EXHIBIT 99.2
![LOGO](https://capedge.com/proxy/8-K/0001157523-13-003621/logo.jpg)
SECOND QUARTER 2013 |
Supplemental Operating and Financial Data |
![GRAPHIC](https://capedge.com/proxy/8-K/0001157523-13-003621/graphic.jpg)
Camden City Centre II - Houston, TX |
268 Apartment Homes |
Currently in Lease-Up |
Camden Property Trust |
Three Greenway Plaza, Suite 1300 |
Houston, Texas 77046 |
Phone: 713-354-2500 Fax: 713-354-2700 |
www.camdenliving.com |
CAMDEN | TABLE OF CONTENTS |
Page | |
Press Release Text | 3 |
Financial Highlights | 6 |
Operating Results | 7 |
Funds from Operations | 8 |
Balance Sheets | 9 |
Portfolio Statistics | 10 |
Components of Property Net Operating Income | 11 |
"Same Property" Second Quarter Comparisons | 12 |
"Same Property" Sequential Quarter Comparisons | 13 |
"Same Property" Year to Date Comparisons | 14 |
"Same Property" Operating Expense Detail & Comparisons | 15 |
Joint Venture Operations | 16 |
Current Development Communities | 17 |
Development Pipeline & Land | 18 |
Acquisitions and Dispositions | 19 |
Debt Analysis | 20 |
Debt Maturity Analysis | 21 |
Debt Covenant Analysis | 22 |
Unconsolidated Real Estate Investments Debt Analysis | 23 |
Unconsolidated Real Estate Investments Debt Maturity Analysis | 24 |
Capitalized Expenditures & Maintenance Expense | 25 |
Non-GAAP Financial Measures - Definitions & Reconciliations | 26 |
Other Data | 28 |
Community Table | 29 |
In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
CAMDEN PROPERTY TRUST ANNOUNCES
SECOND QUARTER 2013 OPERATING RESULTS
Houston, TEXAS (July 25, 2013) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and six months ended June 30, 2013.
Funds From Operations (“FFO”)
FFO for the second quarter of 2013 totaled $1.02 per diluted share or $91.4 million, as compared to $0.89 per diluted share or $76.7 million for the same period in 2012. FFO for the three months ended June 30, 2013 included: a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $1.0 million or $0.01 per diluted share charge related to executive separation costs.
FFO for the six months ended June 30, 2013 totaled $1.99 per diluted share or $178.1 million, as compared to $1.72 per diluted share or $145.3 million for the same period in 2012. FFO for the six months ended June 30, 2013 included: a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; a $1.0 million or $0.01 per diluted share charge related to executive separation costs; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land. FFO for the six months ended June 30, 2012 included a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units.
Net Income Attributable to Common Shareholders (“EPS”)
The Company reported EPS of $72.2 million or $0.81 per diluted share for the second quarter of 2013, as compared to $21.8 million or $0.26 per diluted share for the same period in 2012. EPS for the three months ended June 30, 2013 included: a $24.9 million or $0.28 per diluted share gain on sale of discontinued operations; a $13.0 million or $0.15 per diluted share gain on sale of unconsolidated joint venture properties; a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $1.0 million or $0.01 per diluted share charge related to executive separation costs.
For the six months ended June 30, 2013, the Company reported EPS of $135.6 million or $1.53 per diluted share, as compared to $110.5 million or $1.33 per diluted share for the same period in 2012. EPS for the six months ended June 30, 2013 included: a $56.6 million or $0.64 per diluted share gain on sale of discontinued operations; a $13.0 million or $0.15 per diluted share gain on sale of unconsolidated joint venture properties; a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; a $1.0 million or $0.01 per diluted share charge related to executive separation costs; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land. EPS for the six months ended June 30, 2012 included: a $40.2 million or $0.48 per diluted share gain on acquisition of the controlling interest in twelve joint ventures; a $32.5 million or $0.39 per diluted share gain on sale of discontinued operations; and a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units.
3
A reconciliation of net income attributable to common shareholders to FFO is included in the financial tables accompanying this press release.
Same Property Results
For the 43,503 apartment homes included in consolidated same property results, second quarter 2013 same property NOI increased 6.4% compared to the second quarter of 2012, with revenues increasing 5.4% and expenses increasing 3.7%. On a sequential basis, second quarter 2013 same property NOI increased 2.1% compared to the first quarter of 2013, with revenues increasing 1.8% and expenses increasing 1.2% compared to the prior quarter. On a year-to-date basis, 2013 same property NOI increased 6.6%, with revenues increasing 5.6% and expenses increasing 4.1% compared to the same period in 2012. Same property physical occupancy levels for the portfolio averaged 95.4% during the second quarter of both 2012 and 2013, compared to 95.1% in the first quarter of 2013.
The Company defines same property communities as communities owned and stabilized since January 1, 2012, excluding properties held for sale. A reconciliation of net income attributable to common shareholders to net operating income and same property net operating income is included in the financial tables accompanying this press release.
Acquisition Activity
The Company acquired Camden Post Oak, a 356-home apartment community in Houston, TX, during the quarter for approximately $108.5 million. Camden also acquired 38.8 acres of land in the metro Phoenix area for future development of three multifamily communities.
Disposition Activity
During the quarter, the Company disposed of Camden Reserve, a 526-home apartment community in Orlando, FL, for approximately $40.5 million. Additionally, a joint venture of which the Company owned 20% sold 14 communities with 3,098 apartment homes in Las Vegas, NV for a total sales price of $200.2 million. The Company’s proportionate share of the gain on sale was $13.0 million, and Camden also recognized a promoted equity interest of $3.8 million relating to the achievement of certain performance measures as set forth in the joint venture agreement.
Development Activity
Lease-ups were completed during the quarter at Camden Royal Oaks II, a 104-home project in Houston, TX, which is currently 97% occupied; and Camden Town Square, a 438-home project in Orlando, FL, which is currently 94% occupied. Construction was completed and leasing continued during the quarter at Camden City Centre II, a 268-home project in Houston, TX, which is currently 84% leased.
Construction began during the second quarter at Camden La Frontera in Round Rock, TX, a $36 million project with 300 apartment homes, and Camden Miramar Phase IX in Corpus Christi, TX, an $8 million project with 75 apartment homes. Construction continued at six additional wholly-owned development communities: 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; Camden Flatirons in Denver, CO, a $78 million project with 424 apartment homes; 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 began during the second quarter at Camden Southline in Charlotte, NC, a $47 million joint venture project with 266 apartment homes. Construction also continued at two other joint venture development communities: Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes which is currently 39% leased; and Camden Waterford Lakes in Orlando, FL, a $40 million project with 300 apartment homes.
4
Equity Issuances
During the second quarter, Camden issued 419,346 common shares through its ATM program at an average price of $74.74 per share, for total net consideration of approximately $30.8 million.
Earnings Guidance
Camden updated its 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 $4.00 to $4.08 per diluted share, and full-year 2013 EPS is expected to be $2.31 to $2.39 per diluted share. Third quarter 2013 earnings guidance is $0.99 to $1.03 per diluted share for FFO and $0.38 to $0.42 per diluted share for EPS. Guidance for EPS excludes potential future gains on real estate transactions. Camden intends to update its earnings guidance to the market on a quarterly basis.
The Company’s 2013 earnings guidance is based on projections of same property revenue growth between 5.0% and 6.0%, expense growth between 3.25% and 4.25%, and NOI growth between 6.0% and 7.0%. 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, July 26, 2013 at 11:00 a.m. Central Time to review its second quarter 2013 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: 6328562, 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 179 properties containing 62,021 apartment homes across the United States. Upon completion of 10 properties and the expansion of one property under development, the Company's portfolio will increase to 65,239 apartment homes in 189 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 www.camdenliving.com.
5
CAMDEN | FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||
(In thousands, except per share, property data amounts and ratios) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Total property revenues (a) | $201,527 | $176,918 | $397,717 | $346,617 | |||||||||||||||||||||||
EBITDA | 112,751 | 103,106 | 223,449 | 201,235 | |||||||||||||||||||||||
Net income attributable to common shareholders | 72,172 | 21,763 | 135,648 | 110,521 | |||||||||||||||||||||||
Per share - basic | 0.82 | 0.26 | 1.54 | 1.34 | |||||||||||||||||||||||
Per share - diluted | 0.81 | 0.26 | 1.53 | 1.33 | |||||||||||||||||||||||
Income from continuing operations attributable to common shareholders | 48,956 | 19,083 | 79,941 | 73,041 | |||||||||||||||||||||||
Per share - basic | 0.55 | 0.23 | 0.90 | 0.88 | |||||||||||||||||||||||
Per share - diluted | 0.55 | 0.23 | 0.90 | 0.87 | |||||||||||||||||||||||
Funds from operations | 91,446 | 76,707 | 178,077 | 145,296 | |||||||||||||||||||||||
Per share - diluted | 1.02 | 0.89 | 1.99 | 1.72 | |||||||||||||||||||||||
Dividends per share | 0.63 | 0.56 | 1.26 | 1.12 | |||||||||||||||||||||||
Dividend payout ratio | 61.8 | % | 62.9 | % | 63.3 | % | 65.1 | % | |||||||||||||||||||
Interest expensed | 24,797 | 26,247 | 49,692 | 52,930 | |||||||||||||||||||||||
Interest capitalized | 3,402 | 3,243 | 6,672 | 6,291 | |||||||||||||||||||||||
Total interest incurred | 28,199 | 29,490 | 56,364 | 59,221 | |||||||||||||||||||||||
Principal amortization | 1,044 | 1,208 | 2,139 | 2,411 | |||||||||||||||||||||||
Preferred distributions | - | - | - | 776 | |||||||||||||||||||||||
Net Debt to Annualized EBITDA (b) | 5.6 | x | 5.7 | x | 5.6 | x | 5.8 | x | |||||||||||||||||||
Interest expense coverage ratio | 4.5 | x | 3.9 | x | 4.5 | x | 3.8 | x | |||||||||||||||||||
Total interest coverage ratio | 4.0 | x | 3.5 | x | 4.0 | x | 3.4 | x | |||||||||||||||||||
Fixed charge expense coverage ratio | 4.4 | x | 3.8 | x | 4.3 | x | 3.6 | x | |||||||||||||||||||
Total fixed charge coverage ratio | 3.9 | x | 3.4 | x | 3.8 | x | 3.2 | x | |||||||||||||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.4 | x | 3.5 | x | 3.4 | x | 3.5 | x | |||||||||||||||||||
Same property NOI increase (c) | 6.4 | % | 8.6 | % | 6.6 | % | 9.1 | % | |||||||||||||||||||
(# of apartment homes included) | 43,503 | 47,724 | 43,503 | 47,724 | |||||||||||||||||||||||
Gross turnover of apartment homes (annualized) | 68 | % | 67 | % | 62 | % | 61 | % | |||||||||||||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 60 | % | 59 | % | 53 | % | 53 | % | |||||||||||||||||||
As of June 30, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Total assets | $5,486,282 | $5,112,574 | |||||||||||||||||||||||||
Total debt | $2,523,823 | $2,396,412 | |||||||||||||||||||||||||
Common and common equivalent shares, outstanding end of period (d) | 89,779 | 87,549 | |||||||||||||||||||||||||
Share price, end of period | $69.14 | $67.67 | |||||||||||||||||||||||||
Book equity value, end of period (e) | $2,705,130 | $2,464,908 | |||||||||||||||||||||||||
Market equity value, end of period (e) | $6,207,320 | $5,924,441 |
(a) | Excludes discontinued operations. |
(b) | Net Debt is Notes Payable as reported at period end less Cash and Cash Equivalents as reported at period end. Annualized EBITDA is EBITDA as reported |
for the period multiplied by either 4 for quarter results or 2 for 6 month results. | |
(c) | "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale. |
(d) | Includes at June 30, 2013: 87,879 common shares (including 442 common share equivalents related to share awards & options), plus common share |
equivalents upon the assumed conversion of minority interest units (1,900). | |
(e) | Includes: common shares, common units, and common share equivalents. |
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
6
CAMDEN | OPERATING RESULTS | |||||||||||||||
(In thousands, except per share and property data amounts) | ||||||||||||||||
(Unaudited) | Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | |||||||||||||||
OPERATING DATA | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Property revenues | ||||||||||||||||
Rental revenues | $173,946 | $151,775 | $343,549 | $298,029 | ||||||||||||
Other property revenues | 27,581 | 25,143 | 54,168 | 48,588 | ||||||||||||
Total property revenues | 201,527 | 176,918 | 397,717 | 346,617 | ||||||||||||
Property expenses | ||||||||||||||||
Property operating and maintenance | 52,114 | 47,974 | 102,608 | 94,088 | ||||||||||||
Real estate taxes | 22,271 | 18,324 | 43,924 | 35,697 | ||||||||||||
Total property expenses | 74,385 | 66,298 | 146,532 | 129,785 | ||||||||||||
Non-property income | ||||||||||||||||
Fee and asset management | 2,827 | 3,608 | 5,721 | 6,531 | ||||||||||||
Interest and other income (loss) | 1,038 | (65 | ) | 1,090 | (753 | ) | ||||||||||
Income (loss) on deferred compensation plans | (102 | ) | (2,185 | ) | 2,897 | 5,601 | ||||||||||
Total non-property income | 3,763 | 1,358 | 9,708 | 11,379 | ||||||||||||
Other expenses | ||||||||||||||||
Property management | 5,242 | 4,851 | 11,225 | 10,135 | ||||||||||||
Fee and asset management | 1,486 | 1,444 | 2,963 | 3,187 | ||||||||||||
General and administrative | 11,590 | 9,730 | 21,384 | 18,409 | ||||||||||||
Interest | 24,797 | 26,247 | 49,692 | 52,930 | ||||||||||||
Depreciation and amortization | 54,315 | 51,087 | 107,570 | 98,993 | ||||||||||||
Amortization of deferred financing costs | 898 | 900 | 1,814 | 1,812 | ||||||||||||
Expense (benefit) on deferred compensation plans | (102 | ) | (2,185 | ) | 2,897 | 5,601 | ||||||||||
Total other expenses | 98,226 | 92,074 | 197,545 | 191,067 | ||||||||||||
Gain on sale of land | - | - | 698 | - | ||||||||||||
Gain on acquisition of controlling interest in joint ventures | - | - | - | 40,191 | ||||||||||||
Equity in income of joint ventures | 17,798 | 632 | 18,732 | 998 | ||||||||||||
Income from continuing operations before income taxes | 50,477 | 20,536 | 82,778 | 78,333 | ||||||||||||
Income tax expense - current | (468 | ) | (434 | ) | (867 | ) | (658 | ) | ||||||||
Income from continuing operations | 50,009 | 20,102 | 81,911 | 77,675 | ||||||||||||
Income from discontinued operations | 62 | 2,745 | 810 | 5,735 | ||||||||||||
Gain on sale of discontinued operations, net of tax | 24,866 | - | 56,649 | 32,541 | ||||||||||||
Net income | 74,937 | 22,847 | 139,370 | 115,951 | ||||||||||||
Less income allocated to non-controlling interests from continuing operations | (1,053 | ) | (1,019 | ) | (1,970 | ) | (1,783 | ) | ||||||||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | (1,712 | ) | (65 | ) | (1,752 | ) | (796 | ) | ||||||||
Less income allocated to perpetual preferred units | - | - | - | (776 | ) | |||||||||||
Less write off of original issuance costs of redeemed perpetual preferred units | - | - | - | (2,075 | ) | |||||||||||
Net income attributable to common shareholders | $72,172 | $21,763 | $135,648 | $110,521 | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||
Net income | $74,937 | $22,847 | $139,370 | $115,951 | ||||||||||||
Other comprehensive income | ||||||||||||||||
Reclassification of prior service cost and net loss on post retirement obligations | 13 | 8 | 27 | 16 | ||||||||||||
Comprehensive income | 74,950 | 22,855 | 139,397 | 115,967 | ||||||||||||
Less income allocated to non-controlling interests from continuing operations | (1,053 | ) | (1,019 | ) | (1,970 | ) | (1,783 | ) | ||||||||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | (1,712 | ) | (65 | ) | (1,752 | ) | (796 | ) | ||||||||
Less income allocated to perpetual preferred units | - | - | - | (776 | ) | |||||||||||
Less write off of original issuance costs of redeemed perpetual preferred units | - | - | - | (2,075 | ) | |||||||||||
Comprehensive income attributable to common shareholders | $72,185 | $21,771 | $135,675 | $110,537 | ||||||||||||
PER SHARE DATA | ||||||||||||||||
Net income attributable to common shareholders - basic | $0.82 | $0.26 | $1.54 | $1.34 | ||||||||||||
Net income attributable to common shareholders - diluted | 0.81 | 0.26 | 1.53 | 1.33 | ||||||||||||
Income from continuing operations attributable to common shareholders - basic | 0.55 | 0.23 | 0.90 | 0.88 | ||||||||||||
Income from continuing operations attributable to common shareholders - diluted | 0.55 | 0.23 | 0.90 | 0.87 | ||||||||||||
Weighted average number of common and | ||||||||||||||||
common equivalent shares outstanding: | ||||||||||||||||
Basic | 87,191 | 83,223 | 86,949 | 81,554 | ||||||||||||
Diluted | 88,472 | 83,846 | 88,283 | 83,333 | ||||||||||||
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
7
CAMDEN | FUNDS FROM OPERATIONS | |||||||||||
(In thousands, except per share and property data amounts) | ||||||||||||
(Unaudited) | Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
FUNDS FROM OPERATIONS | 2013 | 2012 | 2013 | 2012 | ||||||||
Net income attributable to common shareholders | $72,172 | $21,763 | $135,648 | $110,521 | ||||||||
Real estate depreciation from continuing operations | 53,094 | 49,974 | 105,252 | 96,771 | ||||||||
Real estate depreciation and amortization from discontinued operations | - | 2,223 | 215 | 4,621 | ||||||||
Adjustments for unconsolidated joint ventures | 1,313 | 2,038 | 2,921 | 4,313 | ||||||||
Income allocated to noncontrolling interests | 2,765 | 709 | 3,722 | 1,802 | ||||||||
(Gain) on sale of unconsolidated joint venture properties | (13,032 | ) | - | (13,032 | ) | - | ||||||
(Gain) on acquisition of controlling interests in joint ventures | - | - | - | (40,191 | ) | |||||||
(Gain) on sale of discontinued operations, net of tax | (24,866 | ) | - | (56,649 | ) | (32,541 | ) | |||||
Funds from operations - diluted | $91,446 | $76,707 | $178,077 | $145,296 | ||||||||
PER SHARE DATA | ||||||||||||
Funds from operations - diluted | $1.02 | $0.89 | $1.99 | $1.72 | ||||||||
Cash distributions | 0.63 | 0.56 | 1.26 | 1.12 | ||||||||
Weighted average number of common and | ||||||||||||
common equivalent shares outstanding: | ||||||||||||
FFO - diluted | 89,558 | 86,067 | 89,369 | 84,461 | ||||||||
PROPERTY DATA | ||||||||||||
Total operating properties (end of period) (a) | 179 | 199 | 179 | 199 | ||||||||
Total operating apartment homes in operating properties (end of period) (a) | 62,021 | 67,694 | 62,021 | 67,694 | ||||||||
Total operating apartment homes (weighted average) | 54,186 | 53,720 | 54,249 | 53,338 | ||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 54,135 | 50,244 | 53,894 | 49,572 |
(a) Includes joint ventures and properties held for sale.
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
8
CAMDEN | BALANCE SHEETS | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | Jun 30, | Mar 31, | Dec 31, | Sept 30, | Jun 30, | |||||||||||||||
2013 | 2013 | 2012 | 2012 | 2012 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Real estate assets, at cost | ||||||||||||||||||||
Land | $965,257 | $949,244 | $949,777 | $929,289 | $893,910 | |||||||||||||||
Buildings and improvements | 5,552,095 | 5,404,616 | 5,389,674 | 5,359,707 | 5,203,675 | |||||||||||||||
6,517,352 | 6,353,860 | 6,339,451 | 6,288,996 | 6,097,585 | ||||||||||||||||
Accumulated depreciation | (1,604,402 | ) | (1,552,499 | ) | (1,518,896 | ) | (1,542,530 | ) | (1,505,862 | ) | ||||||||||
Net operating real estate assets | 4,912,950 | 4,801,361 | 4,820,555 | 4,746,466 | 4,591,723 | |||||||||||||||
Properties under development, including land | 393,694 | 339,848 | 334,463 | 280,948 | 297,712 | |||||||||||||||
Investments in joint ventures | 44,630 | 45,260 | 45,092 | 46,566 | 47,776 | |||||||||||||||
Properties held for sale | - | 14,986 | 30,517 | 6,373 | - | |||||||||||||||
Total real estate assets | 5,351,274 | 5,201,455 | 5,230,627 | 5,080,353 | 4,937,211 | |||||||||||||||
Accounts receivable - affiliates | 27,274 | 26,948 | 33,625 | 28,874 | 29,940 | |||||||||||||||
Other assets, net (a) | 94,847 | 89,233 | 88,260 | 96,401 | 88,002 | |||||||||||||||
Cash and cash equivalents | 6,506 | 59,642 | 26,669 | 5,590 | 52,126 | |||||||||||||||
Restricted cash | 6,381 | 5,578 | 5,991 | 6,742 | 5,295 | |||||||||||||||
Total assets | $5,486,282 | $5,382,856 | $5,385,172 | $5,217,960 | $5,112,574 | |||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Notes payable | ||||||||||||||||||||
Unsecured | $1,579,733 | $1,538,471 | $1,538,212 | $1,415,354 | $1,381,152 | |||||||||||||||
Secured | 944,090 | 945,134 | 972,256 | 978,371 | 1,015,260 | |||||||||||||||
Accounts payable and accrued expenses | 100,279 | 102,307 | 101,896 | 118,879 | 87,041 | |||||||||||||||
Accrued real estate taxes | 36,863 | 20,683 | 28,452 | 43,757 | 31,607 | |||||||||||||||
Distributions payable | 56,821 | 56,559 | 49,969 | 49,940 | 49,135 | |||||||||||||||
Other liabilities (b) | 63,366 | 69,679 | 67,679 | 78,551 | 83,471 | |||||||||||||||
Total liabilities | 2,781,152 | 2,732,833 | 2,758,464 | 2,684,852 | 2,647,666 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity | ||||||||||||||||||||
Common shares of beneficial interest | 967 | 962 | 962 | 959 | 945 | |||||||||||||||
Additional paid-in capital | 3,625,283 | 3,590,261 | 3,587,505 | 3,580,528 | 3,501,354 | |||||||||||||||
Distributions in excess of net income attributable to common shareholders | (574,286 | ) | (590,831 | ) | (598,951 | ) | (692,235 | ) | (674,221 | ) | ||||||||||
Treasury shares, at cost | (410,665 | ) | (412,643 | ) | (425,355 | ) | (425,756 | ) | (430,958 | ) | ||||||||||
Accumulated other comprehensive loss (c) | (1,035 | ) | (1,048 | ) | (1,062 | ) | (660 | ) | (667 | ) | ||||||||||
Total common equity | 2,640,264 | 2,586,701 | 2,563,099 | 2,462,836 | 2,396,453 | |||||||||||||||
Noncontrolling interests | 64,866 | 63,322 | 63,609 | 70,272 | 68,455 | |||||||||||||||
Total equity | 2,705,130 | 2,650,023 | 2,626,708 | 2,533,108 | 2,464,908 | |||||||||||||||
Total liabilities and equity | $5,486,282 | $5,382,856 | $5,385,172 | $5,217,960 | $5,112,574 | |||||||||||||||
(a) Includes: | ||||||||||||||||||||
net deferred charges of: | $14,008 | $14,861 | $15,635 | $13,695 | $14,432 | |||||||||||||||
(b) Includes: | ||||||||||||||||||||
deferred revenues of: | $1,336 | $2,158 | $2,521 | $1,746 | $2,012 | |||||||||||||||
distributions in excess of investments in joint ventures of: | $- | $9,718 | $9,509 | $16,708 | $16,499 | |||||||||||||||
fair value adjustment of derivative instruments: | $- | ($2 | ) | ($1 | ) | $185 | $5,918 | |||||||||||||
(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligations. |
9
CAMDEN | PORTFOLIO STATISTICS | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
COMMUNITY PORTFOLIO AT JUNE 30, 2013 (in apartment homes) | ||||||||||||||||||||||||||||||||||||
Fully Consolidated | Non-Consolidated | |||||||||||||||||||||||||||||||||||
"Same Property" | Non-"Same Property" | Completed in Lease-up | Under Construction | Total | Operating | Under Construction | Total | Grand Total | ||||||||||||||||||||||||||||
D.C. Metro (a) | 4,947 | 860 | - | 320 | 6,127 | - | 276 | 276 | 6,403 | |||||||||||||||||||||||||||
Houston, TX | 3,353 | 2,291 | 268 | - | 5,912 | 3,152 | - | 3,152 | 9,064 | |||||||||||||||||||||||||||
Tampa, FL | 4,733 | 540 | - | - | 5,273 | 450 | - | 450 | 5,723 | |||||||||||||||||||||||||||
Dallas, TX | 3,938 | 1,039 | - | - | 4,977 | 1,250 | - | 1,250 | 6,227 | |||||||||||||||||||||||||||
Las Vegas, NV | 3,969 | 949 | - | - | 4,918 | - | - | - | 4,918 | |||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 421 | - | 303 | 2,784 | - | - | - | 2,784 | |||||||||||||||||||||||||||
SE Florida | 2,520 | - | - | 261 | 2,781 | - | - | - | 2,781 | |||||||||||||||||||||||||||
Orlando, FL | 2,818 | 858 | - | - | 3,676 | - | 300 | 300 | 3,976 | |||||||||||||||||||||||||||
Charlotte, NC | 3,134 | - | - | - | 3,134 | - | 266 | 266 | 3,400 | |||||||||||||||||||||||||||
Atlanta, GA | 2,894 | 223 | - | 379 | 3,496 | 234 | - | 234 | 3,730 | |||||||||||||||||||||||||||
Denver, CO | 1,851 | 590 | - | 424 | 2,865 | - | - | - | 2,865 | |||||||||||||||||||||||||||
Raleigh, NC | 2,704 | - | - | - | 2,704 | 350 | - | 350 | 3,054 | |||||||||||||||||||||||||||
Phoenix, AZ | 1,084 | 1,561 | - | - | 2,645 | - | - | - | 2,645 | |||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 469 | - | - | 1,665 | - | - | - | 1,665 | |||||||||||||||||||||||||||
Austin, TX | 1,670 | - | - | 614 | 2,284 | 1,360 | - | 1,360 | 3,644 | |||||||||||||||||||||||||||
Other | 632 | 855 | - | 75 | 1,562 | 798 | - | 798 | 2,360 | |||||||||||||||||||||||||||
Total Portfolio | 43,503 | 10,656 | 268 | 2,376 | 56,803 | 7,594 | 842 | 8,436 | 65,239 | |||||||||||||||||||||||||||
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. | ||||||||||||||||||||||||||||||||||||
SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d) | |||||||||||||||||||||||||||||||
"Same Property" | Operating | Incl. JVs at | Jun 30 | Mar 31 | Dec 31 | Sept 30 | Jun 30 | |||||||||||||||||||||||||
Communities | Communities (b) | Pro Rata % (c) | 2013 | 2013 | 2012 | 2012 | 2012 | |||||||||||||||||||||||||
D.C. Metro | 17.9 | % | 16.9 | % | 16.5 | % | 95.5 | % | 95.5 | % | 95.7 | % | 96.2 | % | 95.5 | % | ||||||||||||||||
Houston, TX | 8.6 | % | 11.5 | % | 12.2 | % | 96.5 | % | 96.0 | % | 95.4 | % | 96.1 | % | 96.5 | % | ||||||||||||||||
Tampa, FL | 7.9 | % | 7.5 | % | 7.5 | % | 95.5 | % | 95.0 | % | 94.7 | % | 95.2 | % | 94.4 | % | ||||||||||||||||
Dallas, TX | 6.7 | % | 7.1 | % | 7.3 | % | 95.4 | % | 94.9 | % | 94.6 | % | 95.3 | % | 95.6 | % | ||||||||||||||||
Las Vegas, NV | 6.1 | % | 6.4 | % | 6.2 | % | 94.2 | % | 92.4 | % | 92.4 | % | 92.9 | % | 93.0 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 7.1 | % | 6.6 | % | 6.5 | % | 95.6 | % | 95.7 | % | 96.2 | % | 95.4 | % | 95.6 | % | ||||||||||||||||
SE Florida | 8.2 | % | 6.8 | % | 6.7 | % | 95.1 | % | 94.9 | % | 95.3 | % | 95.4 | % | 94.9 | % | ||||||||||||||||
Orlando, FL | 5.3 | % | 5.8 | % | 5.7 | % | 95.8 | % | 95.3 | % | 95.3 | % | 95.4 | % | 95.5 | % | ||||||||||||||||
Charlotte, NC | 7.1 | % | 5.8 | % | 5.7 | % | 96.4 | % | 96.1 | % | 95.6 | % | 96.5 | % | 95.9 | % | ||||||||||||||||
Atlanta, GA | 5.6 | % | 4.9 | % | 4.8 | % | 95.3 | % | 95.2 | % | 95.5 | % | 95.6 | % | 94.9 | % | ||||||||||||||||
Denver, CO | 4.5 | % | 4.8 | % | 4.7 | % | 94.7 | % | 94.8 | % | 95.2 | % | 95.6 | % | 95.2 | % | ||||||||||||||||
Raleigh, NC | 5.2 | % | 4.2 | % | 4.2 | % | 95.0 | % | 94.7 | % | 94.6 | % | 95.7 | % | 95.3 | % | ||||||||||||||||
Phoenix, AZ | 2.3 | % | 3.9 | % | 3.8 | % | 92.3 | % | 93.0 | % | 92.5 | % | 93.5 | % | 92.3 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 3.5 | % | 3.7 | % | 3.6 | % | 94.3 | % | 93.2 | % | 93.3 | % | 94.9 | % | 94.2 | % | ||||||||||||||||
Austin, TX | 2.8 | % | 2.3 | % | 2.6 | % | 94.7 | % | 95.0 | % | 95.0 | % | 95.6 | % | 95.3 | % | ||||||||||||||||
Other | 1.2 | % | 1.8 | % | 2.0 | % | 96.7 | % | 95.3 | % | 94.4 | % | 95.0 | % | 95.4 | % | ||||||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 95.3 | % | 94.8 | % | 94.7 | % | 95.2 | % | 95.1 | % | ||||||||||||||||
(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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
Property Revenues | Homes | 2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||||||||
"Same Property" Communities (a) | 43,503 | $161,323 | $153,074 | $8,249 | $319,824 | $302,725 | $17,099 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 10,656 | 37,979 | 22,108 | 15,871 | 73,798 | 40,410 | 33,388 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,644 | 633 | - | 633 | 797 | - | 797 | |||||||||||||||||||||
Other (d) | - | 1,592 | 1,736 | (144 | ) | 3,298 | 3,482 | (184 | ) | |||||||||||||||||||
Total Property Revenues | 56,803 | $201,527 | $176,918 | $24,609 | $397,717 | $346,617 | $51,100 | |||||||||||||||||||||
Property Expenses | ||||||||||||||||||||||||||||
"Same Property" Communities (a) | 43,503 | $58,852 | $56,761 | $2,091 | $116,990 | $112,390 | $4,600 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 10,656 | 14,427 | 8,782 | 5,645 | 27,296 | 15,630 | 11,666 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,644 | 320 | - | 320 | 388 | - | 388 | |||||||||||||||||||||
Other (d) | - | 786 | 755 | 31 | 1,858 | 1,765 | 93 | |||||||||||||||||||||
Total Property Expenses | 56,803 | $74,385 | $66,298 | $8,087 | $146,532 | $129,785 | $16,747 | |||||||||||||||||||||
Property Net Operating Income | ||||||||||||||||||||||||||||
"Same Property" Communities (a) | 43,503 | $102,471 | $96,313 | $6,158 | $202,834 | $190,335 | $12,499 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 10,656 | 23,552 | 13,326 | 10,226 | 46,502 | 24,780 | 21,722 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,644 | 313 | - | 313 | 409 | - | 409 | |||||||||||||||||||||
Other (d) | - | 806 | 981 | (175 | ) | 1,440 | 1,717 | (277 | ) | |||||||||||||||||||
Total Property Net Operating Income | 56,803 | $127,142 | $110,620 | $16,522 | $251,185 | $216,832 | $34,353 | |||||||||||||||||||||
Income from Discontinued Operations (e) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Property revenues | $164 | $9,127 | $1,896 | $19,288 | ||||||||||||
Property expenses | (102 | ) | (4,159 | ) | (871 | ) | (8,932 | ) | ||||||||
Property net operating income | 62 | 4,968 | 1,025 | 10,356 | ||||||||||||
Depreciation and amortization | - | (2,223 | ) | (215 | ) | (4,621 | ) | |||||||||
Gain on sale of discontinued operations, net of tax | 24,866 | - | 56,649 | 32,541 | ||||||||||||
Income, including gain on sale, allocated to non-controlling interests | (1,712 | ) | (65 | ) | (1,752 | ) | (796 | ) | ||||||||
Income attributable to common shareholders | $23,216 | $2,680 | $55,707 | $37,480 | ||||||||||||
Notes: | ||||||||||||||
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale. | |||||||||||||
(b) | Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2012, excluding properties held for sale. | |||||||||||||
(c) | Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2012, excluding properties held for sale. | |||||||||||||
(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 2012 and 2013, of which Camden has no continuing involvement. |
11
"SAME PROPERTY" | ||||||||||||||||||||||||||||||||||||
CAMDEN | SECOND QUARTER COMPARISONS | |||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 2Q13 | 2Q12 | Growth | 2Q13 | 2Q12 | Growth | 2Q13 | 2Q12 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $26,241 | $25,455 | 3.1 | % | $7,932 | $7,687 | 3.2 | % | $18,309 | $17,768 | 3.0 | % | ||||||||||||||||||||||||
Houston, TX | 14,193 | 12,877 | 10.2 | % | 5,348 | 5,051 | 5.9 | % | 8,845 | 7,826 | 13.0 | % | ||||||||||||||||||||||||
Tampa, FL | 13,813 | 13,170 | 4.9 | % | 5,783 | 5,605 | 3.2 | % | 8,030 | 7,565 | 6.1 | % | ||||||||||||||||||||||||
Dallas, TX | 11,910 | 11,223 | 6.1 | % | 5,033 | 4,874 | 3.3 | % | 6,877 | 6,349 | 8.3 | % | ||||||||||||||||||||||||
Las Vegas, NV | 10,001 | 10,000 | 0.0 | % | 3,744 | 3,716 | 0.8 | % | 6,257 | 6,284 | (0.4 | %) | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 10,925 | 10,477 | 4.3 | % | 3,648 | 3,156 | 15.6 | % | 7,277 | 7,321 | (0.6 | %) | ||||||||||||||||||||||||
SE Florida | 13,042 | 12,258 | 6.4 | % | 4,596 | 4,451 | 3.3 | % | 8,446 | 7,807 | 8.2 | % | ||||||||||||||||||||||||
Orlando, FL | 8,878 | 8,553 | 3.8 | % | 3,415 | 3,393 | 0.6 | % | 5,463 | 5,160 | 5.9 | % | ||||||||||||||||||||||||
Charlotte, NC | 10,940 | 9,976 | 9.7 | % | 3,680 | 3,667 | 0.4 | % | 7,260 | 6,309 | 15.1 | % | ||||||||||||||||||||||||
Atlanta, GA | 9,475 | 8,848 | 7.1 | % | 3,705 | 3,643 | 1.7 | % | 5,770 | 5,205 | 10.9 | % | ||||||||||||||||||||||||
Denver, CO | 6,633 | 6,156 | 7.7 | % | 2,064 | 2,072 | (0.4 | %) | 4,569 | 4,084 | 11.9 | % | ||||||||||||||||||||||||
Raleigh, NC | 8,085 | 7,695 | 5.1 | % | 2,795 | 2,683 | 4.2 | % | 5,290 | 5,012 | 5.5 | % | ||||||||||||||||||||||||
Phoenix, AZ | 3,625 | 3,440 | 5.4 | % | 1,316 | 1,260 | 4.4 | % | 2,309 | 2,180 | 5.9 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5,985 | 5,789 | 3.4 | % | 2,389 | 2,309 | 3.5 | % | 3,596 | 3,480 | 3.3 | % | ||||||||||||||||||||||||
Austin, TX | 5,535 | 5,265 | 5.1 | % | 2,620 | 2,456 | 6.7 | % | 2,915 | 2,809 | 3.8 | % | ||||||||||||||||||||||||
Corpus Christi, TX | 2,042 | 1,892 | 7.9 | % | 784 | 738 | 6.2 | % | 1,258 | 1,154 | 9.0 | % | ||||||||||||||||||||||||
Total Same Property | $161,323 | $153,074 | 5.4 | % | $58,852 | $56,761 | 3.7 | % | $102,471 | $96,313 | 6.4 | % | ||||||||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 2Q13 | 2Q12 | Change | 2Q13 | 2Q12 | Change | ||||||||||||||||||||||||||||
D.C. Metro | 4,947 | 17.9 | % | 95.6 | % | 95.7 | % | (0.1 | %) | $1,646 | $1,602 | 2.7 | % | |||||||||||||||||||||||
Houston, TX | 3,353 | 8.6 | % | 96.6 | % | 97.4 | % | (0.8 | %) | 1,292 | 1,164 | 11.0 | % | |||||||||||||||||||||||
Tampa, FL | 4,733 | 7.9 | % | 95.5 | % | 94.5 | % | 1.0 | % | 846 | 815 | 3.7 | % | |||||||||||||||||||||||
Dallas, TX | 3,938 | 6.7 | % | 95.6 | % | 95.9 | % | (0.3 | %) | 907 | 847 | 7.1 | % | |||||||||||||||||||||||
Las Vegas, NV | 3,969 | �� | 6.1 | % | 94.5 | % | 94.2 | % | 0.3 | % | 756 | 758 | (0.3 | %) | ||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 7.1 | % | 95.6 | % | 95.6 | % | 0.0 | % | 1,686 | 1,617 | 4.3 | % | |||||||||||||||||||||||
SE Florida | 2,520 | 8.2 | % | 95.1 | % | 94.9 | % | 0.2 | % | 1,616 | 1,521 | 6.3 | % | |||||||||||||||||||||||
Orlando, FL | 2,818 | 5.3 | % | 95.9 | % | 95.7 | % | 0.2 | % | 941 | 908 | 3.6 | % | |||||||||||||||||||||||
Charlotte, NC | 3,134 | 7.1 | % | 96.4 | % | 96.2 | % | 0.2 | % | 1,056 | 964 | 9.5 | % | |||||||||||||||||||||||
Atlanta, GA | 2,894 | 5.6 | % | 95.1 | % | 95.2 | % | (0.1 | %) | 974 | 911 | 6.9 | % | |||||||||||||||||||||||
Denver, CO | 1,851 | 4.5 | % | 95.4 | % | 95.3 | % | 0.1 | % | 1,085 | 997 | 8.8 | % | |||||||||||||||||||||||
Raleigh, NC | 2,704 | 5.2 | % | 95.0 | % | 95.6 | % | (0.6 | %) | 890 | 843 | 5.5 | % | |||||||||||||||||||||||
Phoenix, AZ | 1,084 | 2.3 | % | 92.9 | % | 93.5 | % | (0.6 | %) | 994 | 927 | 7.2 | % | |||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.5 | % | 95.0 | % | 94.2 | % | 0.8 | % | 1,575 | 1,534 | 2.7 | % | |||||||||||||||||||||||
Austin, TX | 1,670 | 2.8 | % | 94.5 | % | 95.7 | % | (1.2 | %) | 991 | 928 | 6.8 | % | |||||||||||||||||||||||
Corpus Christi, TX | 632 | 1.2 | % | 96.5 | % | 96.3 | % | 0.2 | % | 923 | 852 | 8.3 | % | |||||||||||||||||||||||
Total Same Property | 43,503 | 100.0 | % | 95.4 | % | 95.4 | % | 0.0 | % | $1,126 | $1,068 | 5.4 | % | |||||||||||||||||||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale. | ||||||||||||||||||||||||||||||||||||
(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. |
12
"SAME PROPERTY" | ||||||||||||||||||||||||||||||||||||
CAMDEN | SEQUENTIAL QUARTER COMPARISONS | |||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 2Q13 | 1Q13 | Growth | 2Q13 | 1Q13 | Growth | 2Q13 | 1Q13 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $26,241 | $26,031 | 0.8 | % | $7,932 | $7,621 | 4.1 | % | $18,309 | $18,410 | (0.5 | %) | ||||||||||||||||||||||||
Houston, TX | 14,193 | 13,810 | 2.8 | % | 5,348 | 5,308 | 0.8 | % | 8,845 | 8,502 | 4.0 | % | ||||||||||||||||||||||||
Tampa, FL | 13,813 | 13,595 | 1.6 | % | 5,783 | 5,792 | (0.2 | %) | 8,030 | 7,803 | 2.9 | % | ||||||||||||||||||||||||
Dallas, TX | 11,910 | 11,657 | 2.2 | % | 5,033 | 5,273 | (4.6 | %) | 6,877 | 6,384 | 7.7 | % | ||||||||||||||||||||||||
Las Vegas, NV | 10,001 | 9,969 | 0.3 | % | 3,744 | 3,781 | (1.0 | %) | 6,257 | 6,188 | 1.1 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 10,925 | 10,845 | 0.7 | % | 3,648 | 3,570 | 2.2 | % | 7,277 | 7,275 | 0.0 | % | ||||||||||||||||||||||||
SE Florida | 13,042 | 12,788 | 2.0 | % | 4,596 | 4,615 | (0.4 | %) | 8,446 | 8,173 | 3.3 | % | ||||||||||||||||||||||||
Orlando, FL | 8,878 | 8,727 | 1.7 | % | 3,415 | 3,479 | (1.8 | %) | 5,463 | 5,248 | 4.1 | % | ||||||||||||||||||||||||
Charlotte, NC | 10,940 | 10,616 | 3.1 | % | 3,680 | 3,646 | 0.9 | % | 7,260 | 6,970 | 4.2 | % | ||||||||||||||||||||||||
Atlanta, GA | 9,475 | 9,264 | 2.3 | % | 3,705 | 3,563 | 4.0 | % | 5,770 | 5,701 | 1.2 | % | ||||||||||||||||||||||||
Denver, CO | 6,633 | 6,415 | 3.4 | % | 2,064 | 1,962 | 5.2 | % | 4,569 | 4,453 | 2.6 | % | ||||||||||||||||||||||||
Raleigh, NC | 8,085 | 7,966 | 1.5 | % | 2,795 | 2,662 | 5.0 | % | 5,290 | 5,304 | (0.3 | %) | ||||||||||||||||||||||||
Phoenix, AZ | 3,625 | 3,539 | 2.4 | % | 1,316 | 1,284 | 2.5 | % | 2,309 | 2,255 | 2.4 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5,985 | 5,828 | 2.7 | % | 2,389 | 2,351 | 1.6 | % | 3,596 | 3,477 | 3.4 | % | ||||||||||||||||||||||||
Austin, TX | 5,535 | 5,450 | 1.6 | % | 2,620 | 2,499 | 4.8 | % | 2,915 | 2,951 | (1.2 | %) | ||||||||||||||||||||||||
Corpus Christi, TX | 2,042 | 2,001 | 2.0 | % | 784 | 732 | 7.1 | % | 1,258 | 1,269 | (0.9 | %) | ||||||||||||||||||||||||
Total Same Property | $161,323 | $158,501 | 1.8 | % | $58,852 | $58,138 | 1.2 | % | $102,471 | $100,363 | 2.1 | % |
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 2Q13 | 1Q13 | Change | 2Q13 | 1Q13 | Change | ||||||||||||||||||||||||||||
D.C. Metro | 4,947 | 17.9 | % | 95.6 | % | 95.6 | % | 0.0 | % | $1,646 | $1,636 | 0.6 | % | |||||||||||||||||||||||
Houston, TX | 3,353 | 8.6 | % | 96.6 | % | 96.6 | % | 0.0 | % | 1,292 | 1,266 | 2.0 | % | |||||||||||||||||||||||
Tampa, FL | 4,733 | 7.9 | % | 95.5 | % | 95.0 | % | 0.5 | % | 846 | 837 | 1.0 | % | |||||||||||||||||||||||
Dallas, TX | 3,938 | 6.7 | % | 95.6 | % | 95.5 | % | 0.1 | % | 907 | 893 | 1.6 | % | |||||||||||||||||||||||
Las Vegas, NV | 3,969 | 6.1 | % | 94.5 | % | 93.7 | % | 0.8 | % | 756 | 753 | 0.4 | % | |||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 7.1 | % | 95.6 | % | 95.7 | % | (0.1 | %) | 1,686 | 1,664 | 1.3 | % | |||||||||||||||||||||||
SE Florida | 2,520 | 8.2 | % | 95.1 | % | 94.9 | % | 0.2 | % | 1,616 | 1,594 | 1.4 | % | |||||||||||||||||||||||
Orlando, FL | 2,818 | 5.3 | % | 95.9 | % | 95.7 | % | 0.2 | % | 941 | 932 | 0.9 | % | |||||||||||||||||||||||
Charlotte, NC | 3,134 | 7.1 | % | 96.4 | % | 96.1 | % | 0.3 | % | 1,056 | 1,035 | 2.0 | % | |||||||||||||||||||||||
Atlanta, GA | 2,894 | 5.6 | % | 95.1 | % | 95.3 | % | (0.2 | %) | 974 | 957 | 1.8 | % | |||||||||||||||||||||||
Denver, CO | 1,851 | 4.5 | % | 95.4 | % | 94.9 | % | 0.5 | % | 1,085 | 1,062 | 2.2 | % | |||||||||||||||||||||||
Raleigh, NC | 2,704 | 5.2 | % | 95.0 | % | 94.5 | % | 0.5 | % | 890 | 878 | 1.3 | % | |||||||||||||||||||||||
Phoenix, AZ | 1,084 | 2.3 | % | 92.9 | % | 93.2 | % | (0.3 | %) | 994 | 982 | 1.2 | % | |||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.5 | % | 95.0 | % | 93.3 | % | 1.7 | % | 1,575 | 1,558 | 1.1 | % | |||||||||||||||||||||||
Austin, TX | 1,670 | 2.8 | % | 94.5 | % | 94.4 | % | 0.1 | % | 991 | 979 | 1.2 | % | |||||||||||||||||||||||
Corpus Christi, TX | 632 | 1.2 | % | 96.5 | % | 95.4 | % | 1.1 | % | 923 | 903 | 2.3 | % | |||||||||||||||||||||||
Total Same Property | 43,503 | 100.0 | % | 95.4 | % | 95.1 | % | 0.3 | % | $1,126 | $1,112 | 1.3 | % | |||||||||||||||||||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale. | ||||||||||||||||||||||||||||||||||||
(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. |
13
"SAME PROPERTY" | ||||||||||||||||||||||||||||||||||||
CAMDEN | YEAR TO DATE COMPARISONS | |||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Year to Date Results (a) | 2013 | 2012 | Growth | 2013 | 2012 | Growth | 2013 | 2012 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $52,272 | $50,470 | 3.6 | % | $15,553 | $15,051 | 3.3 | % | $36,719 | $35,419 | 3.7 | % | ||||||||||||||||||||||||
Houston, TX | 28,003 | 25,257 | 10.9 | % | 10,656 | 9,977 | 6.8 | % | 17,347 | 15,280 | 13.5 | % | ||||||||||||||||||||||||
Tampa, FL | 27,408 | 26,217 | 4.5 | % | 11,575 | 11,202 | 3.3 | % | 15,833 | 15,015 | 5.4 | % | ||||||||||||||||||||||||
Dallas, TX | 23,567 | 22,130 | 6.5 | % | 10,306 | 9,594 | 7.4 | % | 13,261 | 12,536 | 5.8 | % | ||||||||||||||||||||||||
Las Vegas, NV | 19,970 | 19,799 | 0.9 | % | 7,525 | 7,345 | 2.5 | % | 12,445 | 12,454 | (0.1 | %) | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 21,770 | 20,872 | 4.3 | % | 7,218 | 6,675 | 8.1 | % | 14,552 | 14,197 | 2.5 | % | ||||||||||||||||||||||||
SE Florida | 25,830 | 24,323 | 6.2 | % | 9,211 | 8,596 | 7.2 | % | 16,619 | 15,727 | 5.7 | % | ||||||||||||||||||||||||
Orlando, FL | 17,605 | 16,915 | 4.1 | % | 6,894 | 6,799 | 1.4 | % | 10,711 | 10,116 | 5.9 | % | ||||||||||||||||||||||||
Charlotte, NC | 21,556 | 19,614 | 9.9 | % | 7,326 | 7,270 | 0.8 | % | 14,230 | 12,344 | 15.3 | % | ||||||||||||||||||||||||
Atlanta, GA | 18,739 | 17,425 | 7.5 | % | 7,268 | 7,299 | (0.4 | %) | 11,471 | 10,126 | 13.3 | % | ||||||||||||||||||||||||
Denver, CO | 13,048 | 12,131 | 7.6 | % | 4,026 | 4,037 | (0.3 | %) | 9,022 | 8,094 | 11.5 | % | ||||||||||||||||||||||||
Raleigh, NC | 16,051 | 15,220 | 5.5 | % | 5,457 | 5,304 | 2.9 | % | 10,594 | 9,916 | 6.8 | % | ||||||||||||||||||||||||
Phoenix, AZ | 7,164 | 6,827 | 4.9 | % | 2,600 | 2,454 | 5.9 | % | 4,564 | 4,373 | 4.4 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 11,813 | 11,466 | 3.0 | % | 4,740 | 4,555 | 4.1 | % | 7,073 | 6,911 | 2.3 | % | ||||||||||||||||||||||||
Austin, TX | 10,985 | 10,361 | 6.0 | % | 5,119 | 4,828 | 6.0 | % | 5,866 | 5,533 | 6.0 | % | ||||||||||||||||||||||||
Corpus Christi, TX | 4,043 | 3,698 | 9.3 | % | 1,516 | 1,404 | 8.0 | % | 2,527 | 2,294 | 10.2 | % | ||||||||||||||||||||||||
Total Same Property | $319,824 | $302,725 | 5.6 | % | $116,990 | $112,390 | 4.1 | % | $202,834 | $190,335 | 6.6 | % | ||||||||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||||||
Year to Date Results (a) | Included | Contribution (a) | 2013 | 2012 | Change | 2013 | 2012 | Change | ||||||||||||||||||||||||||||
D.C. Metro | 4,947 | 18.1 | % | 95.6 | % | 95.1 | % | 0.5 | % | $1,641 | $1,596 | 2.8 | % | |||||||||||||||||||||||
Houston, TX | 3,353 | 8.6 | % | 96.6 | % | 97.1 | % | (0.5 | %) | 1,279 | 1,148 | 11.4 | % | |||||||||||||||||||||||
Tampa, FL | 4,733 | 7.8 | % | 95.2 | % | 94.7 | % | 0.5 | % | 842 | 811 | 3.8 | % | |||||||||||||||||||||||
Dallas, TX | 3,938 | 6.5 | % | 95.5 | % | 95.7 | % | (0.2 | %) | 900 | 837 | 7.5 | % | |||||||||||||||||||||||
Las Vegas, NV | 3,969 | 6.1 | % | 94.1 | % | 93.6 | % | 0.5 | % | 754 | 757 | (0.4 | %) | |||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 7.2 | % | 95.6 | % | 95.5 | % | 0.1 | % | 1,675 | 1,608 | 4.2 | % | |||||||||||||||||||||||
SE Florida | 2,520 | 8.2 | % | 95.0 | % | 95.2 | % | (0.2 | %) | 1,605 | 1,510 | 6.3 | % | |||||||||||||||||||||||
Orlando, FL | 2,818 | 5.3 | % | 95.8 | % | 95.4 | % | 0.4 | % | 937 | 902 | 3.8 | % | |||||||||||||||||||||||
Charlotte, NC | 3,134 | 7.0 | % | 96.3 | % | 96.1 | % | 0.2 | % | 1,045 | 949 | 10.2 | % | |||||||||||||||||||||||
Atlanta, GA | 2,894 | 5.7 | % | 95.2 | % | 94.8 | % | 0.4 | % | 965 | 904 | 6.8 | % | |||||||||||||||||||||||
Denver, CO | 1,851 | 4.4 | % | 95.2 | % | 94.9 | % | 0.3 | % | 1,073 | 990 | 8.4 | % | |||||||||||||||||||||||
Raleigh, NC | 2,704 | 5.2 | % | 94.7 | % | 95.4 | % | (0.7 | %) | 884 | 836 | 5.8 | % | |||||||||||||||||||||||
Phoenix, AZ | 1,084 | 2.3 | % | 93.1 | % | 94.0 | % | (0.9 | %) | 988 | 922 | 7.1 | % | |||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.5 | % | 94.2 | % | 93.5 | % | 0.7 | % | 1,567 | 1,529 | 2.4 | % | |||||||||||||||||||||||
Austin, TX | 1,670 | 2.9 | % | 94.5 | % | 95.4 | % | (0.9 | %) | 985 | 919 | 7.2 | % | |||||||||||||||||||||||
Corpus Christi, TX | 632 | 1.2 | % | 95.9 | % | 95.9 | % | 0.0 | % | 913 | 838 | 9.0 | % | |||||||||||||||||||||||
Total Same Property | 43,503 | 100.0 | % | 95.3 | % | 95.2 | % | 0.1 | % | $1,119 | $1,060 | 5.6 | % | |||||||||||||||||||||||
(a) | "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale and communities under major redevelopment. |
(b) | Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. |
14
"SAME PROPERTY" OPERATING EXPENSE | ||||||||||||||||||||
CAMDEN | DETAIL AND COMPARISONS | |||||||||||||||||||
JUNE 30, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
% of Actual 2Q13 Operating | ||||||||||||||||||||
Quarterly Comparison (a) | 2Q13 | 2Q12 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $17,420 | $15,704 | $1,716 | 10.9 | % | 29.6 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 13,857 | 13,433 | 424 | 3.2 | % | 23.5 | % | |||||||||||||
Utilities | 12,455 | 12,682 | (227 | ) | (1.8 | %) | 21.2 | % | ||||||||||||
Repairs and Maintenance | 8,295 | 8,577 | (282 | ) | (3.3 | %) | 14.1 | % | ||||||||||||
Property Insurance | 3,362 | 2,903 | 459 | 15.8 | % | 5.7 | % | |||||||||||||
Other | 3,463 | 3,462 | 1 | 0.0 | % | 5.9 | % | |||||||||||||
Total Same Property | $58,852 | $56,761 | $2,091 | 3.7 | % | 100.0 | % | |||||||||||||
% of Actual 2Q13 Operating | ||||||||||||||||||||
Sequential Comparison (a) | 2Q13 | 1Q13 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $17,420 | $17,277 | $143 | 0.8 | % | 29.6 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 13,857 | 13,207 | 650 | 4.9 | % | 23.5 | % | |||||||||||||
Utilities | 12,455 | 12,309 | 146 | 1.2 | % | 21.2 | % | |||||||||||||
Repairs and Maintenance | 8,295 | 7,800 | 495 | 6.3 | % | 14.1 | % | |||||||||||||
Property Insurance | 3,362 | 3,995 | (633 | ) | (15.8 | %) | 5.7 | % | ||||||||||||
Other | 3,463 | 3,550 | (87 | ) | (2.4 | %) | 5.9 | % | ||||||||||||
Total Same Property | $58,852 | $58,138 | $714 | 1.2 | % | 100.0 | % | |||||||||||||
% of Actual 2013 Operating | ||||||||||||||||||||
Year to Date Comparison (a) | 2013 | 2012 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $34,697 | $30,889 | $3,808 | 12.3 | % | 29.7 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 27,064 | 26,851 | 213 | 0.8 | % | 23.1 | % | |||||||||||||
Utilities | 24,764 | 25,219 | (455 | ) | (1.8 | %) | 21.2 | % | ||||||||||||
Repairs and Maintenance | 16,095 | 16,492 | (397 | ) | (2.4 | %) | 13.7 | % | ||||||||||||
Property Insurance | 7,357 | 5,823 | 1,534 | 26.3 | % | 6.3 | % | |||||||||||||
Other | 7,013 | 7,116 | (103 | ) | (1.5 | %) | 6.0 | % | ||||||||||||
Total Same Property | $116,990 | $112,390 | $4,600 | 4.1 | % | 100.0 | % | |||||||||||||
(a) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale.
15
CAMDEN | JOINT VENTURE OPERATIONS | |||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||
Company's Pro-rata Share of Joint Venture Operations: | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
OPERATING DATA (a) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Property Revenues | ||||||||||||||||
Rental revenues | $5,315 | $6,849 | $10,989 | $14,024 | ||||||||||||
Other property revenues | 798 | 1,044 | 1,618 | 2,057 | ||||||||||||
Total property revenues | 6,113 | 7,893 | 12,607 | 16,081 | ||||||||||||
Property Expenses | ||||||||||||||||
Property operating and maintenance | 1,733 | 2,326 | 3,560 | 4,703 | ||||||||||||
Real estate taxes | 879 | 978 | 1,799 | 2,042 | ||||||||||||
Total property expenses | 2,612 | 3,304 | 5,359 | 6,745 | ||||||||||||
Net Operating Income (NOI) | 3,501 | 4,589 | 7,248 | 9,336 | ||||||||||||
Other expenses | ||||||||||||||||
Interest | 1,135 | 1,823 | 2,333 | 3,821 | ||||||||||||
Depreciation and amortization | 1,314 | 2,056 | 2,920 | 4,361 | ||||||||||||
Other | 84 | 78 | 93 | 156 | ||||||||||||
Total other expenses | 2,533 | 3,957 | 5,346 | 8,338 | ||||||||||||
Promoted equity interests | 3,798 | - | 3,798 | - | ||||||||||||
Gain on sale of properties, net | 13,032 | - | 13,032 | - | ||||||||||||
Equity in income of joint ventures | $17,798 | $632 | $18,732 | $998 | ||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | ||||||||||||||||
2013 | 2013 | 2012 | 2012 | 2012 | ||||||||||||||||
BALANCE SHEET DATA (b) | ||||||||||||||||||||
Land | $110,549 | $126,010 | $125,707 | $147,126 | $154,418 | |||||||||||||||
Buildings and improvements | 705,450 | 828,505 | 823,820 | 1,002,759 | 1,033,326 | |||||||||||||||
815,999 | 954,515 | 949,527 | 1,149,885 | 1,187,744 | ||||||||||||||||
Accumulated depreciation | (51,587 | ) | (143,212 | ) | (135,146 | ) | (170,390 | ) | (166,324 | ) | ||||||||||
Real estate assets, net | 764,412 | 811,303 | 814,381 | 979,495 | 1,021,420 | |||||||||||||||
Properties under development and land | 42,778 | 91,821 | 83,573 | 70,574 | 57,043 | |||||||||||||||
Cash and other assets, net | 21,077 | 14,646 | 19,830 | 17,994 | 17,642 | |||||||||||||||
Total assets | $828,267 | $917,770 | $917,784 | $1,068,063 | $1,096,105 | |||||||||||||||
Notes payable | $555,406 | $724,775 | $712,707 | $844,680 | $864,867 | |||||||||||||||
Other liabilities | 29,848 | 27,461 | 39,911 | 34,677 | 35,267 | |||||||||||||||
Total liabilities | 585,254 | 752,236 | 752,618 | 879,357 | 900,134 | |||||||||||||||
Members' equity | 243,013 | 165,534 | 165,166 | 188,706 | 195,971 | |||||||||||||||
Total liabilities and members' equity | $828,267 | $917,770 | $917,784 | $1,068,063 | $1,096,105 | |||||||||||||||
Camden's equity investment | $44,630 | $45,260 | $45,092 | $46,566 | $47,776 | |||||||||||||||
Distributions in excess of investment in joint ventures | $- | ($9,718 | ) | ($9,509 | ) | ($16,708 | ) | ($16,499 | ) | |||||||||||
Camden's pro-rata share of debt | $111,081 | $144,955 | $142,541 | $171,215 | $175,299 | |||||||||||||||
PROPERTY DATA (end of period) | ||||||||||||||||||||
Total operating properties | 23 | 37 | 37 | 44 | 44 | |||||||||||||||
Total operating apartment homes | 7,594 | 10,692 | 10,692 | 13,165 | 13,174 | |||||||||||||||
Pro rata share of operating apartment homes | 1,519 | 2,138 | 2,138 | 2,556 | 2,558 | |||||||||||||||
Total development properties | 3 | 2 | 2 | 1 | 2 | |||||||||||||||
Total development apartment homes | 842 | 576 | 576 | 276 | 520 | |||||||||||||||
Pro rata share of development apartment homes | 168 | 115 | 115 | 55 | 104 | |||||||||||||||
(a) Operating data represents Camden's pro-rata share of revenues and expenses. | ||||||||||||||||||||
(b) Balance sheet and property data reported at 100%. |
16
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||
AS OF JUNE 30, 2013 ($ in millions) | ||||||||||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | Total | Construction | Initial | Construction | Stabilized | As of 07/21/2013 | |||||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | Homes | Budget | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||||||||||
1. | Camden City Centre II | 268 | $36.0 | $33.5 | 4Q11 | 1Q13 | 2Q13 | 4Q13 | 84 | % | 79 | % | ||||||||||||||||||||||||||||||
Houston, TX | ||||||||||||||||||||||||||||||||||||||||||
Total Completed Communities in Lease-Up | 268 | $36.0 | $33.5 | 84 | % | 79 | % | |||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | |||||||||||||||||||||||||||||||||||
Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | ||||||||||||||||||||||||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||||||||||||||||||||||||||
2. | Camden NOMA | 320 | $110.0 | $87.3 | $87.3 | 4Q11 | 1Q14 | 2Q14 | 2Q15 | |||||||||||||||||||||||||||||||||
Washington, DC | ||||||||||||||||||||||||||||||||||||||||||
3. | Camden Lamar Heights | 314 | 47.0 | 16.5 | 16.5 | 2Q12 | 1Q14 | 2Q14 | 3Q15 | |||||||||||||||||||||||||||||||||
Austin, TX | ||||||||||||||||||||||||||||||||||||||||||
4. | Camden Flatirons | 424 | 78.0 | 29.9 | 29.9 | 3Q12 | 2Q14 | 4Q14 | 4Q16 | |||||||||||||||||||||||||||||||||
Denver, CO | ||||||||||||||||||||||||||||||||||||||||||
5. | Camden Glendale | 303 | 115.0 | 40.0 | 40.0 | 4Q12 | 1Q15 | 3Q15 | 1Q16 | |||||||||||||||||||||||||||||||||
Glendale, CA | ||||||||||||||||||||||||||||||||||||||||||
6. | Camden Boca Raton | 261 | 54.0 | 14.1 | 14.1 | 4Q12 | 3Q14 | 4Q14 | 1Q16 | |||||||||||||||||||||||||||||||||
Boca Raton, FL | ||||||||||||||||||||||||||||||||||||||||||
7. | Camden Paces | 379 | 110.0 | 31.0 | 31.0 | 4Q12 | 1Q14 | 1Q15 | 1Q17 | |||||||||||||||||||||||||||||||||
Atlanta, GA | ||||||||||||||||||||||||||||||||||||||||||
8. | Camden Miramar Phase IX | 75 | 8.0 | 3.1 | 3.1 | 2Q13 | 3Q13 | 3Q13 | 3Q13 | |||||||||||||||||||||||||||||||||
Corpus Christi, TX | ||||||||||||||||||||||||||||||||||||||||||
9. | Camden La Frontera | 300 | 36.0 | 5.1 | 5.1 | 2Q13 | 2Q14 | 1Q15 | 4Q15 | |||||||||||||||||||||||||||||||||
Round Rock, TX | ||||||||||||||||||||||||||||||||||||||||||
Total Development Communities | 2,376 | $558.0 | $227.0 | $227.0 | ||||||||||||||||||||||||||||||||||||||
Additional Development Pipeline & Land (a) | 166.7 | |||||||||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $393.7 | |||||||||||||||||||||||||||||||||||||||||
NOI CONTRIBUTION FROM NON-STABILIZED COMMUNITIES ($ in millions) | ||||||||||||||||||||||||||||||||||||||||||
2Q13 NOI | ||||||||||||||||||||||||||||||||||||||||||
NOI from Communities that Stabilized During Quarter | $72.4 | $1.1 | ||||||||||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | 33.5 | 0.3 | ||||||||||||||||||||||||||||||||||||||||
Total Recently Stabilized and Non-Stabilized Communities NOI Contribution | $105.9 | $1.4 | ||||||||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 07/21/2013 | ||||||||||||||||||||||||||||||||||
Joint Venture Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||||||||||||||||||||||||||
1. | Camden South Capitol | 276 | $88.0 | $76.4 | $14.1 | 2Q11 | 2Q13 | 3Q13 | 3Q14 | 39 | % | 20 | % | |||||||||||||||||||||||||||||
Washington, DC | ||||||||||||||||||||||||||||||||||||||||||
2. | Camden Waterford Lakes | 300 | 40.0 | 18.4 | 18.4 | 4Q12 | 1Q14 | 3Q14 | 4Q15 | |||||||||||||||||||||||||||||||||
Orlando, FL | ||||||||||||||||||||||||||||||||||||||||||
3. | Camden Southline | 266 | 47.0 | 8.5 | 8.5 | 2Q13 | 1Q15 | 3Q15 | 4Q15 | |||||||||||||||||||||||||||||||||
Charlotte, NC | ||||||||||||||||||||||||||||||||||||||||||
Total Joint Venture Development Communities | 842 | $175.0 | $103.3 | $41.0 | ||||||||||||||||||||||||||||||||||||||
(a) Please refer to the Development Pipeline & Land Summary on page 18. | ||||||||||||||||||||||||||||||||||||||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. |
17
CAMDEN | DEVELOPMENT PIPELINE & LAND | |||||||||||||
(Unaudited) | ||||||||||||||
AS OF JUNE 30, 2013 ($ in millions) | ||||||||||||||
Projected | Total | |||||||||||||
PIPELINE COMMUNITIES (a) | Homes | Estimated Cost (b) | Cost to Date | |||||||||||
1. | Camden Foothills | 220 | $50.0 | $13.5 | ||||||||||
Scottsdale, AZ | ||||||||||||||
2. | Camden Vida | 234 | 48.0 | 9.5 | ||||||||||
Tempe, AZ | ||||||||||||||
3. | Camden Gallery (c) | 324 | 56.0 | 10.0 | ||||||||||
Charlotte, NC | ||||||||||||||
4. | Camden Victory Park | 425 | 70.0 | 16.2 | ||||||||||
Dallas, TX | ||||||||||||||
5. | Camden Hollywood | 287 | 125.0 | 21.7 | ||||||||||
Los Angeles, CA | ||||||||||||||
6. | Camden Desert Stone | 380 | 75.0 | 5.8 | ||||||||||
Chandler, AZ | ||||||||||||||
7. | Camden Atlantic | 286 | 62.0 | 10.1 | ||||||||||
Plantation, FL | ||||||||||||||
8. | Camden Lincoln Station | 275 | 48.0 | 5.5 | ||||||||||
Denver, CO | ||||||||||||||
9. | Camden McGowen Station | 251 | 40.0 | 7.5 | ||||||||||
Houston, TX | ||||||||||||||
10. | Camden Buckhead | 390 | 70.0 | 18.5 | ||||||||||
Atlanta, GA | ||||||||||||||
Development Pipeline | 3,072 | $644.0 | $118.3 | |||||||||||
LAND HOLDINGS | Acreage | Cost to Date | ||||||||||||
Washington, DC | 0.9 | $17.4 | ||||||||||||
Dallas, TX | 7.2 | 8.6 | ||||||||||||
Houston, TX | 11.5 | 6.5 | ||||||||||||
Atlanta, GA | 3.0 | 5.3 | ||||||||||||
Las Vegas, NV | 19.6 | 4.2 | ||||||||||||
Other | 4.8 | 6.4 | ||||||||||||
Land Holdings | 47.0 | $48.4 | ||||||||||||
Total Development Pipeline and Land | $166.7 | |||||||||||||
(a) | Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community. |
(b) | Represents our best estimate of total costs we expect to incur on these projects. However, forward-looking statements are not guarantees of future performances, results, or events. Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop as forecasted, and the best estimates routinely require adjustment. |
(c) | Formerly known as Camden Centro. |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
18
CAMDEN | ACQUISITIONS & DISPOSITIONS | ||||||||||||
(Unaudited) | |||||||||||||
2013 ACQUISITION/DISPOSITION ACTIVITY ($ in millions) | |||||||||||||
Acquisitions | Location | Apartment Homes | Year Built | Closing Date | |||||||||
1. | Camden Post Oak | Houston, TX | 356 | 2003 | 04/10/13 | ||||||||
Total/Average Acquisitions | $108.5 | 356 Apartment Homes | 2003 | ||||||||||
Dispositions | Location | Apartment Homes | Year Built | Closing Date | |||||||||
1. | Camden Live Oaks | Tampa, FL | 770 | 1990 | 01/17/13 | ||||||||
2. | Camden Reserve | Orlando, FL | 526 | 1990/1991 | 04/10/13 | ||||||||
�� | |||||||||||||
Total/Average Dispositions | $103.9 | 1,296 Apartment Homes | 1990 | ||||||||||
Land Dispositions | Location | Acres | Year Built | Closing Date | |||||||||
1. | Paces Tract | Atlanta, GA | 2.0 | N/A | 01/15/13 | ||||||||
2. | Andrau Tract | Houston, TX | 1.7 | N/A | 02/15/13 | ||||||||
Total/Average Land Dispositions | $6.6 | 3.7 Acres | N/A | ||||||||||
Joint Venture Dispositions | Location | Apartment Homes | Year Built | Closing Date | |||||||||
1. | Oasis Bay | Las Vegas, NV | 128 | 1990 | 05/23/13 | ||||||||
2. | Oasis Crossings | Las Vegas, NV | 72 | 1996 | 05/23/13 | ||||||||
3. | Oasis Emerald | Las Vegas, NV | 132 | 1988 | 05/23/13 | ||||||||
4. | Oasis Gateway | Las Vegas, NV | 360 | 1997 | 05/23/13 | ||||||||
5. | Oasis Island | Las Vegas, NV | 118 | 1990 | 05/23/13 | ||||||||
6. | Oasis Landing | Las Vegas, NV | 144 | 1990 | 05/23/13 | ||||||||
7. | Oasis Meadows | Las Vegas, NV | 383 | 1996 | 05/23/13 | ||||||||
8. | Oasis Palms | Las Vegas, NV | 208 | 1989 | 05/23/13 | ||||||||
9. | Oasis Pearl | Las Vegas, NV | 90 | 1989 | 05/23/13 | ||||||||
10. | Oasis Place | Las Vegas, NV | 240 | 1992 | 05/23/13 | ||||||||
11. | Oasis Ridge | Las Vegas, NV | 477 | 1984 | 05/23/13 | ||||||||
12. | Oasis Sierra | Las Vegas, NV | 208 | 1998 | 05/23/13 | ||||||||
13. | Oasis Springs | Las Vegas, NV | 304 | 1988 | 05/23/13 | ||||||||
14. | Oasis Vinings | Las Vegas, NV | 234 | 1994 | 05/23/13 | ||||||||
Total/Average Joint Venture Dispositions | $200.2 | 3,098 Apartment Homes | 1992 | ||||||||||
Pro Rata Joint Venture Dispositions | $40.0 |
19
CAMDEN | DEBT ANALYSIS | |||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
DEBT MATURITIES AS OF JUNE 30, 2013: | ||||||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||||||
Secured | Unsecured | Interest Rate on | ||||||||||||||||||||||
Year (a) | Amortization | Maturities | Maturities | Total | % of Total | Maturing Debt | ||||||||||||||||||
2013 | $1,595 | $- | $200,000 | $201,595 | 8.0 | % | 5.4 | % | ||||||||||||||||
2014 | 3,143 | 32,247 | - | 35,390 | 1.4 | % | 3.2 | % | ||||||||||||||||
2015 | 2,019 | - | 250,000 | 252,019 | 10.0 | % | 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 | 69.0 | % | 4.2 | % | ||||||||||||||||
Total Maturing Debt | $84,719 | $851,354 | $1,546,750 | $2,482,823 | 98.4 | % | 4.5 | % | ||||||||||||||||
Unsecured Line of Credit | - | - | 40,000 | 40,000 | 1.6 | % | 1.0 | % | ||||||||||||||||
Other Short Term Borrowings | - | - | 1,000 | 1,000 | 0.0 | % | 1.0 | % | ||||||||||||||||
Total Debt | $84,719 | $851,354 | $1,587,750 | $2,523,823 | 100.0 | % | 4.5 | % | ||||||||||||||||
Weighted Average Maturity of Debt | 6.5 Years | �� | ||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Floating rate debt | $253,013 | 10.0 | % | 1.0 | % | 6.4 Years | ||||||||||||||||||
Fixed rate debt | 2,270,810 | 90.0 | % | 4.8 | % | 6.5 Years | ||||||||||||||||||
Total | $2,523,823 | 100.0 | % | 4.5 | % | 6.5 Years | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Unsecured debt | $1,579,733 | 62.6 | % | 4.6 | % | 5.9 Years | ||||||||||||||||||
Secured debt | 944,090 | 37.4 | % | 4.2 | % | 7.4 Years | ||||||||||||||||||
Total | $2,523,823 | 100.0 | % | 4.5 | % | 6.5 Years | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Conventional fixed-rate mortgage debt | $732,076 | 77.5 | % | 5.1 | % | 7.6 Years | ||||||||||||||||||
Conventional variable-rate mortgage debt | 175,000 | 18.6 | % | 1.0 | % | 5.3 Years | ||||||||||||||||||
Tax exempt variable rate debt | 37,013 | 3.9 | % | 1.3 | % | 15.0 Years | ||||||||||||||||||
Total | $944,089 | 100.0 | % | 4.2 | % | 7.4 Years | ||||||||||||||||||
REAL ESTATE ASSETS: (b) | Total Homes | % of Total | Total Cost | % of Total | 2Q13 NOI | % of Total | ||||||||||||||||||
Unencumbered real estate assets | 43,815 | 77.1 | % | $5,357,245 | 77.5 | % | $94,998 | 74.7 | % | |||||||||||||||
Encumbered real estate assets | 12,988 | 22.9 | % | 1,553,801 | 22.5 | % | 32,144 | 25.3 | % | |||||||||||||||
Total | 56,803 | 100.0 | % | $6,911,046 | 100.0 | % | $127,142 | 100.0 | % |
Ratio of unencumbered assets at cost to unsecured debt is | 3.4 times | ||||||
(a) Includes all available extension options.
(b) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.
20
CAMDEN | DEBT MATURITY ANALYSIS | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2013 AND 2014: | ||||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||||
Secured | Unsecured | Interest Rate on | ||||||||||||||||||||
Quarter (a) | Amortization | Maturities | Maturities | Total | Maturing Debt | |||||||||||||||||
3Q 2013 | $787 | $- | $- | $787 | N/A | |||||||||||||||||
4Q 2013 | 808 | - | 200,000 | 200,808 | 5.4 | % | ||||||||||||||||
2013 | $1,595 | $- | $200,000 | $201,595 | 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) Includes all available extension options. | ||||||||||||||||||||||
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% | 360% | Yes | ||||
Unencumbered Adjusted NOI to Total Unsecured Debt | > | 10.5% | 22% | Yes | ||||
SENIOR UNSECURED NOTES | ||||||||
Covenant (a) | Required | Actual (b) | Compliance | |||||
Total Consolidated Debt to Total Asset Value | < | 60% | 36% | Yes | ||||
Total Secured Debt to Total Asset Value | < | �� | 40% | 14% | Yes | |||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 345% | Yes | ||||
Consolidated Income Available for Debt Service to Total | > | 150% | 396% | Yes | ||||
Annual Service Charges | ||||||||
(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission. |
(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes. |
22
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |||||||||||||||||||
DEBT ANALYSIS | ||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF JUNE 30, 2013: |
Future Scheduled Repayments | Weighted Average | ||||||||||||||||||||
Secured | Interest Rate on | ||||||||||||||||||||
Year (a) | Amortization | Maturities | Total | % of Total | Maturing Debt | ||||||||||||||||
2013 | $702 | $- | $702 | 0.6 | % | N/A | |||||||||||||||
2014 | 1,873 | - | 1,873 | 1.7 | % | N/A | |||||||||||||||
2015 | 2,057 | 3,462 | 5,519 | 4.9 | % | 3.4 | % | ||||||||||||||
2016 | 1,933 | 37,041 | 38,974 | 35.1 | % | 3.3 | % | ||||||||||||||
2017 | 1,221 | 23,431 | 24,652 | 22.2 | % | 3.4 | % | ||||||||||||||
Thereafter | 746 | 37,332 | 38,078 | 34.3 | % | 4.4 | % | ||||||||||||||
Total Maturing Debt | $8,532 | $101,266 | $109,798 | 98.8 | % | 3.7 | % | ||||||||||||||
Subscription lines of credit (b) | - | 1,283 | 1,283 | 1.2 | % | 1.6 | % | ||||||||||||||
Total Debt | $8,532 | $102,549 | $111,081 | 100.0 | % | 3.7 | % | ||||||||||||||
Weighted Average Maturity of Debt | 4.0 Years | ||||||||||||||||||||
Weighted Average | |||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | |||||||||||||||||
Floating rate debt | $18,751 | 16.9 | % | 2.3 | % | 3.2 Years | |||||||||||||||
Fixed rate debt | 92,330 | 83.1 | % | 4.0 | % | 4.2 Years | |||||||||||||||
Total | $111,081 | 100.0 | % | 3.7 | % | 4.0 Years | |||||||||||||||
Weighted Average | |||||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | |||||||||||||||||
Conventional fixed-rate mortgage debt | $92,330 | 83.2 | % | 4.0 | % | 4.2 Years | |||||||||||||||
Conventional variable-rate mortgage debt | 4,256 | 3.8 | % | 2.1 | % | 2.8 Years | |||||||||||||||
Variable-rate construction loans | 13,212 | 11.9 | % | 2.4 | % | 3.5 Years | |||||||||||||||
Subscription lines of credit | 1,283 | 1.1 | % | 1.6 | % | 1.5 Years | |||||||||||||||
Total | $111,081 | 100.0 | % | 3.7 | % | 4.0 Years | |||||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | |||||||||||||||||||
Operating real estate assets | 7,594 | $815,999 | |||||||||||||||||||
Properties under development and land | 842 | 42,778 | |||||||||||||||||||
Total | 8,436 | $858,777 | |||||||||||||||||||
(a) Includes all available extension options. |
(b) As of June 30, 2013 these borrowings were drawn under the subscription lines of credit with $9.9 million in total capacity. Camden has a 20% ownership interest in the borrowing entity. |
(c) Balance sheet and property data reported at 100%. |
23
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | ||||||||||||||||||
DEBT MATURITY ANALYSIS | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2013 and 2014: | |||||||||||||||||||
Weighted Average | |||||||||||||||||||
Future Scheduled Repayments | Interest Rate on | ||||||||||||||||||
Quarter (a) | Amortization | Secured Maturities | Total | Maturing Debt | |||||||||||||||
3Q 2013 | $347 | $- | $347 | N/A | |||||||||||||||
4Q 2013 | 355 | - | 355 | N/A | |||||||||||||||
2013 | $702 | $- | $702 | N/A | |||||||||||||||
1Q 2014 | $436 | $- | $436 | N/A | |||||||||||||||
2Q 2014 | 472 | - | 472 | N/A | |||||||||||||||
3Q 2014 | 477 | - | 477 | N/A | |||||||||||||||
4Q 2014 (b) | 488 | 1,283 | 1,771 | 1.6 | % | ||||||||||||||
2014 | $1,873 | $1,283 | $3,156 | 1.6 | % | ||||||||||||||
(a) Includes all available extension options. |
(b) 4Q 2014 maturities includes subscription lines of credit with $1.3M (Camden's pro-rata share) outstanding as of June 30, 2013. The lines of credit have $9.9 million in total capacity. |
24
CAMDEN | CAPITALIZED EXPENDITURES | ||||||||||||||
& MAINTENANCE EXPENSE | |||||||||||||||
(In thousands, except unit data) | |||||||||||||||
(Unaudited) |
Second Quarter 2013 (a) | |||||||||||||||||||||
Capitalized | Expensed | ||||||||||||||||||||
Weighted Average | |||||||||||||||||||||
Item | Useful Life (b) | Total | Per Unit | Total | Per Unit | ||||||||||||||||
Interiors | |||||||||||||||||||||
Floor coverings | 5.4 years | $2,763 | $51 | $607 | $11 | ||||||||||||||||
Appliances | 9.6 years | 1,240 | 23 | 207 | 4 | ||||||||||||||||
Painting | - | - | - | 1,494 | 28 | ||||||||||||||||
Cabinetry/Countertops | 10.0 years | 436 | 8 | - | - | ||||||||||||||||
Other | 9.1 years | 1,395 | 26 | 519 | 10 | ||||||||||||||||
Exteriors | |||||||||||||||||||||
Painting | 5.0 years | 2,327 | 43 | - | - | ||||||||||||||||
Carpentry | 10.0 years | 812 | 15 | - | - | ||||||||||||||||
Landscaping | 5.8 years | 559 | 10 | 2,996 | 55 | ||||||||||||||||
Roofing | 20.0 years | 1,165 | 21 | 80 | 1 | ||||||||||||||||
Site Drainage | 10.0 years | 62 | 1 | - | - | ||||||||||||||||
Fencing/Stair | 10.0 years | 381 | 7 | - | - | ||||||||||||||||
Other (c) | 8.3 years | 2,330 | 43 | 2,859 | 53 | ||||||||||||||||
Common Areas | |||||||||||||||||||||
Mech., Elec., Plumbing | 9.4 years | 1,608 | 30 | 1,258 | 23 | ||||||||||||||||
Parking/Paving | 5.0 years | 367 | 7 | - | - | ||||||||||||||||
Pool/Exercise/Facility | 8.0 years | 2,876 | 53 | 416 | 8 | ||||||||||||||||
Total | $18,321 | $338 | $10,436 | $193 | |||||||||||||||||
Weighted Average Apartment Homes | 54,186 | 54,186 | |||||||||||||||||||
Revenue Enhancing Expenditures (d) | 10.0 years | $21,908 | $10,285 | ||||||||||||||||||
Revenue Enhanced Apartment Homes | 2,130 | ||||||||||||||||||||
Year to Date 2013 (a) | |||||||||||||||||||||
Capitalized | Expensed | ||||||||||||||||||||
Weighted Average | |||||||||||||||||||||
Item | Useful Life (b) | Total | Per Unit | Total | Per Unit | ||||||||||||||||
Interiors | |||||||||||||||||||||
Floor coverings | 5.4 years | $5,071 | $94 | $1,179 | $22 | ||||||||||||||||
Appliances | 9.6 years | 2,427 | 45 | 397 | 7 | ||||||||||||||||
Painting | - | - | - | 2,782 | 51 | ||||||||||||||||
Cabinetry/Countertops | 10.0 years | 804 | 15 | - | - | ||||||||||||||||
Other | 9.1 years | 2,624 | 48 | 948 | 18 | ||||||||||||||||
Exteriors | |||||||||||||||||||||
Painting | 5.0 years | 2,668 | 49 | - | - | ||||||||||||||||
Carpentry | 10.0 years | 1,458 | 27 | - | - | ||||||||||||||||
Landscaping | 5.8 years | 786 | 15 | 6,080 | 112 | ||||||||||||||||
Roofing | 20.0 years | 1,451 | 27 | 126 | 2 | ||||||||||||||||
Site Drainage | 10.0 years | 107 | 2 | - | - | ||||||||||||||||
Fencing/Stair | 10.0 years | 506 | 9 | - | - | ||||||||||||||||
Other (c) | 8.3 years | 3,796 | 70 | 5,608 | 103 | ||||||||||||||||
Common Areas | |||||||||||||||||||||
Mech., Elec., Plumbing | 9.4 years | 2,461 | 45 | 2,351 | 43 | ||||||||||||||||
Parking/Paving | 5.0 years | 396 | 7 | - | - | ||||||||||||||||
Pool/Exercise/Facility | 8.0 years | 4,577 | 84 | 727 | 14 | ||||||||||||||||
Total | $29,132 | $537 | $20,198 | $372 | |||||||||||||||||
Weighted Average Apartment Homes | 54,249 | 54,249 | |||||||||||||||||||
Revenue Enhancing Expenditures (d) | 10.0 years | $35,221 | $9,882 | ||||||||||||||||||
Revenue Enhanced Apartment Homes | 3,564 | ||||||||||||||||||||
(a) | Includes discontinued operations. Capitalized expenditures for discontinued operations was $15 for the three months ended June 30, 2013 and $125 for the 6 months ended June 30, 2013. Total maintenance expenses for discontinued operations was $16 and $157 for the same periods, respectively. |
(b) | Weighted average useful life of capitalized expenses for the three and six months ended June 30, 2013. |
(c) | Includes in part the following items: site/building repair, masonry/plaster, and general conditions. |
(d) | Represents capital expenditures for the three and six months ended June 30, 2013 spent on apartment unit renovatons (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets. |
25
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||||
DEFINITIONS & RECONCILIATIONS | ||||||||||
(In thousands, except per share amounts) | ||||||||||
(Unaudited) | ||||||||||
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's
definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP
financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating
activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance
with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization,
and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,
including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance
because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a
company's real estate between periods or as compared to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income attributable to common shareholders | $72,172 | $21,763 | $135,648 | $110,521 | ||||||||||||
Real estate depreciation from continuing operations | 53,094 | 49,974 | 105,252 | 96,771 | ||||||||||||
Real estate depreciation and amortization from discontinued operations | - | 2,223 | 215 | 4,621 | ||||||||||||
Adjustments for unconsolidated joint ventures | 1,313 | 2,038 | 2,921 | 4,313 | ||||||||||||
Income allocated to noncontrolling interests | 2,765 | 709 | 3,722 | 1,802 | ||||||||||||
(Gain) on sale of unconsolidated joint venture properties | (13,032 | ) | - | (13,032 | ) | - | ||||||||||
(Gain) on acquisition of controlling interest in joint ventures | - | - | - | (40,191 | ) | |||||||||||
(Gain) on sale of discontinued operations, net of tax | (24,866 | ) | - | (56,649 | ) | (32,541 | ) | |||||||||
Funds from operations - diluted | $91,446 | $76,707 | $178,077 | $145,296 | ||||||||||||
Weighted average number of common and | ||||||||||||||||
common equivalent shares outstanding: | ||||||||||||||||
EPS diluted | 88,472 | 83,846 | 88,283 | 83,333 | ||||||||||||
FFO diluted | 89,558 | 86,067 | 89,369 | 84,461 | ||||||||||||
Net income attributable to common shareholders - diluted | $0.81 | $0.26 | $1.53 | $1.33 | ||||||||||||
FFO per common share - diluted | $1.02 | $0.89 | $1.99 | $1.72 | ||||||||||||
Expected FFO
Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating
performance when compared to expected net income attributable to common shareholders (EPS). A reconciliation of the ranges provided for expected
net income attributable to common shareholders per diluted share to expected FFO per diluted share is provided below:
3Q13 Range | 2013 Range | |||||||||||||||
Low | High | Low | High | |||||||||||||
Expected net income attributable to common shareholders per share - diluted | $0.38 | $0.42 | $2.31 | $2.39 | ||||||||||||
Expected real estate depreciation | 0.58 | 0.58 | 2.34 | 2.34 | ||||||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.06 | 0.06 | ||||||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.07 | 0.07 | ||||||||||||
(Gain) on sale of unconsolidated joint venture property | 0.00 | 0.00 | (0.15 | ) | (0.15 | ) | ||||||||||
Realized (gain) on sale of discontinued operations | 0.00 | 0.00 | (0.63 | ) | (0.63 | ) | ||||||||||
Expected FFO per share - diluted | $0.99 | $1.03 | $4.00 | $4.08 |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
26
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||||
DEFINITIONS & RECONCILIATIONS | ||||||||||
(In thousands, except per share amounts) | ||||||||||
(Unaudited) | ||||||||||
Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers
NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the
operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs.
A reconciliation of net income attributable to common shareholders to net operating income is provided below:
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income attributable to common shareholders | $72,172 | $21,763 | $135,648 | $110,521 | ||||||||||||
Less: Fee and asset management income | (2,827 | ) | (3,608 | ) | (5,721 | ) | (6,531 | ) | ||||||||
Less: Interest and other (income) loss | (1,038 | ) | 65 | (1,090 | ) | 753 | ||||||||||
Less: Income (loss) on deferred compensation plans | 102 | 2,185 | (2,897 | ) | (5,601 | ) | ||||||||||
Plus: Property management expense | 5,242 | 4,851 | 11,225 | 10,135 | ||||||||||||
Plus: Fee and asset management expense | 1,486 | 1,444 | 2,963 | 3,187 | ||||||||||||
Plus: General and administrative expense | 11,590 | 9,730 | 21,384 | 18,409 | ||||||||||||
Plus: Interest expense | 24,797 | 26,247 | 49,692 | 52,930 | ||||||||||||
Plus: Depreciation and amortization | 54,315 | 51,087 | 107,570 | 98,993 | ||||||||||||
Plus: Amortization of deferred financing costs | 898 | 900 | 1,814 | 1,812 | ||||||||||||
Plus: Expense (benefit) on deferred compensation plans | (102 | ) | (2,185 | ) | 2,897 | 5,601 | ||||||||||
Less: Gain on sale of land | - | - | (698 | ) | - | |||||||||||
Less: Gain on acquisition of controlling interests in joint ventures | - | - | - | (40,191 | ) | |||||||||||
Less: Equity in income of joint ventures | (17,798 | ) | (632 | ) | (18,732 | ) | (998 | ) | ||||||||
Plus: Income tax expense - current | 468 | 434 | 867 | 658 | ||||||||||||
Less: Income from discontinued operations | (62 | ) | (2,745 | ) | (810 | ) | (5,735 | ) | ||||||||
Less: Gain on sale of discontinued operations, net of tax | (24,866 | ) | - | (56,649 | ) | (32,541 | ) | |||||||||
Plus: Income allocated to non-controlling interests from continuing operations | 1,053 | 1,019 | 1,970 | 1,783 | ||||||||||||
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations | 1,712 | 65 | 1,752 | 796 | ||||||||||||
Plus: Income allocated to perpetual preferred units | - | - | - | 776 | ||||||||||||
Plus: Write off of original issuance costs of redeemed perpetual preferred units | - | - | - | 2,075 | ||||||||||||
Net Operating Income (NOI) | $127,142 | $110,620 | $251,185 | $216,832 | ||||||||||||
"Same Property" Communities | $102,471 | $96,313 | $202,834 | $190,335 | ||||||||||||
Non-"Same Property" Communities | 23,552 | 13,326 | 46,502 | 24,780 | ||||||||||||
Development and Lease-Up Communities | 313 | - | 409 | - | ||||||||||||
Other | 806 | 981 | 1,440 | 1,717 | ||||||||||||
Net Operating Income (NOI) | $127,142 | $110,620 | $251,185 | $216,832 |
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 non-controlling interests.
The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common
shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions.
A reconciliation of net income attributable to common shareholders to EBITDA is provided below:
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income attributable to common shareholders | $72,172 | $21,763 | $135,648 | $110,521 | ||||||||||||
Plus: Interest expense | 24,797 | 26,247 | 49,692 | 52,930 | ||||||||||||
Plus: Amortization of deferred financing costs | 898 | 900 | 1,814 | 1,812 | ||||||||||||
Plus: Depreciation and amortization | 54,315 | 51,087 | 107,570 | 98,993 | ||||||||||||
Plus: Income allocated to perpetual preferred units | - | - | - | 776 | ||||||||||||
Plus: Write off of original issuance costs of redeemed perpetual preferred units | - | - | - | 2,075 | ||||||||||||
Plus: Income allocated to non-controlling interests from continuing operations | 1,053 | 1,019 | 1,970 | 1,783 | ||||||||||||
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations | 1,712 | 65 | 1,752 | 796 | ||||||||||||
Plus: Income tax expense - current | 468 | 434 | 867 | 658 | ||||||||||||
Plus: Real estate depreciation and amortization from discontinued operations | - | 2,223 | 215 | 4,621 | ||||||||||||
Less: Gain on acquisition of controlling interests in joint ventures | - | - | - | (40,191 | ) | |||||||||||
Less: Gain on sale of land | - | - | (698 | ) | - | |||||||||||
Less: Equity in income of joint ventures | (17,798 | ) | (632 | ) | (18,732 | ) | (998 | ) | ||||||||
Less: Gain on sale of discontinued operations, net of tax | (24,866 | ) | - | (56,649 | ) | (32,541 | ) | |||||||||
EBITDA | $112,751 | $103,106 | $223,449 | $201,235 |
27
CAMDEN | OTHER DATA | ||||||
(Unaudited) | |||||||
Stock Symbol: | CPT | ||||||
Exchange Traded: | NYSE | ||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | |||||
Moody's | Baa1 | Stable | |||||
Standard & Poor's | BBB+ | Stable | |||||
Fitch | BBB+ | Stable | |||||
Estimated Future Dates: | Q3 '13 | Q4 '13 | Q1 '14 | Q2 '14 | |||
Earnings release & conference call | Late Oct | Early Feb | Early May | Late July | |||
Dividend Information - Common Shares: | Q1 '13 | Q2 '13 | |||||
Declaration Date | 01/31/13 | 06/14/13 | |||||
Record Date | 03/28/13 | 06/28/13 | |||||
Payment Date | 04/17/13 | 07/17/13 | |||||
Distributions Per Share | $0.63 | $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 | ||
Alexander J. Jessett | Chief Financial Officer | ||
Kimberly A. Callahan | Senior Vice President - Investor Relations |
28
CAMDEN | COMMUNITY TABLE | ||||||||||||||||||||||||||||
Community Statistics as of 6/30/13 | |||||||||||||||||||||||||||||
(Unaudited) | 2Q13 Avg | ||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 2Q13 Avg | Monthly Rental Rates | |||||||||||||||||||||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | |||||||||||||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 92 | % | $951 | $1.21 | ||||||||||||||||||||
Camden Fountain Palms | Peoria | AZ | 1986/1996 | 1,050 | 192 | 93 | % | 698 | 0.66 | ||||||||||||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 93 | % | 1,010 | 0.95 | ||||||||||||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 91 | % | 1,192 | 1.11 | ||||||||||||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 924 | 272 | 93 | % | 888 | 0.96 | ||||||||||||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 91 | % | 1,007 | 1.02 | ||||||||||||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 94 | % | 1,018 | 0.98 | ||||||||||||||||||||
Camden Sierra | Peoria | AZ | 1997 | 925 | 288 | 91 | % | 699 | 0.76 | ||||||||||||||||||||
Camden Towne Center | Glendale | AZ | 1998 | 871 | 240 | 93 | % | 689 | 0.79 | ||||||||||||||||||||
TOTAL ARIZONA | 9 | Properties | 970 | 2,645 | 92 | % | 922 | 0.95 | |||||||||||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 96 | % | 1,645 | 1.63 | ||||||||||||||||||||
Camden Harbor View | Long Beach | CA | 2004 | 975 | 538 | 95 | % | 2,037 | 2.09 | ||||||||||||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96 | % | 1,867 | 1.85 | ||||||||||||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 794 | 714 | 95 | % | 1,396 | 1.76 | ||||||||||||||||||||
Camden Parkside | Fullerton | CA | 1972 | 836 | 421 | 94 | % | 1,286 | 1.54 | ||||||||||||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 97 | % | 1,554 | 1.74 | ||||||||||||||||||||
Total Los Angeles/Orange County | 6 | Properties | 904 | 2,481 | 96 | % | 1,618 | 1.79 | |||||||||||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 93 | % | 1,330 | 1.35 | ||||||||||||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 96 | % | 1,655 | 1.60 | ||||||||||||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 95 | % | 1,519 | 1.58 | ||||||||||||||||||||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 95 | % | 2,088 | 2.33 | ||||||||||||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 94 | % | 1,246 | 1.18 | ||||||||||||||||||||
Total San Diego/Inland Empire | 5 | Properties | 991 | 1,665 | 94 | % | 1,506 | 1.52 | |||||||||||||||||||||
TOTAL CALIFORNIA | 11 | Properties | 939 | 4,146 | 94 | % | 1,573 | 1.67 | |||||||||||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 92 | % | 1,221 | 1.38 | ||||||||||||||||||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 95 | % | 1,059 | 1.15 | ||||||||||||||||||||
Camden Centennial | Littleton | CO | 1985 | 744 | 276 | 96 | % | 806 | 1.08 | ||||||||||||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 93 | % | 1,228 | 1.21 | ||||||||||||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 95 | % | 1,320 | 1.15 | ||||||||||||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,022 | 340 | 95 | % | 1,276 | 1.26 | ||||||||||||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 96 | % | 1,066 | 1.14 | ||||||||||||||||||||
Camden Pinnacle | Westminster | CO | 1985 | 748 | 224 | 96 | % | 842 | 1.13 | ||||||||||||||||||||
TOTAL COLORADO | 8 | Properties | 942 | 2,441 | 95 | % | 1,119 | 1.19 | |||||||||||||||||||||
Camden Ashburn Farms | Ashburn | VA | 2000 | 1,062 | 162 | 96 | % | 1,502 | 1.42 | ||||||||||||||||||||
Camden Clearbrook | Frederick | MD | 2007 | 1,048 | 297 | 95 | % | 1,367 | 1.30 | ||||||||||||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 95 | % | 1,602 | 1.70 | ||||||||||||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 978 | 382 | 96 | % | 1,611 | 1.65 | ||||||||||||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 95 | % | 1,686 | 1.60 | ||||||||||||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 488 | 96 | % | 1,707 | 1.83 | ||||||||||||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 96 | % | 1,688 | 1.69 | ||||||||||||||||||||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 95 | % | 2,446 | 3.64 | ||||||||||||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 96 | % | 1,444 | 1.44 | ||||||||||||||||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 94 | % | 1,612 | 1.57 | ||||||||||||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 96 | % | 1,538 | 1.80 | ||||||||||||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 835 | 378 | 96 | % | 2,041 | 2.45 | ||||||||||||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 94 | % | 2,551 | 2.98 | ||||||||||||||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 95 | % | 1,401 | 1.41 | ||||||||||||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 97 | % | 1,454 | 1.49 | ||||||||||||||||||||
Camden Summerfield | Landover | MD | 2008 | 957 | 291 | 94 | % | 1,593 | 1.67 | ||||||||||||||||||||
Camden Summerfield II | Landover | MD | 2012 | 936 | 187 | 95 | % | 1,577 | 1.69 | ||||||||||||||||||||
TOTAL DC METRO | 17 | Properties | 962 | 5,807 | 96 | % | 1,639 | 1.70 | |||||||||||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 95 | % | 1,629 | 1.47 | ||||||||||||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 96 | % | 1,766 | 1.88 | ||||||||||||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 95 | % | 1,599 | 1.43 | ||||||||||||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 94 | % | 1,714 | 1.37 | ||||||||||||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 93 | % | 1,865 | 1.79 | ||||||||||||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 96 | % | 1,370 | 1.14 | ||||||||||||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 97 | % | 1,412 | 1.27 | ||||||||||||||||||||
Total Southeast Florida | 7 | Properties | 1,103 | 2,520 | 95 | % | 1,616 | 1.46 | |||||||||||||||||||||
Camden Club | Longwood | FL | 1986 | 1,077 | 436 | 96 | % | 900 | 0.84 | ||||||||||||||||||||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 96 | % | 1,050 | 0.98 | ||||||||||||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 96 | % | 928 | 0.97 | ||||||||||||||||||||
Camden LaVina | Orlando | FL | 2012 | 970 | 420 | 95 | % | 1,090 | 1.13 | ||||||||||||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 96 | % | 894 | 0.95 | ||||||||||||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 96 | % | 1,148 | 1.41 | ||||||||||||||||||||
Camden Renaissance | Altamonte Springs | FL | 1996/1998 | 899 | 578 | 96 | % | 829 | 0.92 | ||||||||||||||||||||
Camden Town Square | Orlando | FL | 2012 | 986 | 438 | 97 | % | 1,108 | 1.13 | ||||||||||||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 95 | % | 1,002 | 1.02 | ||||||||||||||||||||
Total Orlando | 9 | Properties | 965 | 3,676 | 96 | % | 978 | 1.01 |
29
CAMDEN | COMMUNITY TABLE | ||||||||||||||||||||||||||||
Community Statistics as of 6/30/13 | |||||||||||||||||||||||||||||
(Unaudited) | 2Q13 Avg | ||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 2Q13 Avg | Monthly Rental Rates | |||||||||||||||||||||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | |||||||||||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 95 | % | $899 | $0.95 | ||||||||||||||||||||
Camden Bay Pointe | Tampa | FL | 1984 | 771 | 368 | 95 | % | 727 | 0.94 | ||||||||||||||||||||
Camden Bayside | Tampa | FL | 1987/1989 | 748 | 832 | 96 | % | 799 | 1.07 | ||||||||||||||||||||
Camden Citrus Park | Tampa | FL | 1985 | 704 | 247 | 95 | % | 708 | 1.01 | ||||||||||||||||||||
Camden Lakes | St. Petersburg | FL | 1982/1983 | 732 | 688 | 96 | % | 743 | 1.02 | ||||||||||||||||||||
Camden Lakeside | Brandon | FL | 1986 | 729 | 228 | 95 | % | 771 | 1.06 | ||||||||||||||||||||
Camden Montague | Tampa | FL | 2012 | 975 | 192 | 96 | % | 1,139 | 1.17 | ||||||||||||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 95 | % | 1,129 | 1.20 | ||||||||||||||||||||
Camden Providence Lakes | Brandon | FL | 1996 | 1,024 | 260 | 96 | % | 914 | 0.89 | ||||||||||||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 95 | % | 965 | 0.95 | ||||||||||||||||||||
Camden Visconti (1) | Tampa | FL | 2007 | 1,125 | 450 | 95 | % | 1,149 | 1.02 | ||||||||||||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 993 | 348 | 95 | % | 1,215 | 1.22 | ||||||||||||||||||||
Camden Westshore | Tampa | FL | 1986 | 728 | 278 | 96 | % | 886 | 1.22 | ||||||||||||||||||||
Camden Woods | Tampa | FL | 1986 | 1,223 | 444 | 96 | % | 879 | 0.72 | ||||||||||||||||||||
Total Tampa/St. Petersburg | 14 | Properties | 897 | 5,723 | 96 | % | 902 | 1.02 | |||||||||||||||||||||
TOTAL FLORIDA | 30 | Properties | 962 | 11,919 | 96 | % | 1,076 | 1.12 | |||||||||||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 95 | % | 1,050 | 1.15 | ||||||||||||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 96 | % | 993 | 1.00 | ||||||||||||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 96 | % | 1,055 | 0.89 | ||||||||||||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 94 | % | 979 | 0.97 | ||||||||||||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 95 | % | 1,085 | 1.16 | ||||||||||||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 98 | % | 968 | 0.94 | ||||||||||||||||||||
Camden Phipps (1) | Atlanta | GA | 1996 | 1,018 | 234 | 97 | % | 1,271 | 1.25 | ||||||||||||||||||||
Camden River | Duluth | GA | 1997 | 1,103 | 352 | 95 | % | 928 | 0.84 | ||||||||||||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 94 | % | 911 | 0.80 | ||||||||||||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 94 | % | 1,007 | 1.01 | ||||||||||||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 95 | % | 767 | 0.76 | ||||||||||||||||||||
TOTAL GEORGIA | 11 | Properties | 1,027 | 3,351 | 95 | % | 996 | 0.97 | |||||||||||||||||||||
Camden Bel Air | Las Vegas | NV | 1988/1995 | 943 | 528 | 95 | % | 716 | 0.76 | ||||||||||||||||||||
Camden Breeze | Las Vegas | NV | 1989 | 846 | 320 | 95 | % | 714 | 0.84 | ||||||||||||||||||||
Camden Canyon | Las Vegas | NV | 1995 | 987 | 200 | 97 | % | 864 | 0.88 | ||||||||||||||||||||
Camden Commons | Henderson | NV | 1988 | 936 | 376 | 94 | % | 744 | 0.80 | ||||||||||||||||||||
Camden Cove | Las Vegas | NV | 1990 | 898 | 124 | 95 | % | 714 | 0.80 | ||||||||||||||||||||
Camden Del Mar | Las Vegas | NV | 1995 | 986 | 560 | 94 | % | 899 | 0.91 | ||||||||||||||||||||
Camden Fairways | Henderson | NV | 1989 | 896 | 320 | 95 | % | 872 | 0.97 | ||||||||||||||||||||
Camden Hills | Las Vegas | NV | 1991 | 439 | 184 | 95 | % | 490 | 1.11 | ||||||||||||||||||||
Camden Legends | Henderson | NV | 1994 | 792 | 113 | 93 | % | 823 | 1.04 | ||||||||||||||||||||
Camden Palisades | Las Vegas | NV | 1991 | 905 | 624 | 95 | % | 717 | 0.79 | ||||||||||||||||||||
Camden Pines | Las Vegas | NV | 1997 | 982 | 315 | 95 | % | 787 | 0.80 | ||||||||||||||||||||
Camden Pointe | Las Vegas | NV | 1996 | 983 | 252 | 95 | % | 729 | 0.74 | ||||||||||||||||||||
Camden Summit | Henderson | NV | 1995 | 1,187 | 234 | 95 | % | 1,093 | 0.92 | ||||||||||||||||||||
Camden Tiara | Las Vegas | NV | 1996 | 1,043 | 400 | 94 | % | 853 | 0.82 | ||||||||||||||||||||
Camden Vintage | Las Vegas | NV | 1994 | 978 | 368 | 94 | % | 693 | 0.71 | ||||||||||||||||||||
TOTAL NEVADA | 15 | Properties | 938 | 4,918 | 94 | % | 782 | 0.83 | |||||||||||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,045 | 400 | 96 | % | 1,072 | 1.02 | ||||||||||||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 97 | % | 1,344 | 1.49 | ||||||||||||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 98 | % | 1,296 | 1.51 | ||||||||||||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 96 | % | 990 | 0.96 | ||||||||||||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 97 | % | 880 | 0.94 | ||||||||||||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,057 | 266 | 98 | % | 1,464 | 1.38 | ||||||||||||||||||||
Camden Habersham | Charlotte | NC | 1986 | 773 | 240 | 96 | % | 733 | 0.95 | ||||||||||||||||||||
Camden Pinehurst | Charlotte | NC | 1967 | 1,147 | 407 | 95 | % | 879 | 0.77 | ||||||||||||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 97 | % | 938 | 0.96 | ||||||||||||||||||||
Camden Simsbury | Charlotte | NC | 1985 | 874 | 100 | 95 | % | 971 | 1.11 | ||||||||||||||||||||
Camden South End Square | Charlotte | NC | 2003 | 882 | 299 | 97 | % | 1,226 | 1.39 | ||||||||||||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 96 | % | 1,112 | 1.01 | ||||||||||||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 98 | % | 826 | 0.92 | ||||||||||||||||||||
Total Charlotte | 13 | Properties | 985 | 3,134 | 96 | % | 1,056 | 1.07 | |||||||||||||||||||||
Camden Asbury Village (1) | Raleigh | NC | 2009 | 1,009 | 350 | 95 | % | 1,030 | 1.02 | ||||||||||||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 96 | % | 848 | 0.84 | ||||||||||||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 97 | % | 925 | 0.88 | ||||||||||||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 94 | % | 906 | 0.85 | ||||||||||||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 97 | % | 930 | 0.96 | ||||||||||||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 95 | % | 991 | 0.93 | ||||||||||||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 93 | % | 800 | 0.82 | ||||||||||||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 94 | % | 858 | 0.84 | ||||||||||||||||||||
Total Raleigh | 8 | Properties | 1,016 | 3,054 | 95 | % | 906 | 0.89 | |||||||||||||||||||||
TOTAL NORTH CAROLINA | 21 | Properties | 1,001 | 6,188 | 96 | % | 982 | 0.98 |
30
CAMDEN | COMMUNITY TABLE | |||||||||||||||||||||||||||||
Community Statistics as of 6/30/13 | ||||||||||||||||||||||||||||||
(Unaudited) | 2Q13 Avg | |||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 2Q13 Avg | Monthly Rental Rates | ||||||||||||||||||||||||||
Community Name | City | State | in Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | ||||||||||||||||||||||
Camden Amber Oaks (1) | Austin | TX | 2009 | 862 | 348 | 96 | % | $895 | $1.04 | |||||||||||||||||||||
Camden Amber Oaks II (1) | Austin | TX | 2012 | 910 | 244 | 94 | % | 996 | 1.09 | |||||||||||||||||||||
Camden Brushy Creek (1) | Cedar Park | TX | 2008 | 882 | 272 | 95 | % | 903 | 1.02 | |||||||||||||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 96 | % | 1,053 | 1.16 | |||||||||||||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 94 | % | 1,190 | 1.25 | |||||||||||||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 94 | % | 862 | 0.95 | |||||||||||||||||||||
Camden Ridgecrest | Austin | TX | 1995 | 855 | 284 | 94 | % | 793 | 0.93 | |||||||||||||||||||||
Camden Shadow Brook (1) | Austin | TX | 2009 | 909 | 496 | 95 | % | 936 | 1.03 | |||||||||||||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 95 | % | 1,035 | 1.14 | |||||||||||||||||||||
Total Austin | 9 | Properties | 901 | 3,030 | 95 | % | 964 | 1.07 | ||||||||||||||||||||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 96 | % | 1,074 | 1.24 | |||||||||||||||||||||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 97 | % | 797 | 1.03 | |||||||||||||||||||||
Camden Miramar (2) | Corpus Christi | TX | 1994-2011 | 488 | 855 | 56 | % | 991 | 2.03 | |||||||||||||||||||||
Camden South Bay (1) | Corpus Christi | TX | 2007 | 1,055 | 270 | 98 | % | 1,185 | 1.12 | |||||||||||||||||||||
Total Corpus Christi | 4 | Properties | 693 | 1,757 | 97 | % | 996 | 1.44 | ||||||||||||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 94 | % | 899 | 0.95 | |||||||||||||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 945 | 477 | 96 | % | 1,354 | 1.43 | |||||||||||||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 95 | % | 956 | 1.04 | |||||||||||||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 95 | % | 893 | 0.98 | |||||||||||||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 96 | % | 930 | 1.21 | |||||||||||||||||||||
Camden Design District (1) | Dallas | TX | 2009 | 939 | 355 | 95 | % | 1,243 | 1.32 | |||||||||||||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 94 | % | 1,063 | 1.14 | |||||||||||||||||||||
Camden Gardens | Dallas | TX | 1983 | 652 | 256 | 98 | % | 645 | 0.99 | |||||||||||||||||||||
Camden Glen Lakes | Dallas | TX | 1979 | 877 | 424 | 95 | % | 864 | 0.99 | |||||||||||||||||||||
Camden Henderson | Dallas | TX | 2012 | 967 | 106 | 94 | % | 1,462 | 1.51 | |||||||||||||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 96 | % | 951 | 1.14 | |||||||||||||||||||||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 95 | % | 979 | 1.12 | |||||||||||||||||||||
Camden Panther Creek (1) | Frisco | TX | 2009 | 946 | 295 | 95 | % | 1,030 | 1.09 | |||||||||||||||||||||
Camden Riverwalk (1) | Grapevine | TX | 2008 | 982 | 600 | 95 | % | 1,237 | 1.26 | |||||||||||||||||||||
Camden Springs | Dallas | TX | 1987 | 713 | 304 | 97 | % | 639 | 0.90 | |||||||||||||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 97 | % | 846 | 1.14 | |||||||||||||||||||||
Total Dallas/Ft. Worth | 16 | Properties | 883 | 6,227 | 95 | % | 1,007 | 1.14 | ||||||||||||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 96 | % | 1,522 | 1.63 | |||||||||||||||||||||
Camden City Centre II (3) | Houston | TX | 2013 | 868 | 268 | Lease-up | 1,605 | 1.85 | ||||||||||||||||||||||
Camden Cypress Creek (1) | Cypress | TX | 2009 | 993 | 310 | 96 | % | 1,155 | 1.16 | |||||||||||||||||||||
Camden Downs at Cinco Ranch (1) | Katy | TX | 2004 | 1,075 | 318 | 96 | % | 1,161 | 1.08 | |||||||||||||||||||||
Camden Grand Harbor (1) | Katy | TX | 2008 | 959 | 300 | 96 | % | 1,059 | 1.10 | |||||||||||||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 94 | % | 1,286 | 1.49 | |||||||||||||||||||||
Camden Heights (1) | Houston | TX | 2004 | 927 | 352 | 97 | % | 1,411 | 1.52 | |||||||||||||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 95 | % | 1,089 | 1.17 | |||||||||||||||||||||
Camden Lakemont (1) | Richmond | TX | 2007 | 904 | 312 | 97 | % | 964 | 1.07 | |||||||||||||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 96 | % | 1,581 | 1.87 | |||||||||||||||||||||
Camden Northpointe (1) | Tomball | TX | 2008 | 940 | 384 | 96 | % | 999 | 1.06 | |||||||||||||||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 96 | % | 956 | 1.10 | |||||||||||||||||||||
Camden Park | Houston | TX | 1995 | 866 | 288 | 98 | % | 915 | 1.06 | |||||||||||||||||||||
Camden Piney Point (1) | Houston | TX | 2004 | 919 | 318 | 96 | % | 1,170 | 1.27 | |||||||||||||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 97 | % | 1,478 | 1.62 | |||||||||||||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 98 | % | 2,471 | 2.06 | |||||||||||||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 96 | % | 1,137 | 1.23 | |||||||||||||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 95 | % | 1,286 | 1.22 | |||||||||||||||||||||
Camden Spring Creek (1) | Spring | TX | 2004 | 1,080 | 304 | 98 | % | 1,072 | 0.99 | |||||||||||||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 97 | % | 944 | 1.12 | |||||||||||||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 97 | % | 957 | 1.04 | |||||||||||||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 98 | % | 1,534 | 1.87 | |||||||||||||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 98 | % | 1,329 | 1.54 | |||||||||||||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 934 | 274 | 98 | % | 1,124 | 1.20 | |||||||||||||||||||||
Camden Woodson Park (1) | Houston | TX | 2008 | 916 | 248 | 97 | % | 1,039 | 1.13 | |||||||||||||||||||||
Camden Yorktown (1) | Houston | TX | 2008 | 995 | 306 | 96 | % | 1,051 | 1.06 | |||||||||||||||||||||
Total Houston | 26 | Properties | 929 | 9,064 | 97 | % | 1,252 | 1.35 | ||||||||||||||||||||||
Camden Braun Station (1) | San Antonio | TX | 2006 | 827 | 240 | 97 | % | 854 | 1.03 | |||||||||||||||||||||
Camden Westover Hills (1) | San Antonio | TX | 2010 | 959 | 288 | 96 | % | 1,055 | 1.10 | |||||||||||||||||||||
Total San Antonio | 2 | Properties | 899 | 528 | 97 | % | 964 | 1.07 | ||||||||||||||||||||||
TOTAL TEXAS | 57 | Properties | 890 | 20,606 | 96 | % | 1,106 | 1.24 | ||||||||||||||||||||||
TOTAL PROPERTIES | 179 | Properties | 942 | 62,021 | 95 | % | $1,130 | $1.20 |
(1) | Communities owned through investment in joint venture. |
(2) | Miramar is a student housing community which is excluded from total occupancy numbers. |
(3) | Completed communities in lease-up as of June 30, 2013 are excluded from total occupancy numbers. |
31