2 | - | - | |||||||||||||||
Other (c) | 7.7 years | 599 | 12 | 2,167 | 43 | |||||||||||||||
Common Areas | ||||||||||||||||||||
Mech., Elec., Plumbing | 9.5 years | 510 | 10 | 625 | 12 | |||||||||||||||
Parking/Paving | 5.0 years | 26 | 1 | - | - | |||||||||||||||
Pool/Exercise/Facility | 7.2 years | 492 | 10 | 196 | 4 | |||||||||||||||
$5,417 | $107 | $7,853 | $155 | |||||||||||||||||
Weighted Average Apartment Homes | 50,688 | 50,688 | ||||||||||||||||||
(a) Includes discontinued operations. Capitalized expenditures for discontinued operations were $42 for the three months | ||||||||||||||||||||
ended March 31, 2009. Maintenance expenses for discontinued operations were $92 for the same period. | ||||||||||||||||||||
(b) Weighted average useful life of capitalized expenses for the three months ended March 31, 2009. | ||||||||||||||||||||
(c) Includes in part the following items: site/building repair, masonry/plaster, and general conditions. |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||||||||||
DEFINITIONS & RECONCILIATIONS | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's | ||||||||||||||||
definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP | ||||||||||||||||
financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating | ||||||||||||||||
activities as a measure of our liquidity. | ||||||||||||||||
FFO | ||||||||||||||||
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance | ||||||||||||||||
with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, | ||||||||||||||||
and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities, | ||||||||||||||||
including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating | ||||||||||||||||
performance because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating | ||||||||||||||||
performance of a company's real estate between periods or as compared to different companies. A reconciliation of net income to FFO is provided below: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2009 | 2008 | |||||||||||||||
Net income attributable to common shareholders | $6,234 | $14,915 | ||||||||||||||
Real estate depreciation and amortization from continuing operations | 43,010 | 40,653 | ||||||||||||||
Real estate depreciation from discontinued operations | - | 1,285 | ||||||||||||||
Adjustments for unconsolidated joint ventures | 1,916 | 1,539 | ||||||||||||||
Income allocated to noncontrolling interest | 421 | 1,156 | ||||||||||||||
(Gain) loss on sale of operating properties, net of taxes | - | (1,106 | ) | |||||||||||||
(Gain) loss on sale of discontinued operations | - | (6,112 | ) | |||||||||||||
Funds from operations - diluted | $51,581 | $52,330 | ||||||||||||||
Weighted average number of common and | ||||||||||||||||
common equivalent shares outstanding: | ||||||||||||||||
EPS diluted | 56,047 | 55,625 | ||||||||||||||
FFO diluted | 58,471 | 58,544 | ||||||||||||||
Net income attributable to common shareholders - diluted | $0.11 | $0.27 | ||||||||||||||
FFO per common share - diluted | $0.88 | $0.89 | ||||||||||||||
Expected FFO | ||||||||||||||||
Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating | ||||||||||||||||
performance when compared to expected net income (EPS). A reconciliation of the ranges provided for expected net income per diluted share to expected | ||||||||||||||||
FFO per diluted share is provided below: | ||||||||||||||||
2Q09 Range | 2009 Range | |||||||||||||||
Low | High | Low | High | |||||||||||||
Expected net income attributable to common shareholders per share - diluted | $0.05 | $0.09 | $0.12 | $0.37 | ||||||||||||
Expected real estate depreciation | 0.73 | 0.73 | 2.92 | 2.92 | ||||||||||||
Expected adjustments for unconsolidated joint ventures | 0.04 | 0.04 | 0.14 | 0.14 | ||||||||||||
Expected income allocated to noncontrolling interest | 0.00 | 0.00 | 0.02 | 0.02 | ||||||||||||
Expected FFO per share - diluted | $0.82 | $0.86 | $3.20 | $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 | ||||||||
March 31, | ||||||||
2009 | 2008 | |||||||
Net income attributable to common shareholders | $6,234 | $14,915 | ||||||
Fee and asset management income | (2,031 | ) | (2,412 | ) | ||||
Interest and other income | (735 | ) | (1,333 | ) | ||||
Income (loss) on deferred compensation plans | 4,152 | 8,541 | ||||||
Property management expense | 4,929 | 4,900 | ||||||
Fee and asset management expense | 1,135 | 1,725 | ||||||
General and administrative expense | 8,232 | 7,960 | ||||||
Interest expense | 32,245 | 32,573 | ||||||
Depreciation and amortization | 43,980 | 41,516 | ||||||
Amortization of deferred financing costs | 817 | 734 | ||||||
Expense (benefit) on deferred compensation plans | (4,152 | ) | (8,541 | ) | ||||
Gain on sale of properties, including land | - | (1,106 | ) | |||||
Gain on early retirement of debt | (166 | ) | - | |||||
Equity in income (loss) of joint ventures | (408 | ) | 47 | |||||
Distributions on perpetual preferred units | 1,750 | 1,750 | ||||||
Net income allocated to noncontrolling interest | 521 | 1,269 | ||||||
Income tax expense - current | 299 | 273 | ||||||
Income from discontinued operations | (585 | ) | (1,680 | ) | ||||
Gain on sale of discontinued operations | - | (6,127 | ) | |||||
Net Operating Income (NOI) | $96,217 | $95,004 | ||||||
"Same Property" Communities | $80,872 | $84,086 | ||||||
Non-"Same Property" Communities | 11,669 | 8,964 | ||||||
Development and Lease-Up Communities | 2,736 | (55 | ) | |||||
Redevelopment Communities | 704 | 758 | ||||||
Dispositions / Other | 236 | 1,251 | ||||||
Net Operating Income (NOI) | $96,217 | $95,004 | ||||||
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 net income allocated to noncontrolling interest. The Company | ||||||||
considers EBITDA to be an appropriate supplemental measure of operating performance to net income because it represents income before non-cash | ||||||||
depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income to EBITDA is provided below: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2009 | 2008 | |||||||
Net income attributable to common shareholders | $6,234 | $14,915 | ||||||
Interest expense | 32,245 | 32,777 | ||||||
Amortization of deferred financing costs | 817 | 734 | ||||||
Depreciation and amortization | 43,980 | 41,516 | ||||||
Distributions on perpetual preferred units | 1,750 | 1,750 | ||||||
Net income allocated to noncontrolling interest | 521 | 1,269 | ||||||
Income tax expense - current | 299 | 273 | ||||||
Real estate depreciation and amortization from discontinued operations | - | 1,292 | ||||||
Gain on sale of properties, including land | - | (1,106 | ) | |||||
Gain on early retirement of debt | (166 | ) | - | |||||
Equity in income (loss) of joint ventures | (408 | ) | 47 | |||||
Gain on sale of discontinued operations | - | (6,127 | ) | |||||
EBITDA | $85,272 | $87,340 |
CAMDEN | OTHER DATA | ||||||||||
(Unaudited) | |||||||||||
Stock Symbol: | CPT | ||||||||||
Exchange Traded: | NYSE | ||||||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | |||||||||
Standard & Poors | BBB | Stable | |||||||||
Moody's | Baa1 | Stable | |||||||||
Estimated Future Dates: | Q2 '09 | Q3 '09 | Q4 '09 | Q1 '10 | |||||||
Earnings release & conference call | Early Aug | Late Oct | Early Feb | Early May | |||||||
Dividend Information - Common Shares: | Q1 '08 | ||||||||||
Declaration Date | 03/16/09 | ||||||||||
Record Date | 03/31/09 | ||||||||||
Payment Date | 04/17/09 | ||||||||||
Distributions Per Share | $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 3/31/09 | |||||||||||
(Unaudited) | 1Q09 Avg | ||||||||||
Year Placed | Average | Apartment | 1Q09 Avg | Monthly Rental Rates | |||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | |||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 92% | $795 | $1.01 | |||
Camden Fountain Palms (1) | Peoria | AZ | 1986/1996 | 1,050 | 192 | 90% | 733 | 0.70 | |||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 94% | 914 | 0.86 | |||
Camden Pecos Ranch (1) | Chandler | AZ | 2001 | 924 | 272 | 93% | 789 | 0.85 | |||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 94% | 975 | 0.94 | |||
Camden Sierra (1) | Peoria | AZ | 1997 | 925 | 288 | 92% | 711 | 0.77 | |||
Camden Towne Center (1) | Glendale | AZ | 1998 | 871 | 240 | 93% | 738 | 0.85 | |||
Camden Vista Valley | Mesa | AZ | 1986 | 923 | 357 | 92% | 669 | 0.73 | |||
TOTAL ARIZONA | 8 | Properties | 951 | 2,433 | 93% | 800 | 0.84 | ||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 93% | 1,616 | 1.60 | |||
Camden Harbor View | Long Beach | CA | 2004 | 975 | 538 | 94% | 1,973 | 2.02 | |||
Camden Main and Jamboree (1) | Irvine | CA | 2008 | 1,011 | 290 | 90% | 1,782 | 1.76 | |||
Camden Martinique | Costa Mesa | CA | 1986 | 794 | 714 | 91% | 1,374 | 1.73 | |||
Camden Parkside (1) | Fullerton | CA | 1972 | 836 | 421 | 92% | 1,275 | 1.52 | |||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 93% | 1,522 | 1.71 | |||
Total Los Angeles/Orange County | 6 | Properties | 904 | 2,481 | 92% | 1,580 | 1.75 | ||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 91% | 1,552 | 1.50 | |||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 94% | 1,536 | 1.60 | |||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 92% | 1,890 | 2.11 | |||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 89% | 1,217 | 1.16 | |||
Total San Diego/Inland Empire | 4 | Properties | 995 | 1,196 | 92% | 1,518 | 1.52 | ||||
TOTAL CALIFORNIA | 10 | Properties | 934 | 3,677 | 92% | 1,560 | 1.67 | ||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 95% | 910 | 0.98 | |||
Camden Centennial | Littleton | CO | 1985 | 744 | 276 | 93% | 694 | 0.93 | |||
Camden Denver West (1) | Golden | CO | 1997 | 1,015 | 320 | 94% | 1,048 | 1.03 | |||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 93% | 1,080 | 0.94 | |||
Camden Interlocken | Broomfield | CO | 1999 | 1,022 | 340 | 95% | 1,040 | 1.02 | |||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 92% | 908 | 0.97 | |||
Camden Pinnacle | Westminster | CO | 1985 | 748 | 224 | 93% | 661 | 0.88 | |||
TOTAL COLORADO | 7 | Properties | 949 | 2,171 | 94% | 924 | 0.97 | ||||
Camden Ashburn Farms | Ashburn | VA | 2000 | 1,062 | 162 | 96% | 1,315 | 1.24 | |||
Camden Clearbrook | Frederick | MD | 2007 | 1,048 | 297 | 97% | 1,217 | 1.16 | |||
Camden College Park (1) (2) | College Park | MD | 2008 | 942 | 508 | Lease-up | 1,713 | 1.82 | |||
Camden Dulles Station (2) | Oak Hill | VA | 2009 | 984 | 366 | Lease-up | 1,569 | 1.59 | |||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 94% | 1,461 | 1.38 | |||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 488 | 93% | 1,511 | 1.62 | |||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 98% | 1,509 | 1.52 | |||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 96% | 2,180 | 3.23 | |||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 94% | 1,259 | 1.25 | |||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 89% | 1,560 | 1.52 | |||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 92% | 1,386 | 1.62 | |||
Camden Potomac Yard (2) | Arlington | VA | 2008 | 835 | 378 | Lease-up | 1,908 | 2.29 | |||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 98% | 2,232 | 2.61 | |||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 94% | 1,328 | 1.34 | |||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 95% | 1,213 | 1.24 | |||
Camden Summerfield (2) | Landover | MD | 2008 | 957 | 291 | Lease-up | 1,638 | 1.71 | |||
Camden Westwind | Ashburn | VA | 2006 | 1,036 | 464 | 94% | 1,232 | 1.19 | |||
TOTAL DC METRO | 17 | Properties | 969 | 6,068 | 94% | 1,491 | 1.54 | ||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 94% | 1,357 | 1.22 | |||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 93% | 1,403 | 1.50 | |||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 97% | 1,462 | 1.31 | |||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 97% | 1,555 | 1.24 | |||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 94% | 1,601 | 1.54 | |||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 94% | 1,265 | 1.05 | |||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 95% | 1,273 | 1.14 | |||
Total Southeast Florida | 7 | Properties | 1,103 | 2,520 | 94% | 1,405 | 1.27 | ||||
Camden Club | Longwood | FL | 1986 | 1,077 | 436 | 95% | 855 | 0.79 | |||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 95% | 983 | 0.91 | |||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 95% | 899 | 0.94 | |||
Camden Landings | Orlando | FL | 1983 | 748 | 220 | 95% | 689 | 0.92 | |||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 94% | 862 | 0.92 | |||
Camden Orange Court (2) | Orlando | FL | 2008 | 812 | 261 | Lease-up | 1,238 | 1.54 | |||
Camden Renaissance | Altamonte Springs | FL | 1996/1998 | 899 | 578 | 94% | 807 | 0.90 | |||
Camden Reserve | Orlando | FL | 1990/1991 | 824 | 526 | 94% | 748 | 0.91 | |||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 92% | 965 | 0.99 | |||
Total Orlando | 9 | Properties | 928 | 3,557 | 94% | 877 | 0.95 | ||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 94% | 848 | 0.90 | |||
Camden Bay Pointe | Tampa | FL | 1984 | 771 | 368 | 94% | 687 | 0.89 | |||
Camden Bayside | Tampa | FL | 1987/1989 | 748 | 832 | 95% | 718 | 0.96 | |||
Camden Citrus Park | Tampa | FL | 1985 | 704 | 247 | 93% | 664 | 0.94 | |||
Camden Lakes | St. Petersburg | FL | 1982/1983 | 732 | 688 | 92% | 678 | 0.93 | |||
Camden Lakeside | Brandon | FL | 1986 | 729 | 228 | 93% | 719 | 0.99 | |||
Camden Live Oaks | Tampa | FL | 1990 | 1,093 | 770 | 95% | 762 | 0.70 | |||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 95% | 1,030 | 1.09 | |||
Camden Providence Lakes | Brandon | FL | 1996 | 1,024 | 260 | 93% | 871 | 0.85 | |||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 91% | 940 | 0.92 | |||
Camden Westshore | Tampa | FL | 1986 | 728 | 278 | 94% | 798 | 1.10 | |||
Camden Woods | Tampa | FL | 1986 | 1,223 | 444 | 90% | 809 | 0.66 | |||
Total Tampa/St. Petersburg | 12 | Properties | 897 | 5,503 | 94% | 781 | 0.87 | ||||
TOTAL FLORIDA | 28 | Properties | 951 | 11,580 | 94% | 946 | 0.99 | ||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 93% | 968 | 1.06 | |||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 93% | 894 | 0.89 | |||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 91% | 906 | 0.76 | |||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 92% | 1,006 | 1.08 | |||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 94% | 857 | 0.84 | |||
Camden River | Duluth | GA | 1997 | 1,103 | 352 | 91% | 851 | 0.77 | |||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 91% | 832 | 0.73 | |||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 93% | 936 | 0.94 | |||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 91% | 757 | 0.75 | |||
Camden Sweetwater | Lawrenceville | GA | 2000 | 1,151 | 308 | 94% | 749 | 0.65 | |||
TOTAL GEORGIA | 10 | Properties | 1,042 | 3,202 | 92% | 877 | 0.84 | ||||
Camden Brookside (1) | Louisville | KY | 1987 | 732 | 224 | 95% | 633 | 0.86 | |||
Camden Meadows (1) | Louisville | KY | 1987/1990 | 746 | 400 | 93% | 663 | 0.89 | |||
Camden Oxmoor (1) | Louisville | KY | 2000 | 903 | 432 | 95% | 788 | 0.87 | |||
Camden Prospect Park (1) | Louisville | KY | 1990 | 916 | 138 | 94% | 747 | 0.82 | |||
TOTAL KENTUCKY | 4 | Properties | 820 | 1,194 | 94% | 712 | 0.87 | ||||
Camden Passage (1) | Kansas City | MO | 1989/1997 | 834 | 596 | 95% | 688 | 0.83 | |||
Total Kansas City | 1 | Property | 834 | 596 | 95% | 688 | 0.83 | ||||
Camden Cedar Lakes (1) | Lake St. Louis | MO | 1986 | 852 | 420 | 92% | 616 | 0.72 | |||
Camden Cove West (1) | Creve Coeur | MO | 1990 | 828 | 276 | 94% | 840 | 1.02 | |||
Camden Cross Creek (1) | St. Louis | MO | 1973/1980 | 947 | 591 | 96% | 747 | 0.79 | |||
Camden Westchase (1) | St. Louis | MO | 1986 | 945 | 160 | 95% | 842 | 0.89 | |||
Total St. Louis | 4 | Properties | 896 | 1,447 | 94% | 737 | 0.82 | ||||
TOTAL MISSOURI | 5 | Properties | 878 | 2,043 | 94% | 723 | 0.82 | ||||
Camden Bel Air | Las Vegas | NV | 1988/1995 | 943 | 528 | 94% | 850 | 0.90 | |||
Camden Breeze | Las Vegas | NV | 1989 | 846 | 320 | 95% | 824 | 0.97 | |||
Camden Canyon | Las Vegas | NV | 1995 | 987 | 200 | 97% | 954 | 0.97 | |||
Camden Commons | Henderson | NV | 1988 | 936 | 376 | 92% | 873 | 0.93 | |||
Camden Cove | Las Vegas | NV | 1990 | 898 | 124 | 93% | 839 | 0.93 | |||
Camden Del Mar | Las Vegas | NV | 1995 | 986 | 560 | 93% | 1,008 | 1.02 | |||
Camden Fairways | Henderson | NV | 1989 | 896 | 320 | 95% | 979 | 1.09 | |||
Camden Hills | Las Vegas | NV | 1991 | 439 | 184 | 94% | 609 | 1.39 | |||
Camden Legends | Henderson | NV | 1994 | 792 | 113 | 93% | 876 | 1.11 | |||
Camden Palisades | Las Vegas | NV | 1991 | 905 | 624 | 93% | 860 | 0.95 | |||
Camden Pines (1) | Las Vegas | NV | 1997 | 982 | 315 | 95% | 922 | 0.94 | |||
Camden Pointe | Las Vegas | NV | 1996 | 983 | 252 | 94% | 878 | 0.89 | |||
Camden Summit (1) | Henderson | NV | 1995 | 1,187 | 234 | 96% | 1,205 | 1.01 | |||
Camden Tiara (1) | Las Vegas | NV | 1996 | 1,043 | 400 | 93% | 972 | 0.93 | |||
Camden Vintage | Las Vegas | NV | 1994 | 978 | 368 | 93% | 821 | 0.84 | |||
Oasis Bay (1) | Las Vegas | NV | 1990 | 876 | 128 | 93% | 881 | 1.01 | |||
Oasis Crossing (1) | Las Vegas | NV | 1996 | 983 | 72 | 94% | 867 | 0.88 | |||
Oasis Emerald (1) | Las Vegas | NV | 1988 | 873 | 132 | 93% | 757 | 0.87 | |||
Oasis Gateway (1) | Las Vegas | NV | 1997 | 1,146 | 360 | 93% | 918 | 0.80 | |||
Oasis Island (1) | Las Vegas | NV | 1990 | 901 | 118 | 94% | 714 | 0.79 | |||
Oasis Landing (1) | Las Vegas | NV | 1990 | 938 | 144 | 94% | 794 | 0.85 | |||
Oasis Meadows (1) | Las Vegas | NV | 1996 | 1,031 | 383 | 91% | 848 | 0.82 | |||
Oasis Palms (1) | Las Vegas | NV | 1989 | 880 | 208 | 93% | 798 | 0.91 | |||
Oasis Pearl (1) | Las Vegas | NV | 1989 | 930 | 90 | 97% | 789 | 0.85 | |||
Oasis Place (1) | Las Vegas | NV | 1992 | 440 | 240 | 93% | 587 | 1.34 | |||
Oasis Ridge (1) | Las Vegas | NV | 1984 | 391 | 477 | 87% | 532 | 1.36 | |||
Oasis Sierra (1) | Las Vegas | NV | 1998 | 923 | 208 | 94% | 903 | 0.98 | |||
Oasis Springs (1) | Las Vegas | NV | 1988 | 838 | 304 | 92% | 734 | 0.88 | |||
Oasis Vinings (1) | Las Vegas | NV | 1994 | 1,152 | 234 | 94% | 849 | 0.74 | |||
TOTAL NEVADA | 29 | Properties | 903 | 8,016 | 93% | 850 | 0.94 | ||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,045 | 400 | 92% | 838 | 0.80 | |||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 95% | 1,213 | 1.34 | |||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 94% | 1,170 | 1.37 | |||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 95% | 809 | 0.78 | |||
Camden Forest | Charlotte | NC | 1989 | 703 | 208 | 91% | 605 | 0.86 | |||
Camden Foxcroft (3) | Charlotte | NC | 1979 | 940 | 156 | 88% | 752 | 0.80 | |||
Camden Grandview | Charlotte | NC | 2000 | 1,057 | 266 | 94% | 1,309 | 1.24 | |||
Camden Habersham | Charlotte | NC | 1986 | 773 | 240 | 93% | 637 | 0.82 | |||
Camden Park Commons | Charlotte | NC | 1997 | 861 | 232 | 93% | 670 | 0.78 | |||
Camden Pinehurst | Charlotte | NC | 1967 | 1,147 | 407 | 93% | 756 | 0.66 | |||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 93% | 781 | 0.80 | |||
Camden Simsbury | Charlotte | NC | 1985 | 874 | 100 | 91% | 750 | 0.86 | |||
Camden South End Square | Charlotte | NC | 2003 | 882 | 299 | 91% | 1,065 | 1.21 | |||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 91% | 899 | 0.82 | |||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 95% | 744 | 0.83 | |||
Total Charlotte | 15 | Properties | 961 | 3,574 | 93% | 866 | 0.90 | ||||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 93% | 748 | 0.74 | |||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 90% | 802 | 0.77 | |||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 95% | 765 | 0.72 | |||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 94% | 805 | 0.83 | |||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 95% | 853 | 0.80 | |||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 93% | 651 | 0.67 | |||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 96% | 742 | 0.72 | |||
Total Raleigh | 7 | Properties | 1,017 | 2,704 | 94% | 763 | 0.75 | ||||
TOTAL NORTH CAROLINA | 22 | Properties | 985 | 6,278 | 93% | 821 | 0.83 | ||||
Camden Valleybrook | Chadds Ford | PA | 2002 | 992 | 352 | 94% | 1,261 | 1.27 | |||
TOTAL PENNSYLVANIA | 1 | Property | 992 | 352 | 94% | 1,261 | 1.27 | ||||
Camden Cedar Hills (2) | Austin | TX | 2008 | 911 | 208 | Lease-up | 935 | 1.03 | |||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 91% | 960 | 1.00 | |||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 94% | 749 | 0.83 | |||
Camden Laurel Ridge | Austin | TX | 1986 | 702 | 183 | 91% | 612 | 0.87 | |||
Camden Ridgecrest | Austin | TX | 1995 | 855 | 284 | 94% | 690 | 0.81 | |||
Camden South Congress (1) | Austin | TX | 2001 | 975 | 253 | 93% | 1,331 | 1.37 | |||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 94% | 861 | 0.95 | |||
Total Austin | 7 | Properties | 899 | 2,106 | 93% | 877 | 0.98 | ||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 95% | 881 | 1.02 | |||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 96% | 662 | 0.85 | |||
Camden Miramar (4) | Corpus Christi | TX | 1994-2004 | 482 | 778 | 98% | 870 | 1.81 | |||
Total Corpus Christi | 3 | Properties | 632 | 1,410 | 95% | 821 | 1.30 | ||||
Camden Addison (1) | Addison | TX | 1996 | 942 | 456 | 93% | 831 | 0.88 | |||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 94% | 799 | 0.87 | |||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 93% | 777 | 0.85 | |||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 95% | 797 | 1.03 | |||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 94% | 905 | 0.97 | |||
Camden Gardens | Dallas | TX | 1983 | 652 | 256 | 93% | 562 | 0.86 | |||
Camden Glen Lakes | Dallas | TX | 1979 | 877 | 424 | 95% | 783 | 0.89 | |||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 97% | 816 | 0.98 | |||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 93% | 850 | 0.98 | |||
Camden Oasis | Euless | TX | 1986 | 548 | 602 | 89% | 520 | 0.95 | |||
Camden Springs | Dallas | TX | 1987 | 713 | 304 | 94% | 574 | 0.80 | |||
Camden Valley Creek | Irving | TX | 1984 | 855 | 380 | 93% | 670 | 0.78 | |||
Camden Valley Park (3) | Irving | TX | 1986 | 743 | 516 | 84% | 689 | 0.93 | |||
Camden Valley Ridge | Irving | TX | 1987 | 773 | 408 | 94% | 594 | 0.77 | |||
Camden Westview | Lewisville | TX | 1983 | 697 | 335 | 93% | 623 | 0.89 | |||
Total Dallas/Ft. Worth | 15 | Properties | 808 | 6,119 | 93% | 729 | 0.90 | ||||
Camden Baytown | Baytown | TX | 1999 | 844 | 272 | 94% | 899 | 1.07 | |||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 94% | 1,394 | 1.50 | |||
Camden Creek | Houston | TX | 1984 | 639 | 456 | 94% | 593 | 0.93 | |||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96% | 1,034 | 1.20 | |||
Camden Holly Springs (1) | Houston | TX | 1999 | 934 | 548 | 93% | 894 | 0.96 | |||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 98% | 1,207 | 1.43 | |||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 94% | 835 | 0.96 | |||
Camden Park (1) | Houston | TX | 1995 | 866 | 288 | 98% | 793 | 0.92 | |||
Camden Plaza (1) | Houston | TX | 2007 | 915 | 271 | 92% | 1,336 | 1.46 | |||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 91% | 1,063 | 1.15 | |||
Camden Steeplechase | Houston | TX | 1982 | 748 | 290 | 96% | 629 | 0.84 | |||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 98% | 850 | 1.00 | |||
Camden Sugar Grove (1) | Stafford | TX | 1997 | 921 | 380 | 95% | 863 | 0.94 | |||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 96% | 1,146 | 1.33 | |||
Camden West Oaks (5) | Houston | TX | 1982 | 726 | 671 | 94% | 577 | 0.80 | |||
Camden Whispering Oaks (2) | Houston | TX | 2008 | 934 | 274 | Lease-up | 1,017 | 1.09 | |||
Total Houston | 16 | Properties | 847 | 6,620 | 95% | 943 | 1.11 | ||||
TOTAL TEXAS | 41 | Properties | 821 | 16,255 | 94% | 843 | 1.03 | ||||
TOTAL PROPERTIES | 182 | Properties | 915 | 63,269 | 94% | $963 | $1.05 |
(1) | Communities owned through investment in joint venture. |
(2) | Completed communities in lease-up as of March 31, 2009 are excluded from total occupancy numbers. |
(3) | Communities under redevelopment during 1Q09 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 March 31, 2009. |