EXHIBIT 99.2
FIRST QUARTER 2012
Supplemental Operating and Financial Data
Camden LaVina - Orlando, FL
420 Apartment Homes
Currently in Lease-Up
Camden Property Trust
Three Greenway Plaza, Suite 1300
Houston, Texas 77046
Phone: 713-354-2500 Fax: 713-354-2700
www.camdenliving.com
CAMDEN | TABLE OF CONTENTS |
Page | |
Press Release Text | 3 |
Financial Highlights | 6 |
Operating Results | 7 |
Funds from Operations | 8 |
Balance Sheets | 9 |
Portfolio Statistics | 10 |
Components of Property Net Operating Income | 11 |
"Same Property" First Quarter Comparisons | 12 |
"Same Property" Sequential Quarter Comparisons | 13 |
"Same Property" Operating Expense Detail & Comparisons | 14 |
Joint Venture Operations | 15 |
Current Development Communities | 16 |
Development Pipeline & Land | 17 |
Acquisitions and Dispositions | 18 |
Debt Analysis | 19 |
Debt Maturity Analysis | 20 |
Debt Covenant Analysis | 21 |
Unconsolidated Real Estate Investments Debt Analysis | 22 |
Unconsolidated Real Estate Investments Debt Maturity Analysis | 23 |
Capitalized Expenditures & Maintenance Expense | 24 |
Non-GAAP Financial Measures - Definitions & Reconciliations | 25 |
Other Data | 27 |
Community Table | 28 |
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
FIRST QUARTER 2012 OPERATING RESULTS
FFO PER DILUTED SHARE INCREASES 15%
Houston, TEXAS (April 26, 2012) – Camden Property Trust (NYSE: CPT) today announced operating results for the three months ended March 31, 2012.
Funds from Operations (“FFO”)
FFO for the first quarter of 2012 totaled $0.83 per diluted share or $68.6 million, as compared to $0.72 per diluted share or $54.1 million for the same period in 2011, an increase of 15% per diluted share.
FFO for the three months ended March 31, 2012 included a $2.1 million or $0.03 per diluted share charge related to the redemption of perpetual preferred operating partnership units. FFO for the three months ended March 31, 2011 included a net gain of $3.3 million or $0.04 per diluted share impact related to other income of $4.3 million from the sale of an available-for-sale investment, partially offset by $1.0 million of income taxes associated with that gain, 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.
Net Income Attributable to Common Shareholders (“EPS”)
The Company reported EPS of $88.8 million or $1.07 per diluted share for the first quarter of 2012, as compared to $7.3 million or $0.10 per diluted share for the same period in 2011. EPS for the three months ended March 31, 2012 included: a $40.2 million or $0.49 per diluted share impact related to the gain on acquisition of the controlling interest in twelve joint ventures; a $32.5 million or $0.39 per diluted share impact related to the gain on sale of discontinued operations; and, a $2.1 million or $0.03 per diluted share charge related to the redemption of perpetual preferred operating partnership units. EPS for the three months ended March 31, 2011 included 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 the sale of three joint venture interests.
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 47,724 apartment homes included in consolidated same property results, first quarter 2012 same property net operating income (“NOI”) increased 9.6% compared to the first quarter of 2011, with revenues increasing 6.8% and expenses increasing 2.4%. On a sequential basis, first quarter 2012 same property NOI increased 0.8% compared to the fourth quarter of 2011, with revenues increasing 1.5% and expenses increasing 2.8% compared to the prior quarter. Same property physical occupancy levels for the portfolio averaged 94.9% during the first quarter of 2012, compared to 94.5% in the fourth quarter of 2011 and 94.0% in the first quarter of 2011.
The Company defines same property communities as communities owned and stabilized as of January 1, 2011, 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
On January 25, 2012, Camden purchased the remaining 80% ownership interest in twelve unconsolidated joint ventures for approximately $99.5 million, and assumed approximately $272.6 million in mortgage debt which was subsequently retired. The Company now owns 100% of the interests in 4,034 apartment homes located in Dallas, Houston, Las Vegas, Phoenix, and Southern California, and consolidated those entities for financial reporting purposes as of the acquisition date. The Company also acquired one multifamily community with 350 apartment homes located in Raleigh, NC for approximately $44.2 million through one of its Funds.
Disposition Activity
The Company disposed of three operating properties during the first quarter for a total of $55.6 million, resulting in a gain on sale of $32.5 million: Camden Vista Valley, a 357-home community located in Mesa, AZ; Camden Landings, a 220-home apartment community located in Orlando, FL; and Camden Creek, a 456-home apartment community located in Houston, TX.
Development Activity
Construction was completed during the quarter at three wholly-owned communities: Camden LaVina, a $55 million project with 420 apartment homes in Orlando, FL, which is currently 67% leased; Camden Summerfield II, a $25 million project with 187 apartment homes in Landover, MD, which is currently 72% leased; and Camden Royal Oaks II, a $12 million project with 104 apartment homes in Houston, TX, which began leasing during the quarter and is currently 21% leased. Lease-up activity began during the first quarter at two communities which are currently under construction: Camden Montague, a $23 million project with 192 apartment homes in Tampa, FL which is currently 53% leased; and Camden Westchase Park, a $52 million project with 348 apartment homes in Tampa, FL which is currently 16% leased.
Construction continued during the quarter on three wholly-owned development communities: Camden Town Square in Orlando, FL, a $66 million project with 438 apartment homes; 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. Construction also continued during the quarter on two joint venture communities: Camden Amber Oaks II in Austin, TX, a $25 million project with 244 apartment homes, which is currently 8% leased, and Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes.
Equity Issuances/Redemption
During the first quarter, Camden completed a public offering of 6,612,500 common shares for net proceeds of approximately $391.6 million. The Company also issued 704,245 common shares through its ATM program at an average price of $63.89 per share, for total net consideration of approximately $44.3 million.
The Company also redeemed its 7.0% Series B Cumulative Redeemable Perpetual Preferred Units from existing holders for an aggregate of $100 million (plus an amount equal to accrued but unpaid distributions as of the redemption date), resulting in a charge to earnings of $2.1 million.
Subsequent to quarter-end, Camden issued 430,078 common shares through its ATM program at an average price of $65.23 per share, for total net consideration of approximately $27.6 million.
Earnings Guidance
Camden updated its earnings guidance for 2012 based on its current and expected views of the apartment market and general economic conditions. Full-year 2012 FFO is expected to be $3.35 to $3.55 per diluted share, and full-year 2012 EPS is expected to be $1.85 to $2.05 per diluted share. Second quarter 2012 earnings guidance is $0.85 to $0.89 per diluted share for FFO and $0.26 to $0.30 per diluted share for EPS. Guidance for EPS excludes potential future gains on real estate transactions. Camden intends to update its earnings guidance to the market on a quarterly basis.
The Company’s 2012 earnings guidance is based on projections of same-property revenue growth between 4.75% and 6.25%, expense growth between 2.5% and 3.5%, and NOI growth between 6.0% and 8.0%. Additional information on the Company’s 2012 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.
Conference Call
The Company will hold a conference call on Friday, April 27, 2012 at 11:00 a.m. Central Time to review its first quarter 2012 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: 5402762, 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 197 properties containing 67,025 apartment homes across the United States. Upon completion of 7 properties under development, the Company's portfolio will increase to 69,111 apartment homes in 204 properties. Camden was recently named by FORTUNE® Magazine for the fifth 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.
CAMDEN | FINANCIAL HIGHLIGHTS | |||||||||||
(In thousands, except per share, property data amounts and ratios) | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended March 31, | ||||||||||||
2012 | 2011 | |||||||||||
Total property revenues (a) | $178,651 | $157,602 | ||||||||||
EBITDA | 98,129 | 87,497 | ||||||||||
Net income attributable to common shareholders | 88,758 | 7,286 | ||||||||||
Per share - basic | 1.10 | 0.10 | ||||||||||
Per share - diluted | 1.07 | 0.10 | ||||||||||
Income from continuing operations attributable to common shareholders | 56,534 | 6,494 | ||||||||||
Per share - basic | 0.70 | 0.09 | ||||||||||
Per share - diluted | 0.68 | 0.09 | ||||||||||
Funds from operations | 68,589 | 54,113 | ||||||||||
Per share - diluted | 0.83 | 0.72 | ||||||||||
Dividends per share | 0.56 | 0.49 | ||||||||||
Dividend payout ratio | 67.5 | % | 68.1 | % | ||||||||
Interest expensed (including discontinued operations) | 26,683 | 29,737 | ||||||||||
Interest capitalized | 3,048 | 1,815 | ||||||||||
Total interest incurred | 29,731 | 31,552 | ||||||||||
Principal amortization | 1,203 | 1,395 | ||||||||||
Preferred distributions | 776 | 1,750 | ||||||||||
Interest expense coverage ratio | 3.7 | x | 2.9 | x | ||||||||
Total interest coverage ratio | 3.3 | x | 2.8 | x | ||||||||
Fixed charge expense coverage ratio | 3.4 | x | 2.7 | x | ||||||||
Total fixed charge coverage ratio | 3.1 | x | 2.5 | x | ||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.3 | x | 2.8 | x | ||||||||
Same property NOI increase (b) | 9.6 | % | 6.2 | % | ||||||||
(# of apartment homes included) | 47,724 | 47,600 | ||||||||||
Gross turnover of apartment homes (annualized) | 55 | % | 49 | % | ||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 48 | % | 42 | % | ||||||||
As of March 31, | ||||||||||||
2012 | 2011 | |||||||||||
Total assets | $5,004,015 | $4,583,293 | ||||||||||
Total debt | $2,431,106 | $2,474,520 | ||||||||||
Common and common equivalent shares, outstanding end of period (c) | 84,718 | 75,102 | ||||||||||
Share price, end of period | $65.75 | $56.82 | ||||||||||
Preferred units, end of period | - | $97,925 | ||||||||||
Book equity value, end of period (d) | $2,311,531 | $1,836,946 | ||||||||||
Market equity value, end of period (d) | $5,570,209 | $4,367,296 | ||||||||||
(a) Excludes discontinued operations. | ||||||||||||
(b) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale | ||||||||||||
and communities under major redevelopment. | ||||||||||||
(c) Includes at March 31, 2012: 82,497 common shares (including 541 common share equivalents related to share awards & options), plus common share | ||||||||||||
equivalents upon the assumed conversion of minority interest units (2,221). | ||||||||||||
(d) Includes: common shares, preferred and common units, and common share equivalents. |
Note: Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
(Unaudited) | Three Months Ended | |||||||
March 31, | ||||||||
OPERATING DATA | 2012 | 2011 | ||||||
Property revenues | ||||||||
Rental revenues | $153,719 | $135,835 | ||||||
Other property revenues | 24,932 | 21,767 | ||||||
Total property revenues | 178,651 | 157,602 | ||||||
Property expenses | ||||||||
Property operating and maintenance | 49,219 | 44,806 | ||||||
Real estate taxes | 18,371 | 17,344 | ||||||
Total property expenses | 67,590 | 62,150 | ||||||
Non-property income | ||||||||
Fee and asset management | 2,923 | 1,838 | ||||||
Interest and other income (loss) | (688 | ) | 4,771 | |||||
Income on deferred compensation plans | 7,786 | 5,954 | ||||||
Total non-property income | 10,021 | 12,563 | ||||||
Other expenses | ||||||||
Property management | 5,284 | 5,319 | ||||||
Fee and asset management | 1,743 | 1,220 | ||||||
General and administrative | 8,679 | 9,788 | ||||||
Interest | 26,683 | 29,737 | ||||||
Depreciation and amortization | 50,118 | 45,851 | ||||||
Amortization of deferred financing costs | 912 | 1,527 | ||||||
Expense on deferred compensation plans | 7,786 | 5,954 | ||||||
Total other expenses | 101,205 | 99,396 | ||||||
Gain on sale of unconsolidated joint venture interests | - | 1,136 | ||||||
Gain on acquisition of controlling interests in joint ventures | 40,191 | - | ||||||
Equity in income of joint ventures | 366 | 374 | ||||||
Income from continuing operations before income taxes | 60,434 | 10,129 | ||||||
Income tax expense - current | (224 | ) | (1,320 | ) | ||||
Income from continuing operations | 60,210 | 8,809 | ||||||
Income from discontinued operations | 353 | 792 | ||||||
Gain on sale of discontinued operations, net of tax | 32,541 | - | ||||||
Net income | 93,104 | 9,601 | ||||||
Less income allocated to noncontrolling interests from continuing operations | (825 | ) | (556 | ) | ||||
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations | (670 | ) | (9 | ) | ||||
Less income allocated to perpetual preferred units | (776 | ) | (1,750 | ) | ||||
Less write off of original issuance costs of redeemed perpetual preferred units | (2,075 | ) | - | |||||
Net income attributable to common shareholders | $88,758 | $7,286 | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
Net income | $93,104 | $9,601 | ||||||
Other comprehensive income | ||||||||
Unrealized loss on cash flow hedging activities | - | (503 | ) | |||||
Reclassification of net losses on cash flow hedging activities | - | 5,766 | ||||||
Reclassification of gain on available-for-sale investment to earnings, net of tax | - | (3,309 | ) | |||||
Reclassification of prior service cost on post retirement obligations | 8 | - | ||||||
Comprehensive income | 93,112 | 11,555 | ||||||
Less income allocated to noncontrolling interests from continuing operations | (825 | ) | (556 | ) | ||||
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations | (670 | ) | (9 | ) | ||||
Less income allocated to perpetual preferred units | (776 | ) | (1,750 | ) | ||||
Less write off of original issuance costs of redeemed perpetual preferred units | (2,075 | ) | - | |||||
Comprehensive income attributable to common shareholders | $88,766 | $9,240 | ||||||
PER SHARE DATA | ||||||||
Net income attributable to common shareholders - basic | $1.10 | $0.10 | ||||||
Net income attributable to common shareholders - diluted | 1.07 | 0.10 | ||||||
Income from continuing operations attributable to common shareholders - basic | 0.70 | 0.09 | ||||||
Income from continuing operations attributable to common shareholders - diluted | 0.68 | 0.09 | ||||||
Weighted average number of common and | ||||||||
common equivalent shares outstanding: | ||||||||
Basic | 79,885 | 71,906 | ||||||
Diluted | 82,855 | 72,783 |
Note: Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
(Unaudited) | Three Months Ended | |||||||
March 31, | ||||||||
FUNDS FROM OPERATIONS | 2012 | 2011 | ||||||
Net income attributable to common shareholders | $88,758 | $7,286 | ||||||
Real estate depreciation from continuing operations | 49,009 | 44,603 | ||||||
Real estate depreciation and amortization from discontinued operations | 186 | 971 | ||||||
Adjustments for unconsolidated joint ventures | 2,275 | 2,006 | ||||||
(Gain) on sale of unconsolidated joint venture interests | - | (1,136 | ) | |||||
Income allocated to noncontrolling interests | 1,093 | 383 | ||||||
(Gain) on acquisition of controlling interests in joint ventures | (40,191 | ) | - | |||||
(Gain) on sale of discontinued operations, net of tax | (32,541 | ) | - | |||||
Funds from operations - diluted | $68,589 | $54,113 | ||||||
PER SHARE DATA | ||||||||
Funds from operations - diluted | $0.83 | $0.72 | ||||||
Cash distributions | 0.56 | 0.49 | ||||||
Weighted average number of common and | ||||||||
common equivalent shares outstanding: | ||||||||
FFO - diluted | 82,855 | 75,021 | ||||||
PROPERTY DATA | ||||||||
Total operating properties (end of period) (a) | 197 | 187 | ||||||
Total operating apartment homes in operating properties (end of period) (a) | 67,025 | 63,798 | ||||||
Total operating apartment homes (weighted average) | 52,957 | 50,881 | ||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 52,376 | 49,060 |
(a) Includes joint ventures.
Note: Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
CAMDEN | BALANCE SHEETS | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||||||
2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Real estate assets, at cost | ||||||||||||||||||||
Land | $868,964 | $768,016 | $766,302 | $760,397 | $760,397 | |||||||||||||||
Buildings and improvements | 5,068,560 | 4,751,654 | 4,758,397 | 4,711,552 | 4,690,741 | |||||||||||||||
5,937,524 | 5,519,670 | 5,524,699 | 5,471,949 | 5,451,138 | ||||||||||||||||
Accumulated depreciation | (1,458,451 | ) | (1,432,799 | ) | (1,421,867 | ) | (1,378,630 | ) | (1,335,831 | ) | ||||||||||
Net operating real estate assets | 4,479,073 | 4,086,871 | 4,102,832 | 4,093,319 | 4,115,307 | |||||||||||||||
Properties under development, including land | 301,282 | 299,870 | 274,201 | 237,549 | 220,641 | |||||||||||||||
Investments in joint ventures | 49,436 | 44,844 | 37,033 | 39,398 | 21,196 | |||||||||||||||
Properties held for sale | - | 11,131 | - | - | - | |||||||||||||||
Total real estate assets | 4,829,791 | 4,442,716 | 4,414,066 | 4,370,266 | 4,357,144 | |||||||||||||||
Accounts receivable - affiliates | 29,742 | 31,035 | 31,395 | 30,401 | 29,973 | |||||||||||||||
Other assets, net (a) | 89,706 | 88,089 | 87,657 | 90,346 | 92,051 | |||||||||||||||
Cash and cash equivalents | 49,702 | 55,159 | 56,099 | 63,148 | 98,771 | |||||||||||||||
Restricted cash | 5,074 | 5,076 | 5,357 | 4,898 | 5,354 | |||||||||||||||
Total assets | $5,004,015 | $4,622,075 | $4,594,574 | $4,559,059 | $4,583,293 | |||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Notes payable | ||||||||||||||||||||
Unsecured | $1,380,952 | $1,380,755 | $1,380,560 | $1,380,368 | $1,419,681 | |||||||||||||||
Secured | 1,050,154 | 1,051,357 | 1,052,544 | 1,053,699 | 1,054,839 | |||||||||||||||
Accounts payable and accrued expenses | 105,370 | 93,747 | 97,613 | 78,460 | 81,972 | |||||||||||||||
Accrued real estate taxes | 17,991 | 21,883 | 37,721 | 27,424 | 16,585 | |||||||||||||||
Distributions payable | 47,594 | 39,364 | 39,319 | 38,966 | 38,662 | |||||||||||||||
Other liabilities (b) | 90,423 | 109,276 | 111,043 | 123,829 | 134,608 | |||||||||||||||
Total liabilities | 2,692,484 | 2,696,382 | 2,718,800 | 2,702,746 | 2,746,347 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Perpetual preferred units | - | 97,925 | 97,925 | 97,925 | 97,925 | |||||||||||||||
Equity | ||||||||||||||||||||
Common shares of beneficial interest | 919 | 845 | 839 | 834 | 827 | |||||||||||||||
Additional paid-in capital | 3,327,961 | 2,901,024 | 2,861,139 | 2,823,690 | 2,783,621 | |||||||||||||||
Distributions in excess of net income attributable to common shareholders | (648,074 | ) | (690,466 | ) | (700,897 | ) | (676,367 | ) | (623,740 | ) | ||||||||||
Treasury shares, at cost | (437,215 | ) | (452,003 | ) | (452,244 | ) | (459,134 | ) | (460,467 | ) | ||||||||||
Accumulated other comprehensive income (loss) (c) | (675 | ) | (683 | ) | 201 | 93 | (31,504 | ) | ||||||||||||
Total common equity | 2,242,916 | 1,758,717 | 1,709,038 | 1,689,116 | 1,668,737 | |||||||||||||||
Noncontrolling interests | 68,615 | 69,051 | 68,811 | 69,272 | 70,284 | |||||||||||||||
Total equity | 2,311,531 | 1,827,768 | 1,777,849 | 1,758,388 | 1,739,021 | |||||||||||||||
Total liabilities and equity | $5,004,015 | $4,622,075 | $4,594,574 | $4,559,059 | $4,583,293 | |||||||||||||||
(a) Includes: | ||||||||||||||||||||
net deferred charges of: | $15,267 | $16,102 | $16,868 | $14,484 | $12,677 | |||||||||||||||
(b) Includes: | ||||||||||||||||||||
deferred revenues of: | $2,337 | $2,140 | $2,213 | $2,181 | $2,254 | |||||||||||||||
distributions in excess of investments in joint ventures of: | $16,298 | $30,596 | $31,799 | $31,040 | $33,442 | |||||||||||||||
fair value adjustment of derivative instruments: | $11,574 | $16,486 | $22,192 | $27,977 | $31,655 | |||||||||||||||
(c) Represents the fair value adjustment of derivative instruments and amortization of prior service costs on post retirement obligations. |
CAMDEN | PORTFOLIO STATISTICS | ||||||||||||||||||
(Unaudited) | |||||||||||||||||||
COMMUNITY PORTFOLIO AT MARCH 31, 2012 (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) | 5,313 | 291 | 5,604 | - | 5,604 | 187 | 5,791 | 596 | 6,387 | ||||||||||
Houston, TX | 4,294 | 1,452 | 5,746 | 3,152 | 8,898 | 104 | 9,002 | 268 | 9,270 | ||||||||||
Tampa, FL | 5,503 | - | 5,503 | 450 | 5,953 | - | 5,953 | 540 | 6,493 | ||||||||||
Las Vegas, NV | 3,969 | 949 | 4,918 | 3,098 | 8,016 | - | 8,016 | - | 8,016 | ||||||||||
SE Florida | 2,520 | - | 2,520 | - | 2,520 | - | 2,520 | - | 2,520 | ||||||||||
Dallas, TX | 4,273 | 456 | 4,729 | 1,250 | 5,979 | - | 5,979 | - | 5,979 | ||||||||||
Los Angeles/Orange County, CA | 2,060 | 421 | 2,481 | - | 2,481 | - | 2,481 | - | 2,481 | ||||||||||
Charlotte, NC | 3,574 | - | 3,574 | - | 3,574 | - | 3,574 | - | 3,574 | ||||||||||
Orlando, FL | 3,344 | - | 3,344 | - | 3,344 | 420 | 3,764 | 438 | 4,202 | ||||||||||
Atlanta, GA | 3,202 | - | 3,202 | 344 | 3,546 | - | 3,546 | - | 3,546 | ||||||||||
Raleigh, NC | 2,704 | - | 2,704 | 350 | 3,054 | - | 3,054 | - | 3,054 | ||||||||||
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 | 1,084 | 992 | 2,076 | - | 2,076 | - | 2,076 | - | 2,076 | ||||||||||
Other | 984 | 855 | 1,839 | 2,841 | 4,680 | - | 4,680 | - | 4,680 | ||||||||||
Total Portfolio | 47,724 | 5,416 | 53,140 | 13,174 | 66,314 | 711 | 67,025 | 2,086 | 69,111 | ||||||||||
(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. | |||||||||||||||||||
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (e) | ||||||||||||||||||
"Same Property" | Operating | Incl. JVs at | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | ||||||||||||
Communities | Communities (c) | Pro Rata % (d) | 2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||||
D.C. Metro | 18.8% | 18.3% | 18.2% | 94.5% | 94.2% | 96.3% | 96.0% | 95.5% | |||||||||||
Houston, TX | 9.0% | 10.1% | 10.4% | 96.0% | 95.2% | 95.4% | 94.2% | 91.9% | |||||||||||
Tampa, FL | 8.4% | 7.7% | 7.9% | 94.9% | 94.8% | 94.8% | 94.5% | 93.9% | |||||||||||
Las Vegas, NV | 6.1% | 6.7% | 6.3% | 92.0% | 92.0% | 92.0% | 92.5% | 91.2% | |||||||||||
SE Florida | 7.8% | 7.3% | 7.2% | 95.5% | 94.9% | 94.1% | 95.2% | 94.7% | |||||||||||
Dallas, TX | 6.5% | 6.4% | 6.4% | 95.1% | 94.6% | 95.3% | 95.6% | 94.3% | |||||||||||
Los Angeles/Orange County, CA | 6.8% | 7.0% | 6.3% | 95.4% | 95.1% | 95.7% | 94.8% | 93.7% | |||||||||||
Charlotte, NC | 6.4% | 6.0% | 5.9% | 95.8% | 95.3% | 95.9% | 96.3% | 95.2% | |||||||||||
Orlando, FL | 5.6% | 5.4% | 5.4% | 95.3% | 94.9% | 95.3% | 94.7% | 94.2% | |||||||||||
Atlanta, GA | 5.3% | 4.8% | 5.0% | 94.4% | 93.8% | 94.9% | 94.5% | 93.9% | |||||||||||
Raleigh, NC | 4.8% | 4.4% | 4.5% | 94.8% | 94.4% | 94.9% | 95.0% | 94.6% | |||||||||||
Denver, CO | 4.0% | 3.6% | 4.0% | 94.1% | 93.7% | 94.6% | 94.4% | 92.9% | |||||||||||
San Diego/Inland Empire, CA | 3.4% | 3.1% | 3.1% | 92.9% | 92.0% | 94.7% | 92.9% | 92.7% | |||||||||||
Austin, TX | 2.9% | 2.6% | 3.1% | 95.5% | 95.5% | 96.1% | 94.4% | 93.6% | |||||||||||
Phoenix, AZ | 2.2% | 2.9% | 2.0% | 93.7% | 93.2% | 93.2% | 91.1% | 92.6% | |||||||||||
Other | 2.0% | 3.7% | 4.3% | 94.3% | 94.0% | 95.0% | 95.6% | 93.9% | |||||||||||
Total Portfolio | 100.0% | 100.0% | 100.0% | 94.7% | 94.3% | 94.8% | 94.5% | 93.5% | |||||||||||
(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. |
CAMDEN | COMPONENTS OF | |||||||||||||||
PROPERTY NET OPERATING INCOME | ||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Apartment | Three Months Ended March 31, | |||||||||||||||
Property Revenues | Homes | 2012 | 2011 | Change | ||||||||||||
"Same Property" Communities (a) | 47,724 | $162,171 | $151,866 | $10,305 | ||||||||||||
Non-"Same Property" Communities (b) | 5,416 | 13,532 | 4,506 | 9,026 | ||||||||||||
Development and Lease-Up Communities (c) | 2,277 | 1,203 | - | 1,203 | ||||||||||||
Other (d) | - | 1,745 | 1,230 | 515 | ||||||||||||
Total Property Revenues | 55,417 | $178,651 | $157,602 | $21,049 | ||||||||||||
Property Expenses | ||||||||||||||||
"Same Property" Communities (a) | 47,724 | $61,066 | $59,610 | $1,456 | ||||||||||||
Non-"Same Property" Communities (b) | 5,416 | 5,083 | 1,430 | 3,653 | ||||||||||||
Development and Lease-Up Communities (c) | 2,277 | 523 | - | 523 | ||||||||||||
Other (d) | - | 918 | 1,110 | (192 | ) | |||||||||||
Total Property Expenses | 55,417 | $67,590 | $62,150 | $5,440 | ||||||||||||
Property Net Operating Income | ||||||||||||||||
"Same Property" Communities (a) | 47,724 | $101,105 | $92,256 | $8,849 | ||||||||||||
Non-"Same Property" Communities (b) | 5,416 | 8,449 | 3,076 | 5,373 | ||||||||||||
Development and Lease-Up Communities (c) | 2,277 | 680 | - | 680 | ||||||||||||
Other (d) | - | 827 | 120 | 707 | ||||||||||||
Total Property Net Operating Income | 55,417 | $111,061 | $95,452 | $15,609 | ||||||||||||
Income from Discontinued Operations (e) | Three Months Ended March 31, | |||||||||||||||
2012 | 2011 | |||||||||||||||
Property Revenues | $1,209 | $3,545 | ||||||||||||||
Property Expenses | 670 | 1,782 | ||||||||||||||
Property Net Operating Income | 539 | 1,763 | ||||||||||||||
Depreciation and Amortization | (186 | ) | (971 | ) | ||||||||||||
Gain on Sale of Discontinued Operations, net of tax | 32,541 | - | ||||||||||||||
Income, including gain on sale, allocated to noncontrolling interests | (670 | ) | (9 | ) | ||||||||||||
Income attributable to common shareholders | $32,224 | $783 |
Notes:
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, 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, 2011, or communities which underwent major redevelopment after January 1, 2011, excluding properties held for sale. Previously reported in "Same Property" Communities, Camden Royal Oaks is now reported in Non-"Same Property" Communities while Camden Royal Oaks II is in lease-up. |
(c) | Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2011, excluding properties held for sale and communities under major redevelopment. |
(d) | "Other" includes results from non-multifamily rental properties, above/below market lease amortization related to acquired communities, and expenses related to land holdings not under active development. |
(e) | Represents operating results for communities disposed of during 2011 and 2012, of which Camden has no continuing involvement. |
"SAME PROPERTY" | ||||||||||||||||||||||||||||||||||||
CAMDEN | FIRST QUARTER COMPARISONS | |||||||||||||||||||||||||||||||||||
MARCH 31, 2012 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 1Q12 | 1Q11 | Growth | 1Q12 | 1Q11 | Growth | 1Q12 | 1Q11 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $26,898 | $25,817 | 4.2 | % | $7,942 | $8,210 | (3.3 | %) | $18,956 | $17,607 | 7.7 | % | ||||||||||||||||||||||||
Houston, TX | 15,371 | 13,722 | 12.0 | % | 6,225 | 5,678 | 9.6 | % | 9,146 | 8,044 | 13.7 | % | ||||||||||||||||||||||||
Tampa, FL | 15,177 | 14,237 | 6.6 | % | 6,645 | 6,431 | 3.3 | % | 8,532 | 7,806 | 9.3 | % | ||||||||||||||||||||||||
Las Vegas, NV | 9,799 | 9,698 | 1.0 | % | 3,631 | 3,689 | (1.6 | %) | 6,168 | 6,009 | 2.6 | % | ||||||||||||||||||||||||
SE Florida | 12,064 | 11,322 | 6.6 | % | 4,147 | 4,496 | (7.8 | %) | 7,917 | 6,826 | 16.0 | % | ||||||||||||||||||||||||
Dallas, TX | 11,633 | 10,570 | 10.1 | % | 5,082 | 4,880 | 4.1 | % | 6,551 | 5,690 | 15.1 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 10,395 | 9,796 | 6.1 | % | 3,519 | 3,431 | 2.6 | % | 6,876 | 6,365 | 8.0 | % | ||||||||||||||||||||||||
Charlotte, NC | 10,536 | 9,533 | 10.5 | % | 4,065 | 3,987 | 2.0 | % | 6,471 | 5,546 | 16.7 | % | ||||||||||||||||||||||||
Orlando, FL | 9,616 | 9,130 | 5.3 | % | 3,953 | 3,711 | 6.5 | % | 5,663 | 5,419 | 4.5 | % | ||||||||||||||||||||||||
Atlanta, GA | 9,338 | 8,849 | 5.5 | % | 4,021 | 3,720 | 8.1 | % | 5,317 | 5,129 | 3.7 | % | ||||||||||||||||||||||||
Raleigh, NC | 7,525 | 7,179 | 4.8 | % | 2,623 | 2,612 | 0.4 | % | 4,902 | 4,567 | 7.3 | % | ||||||||||||||||||||||||
Denver, CO | 5,975 | 5,426 | 10.1 | % | 1,967 | 1,870 | 5.2 | % | 4,008 | 3,556 | 12.7 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5,677 | 5,482 | 3.6 | % | 2,246 | 2,152 | 4.4 | % | 3,431 | 3,330 | 3.0 | % | ||||||||||||||||||||||||
Austin, TX | 5,515 | 4,933 | 11.8 | % | 2,600 | 2,340 | 11.1 | % | 2,915 | 2,593 | 12.4 | % | ||||||||||||||||||||||||
Phoenix, AZ | 3,387 | 3,101 | 9.2 | % | 1,194 | 1,258 | (5.1 | %) | 2,193 | 1,843 | 19.0 | % | ||||||||||||||||||||||||
Other | 3,265 | 3,071 | 6.3 | % | 1,206 | 1,145 | 5.3 | % | 2,059 | 1,926 | 6.9 | % | ||||||||||||||||||||||||
Total Same Property | $162,171 | $151,866 | 6.8 | % | $61,066 | $59,610 | 2.4 | % | $101,105 | $92,256 | 9.6 | % | ||||||||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 1Q12 | 1Q11 | Change | 1Q12 | 1Q11 | Change | ||||||||||||||||||||||||||||
D.C. Metro | 5,313 | 18.8 | % | 94.6 | % | 95.6 | % | (1.0 | %) | $1,590 | $1,526 | 4.2 | % | |||||||||||||||||||||||
Houston, TX | 4,294 | 9.0 | % | 96.4 | % | 92.2 | % | 4.2 | % | 1,101 | 1,028 | 7.1 | % | |||||||||||||||||||||||
Tampa, FL | 5,503 | 8.4 | % | 94.8 | % | 93.9 | % | 0.9 | % | 803 | 763 | 5.3 | % | |||||||||||||||||||||||
Las Vegas, NV | 3,969 | 6.1 | % | 93.0 | % | 92.2 | % | 0.8 | % | 756 | 757 | (0.1 | %) | |||||||||||||||||||||||
SE Florida | 2,520 | 7.8 | % | 95.5 | % | 94.7 | % | 0.8 | % | 1,499 | 1,419 | 5.6 | % | |||||||||||||||||||||||
Dallas, TX | 4,273 | 6.5 | % | 95.3 | % | 94.3 | % | 1.0 | % | 812 | 745 | 8.9 | % | |||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 6.8 | % | 95.4 | % | 94.0 | % | 1.4 | % | 1,598 | 1,536 | 4.1 | % | |||||||||||||||||||||||
Charlotte, NC | 3,574 | 6.4 | % | 95.8 | % | 95.2 | % | 0.6 | % | 896 | 807 | 11.1 | % | |||||||||||||||||||||||
Orlando, FL | 3,344 | 5.6 | % | 95.2 | % | 94.1 | % | 1.1 | % | 868 | 831 | 4.5 | % | |||||||||||||||||||||||
Atlanta, GA | 3,202 | 5.3 | % | 94.3 | % | 93.9 | % | 0.4 | % | 879 | 846 | 3.9 | % | |||||||||||||||||||||||
Raleigh, NC | 2,704 | 4.8 | % | 95.2 | % | 94.6 | % | 0.6 | % | 829 | 795 | 4.2 | % | |||||||||||||||||||||||
Denver, CO | 1,851 | 4.0 | % | 94.4 | % | 93.0 | % | 1.4 | % | 983 | 915 | 7.5 | % | |||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.4 | % | 92.9 | % | 92.7 | % | 0.2 | % | 1,525 | 1,485 | 2.7 | % | |||||||||||||||||||||||
Austin, TX | 1,853 | 2.9 | % | 95.1 | % | 93.7 | % | 1.4 | % | 883 | 807 | 9.5 | % | |||||||||||||||||||||||
Phoenix, AZ | 1,084 | 2.2 | % | 94.5 | % | 94.7 | % | (0.2 | %) | 918 | 848 | 8.2 | % | |||||||||||||||||||||||
Other | 984 | 2.0 | % | 95.3 | % | 94.1 | % | 1.2 | % | 1,004 | 962 | 4.3 | % | |||||||||||||||||||||||
Total Same Property | 47,724 | 100.0 | % | 94.9 | % | 94.0 | % | 0.9 | % | $1,038 | $985 | 5.4 | % | |||||||||||||||||||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, 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. |
"SAME PROPERTY" | ||||||||||||||||||||||||||||||||||||
CAMDEN | SEQUENTIAL QUARTER COMPARISONS | |||||||||||||||||||||||||||||||||||
MARCH 31, 2012 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 1Q12 | 4Q11 | Growth | 1Q12 | 4Q11 | Growth | 1Q12 | 4Q11 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $26,898 | $26,680 | 0.8 | % | $7,942 | $7,955 | (0.2 | %) | $18,956 | $18,725 | 1.2 | % | ||||||||||||||||||||||||
Houston, TX | 15,371 | 14,945 | 2.9 | % | 6,225 | 5,626 | 10.6 | % | 9,146 | 9,319 | (1.9 | %) | ||||||||||||||||||||||||
Tampa, FL | 15,177 | 14,956 | 1.5 | % | 6,645 | 6,354 | 4.6 | % | 8,532 | 8,602 | (0.8 | %) | ||||||||||||||||||||||||
Las Vegas, NV | 9,799 | 9,770 | 0.3 | % | 3,631 | 3,649 | (0.5 | %) | 6,168 | 6,121 | 0.8 | % | ||||||||||||||||||||||||
SE Florida | 12,064 | 11,777 | 2.4 | % | 4,147 | 3,956 | 4.8 | % | 7,917 | 7,821 | 1.2 | % | ||||||||||||||||||||||||
Dallas, TX | 11,633 | 11,381 | 2.2 | % | 5,082 | 4,893 | 3.9 | % | 6,551 | 6,488 | 1.0 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 10,395 | 10,345 | 0.5 | % | 3,519 | 3,608 | (2.5 | %) | 6,876 | 6,737 | 2.1 | % | ||||||||||||||||||||||||
Charlotte, NC | 10,536 | 10,382 | 1.5 | % | 4,065 | 4,194 | (3.1 | %) | 6,471 | 6,188 | 4.6 | % | ||||||||||||||||||||||||
Orlando, FL | 9,616 | 9,508 | 1.1 | % | 3,953 | 3,823 | 3.4 | % | 5,663 | 5,685 | (0.4 | %) | ||||||||||||||||||||||||
Atlanta, GA | 9,338 | 9,196 | 1.5 | % | 4,021 | 3,768 | 6.7 | % | 5,317 | 5,428 | (2.0 | %) | ||||||||||||||||||||||||
Raleigh, NC | 7,525 | 7,402 | 1.7 | % | 2,623 | 2,502 | 4.8 | % | 4,902 | 4,900 | 0.0 | % | ||||||||||||||||||||||||
Denver, CO | 5,975 | 5,898 | 1.3 | % | 1,967 | 1,983 | (0.8 | %) | 4,008 | 3,915 | 2.4 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5,677 | 5,558 | 2.1 | % | 2,246 | 2,261 | (0.7 | %) | 3,431 | 3,297 | 4.1 | % | ||||||||||||||||||||||||
Austin, TX | 5,515 | 5,454 | 1.1 | % | 2,600 | 2,502 | 3.9 | % | 2,915 | 2,952 | (1.3 | %) | ||||||||||||||||||||||||
Phoenix, AZ | 3,387 | 3,243 | 4.4 | % | 1,194 | 1,208 | (1.2 | %) | 2,193 | 2,035 | 7.8 | % | ||||||||||||||||||||||||
Other | 3,265 | 3,211 | 1.7 | % | 1,206 | 1,127 | 7.0 | % | 2,059 | 2,084 | (1.2 | %) | ||||||||||||||||||||||||
Total Same Property | $162,171 | $159,706 | 1.5 | % | $61,066 | $59,409 | 2.8 | % | $101,105 | $100,297 | 0.8 | % | ||||||||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 1Q12 | 4Q11 | Change | 1Q12 | 4Q11 | Change | ||||||||||||||||||||||||||||
D.C. Metro | 5,313 | 18.8 | % | 94.6 | % | 94.3 | % | 0.3 | % | $1,590 | $1,590 | 0.0 | % | |||||||||||||||||||||||
Houston, TX | 4,294 | 9.0 | % | 96.4 | % | 95.0 | % | 1.4 | % | 1,101 | 1,086 | 1.4 | % | |||||||||||||||||||||||
Tampa, FL | 5,503 | 8.4 | % | 94.8 | % | 94.8 | % | 0.0 | % | 803 | 797 | 0.8 | % | |||||||||||||||||||||||
Las Vegas, NV | 3,969 | 6.1 | % | 93.0 | % | 92.7 | % | 0.3 | % | 756 | 757 | (0.1 | %) | |||||||||||||||||||||||
SE Florida | 2,520 | 7.8 | % | 95.5 | % | 94.9 | % | 0.6 | % | 1,499 | 1,481 | 1.2 | % | |||||||||||||||||||||||
Dallas, TX | 4,273 | 6.5 | % | 95.3 | % | 94.8 | % | 0.5 | % | 812 | 802 | 1.2 | % | |||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 6.8 | % | 95.4 | % | 95.1 | % | 0.3 | % | 1,598 | 1,594 | 0.3 | % | |||||||||||||||||||||||
Charlotte, NC | 3,574 | 6.4 | % | 95.8 | % | 95.3 | % | 0.5 | % | 896 | 879 | 1.9 | % | |||||||||||||||||||||||
Orlando, FL | 3,344 | 5.6 | % | 95.2 | % | 94.9 | % | 0.3 | % | 868 | 862 | 0.7 | % | |||||||||||||||||||||||
Atlanta, GA | 3,202 | 5.3 | % | 94.3 | % | 93.9 | % | 0.4 | % | 879 | 875 | 0.5 | % | |||||||||||||||||||||||
Raleigh, NC | 2,704 | 4.8 | % | 95.2 | % | 94.4 | % | 0.8 | % | 829 | 821 | 0.9 | % | |||||||||||||||||||||||
Denver, CO | 1,851 | 4.0 | % | 94.4 | % | 93.8 | % | 0.6 | % | 983 | 975 | 0.9 | % | |||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.4 | % | 92.9 | % | 92.0 | % | 0.9 | % | 1,525 | 1,527 | (0.2 | %) | |||||||||||||||||||||||
Austin, TX | 1,853 | 2.9 | % | 95.1 | % | 95.1 | % | 0.0 | % | 883 | 869 | 1.6 | % | |||||||||||||||||||||||
Phoenix, AZ | 1,084 | 2.2 | % | 94.5 | % | 93.8 | % | 0.7 | % | 918 | 898 | 2.2 | % | |||||||||||||||||||||||
Other | 984 | 2.0 | % | 95.3 | % | 95.6 | % | (0.3 | %) | 1,004 | 1,000 | 0.4 | % | |||||||||||||||||||||||
Total Same Property | 47,724 | 100.0 | % | 94.9 | % | 94.5 | % | 0.4 | % | $1,038 | $1,031 | 0.7 | % | |||||||||||||||||||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, 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. |
"SAME PROPERTY" OPERATING EXPENSE | ||||||||||||||||||||
CAMDEN | DETAIL AND COMPARISONS | |||||||||||||||||||
MARCH 31, 2012 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
% of Actual | ||||||||||||||||||||
1Q12 Operating | ||||||||||||||||||||
Quarterly Comparison (a) | 1Q12 | 1Q11 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $16,730 | $16,620 | $110 | 0.7 | % | 27.4 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 14,698 | 14,112 | 586 | 4.2 | % | 24.1 | % | |||||||||||||
Utilities | 13,687 | 13,197 | 490 | 3.7 | % | 22.4 | % | |||||||||||||
Repairs and Maintenance | 8,756 | 8,702 | 54 | 0.6 | % | 14.3 | % | |||||||||||||
Property Insurance | 3,182 | 3,324 | (142 | ) | (4.3 | %) | 5.2 | % | ||||||||||||
Other | 4,013 | 3,655 | 358 | 9.8 | % | 6.6 | % | |||||||||||||
Total Same Property | $61,066 | $59,610 | $1,456 | 2.4 | % | 100.0 | % | |||||||||||||
% of Actual | ||||||||||||||||||||
1Q12 Operating | ||||||||||||||||||||
Sequential Comparison (a) | 1Q12 | 4Q11 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $16,730 | $16,035 | $695 | 4.3 | % | 27.4 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 14,698 | 13,993 | 705 | 5.0 | % | 24.1 | % | |||||||||||||
Utilities | 13,687 | 13,692 | (5 | ) | (0.0 | %) | 22.4 | % | ||||||||||||
Repairs and Maintenance | 8,756 | 9,139 | (383 | ) | (4.2 | %) | 14.3 | % | ||||||||||||
Property Insurance | 3,182 | 2,975 | 207 | 7.0 | % | 5.2 | % | |||||||||||||
Other | 4,013 | 3,575 | 438 | 12.2 | % | 6.6 | % | |||||||||||||
Total Same Property | $61,066 | $59,409 | $1,657 | 2.8 | % | 100.0 | % | |||||||||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties | ||||||||||||||||||||
held for sale and communities under major redevelopment. |
CAMDEN | JOINT VENTURE OPERATIONS | |||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||
Company's Pro-rata Share of Joint Venture Operations: | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
OPERATING DATA (a) | 2012 | 2011 | ||||||||||||||||||
Property Revenues | ||||||||||||||||||||
Rental revenues | $7,175 | $6,562 | ||||||||||||||||||
Other property revenues | 1,013 | 1,008 | ||||||||||||||||||
Total property revenues | 8,188 | 7,570 | ||||||||||||||||||
Property Expenses | ||||||||||||||||||||
Property operating and maintenance | 2,377 | 2,287 | ||||||||||||||||||
Real estate taxes | 1,064 | 792 | ||||||||||||||||||
Total property expenses | 3,441 | 3,079 | ||||||||||||||||||
Net Operating Income (NOI) | 4,747 | 4,491 | ||||||||||||||||||
Other expenses | ||||||||||||||||||||
Interest | 1,998 | 1,991 | ||||||||||||||||||
Depreciation and amortization | 2,305 | 1,996 | ||||||||||||||||||
Other | 78 | 130 | ||||||||||||||||||
Total other expenses | 4,381 | 4,117 | ||||||||||||||||||
Equity in income (loss) of joint ventures | $366 | $374 | ||||||||||||||||||
Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||||||||
BALANCE SHEET DATA (b) | ||||||||||||||||||||
Land | $153,286 | $213,106 | $199,323 | $192,872 | $163,596 | |||||||||||||||
Buildings and improvements | 1,016,357 | 1,320,795 | 1,284,010 | 1,268,982 | 978,703 | |||||||||||||||
1,169,643 | 1,533,901 | 1,483,333 | 1,461,854 | 1,142,299 | ||||||||||||||||
Accumulated depreciation | (156,705 | ) | (225,577 | ) | (229,212 | ) | (217,324 | ) | (207,860 | ) | ||||||||||
Real estate assets, net | 1,012,938 | 1,308,324 | 1,254,121 | 1,244,530 | 934,439 | |||||||||||||||
Properties under development and land | 52,264 | 39,684 | 28,694 | 23,774 | - | |||||||||||||||
Cash and other assets, net | 18,879 | 46,843 | 39,688 | 46,606 | 24,780 | |||||||||||||||
Total assets | $1,084,081 | $1,394,851 | $1,322,503 | $1,314,910 | $959,219 | |||||||||||||||
Notes payable | $852,861 | $1,093,944 | $1,066,924 | $1,049,387 | $811,319 | |||||||||||||||
Other liabilities | 26,610 | 39,296 | 32,274 | 24,678 | 15,101 | |||||||||||||||
Total liabilities | 879,471 | 1,133,240 | 1,099,198 | 1,074,065 | 826,420 | |||||||||||||||
Members' equity | 204,610 | 261,611 | 223,305 | 240,845 | 132,799 | |||||||||||||||
Total liabilities and members' equity | $1,084,081 | $1,394,851 | $1,322,503 | $1,314,910 | $959,219 | |||||||||||||||
Camden's equity investment | $49,436 | $44,844 | $37,033 | $39,398 | $21,196 | |||||||||||||||
Distributions in excess of investment in joint ventures | ($16,298 | ) | ($30,596 | ) | ($31,799 | ) | ($31,040 | ) | ($33,442 | ) | ||||||||||
Camden's pro-rata share of debt | $172,942 | $221,204 | $212,561 | $209,112 | $161,526 | |||||||||||||||
PROPERTY DATA (end of period) | ||||||||||||||||||||
Total operating properties | 44 | 55 | 54 | 53 | 44 | |||||||||||||||
Total operating apartment homes | 13,174 | 16,858 | 16,564 | 16,324 | 12,917 | |||||||||||||||
Pro rata share of operating apartment homes | 2,558 | 3,365 | 3,247 | 3,199 | 2,517 | |||||||||||||||
Total development properties | 2 | 2 | 2 | 2 | - | |||||||||||||||
Total development apartment homes | 520 | 520 | 520 | 520 | - | |||||||||||||||
Pro rata share of development apartment homes | 104 | 104 | 104 | 104 | - | |||||||||||||||
(a) Operating data represents Camden's pro-rata share of revenues and expenses. | ||||||||||||||||||||
(b) Balance sheet and property data reported at 100%. |
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | ||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
AS OF MARCH 31, 2012 ($ in millions) | |||||||||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||||||||
Total | Total | Total | Construction | Initial | Construction | Stabilized | As of 04/22/12 | ||||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | Homes | Budget | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||||||
1. | Camden LaVina | 420 | $60.0 | $55.4 | 3Q10 | 3Q11 | 1Q12 | 1Q13 | 67 | % | 62 | % | |||||||||||||||||||||||||||||
Orlando, FL | |||||||||||||||||||||||||||||||||||||||||
2. | Camden Summerfield II | 187 | 30.0 | 24.9 | 3Q10 | 3Q11 | 1Q12 | 4Q12 | 72 | % | 58 | % | |||||||||||||||||||||||||||||
Landover, MD | |||||||||||||||||||||||||||||||||||||||||
3. | Camden Royal Oaks II | 104 | 14.0 | 12.4 | 1Q11 | 1Q12 | 1Q12 | 3Q13 | 21 | % | 14 | % | |||||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||||||
Total Completed Communities in Lease-Up | 711 | $104.0 | $92.7 | 62 | % | 54 | % | ||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 04/22/12 | |||||||||||||||||||||||||||||||||
Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||||||||
IN LEASE-UP | |||||||||||||||||||||||||||||||||||||||||
4. | Camden Montague | 192 | $23.0 | $18.3 | $9.7 | 2Q11 | 1Q12 | 3Q12 | 4Q12 | 53 | % | 33 | % | ||||||||||||||||||||||||||||
Tampa, FL | |||||||||||||||||||||||||||||||||||||||||
5. | Camden Westchase Park | 348 | 52.0 | 38.5 | 34.0 | 2Q11 | 1Q12 | 1Q13 | 4Q13 | 16 | % | 8 | % | ||||||||||||||||||||||||||||
Tampa, FL | |||||||||||||||||||||||||||||||||||||||||
6. | Camden Town Square | 438 | 66.0 | 43.2 | 43.2 | 2Q11 | 2Q12 | 3Q13 | 4Q14 | 4 | % | 1 | % | ||||||||||||||||||||||||||||
Orlando, FL | |||||||||||||||||||||||||||||||||||||||||
UNDER CONSTRUCTION | |||||||||||||||||||||||||||||||||||||||||
7. | Camden City Centre II | 268 | 36.0 | 11.9 | 11.9 | 4Q11 | 1Q13 | 2Q13 | 3Q14 | ||||||||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||||||||
8. | Camden NOMA | 320 | 110.0 | 46.3 | 46.3 | 4Q11 | 1Q14 | 2Q14 | 2Q15 | ||||||||||||||||||||||||||||||||
Washington, DC | |||||||||||||||||||||||||||||||||||||||||
Total Development Communities | 1,566 | $287.0 | $158.2 | $145.1 | |||||||||||||||||||||||||||||||||||||
Additional Development Pipeline & Land (a) | 156.2 | ||||||||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $301.3 | ||||||||||||||||||||||||||||||||||||||||
NOI CONTRIBUTION FROM NON-STABILIZED COMMUNITIES ($ in millions) | |||||||||||||||||||||||||||||||||||||||||
Total Cost | 1Q12 NOI | ||||||||||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | $92.7 | $0.6 | |||||||||||||||||||||||||||||||||||||||
Development Communities | 158.2 | 0.1 | |||||||||||||||||||||||||||||||||||||||
Total Non-Stabilized Communities NOI Contribution | $250.9 | $0.7 | |||||||||||||||||||||||||||||||||||||||
Joint Venture Communities | Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 04/22/12 | ||||||||||||||||||||||||||||||||
Under Construction | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||||||||
1. | Camden Amber Oaks II | 244 | $25.0 | $14.7 | $10.7 | 2Q11 | 1Q12 | 3Q12 | 2Q13 | 8 | % | 4 | % | ||||||||||||||||||||||||||||
Austin, TX | |||||||||||||||||||||||||||||||||||||||||
2. | Camden South Capitol | 276 | 88.0 | 35.7 | 35.7 | 2Q11 | 3Q13 | 4Q13 | 3Q14 | ||||||||||||||||||||||||||||||||
Washington, DC | |||||||||||||||||||||||||||||||||||||||||
Total Joint Venture Development Communities | 520 | $113.0 | $50.4 | $46.4 | |||||||||||||||||||||||||||||||||||||
(a) Please refer to the Development Pipeline & Land Summary on page 17. |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
CAMDEN | DEVELOPMENT PIPELINE & LAND | |||||||||
(Unaudited) | ||||||||||
AS OF MARCH 31, 2012 ($ in millions) | ||||||||||
Projected | ||||||||||
PIPELINE COMMUNITIES (a) | Homes | Cost to Date | ||||||||
1. | Camden Lamar Heights (b) | 291 | $6.0 | |||||||
Austin, TX | ||||||||||
2. | Camden McGowen Station | 251 | 6.5 | |||||||
Houston, TX | ||||||||||
3. | Camden Highlands | 400 | 7.8 | |||||||
Denver, CO | ||||||||||
4. | Camden Paces (c) | 700 | 43.5 | |||||||
Atlanta, GA | ||||||||||
5. | Camden Glendale Triangle | 242 | 24.9 | |||||||
Glendale, CA | ||||||||||
6. | Camden Boca Raton | 261 | 5.3 | |||||||
Boca Raton, FL | ||||||||||
7. | Camden Lincoln Station | 275 | 4.8 | |||||||
Denver, CO | ||||||||||
Development Pipeline | 2,420 | $98.8 | ||||||||
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 | ||||||||
Dallas, TX | 7.2 | 8.6 | ||||||||
Las Vegas, NV | 19.6 | 4.2 | ||||||||
Other | 4.8 | 3.1 | ||||||||
Land Holdings | 47.7 | $57.4 | ||||||||
Total Development Pipeline and Land | $156.2 | |||||||||
(a) Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold | ||||||||||
interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community. | ||||||||||
(b) Formerly known as Camden 5400 Lamar. | ||||||||||
(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.
CAMDEN | ACQUISITIONS & DISPOSITIONS | |||||||
(Unaudited) | ||||||||
2012 ACQUISITION/DISPOSITION ACTIVITY | ||||||||
Acquisitions | Location | Property Type | Apartment Homes | Year Built | Closing Date | |||
1. | Camden Addison | Dallas, TX | Multifamily | 456 | 1996 | 01/25/12 | ||
2. | Camden Holly Springs | Houston, TX | Multifamily | 548 | 1999 | 01/25/12 | ||
3. | Camden Park | Houston, TX | Multifamily | 288 | 1995 | 01/25/12 | ||
4. | Camden Sugar Grove | Houston, TX | Multifamily | 380 | 1997 | 01/25/12 | ||
5. | Camden Parkside | Los Angeles/Orange County, CA | Multifamily | 421 | 1972 | 01/25/12 | ||
6. | Camden Fountain Palms | Phoenix, AZ | Multifamily | 192 | 1986/1996 | 01/25/12 | ||
7. | Camden Pecos Ranch | Phoenix, AZ | Multifamily | 272 | 2001 | 01/25/12 | ||
8. | Camden Sierra | Phoenix, AZ | Multifamily | 288 | 1997 | 01/25/12 | ||
9. | Camden Towne Center | Phoenix, AZ | Multifamily | 240 | 1998 | 01/25/12 | ||
10. | Camden Pines | Las Vegas, NV | Multifamily | 315 | 1997 | 01/25/12 | ||
11. | Camden Summit | Las Vegas, NV | Multifamily | 234 | 1995 | 01/25/12 | ||
12. | Camden Tiara | Las Vegas, NV | Multifamily | 400 | 1996 | 01/25/12 | ||
Total/Average Acquisitions | $397.0 | million | 4,034 apartment homes (a) | 1995 | ||||
Dispositions | Location | Property Type | Apartment Homes | Year Built | Closing Date | |||
1. | Camden Vista Valley | Phoenix, AZ | Multifamily | 357 | 1986 | 01/12/12 | ||
2. | Camden Landings | Orlando, FL | Multifamily | 220 | 1983 | 03/07/12 | ||
3. | Camden Creek | Houston, TX | Multifamily | 456 | 1984 | 03/16/12 | ||
Total/Average Dispositions | $55.6 | million | 1,033 apartment homes | 1984 | ||||
Joint Venture Acquisitions | Location | Property Type | Apartment Homes | Year Built | Closing Date | |||
1. | Camden Asbury Village | Raleigh, NC | Multifamily | 350 | 2009 | 01/27/12 | ||
Total/Average Joint Venture Acquisitions | $44.2 | million | 350 apartment homes | 2009 | ||||
Pro Rata Joint Venture Acquisitions | $8.8 | million | ||||||
(a) These communities were acquired from joint ventures of which Camden previously owned an 20% interest. Apartment homes were previously included in Camden's unit count. |
CAMDEN | DEBT ANALYSIS | ||||||||||||||||||||||
(In thousands, except property data amounts) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
DEBT MATURITIES AS OF MARCH 31, 2012: | |||||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | ||||||||||||||||||||||
Secured | Unsecured | Percent | Interest Rate on | ||||||||||||||||||||
Year (a) | Amortization | Maturities | Maturities | Total | of Total | Maturing Debt | |||||||||||||||||
2012 | $3,117 | $- | $189,667 | $192,784 | 7.9 | % | 5.9% | ||||||||||||||||
2013 | 3,378 | 125,070 | 200,000 | 328,448 | 13.5 | % | 4.9% | ||||||||||||||||
2014 | 2,187 | 8,827 | - | 11,014 | 0.5 | % | 6.0% | ||||||||||||||||
2015 | 2,359 | - | 250,000 | 252,359 | 10.4 | % | 5.1% | ||||||||||||||||
2016 | 2,594 | - | - | 2,594 | 0.1 | % | N/A | ||||||||||||||||
Thereafter | 78,050 | 819,107 | 746,750 | 1,643,907 | 67.6 | % | 4.6% | ||||||||||||||||
Total Maturing Debt | $91,685 | $953,004 | $1,386,417 | $2,431,106 | 100.0 | % | 4.8% | ||||||||||||||||
Unsecured Line of Credit | - | - | - | - | - | N/A | |||||||||||||||||
Total Debt | $91,685 | $953,004 | $1,386,417 | $2,431,106 | 100.0 | % | 4.8% | ||||||||||||||||
Weighted Average Maturity of Debt | 6.6 Years | ||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | |||||||||||||||||||
Floating rate debt | $245,210 | 10.1% | 1.1% | 7.4 Years | |||||||||||||||||||
Fixed rate debt | 2,185,896 | 89.9% | 5.3% | 6.5 Years | |||||||||||||||||||
Total | $2,431,106 | 100.0% | 4.8% | 6.6 Years | |||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | |||||||||||||||||||
Unsecured debt | $1,380,952 | 56.8% | 5.3% | 5.5 Years | |||||||||||||||||||
Secured debt | 1,050,154 | 43.2% | 4.2% | 8.0 Years | |||||||||||||||||||
Total | $2,431,106 | 100.0% | 4.8% | 6.6 Years | |||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | |||||||||||||||||||
Conventional fixed-rate mortgage debt | $804,944 | 76.6% | 5.2% | 8.1 Years | |||||||||||||||||||
Conventional variable-rate mortgage debt | 206,476 | 19.7% | 1.0% | 5.7 Years | |||||||||||||||||||
Tax exempt variable rate debt | 38,734 | 3.7% | 1.3% | 16.2 Years | |||||||||||||||||||
Total | $1,050,154 | 100.0% | 4.2% | 8.0 Years | |||||||||||||||||||
REAL ESTATE ASSETS: (b) | Total Homes | % of Total | Total Cost | % of Total | |||||||||||||||||||
Unencumbered real estate assets | 41,231 | 74.4% | $4,581,834 | 73.4% | |||||||||||||||||||
Encumbered real estate assets | 14,186 | 25.6% | 1,656,972 | 26.6% | |||||||||||||||||||
Total | 55,417 | 100.0% | $6,238,806 | 100.0% | |||||||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is 3.3 times | |||||||||||||||||||||||
(a) Includes available extention options. | |||||||||||||||||||||||
(b) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures. |
CAMDEN | DEBT MATURITY ANALYSIS | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2012 AND 2013: | |||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | ||||||||||||||||||||
Secured | Unsecured | Interest Rate on | |||||||||||||||||||
Quarter (a) | Amortization | Maturities | Maturities | Total | Maturing Debt | ||||||||||||||||
2Q 2012 | $1,002 | $- | $- | $1,002 | N/A | ||||||||||||||||
3Q 2012 | 1,025 | - | - | 1,025 | N/A | ||||||||||||||||
4Q 2012 | 1,090 | - | 189,667 | 190,757 | 5.9% | ||||||||||||||||
2012 | $3,117 | $- | $189,667 | $192,784 | 5.9% | ||||||||||||||||
1Q 2013 | $1,122 | $- | $- | $1,122 | N/A | ||||||||||||||||
2Q 2013 | 997 | 25,831 | - | 26,828 | 5.0% | ||||||||||||||||
3Q 2013 | 752 | 99,239 | - | 99,991 | 3.9% | ||||||||||||||||
4Q 2013 | 507 | - | 200,000 | 200,507 | 5.4% | ||||||||||||||||
2013 | $3,378 | $125,070 | $200,000 | $328,448 | 4.9% | ||||||||||||||||
(a) Includes available extension options. |
CAMDEN | DEBT COVENANT ANALYSIS | ||||||
(Unaudited) | |||||||
UNSECURED LINE OF CREDIT | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Gross Asset Value | ≤ | 60% | 34% | Yes | |||
Secured Debt to Gross Asset Value | ≤ | 35% | 15% | Yes | |||
Consolidated EBITDA to Total Fixed Charges | ≥ | 150% | 296% | Yes | |||
Unencumbered Adjusted NOI to Total Unsecured Debt | > | 10.5% | 21% | Yes | |||
SENIOR UNSECURED NOTES | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Total Asset Value | ≤ | 60% | 38% | Yes | |||
Total Secured Debt to Total Asset Value | ≤ | 40% | 16% | Yes | |||
Total Unencumbered Asset Value to Total Unsecured Debt | ≥ | 150% | 342% | Yes | |||
Consolidated Income Available for Debt Service to Total | > | 150% | 327% | Yes | |||
Annual Service Charges | |||||||
(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions | |||||||
of the above terms, please refer to the Company's filings with the Securities and Exchange Commission. | |||||||
(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes. |
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | ||||||||||||||||||
DEBT ANALYSIS | |||||||||||||||||||
(In thousands, except property data amounts) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF MARCH 31, 2012: | |||||||||||||||||||
Future Scheduled Repayments | Weighted Average | ||||||||||||||||||
Secured | Percent | Interest Rate on | |||||||||||||||||
Year (a) | Amortization | Maturities | Total | of Total | Maturing Debt | ||||||||||||||
2012 | $1,154 | $15,585 | $16,739 | 9.7 | % | 5.2% | |||||||||||||
2013 | 1,743 | 35,980 | 37,723 | 21.8 | % | 4.6% | |||||||||||||
2014 | 2,219 | 16,663 | 18,882 | 10.9 | % | 4.7% | |||||||||||||
2015 | 2,118 | 9,440 | 11,558 | 6.7 | % | 2.5% | |||||||||||||
2016 | 1,999 | 28,785 | 30,784 | 17.8 | % | 3.6% | |||||||||||||
Thereafter | 3,744 | 51,550 | 55,294 | 32.0 | % | 4.2% | |||||||||||||
Total Maturing Debt | $12,977 | $158,003 | $170,980 | 98.9 | % | 4.2% | |||||||||||||
Subscription lines of credit (b) | - | 1,962 | 1,962 | 1.1 | % | 1.6% | |||||||||||||
Total Debt | $12,977 | $159,965 | $172,942 | 100.0 | % | 4.2% | |||||||||||||
Weighted Average Maturity of Debt (a) | 3.9 Years | ||||||||||||||||||
Weighted Average | |||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity (a) | |||||||||||||||
Floating rate debt | $20,787 | 12.0 | % | 1.8 | % | 3.7 Years | |||||||||||||
Fixed rate debt | 152,155 | 88.0 | % | 4.5 | % | 3.9 Years | |||||||||||||
Total | $172,942 | 100.0 | % | 4.2 | % | 3.9 Years | |||||||||||||
Weighted Average | |||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity (a) | |||||||||||||||
Conventional fixed-rate mortgage debt | $152,155 | 88.0 | % | 4.5 | % | 3.9 Years | |||||||||||||
Conventional variable-rate mortgage debt | 13,936 | 8.0 | % | 1.8 | % | 2.5 Years | |||||||||||||
Tax exempt variable rate debt | 2,014 | 1.2 | % | 0.8 | % | 19.1 Years | |||||||||||||
Variable-rate construction loans | 2,875 | 1.7 | % | 2.4 | % | 0.8 Years | |||||||||||||
Subscription lines of credit | 1,962 | 1.1 | % | 1.6 | % | 1.1 Years | |||||||||||||
Total | $172,942 | 100.0 | % | 4.2 | % | 3.9 Years | |||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | |||||||||||||||||
Operating real estate assets | 13,174 | $1,169,643 | |||||||||||||||||
Properties under development and land | 520 | 52,264 | |||||||||||||||||
Total | 13,694 | $1,221,907 | |||||||||||||||||
(a) Includes available extension options. | |||||||||||||||||||
(b) As of March 31, 2012 these borrowings were drawn under the subscription secured lines of credit with $12.9 million in total capacity. Camden has a 20% | |||||||||||||||||||
ownership interest in the borrowing entity. | |||||||||||||||||||
(c) Balance sheet and property data reported at 100%. |
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | ||||||||||||||||
DEBT MATURITY ANALYSIS | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2012 and 2013: | |||||||||||||||||
Weighted Average | |||||||||||||||||
Future Scheduled Repayments | Interest Rate on | ||||||||||||||||
Quarter (a) | Amortization | Secured Maturities | Total | Maturing Debt | |||||||||||||
2Q 2012 | $372 | $- | $372 | N/A | |||||||||||||
3Q 2012 | 384 | 2,100 | 2,484 | 2.6% | |||||||||||||
4Q 2012 (b) | 398 | 13,985 | 14,383 | 5.6% | |||||||||||||
2012 | $1,154 | $16,085 | $17,239 | 5.2% | |||||||||||||
1Q 2013 | $420 | $- | $420 | N/A | |||||||||||||
2Q 2013 (c) | 428 | 1,462 | 1,890 | 1.6% | |||||||||||||
3Q 2013 | 442 | 35,980 | 36,422 | 4.7% | |||||||||||||
4Q 2013 | 453 | - | 453 | N/A | |||||||||||||
2013 | $1,743 | $37,442 | $39,185 | 4.6% | |||||||||||||
(a) Includes available extension options. | |||||||||||||||||
(b) 4Q 2012 maturities include a subscription secured line of credit with $500 (Camden's pro-rata share) outstanding as of March 31, 2012. The line of credit | |||||||||||||||||
has $4.0 million in total capacity. | |||||||||||||||||
(c) 2Q 2013 maturities include a subscription secured line of credit with $1,462 (Camden's pro-rata share) outstanding as of March 31, 2012. The line of credit | |||||||||||||||||
has $8.9 million in total capacity. |
CAMDEN | CAPITALIZED EXPENDITURES | |||||||||||||||||||
& MAINTENANCE EXPENSE | ||||||||||||||||||||
(In thousands, except unit data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
First Quarter 2012 (a) | ||||||||||||||||||||
Capitalized | Expensed | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
Item | Useful Life (b) | Total | Per Unit | Total | Per Unit | |||||||||||||||
Interiors | ||||||||||||||||||||
Floor coverings | 5.5 years | $2,610 | $49 | $702 | $13 | |||||||||||||||
Appliances | 9.6 years | 1,150 | 22 | 208 | 4 | |||||||||||||||
Painting | - | - | - | 1,425 | 27 | |||||||||||||||
Cabinetry/Countertops | 10.0 years | 425 | 8 | - | - | |||||||||||||||
Other | 8.6 years | 1,150 | 22 | 465 | 9 | |||||||||||||||
Exteriors | ||||||||||||||||||||
Painting | 5.0 years | 69 | 1 | - | - | |||||||||||||||
Carpentry | 10.0 years | 205 | 4 | - | - | |||||||||||||||
Landscaping | 6.1 years | 360 | 7 | 3,001 | 57 | |||||||||||||||
Roofing | 20.0 years | 511 | 10 | 77 | 1 | |||||||||||||||
Site Drainage | 10.0 years | 76 | 1 | - | - | |||||||||||||||
Fencing/Stair | 10.0 years | 42 | 1 | - | - | |||||||||||||||
Other (c) | 6.8 years | 1,791 | 34 | 2,730 | 52 | |||||||||||||||
Common Areas | ||||||||||||||||||||
Mech., Elec., Plumbing | 9.3 years | 936 | 18 | 970 | 18 | |||||||||||||||
Parking/Paving | 5.0 years | 73 | 1 | - | - | |||||||||||||||
Pool/Exercise/Facility | 8.1 years | 1,531 | 29 | 303 | 6 | |||||||||||||||
Total | $10,929 | $207 | $9,881 | $187 | ||||||||||||||||
Weighted Average Apartment Homes | 52,957 | 52,957 | ||||||||||||||||||
(a) | Includes discontinued operations. Capitalized expenditures for discontinued operations was $289 for the three months ended March 31, 2012. | |||||||||||||||||||
Maintenance expenses for discontinued operations was $111 for the same period. | ||||||||||||||||||||
(b) | Weighted average useful life of capitalized expenses for the three months ended March 31, 2012. | |||||||||||||||||||
(c) | Includes in part the following items: site/building repair, masonry/plaster, and general conditions. |
CAMDEN | NON-GAAP FINANCIAL MEASURES |
DEFINITIONS & RECONCILIATIONS | |
(In thousands, except per share amounts) | |
(Unaudited)
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's
definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP
financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating
activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance
with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization,
and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,
including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance
because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a
company's real estate between periods or as compared to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:
Three Months Ended | ||||||||
March 31, | ||||||||
2012 | 2011 | |||||||
Net income attributable to common shareholders | $88,758 | $7,286 | ||||||
Real estate depreciation from continuing operations | 49,009 | 44,603 | ||||||
Real estate depreciation and amortization from discontinued operations | 186 | 971 | ||||||
Adjustments for unconsolidated joint ventures | 2,275 | 2,006 | ||||||
(Gain) on sale of unconsolidated joint venture interests | - | (1,136 | ) | |||||
Income allocated to noncontrolling interests | 1,093 | 383 | ||||||
(Gain) on acquisition of controlling interests in joint ventures | (40,191 | ) | - | |||||
(Gain) on sale of discontinued operations, net of tax | (32,541 | ) | - | |||||
Funds from operations - diluted | $68,589 | $54,113 | ||||||
Weighted average number of common and | ||||||||
common equivalent shares outstanding: | ||||||||
EPS diluted | 82,855 | 72,783 | ||||||
FFO diluted | 82,855 | 75,021 | ||||||
Net income attributable to common shareholders - diluted | $1.07 | $0.10 | ||||||
FFO per common share - diluted | $0.83 | $0.72 |
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:
2Q12 Range | 2012 Range | |||||||||||||||
Low | High | Low | High | |||||||||||||
Expected net income attributable to common shareholders per share - diluted | $0.26 | $0.30 | $1.85 | $2.05 | ||||||||||||
Expected real estate depreciation from continuing operations | 0.55 | 0.55 | 2.24 | 2.24 | ||||||||||||
Expected real estate depreciation and amortization from discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
Expected adjustments for unconsolidated joint ventures | 0.03 | 0.03 | 0.10 | 0.10 | ||||||||||||
Expected income allocated to noncontrolling interests | 0.01 | 0.01 | 0.04 | 0.04 | ||||||||||||
Realized (gain) on acquistion of controlling interests in joint ventures | 0.00 | 0.00 | (0.49 | ) | (0.49 | ) | ||||||||||
Realized (gain) on sale of discontinued operations, net of tax | 0.00 | 0.00 | (0.39 | ) | (0.39 | ) | ||||||||||
Expected FFO per share - diluted | $0.85 | $0.89 | $3.35 | $3.55 |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
CAMDEN | NON-GAAP FINANCIAL MEASURES |
DEFINITIONS & RECONCILIATIONS | |
(In thousands, except per share amounts) | |
(Unaudited)
Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers
NOI to be an appropriate supplemental measure of operating performance to net income 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 | ||||||||
March 31, | ||||||||
2012 | 2011 | |||||||
Net income attributable to common shareholders | $88,758 | $7,286 | ||||||
Less: Fee and asset management income | (2,923 | ) | (1,838 | ) | ||||
Less: Interest and other (income) loss | 688 | (4,771 | ) | |||||
Less: Income on deferred compensation plans | (7,786 | ) | (5,954 | ) | ||||
Plus: Property management expense | 5,284 | 5,319 | ||||||
Plus: Fee and asset management expense | 1,743 | 1,220 | ||||||
Plus: General and administrative expense | 8,679 | 9,788 | ||||||
Plus: Interest expense | 26,683 | 29,737 | ||||||
Plus: Depreciation and amortization | 50,118 | 45,851 | ||||||
Plus: Amortization of deferred financing costs | 912 | 1,527 | ||||||
Plus: Expense on deferred compensation plans | 7,786 | 5,954 | ||||||
Less: Gain on sale of unconsolidated joint venture interests | - | (1,136 | ) | |||||
Less: Gain on acquisition of controlling interests in joint ventures | (40,191 | ) | - | |||||
Less: Equity in income of joint ventures | (366 | ) | (374 | ) | ||||
Plus: Income allocated to perpetual preferred units | 776 | 1,750 | ||||||
Plus: Write off of original issuance costs of redeemed perpetual preferred units | 2,075 | - | ||||||
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations | 670 | 9 | ||||||
Plus: Income allocated to noncontrolling interests from continuing operations | 825 | 556 | ||||||
Plus: Income tax expense - current | 224 | 1,320 | ||||||
Less: Income from discontinued operations | (353 | ) | (792 | ) | ||||
Less: Gain on sale of discontinued operations, net of tax | (32,541 | ) | - | |||||
Net Operating Income (NOI) | $111,061 | $95,452 | ||||||
"Same Property" Communities | $101,105 | $92,256 | ||||||
Non-"Same Property" Communities | 8,449 | 3,076 | ||||||
Development and Lease-Up Communities | 680 | - | ||||||
Other | 827 | 120 | ||||||
Net Operating Income (NOI) | $111,061 | $95,452 |
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, gain on acquisition of controlling interest in joint ventures,
gain on sale of discontinued operations, net of tax, 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 | ||||||||
March 31, | ||||||||
2012 | 2011 | |||||||
Net income attributable to common shareholders | $88,758 | $7,286 | ||||||
Plus: Interest expense | 26,683 | 29,737 | ||||||
Plus: Amortization of deferred financing costs | 912 | 1,527 | ||||||
Plus: Depreciation and amortization | 50,118 | 45,851 | ||||||
Plus: Income allocated to perpetual preferred units | 776 | 1,750 | ||||||
Plus: Write off of original issuance costs on redeemed perpetual preferred units | 2,075 | - | ||||||
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations | 670 | 9 | ||||||
Plus: Income allocated to noncontrolling interests from continuing operations | 825 | 556 | ||||||
Plus: Income tax expense - current | 224 | 1,320 | ||||||
Plus: Real estate depreciation and amortization from discontinued operations | 186 | 971 | ||||||
Less: Gain on sale of unconsolidated joint venture interests | - | (1,136 | ) | |||||
Less: Gain on acquisition of controlling interests in joint ventures | (40,191 | ) | - | |||||
Less: Equity in income of joint ventures | (366 | ) | (374 | ) | ||||
Less: Gain on sale of discontinued operations, net of tax | (32,541 | ) | - | |||||
EBITDA | $98,129 | $87,497 |
CAMDEN | OTHER DATA | |||||||||||||
(Unaudited) | ||||||||||||||
Stock Symbol: | CPT | |||||||||||||
Exchange Traded: | NYSE | |||||||||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | ||||||||||||
Standard & Poors | BBB | Positive | ||||||||||||
Moody's | Baa1 | Stable | ||||||||||||
Estimated Future Dates: | Q2 '12 | Q3 '12 | Q4 '12 | Q1 '13 | ||||||||||
Earnings release & conference call | Early Aug | Early Nov | Early Feb | Late Apr | ||||||||||
Dividend Information - Common Shares: | Q1 '12 | |||||||||||||
Declaration Date | 03/08/12 | |||||||||||||
Record Date | 03/30/12 | |||||||||||||
Payment Date | 04/17/12 | |||||||||||||
Distributions Per Share | $0.56 | |||||||||||||
Investor Relations Data: | ||||||||||||||
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases and | ||||||||||||||
Supplemental Data upon request. | ||||||||||||||
For Investor Relations: recent press releases, 10-Q's, 10-K's and other information, call | ||||||||||||||
1-800-9CAMDEN or (713) 354-2787. | ||||||||||||||
To access Camden's Quarterly Conference Call, please visit our web site at camdenliving.com. | ||||||||||||||
For questions contact: | ||||||||||||||
Richard J. Campo | Chairman & Chief Executive Officer | |||||||||||||
D. Keith Oden | President | |||||||||||||
H. Malcolm Stewart | Chief Operating Officer | |||||||||||||
Dennis M. Steen | Chief Financial Officer | |||||||||||||
Kimberly A. Callahan | Vice President - Investor Relations |
CAMDEN | COMMUNITY TABLE | ||||||||||
Community Statistics as of 03/31/12 | |||||||||||
(Unaudited) | 1Q12 Avg | ||||||||||
Year Placed | Average | Apartment | 1Q12 Avg | Monthly Rental Rates | |||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. |
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 92% | $848 | 1.08 | |||
Camden Fountain Palms | Peoria | AZ | 1986/1996 | 1,050 | 192 | 90% | 693 | 0.66 | |||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 95% | 930 | 0.87 | |||
Camden Pecos Ranch | Chandler | AZ | 2001 | 924 | 272 | 97% | 826 | 0.89 | |||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 96% | 972 | 0.93 | |||
Camden Sierra | Peoria | AZ | 1997 | 925 | 288 | 91% | 684 | 0.74 | |||
Camden Towne Center | Glendale | AZ | 1998 | 871 | 240 | 93% | 680 | 0.78 | |||
TOTAL ARIZONA | 7 | Properties | 955 | 2,076 | 94% | 825 | 0.86 | ||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 95% | 1,561 | 1.55 | |||
Camden Harbor View | Long Beach | CA | 2004 | 975 | 538 | 95% | 1,934 | 1.98 | |||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96% | 1,781 | 1.76 | |||
Camden Martinique | Costa Mesa | CA | 1986 | 794 | 714 | 96% | 1,315 | 1.65 | |||
Camden Parkside | Fullerton | CA | 1972 | 836 | 421 | 96% | 1,208 | 1.44 | |||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 96% | 1,481 | 1.66 | |||
Total Los Angeles/Orange County | 6 | Properties | 904 | 2,481 | 95% | 1,532 | 1.69 | ||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 94% | 1,581 | 1.52 | |||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 91% | 1,508 | 1.57 | |||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 93% | 1,952 | 2.18 | |||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 94% | 1,218 | 1.16 | |||
Total San Diego/Inland Empire | 4 | Properties | 995 | 1,196 | 93% | 1,525 | 1.53 | ||||
TOTAL CALIFORNIA | 10 | Properties | 934 | 3,677 | 95% | 1,530 | 1.64 | ||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 93% | 964 | 1.04 | |||
Camden Centennial | Littleton | CO | 1985 | 744 | 276 | 94% | 743 | 1.00 | |||
Camden Denver West (1) | Golden | CO | 1997 | 1,015 | 320 | 92% | 1,120 | 1.10 | |||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 95% | 1,183 | 1.03 | |||
Camden Interlocken | Broomfield | CO | 1999 | 1,022 | 340 | 96% | 1,175 | 1.15 | |||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 94% | 955 | 1.02 | |||
Camden Pinnacle | Westminster | CO | 1985 | 748 | 224 | 95% | 760 | 1.02 | |||
TOTAL COLORADO | 7 | Properties | 949 | 2,171 | 94% | 1,004 | 1.06 | ||||
Camden Ashburn Farms | Ashburn | VA | 2000 | 1,062 | 162 | 95% | 1,454 | 1.37 | |||
Camden Clearbrook | Frederick | MD | 2007 | 1,048 | 297 | 93% | 1,322 | 1.26 | |||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 95% | 1,557 | 1.65 | |||
Camden Dulles Station | Oak Hill | VA | 2009 | 984 | 366 | 97% | 1,594 | 1.62 | |||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 96% | 1,607 | 1.52 | |||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 488 | 96% | 1,638 | 1.75 | |||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 95% | 1,650 | 1.66 | |||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 95% | 2,432 | 3.61 | |||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 94% | 1,398 | 1.39 | |||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 92% | 1,590 | 1.55 | |||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 95% | 1,477 | 1.72 | |||
Camden Potomac Yard | Arlington | VA | 2008 | 835 | 378 | 94% | 1,945 | 2.33 | |||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 96% | 2,402 | 2.81 | |||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 91% | 1,379 | 1.39 | |||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 95% | 1,405 | 1.44 | |||
Camden Summerfield | Landover | MD | 2008 | 957 | 291 | 93% | 1,561 | 1.63 | |||
Camden Summerfield II (2) | Landover | MD | 2012 | 936 | 187 | Lease-up | 1,527 | 1.63 | |||
TOTAL DC METRO | 17 | Properties | 963 | 5,791 | 94% | 1,586 | 1.65 | ||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 95% | 1,519 | 1.37 | |||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 97% | 1,579 | 1.69 | |||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 95% | 1,521 | 1.36 | |||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 95% | 1,661 | 1.33 | |||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 96% | 1,680 | 1.61 | |||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 95% | 1,291 | 1.07 | |||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 94% | 1,328 | 1.19 | |||
Total Southeast Florida | 7 | Properties | 1,103 | 2,520 | 95% | 1,499 | 1.36 | ||||
Camden Club | Longwood | FL | 1986 | 1,077 | 436 | 96% | 850 | 0.79 | |||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 96% | 981 | 0.91 | |||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 95% | 878 | 0.92 | |||
Camden LaVina (2) | Orlando | FL | 2012 | 970 | 420 | Lease-up | 1,043 | 1.08 | |||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 95% | 856 | 0.91 | |||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 97% | 1,093 | 1.34 | |||
Camden Renaissance | Altamonte Springs | FL | 1996/1998 | 899 | 578 | 93% | 800 | 0.89 | |||
Camden Reserve | Orlando | FL | 1990/1991 | 824 | 526 | 96% | 722 | 0.88 | |||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 96% | 955 | 0.97 | |||
Total Orlando | 9 | Properties | 943 | 3,764 | 95% | 888 | 0.94 |
CAMDEN | COMMUNITY TABLE | ||||||||||
Community Statistics as of 03/31/12 | |||||||||||
(Unaudited) | 1Q12 Avg | ||||||||||
Year Placed | Average | Apartment | 1Q12 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% | 873 | 0.93 | |||
Camden Bay Pointe | Tampa | FL | 1984 | 771 | 368 | 94% | 692 | 0.90 | |||
Camden Bayside | Tampa | FL | 1987/1989 | 748 | 832 | 96% | 764 | 1.02 | |||
Camden Citrus Park | Tampa | FL | 1985 | 704 | 247 | 96% | 673 | 0.96 | |||
Camden Lakes | St. Petersburg | FL | 1982/1983 | 732 | 688 | 94% | 686 | 0.94 | |||
Camden Lakeside | Brandon | FL | 1986 | 729 | 228 | 96% | 733 | 1.01 | |||
Camden Live Oaks | Tampa | FL | 1990 | 1,093 | 770 | 95% | 779 | 0.71 | |||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 95% | 1,050 | 1.12 | |||
Camden Providence Lakes | Brandon | FL | 1996 | 1,024 | 260 | 93% | 904 | 0.88 | |||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 95% | 934 | 0.92 | |||
Camden Visconti (1) | Tampa | FL | 2007 | 1,125 | 450 | 95% | 1,103 | 0.98 | |||
Camden Westshore | Tampa | FL | 1986 | 728 | 278 | 96% | 834 | 1.15 | |||
Camden Woods | Tampa | FL | 1986 | 1,223 | 444 | 93% | 841 | 0.69 | |||
Total Tampa/St. Petersburg | 13 | Properties | 914 | 5,953 | 95% | 826 | 0.92 | ||||
TOTAL FLORIDA | 29 | Properties | 962 | 12,237 | 95% | 983 | 1.02 | ||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 94% | 962 | 1.05 | |||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 95% | 944 | 0.80 | |||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 95% | 871 | 0.86 | |||
Camden Ivy Hall (1) | Atlanta | GA | 2010 | 1,181 | 110 | 96% | 1,618 | 1.37 | |||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 94% | 976 | 1.04 | |||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 93% | 912 | 0.89 | |||
Camden Phipps (1) | Atlanta | GA | 1996 | 1,018 | 234 | 95% | 1,155 | 1.13 | |||
Camden River | Duluth | GA | 1997 | 1,103 | 352 | 95% | 887 | 0.80 | |||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 94% | 857 | 0.75 | |||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 95% | 899 | 0.90 | |||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 95% | 745 | 0.74 | |||
Camden Sweetwater | Lawrenceville | GA | 2000 | 1,151 | 308 | 94% | 715 | 0.62 | |||
TOTAL GEORGIA | 12 | Properties | 1,045 | 3,546 | 94% | 920 | 0.88 | ||||
Camden Passage (1) | Kansas City | MO | 1989/1997 | 834 | 596 | 92% | 669 | 0.80 | |||
Total Kansas City | 1 | Property | 834 | 596 | 92% | 669 | 0.80 | ||||
Camden Cedar Lakes (1) | Lake St. Louis | MO | 1986 | 852 | 420 | 91% | 654 | 0.77 | |||
Camden Cove West (1) | Creve Coeur | MO | 1990 | 828 | 276 | 97% | 843 | 1.02 | |||
Camden Cross Creek (1) | St. Louis | MO | 1973/1980 | 947 | 591 | 94% | 779 | 0.82 | |||
Camden Westchase (1) | St. Louis | MO | 1986 | 945 | 160 | 99% | 890 | 0.94 | |||
Total St. Louis | 4 | Properties | 896 | 1,447 | 94% | 767 | 0.86 | ||||
TOTAL MISSOURI | 5 | Properties | 878 | 2,043 | 94% | 739 | 0.84 | ||||
Camden Bel Air | Las Vegas | NV | 1988/1995 | 943 | 528 | 92% | 714 | 0.76 | |||
Camden Breeze | Las Vegas | NV | 1989 | 846 | 320 | 96% | 719 | 0.85 | |||
Camden Canyon | Las Vegas | NV | 1995 | 987 | 200 | 94% | 854 | 0.86 | |||
Camden Commons | Henderson | NV | 1988 | 936 | 376 | 90% | 741 | 0.79 | |||
Camden Cove | Las Vegas | NV | 1990 | 898 | 124 | 92% | 707 | 0.79 | |||
Camden Del Mar | Las Vegas | NV | 1995 | 986 | 560 | 95% | 890 | 0.90 | |||
Camden Fairways | Henderson | NV | 1989 | 896 | 320 | 94% | 875 | 0.98 | |||
Camden Hills | Las Vegas | NV | 1991 | 439 | 184 | 93% | 495 | 1.13 | |||
Camden Legends | Henderson | NV | 1994 | 792 | 113 | 96% | 829 | 1.05 | |||
Camden Palisades | Las Vegas | NV | 1991 | 905 | 624 | 91% | 721 | 0.80 | |||
Camden Pines | Las Vegas | NV | 1997 | 982 | 315 | 92% | 791 | 0.81 | |||
Camden Pointe | Las Vegas | NV | 1996 | 983 | 252 | 93% | 727 | 0.74 | |||
Camden Summit | Henderson | NV | 1995 | 1,187 | 234 | 93% | 1,080 | 0.91 | |||
Camden Tiara | Las Vegas | NV | 1996 | 1,043 | 400 | 92% | 858 | 0.82 | |||
Camden Vintage | Las Vegas | NV | 1994 | 978 | 368 | 95% | 706 | 0.72 | |||
Oasis Bay (1) | Las Vegas | NV | 1990 | 876 | 128 | 96% | 743 | 0.85 | |||
Oasis Crossings (1) | Las Vegas | NV | 1996 | 983 | 72 | 94% | 744 | 0.76 | |||
Oasis Emerald (1) | Las Vegas | NV | 1988 | 873 | 132 | 94% | 609 | 0.70 | |||
Oasis Gateway (1) | Las Vegas | NV | 1997 | 1,146 | 360 | 92% | 773 | 0.67 | |||
Oasis Island (1) | Las Vegas | NV | 1990 | 901 | 118 | 92% | 622 | 0.69 | |||
Oasis Landing (1) | Las Vegas | NV | 1990 | 938 | 144 | 95% | 678 | 0.72 | |||
Oasis Meadows (1) | Las Vegas | NV | 1996 | 1,031 | 383 | 93% | 723 | 0.70 | |||
Oasis Palms (1) | Las Vegas | NV | 1989 | 880 | 208 | 93% | 677 | 0.77 | |||
Oasis Pearl (1) | Las Vegas | NV | 1989 | 930 | 90 | 90% | 682 | 0.73 | |||
Oasis Place (1) | Las Vegas | NV | 1992 | 440 | 240 | 83% | 483 | 1.10 | |||
Oasis Ridge (1) | Las Vegas | NV | 1984 | 391 | 477 | 85% | 413 | 1.06 | |||
Oasis Sierra (1) | Las Vegas | NV | 1998 | 923 | 208 | 93% | 781 | 0.85 | |||
Oasis Springs (1) | Las Vegas | NV | 1988 | 838 | 304 | 92% | 580 | 0.69 | |||
Oasis Vinings (1) | Las Vegas | NV | 1994 | 1,152 | 234 | 90% | 717 | 0.62 | |||
TOTAL NEVADA | 29 | Properties | 903 | 8,016 | 92% | 726 | 0.80 |
CAMDEN | COMMUNITY TABLE | ||||||||||
Community Statistics as of 03/31/12 | |||||||||||
(Unaudited) | 1Q12 Avg | ||||||||||
Year Placed | Average | Apartment | 1Q12 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% | 927 | 0.89 | |||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 98% | 1,168 | 1.29 | |||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 97% | 1,161 | 1.35 | |||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 96% | 854 | 0.82 | |||
Camden Forest | Charlotte | NC | 1989 | 703 | 208 | 92% | 575 | 0.82 | |||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 97% | 784 | 0.83 | |||
Camden Grandview | Charlotte | NC | 2000 | 1,057 | 266 | 96% | 1,295 | 1.23 | |||
Camden Habersham | Charlotte | NC | 1986 | 773 | 240 | 96% | 658 | 0.85 | |||
Camden Park Commons | Charlotte | NC | 1997 | 861 | 232 | 95% | 670 | 0.78 | |||
Camden Pinehurst | Charlotte | NC | 1967 | 1,147 | 407 | 96% | 781 | 0.68 | |||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96% | 839 | 0.86 | |||
Camden Simsbury | Charlotte | NC | 1985 | 874 | 100 | 97% | 837 | 0.96 | |||
Camden South End Square | Charlotte | NC | 2003 | 882 | 299 | 97% | 1,094 | 1.24 | |||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 95% | 982 | 0.89 | |||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 98% | 760 | 0.85 | |||
Total Charlotte | 15 | Properties | 961 | 3,574 | 96% | 896 | 0.93 | ||||
Camden Asbury Village | Raleigh | NC | 2009 | 1,009 | 350 | 89% | 983 | 0.97 | |||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 94% | 799 | 0.79 | |||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 93% | 898 | 0.86 | |||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 95% | 836 | 0.78 | |||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 96% | 868 | 0.90 | |||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 96% | 927 | 0.87 | |||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 94% | 725 | 0.75 | |||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 97% | 790 | 0.77 | |||
Total Raleigh | 8 | Properties | 1,016 | 3,054 | 95% | 846 | 0.83 | ||||
TOTAL NORTH CAROLINA | 23 | Properties | 986 | 6,628 | 95% | 873 | 0.89 | ||||
Camden Valleybrook | Chadds Ford | PA | 2002 | 992 | 352 | 95% | 1,327 | 1.34 | |||
TOTAL PENNSYLVANIA | 1 | Property | 992 | 352 | 95% | 1,327 | 1.34 | ||||
Camden Amber Oaks (1) | Austin | TX | 2009 | 862 | 348 | 96% | 838 | 0.97 | |||
Camden Brushy Creek (1) | Cedar Park | TX | 2008 | 882 | 272 | 96% | 831 | 0.94 | |||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 95% | 1,009 | 1.11 | |||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 95% | 1,058 | 1.11 | |||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 96% | 802 | 0.89 | |||
Camden Laurel Ridge | Austin | TX | 1986 | 702 | 183 | 95% | 639 | 0.91 | |||
Camden Ridgecrest | Austin | TX | 1995 | 855 | 284 | 95% | 736 | 0.86 | |||
Camden Shadow Brook (1) | Austin | TX | 2009 | 909 | 496 | 96% | 889 | 0.98 | |||
Camden South Congress (1) | Austin | TX | 2001 | 975 | 253 | 95% | 1,500 | 1.54 | |||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 94% | 945 | 1.04 | |||
Total Austin | 10 | Properties | 895 | 3,222 | 95% | 923 | 1.03 | ||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 96% | 966 | 1.11 | |||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 95% | 704 | 0.91 | |||
Camden Miramar (3) | Corpus Christi | TX | 1994-2011 | 488 | 855 | 97% | 970 | 1.99 | |||
Camden South Bay (1) | Corpus Christi | TX | 2007 | 1,055 | 270 | 95% | 1,089 | 1.03 | |||
Total Corpus Christi | 4 | Properties | 693 | 1,757 | 95% | 935 | 1.35 | ||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 96% | 823 | 0.87 | |||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 95% | 843 | 0.92 | |||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 95% | 836 | 0.92 | |||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 95% | 857 | 1.11 | |||
Camden Design District (1) | Dallas | TX | 2009 | 939 | 355 | 93% | 1,150 | 1.22 | |||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 95% | 958 | 1.03 | |||
Camden Gardens | Dallas | TX | 1983 | 652 | 256 | 97% | 580 | 0.89 | |||
Camden Glen Lakes | Dallas | TX | 1979 | 877 | 424 | 95% | 782 | 0.89 | |||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 95% | 895 | 1.08 | |||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 96% | 911 | 1.05 | |||
Camden Panther Creek (1) | Frisco | TX | 2009 | 946 | 295 | 95% | 956 | 1.01 | |||
Camden Riverwalk (1) | Grapevine | TX | 2008 | 982 | 600 | 95% | 1,160 | 1.18 | |||
Camden Springs | Dallas | TX | 1987 | 713 | 304 | 96% | 593 | 0.83 | |||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 96% | 781 | 1.05 | |||
Camden Westview | Lewisville | TX | 1983 | 697 | 335 | 94% | 637 | 0.91 | |||
Total Dallas/Ft. Worth | 15 | Properties | 866 | 5,979 | 95% | 875 | 1.01 |
CAMDEN | COMMUNITY TABLE | ||||||||||
Community Statistics as of 03/31/12 | |||||||||||
(Unaudited) | 1Q12 Avg | ||||||||||
Year Placed | Average | Apartment | 1Q12 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 | 93% | 808 | 0.96 | |||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 98% | 1,368 | 1.47 | |||
Camden Cypress Creek (1) | Cypress | TX | 2009 | 993 | 310 | 94% | 1,043 | 1.05 | |||
Camden Downs at Cinco Ranch (1) | Katy | TX | 2004 | 1,075 | 318 | 97% | 1,033 | 0.96 | |||
Camden Grand Harbor (1) | Katy | TX | 2008 | 959 | 300 | 97% | 983 | 1.02 | |||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96% | 1,098 | 1.28 | |||
Camden Heights (1) | Houston | TX | 2004 | 927 | 352 | 98% | 1,221 | 1.32 | |||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 95% | 939 | 1.00 | |||
Camden Lakemont (1) | Richmond | TX | 2007 | 904 | 312 | 96% | 862 | 0.95 | |||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 97% | 1,338 | 1.58 | |||
Camden Northpointe (1) | Tomball | TX | 2008 | 940 | 384 | 95% | 927 | 0.99 | |||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 97% | 860 | 0.99 | |||
Camden Park | Houston | TX | 1995 | 866 | 288 | 96% | 814 | 0.94 | |||
Camden Piney Point (1) | Houston | TX | 2004 | 919 | 318 | 98% | 1,021 | 1.11 | |||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 96% | 1,333 | 1.46 | |||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 94% | 1,171 | 1.27 | |||
Camden Royal Oaks II (2) | Houston | TX | 2012 | 1,054 | 104 | Lease-up | 1,438 | 1.36 | |||
Camden Spring Creek (1) | Spring | TX | 2004 | 1,080 | 304 | 95% | 993 | 0.92 | |||
Camden Steeplechase | Houston | TX | 1982 | 748 | 290 | 94% | 664 | 0.89 | |||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 97% | 840 | 0.99 | |||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 96% | 879 | 0.95 | |||
Camden Travis Street (1) | Houston | TX | 2010 | 819 | 253 | 98% | 1,348 | 1.65 | |||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 97% | 1,178 | 1.36 | |||
Camden Whispering Oaks | Houston | TX | 2008 | 934 | 274 | 97% | 1,016 | 1.09 | |||
Camden Woodson Park (1) | Houston | TX | 2008 | 916 | 248 | 97% | 958 | 1.05 | |||
Camden Yorktown (1) | Houston | TX | 2008 | 995 | 306 | 96% | 952 | 0.96 | |||
Total Houston | 26 | Properties | 911 | 9,002 | 96% | 1,044 | 1.15 | ||||
Camden Braun Station (1) | San Antonio | TX | 2006 | 827 | 240 | 91% | 822 | 0.99 | |||
Camden Westover Hills (1) | San Antonio | TX | 2010 | 959 | 288 | 96% | 1,047 | 1.09 | |||
Total San Antonio | 2 | Properties | 899 | 528 | 94% | 945 | 1.05 | ||||
TOTAL TEXAS | 57 | Properties | 877 | 20,488 | 96% | 964 | 1.10 | ||||
TOTAL PROPERTIES | 197 | Properties | 931 | 67,025 | 95% | $1,005 | $1.08 | ||||
(1) | Communities owned through investment in joint venture. | ||||||||||
(2) | Completed communities in lease-up as of March 31, 2012 are excluded from total occupancy numbers. | ||||||||||
(3) | Miramar is a student housing community which is excluded from total occupancy numbers. |