EXHIBIT 99.2
![Logo](https://capedge.com/proxy/8-K/0001157523-13-000431/logo.jpg)
FOURTH QUARTER 2012 | ||||||
Supplemental Operating and Financial Data |
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Camden Belleview Station - Denver, CO |
Year Built -2009 |
270 Apartment Homes |
Acquired December 20, 2012 |
Camden Property Trust |
Three Greenway Plaza, Suite 1300 |
Houston, Texas 77046 |
Phone: 713-354-2500 Fax: 713-354-2700 |
www.camdenliving.com |
CAMDEN | TABLE OF CONTENTS |
Page | ||||
Press Release Text | 3 | |||
Financial Highlights | 6 | |||
Operating Results | 7 | |||
Funds from Operations | 8 | |||
Balance Sheets | 9 | |||
Portfolio Statistics | 10 | |||
Components of Property Net Operating Income | 11 | |||
"Same Property" Fourth 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 | |||
2013 Financial Outlook | 26 | |||
Non-GAAP Financial Measures - Definitions & Reconciliations | 27 | |||
Other Data | 29 | |||
Community Table | 30 |
In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events. |
CAMDEN PROPERTY TRUST ANNOUNCES 2012 OPERATING RESULTS,
12.5% DIVIDEND INCREASE AND 2013 FINANCIAL OUTLOOK
Houston, TEXAS (January 31, 2013) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and twelve months ended December 31, 2012.
Funds from Operations (“FFO”)
FFO for the fourth quarter of 2012 totaled $0.97 per diluted share or $85.9 million, as compared to $0.84 per diluted share or $64.3 million for the same period in 2011. FFO for the twelve months ended December 31, 2012 totaled $3.62 per diluted share or $313.3 million, as compared to $2.73 per diluted share or $207.5 million for the same period in 2011.
FFO for the twelve months ended December 31, 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 twelve months ended December 31, 2011 included: a $0.40 per diluted share charge 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; and a net $3.3 million or $0.04 per diluted share gain on sale of an available-for-sale investment.
Net Income Attributable to Common Shareholders (“EPS”)
The Company reported EPS of $142.2 million or $1.60 per diluted share for the fourth quarter of 2012, as compared to $46.8 million or $0.62 per diluted share for the same period in 2011. EPS for the three months ended December 31, 2012 included: a $17.2 million or $0.20 per diluted share gain on acquisition of controlling interests in joint ventures; an $82.5 million or $0.94 per diluted share gain on sale of discontinued operations; and a $14.5 million or $0.17 per diluted share gain on sale of unconsolidated joint venture properties. EPS for the three months ended December 31, 2011 included a $24.6 million or $0.33 per diluted share gain on sale of discontinued operations, and a $6.4 million or $0.09 per diluted share gain on sale of unconsolidated joint venture properties.
For the twelve months ended December 31, 2012, Camden reported net income attributable to common shareholders of $283.4 million or $3.30 per diluted share, as compared to $49.4 million or $0.66 per diluted share for the same period in 2011. EPS for the twelve months ended December 31, 2012 included: a $57.4 million or $0.67 per diluted share gain on acquisition of controlling interests in joint ventures; a $115.1 million or $1.34 per diluted share gain on sale of discontinued operations; a $17.4 million or $0.20 per diluted share gain on sale of unconsolidated joint venture properties; 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 twelve months ended December 31, 2011 included: a $24.6 million or $0.34 per diluted share gain on sale of discontinued operations; a $6.4 million or $0.09 per diluted share gain on sale of unconsolidated joint venture properties; a $0.41 per diluted share charge related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.05 per diluted share gain on sale of an available-for-sale investment; and a $1.1 million or $0.02 per diluted share gain on sale of unconsolidated joint venture interests.
A reconciliation of net income attributable to common shareholders to FFO is included in the financial tables accompanying this press release.
3
Same-Property Results
For the 44,774 apartment homes included in consolidated same-property results, fourth quarter 2012 same-property net operating income (“NOI”) increased 8.0% compared to the fourth quarter of 2011, with revenues increasing 6.6% and expenses increasing 4.1%. On a sequential basis, fourth quarter 2012 same-property NOI increased 1.7% compared to the third quarter of 2012, with revenues up slightly and expenses declining 2.8% compared to the prior quarter. On a full-year basis, 2012 same-property NOI increased 9.2%, with revenues increasing 6.5% and expenses increasing 2.2% compared to the same period in 2011. Same-property physical occupancy levels for the combined portfolio averaged 95.1% during the fourth quarter of 2012, compared to 94.6% in the fourth quarter of 2011 and 95.6% in the third 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 to net operating income and same-property net operating income is included in the financial tables accompanying this press release.
Acquisition Activity
During the fourth quarter, Camden acquired three communities with 839 apartment homes for a total of $145.0 million: Camden Montierra, a 249-home apartment community in Scottsdale, AZ; Camden San Marcos, a 320-home apartment community in Scottsdale, AZ; and Camden Belleview Station, a 270-home apartment community in Denver, CO. The Company also purchased the remaining 50% ownership interest in an unconsolidated joint venture for approximately $15.9 million and assumed approximately $26.2 million in mortgage debt. The Company now owns 100% of Camden Denver West, a 320-home apartment community located in Denver, CO.
In addition, Camden acquired 2.4 acres of land in Plantation, FL and 3.5 acres of land in Charlotte, NC during the fourth quarter for future development of two multifamily communities.
Disposition Activity
The Company disposed of eight wholly-owned communities with 2,180 apartment homes during the quarter for a total of $177.6 million. The eight communities had an average age of 19 years and were located in Houston, Austin, Dallas, Atlanta, Charlotte and Philadelphia. Camden also sold six joint venture communities with 2,153 apartment homes during the quarter for a total of $178.5 million. The six joint venture communities had an average age of 25 years and were located in Atlanta, St. Louis and Kansas City, MO.
Subsequent to quarter-end, the Company disposed of an additional wholly-owned community. Camden Live Oaks, a 770-home apartment community in Tampa, FL with an age of 23 years was sold for approximately $63.4 million.
Development Activity
Lease-up was completed during the quarter at Camden Westchase Park, a 348-home project in Tampa, FL which is currently 97% occupied. Leasing continued at Camden Royal Oaks II, a 104-home project in Houston, TX, which is currently 81% leased; and Camden Town Square, a 438-home project in Orlando, FL which completed construction during the quarter and is currently 72% leased.
Construction began during the quarter at three communities: Camden Glendale, in Glendale, CA, a $115 million project with 303 apartment homes; Camden Boca Raton in Boca Raton, FL, a $54 million project with 261 apartment homes; and Camden Paces in Atlanta, GA, a $110 million project with 379 apartment homes.
Construction continued at four additional wholly-owned development communities: Camden City Centre II in Houston, TX, a $36 million project with 268 apartment homes; Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes; Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes; and Camden Flatirons in Denver, CO, a $78 million project with 424 apartment homes.
Lease-up was completed during the quarter at one joint venture community, Camden Amber Oaks II in Austin, TX, a 244-home project which is currently 95% occupied. Construction continued at Camden South Capitol in Washington, DC, an $88 million joint venture project with 276 apartment homes, and construction began at Camden Waterford Lakes in Orlando, FL, a $40 million joint venture project with 300 apartment homes.
4
Quarterly Dividend Declaration
Camden’s Board of Trust Managers declared a first quarter 2013 dividend of $0.63 per common share, which is a 12.5% increase over the Company’s prior quarterly dividend of $0.56 per share. The dividend is payable on April 17, 2013 to holders of record as of March 28, 2013. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company’s past performance and future prospects, as described in this release.
Earnings Guidance
Camden provided initial earnings guidance for 2013 based on its current and expected views of the apartment market and general economic conditions. Full-year 2013 FFO is expected to be $3.85 to $4.05 per diluted share, and full-year 2013 EPS is expected to be $1.38 to $1.58 per diluted share. First quarter 2013 earnings guidance is $0.92 to $0.96 per diluted share for FFO and $0.28 to $0.32 per diluted share for EPS. Guidance for EPS excludes gains on real estate transactions. Camden intends to update its earnings guidance to the market on a quarterly basis.
The Company’s initial 2013 earnings guidance is based on projections of same-property revenue growth between 4.75% and 6.25%, expense growth between 3.2% and 4.0%, and NOI growth between 5.5% and 7.5%. Additional information on the Company’s 2013 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, February 1, 2013 at 11:00 a.m. Central Time to review its fourth quarter and full-year 2012 results and discuss its outlook for future performance. To participate in the call, please dial (888) 317-6003 (Domestic) or (412) 317-6061 (International) by 10:50 a.m. Central Time and enter passcode: 6680150, 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. 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 today’s press release represent management’s current opinions, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
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 192 properties containing 65,005 apartment homes across the United States. Upon completion of nine properties under development, the Company’s portfolio will increase to 67,850 apartment homes in 201 properties. Camden was recently named by FORTUNE® Magazine for the sixth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #10.
For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at camdenliving.com.
5
CAMDEN | FINANCIAL HIGHLIGHTS |
(In thousands, except per share, property data amounts and ratios) | |
(Unaudited)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Total property revenues (a) | $191,432 | $158,888 | $727,908 | $621,074 | |||||||||||||||
EBITDA (b) | 110,942 | 93,041 | 420,209 | 356,244 | |||||||||||||||
Net income attributable to common shareholders | 142,166 | 46,850 | 283,390 | 49,379 | |||||||||||||||
Per share - basic | 1.63 | 0.63 | 3.35 | 0.67 | |||||||||||||||
Per share - diluted | 1.60 | 0.62 | 3.30 | 0.66 | |||||||||||||||
Income from continuing operations attributable to common shareholders | 59,582 | 19,135 | 161,665 | 13,172 | |||||||||||||||
Per share - basic | 0.67 | 0.25 | 1.90 | 0.17 | |||||||||||||||
Per share - diluted | 0.66 | 0.25 | 1.88 | 0.17 | |||||||||||||||
Funds from operations | 85,928 | 64,264 | 313,337 | 207,535 | |||||||||||||||
Per share - diluted | 0.97 | 0.84 | 3.62 | 2.73 | |||||||||||||||
Dividends per share | 0.56 | 0.49 | 2.24 | 1.96 | |||||||||||||||
Dividend payout ratio (b) | 57.7 | % | 58.3 | % | 61.9 | % | 62.8 | % | |||||||||||
Interest expensed (including discontinued operations, if any) | 25,487 | 26,942 | 104,282 | 112,414 | |||||||||||||||
Interest capitalized | 3,071 | 2,664 | 12,457 | 8,764 | |||||||||||||||
Total interest incurred | 28,558 | 29,606 | 116,739 | 121,178 | |||||||||||||||
Principal amortization | 841 | 1,187 | 4,150 | 5,034 | |||||||||||||||
Preferred distributions | - | 1,750 | 776 | 7,000 | |||||||||||||||
Net Debt to Annualized EBITDA (c) | 5.6 | x | 6.4 | x | 5.9 | x | 6.7 | x | |||||||||||
Interest expense coverage ratio | 4.4 | x | 3.5 | x | 4.0 | x | 3.2 | x | |||||||||||
Total interest coverage ratio | 3.9 | x | 3.1 | x | 3.6 | x | 2.9 | x | |||||||||||
Fixed charge expense coverage ratio | 4.2 | x | 3.1 | x | 3.8 | x | 2.9 | x | |||||||||||
Total fixed charge coverage ratio | 3.8 | x | 2.9 | x | 3.5 | x | 2.7 | x | |||||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.3 | x | 3.0 | x | 3.3 | x | 3.0 | x | |||||||||||
Same property NOI increase (d) | 8.0 | % | 8.0 | % | 9.2 | % | 7.1 | % | |||||||||||
(# of apartment homes included) | 44,774 | 46,164 | 44,774 | 46,164 | |||||||||||||||
Gross turnover of apartment homes (annualized) | 60 | % | 60 | % | 66 | % | 64 | % | |||||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 52 | % | 52 | % | 57 | % | 56 | % | |||||||||||
As of December 31, | ||||||||
2012 | 2011 | |||||||
Total assets | $5,385,172 | $4,622,075 | ||||||
Total debt | $2,510,468 | $2,432,112 | ||||||
Common and common equivalent shares, outstanding end of period (e) | 89,039 | 77,227 | ||||||
Share price, end of period | $68.21 | $62.24 | ||||||
Preferred units, end of period | - | $97,925 | ||||||
Book equity value, end of period (f) | $2,626,708 | $1,925,693 | ||||||
Market equity value, end of period (f) | $6,073,350 | $4,906,608 |
(a) | Excludes discontinued operations. |
(b) | Excludes $29.8 million or $0.39 per diluted share for the twelve months ended December 31, 2011 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 1 for 12 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 December 31, 2012: 87,137 common shares (including 662 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (1,902). |
(f) | Includes: common shares, preferred and common units, and common share equivalents. |
Note: Please refer to pages 27 and 28 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 | Twelve Months Ended | ||||||||||||
December 31, | December 31, | |||||||||||||
OPERATING DATA | 2012 | 2011 | 2012 | 2011 | ||||||||||
Property revenues | ||||||||||||||
Rental revenues | $165,464 | $137,113 | $626,127 | $533,937 | ||||||||||
Other property revenues | 25,968 | 21,775 | 101,781 | 87,137 | ||||||||||
Total property revenues | 191,432 | 158,888 | 727,908 | 621,074 | ||||||||||
Property expenses | ||||||||||||||
Property operating and maintenance | 50,226 | 42,722 | 196,811 | 175,000 | ||||||||||
Real estate taxes | 18,621 | 15,809 | 72,858 | 65,128 | ||||||||||
Total property expenses | 68,847 | 58,531 | 269,669 | 240,128 | ||||||||||
Non-property income | ||||||||||||||
Fee and asset management | 2,773 | 3,018 | 12,345 | 9,973 | ||||||||||
Interest and other income (loss) | 40 | (100 | ) | (710 | ) | 4,649 | ||||||||
Income on deferred compensation plans | 952 | 5,540 | 4,772 | 6,773 | ||||||||||
Total non-property income | 3,765 | 8,458 | 16,407 | 21,395 | ||||||||||
Other expenses | ||||||||||||||
Property management | 6,152 | 5,208 | 21,796 | 20,686 | ||||||||||
Fee and asset management | 1,580 | 1,715 | 6,631 | 5,935 | ||||||||||
General and administrative | 9,816 | 9,064 | 37,528 | 35,456 | ||||||||||
Interest | 25,487 | 26,942 | 104,282 | 112,414 | ||||||||||
Depreciation and amortization | 52,501 | 42,428 | 203,077 | 171,127 | ||||||||||
Amortization of deferred financing costs | 887 | 1,116 | 3,608 | 5,877 | ||||||||||
Expense on deferred compensation plans | 952 | 5,540 | 4,772 | 6,773 | ||||||||||
Total other expenses | 97,375 | 92,013 | 381,694 | 358,268 | ||||||||||
Gain on acquisition of controlling interests in joint ventures | 17,227 | - | 57,418 | - | ||||||||||
Gain on sale of properties, including land | - | - | - | 4,748 | ||||||||||
Gain on sale of unconsolidated joint venture interests | - | - | - | 1,136 | ||||||||||
Loss on discontinuation of hedging relationship | - | - | - | (29,791 | ) | |||||||||
Equity in income of joint ventures | 15,489 | 5,845 | 20,175 | 5,679 | ||||||||||
Income from continuing operations before income taxes | 61,691 | 22,647 | 170,545 | 25,845 | ||||||||||
Income tax expense - current | (216 | ) | (331 | ) | (1,208 | ) | (2,220 | ) | ||||||
Income from continuing operations | 61,475 | 22,316 | 169,337 | 23,625 | ||||||||||
Income from discontinued operations | 2,144 | 3,127 | 9,495 | 11,715 | ||||||||||
Gain on sale of discontinued operations, net of tax | 82,527 | 24,621 | 115,068 | 24,621 | ||||||||||
Net income | 146,146 | 50,064 | 293,900 | 59,961 | ||||||||||
Less income allocated to noncontrolling interests from continuing operations | (1,893 | ) | (1,431 | ) | (4,821 | ) | (3,453 | ) | ||||||
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations | (2,087 | ) | (33 | ) | (2,838 | ) | (129 | ) | ||||||
Less income allocated to perpetual preferred units | - | (1,750 | ) | (776 | ) | (7,000 | ) | |||||||
Less write off of original issuance costs of redeemed perpetual preferred units | - | - | (2,075 | ) | - | |||||||||
Net income attributable to common shareholders | $142,166 | $46,850 | $283,390 | $49,379 | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||
Net income | $146,146 | $50,064 | $293,900 | $59,961 | ||||||||||
Other comprehensive income | ||||||||||||||
Unrealized loss on cash flow hedging activities | - | - | - | (2,692 | ) | |||||||||
Reclassification of net (gain) loss on cash flow hedging activities | - | (3 | ) | - | 39,657 | |||||||||
Reclassification of (gain) loss on available-for-sale investment to earnings, net of tax | - | 3 | - | (3,306 | ) | |||||||||
Reclassification of prior service cost and net loss on post retirement obligation | 7 | - | 30 | - | ||||||||||
Unrealized loss and unamortized prior service cost on postretirement obligation | (409 | ) | (884 | ) | (409 | ) | (884 | ) | ||||||
Comprehensive income | 145,744 | 49,180 | 293,521 | 92,736 | ||||||||||
Less income allocated to noncontrolling interests from continuing operations | (1,893 | ) | (1,431 | ) | (4,821 | ) | (3,453 | ) | ||||||
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations | (2,087 | ) | (33 | ) | (2,838 | ) | (129 | ) | ||||||
Less income allocated to perpetual preferred units | - | (1,750 | ) | (776 | ) | (7,000 | ) | |||||||
Less write off of original issuance costs of redeemed perpetual preferred units | - | - | (2,075 | ) | - | |||||||||
Comprehensive income attributable to common shareholders | $141,764 | $45,966 | $283,011 | $82,154 | ||||||||||
PER SHARE DATA | ||||||||||||||
Net income attributable to common shareholders - basic | $1.63 | $0.63 | $3.35 | $0.67 | ||||||||||
Net income attributable to common shareholders - diluted | 1.60 | 0.62 | 3.30 | 0.66 | ||||||||||
Income from continuing operations attributable to common shareholders - basic | 0.67 | 0.25 | 1.90 | 0.17 | ||||||||||
Income from continuing operations attributable to common shareholders - diluted | 0.66 | 0.25 | 1.88 | 0.17 | ||||||||||
Weighted average number of common and | ||||||||||||||
common equivalent shares outstanding: | ||||||||||||||
Basic | 86,298 | 73,510 | 83,772 | 72,756 | ||||||||||
Diluted | 88,020 | 74,428 | 85,556 | 73,462 |
Note: Please refer to pages 27 and 28 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 | Twelve Months Ended | ||||||||||||
December 31, | December 31, | |||||||||||||
FUNDS FROM OPERATIONS | 2012 | 2011 | 2012 | 2011 | ||||||||||
Net income attributable to common shareholders (a) | $142,166 | $46,850 | $283,390 | $49,379 | ||||||||||
Real estate depreciation from continuing operations | 51,399 | 41,219 | 198,642 | 166,149 | ||||||||||
Real estate depreciation and amortization from discontinued operations | 948 | 2,626 | 6,795 | 11,038 | ||||||||||
Adjustments for unconsolidated joint ventures | 1,741 | 3,492 | 7,939 | 10,534 | ||||||||||
Income allocated to noncontrolling interests | 3,971 | 1,092 | 6,475 | 2,586 | ||||||||||
(Gain) on sale of unconsolidated joint venture properties | (14,543 | ) | (6,394 | ) | (17,418 | ) | (7,530 | ) | ||||||
(Gain) on acquisition of controlling interests in joint ventures | (17,227 | ) | - | (57,418 | ) | - | ||||||||
(Gain) on sale of discontinued operations, net of tax | (82,527 | ) | (24,621 | ) | (115,068 | ) | (24,621 | ) | ||||||
Funds from operations - diluted | $85,928 | $64,264 | $313,337 | $207,535 | ||||||||||
PER SHARE DATA | ||||||||||||||
Funds from operations - diluted | $0.97 | $0.84 | $3.62 | $2.73 | ||||||||||
Cash distributions | 0.56 | 0.49 | 2.24 | 1.96 | ||||||||||
Weighted average number of common and | ||||||||||||||
common equivalent shares outstanding: | ||||||||||||||
FFO - diluted | 88,991 | 76,649 | 86,619 | 75,928 | ||||||||||
PROPERTY DATA | ||||||||||||||
Total operating properties (end of period) (b) | 193 | 196 | 193 | 196 | ||||||||||
Total operating apartment homes in operating properties (end of period) (b) | 65,775 | 66,997 | 65,775 | 66,997 | ||||||||||
Total operating apartment homes (weighted average) | 55,163 | 50,934 | 54,194 | 50,905 | ||||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 53,052 | 46,294 | 51,308 | 46,167 |
(a) | Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the twelve months ended December 31, 2011. |
(b) | Includes joint ventures and properties held for sale. |
Note: Please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
8
CAMDEN | BALANCE SHEETS |
(In thousands) | |
(Unaudited) | Dec 31, | Sept 30, | Jun 30, | Mar 31, | Dec 31, | |||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Real estate assets, at cost | ||||||||||||||||||||
Land | $949,777 | $929,289 | $893,910 | $868,964 | $768,016 | |||||||||||||||
Buildings and improvements | 5,389,674 | 5,359,707 | 5,203,675 | 5,068,560 | 4,751,654 | |||||||||||||||
6,339,451 | 6,288,996 | 6,097,585 | 5,937,524 | 5,519,670 | ||||||||||||||||
Accumulated depreciation | (1,518,896 | ) | (1,542,530 | ) | (1,505,862 | ) | (1,458,451 | ) | (1,432,799 | ) | ||||||||||
Net operating real estate assets | 4,820,555 | 4,746,466 | 4,591,723 | 4,479,073 | 4,086,871 | |||||||||||||||
Properties under development, including land | 334,463 | 280,948 | 297,712 | 301,282 | 299,870 | |||||||||||||||
Investments in joint ventures | 45,092 | 46,566 | 47,776 | 49,436 | 44,844 | |||||||||||||||
Properties held for sale | 30,517 | 6,373 | - | - | 11,131 | |||||||||||||||
Total real estate assets | 5,230,627 | 5,080,353 | 4,937,211 | 4,829,791 | 4,442,716 | |||||||||||||||
Accounts receivable - affiliates | 33,625 | 28,874 | 29,940 | 29,742 | 31,035 | |||||||||||||||
Other assets, net (a) | 88,260 | 96,401 | 88,002 | 89,706 | 88,089 | |||||||||||||||
Cash and cash equivalents | 26,669 | 5,590 | 52,126 | 49,702 | 55,159 | |||||||||||||||
Restricted cash | 5,991 | 6,742 | 5,295 | 5,074 | 5,076 | |||||||||||||||
Total assets | $5,385,172 | $5,217,960 | $5,112,574 | $5,004,015 | $4,622,075 | |||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Notes payable | ||||||||||||||||||||
Unsecured | $1,538,212 | $1,415,354 | $1,381,152 | $1,380,952 | $1,380,755 | |||||||||||||||
Secured | 972,256 | 978,371 | 1,015,260 | 1,050,154 | 1,051,357 | |||||||||||||||
Accounts payable and accrued expenses | 101,896 | 118,879 | 87,041 | 105,370 | 93,747 | |||||||||||||||
Accrued real estate taxes | 28,452 | 43,757 | 31,607 | 17,991 | 21,883 | |||||||||||||||
Distributions payable | 49,969 | 49,940 | 49,135 | 47,594 | 39,364 | |||||||||||||||
Other liabilities (b) | 67,679 | 78,551 | 83,471 | 90,423 | 109,276 | |||||||||||||||
Total liabilities | 2,758,464 | 2,684,852 | 2,647,666 | 2,692,484 | 2,696,382 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Perpetual preferred units | - | - | - | - | 97,925 | |||||||||||||||
Equity | ||||||||||||||||||||
Common shares of beneficial interest | 962 | 959 | 945 | 919 | 845 | |||||||||||||||
Additional paid-in capital | 3,587,505 | 3,580,528 | 3,501,354 | 3,327,961 | 2,901,024 | |||||||||||||||
Distributions in excess of net income attributable to common shareholders | (598,951 | ) | (692,235 | ) | (674,221 | ) | (648,074 | ) | (690,466 | ) | ||||||||||
Treasury shares, at cost | (425,355 | ) | (425,756 | ) | (430,958 | ) | (437,215 | ) | (452,003 | ) | ||||||||||
Accumulated other comprehensive income (loss) (c) | (1,062 | ) | (660 | ) | (667 | ) | (675 | ) | (683 | ) | ||||||||||
Total common equity | 2,563,099 | 2,462,836 | 2,396,453 | 2,242,916 | 1,758,717 | |||||||||||||||
Noncontrolling interests | 63,609 | 70,272 | 68,455 | 68,615 | 69,051 | |||||||||||||||
Total equity | 2,626,708 | 2,533,108 | 2,464,908 | 2,311,531 | 1,827,768 | |||||||||||||||
Total liabilities and equity | $5,385,172 | $5,217,960 | $5,112,574 | $5,004,015 | $4,622,075 | |||||||||||||||
(a) Includes: | ||||||||||||||||||||
net deferred charges of: | $15,635 | $13,695 | $14,432 | $15,267 | $16,102 | |||||||||||||||
(b) Includes: | ||||||||||||||||||||
deferred revenues of: | $2,521 | $1,746 | $2,012 | $2,337 | $2,140 | |||||||||||||||
distributions in excess of investments in joint ventures of: | $9,509 | $16,708 | $16,499 | $16,298 | $30,596 | |||||||||||||||
fair value adjustment of derivative instruments: | $(1 | ) | $185 | $5,918 | $11,574 | $16,486 | ||||||||||||||
(c) Represents the unrealized (loss)/gain and unamortized prior service costs on post retirement obligations. |
9
CAMDEN | PORTFOLIO STATISTICS |
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||
COMMUNITY PORTFOLIO AT DECEMBER 31, 2012 (in apartment homes) | ||||||||||||||||||||||||||||||||||||||||
Fully Consolidated | Non-Consolidated | |||||||||||||||||||||||||||||||||||||||
"Same Property" | Non-"Same Property" | Completed in Lease-up | Under Construction | Held For Sale | Total | Operating | Under Construction | Total | Grand Total | |||||||||||||||||||||||||||||||
D.C. Metro (a) | 5,313 | 478 | - | 320 | - | 6,111 | - | 276 | 276 | 6,387 | ||||||||||||||||||||||||||||||
Houston, TX | 3,732 | 1,452 | 104 | 268 | - | 5,556 | 3,152 | - | 3,152 | 8,708 | ||||||||||||||||||||||||||||||
Tampa, FL | 4,733 | 540 | - | - | 770 | 6,043 | 450 | - | 450 | 6,493 | ||||||||||||||||||||||||||||||
Las Vegas, NV | 3,969 | 949 | - | - | - | 4,918 | 3,098 | - | 3,098 | 8,016 | ||||||||||||||||||||||||||||||
SE Florida | 2,520 | - | - | 261 | - | 2,781 | - | - | - | 2,781 | ||||||||||||||||||||||||||||||
Dallas, TX | 3,938 | 1,039 | - | - | - | 4,977 | 1,250 | - | 1,250 | 6,227 | ||||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 421 | - | 303 | - | 2,784 | - | - | - | 2,784 | ||||||||||||||||||||||||||||||
Charlotte, NC | 3,134 | - | - | - | - | 3,134 | - | - | - | 3,134 | ||||||||||||||||||||||||||||||
Orlando, FL | 3,344 | 420 | 438 | - | - | 4,202 | - | 300 | 300 | 4,502 | ||||||||||||||||||||||||||||||
Atlanta, GA | 2,894 | 223 | - | 379 | - | 3,496 | 234 | - | 234 | 3,730 | ||||||||||||||||||||||||||||||
Raleigh, NC | 2,704 | - | - | - | - | 2,704 | 350 | - | 350 | 3,054 | ||||||||||||||||||||||||||||||
Denver, CO | 1,851 | 590 | - | 424 | - | 2,865 | - | - | - | 2,865 | ||||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 469 | - | - | - | 1,665 | - | - | - | 1,665 | ||||||||||||||||||||||||||||||
Austin, TX | 1,670 | - | - | 314 | - | 1,984 | 1,360 | - | 1,360 | 3,344 | ||||||||||||||||||||||||||||||
Phoenix, AZ | 1,084 | 1,561 | - | - | - | 2,645 | - | - | - | 2,645 | ||||||||||||||||||||||||||||||
Other | 632 | 855 | - | - | - | 1,487 | 798 | - | 798 | 2,285 | ||||||||||||||||||||||||||||||
Total Portfolio | 44,774 | 8,997 | 542 | 2,269 | 770 | 57,352 | 10,692 | 576 | 11,268 | 68,620 | ||||||||||||||||||||||||||||||
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. |
FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d) | |||||||||||||||||||||||||||||||
"Same Property" | Operating | Incl. JVs at | Dec 31 | Sept 30 | Jun 30 | Mar 31 | Dec 31 | |||||||||||||||||||||||||
Communities | Communities (b) | Pro Rata % (c) | 2012 | 2012 | 2012 | 2012 | 2011 | |||||||||||||||||||||||||
D.C. Metro | 19.1 | % | 17.3 | % | 16.7 | % | 95.7 | % | 96.2 | % | 95.5 | % | 94.5 | % | 94.2 | % | ||||||||||||||||
Houston, TX | 9.5 | % | 10.1 | % | 10.7 | % | 95.4 | % | 96.1 | % | 96.5 | % | 96.0 | % | 95.2 | % | ||||||||||||||||
Tampa, FL | 7.6 | % | 8.6 | % | 8.5 | % | 94.7 | % | 95.2 | % | 94.4 | % | 94.9 | % | 94.8 | % | ||||||||||||||||
Las Vegas, NV | 6.0 | % | 6.5 | % | 6.8 | % | 92.4 | % | 92.9 | % | 93.0 | % | 92.0 | % | 92.0 | % | ||||||||||||||||
SE Florida | 7.7 | % | 6.5 | % | 6.5 | % | 95.3 | % | 95.4 | % | 94.9 | % | 95.5 | % | 94.9 | % | ||||||||||||||||
Dallas, TX | 6.5 | % | 7.2 | % | 7.4 | % | 94.6 | % | 95.3 | % | 95.6 | % | 95.1 | % | 94.6 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 6.8 | % | 6.9 | % | 6.6 | % | 96.2 | % | 95.4 | % | 95.6 | % | 95.4 | % | 95.1 | % | ||||||||||||||||
Charlotte, NC | 6.7 | % | 5.8 | % | 5.6 | % | 95.6 | % | 96.5 | % | 95.9 | % | 95.8 | % | 95.3 | % | ||||||||||||||||
Orlando, FL | 6.0 | % | 6.3 | % | 6.1 | % | 95.3 | % | 95.4 | % | 95.5 | % | 95.3 | % | 94.9 | % | ||||||||||||||||
Atlanta, GA | 5.3 | % | 4.7 | % | 4.7 | % | 95.5 | % | 95.6 | % | 94.9 | % | 94.4 | % | 93.8 | % | ||||||||||||||||
Raleigh, NC | 5.1 | % | 4.3 | % | 4.3 | % | 94.6 | % | 95.7 | % | 95.3 | % | 94.8 | % | 94.4 | % | ||||||||||||||||
Denver, CO | 4.3 | % | 3.7 | % | 3.9 | % | 95.2 | % | 95.6 | % | 95.2 | % | 94.1 | % | 93.7 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 3.4 | % | 3.8 | % | 3.7 | % | 93.3 | % | 94.9 | % | 94.2 | % | 92.9 | % | 92.0 | % | ||||||||||||||||
Austin, TX | 2.8 | % | 2.4 | % | 2.6 | % | 95.0 | % | 95.6 | % | 95.3 | % | 95.5 | % | 95.5 | % | ||||||||||||||||
Phoenix, AZ | 2.1 | % | 3.1 | % | 3.0 | % | 92.5 | % | 93.5 | % | 92.3 | % | 93.7 | % | 93.2 | % | ||||||||||||||||
Other | 1.1 | % | 2.8 | % | 2.9 | % | 94.4 | % | 95.0 | % | 95.4 | % | 94.3 | % | 94.0 | % | ||||||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 94.7 | % | 95.2 | % | 95.1 | % | 94.7 | % | 94.3 | % | ||||||||||||||||
(b) Operating communities represent all fully-consolidated communities at period end, excluding communities under construction. | ||||||||||||||||||||||||||||||||
(c) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities. | ||||||||||||||||||||||||||||||||
(d) Occupancy figures include all stabilized operating communities including those held through non-consolidated joint venture investments. |
10
CAMDEN | COMPONENTS OF |
PROPERTY NET OPERATING INCOME | |
(In thousands, except property data amounts) | |
(Unaudited) |
Apartment | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||
Property Revenues | Homes | 2012 | 2011 | Change | 2012 | 2011 | Change | |||||||||||||||||||||
"Same Property" Communities (a) | 44,774 | $162,266 | $152,230 | $10,036 | $636,904 | $598,003 | $38,901 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 8,997 | 26,704 | 5,393 | 21,311 | 82,733 | 18,028 | 64,705 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,811 | 1,156 | 1 | 1,155 | 2,161 | 1 | 2,160 | |||||||||||||||||||||
Other (d) | - | 1,306 | 1,264 | 42 | 6,110 | 5,042 | 1,068 | |||||||||||||||||||||
Total Property Revenues | 56,582 | $191,432 | $158,888 | $32,544 | $727,908 | $621,074 | $106,834 | |||||||||||||||||||||
Property Expenses | ||||||||||||||||||||||||||||
"Same Property" Communities (a) | 44,774 | $58,336 | $56,037 | $2,299 | $234,391 | $229,434 | $4,957 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 8,997 | 9,255 | 1,741 | 7,514 | 31,208 | 6,537 | 24,671 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,811 | 558 | - | 558 | 1,035 | - | 1,035 | |||||||||||||||||||||
Other (d) | - | 698 | 753 | (55 | ) | 3,035 | 4,157 | (1,122 | ) | |||||||||||||||||||
Total Property Expenses | 56,582 | $68,847 | $58,531 | $10,316 | $269,669 | $240,128 | $29,541 | |||||||||||||||||||||
Property Net Operating Income | ||||||||||||||||||||||||||||
"Same Property" Communities (a) | 44,774 | $103,930 | $96,193 | $7,737 | $402,513 | $368,569 | $33,944 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 8,997 | 17,449 | 3,652 | 13,797 | 51,525 | 11,491 | 40,034 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,811 | 598 | 1 | 597 | 1,126 | 1 | 1,125 | |||||||||||||||||||||
Other (d) | - | 608 | 511 | 97 | 3,075 | 885 | 2,190 | |||||||||||||||||||||
Total Property Net Operating Income | 56,582 | $122,585 | $100,357 | $22,228 | $458,239 | $380,946 | $77,293 |
Income from Discontinued Operations (e) | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
Property Revenues | $5,871 | $10,999 | $30,608 | $44,000 | |||||||||||||
Property Expenses | 2,779 | 5,246 | 14,318 | 21,247 | |||||||||||||
Property Net Operating Income | 3,092 | 5,753 | 16,290 | 22,753 | |||||||||||||
Depreciation and Amortization | (948 | ) | (2,626 | ) | (6,795 | ) | (11,038 | ) | |||||||||
Gain on Sale of Discontinued Operations, net of tax | 82,527 | 24,621 | 115,068 | 24,621 | |||||||||||||
Income attributable to common shareholders | $84,671 | $27,748 | $124,563 | $36,336 |
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 held for sale or disposed of during 2011 and 2012, of which Camden has no continuing involvement. |
11
"SAME PROPERTY" | |
CAMDEN | FOURTH QUARTER COMPARISONS |
December 31, 2012 | |
(In thousands, except property data amounts) | |
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 4Q12 | 4Q11 | Growth | 4Q12 | 4Q11 | Growth | 4Q12 | 4Q11 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $28,069 | $26,680 | 5.2 | % | $8,254 | $7,956 | 3.7 | % | $19,815 | $18,724 | 5.8 | % | ||||||||||||||||||||||||
Houston, TX | 15,191 | 13,670 | 11.1 | % | 5,338 | 5,068 | 5.3 | % | 9,853 | 8,602 | 14.5 | % | ||||||||||||||||||||||||
Tampa, FL | 13,491 | 12,868 | 4.8 | % | 5,610 | 5,367 | 4.5 | % | 7,881 | 7,501 | 5.1 | % | ||||||||||||||||||||||||
Las Vegas, NV | 9,985 | 9,770 | 2.2 | % | 3,792 | 3,651 | 3.9 | % | 6,193 | 6,119 | 1.2 | % | ||||||||||||||||||||||||
SE Florida | 12,625 | 11,777 | 7.2 | % | 4,606 | 3,956 | 16.4 | % | 8,019 | 7,821 | 2.5 | % | ||||||||||||||||||||||||
Dallas, TX | 11,540 | 10,688 | 8.0 | % | 4,775 | 4,553 | 4.9 | % | 6,765 | 6,135 | 10.3 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 10,791 | 10,346 | 4.3 | % | 3,688 | 3,604 | 2.3 | % | 7,103 | 6,742 | 5.4 | % | ||||||||||||||||||||||||
Charlotte, NC | 10,490 | 9,522 | 10.2 | % | 3,530 | 3,764 | (6.2 | %) | 6,960 | 5,758 | 20.9 | % | ||||||||||||||||||||||||
Orlando, FL | 9,973 | 9,508 | 4.9 | % | 3,722 | 3,825 | (2.7 | %) | 6,251 | 5,683 | 10.0 | % | ||||||||||||||||||||||||
Atlanta, GA | 9,221 | 8,475 | 8.8 | % | 3,703 | 3,436 | 7.8 | % | 5,518 | 5,039 | 9.5 | % | ||||||||||||||||||||||||
Raleigh, NC | 7,857 | 7,402 | 6.1 | % | 2,579 | 2,502 | 3.1 | % | 5,278 | 4,900 | 7.7 | % | ||||||||||||||||||||||||
Denver, CO | 6,396 | 5,898 | 8.4 | % | 1,936 | 1,984 | (2.4 | %) | 4,460 | 3,914 | 13.9 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5,834 | 5,559 | 4.9 | % | 2,287 | 2,264 | 1.0 | % | 3,547 | 3,295 | 7.6 | % | ||||||||||||||||||||||||
Austin, TX | 5,417 | 5,050 | 7.3 | % | 2,493 | 2,272 | 9.7 | % | 2,924 | 2,778 | 5.3 | % | ||||||||||||||||||||||||
Phoenix, AZ | 3,445 | 3,243 | 6.2 | % | 1,260 | 1,208 | 4.3 | % | 2,185 | 2,035 | 7.4 | % | ||||||||||||||||||||||||
Corpus Christi, TX | 1,941 | 1,774 | 9.4 | % | 763 | 627 | 21.7 | % | 1,178 | 1,147 | 2.7 | % | ||||||||||||||||||||||||
Total Same Property | $162,266 | $152,230 | 6.6 | % | $58,336 | $56,037 | 4.1 | % | $103,930 | $96,193 | 8.0 | % |
Apartment | ||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 4Q12 | 4Q11 | Change | 4Q12 | 4Q11 | Change | ||||||||||||||||||||||||
D.C. Metro | 5,313 | 19.1 | % | 95.8 | % | 94.3 | % | 1.5 | % | $1,639 | $1,590 | 3.1 | % | |||||||||||||||||||
Houston, TX | 3,732 | 9.5 | % | 96.2 | % | 95.5 | % | 0.7 | % | 1,269 | 1,141 | 11.2 | % | |||||||||||||||||||
Tampa, FL | 4,733 | 7.6 | % | 94.5 | % | 94.9 | % | (0.4 | %) | 830 | 800 | 3.8 | % | |||||||||||||||||||
Las Vegas, NV | 3,969 | 6.0 | % | 93.4 | % | 92.7 | % | 0.7 | % | 756 | 757 | (0.0 | %) | |||||||||||||||||||
SE Florida | 2,520 | 7.7 | % | 95.3 | % | 94.9 | % | 0.4 | % | 1,572 | 1,481 | 6.1 | % | |||||||||||||||||||
Dallas, TX | 3,938 | 6.5 | % | 95.0 | % | 95.1 | % | (0.1 | %) | 883 | 817 | 8.1 | % | |||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 6.8 | % | 96.4 | % | 95.1 | % | 1.3 | % | 1,653 | 1,594 | 3.7 | % | |||||||||||||||||||
Charlotte, NC | 3,134 | 6.7 | % | 95.7 | % | 95.9 | % | (0.2 | %) | 1,025 | 915 | 12.0 | % | |||||||||||||||||||
Orlando, FL | 3,344 | 6.0 | % | 95.5 | % | 94.9 | % | 0.6 | % | 896 | 862 | 4.0 | % | |||||||||||||||||||
Atlanta, GA | 2,894 | 5.3 | % | 95.6 | % | 94.3 | % | 1.3 | % | 950 | 893 | 6.4 | % | |||||||||||||||||||
Raleigh, NC | 2,704 | 5.1 | % | 94.8 | % | 94.4 | % | 0.4 | % | 874 | 821 | 6.4 | % | |||||||||||||||||||
Denver, CO | 1,851 | 4.3 | % | 95.0 | % | 93.8 | % | 1.2 | % | 1,049 | 975 | 7.6 | % | |||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.4 | % | 93.0 | % | 92.0 | % | 1.0 | % | 1,560 | 1,527 | 2.2 | % | |||||||||||||||||||
Austin, TX | 1,670 | 2.8 | % | 94.5 | % | 95.3 | % | (0.8 | %) | 967 | 896 | 8.0 | % | |||||||||||||||||||
Phoenix, AZ | 1,084 | 2.1 | % | 92.9 | % | 93.8 | % | (0.9 | %) | 966 | 898 | 7.6 | % | |||||||||||||||||||
Corpus Christi, TX | 632 | 1.1 | % | 94.8 | % | 96.5 | % | (1.7 | %) | 888 | 817 | 8.7 | % | |||||||||||||||||||
Total Same Property | 44,774 | 100.0 | % | 95.1 | % | 94.6 | % | 0.5 | % | $1,107 | $1,047 | 5.7 | % |
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale and communities under major redevelopment. |
(b) | Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. |
12
"SAME PROPERTY" | |
CAMDEN | SEQUENTIAL QUARTER COMPARISONS |
December 31, 2012 | |
(In thousands, except property data amounts) | |
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 4Q12 | 3Q12 | Growth | 4Q12 | 3Q12 | Growth | 4Q12 | 3Q12 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $28,069 | $28,159 | (0.3 | %) | $8,254 | $8,225 | 0.4 | % | $19,815 | $19,934 | (0.6 | %) | ||||||||||||||||||||||||
Houston, TX | 15,191 | 15,037 | 1.0 | % | 5,338 | 5,337 | 0.0 | % | 9,853 | 9,700 | 1.6 | % | ||||||||||||||||||||||||
Tampa, FL | 13,491 | 13,541 | (0.4 | %) | 5,610 | 5,863 | (4.3 | %) | 7,881 | 7,678 | 2.6 | % | ||||||||||||||||||||||||
Las Vegas, NV | 9,985 | 10,164 | (1.8 | %) | 3,792 | 3,982 | (4.8 | %) | 6,193 | 6,182 | 0.2 | % | ||||||||||||||||||||||||
SE Florida | 12,625 | 12,496 | 1.0 | % | 4,606 | 4,536 | 1.5 | % | 8,019 | 7,960 | 0.7 | % | ||||||||||||||||||||||||
Dallas, TX | 11,540 | 11,518 | 0.2 | % | 4,775 | 5,006 | (4.6 | %) | 6,765 | 6,512 | 3.9 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 10,791 | 10,635 | 1.5 | % | 3,688 | 3,527 | 4.6 | % | 7,103 | 7,108 | (0.1 | %) | ||||||||||||||||||||||||
Charlotte, NC | 10,490 | 10,478 | 0.1 | % | 3,530 | 3,671 | (3.8 | %) | 6,960 | 6,807 | 2.2 | % | ||||||||||||||||||||||||
Orlando, FL | 9,973 | 9,971 | 0.0 | % | 3,722 | 4,065 | (8.4 | %) | 6,251 | 5,906 | 5.8 | % | ||||||||||||||||||||||||
Atlanta, GA | 9,221 | 9,161 | 0.7 | % | 3,703 | 3,802 | (2.6 | %) | 5,518 | 5,359 | 3.0 | % | ||||||||||||||||||||||||
Raleigh, NC | 7,857 | 7,865 | (0.1 | %) | 2,579 | 2,821 | (8.6 | %) | 5,278 | 5,044 | 4.6 | % | ||||||||||||||||||||||||
Denver, CO | 6,396 | 6,358 | 0.6 | % | 1,936 | 2,089 | (7.3 | %) | 4,460 | 4,269 | 4.5 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5,834 | 5,959 | (2.1 | %) | 2,287 | 2,310 | (1.0 | %) | 3,547 | 3,649 | (2.8 | %) | ||||||||||||||||||||||||
Austin, TX | 5,417 | 5,411 | 0.1 | % | 2,493 | 2,618 | (4.8 | %) | 2,924 | 2,793 | 4.7 | % | ||||||||||||||||||||||||
Phoenix, AZ | 3,445 | 3,460 | (0.4 | %) | 1,260 | 1,340 | (6.0 | %) | 2,185 | 2,120 | 3.1 | % | ||||||||||||||||||||||||
Corpus Christi, TX | 1,941 | 1,981 | (2.0 | %) | 763 | 799 | (4.5 | %) | 1,178 | 1,182 | (0.3 | %) | ||||||||||||||||||||||||
Total Same Property | $162,266 | $162,194 | 0.0 | % | $58,336 | $59,991 | (2.8 | %) | $103,930 | $102,203 | 1.7 | % |
Apartment | ||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 4Q12 | 3Q12 | Change | 4Q12 | 3Q12 | Change | ||||||||||||||||||||||||
D.C. Metro | 5,313 | 19.1 | % | 95.8 | % | 96.3 | % | (0.5 | %) | $1,639 | $1,627 | 0.7 | % | |||||||||||||||||||
Houston, TX | 3,732 | 9.5 | % | 96.2 | % | 96.6 | % | (0.4 | %) | 1,269 | 1,238 | 2.5 | % | |||||||||||||||||||
Tampa, FL | 4,733 | 7.6 | % | 94.5 | % | 95.3 | % | (0.8 | %) | 830 | 824 | 0.8 | % | |||||||||||||||||||
Las Vegas, NV | 3,969 | 6.0 | % | 93.4 | % | 94.0 | % | (0.6 | %) | 756 | 760 | (0.4 | %) | |||||||||||||||||||
SE Florida | 2,520 | 7.7 | % | 95.3 | % | 95.4 | % | (0.1 | %) | 1,572 | 1,544 | 1.8 | % | |||||||||||||||||||
Dallas, TX | 3,938 | 6.5 | % | 95.0 | % | 95.5 | % | (0.5 | %) | 883 | 870 | 1.5 | % | |||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 6.8 | % | 96.4 | % | 95.2 | % | 1.2 | % | 1,653 | 1,638 | 0.9 | % | |||||||||||||||||||
Charlotte, NC | 3,134 | 6.7 | % | 95.7 | % | 96.8 | % | (1.1 | %) | 1,025 | 1,008 | 1.7 | % | |||||||||||||||||||
Orlando, FL | 3,344 | 6.0 | % | 95.5 | % | 95.4 | % | 0.1 | % | 896 | 894 | 0.3 | % | |||||||||||||||||||
Atlanta, GA | 2,894 | 5.3 | % | 95.6 | % | 95.8 | % | (0.2 | %) | 950 | 937 | 1.4 | % | |||||||||||||||||||
Raleigh, NC | 2,704 | 5.1 | % | 94.8 | % | 95.7 | % | (0.9 | %) | 874 | 862 | 1.4 | % | |||||||||||||||||||
Denver, CO | 1,851 | 4.3 | % | 95.0 | % | 95.5 | % | (0.5 | %) | 1,049 | 1,029 | 1.9 | % | |||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.4 | % | 93.0 | % | 94.9 | % | (1.9 | %) | 1,560 | 1,553 | 0.5 | % | |||||||||||||||||||
Austin, TX | 1,670 | 2.8 | % | 94.5 | % | 95.7 | % | (1.2 | %) | 967 | 948 | 2.1 | % | |||||||||||||||||||
Phoenix, AZ | 1,084 | 2.1 | % | 92.9 | % | 93.7 | % | (0.8 | %) | 966 | 939 | 2.9 | % | |||||||||||||||||||
Corpus Christi, TX | 632 | 1.1 | % | 94.8 | % | 95.6 | % | (0.8 | %) | 888 | 874 | 1.6 | % | |||||||||||||||||||
Total Same Property | 44,774 | 100.0 | % | 95.1 | % | 95.6 | % | (0.5 | %) | $1,107 | $1,094 | 1.2 | % |
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale andcommunities 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 |
December 31, 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 | $110,468 | $105,972 | 4.2 | % | $32,679 | $32,741 | (0.2 | %) | $77,789 | $73,231 | 6.2 | % | ||||||||||||||||||||||||
Houston, TX | 58,886 | 53,080 | 10.9 | % | 22,065 | 20,746 | 6.4 | % | 36,821 | 32,334 | 13.9 | % | ||||||||||||||||||||||||
Tampa, FL | 53,248 | 50,356 | 5.7 | % | 22,677 | 21,825 | 3.9 | % | 30,571 | 28,531 | 7.2 | % | ||||||||||||||||||||||||
Las Vegas, NV | 39,949 | 39,228 | 1.8 | % | 15,120 | 15,023 | 0.6 | % | 24,829 | 24,205 | 2.6 | % | ||||||||||||||||||||||||
SE Florida | 49,444 | 46,361 | 6.6 | % | 17,740 | 17,428 | 1.8 | % | 31,704 | 28,933 | 9.6 | % | ||||||||||||||||||||||||
Dallas, TX | 45,188 | 41,586 | 8.7 | % | 19,377 | 18,814 | 3.0 | % | 25,811 | 22,772 | 13.3 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 42,298 | 40,429 | 4.6 | % | 13,893 | 14,074 | (1.3 | %) | 28,405 | 26,355 | 7.8 | % | ||||||||||||||||||||||||
Charlotte, NC | 40,582 | 36,614 | 10.8 | % | 14,472 | 14,829 | (2.4 | %) | 26,110 | 21,785 | 19.9 | % | ||||||||||||||||||||||||
Orlando, FL | 39,408 | 37,442 | 5.3 | % | 15,679 | 15,329 | 2.3 | % | 23,729 | 22,113 | 7.3 | % | ||||||||||||||||||||||||
Atlanta, GA | 35,807 | 33,439 | 7.1 | % | 14,805 | 14,070 | 5.2 | % | 21,002 | 19,369 | 8.4 | % | ||||||||||||||||||||||||
Raleigh, NC | 30,943 | 29,229 | 5.9 | % | 10,706 | 10,622 | 0.8 | % | 20,237 | 18,607 | 8.8 | % | ||||||||||||||||||||||||
Denver, CO | 24,885 | 22,857 | 8.9 | % | 8,063 | 7,985 | 1.0 | % | 16,822 | 14,872 | 13.1 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 23,258 | 22,362 | 4.0 | % | 9,155 | 8,958 | 2.2 | % | 14,103 | 13,404 | 5.2 | % | ||||||||||||||||||||||||
Austin, TX | 21,189 | 19,342 | 9.5 | % | 9,941 | 9,130 | 8.9 | % | 11,248 | 10,212 | 10.1 | % | ||||||||||||||||||||||||
Phoenix, AZ | 13,732 | 12,678 | 8.3 | % | 5,054 | 5,153 | (1.9 | %) | 8,678 | 7,525 | 15.3 | % | ||||||||||||||||||||||||
Corpus Christi, TX | 7,619 | 7,028 | 8.4 | % | 2,965 | 2,707 | 9.5 | % | 4,654 | 4,321 | 7.7 | % | ||||||||||||||||||||||||
Total Same Property | $636,904 | $598,003 | 6.5 | % | $234,391 | $229,434 | 2.2 | % | $402,513 | $368,569 | 9.2 | % |
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 | 19.3 | % | 95.6 | % | 95.6 | % | 0.0 | % | $1,615 | $1,561 | 3.4 | % | |||||||||||||||||||
Houston, TX | 3,732 | 9.1 | % | 96.7 | % | 95.0 | % | 1.7 | % | 1,213 | 1,110 | 9.3 | % | |||||||||||||||||||
Tampa, FL | 4,733 | 7.6 | % | 94.8 | % | 94.5 | % | 0.3 | % | 819 | 782 | 4.7 | % | |||||||||||||||||||
Las Vegas, NV | 3,969 | 6.2 | % | 93.7 | % | 92.9 | % | 0.8 | % | 758 | 757 | 0.0 | % | |||||||||||||||||||
SE Florida | 2,520 | 7.9 | % | 95.3 | % | 94.7 | % | 0.6 | % | 1,534 | 1,449 | 5.8 | % | |||||||||||||||||||
Dallas, TX | 3,938 | 6.4 | % | 95.5 | % | 95.4 | % | 0.1 | % | 857 | 788 | 8.8 | % | |||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 7.1 | % | 95.7 | % | 95.0 | % | 0.7 | % | 1,627 | 1,566 | 3.9 | % | |||||||||||||||||||
Charlotte, NC | 3,134 | 6.5 | % | 96.2 | % | 96.2 | % | 0.0 | % | 983 | 875 | 12.3 | % | |||||||||||||||||||
Orlando, FL | 3,344 | 5.8 | % | 95.4 | % | 94.7 | % | 0.7 | % | 885 | 847 | 4.5 | % | |||||||||||||||||||
Atlanta, GA | 2,894 | 5.2 | % | 95.3 | % | 94.4 | % | 0.9 | % | 924 | 878 | 5.3 | % | |||||||||||||||||||
Raleigh, NC | 2,704 | 5.0 | % | 95.3 | % | 94.7 | % | 0.6 | % | 852 | 805 | 5.9 | % | |||||||||||||||||||
Denver, CO | 1,851 | 4.2 | % | 95.1 | % | 93.9 | % | 1.2 | % | 1,015 | 945 | 7.4 | % | |||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.5 | % | 93.8 | % | 93.1 | % | 0.7 | % | 1,543 | 1,509 | 2.3 | % | |||||||||||||||||||
Austin, TX | 1,670 | 2.8 | % | 95.3 | % | 94.9 | % | 0.4 | % | 938 | 862 | 8.8 | % | |||||||||||||||||||
Phoenix, AZ | 1,084 | 2.2 | % | 93.7 | % | 93.7 | % | 0.0 | % | 938 | 873 | 7.4 | % | |||||||||||||||||||
Corpus Christi, TX | 632 | 1.2 | % | 95.6 | % | 95.2 | % | 0.4 | % | 860 | 802 | 7.2 | % | |||||||||||||||||||
Total Same Property | 44,774 | 100.0 | % | 95.3 | % | 94.7 | % | 0.6 | % | $1,082 | $1,024 | 5.7 | % |
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale and communities under major redevelopment. |
(b) | Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. |
14
"SAME PROPERTY" OPERATING EXPENSE | ||||||||||||||||||||
CAMDEN | DETAIL AND COMPARISONS | |||||||||||||||||||
DECEMBER 31, 2012 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
% of Actual 4Q12 Operating | ||||||||||||||||||||
Quarterly Comparison (a) | 4Q12 | 4Q11 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $16,011 | $15,220 | $791 | 5.2 | % | 27.4 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 15,162 | 13,172 | 1,990 | 15.1 | % | 26.0 | % | |||||||||||||
Utilities | 12,646 | 12,883 | (237 | ) | (1.8 | %) | 21.7 | % | ||||||||||||
Repairs and Maintenance | 8,339 | 8,600 | (261 | ) | (3.0 | %) | 14.3 | % | ||||||||||||
Property Insurance | 2,516 | 2,811 | (295 | ) | (10.5 | %) | 4.3 | % | ||||||||||||
Other | 3,662 | 3,351 | 311 | 9.3 | % | 6.3 | % | |||||||||||||
Total Same Property | $58,336 | $56,037 | $2,299 | 4.1 | % | 100.0 | % | |||||||||||||
% of Actual 4Q12 Operating | ||||||||||||||||||||
Sequential Comparison (a) | 4Q12 | 3Q12 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $16,011 | $15,980 | $31 | 0.2 | % | 27.4 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 15,162 | 14,352 | 810 | 5.6 | % | 26.0 | % | |||||||||||||
Utilities | 12,646 | 13,654 | (1,008 | ) | (7.4 | %) | 21.7 | % | ||||||||||||
Repairs and Maintenance | 8,339 | 9,714 | (1,375 | ) | (14.2 | %) | 14.3 | % | ||||||||||||
Property Insurance | 2,516 | 2,619 | (103 | ) | (3.9 | %) | 4.3 | % | ||||||||||||
Other | 3,662 | 3,672 | (10 | ) | (0.3 | %) | 6.3 | % | ||||||||||||
Total Same Property | $58,336 | $59,991 | $(1,655 | ) | (2.8 | %) | 100.0 | % | ||||||||||||
% of Actual 2012 Operating | ||||||||||||||||||||
Year to Date Comparison (a) | 2012 | 2011 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $64,221 | $62,355 | $1,866 | 3.0 | % | 27.4 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 57,177 | 54,209 | 2,968 | 5.5 | % | 24.4 | % | |||||||||||||
Utilities | 52,195 | 51,924 | 271 | 0.5 | % | 22.3 | % | |||||||||||||
Repairs and Maintenance | 35,053 | 35,253 | (200 | ) | (0.6 | %) | 15.0 | % | ||||||||||||
Property Insurance | 11,108 | 11,453 | (345 | ) | (3.0 | %) | 4.7 | % | ||||||||||||
Other | 14,637 | 14,240 | 397 | 2.8 | % | 6.2 | % | |||||||||||||
Total Same Property | $234,391 | $229,434 | $4,957 | 2.2 | % | 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 | Twelve Months Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
OPERATING DATA (a) | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Property Revenues | ||||||||||||||||||||
Rental revenues | $6,485 | $8,483 | $27,473 | $29,183 | ||||||||||||||||
Other property revenues | 963 | 1,277 | 4,120 | 4,534 | ||||||||||||||||
Total property revenues | 7,448 | 9,760 | 31,593 | 33,717 | ||||||||||||||||
Property Expenses | ||||||||||||||||||||
Property operating and maintenance | 2,202 | 3,006 | 9,399 | 10,625 | ||||||||||||||||
Real estate taxes | 881 | 1,028 | 3,889 | 3,549 | ||||||||||||||||
Total property expenses | 3,083 | 4,034 | 13,288 | 14,174 | ||||||||||||||||
Net Operating Income (NOI) | 4,365 | 5,726 | 18,305 | 19,543 | ||||||||||||||||
Other expenses | ||||||||||||||||||||
Interest | 1,533 | 2,576 | 7,126 | 8,960 | ||||||||||||||||
Depreciation and amortization | 1,760 | 3,404 | 8,049 | 10,537 | ||||||||||||||||
Other | 126 | 295 | 373 | 761 | ||||||||||||||||
Total other expenses | 3,419 | 6,275 | 15,548 | 20,258 | ||||||||||||||||
Gain on sale of properties, net | 14,543 | 6,394 | 17,418 | 6,394 | ||||||||||||||||
Equity in income (loss) of joint ventures | $15,489 | $5,845 | $20,175 | $5,679 | ||||||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | ||||||||||||||||
BALANCE SHEET DATA (b) | ||||||||||||||||||||
Land | $125,707 | $147,126 | $154,418 | $153,286 | $213,106 | |||||||||||||||
Buildings and improvements | 823,820 | 1,002,759 | 1,033,326 | 1,016,357 | 1,320,795 | |||||||||||||||
949,527 | 1,149,885 | 1,187,744 | 1,169,643 | 1,533,901 | ||||||||||||||||
Accumulated depreciation | (135,146 | ) | (170,390 | ) | (166,324 | ) | (156,705 | ) | (225,577 | ) | ||||||||||
Real estate assets, net | 814,381 | 979,495 | 1,021,420 | 1,012,938 | 1,308,324 | |||||||||||||||
Properties under development and land | 83,573 | 70,574 | 57,043 | 52,264 | 39,684 | |||||||||||||||
Cash and other assets, net | 19,830 | 17,994 | 17,642 | 18,879 | 46,843 | |||||||||||||||
Total assets | $917,784 | $1,068,063 | $1,096,105 | $1,084,081 | $1,394,851 | |||||||||||||||
Notes payable | $712,707 | $844,680 | $864,867 | $852,861 | $1,093,944 | |||||||||||||||
Other liabilities | 39,911 | 34,677 | 35,267 | 26,610 | 39,296 | |||||||||||||||
Total liabilities | 752,618 | 879,357 | 900,134 | 879,471 | 1,133,240 | |||||||||||||||
Members' equity | 165,166 | 188,706 | 195,971 | 204,610 | 261,611 | |||||||||||||||
Total liabilities and members' equity | $917,784 | $1,068,063 | $1,096,105 | $1,084,081 | $1,394,851 | |||||||||||||||
Camden's equity investment | $45,092 | $46,566 | $47,776 | $49,436 | $44,844 | |||||||||||||||
Distributions in excess of investment in joint ventures | $(9,509 | ) | $(16,708 | ) | $(16,499 | ) | $(16,298 | ) | $(30,596 | ) | ||||||||||
Camden's pro-rata share of debt | $142,541 | $171,215 | $175,299 | $172,942 | $221,204 | |||||||||||||||
PROPERTY DATA (end of period) | ||||||||||||||||||||
Total operating properties | 37 | 44 | 44 | 44 | 55 | |||||||||||||||
Total operating apartment homes | 10,692 | 13,165 | 13,174 | 13,174 | 16,858 | |||||||||||||||
Pro rata share of operating apartment homes | 2,138 | 2,556 | 2,558 | 2,558 | 3,365 | |||||||||||||||
Total development properties | 2 | 1 | 2 | 2 | 2 | |||||||||||||||
Total development apartment homes | 576 | 276 | 520 | 520 | 520 | |||||||||||||||
Pro rata share of development apartment homes | 115 | 55 | 104 | 104 | 104 |
(a) | Operating data represents Camden's pro-rata share of revenues and expenses. |
(b) | Balance sheet and property data reported at 100%. |
16
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||
AS OF DECEMBER 31, 2012 ($ in millions) | ||||||||||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | Total | Construction | Initial | Construction | Stabilized | As of 01/27/2013 | |||||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | Homes | Budget | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||||||||||
1. | Camden Royal Oaks II | 104 | $14.0 | $13.3 | 1Q11 | 1Q12 | 1Q12 | 3Q13 | 81 | % | 72 | % | ||||||||||||||||||||||||||||||
Houston, TX | ||||||||||||||||||||||||||||||||||||||||||
2. | Camden Town Square | 438 | 66.0 | 58.7 | 2Q11 | 2Q12 | 4Q12 | 3Q13 | 72 | % | 71 | % | ||||||||||||||||||||||||||||||
Orlando, FL | ||||||||||||||||||||||||||||||||||||||||||
Total Completed Communities in Lease-Up | 542 | $80.0 | $72.0 | 73 | % | 72 | % | |||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 01/27/2013 | ||||||||||||||||||||||||||||||||||
Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||||||||||||||||||||||||||
3. | Camden City Centre II | 268 | $36.0 | $28.8 | $28.8 | 4Q11 | 1Q13 | 2Q13 | 3Q14 | 10 | % | 3 | % | |||||||||||||||||||||||||||||
Houston, TX | ||||||||||||||||||||||||||||||||||||||||||
4. | Camden NOMA | 320 | 110.0 | 71.6 | 71.6 | 4Q11 | 1Q14 | 2Q14 | 2Q15 | |||||||||||||||||||||||||||||||||
Washington, DC | ||||||||||||||||||||||||||||||||||||||||||
5. | Camden Lamar Heights | 314 | 47.0 | 10.5 | 10.5 | 2Q12 | 4Q13 | 2Q14 | 3Q15 | |||||||||||||||||||||||||||||||||
Austin, TX | ||||||||||||||||||||||||||||||||||||||||||
6. | Camden Flatirons | 424 | 78.0 | 20.4 | 20.4 | 3Q12 | 2Q14 | 4Q14 | 4Q16 | |||||||||||||||||||||||||||||||||
Denver, CO | ||||||||||||||||||||||||||||||||||||||||||
7. | Camden Glendale | 303 | 115.0 | 33.8 | 33.8 | 4Q12 | 1Q15 | 3Q15 | 1Q16 | |||||||||||||||||||||||||||||||||
Glendale, CA | ||||||||||||||||||||||||||||||||||||||||||
8. | Camden Boca Raton | 261 | 54.0 | 7.7 | 7.7 | 4Q12 | 3Q14 | 4Q14 | 1Q16 | |||||||||||||||||||||||||||||||||
Boca Raton, FL | ||||||||||||||||||||||||||||||||||||||||||
9. | Camden Paces | 379 | 110.0 | 23.3 | 23.3 | 4Q12 | 1Q14 | 1Q15 | 1Q17 | |||||||||||||||||||||||||||||||||
Atlanta, GA | ||||||||||||||||||||||||||||||||||||||||||
Total Development Communities | 2,269 | $550.0 | $196.1 | $196.1 | ||||||||||||||||||||||||||||||||||||||
Additional Development Pipeline & Land (a) | 138.4 | |||||||||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $334.5 | |||||||||||||||||||||||||||||||||||||||||
NOI CONTRIBUTION FROM NON-STABILIZED COMMUNITIES ($ in millions) | ||||||||||||||||||||||||||||||||||||||||||
Total Cost | 4Q12 NOI | |||||||||||||||||||||||||||||||||||||||||
NOI from communities that stabilized during quarter | $48.4 | $1.0 | ||||||||||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | 72.0 | 0.6 | ||||||||||||||||||||||||||||||||||||||||
Development Communities in Lease-Up | 196.1 | 0.0 | ||||||||||||||||||||||||||||||||||||||||
Total Recenty Stabilized and Non-Stabilized Communities NOI Contribution | $316.4 | $1.6 | ||||||||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | |||||||||||||||||||||||||||||||||||
Joint Venture Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | ||||||||||||||||||||||||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||||||||||||||||||||||||||
1. | Camden South Capitol | 276 | $88.0 | $70.0 | $70.0 | 2Q11 | 3Q13 | 4Q13 | 3Q14 | |||||||||||||||||||||||||||||||||
Washington, DC | ||||||||||||||||||||||||||||||||||||||||||
2. | Camden Waterford Lakes | 300 | 40.0 | 6.5 | 6.5 | 4Q12 | 1Q14 | 3Q14 | 4Q15 | |||||||||||||||||||||||||||||||||
Orlando, FL | ||||||||||||||||||||||||||||||||||||||||||
Total Joint Venture Development Communities | 576 | $128.0 | $76.5 | $76.5 |
(a) | Please refer to the Development Pipeline & Land Summary on page 18. |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
17
CAMDEN | DEVELOPMENT PIPELINE & LAND | |||||||||||||
(Unaudited) | ||||||||||||||
AS OF DECEMBER 31, 2012 ($ in millions) | ||||||||||||||
Projected | Total | |||||||||||||
PIPELINE COMMUNITIES (a) | Homes | Estimated Cost (b) | Cost to Date | |||||||||||
1. | Camden La Frontera | 300 | $32.0 | $4.8 | ||||||||||
Austin, TX | ||||||||||||||
2. | Camden Victory Park | 425 | 70.0 | 14.7 | ||||||||||
Dallas, TX | ||||||||||||||
3. | Camden Hollywood | 299 | 125.0 | 18.7 | ||||||||||
Los Angeles, CA | ||||||||||||||
4. | Camden Centro | 324 | 56.0 | 8.6 | ||||||||||
Charlotte, NC | ||||||||||||||
5. | Camden Lincoln Station | 275 | 48.0 | 5.2 | ||||||||||
Denver, CO | ||||||||||||||
6. | Camden Atlantic | 286 | 62.0 | 9.4 | ||||||||||
Plantation, FL | ||||||||||||||
7. | Camden McGowen Station | 251 | 40.0 | 7.1 | ||||||||||
Houston, TX | ||||||||||||||
8. | Camden Buckhead | 390 | 70.0 | 17.4 | ||||||||||
Atlanta, GA | ||||||||||||||
Development Pipeline | 2,550 | $503.0 | $85.9 | |||||||||||
LAND HOLDINGS | Acreage | Cost to Date | ||||||||||||
Washington, DC | 0.9 | $17.3 | ||||||||||||
Atlanta, GA (c) | 5.0 | 10.1 | ||||||||||||
Dallas, TX | 7.2 | 8.6 | ||||||||||||
Houston, TX | 13.2 | 6.9 | ||||||||||||
Las Vegas, NV | 19.6 | 4.2 | ||||||||||||
Other | 4.8 | 5.4 | ||||||||||||
Land Holdings | 50.7 | $52.5 | ||||||||||||
Total Development Pipeline and Land | $138.4 |
(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) | Includes 2.0 acres that were sold subsequent to December 31, 2012. |
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 | Apartment Homes | Year Built | Closing Date (a) | |||||||||
1. | Camden Addison | Dallas, TX | 456 | 1996 | 01/25/12 | ||||||||
2. | Camden Holly Springs | Houston, TX | 548 | 1999 | 01/25/12 | ||||||||
3. | Camden Park | Houston, TX | 288 | 1995 | 01/25/12 | ||||||||
4. | Camden Sugar Grove | Houston, TX | 380 | 1997 | 01/25/12 | ||||||||
5. | Camden Parkside | Fullerton, CA | 421 | 1972 | 01/25/12 | ||||||||
6. | Camden Fountain Palms | Phoenix, AZ | 192 | 1986/1996 | 01/25/12 | ||||||||
7. | Camden Pecos Ranch | Phoenix, AZ | 272 | 2001 | 01/25/12 | ||||||||
8. | Camden Sierra | Phoenix, AZ | 288 | 1997 | 01/25/12 | ||||||||
9. | Camden Towne Center | Phoenix, AZ | 240 | 1998 | 01/25/12 | ||||||||
10. | Camden Pines | Las Vegas, NV | 315 | 1997 | 01/25/12 | ||||||||
11. | Camden Summit | Las Vegas, NV | 234 | 1995 | 01/25/12 | ||||||||
12. | Camden Tiara | Las Vegas, NV | 400 | 1996 | 01/25/12 | ||||||||
13. | Camden Belmont | Dallas, TX | 477 | 2010/2012 | 06/28/12 | ||||||||
14. | Camden Creekstone | Atlanta, GA | 223 | 2002 | 07/12/12 | ||||||||
15. | Camden Landmark | Ontario, CA | 469 | 2006 | 09/27/12 | ||||||||
16. | Camden Henderson | Dallas, TX | 106 | 2012 | 09/28/12 | ||||||||
17. | Camden Travis Street (b) | Houston, TX | 253 | 2010 | 09/30/12 | ||||||||
18. | Camden Montierra | Scottsdale, AZ | 249 | 1999 | 12/11/12 | ||||||||
19. | Camden San Marcos | Scottsdale, AZ | 320 | 1995 | 12/11/12 | ||||||||
20. | Camden Belleview Station | Denver, CO | 270 | 2009 | 12/20/12 | ||||||||
21. | Camden Denver West (c) | Denver, CO | 320 | 1997 | 12/27/12 | ||||||||
Total/Average Acquisitions | $860.0 | (d) | 6,721 apartment homes | 1999 | |||||||||
Dispositions | Location | Apartment Homes | Year Built | Closing Date | |||||||||
1. | Camden Vista Valley | Phoenix, AZ | 357 | 1986 | 01/12/12 | ||||||||
2. | Camden Landings | Orlando, FL | 220 | 1983 | 03/07/12 | ||||||||
3. | Camden Creek | Houston, TX | 456 | 1984 | 03/16/12 | ||||||||
4. | Camden Laurel Ridge | Austin, TX | 183 | 1986 | 10/12/12 | ||||||||
5. | Camden Steeplechase | Houston, TX | 290 | 1982 | 10/23/12 | ||||||||
6. | Camden Sweetwater | Lawrenceville, GA | 308 | 2000 | 11/29/12 | ||||||||
7. | Camden Valleybrook | Chadds Ford, PA | 352 | 2002 | 11/30/12 | ||||||||
8. | Camden Forest | Charlotte, NC | 208 | 1989 | 12/06/12 | ||||||||
9. | Camden Park Commons | Charlotte, NC | 232 | 1997 | 12/06/12 | ||||||||
10. | Camden Baytown | Houston, TX | 272 | 1999 | 12/13/12 | ||||||||
11. | Camden Westview | Lewisville, TX | 335 | 1983 | 12/18/12 | ||||||||
Total/Average Dispositions | $233.2 | 3,213 apartment homes | 1990 | ||||||||||
Joint Venture Acquisitions | Location | Apartment Homes | Year Built | Closing Date | |||||||||
1. | Camden Asbury Village | Raleigh, NC | 350 | 2009 | 01/27/12 | ||||||||
Total/Average Joint Venture Acquisitions | $44.2 | 350 apartment homes | 2009 | ||||||||||
Pro Rata Joint Venture Acquisitions | $8.8 | ||||||||||||
Joint Venture Dispositions | Location | Apartment Homes | Year Built | Closing Date | |||||||||
1. | Camden South Congress | Austin, TX | 253 | 2001 | 08/30/12 | ||||||||
2. | Camden Passage | Kansas City, MO | 596 | 1989/1997 | 10/30/12 | ||||||||
3. | Camden Ivy Hall | Atlanta, GA | 110 | 2010 | 11/15/12 | ||||||||
4. | Camden Cedar Lakes | Lake St. Louis, MO | 420 | 1986 | 11/21/12 | ||||||||
5. | Camden Cove West | Creve Coeur, MO | 276 | 1990 | 11/21/12 | ||||||||
6. | Camden Cross Creek | St. Louis, MO | 591 | 1973/1980 | 11/21/12 | ||||||||
7. | Camden Westchase | St. Louis, MO | 160 | 1986 | 11/21/12 | ||||||||
Total/Average Joint Venture Dispositions | $232.8 | 2,406 apartment homes | 1992 | ||||||||||
Pro Rata Joint Venture Dispositions | $38.8 |
(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. |
(b) | Acquired our partner's 75% interest in a fully consolidated joint venture of which Camden previously owned a 25% interest. Apartment homes were previously included in Camden's unit count. |
(c) | Acquired our partner's 50% interest in an unconsolidated joint venture of which Camden previously owned a 50% interest. Apartment homes were previously included in Camden's unit count. |
(d) | Represents the purchase price of third party acquisitions and the fair value of communities or interests purchased from joint venture partners. |
19
CAMDEN | DEBT ANALYSIS | |||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
DEBT MATURITIES AS OF DECEMBER 31, 2012: | ||||||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||||||
Secured | Unsecured | Interest Rate on | ||||||||||||||||||||||
Year | Amortization | Maturities | Maturities | Total | % of Total | Maturing Debt | ||||||||||||||||||
2013 | $3,408 | $25,832 | $200,000 | $229,240 | 9.1 | % | 5.4 | % | ||||||||||||||||
2014 | $3,143 | 32,247 | - | 35,390 | 1.4 | % | 3.2 | % | ||||||||||||||||
2015 | $2,019 | - | 250,000 | 252,019 | 10.1 | % | 5.1 | % | ||||||||||||||||
2016 | $2,242 | - | - | 2,242 | 0.1 | % | N/A | |||||||||||||||||
2017 | $2,462 | - | 246,750 | 249,212 | 9.9 | % | 5.7 | % | ||||||||||||||||
Thereafter | $73,258 | 819,107 | 850,000 | 1,742,365 | 69.4 | % | 4.2 | % | ||||||||||||||||
Total Maturing Debt | $86,532 | $877,186 | $1,546,750 | $2,510,468 | 100.0 | % | 4.5 | % | ||||||||||||||||
Unsecured Line of Credit | - | - | - | - | - | N/A | ||||||||||||||||||
Other Short Term Borrowings | - | - | - | - | - | N/A | ||||||||||||||||||
Total Debt | $86,532 | $877,186 | $1,546,750 | $2,510,468 | 100.0 | % | 4.5 | % | ||||||||||||||||
Weighted Average Maturity of Debt | 7.0 Years | |||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Floating rate debt | $212,719 | 8.5 | % | 1.1 | % | 7.5 Years | ||||||||||||||||||
Fixed rate debt | 2,297,749 | 91.5 | % | 4.8 | % | 6.9 Years | ||||||||||||||||||
Total | $2,510,468 | 100.0 | % | 4.5 | % | 7.0 Years | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Unsecured debt | $1,538,212 | 61.3 | % | 4.7 | % | 6.5 Years | ||||||||||||||||||
Secured debt | 972,256 | 38.7 | % | 4.2 | % | 7.7 Years | ||||||||||||||||||
Total | $2,510,468 | 100.0 | % | 4.5 | % | 7.0 Years | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Conventional fixed-rate mortgage debt | $759,537 | 78.1 | % | 5.1 | % | 7.8 Years | ||||||||||||||||||
Conventional variable-rate mortgage debt | 175,000 | 18.0 | % | 1.0 | % | 5.8 Years | ||||||||||||||||||
Tax exempt variable rate debt | 37,719 | 3.9 | % | 1.4 | % | 15.5 Years | ||||||||||||||||||
Total | $972,256 | 100.0 | % | 4.2 | % | 7.7 Years | ||||||||||||||||||
REAL ESTATE ASSETS: (a) | Total Homes | % of Total | Total Cost | % of Total | 4Q12 NOI | % of Total | ||||||||||||||||||
Unencumbered real estate assets | 44,104 | 76.9 | % | $5,149,007 | 76.5 | % | $91,781 | 74.9 | % | |||||||||||||||
Encumbered real estate assets | 13,248 | 23.1 | % | 1,584,707 | 23.5 | % | 30,804 | 25.1 | % | |||||||||||||||
Total | 57,352 | 100.0 | % | $6,733,714 | 100.0 | % | $122,585 | 100.0 | % |
Ratio of unencumbered assets at cost to unsecured debt is 3.3 times |
(a) | Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures. |
20
CAMDEN | DEBT MATURITY ANALYSIS | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2013 AND 2014: | |||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | ||||||||||||||||||||
Secured | Unsecured | Interest Rate on | |||||||||||||||||||
Quarter | Amortization | Maturities | Maturities | Total | Maturing Debt | ||||||||||||||||
1Q 2013 | $976 | $- | $- | $976 | N/A | ||||||||||||||||
2Q 2013(a) | 839 | 25,832 | - | 26,671 | 5.0 | % | |||||||||||||||
3Q 2013 | 786 | - | - | 786 | N/A | ||||||||||||||||
4Q 2013 | 807 | - | 200,000 | 200,807 | 5.4 | % | |||||||||||||||
2013 | $3,408 | $25,832 | $200,000 | $229,240 | 5.4 | % | |||||||||||||||
1Q 2014 | $853 | $- | $- | $853 | N/A | ||||||||||||||||
2Q 2014 | 849 | - | - | 849 | N/A | ||||||||||||||||
3Q 2014 | 852 | 32,247 | - | 33,099 | 3.2 | % | |||||||||||||||
4Q 2014 | 589 | - | - | 589 | N/A | ||||||||||||||||
2014 | $3,143 | $32,247 | $- | $35,390 | 3.2 | % |
(a) | Secured maturity was repaid subsequent to December 31, 2012. |
21
CAMDEN | DEBT COVENANT ANALYSIS | ||||
(Unaudited) | |||||
UNSECURED LINE OF CREDIT | |||||
Covenant (a) | Required | Actual (b) | Compliance | ||
Total Consolidated Debt to Gross Asset Value | ≤60% | 32% | Yes | ||
Secured Debt to Gross Asset Value | ≤35% | 12% | Yes | ||
Consolidated EBITDA to Total Fixed Charges | ≥150% | 347% | 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% | 14% | Yes | ||
Total Unencumbered Asset Value to Total Unsecured Debt | ≥150% | 342% | Yes | ||
Consolidated Income Available for Debt Service to Total | >150% | 387% | 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 DECEMBER 31, 2012: | ||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||
Secured | Interest Rate on | |||||||||||||||||||
Year | Amortization | Maturities | Total | % of Total | Maturing Debt | |||||||||||||||
2013 | $1,361 | $35,980 | $37,341 | 26.2 | % | 2.8 | % | |||||||||||||
2014 | 1,873 | 7,223 | 9,096 | 6.4 | % | 2.2 | % | |||||||||||||
2015 | 2,057 | 8,827 | 10,884 | 7.6 | % | 2.9 | % | |||||||||||||
2016 | 1,933 | 28,785 | 30,718 | 21.6 | % | 3.6 | % | |||||||||||||
2017 | 1,221 | 14,218 | 15,439 | 10.8 | % | 4.0 | % | |||||||||||||
Thereafter | 746 | 37,332 | 38,078 | 26.7 | % | 4.3 | % | |||||||||||||
Total Maturing Debt | $9,191 | $132,365 | $141,556 | 99.3 | % | 3.5 | % | |||||||||||||
Subscription lines of credit (a) | - | 985 | 985 | 0.7 | % | 1.6 | % | |||||||||||||
Total Debt | $9,191 | $133,350 | $142,541 | 100.0 | % | 3.5 | % | |||||||||||||
Weighted Average Maturity of Debt | 3.4 Years | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||
Floating rate debt | $49,552 | 34.8 | % | 2.6 | % | 1.0 Years | ||||||||||||||
Fixed rate debt | 92,989 | 65.2 | % | 4.0 | % | 4.7 Years | ||||||||||||||
Total | $142,541 | 100.0 | % | 3.5 | % | 3.4 Years | ||||||||||||||
Weighted Average | ||||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity (a) | ||||||||||||||||
Conventional fixed-rate mortgage debt | $92,989 | 65.3 | % | 4.0 | % | 4.7 Years | ||||||||||||||
Conventional variable-rate mortgage debt | 40,235 | 28.2 | % | 2.7 | % | 0.8 Years | ||||||||||||||
Variable-rate construction loans | 8,332 | 5.8 | % | 2.4 | % | 2.0 Years | ||||||||||||||
Subscription lines of credit | 985 | 0.7 | % | 1.6 | % | 2.0 Years | ||||||||||||||
Total | $142,541 | 100.0 | % | 3.5 | % | 3.4 Years | ||||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | ||||||||||||||||||
Operating real estate assets | 10,692 | $949,527 | ||||||||||||||||||
Properties under development and land | 576 | 83,573 | ||||||||||||||||||
Total | 11,268 | $1,033,100 |
(a) | As of December 31, 2012 these borrowings were drawn under the subscription lines of credit with $10.3 million in total capacity. Camden has a 20% ownership interest in the borrowing entity. |
(b) | 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 2013 and 2014: | |||||||||||||||||
Weighted Average | |||||||||||||||||
Future Scheduled Repayments | Interest Rate on | ||||||||||||||||
Quarter | Amortization | Secured Maturities | Total | Maturing Debt | |||||||||||||
1Q 2013 | $324 | $- | $324 | N/A | |||||||||||||
2Q 2013 | 335 | - | 335 | N/A | |||||||||||||
3Q 2013 | 347 | 35,980 | 36,327 | 2.8 | % | ||||||||||||
4Q 2013 | 355 | - | 355 | N/A | |||||||||||||
2013 | $1,361 | $35,980 | $37,341 | 2.8 | % | ||||||||||||
1Q 2014 | $436 | $- | $436 | N/A | |||||||||||||
2Q 2014 | 472 | 7,223 | 7,695 | 2.2 | % | ||||||||||||
3Q 2014 | 477 | - | 477 | N/A | |||||||||||||
4Q 2014(a) | 488 | 985 | 1,473 | 1.6 | % | ||||||||||||
2014 | $1,873 | $8,208 | $10,081 | 2.2 | % |
(a) | 4Q 2014 maturities includes subscription lines of credit with $985K (Camden's pro-rata share) outstanding as of December 31, 2012. The lines of credit have $10.3 million in total capacity. |
24
CAMDEN | CAPITALIZED EXPENDITURES | |||||||||||||||||||
& MAINTENANCE EXPENSE | ||||||||||||||||||||
(In thousands, except unit data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Fourth Quarter 2012 (a) | ||||||||||||||||||||
Capitalized | Expensed | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
Item | Useful Life (b) | Total | Per Unit | Total | Per Unit | |||||||||||||||
Interiors | ||||||||||||||||||||
Floor coverings | 5.5 years | $2,729 | $49 | $781 | $14 | |||||||||||||||
Appliances | 9.7 years | 1,704 | 31 | 211 | 4 | |||||||||||||||
Painting | - | - | - | 1,584 | 29 | |||||||||||||||
Cabinetry/Countertops | 10.0 years | 369 | 7 | - | - | |||||||||||||||
Other | 8.9 years | 1,403 | 25 | 569 | 10 | |||||||||||||||
Exteriors | ||||||||||||||||||||
Painting | 5.0 years | 482 | 9 | - | - | |||||||||||||||
Carpentry | 10.0 years | 392 | 7 | - | - | |||||||||||||||
Landscaping | 5.6 years | 1,113 | 20 | 2,609 | 47 | |||||||||||||||
Roofing | 20.0 years | 1,027 | 19 | 67 | 1 | |||||||||||||||
Site Drainage | 10.0 years | 80 | 1 | - | - | |||||||||||||||
Fencing/Stair | 10.0 years | 349 | 6 | - | - | |||||||||||||||
Other (c) | 7.4 years | 2,864 | 52 | 3,211 | 58 | |||||||||||||||
Common Areas | ||||||||||||||||||||
Mech., Elec., Plumbing | 9.5 years | 1,198 | 22 | 1,080 | 20 | |||||||||||||||
Parking/Paving | 5.0 years | 346 | 6 | - | - | |||||||||||||||
Pool/Exercise/Facility | 8.3 years | 2,803 | 51 | 340 | 6 | |||||||||||||||
Total | $16,859 | $305 | $10,452 | $189 | ||||||||||||||||
Weighted Average Apartment Homes | 55,163 | 55,163 | ||||||||||||||||||
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 | $12,001 | $221 | $3,195 | $59 | |||||||||||||||
Appliances | 9.7 years | 5,344 | 99 | 868 | 16 | |||||||||||||||
Painting | - | - | - | 6,662 | 123 | |||||||||||||||
Cabinetry/Countertops | 10.0 years | 1,738 | 32 | - | - | |||||||||||||||
Other | 8.9 years | 5,453 | 101 | 1,968 | 36 | |||||||||||||||
Exteriors | ||||||||||||||||||||
Painting | 5.0 years | 4,209 | 78 | - | - | |||||||||||||||
Carpentry | 10.0 years | 1,612 | 30 | - | - | |||||||||||||||
Landscaping | 5.6 years | 2,317 | 43 | 11,457 | 211 | |||||||||||||||
Roofing | 20.0 years | 2,840 | 52 | 326 | 6 | |||||||||||||||
Site Drainage | 10.0 years | 328 | 6 | - | - | |||||||||||||||
Fencing/Stair | 10.0 years | 855 | 16 | - | - | |||||||||||||||
Other (c) | 7.4 years | 9,828 | 181 | 12,660 | 234 | |||||||||||||||
Common Areas | ||||||||||||||||||||
Mech., Elec., Plumbing | 9.5 years | 5,265 | 97 | 4,430 | 82 | |||||||||||||||
Parking/Paving | 5.0 years | 1,371 | 25 | - | - | |||||||||||||||
Pool/Exercise/Facility | 8.3 years | 9,884 | 182 | 1,513 | 28 | |||||||||||||||
Total | $63,045 | $1,163 | $43,079 | $795 | ||||||||||||||||
Weighted Average Apartment Homes | 54,194 | 54,194 |
(a) | Includes discontinued operations. Capitalized expenditures for discontinued operations was $405 and $3,219 for the three and twelve months ended December 31, 2012, respectively. Maintenance expenses for discontinued operations was $479 and $2,433 for the same periods. |
(b) | Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2012. |
(c) | Includes in part the following items: site/building repair, masonry/plaster, and general conditions. |
25
CAMDEN | 2013 Financial Outlook | ||||
as of January 31, 2013 | |||||
(Unaudited) | |||||
2012 Reported FFO, Adjusted for Year End Shares Outstanding | |||||
($'s and shares in thousands) | |||||
Total | Per Share | ||||
2012 Reported FFO | $313,337 | $3.62 | |||
2012 Fully Diluted Shares Outstanding - FFO | 86,619 | ||||
December 31, 2012 Fully Diluted Shares Outstanding - FFO | 89,039 | ||||
2012 FFO adjusted for December 31, 2012 Fully Diluted Shares Outstanding - FFO | $3.52 | ||||
2013 Financial Outlook | |||||
Earnings Guidance - Per Diluted Share | |||||
Expected net income attributable to common shareholders per share - diluted | $1.38 - $1.58 | ||||
Expected real estate depreciation | 2.33 | ||||
Expected adjustments for unconsolidated joint ventures | 0.07 | ||||
Expected income allocated to noncontrolling interests | 0.07 | ||||
Expected FFO per share - diluted | $3.85 - $4.05 | ||||
"Same Property" Communities | |||||
Number of Units | 44,395 | ||||
2012 Base Net Operating Income | $398 million | ||||
Total Revenue Growth | 4.75% - 6.25% | ||||
Total Expense Growth | 3.20% - 4.00% | ||||
Net Operating Income Growth | 5.50% - 7.50% | ||||
Impact from 1.0% change in NOI Growth is approximately $0.045 / share | |||||
Impact from 2013 Revenue Enhancing Repositions included in Same Store Net Operating Income Guidance (a) | 0.50% | ||||
Physical Occupancy | 95% | ||||
Capitalized Expenditures | |||||
Recurring | $60 - $64 million | ||||
Revenue Enhancing Repositions (a) | $50 - $60 million | ||||
Acquisitions/Dispositions | |||||
Acquisition Volume (consolidated on balance sheet) | $200 - $400 million | ||||
Disposition Volume | $200 - $400 million | ||||
Development | |||||
Development Starts (consolidated on balance sheet) | $250 - $400 million | ||||
Development Starts (joint venture) | $0 - $50 million | ||||
Development Spend (consolidated on balance sheet) | $200 - $250 million | ||||
Non-Property Income | |||||
Non-Property Income, Net | $5 - $6 million | ||||
Includes: Fee and asset management income, net of expenses and | |||||
Interest and other income | |||||
Corporate Expenses | |||||
General and administrative expense (b) | $38 - $40 million | ||||
Property management expense | $21 - $23 million | ||||
Capital | |||||
Expected Capital Transactions | $250 - $350 million | ||||
Expensed Interest | $98 - $102 million | ||||
Capitalized Interest | $14 - $16 million |
(a) | Capital expenditures that improve a community's competitive position, typically kitchen and bath upgrades or other new amenities. |
(b) | Excludes any third party acquisition costs. |
Note: | This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. Additionally, please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
26
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 | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net income attributable to common shareholders (a) | $142,166 | $46,850 | $283,390 | $49,379 | ||||||||||||
Real estate depreciation from continuing operations | 51,399 | 41,219 | 198,642 | 166,149 | ||||||||||||
Real estate depreciation and amortization from discontinued operations | 948 | 2,626 | 6,795 | 11,038 | ||||||||||||
Adjustments for unconsolidated joint ventures | 1,741 | 3,492 | 7,939 | 10,534 | ||||||||||||
Income allocated to noncontrolling interests | 3,971 | 1,092 | 6,475 | 2,586 | ||||||||||||
(Gain) on sale of unconsolidated joint venture properties | (14,543 | ) | (6,394 | ) | (17,418 | ) | (7,530 | ) | ||||||||
(Gain) on acquisition of controlling interests in joint ventures | (17,227 | ) | - | (57,418 | ) | - | ||||||||||
(Gain) on sale of discontinued operations, net of tax | (82,527 | ) | (24,621 | ) | (115,068 | ) | (24,621 | ) | ||||||||
Funds from operations - diluted | $85,928 | $64,264 | $313,337 | $207,535 | ||||||||||||
Weighted average number of common and | ||||||||||||||||
common equivalent shares outstanding: | ||||||||||||||||
EPS diluted | 88,020 | 74,428 | 85,556 | 73,462 | ||||||||||||
FFO diluted | 88,991 | 76,649 | 86,619 | 75,928 | ||||||||||||
Net income attributable to common shareholders - diluted | $1.60 | $0.62 | $3.30 | $0.66 | ||||||||||||
FFO per common share - diluted | $0.97 | $0.84 | $3.62 | $2.73 | ||||||||||||
(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the twelve months ended December 31, 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: |
1Q13 Range | 2013 Range | |||||||||||||||
Low | High | Low | High | |||||||||||||
Expected net income attributable to common shareholders per share - diluted | $0.28 | $0.32 | $1.38 | $1.58 | ||||||||||||
Expected real estate depreciation | 0.60 | 0.60 | 2.33 | 2.33 | ||||||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.07 | 0.07 | ||||||||||||
Expected income allocated to noncontrolling interests | 0.02 | 0.02 | 0.07 | 0.07 | ||||||||||||
Expected FFO per share - diluted | $0.92 | $0.96 | $3.85 | $4.05 |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
27
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||||
DEFINITIONS & RECONCILIATIONS | ||||||||||
(In thousands, except per share amounts) | ||||||||||
(Unaudited) |
Net Operating Income (NOI) |
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below: |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net income attributable to common shareholders | $142,166 | $46,850 | $283,390 | $49,379 | ||||||||||||
Less: Fee and asset management income | (2,773 | ) | (3,018 | ) | (12,345 | ) | (9,973 | ) | ||||||||
Less: Interest and other (income) loss | (40 | ) | 100 | 710 | (4,649 | ) | ||||||||||
Less: Income on deferred compensation plans | (952 | ) | (5,540 | ) | (4,772 | ) | (6,773 | ) | ||||||||
Plus: Property management expense | 6,152 | 5,208 | 21,796 | 20,686 | ||||||||||||
Plus: Fee and asset management expense | 1,580 | 1,715 | 6,631 | 5,935 | ||||||||||||
Plus: General and administrative expense | 9,816 | 9,064 | 37,528 | 35,456 | ||||||||||||
Plus: Interest expense | 25,487 | 26,942 | 104,282 | 112,414 | ||||||||||||
Plus: Depreciation and amortization | 52,501 | 42,428 | 203,077 | 171,127 | ||||||||||||
Plus: Amortization of deferred financing costs | 887 | 1,116 | 3,608 | 5,877 | ||||||||||||
Plus: Expense on deferred compensation plans | 952 | 5,540 | 4,772 | 6,773 | ||||||||||||
Less: Gain on acquisition of controlling interests in joint ventures | (17,227 | ) | - | (57,418 | ) | - | ||||||||||
Less: Gain on sale of properties, including land | - | - | - | (4,748 | ) | |||||||||||
Less: Gain on sale of unconsolidated joint venture interests | - | - | - | (1,136 | ) | |||||||||||
Plus: Loss on discontinuation of hedging relationship | - | - | - | 29,791 | ||||||||||||
Less: Equity in income of joint ventures | (15,489 | ) | (5,845 | ) | (20,175 | ) | (5,679 | ) | ||||||||
Plus: Income tax expense - current | 216 | 331 | 1,208 | 2,220 | ||||||||||||
Less: Income from discontinued operations | (2,144 | ) | (3,127 | ) | (9,495 | ) | (11,715 | ) | ||||||||
Less: Gain on sale of discontinued operations, net of tax | (82,527 | ) | (24,621 | ) | (115,068 | ) | (24,621 | ) | ||||||||
Plus: Income allocated to noncontrolling interests from continuing operations | 1,893 | 1,431 | 4,821 | 3,453 | ||||||||||||
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations | 2,087 | 33 | 2,838 | 129 | ||||||||||||
Plus: Income allocated to perpetual preferred units | - | 1,750 | 776 | 7,000 | ||||||||||||
Plus: Write off of original issuance costs of redeemed perpetual preferred units | - | - | 2,075 | - | ||||||||||||
Net Operating Income (NOI) | $122,585 | $100,357 | $458,239 | $380,946 | ||||||||||||
"Same Property" Communities | $103,930 | $96,193 | $402,513 | $368,569 | ||||||||||||
Non-"Same Property" Communities | 17,449 | 3,652 | 51,525 | 11,491 | ||||||||||||
Development and Lease-Up Communities | 598 | 1 | 1,126 | 1 | ||||||||||||
Other | 608 | 511 | 3,075 | 885 | ||||||||||||
Net Operating Income (NOI) | $122,585 | $100,357 | $458,239 | $380,946 |
EBITDA |
EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of discontinued operations, net of tax, and income (loss) allocated to noncontrolling interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income attributable to common shareholders to EBITDA is provided below: |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net income attributable to common shareholders | $142,166 | $46,850 | $283,390 | $49,379 | ||||||||||||
Plus: Interest expense | 25,487 | 26,942 | 104,282 | 112,414 | ||||||||||||
Plus: Amortization of deferred financing costs | 887 | 1,116 | 3,608 | 5,877 | ||||||||||||
Plus: Depreciation and amortization | 52,501 | 42,428 | 203,077 | 171,127 | ||||||||||||
Plus: Income allocated to perpetual preferred units | - | 1,750 | 776 | 7,000 | ||||||||||||
Plus: Write off of original issuance costs of redeemed perpetual preferred units | - | - | 2,075 | - | ||||||||||||
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations | 2,087 | 33 | 2,838 | 129 | ||||||||||||
Plus: Income allocated to noncontrolling interests from continuing operations | 1,893 | 1,431 | 4,821 | 3,453 | ||||||||||||
Plus: Income tax expense - current | 216 | 331 | 1,208 | 2,220 | ||||||||||||
Plus: Real estate depreciation and amortization from discontinued operations | 948 | 2,626 | 6,795 | 11,038 | ||||||||||||
Less: Gain on sale of properties, including land | - | - | - | (4,748 | ) | |||||||||||
Less: Gain on sale of unconsolidated joint venture interests | - | - | - | (1,136 | ) | |||||||||||
Less: Gain on acquisition of controlling interests in joint ventures | (17,227 | ) | - | (57,418 | ) | - | ||||||||||
Less: Equity in income of joint ventures | (15,489 | ) | (5,845 | ) | (20,175 | ) | (5,679 | ) | ||||||||
Less: Gain on sale of discontinued operations, net of tax | (82,527 | ) | (24,621 | ) | (115,068 | ) | (24,621 | ) | ||||||||
Plus: Loss on discontinuation of hedging relationship | - | - | - | 29,791 | ||||||||||||
EBITDA | $110,942 | $93,041 | $420,209 | $356,244 |
28
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: | Q1 '13 | Q2 '13 | Q3 '13 | Q4 '13 | ||||||||||
Earnings release & conference call | Early May | Late Jul | Late Oct | Early Feb | ||||||||||
Dividend Information - Common Shares: | Q1 '12 | Q2 '12 | Q3 '12 | Q4 '12 | Q1 '13 | |||||||||
Declaration Date | 03/08/12 | 06/15/12 | 09/14/12 | 12/03/12 | 01/31/13 | |||||||||
Record Date | 03/30/12 | 06/29/12 | 09/28/12 | 12/17/12 | 03/28/13 | |||||||||
Payment Date | 04/17/12 | 07/17/12 | 10/17/12 | 01/17/13 | 04/17/13 | |||||||||
Distributions Per Share | $0.56 | $0.56 | $0.56 | $0.56 | $0.63 | |||||||||
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 |
29
CAMDEN | COMMUNITY TABLE | ||||||||||||||||||||||||||||
Community Statistics as of 12/31/12 | |||||||||||||||||||||||||||||
(Unaudited) | 4Q12 Avg | ||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 4Q12 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 | % | $920 | $1.17 | ||||||||||||||||||||
Camden Fountain Palms | Peoria | AZ | 1986/1996 | 1,050 | 192 | 91 | % | 682 | 0.65 | ||||||||||||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 93 | % | 979 | 0.92 | ||||||||||||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 94 | % | 1,191 | 1.11 | ||||||||||||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 924 | 272 | 92 | % | 875 | 0.95 | ||||||||||||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 95 | % | 1,050 | 1.07 | ||||||||||||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 93 | % | 996 | 0.96 | ||||||||||||||||||||
Camden Sierra | Peoria | AZ | 1997 | 925 | 288 | 91 | % | 686 | 0.74 | ||||||||||||||||||||
Camden Towne Center | Glendale | AZ | 1998 | 871 | 240 | 93 | % | 681 | 0.78 | ||||||||||||||||||||
TOTAL ARIZONA | 9 | Properties | 970 | 2,645 | 93 | % | 911 | 0.94 | |||||||||||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 97 | % | 1,603 | 1.59 | ||||||||||||||||||||
Camden Harbor View | Long Beach | CA | 2004 | 975 | 538 | 96 | % | 2,002 | 2.05 | ||||||||||||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 97 | % | 1,821 | 1.80 | ||||||||||||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 794 | 714 | 96 | % | 1,369 | 1.72 | ||||||||||||||||||||
Camden Parkside | Fullerton | CA | 1972 | 836 | 421 | 95 | % | 1,276 | 1.53 | ||||||||||||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 98 | % | 1,542 | 1.73 | ||||||||||||||||||||
Total Los Angeles/Orange County | 6 | Properties | 904 | 2,481 | 96 | % | 1,589 | 1.76 | |||||||||||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 94 | % | 1,320 | 1.34 | ||||||||||||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 94 | % | 1,635 | 1.58 | ||||||||||||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 93 | % | 1,516 | 1.58 | ||||||||||||||||||||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 94 | % | 2,030 | 2.27 | ||||||||||||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 91 | % | 1,247 | 1.18 | ||||||||||||||||||||
Total San Diego/Inland Empire | 5 | Properties | 991 | 1,665 | 93 | % | 1,493 | 1.51 | |||||||||||||||||||||
TOTAL CALIFORNIA | 11 | Properties | 939 | 4,146 | 95 | % | 1,550 | 1.65 | |||||||||||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 90 | % | 1,283 | 1.45 | ||||||||||||||||||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 96 | % | 1,015 | 1.10 | ||||||||||||||||||||
Camden Centennial | Littleton | CO | 1985 | 744 | 276 | 96 | % | 781 | 1.05 | ||||||||||||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 97 | % | 1,120 | 1.10 | ||||||||||||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 95 | % | 1,282 | 1.12 | ||||||||||||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,022 | 340 | 96 | % | 1,242 | 1.21 | ||||||||||||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 93 | % | 1,021 | 1.10 | ||||||||||||||||||||
Camden Pinnacle | Westminster | CO | 1985 | 748 | 224 | 95 | % | 819 | 1.10 | ||||||||||||||||||||
TOTAL COLORADO | 8 | Properties | 942 | 2,441 | 95 | % | 1,084 | 1.15 | |||||||||||||||||||||
Camden Ashburn Farms | Ashburn | VA | 2000 | 1,062 | 162 | 98 | % | 1,486 | 1.40 | ||||||||||||||||||||
Camden Clearbrook | Frederick | MD | 2007 | 1,048 | 297 | 94 | % | 1,366 | 1.30 | ||||||||||||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 95 | % | 1,594 | 1.69 | ||||||||||||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 984 | 366 | 97 | % | 1,658 | 1.68 | ||||||||||||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 95 | % | 1,665 | 1.58 | ||||||||||||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 488 | 97 | % | 1,697 | 1.82 | ||||||||||||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 96 | % | 1,691 | 1.70 | ||||||||||||||||||||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 95 | % | 2,450 | 3.63 | ||||||||||||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 95 | % | 1,437 | 1.43 | ||||||||||||||||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 95 | % | 1,624 | 1.58 | ||||||||||||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 96 | % | 1,535 | 1.79 | ||||||||||||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 835 | 378 | 96 | % | 2,025 | 2.43 | ||||||||||||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 98 | % | 2,528 | 2.95 | ||||||||||||||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 95 | % | 1,386 | 1.40 | ||||||||||||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 96 | % | 1,454 | 1.49 | ||||||||||||||||||||
Camden Summerfield | Landover | MD | 2008 | 957 | 291 | 94 | % | 1,587 | 1.66 | ||||||||||||||||||||
Camden Summerfield II | Landover | MD | 2012 | 936 | 187 | 95 | % | 1,575 | 1.68 | ||||||||||||||||||||
TOTAL DC METRO | 17 | Properties | 963 | 5,791 | 96 | % | 1,634 | 1.70 | |||||||||||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 94 | % | 1,600 | 1.44 | ||||||||||||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 96 | % | 1,697 | 1.81 | ||||||||||||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 98 | % | 1,577 | 1.41 | ||||||||||||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 95 | % | 1,706 | 1.36 | ||||||||||||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 94 | % | 1,791 | 1.72 | ||||||||||||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 95 | % | 1,329 | 1.11 | ||||||||||||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 96 | % | 1,372 | 1.23 | ||||||||||||||||||||
Total Southeast Florida | 7 | Properties | 1,103 | 2,520 | 95 | % | 1,572 | 1.42 | |||||||||||||||||||||
Camden Club | Longwood | FL | 1986 | 1,077 | 436 | 95 | % | 884 | 0.82 | ||||||||||||||||||||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 96 | % | 1,033 | 0.96 | ||||||||||||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 95 | % | 916 | 0.96 | ||||||||||||||||||||
Camden LaVina | Orlando | FL | 2012 | 970 | 420 | 94 | % | 1,076 | 1.11 | ||||||||||||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 96 | % | 875 | 0.93 | ||||||||||||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 96 | % | 1,140 | 1.40 | ||||||||||||||||||||
Camden Renaissance | Altamonte Springs | FL | 1996/1998 | 899 | 578 | 96 | % | 806 | 0.90 | ||||||||||||||||||||
Camden Reserve | Orlando | FL | 1990/1991 | 824 | 526 | 96 | % | 747 | 0.91 | ||||||||||||||||||||
Camden Town Square (1) | Orlando | FL | 2012 | 986 | 438 | Lease-Up | 1,119 | 1.13 | |||||||||||||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 95 | % | 987 | 1.01 | ||||||||||||||||||||
Total Orlando | 10 | Properties | 948 | 4,202 | 95 | % | 937 | 0.99 |
30
CAMDEN | COMMUNITY TABLE | |||||||||||||||||||||
Community Statistics as of 12/31/12 | ||||||||||||||||||||||
(Unaudited) | 4Q12 Avg | |||||||||||||||||||||
Year Placed | Average | Apartment | 4Q12 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 | 94 | % | 879 | 0.93 | ||||||||||||||||||||
Camden Bay Pointe | Tampa | FL | 1984 | 771 | 368 | 94 | % | 714 | 0.93 | ||||||||||||||||||||
Camden Bayside | Tampa | FL | 1987/1989 | 748 | 832 | 95 | % | 786 | 1.05 | ||||||||||||||||||||
Camden Citrus Park | Tampa | FL | 1985 | 704 | 247 | 95 | % | 697 | 0.99 | ||||||||||||||||||||
Camden Lakes | St. Petersburg | FL | 1982/1983 | 732 | 688 | 94 | % | 725 | 0.99 | ||||||||||||||||||||
Camden Lakeside | Brandon | FL | 1986 | 729 | 228 | 96 | % | 762 | 1.05 | ||||||||||||||||||||
Camden Live Oaks (3) | Tampa | FL | 1990 | 1,093 | 770 | 95 | % | 778 | 0.71 | ||||||||||||||||||||
Camden Montague | Tampa | FL | 2012 | 975 | 192 | 97 | % | 1,109 | 1.14 | ||||||||||||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 96 | % | 1,099 | 1.17 | ||||||||||||||||||||
Camden Providence Lakes | Brandon | FL | 1996 | 1,024 | 260 | 96 | % | 912 | 0.89 | ||||||||||||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 94 | % | 953 | 0.94 | ||||||||||||||||||||
Camden Visconti (2) | Tampa | FL | 2007 | 1,125 | 450 | 95 | % | 1,138 | 1.01 | ||||||||||||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 993 | 348 | 96 | % | 1,186 | 1.19 | ||||||||||||||||||||
Camden Westshore | Tampa | FL | 1986 | 728 | 278 | 94 | % | 864 | 1.19 | ||||||||||||||||||||
Camden Woods | Tampa | FL | 1986 | 1,223 | 444 | 94 | % | 864 | 0.71 | ||||||||||||||||||||
Total Tampa/St. Petersburg | 15 | Properties | 920 | 6,493 | 95 | % | 873 | 0.96 | |||||||||||||||||||||
TOTAL FLORIDA | 32 | Properties | 964 | 13,215 | 95 | % | 1,027 | 1.06 | |||||||||||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 97 | % | 1,018 | 1.12 | ||||||||||||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 95 | % | 965 | 0.97 | ||||||||||||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 95 | % | 1,016 | 0.86 | ||||||||||||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 94 | % | 944 | 0.94 | ||||||||||||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 97 | % | 1,060 | 1.13 | ||||||||||||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 96 | % | 954 | 0.93 | ||||||||||||||||||||
Camden Phipps (2) | Atlanta | GA | 1996 | 1,018 | 234 | 97 | % | 1,258 | 1.24 | ||||||||||||||||||||
Camden River | Duluth | GA | 1997 | 1,103 | 352 | 95 | % | 915 | 0.83 | ||||||||||||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 97 | % | 892 | 0.78 | ||||||||||||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 96 | % | 969 | 0.97 | ||||||||||||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 95 | % | 760 | 0.75 | ||||||||||||||||||||
TOTAL GEORGIA | 11 | Properties | 1,027 | 3,351 | 96 | % | 972 | 0.95 | |||||||||||||||||||||
Camden Bel Air | Las Vegas | NV | 1988/1995 | 943 | 528 | 92 | % | 710 | 0.75 | ||||||||||||||||||||
Camden Breeze | Las Vegas | NV | 1989 | 846 | 320 | 92 | % | 716 | 0.85 | ||||||||||||||||||||
Camden Canyon | Las Vegas | NV | 1995 | 987 | 200 | 93 | % | 864 | 0.88 | ||||||||||||||||||||
Camden Commons | Henderson | NV | 1988 | 936 | 376 | 92 | % | 749 | 0.80 | ||||||||||||||||||||
Camden Cove | Las Vegas | NV | 1990 | 898 | 124 | 90 | % | 709 | 0.79 | ||||||||||||||||||||
Camden Del Mar | Las Vegas | NV | 1995 | 986 | 560 | 95 | % | 894 | 0.91 | ||||||||||||||||||||
Camden Fairways | Henderson | NV | 1989 | 896 | 320 | 97 | % | 880 | 0.98 | ||||||||||||||||||||
Camden Hills | Las Vegas | NV | 1991 | 439 | 184 | 90 | % | 486 | 1.11 | ||||||||||||||||||||
Camden Legends | Henderson | NV | 1994 | 792 | 113 | 96 | % | 826 | 1.04 | ||||||||||||||||||||
Camden Palisades | Las Vegas | NV | 1991 | 905 | 624 | 94 | % | 721 | 0.80 | ||||||||||||||||||||
Camden Pines | Las Vegas | NV | 1997 | 982 | 315 | 94 | % | 792 | 0.81 | ||||||||||||||||||||
Camden Pointe | Las Vegas | NV | 1996 | 983 | 252 | 94 | % | 730 | 0.74 | ||||||||||||||||||||
Camden Summit | Henderson | NV | 1995 | 1,187 | 234 | 94 | % | 1,083 | 0.91 | ||||||||||||||||||||
Camden Tiara | Las Vegas | NV | 1996 | 1,043 | 400 | 95 | % | 859 | 0.82 | ||||||||||||||||||||
Camden Vintage | Las Vegas | NV | 1994 | 978 | 368 | 92 | % | 698 | 0.71 | ||||||||||||||||||||
Oasis Bay (2) | Las Vegas | NV | 1990 | 876 | 128 | 94 | % | 745 | 0.85 | ||||||||||||||||||||
Oasis Crossings (2) | Las Vegas | NV | 1996 | 983 | 72 | 97 | % | 754 | 0.77 | ||||||||||||||||||||
Oasis Emerald (2) | Las Vegas | NV | 1988 | 873 | 132 | 91 | % | 603 | 0.69 | ||||||||||||||||||||
Oasis Gateway (2) | Las Vegas | NV | 1997 | 1,146 | 360 | 94 | % | 776 | 0.68 | ||||||||||||||||||||
Oasis Island (2) | Las Vegas | NV | 1990 | 901 | 118 | 88 | % | 602 | 0.67 | ||||||||||||||||||||
Oasis Landing (2) | Las Vegas | NV | 1990 | 938 | 144 | 92 | % | 661 | 0.70 | ||||||||||||||||||||
Oasis Meadows (2) | Las Vegas | NV | 1996 | 1,031 | 383 | 90 | % | 709 | 0.69 | ||||||||||||||||||||
Oasis Palms (2) | Las Vegas | NV | 1989 | 880 | 208 | 90 | % | 693 | 0.79 | ||||||||||||||||||||
Oasis Pearl (2) | Las Vegas | NV | 1989 | 930 | 90 | 91 | % | 694 | 0.75 | ||||||||||||||||||||
Oasis Place (2) | Las Vegas | NV | 1992 | 440 | 240 | 88 | % | 478 | 1.09 | ||||||||||||||||||||
Oasis Ridge (2) | Las Vegas | NV | 1984 | 391 | 477 | 85 | % | 413 | 1.06 | ||||||||||||||||||||
Oasis Sierra (2) | Las Vegas | NV | 1998 | 923 | 208 | 94 | % | 786 | 0.85 | ||||||||||||||||||||
Oasis Springs (2) | Las Vegas | NV | 1988 | 838 | 304 | 87 | % | 569 | 0.68 | ||||||||||||||||||||
Oasis Vinings (2) | Las Vegas | NV | 1994 | 1,152 | 234 | 93 | % | 702 | 0.61 | ||||||||||||||||||||
TOTAL NEVADA | 29 | Properties | 903 | 8,016 | 92 | % | 725 | 0.80 | |||||||||||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,045 | 400 | 96 | % | 1,026 | 0.98 | ||||||||||||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 95 | % | 1,328 | 1.47 | ||||||||||||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 97 | % | 1,281 | 1.50 | ||||||||||||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 96 | % | 941 | 0.91 | ||||||||||||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 98 | % | 850 | 0.90 | ||||||||||||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,057 | 266 | 96 | % | 1,418 | 1.34 | ||||||||||||||||||||
Camden Habersham | Charlotte | NC | 1986 | 773 | 240 | 95 | % | 710 | 0.92 | ||||||||||||||||||||
Camden Pinehurst | Charlotte | NC | 1967 | 1,147 | 407 | 95 | % | 855 | 0.75 | ||||||||||||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96 | % | 922 | 0.95 | ||||||||||||||||||||
Camden Simsbury | Charlotte | NC | 1985 | 874 | 100 | 96 | % | 923 | 1.06 | ||||||||||||||||||||
Camden South End Square | Charlotte | NC | 2003 | 882 | 299 | 95 | % | 1,200 | 1.36 | ||||||||||||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 95 | % | 1,067 | 0.97 | ||||||||||||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 98 | % | 794 | 0.88 | ||||||||||||||||||||
Total Charlotte | 13 | Properties | 985 | 3,134 | 96 | % | 1,025 | 1.04 | |||||||||||||||||||||
Camden Asbury Village (2) | Raleigh | NC | 2009 | 1,009 | 350 | 93 | % | 1,003 | 0.99 | ||||||||||||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 95 | % | 832 | 0.82 | ||||||||||||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 95 | % | 931 | 0.89 | ||||||||||||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 95 | % | 883 | 0.83 | ||||||||||||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 97 | % | 919 | 0.95 | ||||||||||||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 95 | % | 978 | 0.92 | ||||||||||||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 95 | % | 773 | 0.80 | ||||||||||||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 92 | % | 841 | 0.82 | ||||||||||||||||||||
Total Raleigh | 8 | Properties | 1,016 | 3,054 | 95 | % | 889 | 0.87 | |||||||||||||||||||||
TOTAL NORTH CAROLINA | 21 | Properties | 1,001 | 6,188 | 95 | % | 958 | 0.96 |
31
CAMDEN | COMMUNITY TABLE | |||||||||||||||||||||
Community Statistics as of 12/31/12 | ||||||||||||||||||||||
(Unaudited) | 4Q12 Avg | |||||||||||||||||||||
Year Placed | Average | Apartment | 4Q12 Avg | Monthly Rental Rates | ||||||||||||||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. |
Camden Amber Oaks (2) | Austin | TX | 2009 | 862 | 348 | 94 | % | 879 | 1.02 | ||||||||||||||||||||
Camden Amber Oaks II (2) | Austin | TX | 2012 | 910 | 244 | 95 | % | 952 | 1.05 | ||||||||||||||||||||
Camden Brushy Creek (2) | Cedar Park | TX | 2008 | 882 | 272 | 96 | % | 891 | 1.01 | ||||||||||||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 95 | % | 1,037 | 1.14 | ||||||||||||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 95 | % | 1,153 | 1.21 | ||||||||||||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 95 | % | 845 | 0.94 | ||||||||||||||||||||
Camden Ridgecrest | Austin | TX | 1995 | 855 | 284 | 94 | % | 779 | 0.91 | ||||||||||||||||||||
Camden Shadow Brook (2) | Austin | TX | 2009 | 909 | 496 | 97 | % | 938 | 1.03 | ||||||||||||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 94 | % | 1,007 | 1.11 | ||||||||||||||||||||
Total Austin | 9 | Properties | 901 | 3,030 | 95 | % | 944 | 1.05 | |||||||||||||||||||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 95 | % | 1,036 | 1.19 | ||||||||||||||||||||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 95 | % | 765 | 0.99 | ||||||||||||||||||||
Camden Miramar (4) | Corpus Christi | TX | 1994-2011 | 488 | 855 | 96 | % | 939 | 1.93 | ||||||||||||||||||||
Camden South Bay (2) | Corpus Christi | TX | 2007 | 1,055 | 270 | 94 | % | 1,154 | 1.09 | ||||||||||||||||||||
Total Corpus Christi | 4 | Properties | 693 | 1,757 | 95 | % | 954 | 1.38 | |||||||||||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 95 | % | 868 | 0.92 | ||||||||||||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 945 | 477 | 92 | % | 1,350 | 1.43 | ||||||||||||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 95 | % | 923 | 1.00 | ||||||||||||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 95 | % | 877 | 0.96 | ||||||||||||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 95 | % | 911 | 1.18 | ||||||||||||||||||||
Camden Design District (2) | Dallas | TX | 2009 | 939 | 355 | 95 | % | 1,223 | 1.30 | ||||||||||||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 95 | % | 1,031 | 1.11 | ||||||||||||||||||||
Camden Gardens | Dallas | TX | 1983 | 652 | 256 | 96 | % | 625 | 0.96 | ||||||||||||||||||||
Camden Glen Lakes | Dallas | TX | 1979 | 877 | 424 | 96 | % | 836 | 0.95 | ||||||||||||||||||||
Camden Henderson | Dallas | TX | 2012 | 967 | 106 | 85 | % | 1,491 | 1.54 | ||||||||||||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 94 | % | 940 | 1.13 | ||||||||||||||||||||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 94 | % | 965 | 1.11 | ||||||||||||||||||||
Camden Panther Creek (2) | Frisco | TX | 2009 | 946 | 295 | 94 | % | 1,003 | 1.06 | ||||||||||||||||||||
Camden Riverwalk (2) | Grapevine | TX | 2008 | 982 | 600 | 95 | % | 1,205 | 1.23 | ||||||||||||||||||||
Camden Springs | Dallas | TX | 1987 | 713 | 304 | 94 | % | 621 | 0.87 | ||||||||||||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 95 | % | 827 | 1.11 | ||||||||||||||||||||
Total Dallas/Ft. Worth | 16 | Properties | 883 | 6,227 | 95 | % | 984 | 1.11 | |||||||||||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 95 | % | 1,481 | 1.59 | ||||||||||||||||||||
Camden Cypress Creek (2) | Cypress | TX | 2009 | 993 | 310 | 96 | % | 1,125 | 1.13 | ||||||||||||||||||||
Camden Downs at Cinco Ranch (2) | Katy | TX | 2004 | 1,075 | 318 | 96 | % | 1,118 | 1.04 | ||||||||||||||||||||
Camden Grand Harbor (2) | Katy | TX | 2008 | 959 | 300 | 95 | % | 1,052 | 1.10 | ||||||||||||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96 | % | 1,230 | 1.43 | ||||||||||||||||||||
Camden Heights (2) | Houston | TX | 2004 | 927 | 352 | 96 | % | 1,351 | 1.46 | ||||||||||||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 95 | % | 1,034 | 1.11 | ||||||||||||||||||||
Camden Lakemont (2) | Richmond | TX | 2007 | 904 | 312 | 95 | % | 927 | 1.03 | ||||||||||||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 95 | % | 1,499 | 1.77 | ||||||||||||||||||||
Camden Northpointe (2) | Tomball | TX | 2008 | 940 | 384 | 95 | % | 990 | 1.05 | ||||||||||||||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 95 | % | 933 | 1.07 | ||||||||||||||||||||
Camden Park | Houston | TX | 1995 | 866 | 288 | 96 | % | 883 | 1.02 | ||||||||||||||||||||
Camden Piney Point (2) | Houston | TX | 2004 | 919 | 318 | 95 | % | 1,135 | 1.23 | ||||||||||||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 96 | % | 1,431 | 1.56 | ||||||||||||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 88 | % | 1,196 | 1.30 | ||||||||||||||||||||
Camden Royal Oaks II (1) | Houston | TX | 2012 | 1,054 | 104 | Lease-up | 1,394 | 1.32 | |||||||||||||||||||||
Camden Spring Creek (2) | Spring | TX | 2004 | 1,080 | 304 | 96 | % | 1,049 | 0.97 | ||||||||||||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 96 | % | 908 | 1.07 | ||||||||||||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 94 | % | 937 | 1.02 | ||||||||||||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 95 | % | 1,475 | 1.80 | ||||||||||||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 98 | % | 1,290 | 1.49 | ||||||||||||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 934 | 274 | 95 | % | 1,096 | 1.17 | ||||||||||||||||||||
Camden Woodson Park (2) | Houston | TX | 2008 | 916 | 248 | 95 | % | 1,024 | 1.12 | ||||||||||||||||||||
Camden Yorktown (2) | Houston | TX | 2008 | 995 | 306 | 95 | % | 1,024 | 1.03 | ||||||||||||||||||||
Total Houston | 24 | Properties | 919 | 8,440 | 95 | % | 1,155 | 1.26 | |||||||||||||||||||||
Camden Braun Station (2) | San Antonio | TX | 2006 | 827 | 240 | 94 | % | 847 | 1.03 | ||||||||||||||||||||
Camden Westover Hills (2) | San Antonio | TX | 2010 | 959 | 288 | 95 | % | 1,066 | 1.11 | ||||||||||||||||||||
Total San Antonio | 2 | Properties | 899 | 528 | 95 | % | 966 | 1.07 | |||||||||||||||||||||
TOTAL TEXAS | 55 | Properties | 885 | 19,982 | 95 | % | 1,047 | 1.18 | |||||||||||||||||||||
TOTAL PROPERTIES | 193 | Properties | 937 | 65,775 | 95 | % | $1,071 | $1.14 |
(1) | Completed communities in lease-up as of December 31, 2012 are excluded from total occupancy numbers. |
(2) | Communities owned through investment in joint venture. |
(3) | Community held for sale as of December 31, 2012. |
(4) | Miramar is a student housing community which is excluded from total occupancy numbers. |
32