EXHIBIT 99.2
THIRD QUARTER 2011 |
Supplemental Operating and Financial Data |
Camden Westover Hills - San Antonio, TX |
Acquired June 15, 2011 - 288 Units |
Camden Property Trust |
Three Greenway Plaza, Suite 1300 |
Houston, Texas 77046 |
Phone: 713-354-2500 Fax: 713-354-2700 |
www.camdenliving.com |
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" Third Quarter Comparisons | 12 | |
"Same Property" Sequential Quarter Comparisons | 13 | |
"Same Property" Year to Date Comparisons | 14 | |
"Same Property" Operating Expense Detail & Comparisons | 15 | |
Joint Venture Operations | 16 | |
Current Development Communities | 17 | |
Development Pipeline & Land | 18 | |
Acquisitions and Dispositions | 19 | |
Debt Analysis | 20 | |
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 |
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. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events. |
CAMDEN PROPERTY TRUST ANNOUNCES
THIRD QUARTER 2011 OPERATING RESULTS;
FFO PER DILUTED SHARE INCREASES 18%
Houston, TEXAS (November 3, 2011) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and nine months ended September 30, 2011.
Funds From Operations (“FFO”)
FFO for the third quarter of 2011 totaled $0.77 per diluted share or $58.8 million, as compared to $0.65 per diluted share or $46.7 million for the same period in 2010, an increase of 18% per diluted share.
FFO for the nine months ended September 30, 2011 totaled $1.89 per diluted share or $143.3 million, as compared to $1.98 per diluted share or $140.4 million for the same period in 2010. FFO for the nine months ended September 30, 2011 included: a $0.40 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.04 per diluted share impact related to the sale of an available-for-sale investment; and a $2.1 million or $0.03 per diluted share impact for General & Administrative (“G&A”) costs related to a one-time bonus awarded to all non-executive employees. FFO for the nine months ended September 30, 2010 included a $2.7 million or $0.04 per diluted share impact for income relating to the expiration of an indemnification provision related to one of the Company’s operating joint ventures.
Net Income Attributable to Common Shareholders (“EPS”)
The Company reported EPS of $11.8 million or $0.16 per diluted share for the third quarter of 2011, as compared to $1.7 million or $0.02 per diluted share for the same period in 2010.
For the nine months ended September 30, 2011, Camden reported EPS of $2.5 million or $0.03 per diluted share, as compared to $6.1 million or $0.09 per diluted share for the same period in 2010. EPS for the nine months ended September 30, 2011 included: a $0.41 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.05 per diluted share impact related to gain on sale of an available-for-sale investment; a $2.1 million or $0.03 per diluted share impact for G&A costs related to a one-time bonus awarded to all non-executive employees; and a $1.1 million or $0.02 per diluted share impact from gain on sale of three joint venture interests. EPS for the nine months ended September 30, 2010 included a $2.7 million or $0.04 per diluted share impact for income relating to the expiration of an indemnification provision related to one of the Company’s operating joint ventures.
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 47,309 apartment homes included in consolidated same property results, third quarter 2011 same property NOI increased 7.4% compared to the third quarter of 2010, with revenues increasing 6.3% and expenses increasing 4.6%. On a sequential basis, third quarter 2011 same property NOI increased 0.9% compared to the second quarter of 2011, with revenues increasing 2.1% and expenses increasing 3.9% compared to the prior quarter. On a year-to-date basis, 2011 same property NOI increased 6.8%, with revenues increasing 5.1% and expenses increasing 2.6% compared to the same period in 2010. Same property physical occupancy levels for the portfolio averaged 95.0% during the third quarter of 2011, compared to 94.3% in the third quarter of 2010 and 94.8% in the second quarter of 2011.
3
The Company defines same property communities as communities owned and stabilized as of January 1, 2010, excluding properties held for sale and communities under major 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.
Acquisition Activity
During the quarter, the Company acquired 30 acres of land in Atlanta, GA for approximately $40 million, which it intends to utilize for future development.
Camden also completed the acquisition of a 240-home apartment community in San Antonio, TX during the quarter for approximately $15 million through one of its discretionary investment funds (“Funds”), in which it owns a 20% interest. Subsequent to quarter-end, the Company acquired five additional communities with 1,488 apartment homes located in Houston, TX for approximately $136 million through its Funds.
Development Activity
Lease-up was completed during the third quarter at Camden Ivy Hall, a $17 million joint venture community which is currently 94% occupied. Lease-ups began during the quarter at two wholly-owned communities: Camden LaVina in Orlando, FL, which is currently 35% leased; and Camden Summerfield II in Landover, MD, which is currently 19% leased.
Construction continued during the quarter on six wholly-owned development communities: Camden LaVina in Orlando, FL, a $60 million project with 420 apartment homes; Camden Summerfield II in Landover, MD, a $30 million project with 187 apartment homes; Camden Royal Oaks II in Houston, TX, a $14 million project with 104 apartment homes; Camden Montague in Tampa, FL, a $23 million project with 192 apartment homes; Camden Westchase Park in Tampa, FL, a $52 million project with 348 apartment homes; and Camden Town Square in Orlando, FL, a $66 million project with 438 apartment homes. Construction also continued during the quarter on two joint venture communities: Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes, and Camden Amber Oaks II in Austin, TX, a $25 million project with 244 apartment homes.
Subsequent to quarter-end, the Company began construction on two additional wholly-owned development communities: Camden City Centre II in Houston, TX, a $36 million project with 268 apartment homes, and Camden NOMA in Washington DC, a $110 million project with 320 apartment homes.
Equity Issuance
During the third quarter, Camden issued 506,200 common shares through its at-the-market (“ATM”) share offering programs at an average price of $65.76 per share, for total net consideration of approximately $32.7 million. Year-to-date Camden has issued 1,127,898 common shares through its ATM programs at an average price of $63.13 per share, for total net consideration of approximately $69.9 million.
Earnings Guidance
Camden updated its earnings guidance for 2011 based on its current and expected views of the apartment market and general economic conditions. Full-year 2011 FFO is expected to be $2.70 to $2.74 per diluted share, and full-year 2011 EPS is expected to be $0.24 to $0.28 per diluted share. Fourth quarter 2011 earnings guidance is $0.81 to $0.85 per diluted share for FFO and $0.20 to $0.24 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update its earnings guidance to the market on a quarterly basis.
4
The Company’s 2011 earnings guidance is based on projections of same property revenue growth between 5.2% and 5.6%, expense growth between 2.75% and 3.25%, and NOI growth between 6.75% and 7.25%. Additional information on the Company’s 2011 financial outlook and a reconciliation of expected net income attributable to common shareholders to expected FFO are included in the financial tables accompanying this press release.
Camden expects to issue earnings guidance for 2012 in conjunction with its fourth quarter 2011 earnings release on February 2, 2012.
Conference Call
The Company will hold a conference call on Friday, November 4, 2011 at 11:00 a.m. Central Time to review its third quarter 2011 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: 9252989, 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 202 properties containing 68,979 apartment homes across the United States. Upon completion of 10 properties under development, the Company's portfolio will increase to 71,776 apartment homes in 212 properties. Camden was recently named by FORTUNE® Magazine for the fourth consecutive year as one of the “100 Best Companies to Work For” in America, placing 7th on the list.
For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at www.camdenliving.com.
5
CAMDEN | FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||
(In thousands, except per share, property data amounts and ratios) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||
Total property revenues (a) | $168,934 | $154,274 | $495,187 | $455,017 | |||||||||||||||||||
EBITDA (b) | 88,476 | 81,439 | 263,203 | 241,686 | |||||||||||||||||||
Net income attributable to common shareholders | 11,840 | 1,650 | 2,529 | 6,069 | |||||||||||||||||||
Per share - basic | 0.16 | 0.02 | 0.03 | 0.09 | |||||||||||||||||||
Per share - diluted | 0.16 | 0.02 | 0.03 | 0.09 | |||||||||||||||||||
Income from continuing operations attributable to common shareholders | 11,840 | 569 | 2,529 | 3,326 | |||||||||||||||||||
Per share - basic | 0.16 | 0.01 | 0.03 | 0.05 | |||||||||||||||||||
Per share - diluted | 0.16 | 0.01 | 0.03 | 0.05 | |||||||||||||||||||
Funds from operations | 58,807 | 46,680 | 143,271 | 140,361 | |||||||||||||||||||
Per share - diluted | 0.77 | 0.65 | 1.89 | 1.98 | |||||||||||||||||||
Dividends per share | 0.49 | 0.45 | 1.47 | 1.35 | |||||||||||||||||||
Dividend payout ratio (b) | 63.6 | % | 69.2 | % | 64.5 | % | 68.2 | % | |||||||||||||||
Interest expensed (including discontinued operations) | 27,354 | 31,781 | 85,472 | 95,078 | |||||||||||||||||||
Interest capitalized | 2,459 | 1,347 | 6,099 | 3,967 | |||||||||||||||||||
Total interest incurred | 29,813 | 33,128 | 91,571 | 99,045 | |||||||||||||||||||
Principal amortization | 1,155 | 1,100 | 3,847 | 3,401 | |||||||||||||||||||
Preferred distributions | 1,750 | 1,750 | 5,250 | 5,250 | |||||||||||||||||||
Interest expense coverage ratio | 3.2 | x | 2.6 | x | 3.1 | x | 2.5 | x | |||||||||||||||
Total interest coverage ratio | 3.0 | x | 2.5 | x | 2.9 | x | 2.4 | x | |||||||||||||||
Fixed charge expense coverage ratio | 2.9 | x | 2.4 | x | 2.8 | x | 2.3 | x | |||||||||||||||
Total fixed charge coverage ratio | 2.7 | x | 2.3 | x | 2.6 | x | 2.2 | x | |||||||||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.0 | x | 2.7 | x | 3.0 | x | 2.7 | x | |||||||||||||||
Same property NOI increase (decrease) (c) | 7.4 | % | (0.6 | %) | 6.8 | % | (4.6 | %) | |||||||||||||||
(# of apartment homes included) | 47,309 | 46,757 | 47,309 | 46,757 | |||||||||||||||||||
Gross turnover of apartment homes (annualized) | 83 | % | 79 | % | 66 | % | 66 | % | |||||||||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 73 | % | 68 | % | 57 | % | 56 | % | |||||||||||||||
As of September 30, | ||||||||
2011 | 2010 | |||||||
Total assets | $4,594,574 | $4,606,735 | ||||||
Total debt | $2,433,104 | $2,542,212 | ||||||
Common and common equivalent shares, outstanding end of period (d) | 76,578 | 72,621 | ||||||
Share price, end of period | $55.26 | $47.97 | ||||||
Preferred units, end of period | $97,925 | $97,925 | ||||||
Book equity value, end of period (e) | $1,875,774 | $1,762,891 | ||||||
Market equity value, end of period (e) | $4,331,700 | $3,583,629 | ||||||
(a) | Excludes discontinued operations. |
(b) | Excludes $29.8 million or $0.39 per diluted share for the nine months ended September 30, 2011 related to a loss on the discontinuation of a hedging relationship. |
(c) | "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and communities under major redevelopment. |
(d) | Includes at September 30, 2011: 74,119 common shares (including 703 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (2,459). |
(e) | 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.
6
CAMDEN | OPERATING RESULTS | |||||||||||||||
(In thousands, except per share and property data amounts) | ||||||||||||||||
(Unaudited) | Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | |||||||||||||||
OPERATING DATA | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Property revenues | ||||||||||||||||
Rental revenues | $144,211 | $131,911 | $424,210 | $390,376 | ||||||||||||
Other property revenues | 24,723 | 22,363 | 70,977 | 64,641 | ||||||||||||
Total property revenues | 168,934 | 154,274 | 495,187 | 455,017 | ||||||||||||
Property expenses | ||||||||||||||||
Property operating and maintenance | 50,715 | 46,999 | 144,666 | 134,655 | ||||||||||||
Real estate taxes | 17,329 | 16,652 | 52,932 | 52,767 | ||||||||||||
Total property expenses | 68,044 | 63,651 | 197,598 | 187,422 | ||||||||||||
Non-property income (loss) | ||||||||||||||||
Fee and asset management | 2,646 | 2,145 | 6,955 | 6,028 | ||||||||||||
Interest and other income (loss) | (108 | ) | 451 | 4,749 | 3,988 | |||||||||||
Income (loss) on deferred compensation plans | (6,096 | ) | 6,918 | 1,233 | 6,818 | |||||||||||
Total non-property income (loss) | (3,558 | ) | 9,514 | 12,937 | 16,834 | |||||||||||
Other expenses | ||||||||||||||||
Property management | 5,050 | 4,789 | 15,478 | 14,994 | ||||||||||||
Fee and asset management | 1,330 | 1,155 | 4,220 | 3,611 | ||||||||||||
General and administrative | 8,572 | 7,568 | 26,392 | 22,339 | ||||||||||||
Interest | 27,354 | 31,781 | 85,472 | 95,078 | ||||||||||||
Depreciation and amortization | 44,558 | 43,034 | 137,111 | 128,012 | ||||||||||||
Amortization of deferred financing costs | 1,344 | 1,185 | 4,761 | 2,624 | ||||||||||||
Expense (benefit) on deferred compensation plans | (6,096 | ) | 6,918 | 1,233 | 6,818 | |||||||||||
Total other expenses | 82,112 | 96,430 | 274,667 | 273,476 | ||||||||||||
Loss on discontinuation of hedging relationship | - | - | (29,791 | ) | - | |||||||||||
Gain on sale of properties, including land | - | - | 4,748 | 236 | ||||||||||||
Gain on sale of unconsolidated joint venture interests | - | - | 1,136 | - | ||||||||||||
Equity in loss of joint ventures | (556 | ) | (244 | ) | (166 | ) | (785 | ) | ||||||||
Income from continuing operations before income taxes | 14,664 | 3,463 | 11,786 | 10,404 | ||||||||||||
Income tax expense - current | (313 | ) | (712 | ) | (1,889 | ) | (1,286 | ) | ||||||||
Income from continuing operations | 14,351 | 2,751 | 9,897 | 9,118 | ||||||||||||
Income from discontinued operations | - | 1,081 | - | 2,743 | ||||||||||||
Net income | 14,351 | 3,832 | 9,897 | 11,861 | ||||||||||||
Less income allocated to noncontrolling interests from continuing operations | (761 | ) | (432 | ) | (2,118 | ) | (542 | ) | ||||||||
Less income allocated to perpetual preferred units | (1,750 | ) | (1,750 | ) | (5,250 | ) | (5,250 | ) | ||||||||
Net income attributable to common shareholders | $11,840 | $1,650 | $2,529 | $6,069 | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||
Net income | $14,351 | $3,832 | $9,897 | $11,861 | ||||||||||||
Other comprehensive income | ||||||||||||||||
Unrealized loss on cash flow hedging activities | - | (5,323 | ) | (2,692 | ) | (19,549 | ) | |||||||||
Reclassification of net losses on cash flow hedging activities | 108 | 5,825 | 39,660 | 17,488 | ||||||||||||
Unrealized gain on available-for-sale securities, net of tax | - | 1,914 | - | 1,914 | ||||||||||||
Reclassification of gain on available-for-sale investment to earnings, net of tax | - | - | (3,309 | ) | - | |||||||||||
Comprehensive income | 14,459 | 6,248 | 43,556 | 11,714 | ||||||||||||
Less income allocated to noncontrolling interests from continuing operations | (761 | ) | (432 | ) | (2,118 | ) | (542 | ) | ||||||||
Less income allocated to perpetual preferred units | (1,750 | ) | (1,750 | ) | (5,250 | ) | (5,250 | ) | ||||||||
Comprehensive income attributable to common shareholders | $11,948 | $4,066 | $36,188 | $5,922 | ||||||||||||
PER SHARE DATA | ||||||||||||||||
Net income attributable to common shareholders - basic | $0.16 | $0.02 | $0.03 | $0.09 | ||||||||||||
Net income attributable to common shareholders - diluted | 0.16 | 0.02 | 0.03 | 0.09 | ||||||||||||
Income from continuing operations attributable to common shareholders - basic | 0.16 | 0.01 | 0.03 | 0.05 | ||||||||||||
Income from continuing operations attributable to common shareholders - diluted | 0.16 | 0.01 | 0.03 | 0.05 | ||||||||||||
Weighted average number of common and | ||||||||||||||||
common equivalent shares outstanding: | ||||||||||||||||
Basic | 73,242 | 69,100 | 72,502 | 67,898 | ||||||||||||
Diluted | 74,274 | 69,441 | 73,217 | 68,169 | ||||||||||||
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
7
CAMDEN | FUNDS FROM OPERATIONS | |||||||||||||||
(In thousands, except per share and property data amounts) | ||||||||||||||||
(Unaudited) | Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | |||||||||||||||
FUNDS FROM OPERATIONS | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Net income attributable to common shareholders (a) | $11,840 | $1,650 | $2,529 | $6,069 | ||||||||||||
Real estate depreciation from continuing operations | 43,286 | 41,806 | 133,342 | 124,399 | ||||||||||||
Real estate depreciation from discontinued operations | - | 651 | - | 2,276 | ||||||||||||
Adjustments for unconsolidated joint ventures | 3,223 | 2,292 | 7,042 | 6,753 | ||||||||||||
(Gain) on sale of unconsolidated joint venture interests | - | - | (1,136 | ) | - | |||||||||||
Income allocated to noncontrolling interests | 458 | 281 | 1,494 | 864 | ||||||||||||
Funds from operations - diluted | $58,807 | $46,680 | $143,271 | $140,361 | ||||||||||||
PER SHARE DATA | ||||||||||||||||
Funds from operations - diluted | $0.77 | $0.65 | $1.89 | $1.98 | ||||||||||||
Cash distributions | 0.49 | 0.45 | 1.47 | 1.35 | ||||||||||||
Weighted average number of common and | ||||||||||||||||
common equivalent shares outstanding: | ||||||||||||||||
FFO - diluted | 76,494 | 72,025 | 75,685 | 70,779 | ||||||||||||
PROPERTY DATA | ||||||||||||||||
Total operating properties (end of period) (b) | 197 | 186 | 197 | 186 | ||||||||||||
Total operating apartment homes in operating properties (end of period) (b) | 67,491 | 63,964 | 67,491 | 63,964 | ||||||||||||
Total operating apartment homes (weighted average) | 50,921 | 50,950 | 50,895 | 50,736 | ||||||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 50,921 | 49,884 | 50,895 | 49,670 |
(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the nine months ended September 30,2011. | |
(b) Includes joint ventures and properties held for sale. |
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
8
CAMDEN | BALANCE SHEETS | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |||||||||||||||
2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Real estate assets, at cost | ||||||||||||||||||||
Land | $766,302 | $760,397 | $760,397 | $760,397 | $763,559 | |||||||||||||||
Buildings and improvements | 4,758,397 | 4,711,552 | 4,690,741 | 4,680,361 | 4,613,036 | |||||||||||||||
5,524,699 | 5,471,949 | 5,451,138 | 5,440,758 | 5,376,595 | ||||||||||||||||
Accumulated depreciation | (1,421,867 | ) | (1,378,630 | ) | (1,335,831 | ) | (1,292,924 | ) | (1,263,173 | ) | ||||||||||
Net operating real estate assets | 4,102,832 | 4,093,319 | 4,115,307 | 4,147,834 | 4,113,422 | |||||||||||||||
Properties under development, including land | 274,201 | 237,549 | 220,641 | 206,919 | 198,377 | |||||||||||||||
Investments in joint ventures | 37,033 | 39,398 | 21,196 | 27,632 | 33,226 | |||||||||||||||
Properties held for sale, including land | - | - | - | - | 9,737 | |||||||||||||||
Total real estate assets | 4,414,066 | 4,370,266 | 4,357,144 | 4,382,385 | 4,354,762 | |||||||||||||||
Accounts receivable - affiliates | 31,395 | 30,401 | 29,973 | 31,895 | 32,269 | |||||||||||||||
Notes receivable - affiliates | - | - | - | 3,194 | 17,509 | |||||||||||||||
Other assets, net (a) | 87,657 | 90,346 | 92,051 | 106,175 | 105,950 | |||||||||||||||
Cash and cash equivalents | 56,099 | 63,148 | 98,771 | 170,575 | 91,071 | |||||||||||||||
Restricted cash | 5,357 | 4,898 | 5,354 | 5,513 | 5,174 | |||||||||||||||
Total assets | $4,594,574 | $4,559,059 | $4,583,293 | $4,699,737 | $4,606,735 | |||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Notes payable | ||||||||||||||||||||
Unsecured | $1,380,560 | $1,380,368 | $1,419,681 | $1,507,757 | $1,507,858 | |||||||||||||||
Secured | 1,052,544 | 1,053,699 | 1,054,839 | 1,055,997 | 1,034,354 | |||||||||||||||
Accounts payable and accrued expenses | 97,613 | 78,460 | 81,972 | 81,556 | 82,598 | |||||||||||||||
Accrued real estate taxes | 37,721 | 27,424 | 16,585 | 22,338 | 40,340 | |||||||||||||||
Distributions payable | 39,319 | 38,966 | 38,662 | 35,295 | 34,548 | |||||||||||||||
Other liabilities (b) | 111,043 | 123,829 | 134,608 | 141,496 | 144,146 | |||||||||||||||
Total liabilities | 2,718,800 | 2,702,746 | 2,746,347 | 2,844,439 | 2,843,844 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Perpetual preferred units | 97,925 | 97,925 | 97,925 | 97,925 | 97,925 | |||||||||||||||
Equity | ||||||||||||||||||||
Common shares of beneficial interest | 839 | 834 | 827 | 824 | 804 | |||||||||||||||
Additional paid-in capital | 2,861,139 | 2,823,690 | 2,783,621 | 2,775,625 | 2,673,606 | |||||||||||||||
Distributions in excess of net income attributable to common shareholders | (700,897 | ) | (676,367 | ) | (623,740 | ) | (595,317 | ) | (580,046 | ) | ||||||||||
Treasury shares, at cost | (452,244 | ) | (459,134 | ) | (460,467 | ) | (461,255 | ) | (461,255 | ) | ||||||||||
Accumulated other comprehensive income (loss) (c) | 201 | 93 | (31,504 | ) | (33,458 | ) | (41,302 | ) | ||||||||||||
Total common equity | 1,709,038 | 1,689,116 | 1,668,737 | 1,686,419 | 1,591,807 | |||||||||||||||
Noncontrolling interest | 68,811 | 69,272 | 70,284 | 70,954 | 73,159 | |||||||||||||||
Total equity | 1,777,849 | 1,758,388 | 1,739,021 | 1,757,373 | 1,664,966 | |||||||||||||||
Total liabilities and equity | $4,594,574 | $4,559,059 | $4,583,293 | $4,699,737 | $4,606,735 | |||||||||||||||
(a) Includes: | ||||||||||||||||||||
net deferred charges of: | $16,868 | $14,484 | $12,677 | $13,336 | $14,892 | |||||||||||||||
(b) Includes: | ||||||||||||||||||||
deferred revenues of: | $2,213 | $2,181 | $2,254 | $2,332 | $2,347 | |||||||||||||||
distributions in excess of investments in joint ventures of: | $31,799 | $31,040 | $33,442 | $32,288 | $34,045 | |||||||||||||||
fair value adjustment of derivative instruments: | $22,192 | $27,977 | $31,655 | $36,898 | $43,267 | |||||||||||||||
(c) Represents the fair value adjustment of derivative instruments, unrealized gain on post retirement obligations and unrealized gain on available-for-sale securities, net of tax, if any. |
9
CAMDEN | PORTFOLIO STATISTICS | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2011 (in apartment homes) | ||||||||||||||||||||||||||||||||||||
"Same Property" | Non-"Same Property" | Fully Consolidated | Joint Venture | Stabilized Operating | Completed in Lease-up | Total Operating | Under Construction | Total | ||||||||||||||||||||||||||||
D.C. Metro (a) | 4,439 | 1,165 | 5,604 | - | 5,604 | - | 5,604 | 463 | 6,067 | |||||||||||||||||||||||||||
Houston, TX | 4,462 | 524 | 4,986 | 2,880 | 7,866 | - | 7,866 | 104 | 7,970 | |||||||||||||||||||||||||||
Tampa, FL | 5,503 | - | 5,503 | 450 | 5,953 | - | 5,953 | 540 | 6,493 | |||||||||||||||||||||||||||
Las Vegas, NV | 3,969 | - | 3,969 | 4,047 | 8,016 | - | 8,016 | - | 8,016 | |||||||||||||||||||||||||||
SE Florida | 2,520 | - | 2,520 | - | 2,520 | - | 2,520 | - | 2,520 | |||||||||||||||||||||||||||
Dallas, TX | 4,545 | 516 | 5,061 | 1,706 | 6,767 | - | 6,767 | - | 6,767 | |||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,770 | 290 | 2,060 | 421 | 2,481 | - | 2,481 | - | 2,481 | |||||||||||||||||||||||||||
Charlotte, NC | 3,574 | - | 3,574 | - | 3,574 | - | 3,574 | - | 3,574 | |||||||||||||||||||||||||||
Orlando, FL | 3,296 | 268 | 3,564 | - | 3,564 | - | 3,564 | 858 | 4,422 | |||||||||||||||||||||||||||
Atlanta, GA | 3,202 | - | 3,202 | 344 | 3,546 | - | 3,546 | - | 3,546 | |||||||||||||||||||||||||||
Raleigh, NC | 2,704 | - | 2,704 | - | 2,704 | - | 2,704 | - | 2,704 | |||||||||||||||||||||||||||
Denver, CO | 1,851 | - | 1,851 | 320 | 2,171 | - | 2,171 | - | 2,171 | |||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | - | 1,196 | - | 1,196 | - | 1,196 | - | 1,196 | |||||||||||||||||||||||||||
Austin, TX (b) | 1,853 | - | 1,853 | 1,369 | 3,222 | - | 3,222 | 244 | 3,466 | |||||||||||||||||||||||||||
Phoenix, AZ | 1,441 | - | 1,441 | 992 | 2,433 | - | 2,433 | - | 2,433 | |||||||||||||||||||||||||||
Other | 984 | 855 | 1,839 | 4,035 | 5,874 | - | 5,874 | - | 5,874 | |||||||||||||||||||||||||||
Total Portfolio | 47,309 | 3,618 | 50,927 | 16,564 | 67,491 | - | 67,491 | 2,209 | 69,700 | |||||||||||||||||||||||||||
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. 276 units under construction in D.C. Metro are held through a joint venture investment. | ||||||||||||||||||||||||||||||||||||
(b) 244 units under construction in Austin, TX are held through a joint venture investment. |
THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (e) | |||||||||||||||||||||||||||||||
"Same Property" | Operating | Incl. JVs at | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | |||||||||||||||||||||||||
Communities | Communities (c) | Pro Rata % (d) | 2011 | 2011 | 2011 | 2010 | 2010 | |||||||||||||||||||||||||
D.C. Metro | 17.2 | % | 19.5 | % | 18.5 | % | 96.3 | % | 96.0 | % | 95.5 | % | 95.2 | % | 96.4 | % | ||||||||||||||||
Houston, TX | 9.4 | % | 9.8 | % | 10.2 | % | 95.4 | % | 94.2 | % | 91.9 | % | 91.8 | % | 93.4 | % | ||||||||||||||||
Tampa, FL | 8.8 | % | 8.1 | % | 7.9 | % | 94.8 | % | 94.5 | % | 93.9 | % | 93.9 | % | 93.8 | % | ||||||||||||||||
Las Vegas, NV | 6.5 | % | 5.9 | % | 6.6 | % | 92.0 | % | 92.5 | % | 91.2 | % | 90.9 | % | 92.3 | % | ||||||||||||||||
SE Florida | 7.5 | % | 7.0 | % | 6.7 | % | 94.1 | % | 95.2 | % | 94.7 | % | 95.0 | % | 95.0 | % | ||||||||||||||||
Dallas, TX | 6.5 | % | 6.7 | % | 6.9 | % | 95.3 | % | 95.6 | % | 94.3 | % | 93.1 | % | 92.5 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 6.1 | % | 6.6 | % | 6.5 | % | 95.7 | % | 94.8 | % | 93.7 | % | 92.7 | % | 93.3 | % | ||||||||||||||||
Charlotte, NC | 6.4 | % | 5.9 | % | 5.6 | % | 95.9 | % | 96.3 | % | 95.2 | % | 94.3 | % | 95.1 | % | ||||||||||||||||
Orlando, FL | 5.6 | % | 5.7 | % | 5.4 | % | 95.3 | % | 94.7 | % | 94.2 | % | 93.6 | % | 94.0 | % | ||||||||||||||||
Atlanta, GA | 5.6 | % | 5.1 | % | 5.0 | % | 94.9 | % | 94.5 | % | 93.9 | % | 92.9 | % | 94.2 | % | ||||||||||||||||
Raleigh, NC | 5.0 | % | 4.5 | % | 4.3 | % | 94.9 | % | 95.0 | % | 94.6 | % | 93.9 | % | 95.1 | % | ||||||||||||||||
Denver, CO | 4.0 | % | 3.7 | % | 3.9 | % | 94.6 | % | 94.4 | % | 92.9 | % | 93.9 | % | 95.7 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 3.8 | % | 3.5 | % | 3.3 | % | 94.7 | % | 92.9 | % | 92.7 | % | 91.7 | % | 92.6 | % | ||||||||||||||||
Austin, TX | 2.9 | % | 2.7 | % | 3.0 | % | 96.1 | % | 94.4 | % | 93.6 | % | 93.7 | % | 94.8 | % | ||||||||||||||||
Phoenix, AZ | 2.4 | % | 2.2 | % | 2.3 | % | 93.2 | % | 91.1 | % | 92.6 | % | 92.1 | % | 92.0 | % | ||||||||||||||||
Other | 2.3 | % | 3.1 | % | 3.9 | % | 95.0 | % | 95.6 | % | 93.9 | % | 93.3 | % | 94.6 | % | ||||||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 94.8 | % | 94.5 | % | 93.5 | % | 93.1 | % | 94.0 | % | ||||||||||||||||
(c) Operating communities include fully-consolidated communities and completed communities in lease-up at quarter end and exclude communities sold during the quarter. | ||||||||||||||||||||||||||||||||
(d) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities. | ||||||||||||||||||||||||||||||||
(e) Occupancy figures include apartment homes held through joint venture investments but exclude communities in lease-up or under development. |
10
CAMDEN | COMPONENTS OF | |||||||||||||||||||||||||||
PROPERTY NET OPERATING INCOME | ||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Apartment | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
Property Revenues | Homes | 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||||
"Same Property" Communities (a) | 47,309 | $153,740 | $144,688 | $9,052 | $450,739 | $428,919 | $21,820 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 3,618 | 13,762 | 8,514 | 5,248 | 40,549 | 22,672 | 17,877 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 1,689 | 110 | - | 110 | 110 | - | 110 | |||||||||||||||||||||
Other (d) | - | 1,322 | 1,072 | 250 | 3,789 | 3,426 | 363 | |||||||||||||||||||||
Total Property Revenues | 52,616 | $168,934 | $154,274 | $14,660 | $495,187 | $455,017 | $40,170 | |||||||||||||||||||||
Property Expenses | ||||||||||||||||||||||||||||
"Same Property" Communities (a) | 47,309 | $61,586 | $58,892 | $2,694 | $178,836 | $174,333 | $4,503 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 3,618 | 5,464 | 3,448 | 2,016 | 15,585 | 9,316 | 6,269 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 1,689 | 27 | - | 27 | 27 | - | 27 | |||||||||||||||||||||
Other (d) | - | 967 | 1,311 | (344 | ) | 3,150 | 3,773 | (623 | ) | |||||||||||||||||||
Total Property Expenses | 52,616 | $68,044 | $63,651 | $4,393 | $197,598 | $187,422 | $10,176 | |||||||||||||||||||||
Property Net Operating Income | ||||||||||||||||||||||||||||
"Same Property" Communities (a) | 47,309 | $92,154 | $85,796 | $6,358 | $271,903 | $254,586 | $17,317 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 3,618 | 8,298 | 5,066 | 3,232 | 24,964 | 13,356 | 11,608 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 1,689 | 83 | - | 83 | 83 | - | 83 | |||||||||||||||||||||
Other (d) | - | 355 | (239 | ) | 594 | 639 | (347 | ) | 986 | |||||||||||||||||||
Total Property Net Operating Income | 52,616 | $100,890 | $90,623 | $10,267 | $297,589 | $267,595 | $29,994 |
Income from Discontinued Operations (e) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||
Property Revenues | $ - ' | $2,954 | $ - ' | $8,534 | |||||||||||||
Property Expenses | - | 1,222 | - | 3,515 | |||||||||||||
Property Net Operating Income | - | 1,732 | - | 5,019 | |||||||||||||
Depreciation and Amortization | - | (651 | ) | - | (2,276 | ) | |||||||||||
Income from Discontinued Operations | $ - ' | $1,081 | $ - ' | $2,743 |
Notes: | |
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and communities under major redevelopment. |
(b) | Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2010, or communities which underwent major redevelopment after January 1, 2010, excluding properties held for sale. Previously reported in "Same Property" Communities, Camden Summerfield is now reported in Non-"Same Property" Communities while Camden Summerfield II is in lease-up. |
(c) | Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2010, excluding properties held for sale and communities under major redevelopment. |
(d) | "Other" includes results from non-multifamily rental properties and expenses related to land holdings not under active development. |
(e) | Represents operating results for communities disposed of during 2010, of which Camden has no continuing involvement. |
11
"SAME PROPERTY" | ||||||||||||||||||||||||||||||||||||
CAMDEN | THIRD QUARTER COMPARISONS | |||||||||||||||||||||||||||||||||||
SEPTEMBER 30, 2011 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 3Q11 | 3Q10 | Growth | 3Q11 | 3Q10 | Growth | 3Q11 | 3Q10 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $22,616 | $21,284 | 6.3 | % | $6,761 | $6,415 | 5.4 | % | $15,855 | $14,869 | 6.6 | % | ||||||||||||||||||||||||
Houston, TX | 14,354 | 13,348 | 7.5 | % | 5,715 | 5,657 | 1.0 | % | 8,639 | 7,691 | 12.3 | % | ||||||||||||||||||||||||
Tampa, FL | 14,850 | 13,993 | 6.1 | % | 6,700 | 6,421 | 4.3 | % | 8,150 | 7,572 | 7.6 | % | ||||||||||||||||||||||||
Las Vegas, NV | 9,890 | 9,984 | (0.9 | %) | 3,902 | 3,930 | (0.7 | %) | 5,988 | 6,054 | (1.1 | %) | ||||||||||||||||||||||||
SE Florida | 11,623 | 10,907 | 6.6 | % | 4,688 | 4,452 | 5.3 | % | 6,935 | 6,455 | 7.4 | % | ||||||||||||||||||||||||
Dallas, TX | 11,648 | 10,707 | 8.8 | % | 5,644 | 5,266 | 7.2 | % | 6,004 | 5,441 | 10.3 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 8,673 | 8,199 | 5.8 | % | 3,042 | 2,888 | 5.3 | % | 5,631 | 5,311 | 6.0 | % | ||||||||||||||||||||||||
Charlotte, NC | 10,166 | 9,460 | 7.5 | % | 4,301 | 4,093 | 5.1 | % | 5,865 | 5,367 | 9.3 | % | ||||||||||||||||||||||||
Orlando, FL | 9,049 | 8,564 | 5.7 | % | 3,850 | 3,696 | 4.2 | % | 5,199 | 4,868 | 6.8 | % | ||||||||||||||||||||||||
Atlanta, GA | 9,219 | 8,741 | 5.5 | % | 4,088 | 3,837 | 6.5 | % | 5,131 | 4,904 | 4.6 | % | ||||||||||||||||||||||||
Raleigh, NC | 7,399 | 6,957 | 6.4 | % | 2,823 | 2,667 | 5.8 | % | 4,576 | 4,290 | 6.7 | % | ||||||||||||||||||||||||
Denver, CO | 5,842 | 5,506 | 6.1 | % | 2,117 | 2,022 | 4.7 | % | 3,725 | 3,484 | 6.9 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5,745 | 5,448 | 5.5 | % | 2,264 | 2,297 | (1.4 | %) | 3,481 | 3,151 | 10.5 | % | ||||||||||||||||||||||||
Austin, TX | 5,370 | 4,876 | 10.1 | % | 2,682 | 2,386 | 12.4 | % | 2,688 | 2,490 | 8.0 | % | ||||||||||||||||||||||||
Phoenix, AZ | 3,979 | 3,673 | 8.3 | % | 1,771 | 1,699 | 4.2 | % | 2,208 | 1,974 | 11.9 | % | ||||||||||||||||||||||||
Other | 3,317 | 3,041 | 9.1 | % | 1,238 | 1,166 | 6.2 | % | 2,079 | 1,875 | 10.9 | % | ||||||||||||||||||||||||
Total Same Property | $153,740 | $144,688 | 6.3 | % | $61,586 | $58,892 | 4.6 | % | $92,154 | $85,796 | 7.4 | % |
Apartment | |||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | ||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 3Q11 | 3Q10 | Change | 3Q11 | 3Q10 | Change | |||||||||||||||||||||||||
D.C. Metro | 4,439 | 17.2 | % | 96.4 | % | 96.7 | % | (0.3 | %) | $1,584 | $1,485 | 6.7 | % | ||||||||||||||||||||
Houston, TX | 4,462 | 9.4 | % | 95.2 | % | 93.0 | % | 2.2 | % | 999 | 956 | 4.4 | % | ||||||||||||||||||||
Tampa, FL | 5,503 | 8.8 | % | 94.7 | % | 93.8 | % | 0.9 | % | 788 | 747 | 5.5 | % | ||||||||||||||||||||
Las Vegas, NV | 3,969 | 6.5 | % | 93.0 | % | 92.9 | % | 0.1 | % | 758 | 771 | (1.6 | %) | ||||||||||||||||||||
SE Florida | 2,520 | 7.5 | % | 94.1 | % | 95.0 | % | (0.9 | %) | 1,461 | 1,365 | 7.0 | % | ||||||||||||||||||||
Dallas, TX | 4,545 | 6.5 | % | 95.3 | % | 94.4 | % | 0.9 | % | 759 | 709 | 7.2 | % | ||||||||||||||||||||
Los Angeles/Orange County, CA | 1,770 | 6.1 | % | 95.7 | % | 93.3 | % | 2.4 | % | 1,547 | 1,498 | 3.2 | % | ||||||||||||||||||||
Charlotte, NC | 3,574 | 6.4 | % | 95.9 | % | 95.1 | % | 0.8 | % | 858 | 794 | 8.1 | % | ||||||||||||||||||||
Orlando, FL | 3,296 | 5.6 | % | 95.5 | % | 94.0 | % | 1.5 | % | 822 | 784 | 4.9 | % | ||||||||||||||||||||
Atlanta, GA | 3,202 | 5.6 | % | 94.9 | % | 94.2 | % | 0.7 | % | 869 | 835 | 4.2 | % | ||||||||||||||||||||
Raleigh, NC | 2,704 | 5.0 | % | 94.9 | % | 95.1 | % | (0.2 | %) | 811 | 758 | 7.0 | % | ||||||||||||||||||||
Denver, CO | 1,851 | 4.0 | % | 94.2 | % | 95.4 | % | (1.2 | %) | 959 | 900 | 6.5 | % | ||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.8 | % | 94.7 | % | 92.6 | % | 2.1 | % | 1,525 | 1,476 | 3.3 | % | ||||||||||||||||||||
Austin, TX | 1,853 | 2.9 | % | 95.9 | % | 94.8 | % | 1.1 | % | 847 | 783 | 8.2 | % | ||||||||||||||||||||
Phoenix, AZ | 1,441 | 2.4 | % | 93.7 | % | 92.4 | % | 1.3 | % | 822 | 764 | 7.6 | % | ||||||||||||||||||||
Other | 984 | 2.3 | % | 94.0 | % | 93.5 | % | 0.5 | % | 1,006 | 950 | 5.9 | % | ||||||||||||||||||||
Total Same Property | 47,309 | 100.0 | % | 95.0 | % | 94.3 | % | 0.7 | % | $989 | $939 | 5.3 | % | ||||||||||||||||||||
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and communities under major redevelopment. |
(b) | Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. |
12
"SAME PROPERTY" | ||||||||||||||||||||||||||||||||||||
CAMDEN | SEQUENTIAL QUARTER COMPARISONS | |||||||||||||||||||||||||||||||||||
SEPTEMBER 30, 2011 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 3Q11 | 2Q11 | Growth | 3Q11 | 2Q11 | Growth | 3Q11 | 2Q11 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $22,616 | $22,160 | 2.1 | % | $6,761 | $6,657 | 1.6 | % | $15,855 | $15,503 | 2.3 | % | ||||||||||||||||||||||||
Houston, TX | 14,354 | 13,925 | 3.1 | % | 5,715 | 5,921 | (3.5 | %) | 8,639 | 8,004 | 7.9 | % | ||||||||||||||||||||||||
Tampa, FL | 14,850 | 14,573 | 1.9 | % | 6,700 | 6,369 | 5.2 | % | 8,150 | 8,204 | (0.7 | %) | ||||||||||||||||||||||||
Las Vegas, NV | 9,890 | 9,869 | 0.2 | % | 3,902 | 3,785 | 3.1 | % | 5,988 | 6,084 | (1.6 | %) | ||||||||||||||||||||||||
SE Florida | 11,623 | 11,638 | (0.1 | %) | 4,688 | 4,298 | 9.1 | % | 6,935 | 7,340 | (5.5 | %) | ||||||||||||||||||||||||
Dallas, TX | 11,648 | 11,387 | 2.3 | % | 5,644 | 5,396 | 4.6 | % | 6,004 | 5,991 | 0.2 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 8,673 | 8,445 | 2.7 | % | 3,042 | 2,842 | 7.0 | % | 5,631 | 5,603 | 0.5 | % | ||||||||||||||||||||||||
Charlotte, NC | 10,166 | 9,880 | 2.9 | % | 4,301 | 4,102 | 4.9 | % | 5,865 | 5,778 | 1.5 | % | ||||||||||||||||||||||||
Orlando, FL | 9,049 | 8,906 | 1.6 | % | 3,850 | 3,682 | 4.6 | % | 5,199 | 5,224 | (0.5 | %) | ||||||||||||||||||||||||
Atlanta, GA | 9,219 | 9,080 | 1.5 | % | 4,088 | 3,913 | 4.5 | % | 5,131 | 5,167 | (0.7 | %) | ||||||||||||||||||||||||
Raleigh, NC | 7,399 | 7,248 | 2.1 | % | 2,823 | 2,687 | 5.1 | % | 4,576 | 4,561 | 0.3 | % | ||||||||||||||||||||||||
Denver, CO | 5,842 | 5,690 | 2.7 | % | 2,117 | 2,019 | 4.9 | % | 3,725 | 3,671 | 1.5 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5,745 | 5,574 | 3.1 | % | 2,264 | 2,277 | (0.6 | %) | 3,481 | 3,297 | 5.6 | % | ||||||||||||||||||||||||
Austin, TX | 5,370 | 5,158 | 4.1 | % | 2,682 | 2,491 | 7.7 | % | 2,688 | 2,667 | 0.8 | % | ||||||||||||||||||||||||
Phoenix, AZ | 3,979 | 3,862 | 3.0 | % | 1,771 | 1,664 | 6.4 | % | 2,208 | 2,198 | 0.5 | % | ||||||||||||||||||||||||
Other | 3,317 | 3,236 | 2.5 | % | 1,238 | 1,182 | 4.7 | % | 2,079 | 2,054 | 1.2 | % | ||||||||||||||||||||||||
Total Same Property | $153,740 | $150,631 | 2.1 | % | $61,586 | $59,285 | 3.9 | % | $92,154 | $91,346 | 0.9 | % |
Apartment | ||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 3Q11 | 3Q10 | Change | 3Q11 | 3Q10 | Change | ||||||||||||||||||||||||
D.C. Metro | 4,439 | 17.2 | % | 96.4 | % | 96.3 | % | 0.1 | % | $1,584 | $1,548 | 2.3 | % | |||||||||||||||||||
Houston, TX | 4,462 | 9.4 | % | 95.2 | % | 94.4 | % | 0.8 | % | 999 | 975 | 2.4 | % | |||||||||||||||||||
Tampa, FL | 5,503 | 8.8 | % | 94.7 | % | 94.4 | % | 0.3 | % | 788 | 774 | 1.9 | % | |||||||||||||||||||
Las Vegas, NV | 3,969 | 6.5 | % | 93.0 | % | 93.6 | % | (0.6 | %) | 758 | 757 | 0.1 | % | |||||||||||||||||||
SE Florida | 2,520 | 7.5 | % | 94.1 | % | 95.2 | % | (1.1 | %) | 1,461 | 1,437 | 1.7 | % | |||||||||||||||||||
Dallas, TX | 4,545 | 6.5 | % | 95.3 | % | 95.6 | % | (0.3 | %) | 759 | 737 | 3.1 | % | |||||||||||||||||||
Los Angeles/Orange County, CA | 1,770 | 6.1 | % | 95.7 | % | 94.7 | % | 1.0 | % | 1,547 | 1,523 | 1.5 | % | |||||||||||||||||||
Charlotte, NC | 3,574 | 6.4 | % | 95.9 | % | 96.3 | % | (0.4 | %) | 858 | 825 | 4.0 | % | |||||||||||||||||||
Orlando, FL | 3,296 | 5.6 | % | 95.5 | % | 94.7 | % | 0.8 | % | 822 | 813 | 1.1 | % | |||||||||||||||||||
Atlanta, GA | 3,202 | 5.6 | % | 94.9 | % | 94.5 | % | 0.4 | % | 869 | 855 | 1.7 | % | |||||||||||||||||||
Raleigh, NC | 2,704 | 5.0 | % | 94.9 | % | 95.0 | % | (0.1 | %) | 811 | 791 | 2.5 | % | |||||||||||||||||||
Denver, CO | 1,851 | 4.0 | % | 94.2 | % | 94.5 | % | (0.3 | %) | 959 | 931 | 3.0 | % | |||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.8 | % | 94.7 | % | 92.9 | % | 1.8 | % | 1,525 | 1,497 | 1.9 | % | |||||||||||||||||||
Austin, TX | 1,853 | 2.9 | % | 95.9 | % | 94.7 | % | 1.2 | % | 847 | 822 | 3.1 | % | |||||||||||||||||||
Phoenix, AZ | 1,441 | 2.4 | % | 93.7 | % | 92.0 | % | 1.7 | % | 822 | 802 | 2.5 | % | |||||||||||||||||||
Other | 984 | 2.3 | % | 94.0 | % | 95.6 | % | (1.6 | %) | 1,006 | 985 | 2.2 | % | |||||||||||||||||||
Total Same Property | 47,309 | 100.0 | % | 95.0 | % | 94.8 | % | 0.2 | % | $989 | $968 | 2.2 | % |
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and communities under major redevelopment. |
(b) | Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. |
13
"SAME PROPERTY" | ||||||||||||||||||||||||||||||||||||
CAMDEN | YEAR TO DATE COMPARISONS | |||||||||||||||||||||||||||||||||||
SEPTEMBER 30, 2011 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Year to Date Results (a) | 2011 | 2010 | Growth | 2011 | 2010 | Growth | 2011 | 2010 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $66,385 | $62,007 | 7.1 | % | $20,144 | $19,557 | 3.0 | % | $46,241 | $42,450 | 8.9 | % | ||||||||||||||||||||||||
Houston, TX | 41,516 | 40,032 | 3.7 | % | 17,240 | 16,956 | 1.7 | % | 24,276 | 23,076 | 5.2 | % | ||||||||||||||||||||||||
Tampa, FL | 43,661 | 41,470 | 5.3 | % | 19,504 | 19,437 | 0.3 | % | 24,157 | 22,033 | 9.6 | % | ||||||||||||||||||||||||
Las Vegas, NV | 29,457 | 29,985 | (1.8 | %) | 11,378 | 11,741 | (3.1 | %) | 18,079 | 18,244 | (0.9 | %) | ||||||||||||||||||||||||
SE Florida | 34,583 | 32,442 | 6.6 | % | 13,483 | 12,968 | 4.0 | % | 21,100 | 19,474 | 8.3 | % | ||||||||||||||||||||||||
Dallas, TX | 33,965 | 31,864 | 6.6 | % | 16,175 | 15,408 | 5.0 | % | 17,790 | 16,456 | 8.1 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 25,448 | 24,544 | 3.7 | % | 8,692 | 8,259 | 5.2 | % | 16,756 | 16,285 | 2.9 | % | ||||||||||||||||||||||||
Charlotte, NC | 29,578 | 28,218 | 4.8 | % | 12,392 | 12,005 | 3.2 | % | 17,186 | 16,213 | 6.0 | % | ||||||||||||||||||||||||
Orlando, FL | 26,664 | 25,490 | 4.6 | % | 11,147 | 11,138 | 0.1 | % | 15,517 | 14,352 | 8.1 | % | ||||||||||||||||||||||||
Atlanta, GA | 27,148 | 25,812 | 5.2 | % | 11,725 | 11,234 | 4.4 | % | 15,423 | 14,578 | 5.8 | % | ||||||||||||||||||||||||
Raleigh, NC | 21,826 | 20,451 | 6.7 | % | 8,125 | 7,816 | 4.0 | % | 13,701 | 12,635 | 8.4 | % | ||||||||||||||||||||||||
Denver, CO | 16,958 | 16,006 | 5.9 | % | 6,004 | 5,610 | 7.0 | % | 10,954 | 10,396 | 5.4 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 16,804 | 16,310 | 3.0 | % | 6,694 | 6,820 | (1.8 | %) | 10,110 | 9,490 | 6.5 | % | ||||||||||||||||||||||||
Austin, TX | 15,461 | 14,295 | 8.2 | % | 7,514 | 7,033 | 6.8 | % | 7,947 | 7,262 | 9.4 | % | ||||||||||||||||||||||||
Phoenix, AZ | 11,662 | 11,023 | 5.8 | % | 5,054 | 4,865 | 3.9 | % | 6,608 | 6,158 | 7.3 | % | ||||||||||||||||||||||||
Other | 9,623 | 8,970 | 7.3 | % | 3,565 | 3,486 | 2.3 | % | 6,058 | 5,484 | 10.5 | % | ||||||||||||||||||||||||
Total Same Property | $450,739 | $428,919 | 5.1 | % | $178,836 | $174,333 | 2.6 | % | $271,903 | $254,586 | 6.8 | % |
Apartment | |||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | ||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 3Q11 | 3Q10 | Change | 3Q11 | 3Q10 | Change | |||||||||||||||||||||||||
D.C. Metro | 4,439 | 17.0 | % | 96.1 | % | 95.6 | % | 0.5 | % | $1,552 | $1,460 | 6.3 | % | ||||||||||||||||||||
Houston, TX | 4,462 | 8.9 | % | 93.7 | % | 93.5 | % | 0.2 | % | 978 | 957 | 2.2 | % | ||||||||||||||||||||
Tampa, FL | 5,503 | 8.9 | % | 94.3 | % | 93.3 | % | 1.0 | % | 775 | 742 | 4.4 | % | ||||||||||||||||||||
Las Vegas, NV | 3,969 | 6.6 | % | 92.9 | % | 92.7 | % | 0.2 | % | 757 | 779 | (2.8 | %) | ||||||||||||||||||||
SE Florida | 2,520 | 7.8 | % | 94.7 | % | 95.3 | % | (0.6 | %) | 1,439 | 1,348 | 6.7 | % | ||||||||||||||||||||
Dallas, TX | 4,545 | 6.5 | % | 95.1 | % | 93.7 | % | 1.4 | % | 740 | 706 | 4.7 | % | ||||||||||||||||||||
Los Angeles/Orange County, CA | 1,770 | 6.2 | % | 94.7 | % | 93.4 | % | 1.3 | % | 1,526 | 1,497 | 1.9 | % | ||||||||||||||||||||
Charlotte, NC | 3,574 | 6.3 | % | 95.8 | % | 94.9 | % | 0.9 | % | 830 | 790 | 5.1 | % | ||||||||||||||||||||
Orlando, FL | 3,296 | 5.7 | % | 94.8 | % | 93.3 | % | 1.5 | % | 813 | 784 | 3.6 | % | ||||||||||||||||||||
Atlanta, GA | 3,202 | 5.7 | % | 94.4 | % | 93.7 | % | 0.7 | % | 857 | 823 | 4.2 | % | ||||||||||||||||||||
Raleigh, NC | 2,704 | 5.1 | % | 94.8 | % | 94.3 | % | 0.5 | % | 799 | 746 | 7.2 | % | ||||||||||||||||||||
Denver, CO | 1,851 | 4.1 | % | 93.9 | % | 94.4 | % | (0.5 | %) | 935 | 884 | 5.7 | % | ||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.7 | % | 93.5 | % | 93.5 | % | 0.0 | % | 1,502 | 1,461 | 2.8 | % | ||||||||||||||||||||
Austin, TX | 1,853 | 2.9 | % | 94.8 | % | 94.0 | % | 0.8 | % | 825 | 772 | 6.8 | % | ||||||||||||||||||||
Phoenix, AZ | 1,441 | 2.4 | % | 93.1 | % | 92.9 | % | 0.2 | % | 804 | 760 | 5.8 | % | ||||||||||||||||||||
Other | 984 | 2.2 | % | 94.6 | % | 94.5 | % | 0.1 | % | 984 | 929 | 5.9 | % | ||||||||||||||||||||
Total Same Property | 47,309 | 100.0 | % | 94.5 | % | 93.9 | % | 0.6 | % | $971 | $932 | 4.2 | % |
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties held for sale and communities under major redevelopment. |
(b) | Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. |
14
"SAME PROPERTY" OPERATING EXPENSE | |||||||||||||||||||
CAMDEN | DETAIL AND COMPARISONS | ||||||||||||||||||
SEPTEMBER 30, 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
% of Actual 2Q11 Operating | |||||||||||||||||||
Quarterly Comparison (a) | 3Q11 | 3Q10 | $ Change | % Change | Expenses | ||||||||||||||
Property taxes | $15,395 | $15,125 | $270 | 1.8 | % | 25.0 | % | ||||||||||||
Salaries and Benefits for On-site Employees | 14,759 | 14,137 | 622 | 4.4 | % | 24.0 | % | ||||||||||||
Utilities | 14,501 | 13,885 | 616 | 4.4 | % | 23.5 | % | ||||||||||||
Repairs and Maintenance | 10,239 | 9,276 | 963 | 10.4 | % | 16.6 | % | ||||||||||||
Property Insurance | 2,771 | 2,701 | 70 | 2.6 | % | 4.5 | % | ||||||||||||
Other | 3,921 | 3,768 | 153 | 4.1 | % | 6.4 | % | ||||||||||||
Total Same Property | $61,586 | $58,892 | $2,694 | 4.6 | % | 100.0 | % | ||||||||||||
% of Actual 2Q11 Operating | |||||||||||||||||||
Sequential Comparison (a) | 3Q11 | 2Q11 | $ Change | % Change | Expenses | ||||||||||||||
Property taxes | $15,395 | $15,733 | $(338 | ) | (2.1 | %) | 25.0 | % | |||||||||||
Salaries and Benefits for On-site Employees | 14,759 | 14,322 | 437 | 3.1 | % | 24.0 | % | ||||||||||||
Utilities | 14,501 | 13,219 | 1,282 | 9.7 | % | 23.5 | % | ||||||||||||
Repairs and Maintenance | 10,239 | 9,233 | 1,006 | 10.9 | % | 16.6 | % | ||||||||||||
Property Insurance | 2,771 | 2,998 | (227 | ) | (7.6 | %) | 4.5 | % | |||||||||||
Other | 3,921 | 3,780 | 141 | 3.7 | % | 6.4 | % | ||||||||||||
Total Same Property | $61,586 | $59,285 | $2,301 | 3.9 | % | 100.0 | % | ||||||||||||
% of Actual 2011 Operating | |||||||||||||||||||
Year to Date Comparison (a) | 2011 | 2010 | $ Change | % Change | Expenses | ||||||||||||||
Property taxes | $46,780 | $48,056 | $(1,276 | ) | (2.7 | %) | 26.2 | % | |||||||||||
Salaries and Benefits for On-site Employees | 43,039 | 40,548 | 2,491 | 6.1 | % | 24.1 | % | ||||||||||||
Utilities | 40,648 | 38,139 | 2,509 | 6.6 | % | 22.7 | % | ||||||||||||
Repairs and Maintenance | 28,065 | 26,744 | 1,321 | 4.9 | % | 15.7 | % | ||||||||||||
Property Insurance | 9,032 | 9,851 | (819 | ) | (8.3 | %) | 5.0 | % | |||||||||||
Other | 11,272 | 10,995 | 277 | 2.5 | % | 6.3 | % | ||||||||||||
Total Same Property | $178,836 | $174,333 | $4,503 | 2.6 | % | 100.0 | % | ||||||||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2010, excluding properties |
held for sale and communities under major redevelopment. |
15
CAMDEN | JOINT VENTURE OPERATIONS | |||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||
Company's Pro-rata Share of Joint Venture Operations: | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
OPERATING DATA (a) | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||
Property Revenues | ||||||||||||||||||||
Rental revenues | $7,937 | $7,214 | $20,700 | $20,947 | ||||||||||||||||
Other property revenues | 1,239 | 1,110 | 3,257 | 3,138 | ||||||||||||||||
Total property revenues | 9,176 | 8,324 | 23,957 | 24,085 | ||||||||||||||||
Property Expenses | ||||||||||||||||||||
Property operating and maintenance | 2,999 | 2,929 | 7,619 | 7,988 | ||||||||||||||||
Real estate taxes | 980 | 889 | 2,521 | 3,008 | ||||||||||||||||
Total property expenses | 3,979 | 3,818 | 10,140 | 10,996 | ||||||||||||||||
Net Operating Income (NOI) | 5,197 | 4,506 | 13,817 | 13,089 | ||||||||||||||||
Other expenses | ||||||||||||||||||||
Interest | 2,377 | 2,226 | 6,384 | 6,535 | ||||||||||||||||
Depreciation and amortization | 3,273 | 2,363 | 7,133 | 6,977 | ||||||||||||||||
Other | 103 | 161 | 466 | 362 | ||||||||||||||||
Total other expenses | 5,753 | 4,750 | 13,983 | 13,874 | ||||||||||||||||
Equity in income (loss) of joint ventures | $(556 | ) | $(244 | ) | $(166 | ) | $(785 | ) | ||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||||||||
BALANCE SHEET DATA (b) | ||||||||||||||||||||
Land | $199,323 | $192,872 | $163,596 | $151,384 | $207,835 | |||||||||||||||
Buildings and improvements | 1,284,010 | 1,268,982 | 978,703 | 956,422 | 1,066,607 | |||||||||||||||
1,483,333 | 1,461,854 | 1,142,299 | 1,107,806 | 1,274,442 | ||||||||||||||||
Accumulated depreciation | (229,212 | ) | (217,324 | ) | (207,860 | ) | (203,673 | ) | (210,378 | ) | ||||||||||
Real estate assets, net | 1,254,121 | 1,244,530 | 934,439 | 904,133 | 1,064,064 | |||||||||||||||
Properties under development and land | 28,694 | 23,774 | - | 7,530 | 26,516 | |||||||||||||||
Cash and other assets, net | 39,688 | 46,606 | 24,780 | 23,633 | 30,827 | |||||||||||||||
Total assets | $1,322,503 | $1,314,910 | $959,219 | $935,296 | $1,121,407 | |||||||||||||||
Notes payable | $1,066,924 | $1,049,387 | $811,319 | $810,095 | $949,870 | |||||||||||||||
Notes payable due to Camden | - | - | - | 3,408 | 17,696 | |||||||||||||||
Other liabilities | 32,274 | 24,678 | 15,101 | 16,543 | 19,193 | |||||||||||||||
Total liabilities | 1,099,198 | 1,074,065 | 826,420 | 830,046 | 986,759 | |||||||||||||||
Members' equity | 223,305 | 240,845 | 132,799 | 105,250 | 134,648 | |||||||||||||||
Total liabilities and members' equity | $1,322,503 | $1,314,910 | $959,219 | $935,296 | $1,121,407 | |||||||||||||||
Camden's equity investment | $37,033 | $39,398 | $21,196 | $27,632 | $33,226 | |||||||||||||||
Distributions in excess of investment in joint ventures | $(31,799 | ) | $(31,040 | ) | $(33,442 | ) | $(32,288 | ) | $(34,045 | ) | ||||||||||
Camden's pro-rata share of debt (c) | $212,561 | $209,112 | $161,526 | $193,130 | $249,157 | |||||||||||||||
PROPERTY DATA (end of period) | ||||||||||||||||||||
Total operating properties | 54 | 53 | 44 | 43 | 43 | |||||||||||||||
Total operating apartment homes | 16,564 | 16,324 | 12,917 | 12,435 | 12,834 | |||||||||||||||
Pro rata share of operating apartment homes | 3,247 | 3,199 | 2,517 | 2,660 | 2,818 | |||||||||||||||
Total development properties | 2 | 2 | - | - | 1 | |||||||||||||||
Total development apartment homes | 520 | 520 | - | - | 110 | |||||||||||||||
Pro rata share of development apartment homes | 104 | 104 | - | - | 22 | |||||||||||||||
(a) Operating data represents Camden's pro-rata share of revenues and expenses. |
(b) Balance sheet and property data reported at 100%. |
(c) Excludes Camden's pro-rata share of notes payable due to Camden, if any. |
16
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2011 ($ in millions) | ||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 10/30/11 | ||||||||||||||||||||||||
Development Communities Under Construction | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||
IN LEASE-UP | ||||||||||||||||||||||||||||||||
1. | Camden La Vina | 420 | $60.0 | $49.9 | $27.4 | 3Q10 | 3Q11 | 2Q12 | 1Q13 | 35% | 25% | |||||||||||||||||||||
Orlando, FL | ||||||||||||||||||||||||||||||||
2. | Camden Summerfield II | 187 | 30.0 | 23.6 | 17.8 | 3Q10 | 3Q11 | 1Q12 | 4Q12 | 19% | 13% | |||||||||||||||||||||
Landover, MD | ||||||||||||||||||||||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||||||||||||||||
3. | Camden Royal Oaks II | 104 | 14.0 | 8.0 | 8.0 | 1Q11 | 4Q11 | 2Q12 | 3Q13 | |||||||||||||||||||||||
Houston, TX | ||||||||||||||||||||||||||||||||
4. | Camden Montague | 192 | 23.0 | 9.0 | 9.0 | 2Q11 | 2Q12 | 4Q12 | 2Q13 | |||||||||||||||||||||||
Tampa, FL | ||||||||||||||||||||||||||||||||
5. | Camden Town Square | 438 | 66.0 | 23.1 | 23.1 | 2Q11 | 2Q12 | 3Q13 | 4Q14 | |||||||||||||||||||||||
Orlando, FL | ||||||||||||||||||||||||||||||||
6. | Camden Westchase Park | 348 | 52.0 | 24.6 | 24.6 | 2Q11 | 2Q12 | 1Q13 | 4Q13 | |||||||||||||||||||||||
Tampa, FL | ||||||||||||||||||||||||||||||||
Total Development Communities | 1,689 | $245.0 | $138.2 | $109.9 | ||||||||||||||||||||||||||||
Additional Development Pipeline & Land (a) | 164.3 | |||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $274.2 | |||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||
Joint Venture Camden Developed Communities Under Construction | Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | ||||||||||||||||||||||||
Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | |||||||||||||||||||||||||
1. | Camden South Capitol | 276 | $88.0 | $23.5 | $23.5 | 2Q11 | �� | 3Q13 | 4Q13 | 3Q14 | ||||||||||||||||||||||
Washington, DC | ||||||||||||||||||||||||||||||||
2. | Camden Amber Oaks II | 244 | 25.0 | 4.0 | 4.0 | 2Q11 | 2Q12 | 3Q12 | 2Q13 | |||||||||||||||||||||||
Austin, TX | ||||||||||||||||||||||||||||||||
Total Joint Venture Development Communities | 520 | $113.0 | $27.5 | $27.5 | ||||||||||||||||||||||||||||
(a) Please refer to the Development Pipeline & Land Summary on page 18. |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. |
17
CAMDEN | DEVELOPMENT PIPELINE & LAND | |||||||||
(Unaudited) | ||||||||||
AS OF SEPTEMBER 30, 2011 ($ in millions) | ||||||||||
Projected | ||||||||||
PIPELINE COMMUNITIES (a) | Homes | Cost to Date | ||||||||
1. | Camden NOMA (b) | 320 | $32.0 | |||||||
Washington, DC | ||||||||||
2. | Camden City Centre II (b) | 268 | 7.0 | |||||||
Houston, TX | ||||||||||
3. | Camden 5400 North Lamar | 291 | 4.9 | |||||||
Austin, TX | ||||||||||
4. | Camden McGowen Station | 251 | 6.2 | |||||||
Houston, TX | ||||||||||
5. | Camden Highlands | 400 | 7.0 | |||||||
Denver, Co | ||||||||||
6. | Camden Paces (c) | 700 | 40.9 | |||||||
Atlanta, GA | ||||||||||
Development Pipeline | 2,230 | $98.0 | ||||||||
LAND HOLDINGS | Acreage | Cost to Date | ||||||||
Washington, DC | 0.9 | $17.3 | ||||||||
Los Angeles, CA | 2.0 | 17.3 | ||||||||
Houston, TX | 13.2 | 6.9 | ||||||||
Denver, CO | 4.4 | 4.6 | ||||||||
Dallas, TX | 7.2 | 8.6 | ||||||||
Southeast Florida | 2.2 | 5.0 | ||||||||
Las Vegas, NV | 19.6 | 4.2 | ||||||||
Other | 4.8 | 2.4 | ||||||||
Land Holdings | 54.3 | $66.3 | ||||||||
Total Development Pipeline and Land | $164.3 | |||||||||
(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) | Construction began subsequent to September 30, 2011. |
(c) | Project anticipated to be developed in multiple phases. |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. |
18
CAMDEN | ACQUISITIONS & DISPOSITIONS | ||||||||||||
(Unaudited) | |||||||||||||
2011 ACQUISITION/DISPOSITION ACTIVITY | |||||||||||||
Potential | |||||||||||||
Dispositions to Joint Ventures | Location | Property Type | Apartment Homes | Year Built | Closing Date | ||||||||
1. South Capitol (a) | Washington, DC | Land under development | 276 | N/A | 04/12/11 | ||||||||
2. Amber Oaks II (a) | Austin, TX | Land under development | 244 | N/A | 06/16/11 | ||||||||
Total Dispositions to Joint Ventures | $12.5 | million | 520 potential apartment homes | ||||||||||
Joint Venture Acquisitions | Location | Property Type | Apartment Homes | Year Built | Closing Date | ||||||||
1. Camden Heights | Houston, TX | Multifamily | 352 | 2004 | 02/16/11 | ||||||||
2. Camden Design District | Dallas, TX | Multifamily | 355 | 2009 | 03/21/11 | ||||||||
3. Camden Phipps | Atlanta, GA | Multifamily | 234 | 1996 | 03/23/11 | ||||||||
4. Camden Visconti | Tampa, FL | Multifamily | 450 | 2007 | 05/25/11 | ||||||||
5. Camden Brushy Creek | Austin, TX | Multifamily | 272 | 2008 | 06/15/11 | ||||||||
6. Camden Cypress Creek | Houston, TX | Multifamily | 310 | 2009 | 06/15/11 | ||||||||
7. Camden Lakemont | Houston, TX | Multifamily | 312 | 2007 | 06/15/11 | ||||||||
8. Camden Northpointe | Houston, TX | Multifamily | 384 | 2008 | 06/15/11 | ||||||||
9. Camden Panther Creek | Dallas, TX | Multifamily | 295 | 2009 | 06/15/11 | ||||||||
10. Camden Westover Hills | San Antonio, TX | Multifamily | 288 | 2010 | 06/15/11 | ||||||||
11. Camden Riverwalk | Dallas, TX | Multifamily | 600 | 2008 | 06/23/11 | ||||||||
12. Camden Shadow Brook | Austin, TX | Multifamily | 496 | 2009 | 06/23/11 | ||||||||
13. Camden Braun Station | San Antonio, TX | Multifamily | 240 | 2006 | 08/23/11 | ||||||||
Total Joint Venture Acquisitions | $455.0 | million | 4,588 apartment homes | ||||||||||
Pro Rata Joint Venture Acquisitions | $91.0 | million | |||||||||||
Joint Venture Dispositions | Location | Property Type | Apartment Homes / Acreage | Year Built | Closing Date | ||||||||
1. Belle Meade | Houston, TX | Multifamily | 119 | 2010 | 03/10/11 | ||||||||
2. Braeswood Place | Houston, TX | Multifamily | 340 | 2009 | 03/10/11 | ||||||||
3. Lakes at 610 | Houston, TX | Undeveloped Land | 6.1 | N/A | 03/10/11 | ||||||||
Total Joint Venture Dispositions | $19.3 | million (b) | 459 apartment homes | ||||||||||
6.1 acres |
(a) Land parcel sold to a joint venture of which Camden owns a 20% interest. |
(b) Net proceeds to Camden after debt. |
19
CAMDEN | DEBT ANALYSIS | |||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
DEBT MATURITIES AS OF SEPTEMBER 30, 2011: | ||||||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||||||
Secured | Unsecured | Percent | Interest Rate on | |||||||||||||||||||||
Year | Amortization | Maturities | Maturities | Total | of Total | Maturing Debt | ||||||||||||||||||
2011 | $993 | $- | $- | $993 | 0.0 | % | N/A | |||||||||||||||||
2012 | 3,499 | 101,017 | 189,667 | 294,183 | 12.1 | % | 5.2 | % | ||||||||||||||||
2013 | 2,225 | 25,831 | 200,000 | 228,056 | 9.4 | % | 5.4 | % | ||||||||||||||||
2014 | 2,187 | 8,827 | - | 11,014 | 0.5 | % | 6.0 | % | ||||||||||||||||
2015 | 2,359 | - | 250,000 | 252,359 | 10.4 | % | 5.1 | % | ||||||||||||||||
Thereafter | 80,642 | 819,107 | 746,750 | 1,646,499 | 67.6 | % | 4.6 | % | ||||||||||||||||
Total Maturing Debt | $91,905 | $954,782 | $1,386,417 | $2,433,104 | 100.0 | % | 4.8 | % | ||||||||||||||||
Unsecured Line of Credit | - | - | - | - | - | N/A | ||||||||||||||||||
Total Debt | $91,905 | $954,782 | $1,386,417 | $2,433,104 | 100.0 | % | 4.8 | % | ||||||||||||||||
Weighted Average Maturity of Debt | 7.0 Years | |||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Floating rate debt | $245,858 | 10.1 | % | 1.1 | % | 7.8 Years | ||||||||||||||||||
Fixed rate debt | 2,187,246 | 89.9 | % | 5.3 | % | 6.9 Years | ||||||||||||||||||
Total | $2,433,104 | 100.0 | % | 4.8 | % | 7.0 Years | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Unsecured debt | $1,380,560 | 56.7 | % | 5.3 | % | 6.0 Years | ||||||||||||||||||
Secured debt | 1,052,544 | 43.3 | % | 4.2 | % | 8.4 Years | ||||||||||||||||||
Total | $2,433,104 | 100.0 | % | 4.8 | % | 7.0 Years | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Conventional fixed-rate mortgage debt | $806,686 | 76.6 | % | 5.2 | % | 8.6 Years | ||||||||||||||||||
Conventional variable-rate mortgage debt | 206,476 | 19.6 | % | 1.1 | % | 6.1 Years | ||||||||||||||||||
Tax exempt variable rate debt | 39,382 | 3.8 | % | 1.6 | % | 16.7 Years | ||||||||||||||||||
Total | $1,052,544 | 100.0 | % | 4.2 | % | 8.4 Years | ||||||||||||||||||
REAL ESTATE ASSETS: (a) | Total Homes | % of Total | Total Cost | % of Total | ||||||||||||||||||||
Unencumbered real estate assets | 38,430 | 73.0 | % | $4,154,050 | 71.6 | % | ||||||||||||||||||
Encumbered real estate assets | 14,186 | 27.0 | % | 1,644,850 | 28.4 | % | ||||||||||||||||||
Total | 52,616 | 100.0 | % | $5,798,900 | 100.0 | % | ||||||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is 3.0 times | ||||||||||||||||||||||||
(a) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures. |
20
CAMDEN | DEBT MATURITY ANALYSIS | ||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2011 AND 2012: | |||||||||||
Future Scheduled Repayments | Weighted Average | ||||||||||
Secured | Unsecured | Interest Rate on | |||||||||
Quarter | Amortization | Maturities | Maturities | Total | Maturing Debt | ||||||
4Q 2011 | $993 | $- | $- | $993 | N/A | ||||||
2011 | $993 | $- | $- | $993 | N/A | ||||||
1Q 2012 | $1,006 | $- | $- | $1,006 | N/A | ||||||
2Q 2012 | 1,003 | - | - | 1,003 | N/A | ||||||
3Q 2012 | 846 | 101,017 | - | 101,863 | 3.9% | ||||||
4Q 2012 | 644 | - | 189,667 | 190,311 | 5.9% | ||||||
2012 | $3,499 | $101,017 | $189,667 | $294,183 | 5.2% |
21
CAMDEN | DEBT COVENANT ANALYSIS | |||||
(Unaudited) | ||||||
UNSECURED LINE OF CREDIT | ||||||
Covenant (a) | Required | Actual (b) | Compliance | |||
Total Consolidated Debt to Gross Asset Value | ≤ 60% | 39% | Yes | |||
Secured Debt to Gross Asset Value | ≤ 35% | 16% | Yes | |||
Consolidated EBITDA to Total Fixed Charges | ≥ 150% | 259% | Yes | |||
Unencumbered Adjusted NOI to Total Unsecured Debt | > 10.5% | 18% | Yes | |||
SENIOR UNSECURED NOTES | ||||||
Covenant (a) | Required | Actual (b) | Compliance | |||
Total Consolidated Debt to Total Asset Value | ≤ 60% | 41% | Yes | |||
Total Secured Debt to Total Asset Value | ≤ 40% | 18% | Yes | |||
Total Unencumbered Asset Value to Total Unsecured Debt | ≥ 150% | 312% | Yes | |||
Consolidated Income Available for Debt Service to Total | > 150% | 292% | 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. |
22
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |||||||||||||||||||
DEBT ANALYSIS | ||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF SEPTEMBER 30, 2011: | ||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||
Secured | Percent | Interest Rate on | ||||||||||||||||||
Year (a) | Amortization | Maturities | Total | of Total | Maturing Debt | |||||||||||||||
2011 | $321 | $0 | $321 | 0.2 | % | N/A | ||||||||||||||
2012 | 1,378 | 117,662 | 119,040 | 56.0 | % | 4.9 | % | |||||||||||||
2013 | 1,646 | - ' | 1,646 | 0.8 | % | N/A | ||||||||||||||
2014 | 1,763 | 11,710 | 13,473 | 6.3 | % | 5.7 | % | |||||||||||||
2015 | 1,635 | 9,363 | 10,998 | 5.2 | % | 2.5 | % | |||||||||||||
Thereafter | 7,076 | 57,604 | 64,679 | 30.4 | % | 4.0 | % | |||||||||||||
Total Maturing Debt | $13,819 | $196,338 | $210,157 | 98.9 | % | 4.5 | % | |||||||||||||
Subscription lines of credit (b) | - ' | 2,404 | 2,404 | 1.1 | % | 1.5 | % | |||||||||||||
Total Debt | $13,819 | $198,742 | $212,561 | 100.0 | % | 4.5 | % | |||||||||||||
Weighted Average Maturity of Debt (a) | 3.1 Years |
Weighted Average | ||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity (a) | ||||||||||
Floating rate debt | $23,050 | 10.8 | % | 1.5 | % | 5.4 Years | ||||||||
Fixed rate debt | 189,511 | 89.2 | % | 4.9 | % | 2.8 Years | ||||||||
Total | $212,561 | 100.0 | % | 4.5 | % | 3.1 Years | ||||||||
Weighted Average | ||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity (a) | ||||||||||
Conventional fixed-rate mortgage debt | $189,511 | 89.2 | % | 4.9 | % | 2.8 Years | ||||||||
Conventional variable-rate mortgage debt | 9,680 | 4.6 | % | 1.5 | % | 2.7 Years | ||||||||
Tax exempt variable rate debt | 4,579 | 2.1 | % | 0.5 | % | 20.5 Years | ||||||||
Variable-rate construction loans | 6,387 | 3.0 | % | 2.1 | % | 0.4 Years | ||||||||
Subscription lines of credit | 2,404 | 1.1 | % | 1.5 | % | 0.8 Years | ||||||||
Total | $212,561 | 100.0 | % | 4.5 | % | 3.1 Years | ||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | ||||||||||||
Operating real estate assets | 16,564 | $1,483,333 | ||||||||||||
Properties under development and land | 520 | 28,694 | ||||||||||||
Total | 17,084 | $1,512,027 |
(a) | Excluding unexercised extension options. |
(b) | As of September 30, 2011 these borrowings were drawn under the subscription secured lines of credit with $22.5 million in total capacity. Camden has a 20% |
ownership interest in the borrowing entity. | |
(c) | Balance sheet and property data reported at 100%. |
23
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | ||||||||
DEBT MATURITY ANALYSIS | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2011 and 2012: | |||||||||
Weighted Average | |||||||||
Future Scheduled Repayments | Interest Rate on | ||||||||
Quarter | Amortization | Secured Maturities | Total | Maturing Debt | |||||
4Q 2011(a) | $321 | $1,431 | $1,752 | 1.5% | |||||
2011 | $321 | $1,431 | $1,752 | 1.5% | |||||
1Q 2012 | $334 | $6,387 | $6,721 | 2.1% | |||||
2Q 2012 | 337 | 54,521 | 54,858 | 5.1% | |||||
3Q 2012 | 347 | 35,980 | 36,327 | 4.7% | |||||
4Q 2012 | 360 | 20,774 | 21,134 | 5.8% | |||||
2012 | $1,378 | $117,662 | $119,040 | 4.9% |
(a) | 4Q 2011 maturities include a subscription secured line of credit with $1,431 (Camden's pro-rata share) outstanding as of September 30, 2011. The line of credit |
has $7.5 million in total capacity. |
24
CAMDEN | CAPITALIZED EXPENDITURES | ||||||||||||||||||
& MAINTENANCE EXPENSE | |||||||||||||||||||
(In thousands, except unit data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Third Quarter 2011 | |||||||||||||||||||
Capitalized | Expensed | ||||||||||||||||||
Weighted Average | |||||||||||||||||||
Item | Useful Life (a) | Total | Per Unit | Total | Per Unit | ||||||||||||||
Interiors | |||||||||||||||||||
Floor coverings | 5.5 years | $3,760 | $74 | $1,062 | $21 | ||||||||||||||
Appliances | 9.7 years | 1,810 | 36 | 220 | 4 | ||||||||||||||
Painting | - | - | - | 2,006 | 39 | ||||||||||||||
Cabinetry/Countertops | 10.0 years | 390 | 8 | - | - | ||||||||||||||
Other | 8.9 years | 1,328 | 26 | 481 | 9 | ||||||||||||||
Exteriors | |||||||||||||||||||
Painting | 5.0 years | 2,312 | 45 | - | - | ||||||||||||||
Carpentry | 10.0 years | 784 | 15 | - | - | ||||||||||||||
Landscaping | 5.9 years | 427 | 8 | 2,518 | 49 | ||||||||||||||
Roofing | 20.0 years | 472 | 9 | 79 | 2 | ||||||||||||||
Site Drainage | 10.0 years | 71 | 1 | - | - | ||||||||||||||
Fencing/Stair | 10.0 years | 288 | 6 | - | - | ||||||||||||||
Other (b) | 8.5 years | 1,632 | 32 | 3,224 | 63 | ||||||||||||||
Common Areas | |||||||||||||||||||
Mech., Elec., Plumbing | 9.6 years | 1,221 | 24 | 1,170 | 23 | ||||||||||||||
Parking/Paving | 5.0 years | 342 | 7 | - | - | ||||||||||||||
Pool/Exercise/Facility | 8.4 years | 981 | 19 | 414 | 8 | ||||||||||||||
Total | $15,818 | $311 | $11,174 | $219 | |||||||||||||||
Weighted Average Apartment Homes | 50,921 | 50,921 | |||||||||||||||||
Year to Date 2011 | |||||||||||||||||||
Capitalized | Expensed | ||||||||||||||||||
Weighted Average | |||||||||||||||||||
Item | Useful Life (c) | Total | Per Unit | Total | Per Unit | ||||||||||||||
Interiors | |||||||||||||||||||
Floor coverings | 5.5 years | $8,513 | $167 | $2,553 | $50 | ||||||||||||||
Appliances | 9.7 years | 4,157 | 82 | 583 | 11 | ||||||||||||||
Painting | - | - | - | 4,778 | 94 | ||||||||||||||
Cabinetry/Countertops | 10.0 years | 950 | 19 | - | - | ||||||||||||||
Other | 8.9 years | 3,117 | 61 | 1,422 | 28 | ||||||||||||||
Exteriors | |||||||||||||||||||
Painting | 5.0 years | 4,544 | 89 | - | - | ||||||||||||||
Carpentry | 10.0 years | 2,072 | 41 | - | - | ||||||||||||||
Landscaping | 5.9 years | 1,231 | 24 | 8,168 | 160 | ||||||||||||||
Roofing | 20.0 years | 1,945 | 38 | 185 | 4 | ||||||||||||||
Site Drainage | 10.0 years | 234 | 5 | - | - | ||||||||||||||
Fencing/Stair | 10.0 years | 734 | 14 | - | - | ||||||||||||||
Other (b) | 8.5 years | 4,976 | 98 | 8,595 | 169 | ||||||||||||||
Common Areas | |||||||||||||||||||
Mech., Elec., Plumbing | 9.6 years | 3,929 | 77 | 3,069 | 60 | ||||||||||||||
Parking/Paving | 5.0 years | 949 | 19 | - | - | ||||||||||||||
Pool/Exercise/Facility | 8.4 years | 4,049 | 80 | 1,095 | 22 | ||||||||||||||
Total | $41,400 | $813 | $30,448 | $598 | |||||||||||||||
Weighted Average Apartment Homes | 50,895 | 50,895 |
(a) | Weighted average useful life of capitalized expenses for the three months ended September 30, 2011. |
(b) | Includes in part the following items: site/building repair, masonry/plaster, and general conditions. |
(c) | Weighted average useful life of capitalized expenses for the nine months ended September 30, 2011. |
25
CAMDEN | NON-GAAP FINANCIAL MEASURES |
DEFINITIONS & RECONCILIATIONS | |
(In thousands, except per share amounts) | |
(Unaudited) | |
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's | |
definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP | |
financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating | |
activities as a measure of our liquidity. | |
FFO | |
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income 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 attributable to common shareholders to FFO is provided below: |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net income attributable to common shareholders (a) | $11,840 | $1,650 | $2,529 | $6,069 | ||||||||||||
Real estate depreciation from continuing operations | 43,286 | 41,806 | 133,342 | 124,399 | ||||||||||||
Real estate depreciation from discontinued operations | - | 651 | - | 2,276 | ||||||||||||
Adjustments for unconsolidated joint ventures | 3,223 | 2,292 | 7,042 | 6,753 | ||||||||||||
(Gain) on sale of unconsolidated joint venture interests | - | - | (1,136 | ) | - | |||||||||||
Income allocated to noncontrolling interests | 458 | 281 | 1,494 | 864 | ||||||||||||
Funds from operations - diluted | $58,807 | $46,680 | $143,271 | $140,361 | ||||||||||||
Weighted average number of common and | ||||||||||||||||
common equivalent shares outstanding: | ||||||||||||||||
EPS diluted | 74,274 | 69,441 | 73,217 | 68,169 | ||||||||||||
FFO diluted | 76,494 | 72,025 | 75,685 | 70,779 | ||||||||||||
Net income attributable to common shareholders - diluted | $0.16 | $0.02 | $0.03 | $0.09 | ||||||||||||
FFO per common share - diluted | $0.77 | $0.65 | $1.89 | $1.98 |
(a) | Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship |
for the nine months ended September 30,2011. |
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 attributable to common shareholders (EPS). A reconciliation of the ranges provided for expected |
net income attributable to common shareholders per diluted share to expected FFO per diluted share is provided below: |
4Q11 Range | 2011 Range | |||||||||||||||
Low | High | Low | High | |||||||||||||
Expected net income attributable to common shareholders per share - diluted | $0.20 | $0.24 | $0.24 | $0.28 | ||||||||||||
Expected difference between fully diluted EPS and FFO shares | (0.02 | ) | (0.02 | ) | (0.07 | ) | (0.07 | ) | ||||||||
Expected real estate depreciation | 0.58 | 0.58 | 2.38 | 2.38 | ||||||||||||
Expected adjustments for unconsolidated joint ventures | 0.04 | 0.04 | 0.14 | 0.14 | ||||||||||||
Recognized (gain) on sale of unconsolidated joint venture interests | 0.00 | 0.00 | (0.02 | ) | (0.02 | ) | ||||||||||
Expected income allocated to noncontrolling interests | 0.01 | 0.01 | 0.03 | 0.03 | ||||||||||||
Expected FFO per share - diluted | $0.81 | $0.85 | $2.70 | $2.74 |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. |
26
CAMDEN | NON-GAAP FINANCIAL MEASURES |
DEFINITIONS & RECONCILIATIONS | |
(In thousands, except per share amounts) | |
(Unaudited) |
Net Operating Income (NOI) |
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers |
NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the |
operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. |
A reconciliation of net income attributable to common shareholders to net operating income is provided below: |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net income attributable to common shareholders | $11,840 | $1,650 | $2,529 | $6,069 | ||||||||||||
Less: Fee and asset management income | (2,646 | ) | (2,145 | ) | (6,955 | ) | (6,028 | ) | ||||||||
Less: Interest and other (income) loss | 108 | (451 | ) | (4,749 | ) | (3,988 | ) | |||||||||
Less: (Income) loss on deferred compensation plans | 6,096 | (6,918 | ) | (1,233 | ) | (6,818 | ) | |||||||||
Plus: Property management expense | 5,050 | 4,789 | 15,478 | 14,994 | ||||||||||||
Plus: Fee and asset management expense | 1,330 | 1,155 | 4,220 | 3,611 | ||||||||||||
Plus: General and administrative expense | 8,572 | 7,568 | 26,392 | 22,339 | ||||||||||||
Plus: Interest expense | 27,354 | 31,781 | 85,472 | 95,078 | ||||||||||||
Plus: Depreciation and amortization | 44,558 | 43,034 | 137,111 | 128,012 | ||||||||||||
Plus: Amortization of deferred financing costs | 1,344 | 1,185 | 4,761 | 2,624 | ||||||||||||
Plus: Expense (benefit) on deferred compensation plans | (6,096 | ) | 6,918 | 1,233 | 6,818 | |||||||||||
Less: Gain on sale of properties, including land | - | - | (4,748 | ) | (236 | ) | ||||||||||
Less: Gain on sale of unconsolidated joint venture interests | - | - | (1,136 | ) | - | |||||||||||
Less: Equity in (income) loss of joint ventures | 556 | 244 | 166 | 785 | ||||||||||||
Plus: Loss on discontinuation of hedging relationship | - | - | 29,791 | - | ||||||||||||
Plus: Income allocated to perpetual preferred units | 1,750 | 1,750 | 5,250 | 5,250 | ||||||||||||
Plus: Income allocated to noncontrolling interests | 761 | 432 | 2,118 | 542 | ||||||||||||
Plus: Income tax expense - current | 313 | 712 | 1,889 | 1,286 | ||||||||||||
Less: Income from discontinued operations | - | (1,081 | ) | - | (2,743 | ) | ||||||||||
Net Operating Income (NOI) | $100,890 | $90,623 | $297,589 | $267,595 | ||||||||||||
"Same Property" Communities | $92,154 | $85,796 | $271,903 | $254,586 | ||||||||||||
Non-"Same Property" Communities | 8,298 | 5,066 | 24,964 | 13,356 | ||||||||||||
Development and Lease-Up Communities | 83 | - | 83 | - | ||||||||||||
Other | 355 | (239 | ) | 639 | (347 | ) | ||||||||||
Net Operating Income (NOI) | $100,890 | $90,623 | $297,589 | $267,595 |
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) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, and income (loss) allocated to noncontrolling interests. |
The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common |
shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. |
A reconciliation of net income attributable to common shareholders to EBITDA is provided below: |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net income attributable to common shareholders | $11,840 | $1,650 | $2,529 | $6,069 | ||||||||||||
Plus: Interest expense | 27,354 | 31,781 | 85,472 | 95,078 | ||||||||||||
Plus: Amortization of deferred financing costs | 1,344 | 1,185 | 4,761 | 2,624 | ||||||||||||
Plus: Depreciation and amortization | 44,558 | 43,034 | 137,111 | 128,012 | ||||||||||||
Plus: Income allocated to perpetual preferred units | 1,750 | 1,750 | 5,250 | 5,250 | ||||||||||||
Plus: Income allocated to noncontrolling interests | 761 | 432 | 2,118 | 542 | ||||||||||||
Plus: Income tax expense - current | 313 | 712 | 1,889 | 1,286 | ||||||||||||
Plus: Real estate depreciation from discontinued operations | - | 651 | - | 2,276 | ||||||||||||
Less: Gain on sale of properties, including land | - | - | (4,748 | ) | (236 | ) | ||||||||||
Less: Gain on sale of unconsolidated joint venture interests | - | - | (1,136 | ) | - | |||||||||||
Less: Equity in (income) loss of joint ventures | 556 | 244 | 166 | 785 | ||||||||||||
Plus: Loss on discontinuation of hedging relationship | - | - | 29,791 | - | ||||||||||||
EBITDA | $88,476 | $81,439 | $263,203 | $241,686 |
27
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: | Q4 '11 | Q1 '12 | Q2 '12 | Q3 '12 | ||||||||
Earnings release & conference call | Early Feb | Early May | Late July | Early Nov | ||||||||
Dividend Information - Common Shares: | Q1 '11 | Q2 '11 | Q3 '11 | |||||||||
Declaration Date | 03/14/11 | 06/15/11 | 09/15/11 | |||||||||
Record Date | 03/31/11 | 06/30/11 | 09/30/11 | |||||||||
Payment Date | 04/18/11 | 07/18/11 | 10/17/11 | |||||||||
Distributions Per Share | $0.49 | $0.49 | $0.49 | |||||||||
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 |
28
CAMDEN | COMMUNITY TABLE | ||||||||||||||||||
Community Statistics as of 09/30/11 | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
3Q11 Avg | |||||||||||||||||||
Year Placed | Average | Apartment | 3Q11 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 | 95% | $817 | $1.04 | |||||||||||
Camden Fountain Palms (1) | Peoria | AZ | 1986/1996 | 1,050 | 192 | 91% | 672 | 0.64 | |||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 94% | 898 | 0.84 | |||||||||||
Camden Pecos Ranch (1) | Chandler | AZ | 2001 | 924 | 272 | 95% | 802 | 0.87 | |||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 93% | 933 | 0.90 | |||||||||||
Camden Sierra (1) | Peoria | AZ | 1997 | 925 | 288 | 91% | 664 | 0.72 | |||||||||||
Camden Towne Center (1) | Glendale | AZ | 1998 | 871 | 240 | 92% | 663 | 0.76 | |||||||||||
Camden Vista Valley | Mesa | AZ | 1986 | 923 | 357 | 93% | 636 | 0.69 | |||||||||||
TOTAL ARIZONA | 8 | Properties | 951 | 2,433 | 93% | 774 | 0.81 | ||||||||||||
Camden Crown Valley | Mission Viejo | �� | CA | 2001 | 1,009 | 380 | 96% | 1,542 | 1.53 | ||||||||||
Camden Harbor View | Long Beach | CA | 2004 | 975 | 538 | 94% | 1,922 | 1.97 | |||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96% | 1,801 | 1.78 | |||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 794 | 714 | 96% | 1,284 | 1.62 | |||||||||||
Camden Parkside (1) | Fullerton | CA | 1972 | 836 | 421 | 95% | 1,185 | 1.42 | |||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 97% | 1,455 | 1.63 | |||||||||||
Total Los Angeles/Orange County | 6 | Properties | 904 | 2,481 | 96% | 1,515 | 1.68 | ||||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 95% | 1,581 | 1.52 | |||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 95% | 1,507 | 1.57 | |||||||||||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 96% | 1,937 | 2.16 | |||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 94% | 1,230 | 1.17 | |||||||||||
Total San Diego/Inland Empire | 4 | Properties | 995 | 1,196 | 95% | 1,525 | 1.53 | ||||||||||||
TOTAL CALIFORNIA | 10 | Properties | 934 | 3,677 | 95% | 1,518 | 1.63 | ||||||||||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 95% | 940 | 1.02 | |||||||||||
Camden Centennial | Littleton | CO | 1985 | 744 | 276 | 94% | 704 | 0.95 | |||||||||||
Camden Denver West (1) | Golden | CO | 1997 | 1,015 | 320 | 97% | 1,095 | 1.08 | |||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 94% | 1,172 | 1.02 | |||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,022 | 340 | 95% | 1,164 | 1.14 | |||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 94% | 917 | 0.98 | |||||||||||
Camden Pinnacle | Westminster | CO | 1985 | 748 | 224 | 93% | 738 | 0.99 | |||||||||||
TOTAL COLORADO | 7 | Properties | 949 | 2,171 | 95% | 979 | 1.03 | ||||||||||||
Camden Ashburn Farms | Ashburn | VA | 2000 | 1,062 | 162 | 99% | 1,443 | 1.36 | |||||||||||
Camden Clearbrook | Frederick | MD | 2007 | 1,048 | 297 | 98% | 1,311 | 1.25 | |||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 96% | 1,563 | 1.66 | |||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 984 | 366 | 97% | 1,567 | 1.59 | |||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 97% | 1,601 | 1.52 | |||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 488 | 96% | 1,620 | 1.74 | |||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 98% | 1,631 | 1.64 | |||||||||||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 93% | 2,485 | 3.68 | |||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 97% | 1,378 | 1.37 | |||||||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 95% | 1,597 | 1.55 | |||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 96% | 1,477 | 1.73 | |||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 835 | 378 | 96% | 1,939 | 2.32 | |||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 98% | 2,348 | 2.74 | |||||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 94% | 1,390 | 1.40 | |||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 97% | 1,388 | 1.42 | |||||||||||
Camden Summerfield | Landover | MD | 2008 | 957 | 291 | 94% | 1,557 | 1.63 | |||||||||||
TOTAL DC METRO | 16 | Properties | 963 | 5,604 | 96% | 1,579 | 1.64 | ||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 92% | 1,446 | 1.30 | |||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 96% | 1,524 | 1.63 | |||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 95% | 1,505 | 1.34 | |||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 94% | 1,619 | 1.29 | |||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 93% | 1,623 | 1.56 | |||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 94% | 1,280 | 1.07 | |||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 94% | 1,320 | 1.19 | |||||||||||
Total Southeast Florida | 7 | Properties | 1,103 | 2,520 | 94% | 1,461 | 1.32 | ||||||||||||
Camden Club | Longwood | FL | 1986 | 1,077 | 436 | 95% | 841 | 0.78 | |||||||||||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 97% | 955 | 0.89 | |||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 96% | 866 | 0.91 | |||||||||||
Camden Landings | Orlando | FL | 1983 | 748 | 220 | 95% | 658 | 0.88 | |||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 97% | 834 | 0.89 | |||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 93% | 1,080 | 1.32 | |||||||||||
Camden Renaissance | Altamonte Springs | FL | 1996/1998 | 899 | 578 | 94% | 796 | 0.89 | |||||||||||
Camden Reserve | Orlando | FL | 1990/1991 | 824 | 526 | 95% | 707 | 0.86 | |||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 94% | 935 | 0.95 | |||||||||||
Total Orlando | 9 | Properties | 928 | 3,564 | 95% | 841 | 0.91 |
29
CAMDEN | COMMUNITY TABLE | ||||||||||||||||
Community Statistics as of 09/30/11 | |||||||||||||||||
(Unaudited) | |||||||||||||||||
3Q11 Avg | |||||||||||||||||
Year Placed | Average | Apartment | 3Q11 Avg | Monthly Rental Rates | |||||||||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | |||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 95% | 849 | 0.90 | |||||||||
Camden Bay Pointe | Tampa | FL | 1984 | 771 | 368 | 94% | 684 | 0.89 | |||||||||
Camden Bayside | Tampa | FL | 1987/1989 | 748 | 832 | 96% | 748 | 1.00 | |||||||||
Camden Citrus Park | Tampa | FL | 1985 | 704 | 247 | 96% | 660 | 0.94 | |||||||||
Camden Lakes | St. Petersburg | FL | 1982/1983 | 732 | 688 | 94% | 669 | 0.91 | |||||||||
Camden Lakeside | Brandon | FL | 1986 | 729 | 228 | 93% | 724 | 0.99 | |||||||||
Camden Live Oaks | Tampa | FL | 1990 | 1,093 | 770 | 94% | 777 | 0.71 | |||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 95% | 1,008 | 1.07 | |||||||||
Camden Providence Lakes | Brandon | FL | 1996 | 1,024 | 260 | 93% | 892 | 0.87 | |||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 93% | 939 | 0.92 | |||||||||
Camden Visconti (1) | Tampa | FL | 2007 | 1,125 | 450 | 97% | 1,083 | 0.96 | |||||||||
Camden Westshore | Tampa | FL | 1986 | 728 | 278 | 95% | 816 | 1.12 | |||||||||
Camden Woods | Tampa | FL | 1986 | 1,223 | 444 | 96% | 821 | 0.67 | |||||||||
Total Tampa/St. Petersburg | 13 | Properties | 914 | 5,953 | 95% | 811 | 0.89 | ||||||||||
TOTAL FLORIDA | 29 | Properties | 958 | 12,037 | 95% | 956 | 1.00 | ||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 97% | 959 | 1.05 | |||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 94% | 929 | 0.78 | |||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 96% | 872 | 0.87 | |||||||||
Camden Ivy Hall (1) | Atlanta | GA | 2010 | 1,181 | 110 | 95% | 1,616 | 1.37 | |||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 95% | 960 | 1.03 | |||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 95% | 898 | 0.87 | |||||||||
Camden Phipps (1) | Atlanta | GA | 1996 | 1,018 | 234 | 95% | 1,125 | 1.11 | |||||||||
Camden River | Duluth | GA | 1997 | 1,103 | 352 | 94% | 869 | 0.79 | |||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 96% | 845 | 0.74 | |||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 94% | 881 | 0.88 | |||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 93% | 742 | 0.73 | |||||||||
Camden Sweetwater | Lawrenceville | GA | 2000 | 1,151 | 308 | 94% | 713 | 0.62 | |||||||||
TOTAL GEORGIA | 12 | Properties | 1,045 | 3,546 | 95% | 909 | 0.87 | ||||||||||
Camden Brookside (1) | Louisville | KY | 1987 | 732 | 224 | 95% | 700 | 0.96 | |||||||||
Camden Meadows (1) | Louisville | KY | 1987/1990 | 746 | 400 | 96% | 712 | 0.95 | |||||||||
Camden Oxmoor (1) | Louisville | KY | 2000 | 903 | 432 | 97% | 878 | 0.97 | |||||||||
Camden Prospect Park (1) | Louisville | KY | 1990 | 916 | 138 | 98% | 795 | 0.87 | |||||||||
TOTAL KENTUCKY | 4 | Properties | 820 | 1,194 | 96% | 779 | 0.95 | ||||||||||
Camden Passage (1) | Kansas City | MO | 1989/1997 | 834 | 596 | 92% | 667 | 0.80 | |||||||||
Total Kansas City | 1 | Property | 834 | 596 | 92% | 667 | 0.80 | ||||||||||
Camden Cedar Lakes (1) | Lake St. Louis | MO | 1986 | 852 | 420 | 92% | 645 | 0.76 | |||||||||
Camden Cove West (1) | Creve Coeur | MO | 1990 | 828 | 276 | 98% | 847 | 1.02 | |||||||||
Camden Cross Creek (1) | St. Louis | MO | 1973/1980 | 947 | 591 | 95% | 773 | 0.82 | |||||||||
Camden Westchase (1) | St. Louis | MO | 1986 | 945 | 160 | 98% | 870 | 0.92 | |||||||||
Total St. Louis | 4 | Properties | 896 | 1,447 | 95% | 761 | 0.85 | ||||||||||
TOTAL MISSOURI | 5 | Properties | 878 | 2,043 | 94% | 733 | 0.84 | ||||||||||
Camden Bel Air | Las Vegas | NV | 1988/1995 | 943 | 528 | 92% | 714 | 0.76 | |||||||||
Camden Breeze | Las Vegas | NV | 1989 | 846 | 320 | 93% | 721 | 0.85 | |||||||||
Camden Canyon | Las Vegas | NV | 1995 | 987 | 200 | 95% | 844 | 0.86 | |||||||||
Camden Commons | Henderson | NV | 1988 | 936 | 376 | 91% | 742 | 0.79 | |||||||||
Camden Cove | Las Vegas | NV | 1990 | 898 | 124 | 90% | 709 | 0.79 | |||||||||
Camden Del Mar | Las Vegas | NV | 1995 | 986 | 560 | 96% | 896 | 0.91 | |||||||||
Camden Fairways | Henderson | NV | 1989 | 896 | 320 | 97% | 869 | 0.97 | |||||||||
Camden Hills | Las Vegas | NV | 1991 | 439 | 184 | 89% | 502 | 1.14 | |||||||||
Camden Legends | Henderson | NV | 1994 | 792 | 113 | 93% | 821 | 1.04 | |||||||||
Camden Palisades | Las Vegas | NV | 1991 | 905 | 624 | 93% | 723 | 0.80 | |||||||||
Camden Pines (1) | Las Vegas | NV | 1997 | 982 | 315 | 93% | 793 | 0.81 | |||||||||
Camden Pointe | Las Vegas | NV | 1996 | 983 | 252 | 94% | 735 | 0.75 | |||||||||
Camden Summit (1) | Henderson | NV | 1995 | 1,187 | 234 | 92% | 1,089 | 0.92 | |||||||||
Camden Tiara (1) | Las Vegas | NV | 1996 | 1,043 | 400 | 92% | 847 | 0.81 | |||||||||
Camden Vintage | Las Vegas | NV | 1994 | 978 | 368 | 91% | 717 | 0.73 | |||||||||
Oasis Bay (1) | Las Vegas | NV | 1990 | 876 | 128 | 97% | 750 | 0.86 | |||||||||
Oasis Crossings (1) | Las Vegas | NV | 1996 | 983 | 72 | 94% | 748 | 0.76 | |||||||||
Oasis Emerald (1) | Las Vegas | NV | 1988 | 873 | 132 | 94% | 625 | 0.72 | |||||||||
Oasis Gateway (1) | Las Vegas | NV | 1997 | 1,146 | 360 | 92% | 781 | 0.68 | |||||||||
Oasis Island (1) | Las Vegas | NV | 1990 | 901 | 118 | 91% | 636 | 0.71 | |||||||||
Oasis Landing (1) | Las Vegas | NV | 1990 | 938 | 144 | 94% | 697 | 0.74 | |||||||||
Oasis Meadows (1) | Las Vegas | NV | 1996 | 1,031 | 383 | 92% | 734 | 0.71 | |||||||||
Oasis Palms (1) | Las Vegas | NV | 1989 | 880 | 208 | 92% | 674 | 0.77 | |||||||||
Oasis Pearl (1) | Las Vegas | NV | 1989 | 930 | 90 | 92% | 711 | 0.76 | |||||||||
Oasis Place (1) | Las Vegas | NV | 1992 | 440 | 240 | 86% | 495 | 1.12 | |||||||||
Oasis Ridge (1) | Las Vegas | NV | 1984 | 391 | 477 | 84% | 421 | 1.08 | |||||||||
Oasis Sierra (1) | Las Vegas | NV | 1998 | 923 | 208 | 95% | 787 | 0.85 | |||||||||
Oasis Springs (1) | Las Vegas | NV | 1988 | 838 | 304 | 91% | 591 | 0.71 | |||||||||
Oasis Vinings (1) | Las Vegas | NV | 1994 | 1,152 | 234 | 91% | 733 | 0.64 | |||||||||
TOTAL NEVADA | 29 | Properties | 903 | 8,016 | 92% | 731 | 0.81 |
30
CAMDEN | COMMUNITY TABLE | ||||||||||||||||
Community Statistics as of 09/30/11 | |||||||||||||||||
(Unaudited) | |||||||||||||||||
3Q11 Avg | |||||||||||||||||
Year Placed | Average | Apartment | 3Q11 Avg | Monthly Rental Rates | |||||||||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | |||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,045 | 400 | 95% | 889 | 0.85 | |||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 99% | 1,083 | 1.20 | |||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 97% | 1,119 | 1.31 | |||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 97% | 820 | 0.79 | |||||||||
Camden Forest | Charlotte | NC | 1989 | 703 | 208 | 90% | 577 | 0.82 | |||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 97% | 758 | 0.81 | |||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,057 | 266 | 97% | 1,223 | 1.16 | |||||||||
Camden Habersham | Charlotte | NC | 1986 | 773 | 240 | 97% | 644 | 0.83 | |||||||||
Camden Park Commons | Charlotte | NC | 1997 | 861 | 232 | 93% | 650 | 0.76 | |||||||||
Camden Pinehurst | Charlotte | NC | 1967 | 1,147 | 407 | 97% | 762 | 0.66 | |||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96% | 810 | 0.83 | |||||||||
Camden Simsbury | Charlotte | NC | 1985 | 874 | 100 | 95% | 764 | 0.87 | |||||||||
Camden South End Square | Charlotte | NC | 2003 | 882 | 299 | 97% | 1,032 | 1.17 | |||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 96% | 926 | 0.84 | |||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 98% | 737 | 0.82 | |||||||||
Total Charlotte | 15 | Properties | 961 | 3,574 | 96% | 858 | 0.89 | ||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 94% | 778 | 0.77 | |||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 93% | 893 | 0.85 | |||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 95% | 820 | 0.77 | |||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 97% | 847 | 0.88 | |||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 95% | 902 | 0.85 | |||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 92% | 713 | 0.73 | |||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 97% | 774 | 0.75 | |||||||||
Total Raleigh | 7 | Properties | 1,017 | 2,704 | 95% | 811 | 0.80 | ||||||||||
TOTAL NORTH CAROLINA | 22 | Properties | 985 | 6,278 | 95% | 838 | 0.85 | ||||||||||
Camden Valleybrook | Chadds Ford | PA | 2002 | 992 | 352 | 94% | 1,351 | 1.36 | |||||||||
TOTAL PENNSYLVANIA | 1 | Property | 992 | 352 | 94% | 1,351 | 1.36 | ||||||||||
Camden Amber Oaks (1) | Austin | TX | 2009 | 862 | 348 | 95% | 820 | 0.95 | |||||||||
Camden Brushy Creek (1) | Cedar Park | TX | 2008 | 882 | 272 | 98% | 791 | 0.90 | |||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 97% | 986 | 1.08 | |||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 96% | 1,011 | 1.06 | |||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 97% | 767 | 0.85 | |||||||||
Camden Laurel Ridge | Austin | TX | 1986 | 702 | 183 | 95% | 607 | 0.87 | |||||||||
Camden Ridgecrest | Austin | TX | 1995 | 855 | 284 | 96% | 705 | 0.82 | |||||||||
Camden Shadow Brook (1) | Austin | TX | 2009 | 909 | 496 | 97% | 880 | 0.97 | |||||||||
Camden South Congress (1) | Austin | TX | 2001 | 975 | 253 | 96% | 1,446 | 1.48 | |||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 95% | 906 | 1.00 | |||||||||
Total Austin | 10 | Properties | 895 | 3,222 | 96% | 891 | 1.00 | ||||||||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 95% | 947 | 1.09 | |||||||||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 93% | 702 | 0.91 | |||||||||
Camden Miramar (2) | Corpus Christi | TX | 1994-2011 | 488 | 855 | 64% | 992 | 2.14 | |||||||||
Camden South Bay (1) | Corpus Christi | TX | 2007 | 1,055 | 270 | 94% | 1,082 | 1.03 | |||||||||
Total Corpus Christi | 4 | Properties | 693 | 1,757 | 94% | 942 | 1.36 | ||||||||||
Camden Addison (1) | Addison | TX | 1996 | 942 | 456 | 96% | 800 | 0.85 | |||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 97% | 810 | 0.88 | |||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 97% | 800 | 0.88 | |||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 96% | 826 | 1.07 | |||||||||
Camden Design District (1) | Dallas | TX | 2009 | 939 | 355 | 93% | 1,119 | 1.19 | |||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 95% | 928 | 1.00 | |||||||||
Camden Gardens | Dallas | TX | 1983 | 652 | 256 | 97% | 556 | 0.85 | |||||||||
Camden Glen Lakes | Dallas | TX | 1979 | 877 | 424 | 97% | 776 | 0.89 | |||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 96% | 866 | 1.04 | |||||||||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 97% | 875 | 1.01 | |||||||||
Camden Panther Creek (1) | Frisco | TX | 2009 | 946 | 295 | 96% | 961 | 1.02 | |||||||||
Camden Riverwalk (1) | Grapevine | TX | 2008 | 982 | 600 | 95% | 1,135 | 1.16 | |||||||||
Camden Springs | Dallas | TX | 1987 | 713 | 304 | 95% | 570 | 0.80 | |||||||||
Camden Valley Creek | Irving | TX | 1984 | 855 | 380 | 93% | 640 | 0.75 | |||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 95% | 761 | 1.02 | |||||||||
Camden Valley Ridge | Irving | TX | 1987 | 773 | 408 | 92% | 599 | 0.77 | |||||||||
Camden Westview | Lewisville | TX | 1983 | 697 | 335 | 94% | 610 | 0.88 | |||||||||
Total Dallas/Ft. Worth | 17 | Properties | 860 | 6,767 | 95% | 823 | 0.96 |
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CAMDEN | COMMUNITY TABLE | ||||||||||||||||
Community Statistics as of 09/30/11 | |||||||||||||||||
(Unaudited) | |||||||||||||||||
3Q11 Avg | |||||||||||||||||
Year Placed | Average | Apartment | 3Q11 Avg | Monthly Rental Rates | |||||||||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | |||||||||
Camden Baytown | Baytown | TX | 1999 | 844 | 272 | 94% | 790 | 0.94 | |||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 97% | 1,309 | 1.41 | |||||||||
Camden Creek | Houston | TX | 1984 | 639 | 456 | 93% | 592 | 0.93 | |||||||||
Camden Cypress Creek (1) | Cypress | TX | 2009 | 993 | 310 | 97% | 1,044 | 1.05 | |||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96% | 1,071 | 1.24 | |||||||||
Camden Heights (1) | Houston | TX | 2004 | 927 | 352 | 97% | 1,170 | 1.26 | |||||||||
Camden Holly Springs (1) | Houston | TX | 1999 | 934 | 548 | 94% | 905 | 0.97 | |||||||||
Camden Lakemont (1) | Richmond | TX | 2007 | 904 | 312 | 97% | 867 | 0.96 | |||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 96% | 1,272 | 1.51 | |||||||||
Camden Northpointe (1) | Tomball | TX | 2008 | 940 | 384 | 96% | 922 | 0.98 | |||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 93% | 845 | 0.97 | |||||||||
Camden Park (1) | Houston | TX | 1995 | 866 | 288 | 95% | 800 | 0.92 | |||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 96% | 1,305 | 1.43 | |||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 91% | 1,155 | 1.25 | |||||||||
Camden Steeplechase | Houston | TX | 1982 | 748 | 290 | 93% | 639 | 0.85 | |||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 96% | 814 | 0.96 | |||||||||
Camden Sugar Grove (1) | Stafford | TX | 1997 | 921 | 380 | 94% | 858 | 0.93 | |||||||||
Camden Travis Street (1) | Houston | TX | 2010 | 819 | 253 | 98% | 1,290 | 1.58 | |||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 97% | 1,155 | 1.34 | |||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 934 | 274 | 96% | 998 | 1.07 | |||||||||
Camden Yorktown (1) | Houston | TX | 2008 | 995 | 306 | 95% | 923 | 0.93 | |||||||||
Total Houston | 21 | Properties | 878 | 7,866 | 95% | 996 | 1.13 | ||||||||||
Camden Braun Station (1) | San Antonio | TX | 2006 | 827 | 240 | 98% | 823 | 1.00 | |||||||||
Camden Westover Hills (1) | San Antonio | TX | 2010 | 959 | 288 | 97% | 1,025 | 1.07 | |||||||||
Total San Antonio | 2 | Properties | 899 | 528 | 97% | 933 | 1.04 | ||||||||||
TOTAL TEXAS | 54 | Properties | 859 | 20,140 | 95% | 915 | 1.06 | ||||||||||
TOTAL PROPERTIES | 197 | Properties | 923 | 67,491 | 95% | $972 | $1.05 |
(1) | Communities owned through investment in joint venture. |
(2) | Miramar is a student housing community which is excluded from total occupancy numbers. |
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