Exhibit 99.2
SECOND QUARTER 2012 | |||||||
Supplemental Operating and Financial Data |
Camden Belmont - Dallas, TX | |||||||
Year Built -2010/2012 | |||||||
477 Apartment Homes | |||||||
Acquired June 28, 2012 | |||||||
Camden Property Trust | |||||||
Three Greenway Plaza, Suite 1300 | |||||||
Houston, Texas 77046 | |||||||
Phone: 713-354-2500 Fax: 713-354-2700 | |||||||
www.camdenliving.com |
1
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" Second Quarter Comparisons | 12 | |||
"Same Property" Sequential Quarter Comparisons | 13 | |||
"Same Property" Year to Date Comparisons | 14 | |||
"Same Property" Operating Expense Detail & Comparisons | 15 | |||
Joint Venture Operations | 16 | |||
Current Development Communities | 17 | |||
Development Pipeline & Land | 18 | |||
Acquisitions and Dispositions | 19 | |||
Debt Analysis | 20 | |||
Debt Maturity Analysis | 21 | |||
Debt Covenant Analysis | 22 | |||
Unconsolidated Real Estate Investments Debt Analysis | 23 | |||
Unconsolidated Real Estate Investments Debt Maturity Analysis | 24 | |||
Capitalized Expenditures & Maintenance Expense | 25 | |||
Non-GAAP Financial Measures - Definitions & Reconciliations | 26 | |||
Other Data | 28 | |||
Community Table | 29 | |||
In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events. |
2
CAMDEN PROPERTY TRUST ANNOUNCES
SECOND QUARTER 2012 OPERATING RESULTS
Houston, TEXAS (August 2, 2012) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and six months ended June 30, 2012.
Funds From Operations (“FFO”)
FFO for the second quarter of 2012 totaled $0.89 per diluted share or $76.7 million, as compared to $0.40 per diluted share or $30.4 million for the same period in 2011. FFO for the three months ended June 30, 2011 included: a $0.40 per diluted share impact related to a $29.8 million loss on the discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; and a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land.
FFO for the six months ended June 30, 2012 totaled $1.72 per diluted share or $145.3 million, as compared to $1.12 per diluted share or $84.5 million for the same period in 2011. FFO for the six months ended June 30, 2012 included a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units. FFO for the six months ended June 30, 2011 included: a $0.40 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.04 per diluted share impact related to the sale of an available-for-sale investment; and a $2.1 million or $0.03 per diluted share impact for General & Administrative (“G&A”) costs related to a one-time bonus awarded to all non-executive employees.
Net Income Attributable to Common Shareholders (“EPS”)
The Company reported EPS of $21.8 million or $0.26 per diluted share for the second quarter of 2012, as compared to a net loss of $16.6 million or $0.23 per diluted share for the same period in 2011. EPS for the three months ended June 30, 2011 included: a $0.42 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; and a $4.7 million or $0.07 per diluted share gain on sale of undeveloped land.
For the six months ended June 30, 2012, the Company reported EPS of $110.5 million or $1.32 per diluted share, as compared to a net loss of $9.3 million or $0.13 per diluted share for the same period in 2011. EPS for the six months ended June 30, 2012 included: a $40.2 million or $0.48 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 $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units. EPS for the six months ended June 30, 2011 included: a $0.42 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.07 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.05 per diluted share impact related to gain on sale of an available-for-sale investment; a $2.1 million or $0.03 per diluted share impact for G&A costs related to a one-time bonus awarded to all non-executive employees; and a $1.1 million or $0.02 per diluted share impact from gain on sale of three joint venture interests.
3
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, second quarter 2012 same property NOI increased 8.6% compared to the second quarter of 2011, with revenues increasing 6.1% and expenses increasing 2.1%. On a sequential basis, second quarter 2012 same property NOI increased 2.4% compared to the first quarter of 2012, with revenues increasing 2.2% and expenses increasing 1.9% compared to the prior quarter. On a year-to-date basis, 2012 same property NOI increased 9.1%, with revenues increasing 6.4% and expenses increasing 2.3% compared to the same period in 2011. Same property physical occupancy levels for the portfolio averaged 95.3% during the second quarter of 2012, compared to 94.9% in both the second quarter of 2011 and first quarter of 2012.
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
Camden acquired one multifamily community with 477 apartment homes located in Dallas, TX during the quarter for approximately $76.0 million. Subsequent to quarter-end, the Company acquired a multifamily community with 223 apartment homes located in Atlanta, GA for approximately $25.3 million.
During the quarter the Company also acquired 4.7 acres of land located in Dallas, TX for future development of a multifamily community.
Development Activity
Construction was completed during the quarter at Camden Montague, a 192 apartment home project with a current cost of $20 million in Tampa, FL, which began leasing in February 2012 and is currently 99% leased. Lease-ups continued during the quarter at three completed communities: Camden LaVina, a $56 million project with 420 apartment homes in Orlando, FL, which is currently 88% leased; Camden Summerfield II, a 187 apartment home project with a current cost of $25 million in Landover, MD, which is currently 98% leased; and Camden Royal Oaks II, a $13 million project with 104 apartment homes in Houston, TX, which is currently 39% leased. Lease-up activity is also underway at two communities which are currently under construction: Camden Westchase Park, a $52 million project with 348 apartment homes in Tampa, FL which is currently 59% leased; and Camden Town Square, a $66 million project with 438 apartment homes in Orlando, FL which began leasing during the quarter and is currently 41% leased.
Construction began during the quarter at Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes, and continued at two additional wholly-owned development communities: Camden City Centre II in Houston, TX, a $36 million project with 268 apartment homes, and Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes. 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 59% leased, and Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes.
Equity Issuance
During the second quarter, Camden issued 2,572,609 common shares through its at-the-market (“ATM”) share offering programs at an average price of $66.55 per share, for total net consideration of approximately $168.5 million. Subsequent to quarter-end, the Company issued an additional 938,380 common shares through its ATM program at an average price of $69.34 per share, for total net consideration of approximately $64.1 million. Year-to-date through July 2012, Camden has issued 4,215,234 common shares through its ATM programs at an average price of $66.73 per share, for total net consideration of approximately $276.9 million.
4
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 $3.50 to $3.58 per diluted share, and full-year 2012 EPS is expected to be $1.94 to $2.02 per diluted share. Third quarter 2012 earnings guidance is $0.88 to $0.92 per diluted share for FFO and $0.30 to $0.34 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update its earnings guidance to the market on a quarterly basis.
The Company’s 2012 earnings guidance is based on projections of same property revenue growth between 5.5% and 6.5%, expense growth between 2.5% and 3.0%, and NOI growth between 7.5% and 8.5%. 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, August 3, 2012 at 11:00 a.m. Central Time to review its second 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: 7289205, 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 200 properties containing 67,917 apartment homes across the United States. Upon completion of seven properties under development, the Company's portfolio will increase to 70,125 apartment homes in 207 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, ranking #7.
For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at www.camdenliving.com.
5
CAMDEN | FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||
(In thousands, except per share, property data amounts and ratios) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||
Total property revenues (a) | $186,045 | $161,402 | $364,696 | $319,004 | |||||||||||||||||||
EBITDA (b) | 103,106 | 87,230 | 201,235 | 174,727 | |||||||||||||||||||
Net income (loss) attributable to common shareholders | 21,763 | (16,597 | ) | 110,521 | (9,311 | ) | |||||||||||||||||
Per share - basic | 0.26 | (0.23 | ) | 1.34 | (0.13 | ) | |||||||||||||||||
Per share - diluted | 0.26 | (0.23 | ) | 1.32 | (0.13 | ) | |||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | 21,763 | (17,481 | ) | 78,297 | (10,978 | ) | |||||||||||||||||
Per share - basic | 0.26 | (0.24 | ) | 0.95 | (0.15 | ) | |||||||||||||||||
Per share - diluted | 0.26 | (0.24 | ) | 0.94 | (0.15 | ) | |||||||||||||||||
Funds from operations | 76,707 | 30,351 | 145,296 | 84,464 | |||||||||||||||||||
Per share - diluted | 0.89 | 0.40 | 1.72 | 1.12 | |||||||||||||||||||
Dividends per share | 0.56 | 0.49 | 1.12 | 0.98 | |||||||||||||||||||
Dividend payout ratio (b) | 62.9 | % | 62.0 | % | 65.1 | % | 64.5 | % | |||||||||||||||
Interest expensed (including discontinued operations) | 26,247 | 28,381 | 52,930 | 58,118 | |||||||||||||||||||
Interest capitalized | 3,243 | 1,826 | 6,291 | 3,641 | |||||||||||||||||||
Total interest incurred | 29,490 | 30,207 | 59,221 | 61,759 | |||||||||||||||||||
Principal amortization | 1,208 | 1,297 | 2,411 | 2,692 | |||||||||||||||||||
Preferred distributions | - | 1,750 | 776 | 3,500 | |||||||||||||||||||
Net Debt to Annualized EBITDA (c) | 5.7 | x | 6.8 | x | 5.8 | x | 6.8 | x | |||||||||||||||
Interest expense coverage ratio | 3.9 | x | 3.1 | x | 3.8 | x | 3.0 | x | |||||||||||||||
Total interest coverage ratio | 3.5 | x | 2.9 | x | 3.4 | x | 2.8 | x | |||||||||||||||
Fixed charge expense coverage ratio | 3.8 | x | 2.8 | x | 3.6 | x | 2.7 | x | |||||||||||||||
Total fixed charge coverage ratio | 3.4 | x | 2.6 | x | 3.2 | x | 2.6 | x | |||||||||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.5 | x | 2.9 | x | 3.5 | x | 2.9 | x | |||||||||||||||
Same property NOI increase (d) | 8.6 | % | 6.9 | % | 9.1 | % | 6.5 | % | |||||||||||||||
(# of apartment homes included) | 47,724 | 47,600 | 47,724 | 47,600 | |||||||||||||||||||
Gross turnover of apartment homes (annualized) | 67 | % | 66 | % | 61 | % | 57 | % | |||||||||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 59 | % | 57 | % | 53 | % | 49 | % | |||||||||||||||
As of June 30, | |||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||
Total assets | $5,112,574 | $4,559,059 | |||||||||||||||||||||
Total debt | $2,396,412 | $2,434,067 | |||||||||||||||||||||
Common and common equivalent shares, outstanding end of period (e) | 87,549 | 75,974 | |||||||||||||||||||||
Share price, end of period | $67.67 | $63.62 | |||||||||||||||||||||
Preferred units, end of period | - | $97,925 | |||||||||||||||||||||
Book equity value, end of period (f) | $2,464,908 | $1,856,313 | |||||||||||||||||||||
Market equity value, end of period (f) | $5,924,441 | $4,933,466 | |||||||||||||||||||||
(a) Excludes discontinued operations. | |||||||||||||||||||||||
(b) Excludes $29.8 million or $0.39 and $0.40 per diluted share for the three and six months ended June 30, 2011, respectively, related to a loss | |||||||||||||||||||||||
on the discontinuation of a hedging relationship. | |||||||||||||||||||||||
(c) Net Debt is Notes Payable as reported at period end less Cash and Cash Equivalents as reported at period end. Annualized EBITDA is EBITDA as reported | |||||||||||||||||||||||
for the period multiplied by either 4 for quarter results or 2 for 6 month results. | |||||||||||||||||||||||
(d) "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. | |||||||||||||||||||||||
(e) Includes at June 30, 2012: 85,328 common shares (including 635 common share equivalents related to share awards & options), plus common share | |||||||||||||||||||||||
equivalents upon the assumed conversion of minority interest units (2,221). | |||||||||||||||||||||||
(f) Includes: common shares, preferred and common units, and common share equivalents. | |||||||||||||||||||||||
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
6
CAMDEN | OPERATING RESULTS |
(In thousands, except per share and property data amounts) | |
(Unaudited) | Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | |||||||||||||
OPERATING DATA | 2012 | 2011 | 2012 | 2011 | ||||||||||
Property revenues | ||||||||||||||
Rental revenues | $159,318 | $138,167 | $313,037 | $274,002 | ||||||||||
Other property revenues | 26,727 | 23,235 | 51,659 | 45,002 | ||||||||||
Total property revenues | 186,045 | 161,402 | 364,696 | 319,004 | ||||||||||
Property expenses | ||||||||||||||
Property operating and maintenance | 51,119 | 46,232 | 100,338 | 91,038 | ||||||||||
Real estate taxes | 19,338 | 17,558 | 37,709 | 34,902 | ||||||||||
Total property expenses | 70,457 | 63,790 | 138,047 | 125,940 | ||||||||||
Non-property income | ||||||||||||||
Fee and asset management | 3,608 | 2,471 | 6,531 | 4,309 | ||||||||||
Interest and other income (loss) | (65 | ) | 86 | (753 | ) | 4,857 | ||||||||
Income (loss) on deferred compensation plans | (2,185 | ) | 1,375 | 5,601 | 7,329 | |||||||||
Total non-property income | 1,358 | 3,932 | 11,379 | 16,495 | ||||||||||
Other expenses | ||||||||||||||
Property management | 4,851 | 5,109 | 10,135 | 10,428 | ||||||||||
Fee and asset management | 1,444 | 1,670 | 3,187 | 2,890 | ||||||||||
General and administrative | 9,730 | 8,032 | 18,409 | 17,820 | ||||||||||
Interest | 26,247 | 28,381 | 52,930 | 58,118 | ||||||||||
Depreciation and amortization | 53,310 | 44,754 | 103,428 | 90,605 | ||||||||||
Amortization of deferred financing costs | 900 | 1,890 | 1,812 | 3,417 | ||||||||||
Expense (benefit) on deferred compensation plans | (2,185 | ) | 1,375 | 5,601 | 7,329 | |||||||||
Total other expenses | 94,297 | 91,211 | 195,502 | 190,607 | ||||||||||
Gain on acquisition of controlling interests in joint ventures | - | - | 40,191 | - | ||||||||||
Gain on sale of properties, including land | - | 4,748 | - | 4,748 | ||||||||||
Gain on sale of unconsolidated joint venture interests | - | - | - | 1,136 | ||||||||||
Loss on discontinuation of hedging relationship | - | (29,791 | ) | - | (29,791 | ) | ||||||||
Equity in income of joint ventures | 632 | 16 | 998 | 390 | ||||||||||
Income (loss) from continuing operations before income taxes | 23,281 | (14,694 | ) | 83,715 | (4,565 | ) | ||||||||
Income tax expense - current | (434 | ) | (256 | ) | (658 | ) | (1,576 | ) | ||||||
Income (loss) from continuing operations | 22,847 | (14,950 | ) | 83,057 | (6,141 | ) | ||||||||
Income from discontinued operations | - | 895 | 353 | 1,687 | ||||||||||
Gain on sale of discontinued operations, net of tax | - | - | 32,541 | - | ||||||||||
Net income (loss) | 22,847 | (14,055 | ) | 115,951 | (4,454 | ) | ||||||||
Less income allocated to noncontrolling interests from continuing operations | (1,084 | ) | (781 | ) | (1,909 | ) | (1,337 | ) | ||||||
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations | - | (11 | ) | (670 | ) | (20 | ) | |||||||
Less income allocated to perpetual preferred units | - | (1,750 | ) | (776 | ) | (3,500 | ) | |||||||
Less write off of original issuance costs of redeemed perpetual preferred units | - | - | (2,075 | ) | - | |||||||||
Net income (loss) attributable to common shareholders | $21,763 | $(16,597 | ) | $110,521 | $(9,311 | ) | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||
Net income (loss) | $22,847 | $(14,055 | ) | $115,951 | $(4,454 | ) | ||||||||
Other comprehensive income | ||||||||||||||
Unrealized loss on cash flow hedging activities | - | (2,189 | ) | - | (2,692 | ) | ||||||||
Reclassification of net losses on cash flow hedging activities | - | 33,786 | - | 39,552 | ||||||||||
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 | - | 16 | - | ||||||||||
Comprehensive income | 22,855 | 17,542 | 115,967 | 29,097 | ||||||||||
Less income allocated to noncontrolling interests from continuing operations | (1,084 | ) | (781 | ) | (1,909 | ) | (1,337 | ) | ||||||
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations | - | (11 | ) | (670 | ) | (20 | ) | |||||||
Less income allocated to perpetual preferred units | - | (1,750 | ) | (776 | ) | (3,500 | ) | |||||||
Less write off of original issuance costs of redeemed perpetual preferred units | - | - | (2,075 | ) | - | |||||||||
Comprehensive income attributable to common shareholders | $21,771 | $15,000 | $110,537 | $24,240 | ||||||||||
PER SHARE DATA | ||||||||||||||
Net income (loss) attributable to common shareholders - basic | $0.26 | $(0.23 | ) | $1.34 | $(0.13 | ) | ||||||||
Net income (loss) attributable to common shareholders - diluted | 0.26 | (0.23 | ) | 1.32 | (0.13 | ) | ||||||||
Income (loss) from continuing operations attributable to common shareholders - basic | 0.26 | (0.24 | ) | 0.95 | (0.15 | ) | ||||||||
Income (loss) from continuing operations attributable to common shareholders - diluted | 0.26 | (0.24 | ) | 0.94 | (0.15 | ) | ||||||||
Weighted average number of common and | ||||||||||||||
common equivalent shares outstanding: | ||||||||||||||
Basic | 83,223 | 72,343 | 81,554 | 72,126 | ||||||||||
Diluted | 83,846 | 72,343 | 84,461 | 72,126 |
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
7
CAMDEN | FUNDS FROM OPERATIONS |
(In thousands, except per share and property data amounts) | |
(Unaudited) | Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | |||||||||||||
FUNDS FROM OPERATIONS | 2012 | 2011 | 2012 | 2011 | ||||||||||
Net income (loss) attributable to common shareholders (a) | $21,763 | $(16,597 | ) | $110,521 | $(9,311 | ) | ||||||||
Real estate depreciation from continuing operations | 52,197 | 43,505 | 101,206 | 88,108 | ||||||||||
Real estate depreciation and amortization from discontinued operations | - | 977 | 186 | 1,948 | ||||||||||
Adjustments for unconsolidated joint ventures | 2,038 | 1,813 | 4,313 | 3,819 | ||||||||||
Income allocated to noncontrolling interests | 709 | 653 | 1,802 | 1,036 | ||||||||||
(Gain) on acquisition of controlling interests in joint ventures | - | - | (40,191 | ) | - | �� | ||||||||
(Gain) on sale of discontinued operations, net of tax | - | - | (32,541 | ) | - | |||||||||
(Gain) on sale of unconsolidated joint venture interests | - | - | - | (1,136 | ) | |||||||||
Funds from operations - diluted | $76,707 | $30,351 | $145,296 | $84,464 | ||||||||||
PER SHARE DATA | ||||||||||||||
Funds from operations - diluted | $0.89 | $0.40 | $1.72 | $1.12 | ||||||||||
Cash distributions | 0.56 | 0.49 | 1.12 | 0.98 | ||||||||||
Weighted average number of common and | ||||||||||||||
common equivalent shares outstanding: | ||||||||||||||
FFO - diluted | 86,067 | 75,523 | 84,461 | 75,273 | ||||||||||
PROPERTY DATA | ||||||||||||||
Total operating properties (end of period) (b) | 199 | 196 | 199 | 196 | ||||||||||
Total operating apartment homes in operating properties (end of period) (b) | 67,694 | 67,212 | 67,694 | 67,212 | ||||||||||
Total operating apartment homes (weighted average) | 53,720 | 50,883 | 53,338 | 50,849 | ||||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 53,720 | 49,062 | 53,048 | 49,061 |
(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the three and six months ended June 30, 2011. | |||||||||||
(b) Includes joint ventures. | |||||||||||
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
8
CAMDEN | BALANCE SHEETS | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | |||||||||||||||
2012 | 2012 | 2011 | 2011 | 2011 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Real estate assets, at cost | ||||||||||||||||||||
Land | $893,910 | $868,964 | $768,016 | $766,302 | $760,397 | |||||||||||||||
Buildings and improvements | 5,203,675 | 5,068,560 | 4,751,654 | 4,758,397 | 4,711,552 | |||||||||||||||
6,097,585 | 5,937,524 | 5,519,670 | 5,524,699 | 5,471,949 | ||||||||||||||||
Accumulated depreciation | (1,505,862 | ) | (1,458,451 | ) | (1,432,799 | ) | (1,421,867 | ) | (1,378,630 | ) | ||||||||||
Net operating real estate assets | 4,591,723 | 4,479,073 | 4,086,871 | 4,102,832 | 4,093,319 | |||||||||||||||
Properties under development, including land | 297,712 | 301,282 | 299,870 | 274,201 | 237,549 | |||||||||||||||
Investments in joint ventures | 47,776 | 49,436 | 44,844 | 37,033 | 39,398 | |||||||||||||||
Properties held for sale | - | - | 11,131 | - | - | |||||||||||||||
Total real estate assets | 4,937,211 | 4,829,791 | 4,442,716 | 4,414,066 | 4,370,266 | |||||||||||||||
Accounts receivable - affiliates | 29,940 | 29,742 | 31,035 | 31,395 | 30,401 | |||||||||||||||
Other assets, net (a) | 88,002 | 89,706 | 88,089 | 87,657 | 90,346 | |||||||||||||||
Cash and cash equivalents | 52,126 | 49,702 | 55,159 | 56,099 | 63,148 | |||||||||||||||
Restricted cash | 5,295 | 5,074 | 5,076 | 5,357 | 4,898 | |||||||||||||||
Total assets | $5,112,574 | $5,004,015 | $4,622,075 | $4,594,574 | $4,559,059 | |||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Notes payable | ||||||||||||||||||||
Unsecured | $1,381,152 | $1,380,952 | $1,380,755 | $1,380,560 | $1,380,368 | |||||||||||||||
Secured | 1,015,260 | 1,050,154 | 1,051,357 | 1,052,544 | 1,053,699 | |||||||||||||||
Accounts payable and accrued expenses | 87,041 | 105,370 | 93,747 | 97,613 | 78,460 | |||||||||||||||
Accrued real estate taxes | 31,607 | 17,991 | 21,883 | 37,721 | 27,424 | |||||||||||||||
Distributions payable | 49,135 | 47,594 | 39,364 | 39,319 | 38,966 | |||||||||||||||
Other liabilities (b) | 83,471 | 90,423 | 109,276 | 111,043 | 123,829 | |||||||||||||||
Total liabilities | 2,647,666 | 2,692,484 | 2,696,382 | 2,718,800 | 2,702,746 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Perpetual preferred units | - | - | 97,925 | 97,925 | 97,925 | |||||||||||||||
Equity | ||||||||||||||||||||
Common shares of beneficial interest | 945 | 919 | 845 | 839 | 834 | |||||||||||||||
Additional paid-in capital | 3,501,354 | 3,327,961 | 2,901,024 | 2,861,139 | 2,823,690 | |||||||||||||||
Distributions in excess of net income attributable to common shareholders | (674,221 | ) | (648,074 | ) | (690,466 | ) | (700,897 | ) | (676,367 | ) | ||||||||||
Treasury shares, at cost | (430,958 | ) | (437,215 | ) | (452,003 | ) | (452,244 | ) | (459,134 | ) | ||||||||||
Accumulated other comprehensive income (loss) (c) | (667 | ) | (675 | ) | (683 | ) | 201 | 93 | ||||||||||||
Total common equity | 2,396,453 | 2,242,916 | 1,758,717 | 1,709,038 | 1,689,116 | |||||||||||||||
Noncontrolling interests | 68,455 | 68,615 | 69,051 | 68,811 | 69,272 | |||||||||||||||
Total equity | 2,464,908 | 2,311,531 | 1,827,768 | 1,777,849 | 1,758,388 | |||||||||||||||
Total liabilities and equity | $5,112,574 | $5,004,015 | $4,622,075 | $4,594,574 | $4,559,059 | |||||||||||||||
(a) Includes: | ||||||||||||||||||||
net deferred charges of: | $14,432 | $15,267 | $16,102 | $16,868 | $14,484 | |||||||||||||||
(b) Includes: | ||||||||||||||||||||
deferred revenues of: | $2,012 | $2,337 | $2,140 | $2,213 | $2,181 | |||||||||||||||
distributions in excess of investments in joint ventures of: | $16,499 | $16,298 | $30,596 | $31,799 | $31,040 | |||||||||||||||
fair value adjustment of derivative instruments: | $5,918 | $11,574 | $16,486 | $22,192 | $27,977 | |||||||||||||||
(c) Represents the fair value adjustment of derivative instruments and amortization of prior service costs on post retirement obligations. |
9
CAMDEN | PORTFOLIO STATISTICS |
(Unaudited) | ||||||||||||||||||||||||||||||||||||
COMMUNITY PORTFOLIO AT JUNE 30, 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 | 192 | 6,145 | 348 | 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 | 933 | 5,206 | 1,250 | 6,456 | - | 6,456 | - | 6,456 | |||||||||||||||||||||||||||
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 | 558 | 3,780 | |||||||||||||||||||||||||||
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 | 5,893 | 53,617 | 13,174 | 66,791 | 903 | 67,694 | 2,208 | 69,902 | |||||||||||||||||||||||||||
(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. | ||||||||||||||||||||||||||||||||||||
SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (e) | |||||||||||||||||||||||||||||||||||
"Same Property" | Operating | Incl. JVs at | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | |||||||||||||||||||||||||||||
Communities | Communities (c) | Pro Rata % (d) | 2012 | 2012 | 2011 | 2011 | 2011 | |||||||||||||||||||||||||||||
D.C. Metro | 18.4 | % | 18.0 | % | 17.2 | % | 95.5 | % | 94.5 | % | 94.2 | % | 96.3 | % | 96.0 | % | ||||||||||||||||||||
Houston, TX | 9.2 | % | 10.4 | % | 11.5 | % | 96.5 | % | 96.0 | % | 95.2 | % | 95.4 | % | 94.2 | % | ||||||||||||||||||||
Tampa, FL | 8.4 | % | 7.8 | % | 7.6 | % | 94.4 | % | 94.9 | % | 94.8 | % | 94.8 | % | 94.5 | % | ||||||||||||||||||||
Las Vegas, NV | 6.1 | % | 7.0 | % | 7.3 | % | 93.0 | % | 92.0 | % | 92.0 | % | 92.0 | % | 92.5 | % | ||||||||||||||||||||
SE Florida | 7.5 | % | 6.9 | % | 6.6 | % | 94.9 | % | 95.5 | % | 94.9 | % | 94.1 | % | 95.2 | % | ||||||||||||||||||||
Dallas, TX | 6.5 | % | 6.6 | % | 6.8 | % | 95.6 | % | 95.1 | % | 94.6 | % | 95.3 | % | 95.6 | % | ||||||||||||||||||||
Los Angeles/Orange County, CA | 7.1 | % | 7.3 | % | 7.0 | % | 95.6 | % | 95.4 | % | 95.1 | % | 95.7 | % | 94.8 | % | ||||||||||||||||||||
Charlotte, NC | 6.5 | % | 6.0 | % | 5.8 | % | 95.9 | % | 95.8 | % | 95.3 | % | 95.9 | % | 96.3 | % | ||||||||||||||||||||
Orlando, FL | 5.7 | % | 5.7 | % | 5.4 | % | 95.5 | % | 95.3 | % | 94.9 | % | 95.3 | % | 94.7 | % | ||||||||||||||||||||
Atlanta, GA | 5.4 | % | 4.9 | % | 4.8 | % | 94.9 | % | 94.4 | % | 93.8 | % | 94.9 | % | 94.5 | % | ||||||||||||||||||||
Raleigh, NC | 4.8 | % | 4.4 | % | 4.3 | % | 95.3 | % | 94.8 | % | 94.4 | % | 94.9 | % | 95.0 | % | ||||||||||||||||||||
Denver, CO | 4.0 | % | 3.6 | % | 3.8 | % | 95.2 | % | 94.1 | % | 93.7 | % | 94.6 | % | 94.4 | % | ||||||||||||||||||||
San Diego/Inland Empire, CA | 3.4 | % | 3.1 | % | 2.9 | % | 94.2 | % | 92.9 | % | 92.0 | % | 94.7 | % | 92.9 | % | ||||||||||||||||||||
Austin, TX | 2.9 | % | 2.6 | % | 2.9 | % | 95.3 | % | 95.5 | % | 95.5 | % | 96.1 | % | 94.4 | % | ||||||||||||||||||||
Phoenix, AZ | 2.1 | % | 3.0 | % | 2.9 | % | 92.3 | % | 93.7 | % | 93.2 | % | 93.2 | % | 91.1 | % | ||||||||||||||||||||
Other | 2.0 | % | 2.7 | % | 3.2 | % | 95.4 | % | 94.3 | % | 94.0 | % | 95.0 | % | 95.6 | % | ||||||||||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 95.1 | % | 94.7 | % | 94.3 | % | 94.8 | % | 94.5 | % | ||||||||||||||||||||
(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. |
10
CAMDEN | COMPONENTS OF |
PROPERTY NET OPERATING INCOME | |
(In thousands, except property data amounts) | |
(Unaudited) | ||||||||||||||||||||||||||||||
Apartment | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
Property Revenues | Homes | 2012 | 2011 | Change | 2012 | 2011 | Change | |||||||||||||||||||||||
"Same Property" Communities (a) | 47,724 | $165,802 | $156,322 | $9,480 | $327,973 | $308,188 | $19,785 | |||||||||||||||||||||||
Non-"Same Property" Communities (b) | 5,893 | 15,931 | 3,843 | 12,088 | 29,463 | 8,349 | 21,114 | |||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,591 | 2,576 | - | 2,576 | 3,779 | - | 3,779 | |||||||||||||||||||||||
Other (d) | - | 1,736 | 1,237 | 499 | 3,481 | 2,467 | 1,014 | |||||||||||||||||||||||
Total Property Revenues | 56,208 | $186,045 | $161,402 | $24,643 | $364,696 | $319,004 | $45,692 | |||||||||||||||||||||||
Property Expenses | ||||||||||||||||||||||||||||||
"Same Property" Communities (a) | 47,724 | $62,239 | $60,962 | $1,277 | $123,305 | $120,572 | $2,733 | |||||||||||||||||||||||
Non-"Same Property" Communities (b) | 5,893 | 6,440 | 1,648 | 4,792 | 11,523 | 3,078 | 8,445 | |||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,591 | 1,040 | - | 1,040 | 1,563 | - | 1,563 | |||||||||||||||||||||||
Other (d) | - | 738 | 1,180 | (442 | ) | 1,656 | 2,290 | (634 | ) | |||||||||||||||||||||
Total Property Expenses | 56,208 | $70,457 | $63,790 | $6,667 | $138,047 | $125,940 | $12,107 | |||||||||||||||||||||||
Property Net Operating Income | ||||||||||||||||||||||||||||||
"Same Property" Communities (a) | 47,724 | $103,563 | $95,360 | $8,203 | $204,668 | $187,616 | $17,052 | |||||||||||||||||||||||
Non-"Same Property" Communities (b) | 5,893 | 9,491 | 2,195 | 7,296 | 17,940 | 5,271 | 12,669 | |||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,591 | 1,536 | - | 1,536 | 2,216 | - | 2,216 | |||||||||||||||||||||||
Other (d) | - | 998 | 57 | 941 | 1,825 | 177 | 1,648 | |||||||||||||||||||||||
Total Property Net Operating Income | 56,208 | $115,588 | $97,612 | $17,976 | $226,649 | $193,064 | $33,585 | |||||||||||||||||||||||
Income from Discontinued Operations (e) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||
Property Revenues | $- | $3,704 | $1,209 | $7,249 | ||||||||||||||||||||||||||
Property Expenses | - | 1,832 | 670 | 3,614 | ||||||||||||||||||||||||||
Property Net Operating Income | - | 1,872 | 539 | 3,635 | ||||||||||||||||||||||||||
Depreciation and Amortization | - | (977 | ) | (186 | ) | (1,948 | ) | |||||||||||||||||||||||
Gain on Sale of Discontinued Operations, net of tax | - | - | 32,541 | - | ||||||||||||||||||||||||||
Income, including gain on sale, allocated to noncontrolling interests | - | (11 | ) | (670 | ) | (20 | ) | |||||||||||||||||||||||
Income attributable to common shareholders | $- | $884 | $32,224 | $1,667 | ||||||||||||||||||||||||||
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. |
(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. |
11
"SAME PROPERTY" | |
CAMDEN | SECOND QUARTER COMPARISONS |
June 30, 2012 | |
(In thousands, except property data amounts) | |
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 2Q12 | 2Q11 | Growth | 2Q12 | 2Q11 | Growth | 2Q12 | 2Q11 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $27,342 | $26,484 | 3.2 | % | $8,259 | $8,169 | 1.1 | % | $19,083 | $18,315 | 4.2 | % | ||||||||||||||||||||||||
Houston, TX | 15,979 | 14,393 | 11.0 | % | 6,447 | 6,033 | 6.9 | % | 9,532 | 8,360 | 14.0 | % | ||||||||||||||||||||||||
Tampa, FL | 15,286 | 14,573 | 4.9 | % | 6,613 | 6,365 | 3.9 | % | 8,673 | 8,208 | 5.7 | % | ||||||||||||||||||||||||
Las Vegas, NV | 10,000 | 9,869 | 1.3 | % | 3,716 | 3,782 | (1.7 | %) | 6,284 | 6,087 | 3.2 | % | ||||||||||||||||||||||||
SE Florida | 12,258 | 11,638 | 5.3 | % | 4,451 | 4,296 | 3.6 | % | 7,807 | 7,342 | 6.3 | % | ||||||||||||||||||||||||
Dallas, TX | 11,977 | 11,036 | 8.5 | % | 5,229 | 5,124 | 2.0 | % | 6,748 | 5,912 | 14.1 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 10,478 | 10,010 | 4.7 | % | 3,155 | 3,416 | (7.6 | %) | 7,323 | 6,594 | 11.1 | % | ||||||||||||||||||||||||
Charlotte, NC | 10,886 | 9,880 | 10.2 | % | 4,125 | 4,100 | 0.6 | % | 6,761 | 5,780 | 17.0 | % | ||||||||||||||||||||||||
Orlando, FL | 9,848 | 9,324 | 5.6 | % | 3,939 | 3,807 | 3.5 | % | 5,909 | 5,517 | 7.1 | % | ||||||||||||||||||||||||
Atlanta, GA | 9,617 | 9,080 | 5.9 | % | 4,009 | 3,911 | 2.5 | % | 5,608 | 5,169 | 8.5 | % | ||||||||||||||||||||||||
Raleigh, NC | 7,694 | 7,248 | 6.2 | % | 2,683 | 2,685 | (0.1 | %) | 5,011 | 4,563 | 9.8 | % | ||||||||||||||||||||||||
Denver, CO | 6,156 | 5,691 | 8.2 | % | 2,072 | 2,018 | 2.7 | % | 4,084 | 3,673 | 11.2 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5,789 | 5,574 | 3.9 | % | 2,309 | 2,279 | 1.3 | % | 3,480 | 3,295 | 5.6 | % | ||||||||||||||||||||||||
Austin, TX | 5,694 | 5,158 | 10.4 | % | 2,692 | 2,490 | 8.1 | % | 3,002 | 2,668 | 12.5 | % | ||||||||||||||||||||||||
Phoenix, AZ | 3,440 | 3,128 | 10.0 | % | 1,260 | 1,306 | (3.5 | %) | 2,180 | 1,822 | 19.6 | % | ||||||||||||||||||||||||
Other | 3,358 | 3,236 | 3.8 | % | 1,280 | 1,181 | 8.4 | % | 2,078 | 2,055 | 1.1 | % | ||||||||||||||||||||||||
Total Same Property | $165,802 | $156,322 | 6.1 | % | $62,239 | $60,962 | 2.1 | % | $103,563 | $95,360 | 8.6 | % | ||||||||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 2Q12 | 2Q11 | Change | 2Q12 | 2Q11 | Change | ||||||||||||||||||||||||||||
D.C. Metro | 5,313 | 18.4 | % | 95.7 | % | 96.0 | % | (0.3 | %) | $1,602 | $1,547 | 3.6 | % | |||||||||||||||||||||||
Houston, TX | 4,294 | 9.2 | % | 97.1 | % | 94.9 | % | 2.2 | % | 1,131 | 1,043 | 8.4 | % | |||||||||||||||||||||||
Tampa, FL | 5,503 | 8.4 | % | 94.3 | % | 94.4 | % | (0.1 | %) | 811 | 774 | 4.8 | % | |||||||||||||||||||||||
Las Vegas, NV | 3,969 | 6.1 | % | 94.2 | % | 93.6 | % | 0.6 | % | 758 | 757 | 0.1 | % | |||||||||||||||||||||||
SE Florida | 2,520 | 7.5 | % | 94.9 | % | 95.2 | % | (0.3 | %) | 1,521 | 1,437 | 5.8 | % | |||||||||||||||||||||||
Dallas, TX | 4,273 | 6.5 | % | 95.8 | % | 95.9 | % | (0.1 | %) | 832 | 760 | 9.4 | % | |||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 7.1 | % | 95.6 | % | 95.0 | % | 0.6 | % | 1,617 | 1,552 | 4.2 | % | |||||||||||||||||||||||
Charlotte, NC | 3,574 | 6.5 | % | 95.9 | % | 96.3 | % | (0.4 | %) | 923 | 825 | 11.9 | % | |||||||||||||||||||||||
Orlando, FL | 3,344 | 5.7 | % | 95.5 | % | 94.5 | % | 1.0 | % | 882 | 841 | 4.8 | % | |||||||||||||||||||||||
Atlanta, GA | 3,202 | 5.4 | % | 95.0 | % | 94.5 | % | 0.5 | % | 894 | 855 | 4.6 | % | |||||||||||||||||||||||
Raleigh, NC | 2,704 | 4.8 | % | 95.6 | % | 95.0 | % | 0.6 | % | 843 | 791 | 6.6 | % | |||||||||||||||||||||||
Denver, CO | 1,851 | 4.0 | % | 95.3 | % | 94.5 | % | 0.8 | % | 997 | 931 | 7.1 | % | |||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.4 | % | 94.2 | % | 92.9 | % | 1.3 | % | 1,534 | 1,497 | 2.5 | % | |||||||||||||||||||||||
Austin, TX | 1,853 | 2.9 | % | 95.5 | % | 94.7 | % | 0.8 | % | 902 | 822 | 9.7 | % | |||||||||||||||||||||||
Phoenix, AZ | 1,084 | 2.1 | % | 93.5 | % | 92.6 | % | 0.9 | % | 927 | 863 | 7.4 | % | |||||||||||||||||||||||
Other | 984 | 2.0 | % | 96.1 | % | 95.6 | % | 0.5 | % | 1,020 | 985 | 3.6 | % | |||||||||||||||||||||||
Total Same Property | 47,724 | 100.0 | % | 95.3 | % | 94.9 | % | 0.4 | % | $1,054 | $998 | 5.6 | % | |||||||||||||||||||||||
(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. |
12
"SAME PROPERTY" | |
CAMDEN | SEQUENTIAL QUARTER COMPARISONS |
June 30, 2012 | |
(In thousands, except property data amounts) | |
(Unaudited) |
Revenues | Expenses | NOI | ||||||||||||||||||||||||||
Quarterly Results (a) | 2Q12 | 1Q12 | Growth | 2Q12 | 1Q12 | Growth | 2Q12 | �� | 1Q12 | Growth | ||||||||||||||||||
D.C. Metro | $27,342 | $26,898 | 1.7 | % | $8,259 | $7,942 | 4.0 | % | $19,083 | $18,956 | 0.7 | % | ||||||||||||||||
Houston, TX | 15,979 | 15,371 | 4.0 | % | 6,447 | 6,225 | 3.6 | % | 9,532 | 9,146 | 4.2 | % | ||||||||||||||||
Tampa, FL | 15,286 | 15,177 | 0.7 | % | 6,613 | 6,645 | (0.5 | %) | 8,673 | 8,532 | 1.7 | % | ||||||||||||||||
Las Vegas, NV | 10,000 | 9,799 | 2.1 | % | 3,716 | 3,631 | 2.3 | % | 6,284 | 6,168 | 1.9 | % | ||||||||||||||||
SE Florida | 12,258 | 12,064 | 1.6 | % | 4,451 | 4,147 | 7.3 | % | 7,807 | 7,917 | (1.4 | %) | ||||||||||||||||
Dallas, TX | 11,977 | 11,633 | 3.0 | % | 5,229 | 5,082 | 2.9 | % | 6,748 | 6,551 | 3.0 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 10,478 | 10,395 | 0.8 | % | 3,155 | 3,519 | (10.3 | %) | 7,323 | 6,876 | 6.5 | % | ||||||||||||||||
Charlotte, NC | 10,886 | 10,536 | 3.3 | % | 4,125 | 4,065 | 1.5 | % | 6,761 | 6,471 | 4.5 | % | ||||||||||||||||
Orlando, FL | 9,848 | 9,616 | 2.4 | % | 3,939 | 3,953 | (0.4 | %) | 5,909 | 5,663 | 4.3 | % | ||||||||||||||||
Atlanta, GA | 9,617 | 9,338 | 3.0 | % | 4,009 | 4,021 | (0.3 | %) | 5,608 | 5,317 | 5.5 | % | ||||||||||||||||
Raleigh, NC | 7,694 | 7,525 | 2.2 | % | 2,683 | 2,623 | 2.3 | % | 5,011 | 4,902 | 2.2 | % | ||||||||||||||||
Denver, CO | 6,156 | 5,975 | 3.0 | % | 2,072 | 1,967 | 5.3 | % | 4,084 | 4,008 | 1.9 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 5,789 | 5,677 | 2.0 | % | 2,309 | 2,246 | 2.8 | % | 3,480 | 3,431 | 1.4 | % | ||||||||||||||||
Austin, TX | 5,694 | 5,515 | 3.2 | % | 2,692 | 2,600 | 3.5 | % | 3,002 | 2,915 | 3.0 | % | ||||||||||||||||
Phoenix, AZ | 3,440 | 3,387 | 1.6 | % | 1,260 | 1,194 | 5.5 | % | 2,180 | 2,193 | (0.6 | %) | ||||||||||||||||
Other | 3,358 | 3,265 | 2.8 | % | 1,280 | 1,206 | 6.1 | % | 2,078 | 2,059 | 0.9 | % | ||||||||||||||||
Total SameProperty | $165,802 | $162,171 | 2.2 | % | $62,239 | $61,066 | 1.9 | % | $103,563 | $101,105 | 2.4 | % |
Apartment | |||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | ||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 2Q12 | 1Q12 | Change | 2Q12 | 1Q12 | Change | |||||||||||||||||
D.C. Metro | 5,313 | 18.4 | % | 95.7 | % | 94.6 | % | 1.1 | % | $1,602 | $1,590 | 0.8 | % | ||||||||||||
Houston, TX | 4,294 | 9.2 | % | 97.1 | % | 96.4 | % | 0.7 | % | 1,131 | 1,101 | 2.7 | % | ||||||||||||
Tampa, FL | 5,503 | 8.4 | % | 94.3 | % | 94.8 | % | (0.5 | %) | 811 | 803 | 1.0 | % | ||||||||||||
Las Vegas, NV | 3,969 | 6.1 | % | 94.2 | % | 93.0 | % | 1.2 | % | 758 | 756 | 0.3 | % | ||||||||||||
SE Florida | 2,520 | 7.5 | % | 94.9 | % | 95.5 | % | (0.6 | %) | 1,521 | 1,499 | 1.5 | % | ||||||||||||
Dallas, TX | 4,273 | 6.5 | % | 95.8 | % | 95.3 | % | 0.5 | % | 832 | 812 | 2.5 | % | ||||||||||||
Los Angeles/Orange County, CA | 2,060 | 7.1 | % | 95.6 | % | 95.4 | % | 0.2 | % | 1,617 | 1,598 | 1.2 | % | ||||||||||||
Charlotte, NC | 3,574 | 6.5 | % | 95.9 | % | 95.8 | % | 0.1 | % | 923 | 896 | 3.1 | % | ||||||||||||
Orlando, FL | 3,344 | 5.7 | % | 95.5 | % | 95.2 | % | 0.3 | % | 882 | 868 | 1.6 | % | ||||||||||||
Atlanta, GA | 3,202 | 5.4 | % | 95.0 | % | 94.3 | % | 0.7 | % | 894 | 879 | 1.6 | % | ||||||||||||
Raleigh, NC | 2,704 | 4.8 | % | 95.6 | % | 95.2 | % | 0.4 | % | 843 | 829 | 1.8 | % | ||||||||||||
Denver, CO | 1,851 | 4.0 | % | 95.3 | % | 94.4 | % | 0.9 | % | 997 | 983 | 1.4 | % | ||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.4 | % | 94.2 | % | 92.9 | % | 1.3 | % | 1,534 | 1,525 | 0.6 | % | ||||||||||||
Austin, TX | 1,853 | 2.9 | % | 95.5 | % | 95.1 | % | 0.4 | % | 902 | 883 | 2.1 | % | ||||||||||||
Phoenix, AZ | 1,084 | 2.1 | % | 93.5 | % | 94.5 | % | (1.0 | %) | 927 | 918 | 1.1 | % | ||||||||||||
Other | 984 | 2.0 | % | 96.1 | % | 95.3 | % | 0.8 | % | 1,020 | 1,004 | 1.6 | % | ||||||||||||
Total Same Property | 47,724 | 100.0 | % | 95.3 | % | 94.9 | % | 0.4 | % | $1,054 | $1,038 | 1.5 | % |
(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. |
13
"SAME PROPERTY" | |
CAMDEN | YEAR TO DATE COMPARISONS |
June 30, 2012 | |
(In thousands, except property data amounts) | |
(Unaudited) |
Revenues | Expenses | NOI | ||||||||||||||||||||||||||
Year to Date Results (a) | 2012 | 2011 | Growth | 2012 | 2011 | Growth | 2012 | 2011 | Growth | |||||||||||||||||||
D.C. Metro | $54,240 | $52,301 | 3.7 | % | $16,201 | $16,380 | (1.1 | %) | $38,039 | $35,921 | 5.9 | % | ||||||||||||||||
Houston, TX | 31,350 | 28,115 | 11.5 | % | 12,671 | 11,711 | 8.2 | % | 18,679 | 16,404 | 13.9 | % | ||||||||||||||||
Tampa, FL | 30,463 | 28,810 | 5.7 | % | 13,258 | 12,796 | 3.6 | % | 17,205 | 16,014 | 7.4 | % | ||||||||||||||||
Las Vegas, NV | 19,799 | 19,567 | 1.2 | % | 7,347 | 7,471 | (1.7 | %) | 12,452 | 12,096 | 2.9 | % | ||||||||||||||||
SE Florida | 24,323 | 22,960 | 5.9 | % | 8,598 | 8,792 | (2.2 | %) | 15,725 | 14,168 | 11.0 | % | ||||||||||||||||
Dallas, TX | 23,610 | 21,606 | 9.3 | % | 10,310 | 10,004 | 3.1 | % | 13,300 | 11,602 | 14.6 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 20,872 | 19,806 | 5.4 | % | 6,675 | 6,848 | (2.5 | %) | 14,197 | 12,958 | 9.6 | % | ||||||||||||||||
Charlotte, NC | 21,422 | 19,413 | 10.3 | % | 8,190 | 8,087 | 1.3 | % | 13,232 | 11,326 | 16.8 | % | ||||||||||||||||
Orlando, FL | 19,464 | 18,453 | 5.5 | % | 7,892 | 7,518 | 5.0 | % | 11,572 | 10,935 | 5.8 | % | ||||||||||||||||
Atlanta, GA | 18,955 | 17,929 | 5.7 | % | 8,030 | 7,631 | 5.2 | % | 10,925 | 10,298 | 6.1 | % | ||||||||||||||||
Raleigh, NC | 15,219 | 14,427 | 5.5 | % | 5,305 | 5,296 | 0.2 | % | 9,914 | 9,131 | 8.6 | % | ||||||||||||||||
Denver, CO | 12,131 | 11,116 | 9.1 | % | 4,038 | 3,885 | 3.9 | % | 8,093 | 7,231 | 11.9 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 11,466 | 11,058 | 3.7 | % | 4,558 | 4,433 | 2.8 | % | 6,908 | 6,625 | 4.3 | % | ||||||||||||||||
Austin, TX | 11,209 | 10,091 | 11.1 | % | 5,291 | 4,830 | 9.5 | % | 5,918 | 5,261 | 12.5 | % | ||||||||||||||||
Phoenix, AZ | 6,827 | 6,229 | 9.6 | % | 2,455 | 2,564 | (4.3 | %) | 4,372 | 3,665 | 19.3 | % | ||||||||||||||||
Other | 6,623 | 6,307 | 5.0 | % | 2,486 | 2,326 | 6.9 | % | 4,137 | 3,981 | 3.9 | % | ||||||||||||||||
Total Same Property | $327,973 | $308,188 | 6.4 | % | $123,305 | $120,572 | 2.3 | % | $204,668 | $187,616 | 9.1 | % |
Apartment | ||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||
Year to Date Results (a) | Included | Contribution (a) | 2012 | 2011 | Change | 2012 | 2011 | Change | ||||||||||||||||
D.C. Metro | 5,313 | 18.6 | % | 95.2 | % | 95.8 | % | (0.6 | %) | $1,596 | $1,537 | 3.9 | % | |||||||||||
Houston, TX | 4,294 | 9.1 | % | 96.7 | % | 93.5 | % | 3.2 | % | 1,116 | 1,036 | 7.8 | % | |||||||||||
Tampa, FL | 5,503 | 8.4 | % | 94.6 | % | 94.2 | % | 0.4 | % | 807 | 768 | 5.0 | % | |||||||||||
Las Vegas, NV | 3,969 | 6.1 | % | 93.6 | % | 92.9 | % | 0.7 | % | 757 | 757 | 0.0 | % | |||||||||||
SE Florida | 2,520 | 7.7 | % | 95.2 | % | 95.0 | % | 0.2 | % | 1,510 | 1,428 | 5.7 | % | |||||||||||
Dallas, TX | 4,273 | 6.5 | % | 95.6 | % | 95.1 | % | 0.5 | % | 822 | 753 | 9.2 | % | |||||||||||
Los Angeles/Orange County, CA | 2,060 | 6.9 | % | 95.5 | % | 94.5 | % | 1.0 | % | 1,608 | 1,544 | 4.1 | % | |||||||||||
Charlotte, NC | 3,574 | 6.5 | % | 95.9 | % | 95.8 | % | 0.1 | % | 910 | 816 | 11.5 | % | |||||||||||
Orlando, FL | 3,344 | 5.7 | % | 95.4 | % | 94.3 | % | 1.1 | % | 875 | 836 | 4.7 | % | |||||||||||
Atlanta, GA | 3,202 | 5.3 | % | 94.6 | % | 94.2 | % | 0.4 | % | 887 | 851 | 4.2 | % | |||||||||||
Raleigh, NC | 2,704 | 4.8 | % | 95.4 | % | 94.8 | % | 0.6 | % | 836 | 793 | 5.4 | % | |||||||||||
Denver, CO | 1,851 | 4.0 | % | 94.9 | % | 93.7 | % | 1.2 | % | 990 | 923 | 7.3 | % | |||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.4 | % | 93.5 | % | 92.8 | % | 0.7 | % | 1,529 | 1,491 | 2.6 | % | |||||||||||
Austin, TX | 1,853 | 2.9 | % | 95.3 | % | 94.2 | % | 1.1 | % | 892 | 814 | 9.6 | % | |||||||||||
Phoenix, AZ | 1,084 | 2.1 | % | 94.0 | % | 93.6 | % | 0.4 | % | 922 | 855 | 7.8 | % | |||||||||||
Other | 984 | 2.0 | % | 95.7 | % | 94.8 | % | 0.9 | % | 1,012 | 973 | 3.9 | % | |||||||||||
Total Same Property | 47,724 | 100.0 | % | 95.1 | % | 94.4 | % | 0.7 | % | $1,046 | $991 | 5.5 | % |
(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. |
14
"SAME PROPERTY" OPERATING EXPENSE | |
CAMDEN | DETAIL AND COMPARISONS |
JUNE 30, 2012 | |
(In thousands) | |
(Unaudited) |
% of Actual 2Q12 Operating | |||||||||||||||
Quarterly Comparison (a) | 2Q12 | 2Q11 | $ Change | % Change | Expenses | ||||||||||
Property taxes | $17,297 | $16,733 | $564 | 3.4 | % | 27.8 | % | ||||||||
Salaries and Benefits for On-site Employees | 14,722 | 14,491 | 231 | 1.6 | % | 23.6 | % | ||||||||
Utilities | 13,833 | 13,463 | 370 | 2.7 | % | 22.2 | % | ||||||||
Repairs and Maintenance | 9,430 | 9,351 | 79 | 0.9 | % | 15.2 | % | ||||||||
Property Insurance | 3,175 | 3,054 | 121 | 3.9 | % | 5.1 | % | ||||||||
Other | 3,782 | 3,870 | (88 | ) | (2.3 | %) | 6.1 | % | |||||||
Total Same Property | $62,239 | $60,962 | $1,277 | 2.1 | % | 100.0 | % |
% of Actual 2Q12 Operating | |||||||||||||||
Sequential Comparison (a) | 2Q12 | 1Q12 | $ Change | % Change | Expenses | ||||||||||
Property taxes | $17,297 | $16,730 | $567 | 3.4 | % | 27.8 | % | ||||||||
Salaries and Benefits for On-site Employees | 14,722 | 14,698 | 24 | 0.2 | % | 23.6 | % | ||||||||
Utilities | 13,833 | 13,687 | 146 | 1.1 | % | 22.2 | % | ||||||||
Repairs and Maintenance | 9,430 | 8,756 | 674 | 7.7 | % | 15.2 | % | ||||||||
Property Insurance | 3,175 | 3,182 | (7 | ) | (0.2 | %) | 5.1 | % | |||||||
Other | 3,782 | 4,013 | (231 | ) | (5.8 | %) | 6.1 | % | |||||||
Total Same Property | $62,239 | $61,066 | $1,173 | 1.9 | % | 100.0 | % |
% of Actual 2012 Operating | |||||||||||||||
Year to Date Comparison (a) | 2012 | 2011 | $ Change | % Change | Expenses | ||||||||||
Property taxes | $34,028 | $33,354 | $674 | 2.0 | % | 27.6 | % | ||||||||
Salaries and Benefits for On-site Employees | 29,420 | 28,602 | 818 | 2.9 | % | 23.9 | % | ||||||||
Utilities | 27,519 | 26,660 | 859 | 3.2 | % | 22.3 | % | ||||||||
Repairs and Maintenance | 18,186 | 18,053 | 133 | 0.7 | % | 14.7 | % | ||||||||
Property Insurance | 6,357 | 6,378 | (21 | ) | (0.3 | %) | 5.2 | % | |||||||
Other | 7,795 | 7,525 | 270 | 3.6 | % | 6.3 | % | ||||||||
Total Same Property | $123,305 | $120,572 | $2,733 | 2.3 | % | 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. |
15
CAMDEN | JOINT VENTURE OPERATIONS |
(In thousands, except property data amounts) | |
Company's Pro-rata Share of Joint Venture Operations: | |
(Unaudited) |
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
OPERATING DATA (a) | 2012 | 2011 | 2012 | 2011 | |||||||||
Property Revenues | |||||||||||||
Rental revenues | $6,849 | $6,201 | $14,024 | $12,763 | |||||||||
Other property revenues | 1,044 | 1,010 | 2,057 | 2,018 | |||||||||
Total property revenues | 7,893 | 7,211 | 16,081 | 14,781 | |||||||||
Property Expenses | |||||||||||||
Property operating and maintenance | 2,326 | 2,333 | 4,703 | 4,620 | |||||||||
Real estate taxes | 978 | 749 | 2,042 | 1,541 | |||||||||
Total property expenses | 3,304 | 3,082 | 6,745 | 6,161 | |||||||||
Net Operating Income (NOI) | 4,589 | 4,129 | 9,336 | 8,620 | |||||||||
Other expenses | |||||||||||||
Interest | 1,823 | 2,016 | 3,821 | 4,007 | |||||||||
Depreciation and amortization | 2,056 | 1,864 | 4,361 | 3,860 | |||||||||
Other | 78 | 233 | 156 | 363 | |||||||||
Total other expenses | 3,957 | 4,113 | 8,338 | 8,230 | |||||||||
Equity in income of joint ventures | $632 | $16 | $998 | $390 |
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | ||||||||||||
2012 | 2012 | 2011 | 2011 | 2011 | ||||||||||||
BALANCE SHEET DATA (b) | ||||||||||||||||
Land | $154,418 | $153,286 | $213,106 | $199,323 | $192,872 | |||||||||||
Buildings and improvements | 1,033,326 | 1,016,357 | 1,320,795 | 1,284,010 | 1,268,982 | |||||||||||
1,187,744 | 1,169,643 | 1,533,901 | 1,483,333 | 1,461,854 | ||||||||||||
Accumulated depreciation | (166,324 | ) | (156,705 | ) | (225,577 | ) | (229,212 | ) | (217,324 | ) | ||||||
Real estate assets, net | 1,021,420 | 1,012,938 | 1,308,324 | 1,254,121 | 1,244,530 | |||||||||||
Properties under development and land | 57,043 | 52,264 | 39,684 | 28,694 | 23,774 | |||||||||||
Cash and other assets, net | 17,642 | 18,879 | 46,843 | 39,688 | 46,606 | |||||||||||
Total assets | $1,096,105 | $1,084,081 | $1,394,851 | $1,322,503 | $1,314,910 | |||||||||||
Notes payable | $864,867 | $852,861 | $1,093,944 | $1,066,924 | $1,049,387 | |||||||||||
Other liabilities | 35,267 | 26,610 | 39,296 | 32,274 | 24,678 | |||||||||||
Total liabilities | 900,134 | 879,471 | 1,133,240 | 1,099,198 | 1,074,065 | |||||||||||
Members' equity | 195,971 | 204,610 | 261,611 | 223,305 | 240,845 | |||||||||||
Total liabilities and members' equity | $1,096,105 | $1,084,081 | $1,394,851 | $1,322,503 | $1,314,910 | |||||||||||
Camden's equity investment | $47,776 | $49,436 | $44,844 | $37,033 | $39,398 | |||||||||||
Distributions in excess of investment in joint ventures | $(16,499 | ) | $(16,298 | ) | $(30,596 | ) | $(31,799 | ) | $(31,040 | ) | ||||||
Camden's pro-rata share of debt | $175,299 | $172,942 | $221,204 | $212,561 | $209,112 |
PROPERTY DATA (end of period) | ||||||||||||||||
Total operating properties | 44 | 44 | 55 | 54 | 53 | |||||||||||
Total operating apartment homes | 13,174 | 13,174 | 16,858 | 16,564 | 16,324 | |||||||||||
Pro rata share of operating apartment homes | 2,558 | 2,558 | 3,365 | 3,247 | 3,199 | |||||||||||
Total development properties | 2 | 2 | 2 | 2 | 2 | |||||||||||
Total development apartment homes | 520 | 520 | 520 | 520 | 520 | |||||||||||
Pro rata share of development apartment homes | 104 | 104 | 104 | 104 | 104 |
(a) Operating data represents Camden's pro-rata share of revenues and expenses. |
(b) Balance sheet and property data reported at 100%. |
16
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES |
(Unaudited) |
AS OF JUNE 30, 2012 ($ in millions) | ||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||
Total | Total | Total | Construction | Initial | Construction | Stabilized | As of 07/29/2012 | |||||||||||||
Completed Communities in Lease-Up | Homes | Budget | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||
1. Camden LaVina | 420 | $60.0 | $55.6 | 3Q10 | 3Q11 | 1Q12 | 4Q12 | 88 | % | 86 | % | |||||||||
Orlando, FL | ||||||||||||||||||||
2. Camden Summerfield II | 187 | 30.0 | 25.0 | 3Q10 | 3Q11 | 1Q12 | 3Q12 | 98 | % | 94 | % | |||||||||
Landover, MD | ||||||||||||||||||||
3. Camden Royal Oaks II | 104 | 14.0 | 13.2 | 1Q11 | 1Q12 | 1Q12 | 3Q13 | 39 | % | 28 | % | |||||||||
Houston, TX | ||||||||||||||||||||
4. Camden Montague | 192 | 23.0 | 19.8 | 2Q11 | 1Q12 | 2Q12 | 3Q12 | 99 | % | 91 | % | |||||||||
Tampa, FL | ||||||||||||||||||||
Total Completed Communities in Lease-Up | 903 | $127.0 | $113.6 | 87 | % | 82 | % |
Estimated/Actual Dates for | ||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 07/29/2012 | ||||||||||||||
Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||
IN LEASE-UP | ||||||||||||||||||||||
5. Camden Westchase Park | 348 | $52.0 | $47.3 | $18.5 | 2Q11 | 1Q12 | 1Q13 | 2Q13 | 59 | % | 51 | % | ||||||||||
Tampa, FL | ||||||||||||||||||||||
6. Camden Town Square | 438 | 66.0 | 52.6 | 31.2 | 2Q11 | 2Q12 | 1Q13 | 4Q13 | 41 | % | 31 | % | ||||||||||
Orlando, FL | ||||||||||||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||||||
7. Camden City Centre II | 268 | 36.0 | 16.3 | 16.3 | 4Q11 | 1Q13 | 2Q13 | 3Q14 | ||||||||||||||
Houston, TX | ||||||||||||||||||||||
8. Camden NOMA | 320 | 110.0 | 50.2 | 50.2 | 4Q11 | 1Q14 | 2Q14 | 2Q15 | ||||||||||||||
Washington, DC | ||||||||||||||||||||||
9. Camden Lamar Heights (a) | 314 | 47.0 | 7.2 | 7.2 | 2Q12 | 4Q13 | 2Q14 | 3Q15 | ||||||||||||||
Austin, TX | ||||||||||||||||||||||
Total Development Communities | 1,688 | $311.0 | $173.6 | $123.4 | ||||||||||||||||||
Additional Development Pipeline & Land (b) | 174.3 | |||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $297.7 |
NOI CONTRIBUTION FROM NON-STABILIZED COMMUNITIES ($ in millions) | ||||||||
Total Cost | 2Q12 NOI | |||||||
Completed Communities in Lease-Up | $113.6 | $1.2 | ||||||
Development Communities in Lease-Up | 173.6 | 0.3 | ||||||
Total Non-Stabilized Communities NOI Contribution | $287.2 | $1.5 |
Joint Venture Communities Under Construction | Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 07/29/2012 | |||||||||||||
Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||
1. Camden Amber Oaks II | 244 | $25.0 | $20.8 | $2.5 | 2Q11 | 1Q12 | 3Q12 | 2Q13 | 59 | % | 50 | % | ||||||||||
Austin, TX | ||||||||||||||||||||||
2. Camden South Capitol | 276 | 88.0 | 48.2 | 48.2 | 2Q11 | 3Q13 | 4Q13 | 3Q14 | ||||||||||||||
Washington, DC | ||||||||||||||||||||||
Total Joint Venture Development Communities | 520 | $113.0 | $69.0 | $50.7 |
(a) Formerly known as Camden 5400 Lamar. |
(b) Please refer to the Development Pipeline & Land Summary on page 18. |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. |
17
CAMDEN | DEVELOPMENT PIPELINE & LAND |
(Unaudited) |
AS OF JUNE 30, 2012 ($ in millions) | |||||||||
Projected | Total | ||||||||
PIPELINE COMMUNITIES (a) | Homes | Estimated Cost (b) | Cost to Date | ||||||
1. Camden McGowen Station | 251 | $40.0 | $6.8 | ||||||
Houston, TX | |||||||||
2. Camden Flatirons (c) | 424 | 77.0 | 8.4 | ||||||
Denver, CO | |||||||||
3. Camden Paces (Phase 1) (d) | 310 | 70.0 | 48.5 | ||||||
Atlanta, GA | |||||||||
4. Camden Glendale Triangle | 242 | 90.0 | 27.5 | ||||||
Glendale, CA | |||||||||
5. Camden Boca Raton | 261 | 54.0 | 6.0 | ||||||
Boca Raton, FL | |||||||||
6. Camden Lincoln Station | 275 | 48.0 | 5.0 | ||||||
Denver, CO | |||||||||
7. Camden Hollywood (e) | 299 | 125.0 | 17.5 | ||||||
Los Angeles, CA | |||||||||
8. Camden Victory Park | 425 | 70.0 | 13.8 | ||||||
Dallas, TX | |||||||||
Development Pipeline | 2,487 | $574.0 | $133.5 |
LAND HOLDINGS | Acreage | Cost to Date | ||||
Washington, DC | 0.9 | $17.3 | ||||
Houston, TX | 13.2 | 6.9 | ||||
Dallas, TX | 7.2 | 8.6 | ||||
Las Vegas, NV | 19.6 | 4.2 | ||||
Other | 4.8 | 3.8 | ||||
Land Holdings | 45.7 | $40.8 | ||||
Total Development Pipeline and Land | $174.3 |
(a) Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold |
interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community. |
(b) Represents our best estimate of total costs we expect to incur on these projects. However, forward-looking statements are not guarantees of future performances, |
results, or events. Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop as forecasted, and the best |
estimates routinely require adjustment. |
(c) Formerly known as Camden Highlands |
(d) The development will be developed in two phases. The estimated cost and units represents costs for phase one only. The cost to date represents the cost to date for all phases. |
(e) Formerly known as Camden Selma & Vine |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. |
18
CAMDEN | ACQUISITIONS & DISPOSITIONS |
(Unaudited) |
2012 ACQUISITION/DISPOSITION ACTIVITY | ||||||||||
Acquisitions | Location | Property Type | Apartment Homes | Year Built | Closing Date (a) | |||||
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 | |||||
13. Camden Belmont | Dallas, TX | Multifamily | 477 | 2010/2012 | 06/28/12 | |||||
Total/Average Acquisitions | $473.0 | million | 4,511 apartment homes | 1996 | ||||||
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) The communities acquired on January 25, 2012 were acquired from joint ventures of which Camden previously owned a 20% interest. Apartment homes were previously included in Camden's unit count. |
19
CAMDEN | DEBT ANALYSIS |
(In thousands, except property data amounts) | |
(Unaudited) |
DEBT MATURITIES AS OF JUNE 30, 2012: | ||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||
Secured | Unsecured | Interest Rate on | ||||||||||||||||
Year | Amortization | Maturities | Maturities | Total | % of Total | Maturing Debt | ||||||||||||
2012 | $1,411 | $35,928 | $189,667 | $227,006 | 9.5 | % | 5.8 | % | ||||||||||
2013 (a) | 2,225 | 57,307 | 200,000 | 259,532 | 10.8 | % | 4.9 | % | ||||||||||
2014 | 2,187 | 8,827 | - | 11,014 | 0.5 | % | 6.0 | % | ||||||||||
2015 | 2,359 | - | 250,000 | 252,359 | 10.5 | % | 5.1 | % | ||||||||||
2016 | 2,594 | - | - | 2,594 | 0.1 | % | N/A | |||||||||||
Thereafter | 78,050 | 819,107 | 746,750 | 1,643,907 | 68.6 | % | 4.6 | % | ||||||||||
Total Maturing Debt | $88,826 | $921,169 | $1,386,417 | $2,396,412 | 100.0 | % | 4.8 | % | ||||||||||
Unsecured Line of Credit | - ' | - ' | - ' | - ' | - ' | N/A | ||||||||||||
Total Debt | $88,826 | $921,169 | $1,386,417 | $2,396,412 | 100.0 | % | 4.8 | % | ||||||||||
Weighted Average Maturity of Debt | 6.4 Years |
Weighted Average | ||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||
Floating rate debt | $244,877 | 10.2 | % | 1.1 | % | 7.1 Years | ||||||
Fixed rate debt | 2,151,535 | 89.8 | % | 5.3 | % | 6.3 Years | ||||||
Total | $2,396,412 | 100.0 | % | 4.8 | % | 6.4 Years | ||||||
Weighted Average | ||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||
Unsecured debt | $1,381,152 | 57.6 | % | 5.3 | % | 5.3 Years | ||||||
Secured debt | 1,015,260 | 42.4 | % | 4.2 | % | 7.9 Years | ||||||
Total | $2,396,412 | 100.0 | % | 4.8 | % | 6.4 Years | ||||||
Weighted Average | ||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||
Conventional fixed-rate mortgage debt | $770,383 | 75.9 | % | 5.2 | % | 8.1 Years | ||||||
Conventional variable-rate mortgage debt | 206,476 | 20.3 | % | 1.0 | % | 5.5 Years | ||||||
Tax exempt variable rate debt | 38,401 | 3.8 | % | 1.4 | % | 16.0 Years | ||||||
Total | $1,015,260 | 100.0 | % | 4.2 | % | 7.9 Years |
REAL ESTATE ASSETS: (b) | Total Homes | % of Total | Total Cost | % of Total | 2Q12 NOI | % of Total | ||||||||||||
Unencumbered real estate assets | 42,401 | 75.4 | % | $4,793,759 | 75.0 | % | $83,794 | 72.5 | % | |||||||||
Encumbered real estate assets | 13,807 | 24.6 | % | 1,601,538 | 25.0 | % | 31,794 | 27.5 | % | |||||||||
Total | 56,208 | 100.0 | % | $6,395,297 | 100.0 | % | $115,588 | 100.0 | % | |||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 3.5 times |
(a) Includes extension option company exercised subsequent to quarter end. |
(b) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures. |
20
CAMDEN | DEBT MATURITY ANALYSIS | |
(In thousands) | ||
(Unaudited) |
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2012 AND 2013: | |||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | ||||||||||||||||||||
Secured | Unsecured | Interest Rate on | |||||||||||||||||||
Quarter | Amortization | Maturities | Maturities | Total | Maturing Debt | ||||||||||||||||
3Q 2012 | $767 | $35,928 | $ - | $36,695 | 5.0 | % | |||||||||||||||
4Q 2012 | 644 | - | 189,667 | 190,311 | 5.9 | % | |||||||||||||||
2012 | $1,411 | $35,928 | $189,667 | $227,006 | 5.8 | % | |||||||||||||||
1Q 2013 | $681 | $ - | $ - | $681 | N/A | ||||||||||||||||
2Q 2013 | 547 | 25,831 | - | 26,378 | 5.0 | % | |||||||||||||||
3Q 2013 (a) | 490 | 31,476 | - | 31,966 | 1.7 | % | |||||||||||||||
4Q 2013 | 507 | - | 200,000 | 200,507 | 5.4 | % | |||||||||||||||
2013 | $2,225 | $57,307 | $200,000 | $259,532 | 4.9 | % | |||||||||||||||
(a) Includes extension option company exercised subsequent to quarter end. |
21
CAMDEN | DEBT COVENANT ANALYSIS | |
(Unaudited) |
UNSECURED LINE OF CREDIT | ||||||||
Covenant (a) | Required | Actual (b) | Compliance | |||||
Total Consolidated Debt to Gross Asset Value | ≤ | 60% | 33% | Yes | ||||
Secured Debt to Gross Asset Value | ≤ | 35% | 14% | Yes | ||||
Consolidated EBITDA to Total Fixed Charges | ≥ | 150% | 319% | Yes | ||||
Unencumbered Adjusted NOI to Total Unsecured Debt | > | 10.5% | 23% | Yes | ||||
SENIOR UNSECURED NOTES | ||||||||
Covenant (a) | Required | Actual (b) | Compliance | |||||
Total Consolidated Debt to Total Asset Value | ≤ | 60% | 37% | Yes | ||||
Total Secured Debt to Total Asset Value | ≤ | 40% | 16% | Yes | ||||
Total Unencumbered Asset Value to Total Unsecured Debt | ≥ | 150% | 357% | Yes | ||||
Consolidated Income Available for Debt Service to Total | > | 150% | 349% | Yes | ||||
Annual Service Charges | ||||||||
(a) | For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission. |
(b) | Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes. |
22
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS |
DEBT ANALYSIS | |
(In thousands, except property data amounts) | |
(Unaudited) |
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF JUNE 30, 2012: | ||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||
Secured | Interest Rate on | |||||||||||||||||||
Year (a) | Amortization | Maturities | Total | % of Total | Maturing Debt | |||||||||||||||
2012 | $782 | $13,485 | $14,267 | 8.1 | % | 5.8 | % | |||||||||||||
2013 | 1,743 | 38,080 | 39,823 | 22.7 | % | 4.6 | % | |||||||||||||
2014 | 2,275 | 17,849 | 20,124 | 11.5 | % | 4.5 | % | |||||||||||||
2015 | 2,118 | 11,167 | 13,285 | 7.6 | % | 2.5 | % | |||||||||||||
2016 | 1,999 | 28,785 | 30,784 | 17.6 | % | 3.6 | % | |||||||||||||
Thereafter | 3,744 | 51,550 | 55,294 | 31.5 | % | 4.1 | % | |||||||||||||
Total Maturing Debt | $12,661 | $160,916 | $173,577 | 99.0 | % | 4.2 | % | |||||||||||||
Subscription lines of credit (b) | - | 1,722 | 1,722 | 1.0 | % | 1.6 | % | |||||||||||||
Total Debt | $12,661 | $162,638 | $175,299 | 100.0 | % | 4.2 | % | |||||||||||||
Weighted Average Maturity of Debt (a) | 3.6 Years | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity (a) | ||||||||||||||||
Floating rate debt | $23,515 | 13.4 | % | 1.9 | % | 3.4 Years | ||||||||||||||
Fixed rate debt | 151,784 | 86.6 | % | 4.5 | % | 3.7 Years | ||||||||||||||
Total | $175,299 | 100.0 | % | 4.2 | % | 3.6 Years | ||||||||||||||
Weighted Average | ||||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity (a) | ||||||||||||||||
Conventional fixed-rate mortgage debt | $151,784 | 86.6 | % | 4.5 | % | 3.7 Years | ||||||||||||||
Conventional variable-rate mortgage debt | 13,936 | 7.9 | % | 1.8 | % | 2.2 Years | ||||||||||||||
Tax exempt variable rate debt | 2,014 | 1.2 | % | 0.7 | % | 18.9 Years | ||||||||||||||
Variable-rate construction loans | 5,843 | 3.3 | % | 2.4 | % | 1.7 Years | ||||||||||||||
Subscription lines of credit | 1,722 | 1.0 | % | 1.6 | % | 0.9 Years | ||||||||||||||
Total | $175,299 | 100.0 | % | 4.2 | % | 3.6 Years | ||||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | ||||||||||||||||||
Operating real estate assets | 13,174 | $1,187,744 | ||||||||||||||||||
Properties under development and land | 520 | 57,043 | ||||||||||||||||||
Total | 13,694 | $1,244,787 | ||||||||||||||||||
(a) | Includes available extension options. |
(b) | As of June 30, 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%. |
23
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 | |||||||||||||
3Q 2012 | $384 | $- | $384 | n/a | |||||||||||||
4Q 2012 (b) | 398 | 13,845 | 14,243 | 5.6 | % | ||||||||||||
2012 | $782 | $13,845 | $14,627 | 5.6 | % | ||||||||||||
1Q 2013 | $420 | $2,100 | $2,520 | 2.5 | % | ||||||||||||
2Q 2013 (c) | 428 | 1,362 | 1,790 | 1.6 | % | ||||||||||||
3Q 2013 | 442 | 35,980 | 36,422 | 4.7 | % | ||||||||||||
4Q 2013 | 453 | - | 453 | N/A | |||||||||||||
2013 | $1,743 | $39,442 | $41,185 | 4.5 | % | ||||||||||||
(a) | Includes available extension options. |
(b) | 4Q 2012 maturities include a subscription secured line of credit with $360 (Camden's pro-rata share) outstanding as of June 30, 2012. The line of credit has $4.0 million in total capacity. |
(c) | 2Q 2013 maturities include a subscription secured line of credit with $1,362 (Camden's pro-rata share) outstanding as of June 30, 2012. The line of credit has $8.9 million in total capacity. |
24
CAMDEN | CAPITALIZED EXPENDITURES |
& MAINTENANCE EXPENSE | |
(In thousands, except unit data) | |
(Unaudited) |
Second Quarter 2012 (a) | ||||||||||||||||||||
Capitalized | Expensed | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
Item | Useful Life (b) | Total | Per Unit | Total | Per Unit | |||||||||||||||
Interiors | ||||||||||||||||||||
Floor coverings | 5.5 years | $2,847 | $53 | $771 | $14 | |||||||||||||||
Appliances | 9.6 years | 1,237 | 23 | 207 | 4 | |||||||||||||||
Painting | - | - | - | 1,616 | 30 | |||||||||||||||
Cabinetry/Countertops | 10.0 years | 455 | 8 | - | - | |||||||||||||||
Other | 8.7 years | 1,331 | 25 | 465 | 9 | |||||||||||||||
Exteriors | ||||||||||||||||||||
Painting | 5.0 years | 1,824 | 34 | - | - | |||||||||||||||
Carpentry | 10.0 years | 409 | 8 | - | - | |||||||||||||||
Landscaping | 5.7 years | 412 | 8 | 3,110 | 58 | |||||||||||||||
Roofing | 20.0 years | 588 | 11 | 79 | 1 | |||||||||||||||
Site Drainage | 10.0 years | 106 | 2 | - | - | |||||||||||||||
Fencing/Stair | 10.0 years | 321 | 6 | - | - | |||||||||||||||
Other (c) | 7.5 years | 2,785 | 52 | 2,927 | 54 | |||||||||||||||
Common Areas | ||||||||||||||||||||
Mech., Elec., Plumbing | 9.5 years | 1,497 | 28 | 1,122 | 21 | |||||||||||||||
Parking/Paving | 5.0 years | 583 | 11 | - | - | |||||||||||||||
Pool/Exercise/Facility | 8.3 years | 3,788 | 70 | 421 | 8 | |||||||||||||||
Total | $18,183 | $339 | $10,718 | $200 | ||||||||||||||||
Weighted Average Apartment Homes | 53,720 | 53,720 | ||||||||||||||||||
Year to Date 2012 (a) | ||||||||||||||||||||
Capitalized | Expensed | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
Item | Useful Life (b) | Total | Per Unit | Total | Per Unit | |||||||||||||||
Interiors | ||||||||||||||||||||
Floor coverings | 5.5 years | $5,458 | $102 | $1,473 | $28 | |||||||||||||||
Appliances | 9.6 years | 2,388 | 45 | 414 | 8 | |||||||||||||||
Painting | - | - | - | 3,041 | 57 | |||||||||||||||
Cabinetry/Countertops | 10.0 years | 880 | 16 | - | - | |||||||||||||||
Other | 8.7 years | 2,481 | 47 | 930 | 17 | |||||||||||||||
Exteriors | ||||||||||||||||||||
Painting | 5.0 years | 1,892 | 35 | - | - | |||||||||||||||
Carpentry | 10.0 years | 614 | 12 | - | - | |||||||||||||||
Landscaping | 5.7 years | 772 | 14 | 6,111 | 115 | |||||||||||||||
Roofing | 20.0 years | 1,099 | 21 | 156 | 3 | |||||||||||||||
Site Drainage | 10.0 years | 182 | 3 | - | - | |||||||||||||||
Fencing/Stair | 10.0 years | 363 | 7 | - | - | |||||||||||||||
Other (c) | 7.5 years | 4,575 | 86 | 5,656 | 106 | |||||||||||||||
Common Areas | ||||||||||||||||||||
Mech., Elec., Plumbing | 9.5 years | 2,433 | 46 | 2,092 | 39 | |||||||||||||||
Parking/Paving | 5.0 years | 656 | 12 | - | - | |||||||||||||||
Pool/Exercise/Facility | 8.3 years | 5,320 | 100 | 725 | 14 | |||||||||||||||
Total | $29,113 | $546 | $20,598 | $387 | ||||||||||||||||
Weighted Average Apartment Homes | 53,338 | 53,338 | ||||||||||||||||||
(a) | Includes discontinued operations. Capitalized expenditures for discontinued operations was $0 and $289 for the three and six months ended June 30, 2012, respectively. Maintenance expenses for discontinued operations was $0 and $111 for the same periods. |
(b) | Weighted average useful life of capitalized expenses for the three and six months ended June 30, 2012. |
(c) | Includes in part the following items: site/building repair, masonry/plaster, and general conditions. |
25
CAMDEN | NON-GAAP FINANCIAL MEASURES |
DEFINITIONS & RECONCILIATIONS | |
(In thousands, except per share amounts) | |
(Unaudited) |
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's |
definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP |
financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating |
activities as a measure of our liquidity. |
FFO |
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance |
with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, |
and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities, |
including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance |
because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a |
company's real estate between periods or as compared to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below: |
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
Net income (loss) attributable to common shareholders (a) | $21,763 | ($16,597 | ) | $110,521 | ($9,311 | ) | |||||
Real estate depreciation from continuing operations | 52,197 | 43,505 | 101,206 | 88,108 | |||||||
Real estate depreciation and amortization from discontinued operations | - | 977 | 186 | 1,948 | |||||||
Adjustments for unconsolidated joint ventures | 2,038 | 1,813 | 4,313 | 3,819 | |||||||
Income allocated to noncontrolling interests | 709 | 653 | 1,802 | 1,036 | |||||||
(Gain) on acquisition of controlling interests in joint ventures | - | - | (40,191 | ) | - | ||||||
(Gain) on sale of discontinued operations, net of tax | - | - | (32,541 | ) | - | ||||||
(Gain) on sale of unconsolidated joint venture interests | - | - | - | (1,136 | ) | ||||||
Funds from operations - diluted | $76,707 | $30,351 | $145,296 | $84,464 | |||||||
Weighted average number of common and | |||||||||||
common equivalent shares outstanding: | |||||||||||
EPS diluted | 83,846 | 72,343 | 84,461 | 72,126 | |||||||
FFO diluted | 86,067 | 75,523 | 84,461 | 75,273 | |||||||
Net income (loss) attributable to common shareholders - diluted | $0.26 | ($0.23 | ) | $1.32 | ($0.13 | ) | |||||
FFO per common share - diluted | $0.89 | $0.40 | $1.72 | $1.12 | |||||||
(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the three and six months ended June 30, 2011. |
Expected FFO | |
Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating | |
performance when compared to expected net income attributable to common shareholders (EPS). A reconciliation of the ranges provided for expected | |
net income attributable to common shareholders per diluted share to expected FFO per diluted share is provided below: |
3Q12 Range | 2012 Range | ||||||||||
Low | High | Low | High | ||||||||
Expected net income attributable to common shareholders per share - diluted | $0.30 | $0.34 | $1.94 | $2.02 | |||||||
Expected real estate depreciation from continuing operations | 0.55 | 0.55 | 2.30 | 2.30 | |||||||
Expected real estate depreciation and amortization from discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | |||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.10 | 0.10 | |||||||
Expected income allocated to noncontrolling interests | 0.01 | 0.01 | 0.04 | 0.04 | |||||||
Realized (gain) on acquisition 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 | $0.88 | $0.92 | $3.50 | $3.58 | |||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. |
26
CAMDEN | NON-GAAP FINANCIAL MEASURES |
DEFINITIONS & RECONCILIATIONS | |
(In thousands, except per share amounts) | |
(Unaudited) |
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 | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
Net income (loss) attributable to common shareholders | $21,763 | ($16,597 | ) | $110,521 | ($9,311 | ) | |||||
Less: Fee and asset management income | (3,608 | ) | (2,471 | ) | (6,531 | ) | (4,309 | ) | |||
Less: Interest and other (income) loss | 65 | (86 | ) | 753 | (4,857 | ) | |||||
Less: Income (loss) on deferred compensation plans | 2,185 | (1,375 | ) | (5,601 | ) | (7,329 | ) | ||||
Plus: Property management expense | 4,851 | 5,109 | 10,135 | 10,428 | |||||||
Plus: Fee and asset management expense | 1,444 | 1,670 | 3,187 | 2,890 | |||||||
Plus: General and administrative expense | 9,730 | 8,032 | 18,409 | 17,820 | |||||||
Plus: Interest expense | 26,247 | 28,381 | 52,930 | 58,118 | |||||||
Plus: Depreciation and amortization | 53,310 | 44,754 | 103,428 | 90,605 | |||||||
Plus: Amortization of deferred financing costs | 900 | 1,890 | 1,812 | 3,417 | |||||||
Plus: Expense (benefit) on deferred compensation plans | (2,185 | ) | 1,375 | 5,601 | 7,329 | ||||||
Less: Gain on acquisition of controlling interests in joint ventures | - | - | (40,191 | ) | - | ||||||
Less: Gain on sale of properties, including land | - | (4,748 | ) | - | (4,748 | ) | |||||
Less: Gain on sale of unconsolidated joint venture interests | - | - | - | (1,136 | ) | ||||||
Plus: Loss on discontinuation of hedging relationship | - | 29,791 | - | 29,791 | |||||||
Less: Equity in income of joint ventures | (632 | ) | (16 | ) | (998 | ) | (390 | ) | |||
Plus: Income tax expense - current | 434 | 256 | 658 | 1,576 | |||||||
Less: Income from discontinued operations | - | (895 | ) | (353 | ) | (1,687 | ) | ||||
Less: Gain on sale of discontinued operations, net of tax | - | - | (32,541 | ) | - | ||||||
Plus: Income allocated to noncontrolling interests from continuing operations | 1,084 | 781 | 1,909 | 1,337 | |||||||
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations | - | 11 | 670 | 20 | |||||||
Plus: Income allocated to perpetual preferred units | - | 1,750 | 776 | 3,500 | |||||||
Plus: Write off of original issuance costs of redeemed perpetual preferred units | - | - | 2,075 | - | |||||||
Net Operating Income (NOI) | $115,588 | $97,612 | $226,649 | $193,064 | |||||||
"Same Property" Communities | $103,563 | $95,360 | $204,668 | $187,616 | |||||||
Non-"Same Property" Communities | 9,491 | 2,195 | 17,940 | 5,271 | |||||||
Development and Lease-Up Communities | 1,536 | - | 2,216 | - | |||||||
Other | 998 | 57 | 1,825 | 177 | |||||||
Net Operating Income (NOI) | $115,588 | $97,612 | $226,649 | $193,064 |
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 | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
Net income (loss) attributable to common shareholders | $21,763 | ($16,597 | ) | $110,521 | ($9,311 | ) | |||||
Plus: Interest expense | 26,247 | 28,381 | 52,930 | 58,118 | |||||||
Plus: Amortization of deferred financing costs | 900 | 1,890 | 1,812 | 3,417 | |||||||
Plus: Depreciation and amortization | 53,310 | 44,754 | 103,428 | 90,605 | |||||||
Plus: Income allocated to perpetual preferred units | - | 1,750 | 776 | 3,500 | |||||||
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 | - | 11 | 670 | 20 | |||||||
Plus: Income allocated to noncontrolling interests from continuing operations | 1,084 | 781 | 1,909 | 1,337 | |||||||
Plus: Income tax expense - current | 434 | 256 | 658 | 1,576 | |||||||
Plus: Real estate depreciation and amortization from discontinued operations | - | 977 | 186 | 1,948 | |||||||
Less: Gain on sale of properties, including land | - | (4,748 | ) | - | (4,748 | ) | |||||
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 | (632 | ) | (16 | ) | (998 | ) | (390 | ) | |||
Less: Gain on sale of discontinued operations, net of tax | - | - | (32,541 | ) | - | ||||||
Plus: Loss on discontinuation of hedging relationship | - | 29,791 | - | 29,791 | |||||||
EBITDA | $103,106 | $87,230 | $201,235 | $174,727 |
27
CAMDEN | OTHER DATA | ||
(Unaudited) |
Stock Symbol: | CPT | |||||||||||||
Exchange Traded: | NYSE | |||||||||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | ||||||||||||
Moody's | Baa1 | Stable | ||||||||||||
Fitch | BBB+ | Stable | ||||||||||||
Standard & Poors | BBB | Positive | ||||||||||||
Estimated Future Dates: | Q3 '12 | Q4 '12 | Q1 '13 | Q2 '13 | ||||||||||
Earnings release & conference call | Early Nov | Early Feb | Early May | Early Aug | ||||||||||
Dividend Information - Common Shares: | Q1 '12 | Q2 '12 | ||||||||||||
Declaration Date | 03/08/12 | 06/15/12 | ||||||||||||
Record Date | 03/30/12 | 06/29/12 | ||||||||||||
Payment Date | 04/17/12 | 07/17/12 | ||||||||||||
Distributions Per Share | $0.56 | $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 |
28
CAMDEN | COMMUNITY TABLE |
Community Statistics as of 06/30/12 | |
(Unaudited) | 2Q12 Avg | ||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 2Q12 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 | 93 | % | $870 | $1.11 | ||||||||||||||||||||
Camden Fountain Palms | Peoria | AZ | 1986/1996 | 1,050 | 192 | 90 | % | 683 | 0.65 | ||||||||||||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 94 | % | 938 | 0.88 | ||||||||||||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 924 | 272 | 93 | % | 837 | 0.91 | ||||||||||||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 93 | % | 972 | 0.93 | ||||||||||||||||||||
Camden Sierra | Peoria | AZ | 1997 | 925 | 288 | 91 | % | 673 | 0.73 | ||||||||||||||||||||
Camden Towne Center | Glendale | AZ | 1998 | 871 | 240 | 90 | % | 667 | 0.77 | ||||||||||||||||||||
TOTAL ARIZONA | 7 | Properties | 955 | 2,076 | 92 | % | 827 | 0.87 | |||||||||||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 96 | % | 1,582 | 1.57 | ||||||||||||||||||||
Camden Harbor View | Long Beach | CA | 2004 | 975 | 538 | 95 | % | 1,949 | 2.00 | ||||||||||||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96 | % | 1,802 | 1.78 | ||||||||||||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 794 | 714 | 95 | % | 1,336 | 1.68 | ||||||||||||||||||||
Camden Parkside | Fullerton | CA | 1972 | 836 | 421 | 95 | % | 1,229 | 1.47 | ||||||||||||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 98 | % | 1,485 | 1.67 | ||||||||||||||||||||
Total Los Angeles/Orange County | 6 | Properties | 904 | 2,481 | 96 | % | 1,551 | 1.72 | |||||||||||||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 94 | % | 1,595 | 1.54 | ||||||||||||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 94 | % | 1,501 | 1.56 | ||||||||||||||||||||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 96 | % | 1,982 | 2.21 | ||||||||||||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 94 | % | 1,232 | 1.17 | ||||||||||||||||||||
Total San Diego/Inland Empire | 4 | Properties | 995 | 1,196 | 94 | % | 1,534 | 1.54 | |||||||||||||||||||||
TOTAL CALIFORNIA | 10 | Properties | 934 | 3,677 | 95 | % | 1,545 | 1.66 | |||||||||||||||||||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 96 | % | 970 | 1.05 | ||||||||||||||||||||
Camden Centennial | Littleton | CO | 1985 | 744 | 276 | 94 | % | 748 | 1.01 | ||||||||||||||||||||
Camden Denver West (1) | Golden | CO | 1997 | 1,015 | 320 | 95 | % | 1,141 | 1.12 | ||||||||||||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 97 | % | 1,208 | 1.05 | ||||||||||||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,022 | 340 | 97 | % | 1,194 | 1.17 | ||||||||||||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 94 | % | 966 | 1.04 | ||||||||||||||||||||
Camden Pinnacle | Westminster | CO | 1985 | 748 | 224 | 95 | % | 772 | 1.03 | ||||||||||||||||||||
TOTAL COLORADO | 7 | Properties | 949 | 2,171 | 95 | % | 1,018 | 1.07 | |||||||||||||||||||||
Camden Ashburn Farms | Ashburn | VA | 2000 | 1,062 | 162 | 99 | % | 1,470 | 1.38 | ||||||||||||||||||||
Camden Clearbrook | Frederick | MD | 2007 | 1,048 | 297 | 97 | % | 1,335 | 1.27 | ||||||||||||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 95 | % | 1,564 | 1.66 | ||||||||||||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 984 | 366 | 96 | % | 1,611 | 1.64 | ||||||||||||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 96 | % | 1,621 | 1.53 | ||||||||||||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 488 | 96 | % | 1,657 | 1.77 | ||||||||||||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 96 | % | 1,664 | 1.67 | ||||||||||||||||||||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 94 | % | 2,435 | 3.61 | ||||||||||||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 96 | % | 1,412 | 1.40 | ||||||||||||||||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 93 | % | 1,591 | 1.55 | ||||||||||||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 96 | % | 1,496 | 1.75 | ||||||||||||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 835 | 378 | 96 | % | 1,967 | 2.36 | ||||||||||||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 98 | % | 2,425 | 2.83 | ||||||||||||||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 93 | % | 1,373 | 1.38 | ||||||||||||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 97 | % | 1,418 | 1.45 | ||||||||||||||||||||
Camden Summerfield | Landover | MD | 2008 | 957 | 291 | 92 | % | 1,566 | 1.64 | ||||||||||||||||||||
Camden Summerfield II (2) | Landover | MD | 2012 | 936 | 187 | Lease-up | 1,544 | 1.65 | |||||||||||||||||||||
TOTAL DC METRO | 17 | Properties | 963 | 5,791 | 96 | % | 1,599 | 1.66 | |||||||||||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 93 | % | 1,532 | 1.38 | ||||||||||||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 95 | % | 1,622 | 1.73 | ||||||||||||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 96 | % | 1,538 | 1.37 | ||||||||||||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 92 | % | 1,669 | 1.33 | ||||||||||||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 96 | % | 1,729 | 1.66 | ||||||||||||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 95 | % | 1,298 | 1.08 | ||||||||||||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 96 | % | 1,336 | 1.20 | ||||||||||||||||||||
Total Southeast Florida | 7 | Properties | 1,103 | 2,520 | 95 | % | 1,521 | 1.38 | |||||||||||||||||||||
Camden Club | Longwood | FL | 1986 | 1,077 | 436 | 98 | % | 858 | 0.80 | ||||||||||||||||||||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 96 | % | 995 | 0.93 | ||||||||||||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 95 | % | 900 | 0.94 | ||||||||||||||||||||
Camden LaVina (2) | Orlando | FL | 2012 | 970 | 420 | Lease-up | 1,058 | 1.09 | |||||||||||||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 96 | % | 878 | 0.94 | ||||||||||||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 96 | % | 1,107 | 1.36 | ||||||||||||||||||||
Camden Renaissance | Altamonte Springs | FL | 1996/1998 | 899 | 578 | 94 | % | 802 | 0.89 | ||||||||||||||||||||
Camden Reserve | Orlando | FL | 1990/1991 | 824 | 526 | 95 | % | 740 | 0.90 | ||||||||||||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 97 | % | 968 | 0.99 | ||||||||||||||||||||
Total Orlando | 9 | Properties | 943 | 3,764 | 96 | % | 902 | 0.96 |
29
CAMDEN | COMMUNITY TABLE |
Community Statistics as of 06/30/12 | |
(Unaudited) | 2Q12 Avg | |||||||||||||||||||||
Year Placed | Average | Apartment | 2Q12 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 | 93 | % | 875 | 0.93 | ||||||||||||||||||||
Camden Bay Pointe | Tampa | FL | 1984 | 771 | 368 | 94 | % | 702 | 0.91 | ||||||||||||||||||||
Camden Bayside | Tampa | FL | 1987/1989 | 748 | 832 | 96 | % | 773 | 1.03 | ||||||||||||||||||||
Camden Citrus Park | Tampa | FL | 1985 | 704 | 247 | 94 | % | 685 | 0.97 | ||||||||||||||||||||
Camden Lakes | St. Petersburg | FL | 1982/1983 | 732 | 688 | 94 | % | 696 | 0.95 | ||||||||||||||||||||
Camden Lakeside | Brandon | FL | 1986 | 729 | 228 | 94 | % | 747 | 1.02 | ||||||||||||||||||||
Camden Live Oaks | Tampa | FL | 1990 | 1,093 | 770 | 93 | % | 784 | 0.72 | ||||||||||||||||||||
Camden Montague (2) | Tampa | FL | 2012 | 975 | 192 | Lease-up | 1,082 | 1.11 | |||||||||||||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 95 | % | 1,060 | 1.13 | ||||||||||||||||||||
Camden Providence Lakes | Brandon | FL | 1996 | 1,024 | 260 | 95 | % | 913 | 0.89 | ||||||||||||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 93 | % | 946 | 0.93 | ||||||||||||||||||||
Camden Visconti (1) | Tampa | FL | 2007 | 1,125 | 450 | 96 | % | 1,121 | 1.00 | ||||||||||||||||||||
Camden Westshore | Tampa | FL | 1986 | 728 | 278 | 95 | % | 845 | 1.16 | ||||||||||||||||||||
Camden Woods | Tampa | FL | 1986 | 1,223 | 444 | 96 | % | 849 | 0.69 | ||||||||||||||||||||
Total Tampa/St. Petersburg | 14 | Properties | 916 | 6,145 | 94 | % | 842 | 0.93 | |||||||||||||||||||||
TOTAL FLORIDA | 30 | Properties | 962 | 12,429 | 95 | % | 998 | 1.04 | |||||||||||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 95 | % | 971 | 1.06 | ||||||||||||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 94 | % | 958 | 0.81 | ||||||||||||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 95 | % | 897 | 0.89 | ||||||||||||||||||||
Camden Ivy Hall (1) | Atlanta | GA | 2010 | 1,181 | 110 | 94 | % | 1,638 | 1.39 | ||||||||||||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 94 | % | 996 | 1.07 | ||||||||||||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 97 | % | 922 | 0.90 | ||||||||||||||||||||
Camden Phipps (1) | Atlanta | GA | 1996 | 1,018 | 234 | 94 | % | 1,193 | 1.17 | ||||||||||||||||||||
Camden River | Duluth | GA | 1997 | 1,103 | 352 | 95 | % | 899 | 0.82 | ||||||||||||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 96 | % | 869 | 0.76 | ||||||||||||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 97 | % | 918 | 0.92 | ||||||||||||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 94 | % | 755 | 0.75 | ||||||||||||||||||||
Camden Sweetwater | Lawrenceville | GA | 2000 | 1,151 | 308 | 93 | % | 727 | 0.63 | ||||||||||||||||||||
TOTAL GEORGIA | 12 | Properties | 1,045 | 3,546 | 95 | % | 936 | 0.90 | |||||||||||||||||||||
Camden Passage (1) | Kansas City | MO | 1989/1997 | 834 | 596 | 94 | % | 678 | 0.81 | ||||||||||||||||||||
Total Kansas City | 1 | Property | 834 | 596 | 94 | % | 678 | 0.81 | |||||||||||||||||||||
Camden Cedar Lakes (1) | Lake St. Louis | MO | 1986 | 852 | 420 | 92 | % | 661 | 0.78 | ||||||||||||||||||||
Camden Cove West (1) | Creve Coeur | MO | 1990 | 828 | 276 | 98 | % | 851 | 1.03 | ||||||||||||||||||||
Camden Cross Creek (1) | St. Louis | MO | 1973/1980 | 947 | 591 | 96 | % | 790 | 0.83 | ||||||||||||||||||||
Camden Westchase (1) | St. Louis | MO | 1986 | 945 | 160 | 96 | % | 902 | 0.95 | ||||||||||||||||||||
Total St. Louis | 4 | Properties | 896 | 1,447 | 95 | % | 777 | 0.87 | |||||||||||||||||||||
TOTAL MISSOURI | 5 | Properties | 878 | 2,043 | 95 | % | 748 | 0.85 | |||||||||||||||||||||
Camden Bel Air | Las Vegas | NV | 1988/1995 | 943 | 528 | 93 | % | 716 | 0.76 | ||||||||||||||||||||
Camden Breeze | Las Vegas | NV | 1989 | 846 | 320 | 94 | % | 722 | 0.85 | ||||||||||||||||||||
Camden Canyon | Las Vegas | NV | 1995 | 987 | 200 | 96 | % | 857 | 0.87 | ||||||||||||||||||||
Camden Commons | Henderson | NV | 1988 | 936 | 376 | 95 | % | 748 | 0.80 | ||||||||||||||||||||
Camden Cove | Las Vegas | NV | 1990 | 898 | 124 | 94 | % | 712 | 0.79 | ||||||||||||||||||||
Camden Del Mar | Las Vegas | NV | 1995 | 986 | 560 | 96 | % | 893 | 0.91 | ||||||||||||||||||||
Camden Fairways | Henderson | NV | 1989 | 896 | 320 | 95 | % | 874 | 0.98 | ||||||||||||||||||||
Camden Hills | Las Vegas | NV | 1991 | 439 | 184 | 91 | % | 497 | 1.13 | ||||||||||||||||||||
Camden Legends | Henderson | NV | 1994 | 792 | 113 | 92 | % | 825 | 1.04 | ||||||||||||||||||||
Camden Palisades | Las Vegas | NV | 1991 | 905 | 624 | 93 | % | 723 | 0.80 | ||||||||||||||||||||
Camden Pines | Las Vegas | NV | 1997 | 982 | 315 | 93 | % | 794 | 0.81 | ||||||||||||||||||||
Camden Pointe | Las Vegas | NV | 1996 | 983 | 252 | 96 | % | 731 | 0.74 | ||||||||||||||||||||
Camden Summit | Henderson | NV | 1995 | 1,187 | 234 | 95 | % | 1,077 | 0.91 | ||||||||||||||||||||
Camden Tiara | Las Vegas | NV | 1996 | 1,043 | 400 | 93 | % | 862 | 0.83 | ||||||||||||||||||||
Camden Vintage | Las Vegas | NV | 1994 | 978 | 368 | 95 | % | 705 | 0.72 | ||||||||||||||||||||
Oasis Bay (1) | Las Vegas | NV | 1990 | 876 | 128 | 97 | % | 746 | 0.85 | ||||||||||||||||||||
Oasis Crossings (1) | Las Vegas | NV | 1996 | 983 | 72 | 92 | % | 746 | 0.76 | ||||||||||||||||||||
Oasis Emerald (1) | Las Vegas | NV | 1988 | 873 | 132 | 92 | % | 608 | 0.70 | ||||||||||||||||||||
Oasis Gateway (1) | Las Vegas | NV | 1997 | 1,146 | 360 | 94 | % | 778 | 0.68 | ||||||||||||||||||||
Oasis Island (1) | Las Vegas | NV | 1990 | 901 | 118 | 92 | % | 620 | 0.69 | ||||||||||||||||||||
Oasis Landing (1) | Las Vegas | NV | 1990 | 938 | 144 | 92 | % | 676 | 0.72 | ||||||||||||||||||||
Oasis Meadows (1) | Las Vegas | NV | 1996 | 1,031 | 383 | 91 | % | 724 | 0.70 | ||||||||||||||||||||
Oasis Palms (1) | Las Vegas | NV | 1989 | 880 | 208 | 92 | % | 680 | 0.77 | ||||||||||||||||||||
Oasis Pearl (1) | Las Vegas | NV | 1989 | 930 | 90 | 92 | % | 680 | 0.73 | ||||||||||||||||||||
Oasis Place (1) | Las Vegas | NV | 1992 | 440 | 240 | 88 | % | 483 | 1.10 | ||||||||||||||||||||
Oasis Ridge (1) | Las Vegas | NV | 1984 | 391 | 477 | 88 | % | 414 | 1.06 | ||||||||||||||||||||
Oasis Sierra (1) | Las Vegas | NV | 1998 | 923 | 208 | 94 | % | 781 | 0.85 | ||||||||||||||||||||
Oasis Springs (1) | Las Vegas | NV | 1988 | 838 | 304 | 91 | % | 578 | 0.69 | ||||||||||||||||||||
Oasis Vinings (1) | Las Vegas | NV | 1994 | 1,152 | 234 | 92 | % | 713 | 0.62 | ||||||||||||||||||||
TOTAL NEVADA | 29 | Properties | 903 | 8,016 | 93 | % | 728 | 0.81 |
30
CAMDEN | COMMUNITY TABLE |
Community Statistics as of 06/30/12 | |
(Unaudited) | 2Q12 Avg | |||||||||||||||||||||
Year Placed | Average | Apartment | 2Q12 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 | % | 956 | 0.91 | ||||||||||||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 96 | % | 1,225 | 1.35 | ||||||||||||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 98 | % | 1,188 | 1.39 | ||||||||||||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 97 | % | 882 | 0.85 | ||||||||||||||||||||
Camden Forest | Charlotte | NC | 1989 | 703 | 208 | 92 | % | 583 | 0.83 | ||||||||||||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 99 | % | 801 | 0.85 | ||||||||||||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,057 | 266 | 95 | % | 1,342 | 1.27 | ||||||||||||||||||||
Camden Habersham | Charlotte | NC | 1986 | 773 | 240 | 96 | % | 674 | 0.87 | ||||||||||||||||||||
Camden Park Commons | Charlotte | NC | 1997 | 861 | 232 | 96 | % | 683 | 0.79 | ||||||||||||||||||||
Camden Pinehurst | Charlotte | NC | 1967 | 1,147 | 407 | 96 | % | 805 | 0.70 | ||||||||||||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96 | % | 862 | 0.89 | ||||||||||||||||||||
Camden Simsbury | Charlotte | NC | 1985 | 874 | 100 | 97 | % | 864 | 0.99 | ||||||||||||||||||||
Camden South End Square | Charlotte | NC | 2003 | 882 | 299 | 96 | % | 1,135 | 1.29 | ||||||||||||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 96 | % | 1,014 | 0.92 | ||||||||||||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 98 | % | 774 | 0.86 | ||||||||||||||||||||
Total Charlotte | 15 | Properties | 961 | 3,574 | 96 | % | 923 | 0.96 | |||||||||||||||||||||
Camden Asbury Village (1) | Raleigh | NC | 2009 | 1,009 | 350 | 93 | % | 997 | 0.99 | ||||||||||||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 96 | % | 807 | 0.80 | ||||||||||||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 95 | % | 909 | 0.87 | ||||||||||||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 94 | % | 853 | 0.80 | ||||||||||||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 97 | % | 885 | 0.92 | ||||||||||||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 95 | % | 947 | 0.89 | ||||||||||||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 96 | % | 738 | 0.76 | ||||||||||||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 96 | % | 807 | 0.79 | ||||||||||||||||||||
Total Raleigh | 8 | Properties | 1,016 | 3,054 | 95 | % | 861 | 0.85 | |||||||||||||||||||||
TOTAL NORTH CAROLINA | 23 | Properties | 986 | 6,628 | 96 | % | 895 | 0.91 | |||||||||||||||||||||
Camden Valleybrook | Chadds Ford | PA | 2002 | 992 | 352 | 96 | % | 1,320 | 1.33 | ||||||||||||||||||||
TOTAL PENNSYLVANIA | 1 | Property | 992 | 352 | 96 | % | 1,320 | 1.33 | |||||||||||||||||||||
Camden Amber Oaks (1) | Austin | TX | 2009 | 862 | 348 | 95 | % | 860 | 1.00 | ||||||||||||||||||||
Camden Brushy Creek (1) | Cedar Park | TX | 2008 | 882 | 272 | 95 | % | 848 | 0.96 | ||||||||||||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 96 | % | 1,019 | 1.12 | ||||||||||||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 96 | % | 1,083 | 1.13 | ||||||||||||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 96 | % | 818 | 0.91 | ||||||||||||||||||||
Camden Laurel Ridge | Austin | TX | 1986 | 702 | 183 | 94 | % | 662 | 0.94 | ||||||||||||||||||||
Camden Ridgecrest | Austin | TX | 1995 | 855 | 284 | 95 | % | 745 | 0.87 | ||||||||||||||||||||
Camden Shadow Brook (1) | Austin | TX | 2009 | 909 | 496 | 96 | % | 899 | 0.99 | ||||||||||||||||||||
Camden South Congress (1) | Austin | TX | 2001 | 975 | 253 | 94 | % | 1,522 | 1.56 | ||||||||||||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 95 | % | 968 | 1.07 | ||||||||||||||||||||
Total Austin | 10 | Properties | 895 | 3,222 | 95 | % | 941 | 1.05 | |||||||||||||||||||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 97 | % | 1,008 | 1.16 | ||||||||||||||||||||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 96 | % | 722 | 0.93 | ||||||||||||||||||||
Camden Miramar (3) | Corpus Christi | TX | 1994-2011 | 488 | 855 | 69 | % | 974 | 2.00 | ||||||||||||||||||||
Camden South Bay (1) | Corpus Christi | TX | 2007 | 1,055 | 270 | 96 | % | 1,117 | 1.06 | ||||||||||||||||||||
Total Corpus Christi | 4 | Properties | 693 | 1,757 | 96 | % | 952 | 1.37 | |||||||||||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 97 | % | 837 | 0.89 | ||||||||||||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 945 | 477 | 96 | % | 1,354 | 1.43 | ||||||||||||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 96 | % | 862 | 0.94 | ||||||||||||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 95 | % | 854 | 0.94 | ||||||||||||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 97 | % | 875 | 1.13 | ||||||||||||||||||||
Camden Design District (1) | Dallas | TX | 2009 | 939 | 355 | 95 | % | 1,170 | 1.25 | ||||||||||||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 95 | % | 985 | 1.06 | ||||||||||||||||||||
Camden Gardens | Dallas | TX | 1983 | 652 | 256 | 96 | % | 599 | 0.92 | ||||||||||||||||||||
Camden Glen Lakes | Dallas | TX | 1979 | 877 | 424 | 96 | % | 801 | 0.91 | ||||||||||||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 97 | % | 914 | 1.10 | ||||||||||||||||||||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 97 | % | 932 | 1.07 | ||||||||||||||||||||
Camden Panther Creek (1) | Frisco | TX | 2009 | 946 | 295 | 94 | % | 969 | 1.02 | ||||||||||||||||||||
Camden Riverwalk (1) | Grapevine | TX | 2008 | 982 | 600 | 95 | % | 1,188 | 1.21 | ||||||||||||||||||||
Camden Springs | Dallas | TX | 1987 | 713 | 304 | 97 | % | 609 | 0.85 | ||||||||||||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 96 | % | 796 | 1.07 | ||||||||||||||||||||
Camden Westview | Lewisville | TX | 1983 | 697 | 335 | 94 | % | 654 | 0.94 | ||||||||||||||||||||
Total Dallas/Ft. Worth | 16 | Properties | 872 | 6,456 | 96 | % | 929 | 1.07 |
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CAMDEN | COMMUNITY TABLE |
Community Statistics as of 06/30/12 | |
(Unaudited) | 2Q12 Avg | |||||||||||||||||||||
Year Placed | Average | Apartment | 2Q12 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 | 98 | % | 828 | 0.98 | |||||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 97 | % | 1,402 | 1.50 | |||||||||||||||
Camden Cypress Creek (1) | Cypress | TX | 2009 | 993 | 310 | 95 | % | 1,067 | 1.07 | |||||||||||||||
Camden Downs at Cinco Ranch (1) | Katy | TX | 2004 | 1,075 | 318 | 97 | % | 1,070 | 0.99 | |||||||||||||||
Camden Grand Harbor (1) | Katy | TX | 2008 | 959 | 300 | 97 | % | 1,004 | 1.05 | |||||||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 97 | % | 1,129 | 1.31 | |||||||||||||||
Camden Heights (1) | Houston | TX | 2004 | 927 | 352 | 97 | % | 1,270 | 1.37 | |||||||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 97 | % | 962 | 1.03 | |||||||||||||||
Camden Lakemont (1) | Richmond | TX | 2007 | 904 | 312 | 97 | % | 870 | 0.96 | |||||||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 98 | % | 1,376 | 1.63 | |||||||||||||||
Camden Northpointe (1) | Tomball | TX | 2008 | 940 | 384 | 95 | % | 946 | 1.01 | |||||||||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 97 | % | 879 | 1.01 | |||||||||||||||
Camden Park | Houston | TX | 1995 | 866 | 288 | 96 | % | 832 | 0.96 | |||||||||||||||
Camden Piney Point (1) | Houston | TX | 2004 | 919 | 318 | 96 | % | 1,054 | 1.15 | |||||||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 97 | % | 1,362 | 1.49 | |||||||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 89 | % | 1,180 | 1.28 | |||||||||||||||
Camden Royal Oaks II (2) | Houston | TX | 2012 | 1,054 | 104 | Lease-up | 1,421 | 1.35 | ||||||||||||||||
Camden Spring Creek (1) | Spring | TX | 2004 | 1,080 | 304 | 96 | % | 999 | 0.93 | |||||||||||||||
Camden Steeplechase | Houston | TX | 1982 | 748 | 290 | 93 | % | 684 | 0.91 | |||||||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 97 | % | 860 | 1.02 | |||||||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 96 | % | 893 | 0.97 | |||||||||||||||
Camden Travis Street (1) | Houston | TX | 2010 | 819 | 253 | 99 | % | 1,385 | 1.69 | |||||||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 97 | % | 1,212 | 1.40 | |||||||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 934 | 274 | 98 | % | 1,044 | 1.12 | |||||||||||||||
Camden Woodson Park (1) | Houston | TX | 2008 | 916 | 248 | 98 | % | 983 | 1.07 | |||||||||||||||
Camden Yorktown (1) | Houston | TX | 2008 | 995 | 306 | 95 | % | 967 | 0.97 | |||||||||||||||
Total Houston | 26 | Properties | 911 | 9,002 | 97 | % | 1,069 | 1.17 | ||||||||||||||||
Camden Braun Station (1) | San Antonio | TX | 2006 | 827 | 240 | 95 | % | 824 | 1.00 | |||||||||||||||
Camden Westover Hills (1) | San Antonio | TX | 2010 | 959 | 288 | 95 | % | 1,056 | 1.09 | |||||||||||||||
Total San Antonio | 2 | Properties | 899 | 528 | 95 | % | 950 | 1.05 | ||||||||||||||||
TOTAL TEXAS | 58 | Properties | 878 | 20,965 | 96 | % | 993 | 1.13 | ||||||||||||||||
TOTAL PROPERTIES | 199 | Properties | 931 | 67,694 | 95 | % | $1,022 | $1.10 |
(1) | Communities owned through investment in joint venture. |
(2) | Completed communities in lease-up as of June 30, 2012 are excluded from total occupancy numbers. |
(3) | Miramar is a student housing community which is excluded from total occupancy numbers. |
32