SECOND QUARTER 2009 OPERATING RESULTS
Houston, TEXAS (July 30, 2009) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and six months ended June 30, 2009.
“We are pleased to report that Camden’s second quarter operating results were better than expected,” said Richard J. Campo, Chairman and Chief Executive Officer. “Funds from operations (“FFO”) for the second quarter totaled $0.78 per diluted share, excluding a $0.06 per diluted share non-recurring charge related to early retirement of secured debt which was not included in prior guidance. We are also pleased to announce that we are maintaining the midpoint of both our FFO and same-property net operating income (“NOI”) guidance.”
Funds From Operations
FFO for the second quarter of 2009 totaled $0.72 per diluted share or $46.6 million, as compared to $0.94 per diluted share or $54.9 million for the same period in 2008. FFO for the six months ended June 30, 2009 totaled $1.60 per diluted share or $98.2 million, as compared to $1.83 per diluted share or $107.2 million for the same period in 2008. FFO for the three and six months ended June 30, 2009 included a $0.06 per diluted share impact from losses related to early retirement of secured debt, partially offset by a $0.02 per share impact from gains related to early retirement of unsecured debt which was included in prior guidance. FFO for the three and six months ended June 30, 2008 included a $0.04 per diluted share impact from gains related to early retirement of debt.
Net Income Attributable to Common Shareholders (“EPS”)
The Company reported net income attributable to common shareholders (“EPS”) of $18.3 million or $0.30 per diluted share for the second quarter of 2009, as compared to $17.3 million or $0.31 per diluted share for the same period in 2008. EPS for the three months ended June 30, 2009 included a $0.27 per diluted share impact from gain on sale of discontinued operations, and a $0.04 per diluted share impact from losses related to early retirement of debt. EPS for the three months ended June 30, 2008 included a $0.15 per diluted share impact from gain on sale of discontinued operations, and a $0.04 per diluted share impact from gains related to early retirement of debt.
For the six months ended June 30, 2009, net income attributable to common shareholders totaled $24.5 million or $0.41 per diluted share, as compared to $32.2 million or $0.57 per diluted share for the same period in 2008. EPS for the six months ended June 30, 2009 included a $0.29 per diluted share impact from gain on sale of discontinued operations, and a $0.04 per diluted share impact from losses related to early retirement of debt. EPS for the six months ended June 30, 2008 included a $0.28 per diluted share impact from gain on sale of properties including discontinued operations, and a $0.04 per diluted share impact from gains related to early retirement of debt.
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, second quarter 2009 same-property NOI declined 7.7% compared to the second quarter of 2008, with revenues declining 2.3% and expenses increasing 7.1%. On a sequential basis, second quarter 2009 same-property NOI declined 2.4% compared to the first quarter of 2009, with revenues declining 0.1% and expenses increasing 3.8% compared to the prior quarter. On a year-to-date basis, 2009 same-property NOI declined 5.8%, with revenues declining 1.4% and expenses increasing 6.3% compared to the same period in 2008. Same-property physical occupancy levels for the portfolio averaged 94.2% during the second quarter of 2009, compared to 94.6% in the second quarter of 2008 and 93.6% in the first quarter of 2009.
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 second quarter, the Company completed lease-up on Camden Cedar Hill in Austin, TX. As of June 30, 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 five wholly-owned apartment communities completed and in lease-up: Camden Potomac Yard in Arlington, VA, a $104.8 million project that is currently 84% leased; Camden Summerfield in Landover, MD, a $62.6 million project that is currently 93% leased; Camden Orange Court in Orlando, FL, a $45.5 million project that is currently 81% leased; Camden Whispering Oaks in Houston, TX, a $27.4 million project that is currently 92% leased; and Camden Dulles Station in Oak Hill, VA, a $72.2 million project that is currently 67% leased. The Company also had two joint venture communities which were completed and in lease-up: Camden College Park in College Park, MD, a $127.9 million project that is currently 84% leased; and Camden Amber Oaks in Austin, TX, a $35.0 million project that is currently 62% leased.
The Company has one joint venture community currently under construction and in lease-up: Braeswood Place in Houston, TX, a $48.6 million joint venture project that is currently 43% 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 later in 2009.
Disposition Activity
On June 30, 2009, the Company disposed of Camden West Oaks, a 671-home apartment community in Houston, TX for a total of $28.7 million, resulting in a gain on sale of $16.9 million.
Equity Offering
During the second quarter, Camden completed a public offering of 10,350,000 common shares at a price of $27.50 per share. The Company received approximately $272.1 million in net proceeds from the offering after deducting the underwriting discount and expenses of the offering.
Debt Repurchases & Retirements
During the quarter, Camden repurchased a total of $182.3 million of senior unsecured notes, resulting in a $1.1 million gain on early retirement of debt. On June 30, 2009, the Company prepaid $135.3 million of secured mortgage debt originally scheduled to mature in 2010 and 2011, resulting in a $3.8 million loss on early retirement of debt. Subsequent to quarter-end, the Company retired $81.9 million of senior unsecured notes. Camden has no remaining debt maturities in 2009 and $137.6 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 $2.91 to $3.05 per diluted share, and full-year 2009 EPS is expected to be $0.42 to $0.56 per diluted share. The Company’s previous FFO guidance was $2.87 to $3.09 per diluted share. Third quarter 2009 earnings guidance is $0.67 to $0.73 per diluted share for FFO and $0.02 to $0.08 per diluted share for EPS. Camden intends to update its earnings guidance to the market on a quarterly basis.
The Company’s 2009 earnings guidance continues to be based on projections of same-property NOI declines between 4.5% and 7.5%. Same-property revenue is now expected to decline between 2.0% and 3.5%, compared to a prior estimated decline between 0.5% and 2.5%. Same-property expense growth is projected between 2.5% and 4.0%, compared to a prior range of 5.0% to 6.25%. 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, July 31, 2009 at 11:00 a.m. Central Time to review its second 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: 9120864, 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.
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 62,946 apartment homes across the United States. Upon completion of three properties under development, the Company’s portfolio will increase to 63,658 apartment homes in 185 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 June 30, | | Six Months Ended June 30, |
| | 2009 | | | 2008 | | | 2009 | | | 2008 | |
Total property revenues (a) | | $157,457 | | | $155,527 | | | $314,489 | | | $306,991 | |
| | | | | | | | | | | | | | | | |
EBITDA | | | 85,188 | | | | 88,320 | | | | 170,460 | | | | 175,660 | |
| | | | | | | | | | | | | | | | |
Net income attributable to common shareholders | | | 18,315 | | | | 17,294 | | | | 24,549 | | | | 32,209 | |
Per share - basic | | | 0.30 | | | | 0.31 | | | | 0.42 | | | | 0.58 | |
Per share - diluted | | | 0.30 | | | | 0.31 | | | | 0.41 | | | | 0.57 | |
| | | | | | | | | | | | | | | | |
Income from continuing operations attributable to common shareholders | | | 853 | | | | 7,033 | | | | 6,502 | | | | 14,141 | |
Per share - basic | | | 0.01 | | | | 0.12 | | | | 0.11 | | | | 0.25 | |
Per share - diluted | | | 0.01 | | | | 0.12 | | | | 0.11 | | | | 0.25 | |
| | | | | | | | | | | | | | | | |
Funds from operations | | | 46,573 | | | | 54,868 | | | | 98,154 | | | | 107,198 | |
Per share - diluted | | | 0.72 | | | | 0.94 | | | | 1.60 | | | | 1.83 | |
| | | | | | | | | | | | | | | | |
Dividends per share | | | 0.45 | | | | 0.70 | | | | 1.15 | | | | 1.40 | |
Dividend payout ratio | | | 62.5 | % | | | 74.5 | % | | | 71.9 | % | | | 76.5 | % |
| | | | | | | | | | | | | | | | |
Interest expensed (including discontinued operations) | | | 34,002 | | | | 33,463 | | | | 66,247 | | | | 66,239 | |
Interest capitalized | | | 2,529 | | | | 4,264 | | | | 4,909 | | | | 9,623 | |
Total interest incurred | | | 36,531 | | | | 37,727 | | | | 71,156 | | | | 75,862 | |
| | | | | | | | | | | | | | | | |
Principal amortization | | | 1,806 | | | | 3,131 | | | | 4,221 | | | | 6,411 | |
Preferred distributions | | | 1,750 | | | | 1,750 | | | | 3,500 | | | | 3,500 | |
| | | | | | | | | | | | | | | | |
Interest expense coverage ratio | | | 2.5 | X | | | 2.6 | X | | | 2.6 | X | | | 2.7 | X |
Total interest coverage ratio | | | 2.3 | X | | | 2.3 | X | | | 2.4 | X | | | 2.3 | X |
Fixed charge expense coverage ratio | | | 2.3 | X | | | 2.3 | X | | | 2.3 | X | | | 2.3 | X |
Total fixed charge coverage ratio | | | 2.1 | X | | | 2.1 | X | | | 2.2 | X | | | 2.0 | X |
Unencumbered real estate assets (at cost) to unsecured debt ratio | | | 2.3 | X | | | 1.9 | X | | | 2.3 | X | | | 1.9 | X |
| | | | | | | | | | | | | | | | |
Same property NOI increase (b) | | | (7.7 | %) | | | 0.8 | % | | | (5.8 | %) | | | 1.0 | % |
(# of apartment homes included) | | | 42,670 | | | | 42,166 | | | | 42,670 | | | | 42,166 | |
| | | | | | | | | | | | | | | | |
Gross turnover of apartment homes (annualized) | | | 72 | % | | | 75 | % | | | 67 | % | | | 68 | % |
Net turnover (excludes on-site transfers and transfers to other Camden communities) | | | 59 | % | | | 65 | % | | | 54 | % | | | 59 | % |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | As of June 30, |
| | | | | | | | | | 2009 | | 2008 |
Total assets | | | | | | | | | | $4,797,920 | | $4,901,296 |
Total debt | | | | | | | | | | $2,697,818 | | $2,939,355 |
Common and common equivalent shares, outstanding end of period (c) | | | | 68,908 | | | 58,570 |
Share price, end of period | | | | | | | | | | $27.60 | | $44.26 |
Preferred units, end of period | | | | | | | | | | $97,925 | | $97,925 |
Book equity value, end of period (d) | | | | | | | | | | $1,839,123 | | $1,681,400 |
Market equity value, end of period (d) | | | | | | | | | | $2,001,861 | | $2,692,308 |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
(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 June 30, 2009: 66,051 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 28 and 29 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 | | Six Months Ended |
| | June 30, | | June 30, |
OPERATING DATA | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
Property revenues | | | | | | | | | | | | |
Rental revenues | | | $135,800 | | | | $136,555 | | | | $272,300 | | | | $270,818 | |
Other property revenues | | | 21,657 | | | | 18,972 | | | | 42,189 | | | | 36,173 | |
Total property revenues | | | 157,457 | | | | 155,527 | | | | 314,489 | | | | 306,991 | |
| | | | | | | | | | | | | | | | |
Property expenses | | | | | | | | | | | | | | | | |
Property operating and maintenance | | | 44,562 | | | | 40,218 | | | | 86,845 | | | | 79,397 | |
Real estate taxes | | | 18,532 | | | | 17,831 | | | | 37,064 | | | | 35,112 | |
Total property expenses | | | 63,094 | | | | 58,049 | | | | 123,909 | | | | 114,509 | |
| | | | | | | | | | | | | | | | |
Non-property income | | | | | | | | | | | | | | | | |
Fee and asset management income | | | 2,244 | | | | 2,131 | | | | 4,275 | | | | 4,543 | |
Interest and other income | | | 1,097 | | | | 1,092 | | | | 1,832 | | | | 2,425 | |
Income (loss) on deferred compensation plans | | | 7,660 | | | | (639 | ) | | | 3,508 | | | | (9,180 | ) |
Total non-property income (loss) | | | 11,001 | | | | 2,584 | | | | 9,615 | | | | (2,212 | ) |
| | | | | | | | | | | | | | | | |
Other expenses | | | | | | | | | | | | | | | | |
Property management | | | 4,542 | | | | 5,281 | | | | 9,471 | | | | 10,181 | |
Fee and asset management | | | 1,303 | | | | 1,696 | | | | 2,438 | | | | 3,421 | |
General and administrative | | | 7,246 | | | | 8,414 | | | | 15,478 | | | | 16,374 | |
Interest | | | 34,002 | | | | 33,286 | | | | 66,247 | | | | 65,859 | |
Depreciation and amortization | | | 43,888 | | | | 43,190 | | | | 87,868 | | | | 84,706 | |
Amortization of deferred financing costs | | | 857 | | | | 589 | | | | 1,674 | | | | 1,323 | |
Expense (benefit) on deferred compensation plans | | | 7,660 | | | | (639 | ) | | | 3,508 | | | | (9,180 | ) |
Total other expenses | | | 99,498 | | | | 91,817 | | | | 186,684 | | | | 172,684 | |
| | | | | | | | | | | | | | | | |
Income from continuing operations before gain on sale of properties, | | | | | | | | | | | | | | | | |
including land, gain (loss) on early retirement of debt, and equity in | | | | | | | | | | | | | | | | |
income (loss) of joint ventures | | | 5,866 | | | | 8,245 | | | | 13,511 | | | | 17,586 | |
Gain on sale of properties, including land | | | - | | | | - | | | | - | | | | 1,106 | |
Gain (loss) on early retirement of debt | | | (2,716 | ) | | | 2,298 | | | | (2,550 | ) | | | 2,298 | |
Equity in income (loss) of joint ventures | | | 222 | | | | (474 | ) | | | 630 | | | | (521 | ) |
Income from continuing operations before income taxes | | | 3,372 | | | | 10,069 | | | | 11,591 | | | | 20,469 | |
Income tax expense - current | | | (347 | ) | | | (160 | ) | | | (646 | ) | | | (433 | ) |
Income from continuing operations | | | 3,025 | | | | 9,909 | | | | 10,945 | | | | 20,036 | |
Income from discontinued operations | | | 575 | | | | 1,712 | | | | 1,160 | | | | 3,392 | |
Gain on sale of discontinued operations | | | 16,887 | | | | 8,549 | | | | 16,887 | | | | 14,676 | |
Net income | | | 20,487 | | | | 20,170 | | | | 28,992 | | | | 38,104 | |
Less net income allocated to noncontrolling interests | | | (422 | ) | | | (1,126 | ) | | | (943 | ) | | | (2,395 | ) |
Less income allocated to perpetual preferred units | | | (1,750 | ) | | | (1,750 | ) | | | (3,500 | ) | | | (3,500 | ) |
Net income attributable to common shareholders | | $18,315 | | | $17,294 | | | $24,549 | | | $32,209 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME | | | | | | | | | |
Net income | | | $20,487 | | | | $20,170 | | | | $28,992 | | | | $38,104 | |
Other comprehensive income (loss) | | | | | | | | | | | | | | | | |
Unrealized gain (loss) on cash flow hedging activities | | | 1,361 | | | | 15,623 | | | | (1,574 | ) | | | (3,802 | ) |
Reclassification of net losses on cash flow hedging activities | | | 5,469 | | | | 2,640 | | | | 10,744 | | | | 3,970 | |
Comprehensive income | | | 27,317 | | | | 38,433 | | | | 38,162 | | | | 38,272 | |
Less net income allocated to noncontrolling interests | | | (422 | ) | | | (1,126 | ) | | | (943 | ) | | | (2,395 | ) |
Less income allocated to perpetual preferred units | | | (1,750 | ) | | | (1,750 | ) | | | (3,500 | ) | | | (3,500 | ) |
Comprehensive income attributable to common shareholders | | $25,145 | | | $35,557 | | | $33,719 | | | $32,377 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PER SHARE DATA | | | | | | | | | | | | | | | | |
Net income attributable to common shareholders - basic | | | $0.30 | | | | $0.31 | | | | $0.42 | | | | $0.58 | |
Net income attributable to common shareholders - diluted | | | 0.30 | | | | 0.31 | | | | 0.41 | | | | 0.57 | |
Income from continuing operations attributable to common shareholders - basic | | | 0.01 | | | | 0.12 | | | | 0.11 | | | | 0.25 | |
Income from continuing operations attributable to common shareholders - diluted | | | 0.01 | | | | 0.12 | | | | 0.11 | | | | 0.25 | |
| | | | | | | | | | | | | | | | |
Weighted average number of common and | | | | | | | | | | | | | | | | |
common equivalent shares outstanding: | | | | | | | | | | | | | | | | |
Basic | | | 61,499 | | | | 55,351 | | | | 58,542 | | | | 55,158 | |
Diluted | | | 61,499 | | | | 56,033 | | | | 59,025 | | | | 55,829 | |
Note: Please refer to pages 28 and 29 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 | | Six Months Ended |
| | June 30, | | June 30, |
FUNDS FROM OPERATIONS | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| | | | | | | | | | | | |
Net income attributable to common shareholders | | | $18,315 | | | | $17,294 | | | | $24,549 | | | | $32,209 | |
Real estate depreciation and amortization from continuing operations | | | 42,863 | | | | 42,295 | | | | 85,873 | | | | 82,948 | |
Real estate depreciation from discontinued operations | | - | | | | 1,114 | | | - | | | | 2,399 | |
Adjustments for unconsolidated joint ventures | | | 1,961 | | | | 1,715 | | | | 3,877 | | | | 3,254 | |
Income allocated to noncontrolling interests | | | 321 | | | | 1,004 | | | | 742 | | | | 2,160 | |
(Gain) on sale of operating properties, net of taxes | | - | | | - | | | - | | | | (1,106 | ) |
(Gain) on sale of discontinued operations | | | (16,887 | ) | | | (8,554 | ) | | | (16,887 | ) | | | (14,666 | ) |
Funds from operations - diluted | | | $46,573 | | | | $54,868 | | | | $98,154 | | | | $107,198 | |
| | | | | | | | | | | | | | | | |
PER SHARE DATA | | | | | | | | | | | | | | | | |
Funds from operations - diluted | | | $0.72 | | | | $0.94 | | | | $1.60 | | | | $1.83 | |
Cash distributions | | | 0.45 | | | | 0.70 | | | | 1.15 | | | | 1.40 | |
| | | | | | | | | | | | | | | | |
Weighted average number of common and | | | | | | | | | | | | | | | | |
common equivalent shares outstanding: | | | | | | | | | | | | | | | | |
FFO - diluted | | | 64,357 | | | | 58,612 | | | | 61,430 | | | | 58,578 | |
| | | | | | | | | | | | | | | | |
PROPERTY DATA | | | | | | | | | | | | | | | | |
Total operating properties (end of period) (a) | | | 182 | | | | 182 | | | | 182 | | | | 182 | |
Total operating apartment homes in operating properties (end of period) (a) | | | 62,946 | | | | 63,612 | | | | 62,946 | | | | 63,612 | |
Total operating apartment homes (weighted average) | | | 50,846 | | | | 51,957 | | | | 50,767 | | | | 51,860 | |
Total operating apartment homes - excluding discontinued operations (weighted average) | | | 50,175 | | | | 49,093 | | | | 50,096 | | | | 48,924 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
(a) Includes joint ventures and properties held for sale. | | | | | | | | | | | | | | | | |
Note: Please refer to pages 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
CAMDEN | | BALANCE SHEETS |
| | (In thousands) |
| | | | | | | | | | | | | | | |
(Unaudited) | | Jun 30, | | Mar 31, | | Dec 31, | | Sep 30, | | Jun 30, |
| | 2009 | | 2009 | | 2008 | | 2008 | | 2008 |
ASSETS | | | | | | | | | | | | | | | |
Real estate assets, at cost | | | | | | | | | | | | | | | |
Land | | $746,936 | | | $746,935 | | | $744,059 | | | $745,085 | | | $755,200 | |
Buildings and improvements | | | 4,473,906 | | | | 4,466,296 | | | | 4,447,587 | | | | 4,442,067 | | | | 4,474,749 | |
| | | 5,220,842 | | | | 5,213,231 | | | | 5,191,646 | | | | 5,187,152 | | | | 5,229,949 | |
Accumulated depreciation | | | (1,065,861 | ) | | | (1,023,466 | ) | | | (981,049 | ) | | | (952,883 | ) | | | (935,640 | ) |
Net operating real estate assets | | | 4,154,981 | | | | 4,189,765 | | | | 4,210,597 | | | | 4,234,269 | | | | 4,294,309 | |
Properties under development and land | | | 268,655 | | | | 258,239 | | | | 264,188 | | | | 323,300 | | | | 333,419 | |
Investments in joint ventures | | | 22,334 | | | | 15,158 | | | | 15,106 | | | | 15,663 | | | | 14,773 | |
Properties held for sale, including land | | | 6,732 | | | | 20,696 | | | | 20,653 | | | | 9,495 | | | | 36,152 | |
Total real estate assets | | | 4,452,702 | | | | 4,483,858 | | | | 4,510,544 | | | | 4,582,727 | | | | 4,678,653 | |
Accounts receivable - affiliates | | | 35,909 | | | | 36,105 | | | | 37,000 | | | | 36,868 | | | | 36,556 | |
Notes receivable | | | | | | | | | | | | | | | | | | | | |
Affiliates | | | 54,033 | | | | 58,481 | | | | 58,109 | | | | 58,240 | | | | 53,849 | |
Other | | | - | | | | - | | | | 8,710 | | | | 8,710 | | | | 8,710 | |
Other assets, net (a) | | | 92,421 | | | | 84,905 | | | | 103,013 | | | | 111,847 | | | | 117,599 | |
Cash and cash equivalents | | | 157,665 | | | | 7,256 | | | | 7,407 | | | | 29,517 | | | | 1,242 | |
Restricted cash | | | 5,190 | | | | 4,437 | | | | 5,559 | | | | 4,971 | | | | 4,687 | |
Total assets | | $4,797,920 | | | $4,675,042 | | | $4,730,342 | | | $4,832,880 | | | $4,901,296 | |
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LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | |
Notes payable | | | | | | | | | | | | | | | | | | | | |
Unsecured | | $1,728,150 | | | $2,151,492 | | | $2,103,187 | | | $2,096,285 | | | $2,400,027 | |
Secured | | | 969,668 | | | | 680,631 | | | | 729,209 | | | | 727,235 | | | | 539,328 | |
Accounts payable and accrued expenses | | | 65,012 | | | | 73,250 | | | | 82,575 | | | | 86,668 | | | | 77,441 | |
Accrued real estate taxes | | | 30,154 | | | | 19,113 | | | | 23,600 | | | | 40,664 | | | | 30,664 | |
Other liabilities (b) | | | 132,763 | | | | 137,397 | | | | 149,554 | | | | 124,915 | | | | 129,471 | |
Distributions payable | | | 33,050 | | | | 43,136 | | | | 42,936 | | | | 42,968 | | | | 42,965 | |
Total liabilities | | | 2,958,797 | | | | 3,105,019 | | | | 3,131,061 | | | | 3,118,735 | | | | 3,219,896 | |
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Commitments and contingencies | | | | | | | | | | | | | | | | | | | | |
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Perpetual preferred units | | | 97,925 | | | | 97,925 | | | | 97,925 | | | | 97,925 | | | | 97,925 | |
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Shareholders' equity | | | | | | | | | | | | | | | | | | | | |
Common shares of beneficial interest | | | 769 | | | | 666 | | | | 660 | | | | 660 | | | | 660 | |
Additional paid-in capital | | | 2,517,788 | | | | 2,242,940 | | | | 2,237,703 | | | | 2,232,436 | | | | 2,230,119 | |
Distributions in excess of net income attributable to common shareholders | | | (357,168 | ) | | | (345,481 | ) | | | (312,309 | ) | | | (238,301 | ) | | | (272,294 | ) |
Notes receivable secured by common shares | | | (287 | ) | | | (291 | ) | | | (295 | ) | | | (298 | ) | | | (302 | ) |
Treasury shares, at cost | | | (462,751 | ) | | | (462,751 | ) | | | (463,209 | ) | | | (463,108 | ) | | | (463,574 | ) |
Accumulated other comprehensive loss (c) | | | (41,886 | ) | | | (48,716 | ) | | | (51,056 | ) | | | (17,423 | ) | | | (15,955 | ) |
Total common shareholders' equity | | | 1,656,465 | | | | 1,386,367 | | | | 1,411,494 | | | | 1,513,966 | | | | 1,478,654 | |
Noncontrolling interest | | | 84,733 | | | | 85,731 | | | | 89,862 | | | | 102,254 | | | | 104,821 | |
Total shareholders' equity | | | 1,741,198 | | | | 1,472,098 | | | | 1,501,356 | | | | 1,616,220 | | | | 1,583,475 | |
Total liabilities and shareholders' equity | | $4,797,920 | | | $4,675,042 | | | $4,730,342 | | | $4,832,880 | | | $4,901,296 | |
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(a) includes: | | | | | | | | | | | | | | | | | | | | |
net deferred charges of: | | $12,108 | | | $10,061 | | | $10,505 | | | $11,388 | | | $9,434 | |
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(b) includes: | | | | | | | | | | | | | | | | | | | | |
deferred revenues of: | | $3,183 | | | $2,402 | | | $2,640 | | | $2,940 | | | $2,747 | |
distributions in excess of investments in joint ventures of: | | $30,287 | | | $31,318 | | | $30,105 | | | $27,977 | | | $26,022 | |
fair value adjustment of derivative instruments: | | $41,797 | | | $48,693 | | | $51,068 | | | $17,511 | | | $15,955 | |
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(c) Represents the fair value adjustment of derivative instruments and gain on post retirement obligations. | | | | | |