EXHIBIT 99.2
FOURTH QUARTER 2013 |
Supplemental Operating and Financial Data |
Camden Waterford Lakes - Orlando, FL |
Currently in Lease-Up |
Camden Property Trust |
Eleven Greenway Plaza, Suite 2400 |
Houston, Texas 77046 |
Phone: 713-354-2500 Fax: 713-354-2700 |
www.camdenliving.com |
CAMDEN | TABLE OF CONTENTS | |
Page | ||
Press Release Text | 3 | |
Financial Highlights | 6 | |
Operating Results | 7 | |
Funds from Operations | 8 | |
Balance Sheets | 9 | |
Portfolio Statistics | 10 | |
Components of Property Net Operating Income | 11 | |
"Same Property" Fourth Quarter Comparisons | 12 | |
"Same Property" Sequential Quarter Comparisons | 13 | |
"Same Property" Year to Date Comparisons | 14 | |
"Same Property" Operating Expense Detail & Comparisons | 15 | |
Joint Venture Operations | 16 | |
Current Development Communities | 17 | |
Development Pipeline & Land | 18 | |
Acquisitions and Dispositions | 19 | |
Debt Analysis | 20 | |
Debt Maturity Analysis | 21 | |
Debt Covenant Analysis | 22 | |
Unconsolidated Real Estate Investments Debt Analysis | 23 | |
Unconsolidated Real Estate Investments Debt Maturity Analysis | 24 | |
Capitalized Expenditures & Maintenance Expense | 25 | |
2014 Financial Outlook | 26 | |
Non-GAAP Financial Measures - Definitions & Reconciliations | 27 | |
Other Data | 29 | |
Community Table | 30 |
In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
CAMDEN PROPERTY TRUST ANNOUNCES 2013 OPERATING RESULTS,
4.8% DIVIDEND INCREASE AND 2014 FINANCIAL OUTLOOK
Houston, TEXAS (January 30, 2014) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and twelve months ended December 31, 2013.
Funds from Operations (“FFO”)
FFO for the fourth quarter of 2013 totaled $1.08 per diluted share or $96.9 million, as compared to $0.97 per diluted share or $85.9 million for the same period in 2012. FFO for the twelve months ended December 31, 2013 totaled $4.11 per diluted share or $368.3 million, as compared to $3.62 per diluted share or $313.3 million for the same period in 2012.
FFO for the twelve months ended December 31, 2013 included: a $5.1 million or $0.06 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 $0.7 million or $0.01 per diluted share gain on sale of undeveloped land. FFO for the twelve months ended December 31, 2012 included a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units.
Net Income Attributable to Common Shareholders (“EPS”)
The Company reported EPS of $130.0 million or $1.46 per diluted share for the fourth quarter of 2013, as compared to $142.2 million or $1.60 per diluted share for the same period in 2012. EPS for the three months ended December 31, 2013 included a $91.1 million or $1.03 per diluted share gain on sale of discontinued operations and a $3.2 million or $0.04 per diluted share gain on sale of unconsolidated joint venture properties. EPS for the three months ended December 31, 2012 included: a $17.2 million or $0.20 per diluted share gain on acquisition of controlling interests in joint ventures; an $82.5 million or $0.94 per diluted share gain on sale of discontinued operations; and a $14.5 million or $0.17 per diluted share gain on sale of unconsolidated joint venture properties.
For the twelve months ended December 31, 2013, Camden reported net income attributable to common shareholders of $336.4 million or $3.78 per diluted share, as compared to $283.4 million or $3.30 per diluted share for the same period in 2012. EPS for the twelve months ended December 31, 2013 included: a $182.2 million or $2.06 per diluted share gain on sale of discontinued operations; a $16.3 million or $0.18 per diluted share gain on sale of unconsolidated joint venture properties; a $5.1 million or $0.06 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 $0.7 million or $0.01 per diluted share gain on sale of undeveloped land. EPS for the twelve months ended December 31, 2012 included: a $57.4 million or $0.67 per diluted share gain on acquisition of controlling interests in joint ventures; a $115.1 million or $1.34 per diluted share gain on sale of discontinued operations; a $17.4 million or $0.20 per diluted share gain on sale of unconsolidated joint venture properties; and a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units.
A reconciliation of net income attributable to common shareholders to FFO is included in the financial tables accompanying this press release.
3
Same-Property Results
For the 41,150 apartment homes included in consolidated same-property results, fourth quarter 2013 same-property net operating income (“NOI”) increased 6.4% compared to the fourth quarter of 2012, with revenues increasing 4.8% and expenses increasing 1.9%. On a sequential basis, fourth quarter 2013 same-property NOI increased 2.4% compared to the third quarter of 2013, with revenues increasing 0.5% and expenses declining 2.9% compared to the prior quarter. On a full-year basis, 2013 same-property NOI increased 6.2%, with revenues increasing 5.1% and expenses increasing 3.1% compared to the same period in 2012. Same-property physical occupancy levels for the combined portfolio averaged 95.8% during the fourth quarter of 2013, compared to 95.1% in the fourth quarter of 2012 and 95.4% in the third 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 to net operating income and same-property net operating income is included in the financial tables accompanying this press release.
Disposition Activity
Camden disposed of 8 wholly-owned apartment communities during the quarter for a total of $170.5 million: Camden Gardens, a 256-home community in Dallas, TX; Camden Springs, a 304-home community in Dallas, TX; Camden Fountain Palms, a 192-home community in Peoria, AZ; Camden Sierra, a 288-home community in Peoria, AZ; Camden Town Center, a 240-home community in Glendale, AZ; Camden Bay Pointe, a 368-home community in Tampa, FL; Camden Citrus Park, a 247-home community in Tampa, FL; and Camden Habersham, a 240-home community in Charlotte, NC.
The Company also disposed of two joint venture apartment communities during the quarter for a total of $68.7 million: Camden Westover Hills, a 288-home community in San Antonio, TX, and Camden Lakemont, a 312-home community in Richmond, TX. Camden’s proportionate share of the gain on sale was $3.2 million.
For full-year 2013, Camden’s dispositions totaled $329.3 million of wholly-owned communities and $268.9 million of joint venture communities.
Development Activity
Construction began during the quarter at two new wholly-owned communities: The Camden in Los Angeles, CA, a $145 million project with 287 apartment homes; and Camden Victory Park in Dallas, TX, an $82 million project with 423 apartment homes. The Company also commenced construction on Camden Miramar Phase IXB in Corpus Christi, TX, an $8 million 75-unit expansion of an existing community.
Construction continued at 10 additional wholly-owned development communities: Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes which is currently 10% leased; 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; Camden Paces in Atlanta, GA, a $110 million project with 379 apartment homes; Camden La Frontera in Round Rock, TX, a $36 million project with 300 apartment homes; Camden Foothills in Scottsdale, AZ, a $50 million project with 220 apartment homes; Camden Hayden in Tempe, AZ, a $48 million project with 234 apartment homes; and Camden Gallery in Charlotte, NC, a $58 million project with 323 apartment homes.
Lease-up continued during the quarter at Camden South Capitol in Washington, DC, an $88 million joint venture project with 276 apartment homes which is currently 64% leased. Construction continued at two other joint venture development communities: Camden Waterford Lakes in Orlando, FL, a $40 million project with 300 apartment homes which is currently 41% leased; and Camden Southline in Charlotte, NC, a $48 million project with 266 apartment homes.
Quarterly Dividend Declaration
Camden’s Board of Trust Managers declared a first quarter 2014 dividend of $0.66 per common share, which is a 4.8% increase over the Company’s prior quarterly dividend of $0.63 per share. The dividend is payable on April 17, 2014 to holders of record as of March 31, 2014. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company’s past performance and future prospects, as described in this release.
4
Earnings Guidance
Camden provided initial earnings guidance for 2014 based on its current and expected views of the apartment market and general economic conditions. Full-year 2014 FFO is expected to be $4.10 to $4.30 per diluted share, and full-year 2014 EPS is expected to be $1.44 to $1.64 per diluted share. First quarter 2014 earnings guidance is $1.02 to $1.06 per diluted share for FFO and $0.37 to $0.41 per diluted share for EPS. Guidance for EPS excludes gains on real estate transactions.
The midpoint of the Company’s initial 2014 earnings guidance assumes net dispositions of $200 million of wholly-owned assets and $450 million of joint venture assets during 2014, with a corresponding reduction in associated net fee and asset management income. The net impact to 2014 FFO from these planned dispositions is approximately $0.07 per diluted share. Camden expects same-property revenue growth between 3.5% and 4.5%, expense growth between 3.25% and 4.25%, and NOI growth between 3.25% and 5.25%.
Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2014 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, January 31, 2014 at 11:00 a.m. Central Time to review its fourth quarter and full-year 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: 1713299, 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 170 properties containing 59,899 apartment homes across the United States. Upon completion of 14 properties under development and the expansion of an existing community, the Company’s portfolio will increase to 64,328 apartment homes in 184 properties. Camden was recently named by FORTUNE® Magazine for the seventh consecutive year as one of the “100 Best Companies to Work For” in America, ranking #11.
For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at camdenliving.com.
5
CAMDEN | FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||
(In thousands, except per share, property data amounts and ratios) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Total property revenues (a) | $204,317 | $183,798 | $788,851 | $698,318 | |||||||||||||||||||
EBITDA | 121,148 | 110,942 | 461,721 | 420,209 | |||||||||||||||||||
Net income attributable to common shareholders | 129,996 | 142,166 | 336,364 | 283,390 | |||||||||||||||||||
Per share - basic | 1.47 | 1.63 | 3.82 | 3.35 | |||||||||||||||||||
Per share - diluted | 1.46 | 1.60 | 3.78 | 3.30 | |||||||||||||||||||
Income from continuing operations attributable to common shareholders | 41,600 | 57,282 | 151,594 | 154,116 | |||||||||||||||||||
Per share - basic | 0.46 | 0.65 | 1.70 | 1.81 | |||||||||||||||||||
Per share - diluted | 0.46 | 0.64 | 1.69 | 1.79 | |||||||||||||||||||
Funds from operations | 96,914 | 85,928 | 368,321 | 313,337 | |||||||||||||||||||
Per share - diluted | 1.08 | 0.97 | 4.11 | 3.62 | |||||||||||||||||||
Dividends per share | 0.63 | 0.56 | 2.52 | 2.24 | |||||||||||||||||||
Dividend payout ratio | 58.3 | % | 57.7 | % | 61.3 | % | 61.9 | % | |||||||||||||||
Interest expensed | 24,162 | 25,487 | 98,129 | 104,282 | |||||||||||||||||||
Interest capitalized | 4,610 | 3,071 | 15,439 | 12,457 | |||||||||||||||||||
Total interest incurred | 28,772 | 28,558 | 113,568 | 116,739 | |||||||||||||||||||
Principal amortization | 1,071 | 841 | 4,261 | 4,150 | |||||||||||||||||||
Preferred distributions | - | - | - | 776 | |||||||||||||||||||
Net Debt to Annualized EBITDA (b) | 5.2 | x | 5.6 | x | 5.4 | x | 5.9 | x | |||||||||||||||
Interest expense coverage ratio | 5.0 | x | 4.4 | x | 4.7 | x | 4.0 | x | |||||||||||||||
Total interest coverage ratio | 4.2 | x | 3.9 | x | 4.1 | x | 3.6 | x | |||||||||||||||
Fixed charge expense coverage ratio | 4.8 | x | 4.2 | x | 4.5 | x | 3.8 | x | |||||||||||||||
Total fixed charge coverage ratio | 4.1 | x | 3.8 | x | 3.9 | x | 3.5 | x | |||||||||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.5 | x | 3.3 | x | 3.5 | x | 3.3 | x | |||||||||||||||
Same property NOI increase (c) | 6.4 | % | 8.0 | % | 6.2 | % | 9.2 | % | |||||||||||||||
(# of apartment homes included) | 41,150 | 44,774 | 41,150 | 44,774 | |||||||||||||||||||
Gross turnover of apartment homes (annualized) | 57 | % | 60 | % | 65 | % | 66 | % | |||||||||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 49 | % | 52 | % | 56 | % | 57 | % | |||||||||||||||
As of December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Total assets | $5,632,141 | $5,385,172 | |||||||||||||||||||||
Total debt | $2,530,766 | $2,510,468 | |||||||||||||||||||||
Common and common equivalent shares, outstanding end of period (d) | 89,750 | 89,039 | |||||||||||||||||||||
Share price, end of period | $56.88 | $68.21 | |||||||||||||||||||||
Book equity value, end of period (e) | $2,807,361 | $2,626,708 | |||||||||||||||||||||
Market equity value, end of period (f) | $5,104,980 | $6,073,350 |
(a) | Excludes discontinued operations. | |
(b) | Net Debt is Notes Payable as reported at period end less Cash as reported at period end. Annualized EBITDA is EBITDA as reported for the period | |
multiplied by 4 for quarter 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 December 31, 2013: 87,851 common shares (including 386 common share equivalents related to share awards & options), plus common share | |
equivalents upon the assumed conversion of minority interest units (1,899). | ||
(e) | Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards. | |
(f) | Includes: common shares, common units, and common share equivalents. | |
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
6
CAMDEN | OPERATING RESULTS | |||||||||||||||
(In thousands, except per share and property data amounts) | ||||||||||||||||
(Unaudited) | Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | |||||||||||||||
OPERATING DATA | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Property revenues | ||||||||||||||||
Rental revenues | $177,795 | $159,207 | $683,362 | $602,004 | ||||||||||||
Other property revenues | 26,522 | 24,591 | 105,489 | 96,314 | ||||||||||||
Total property revenues | 204,317 | 183,798 | 788,851 | 698,318 | ||||||||||||
Property expenses | ||||||||||||||||
Property operating and maintenance | 50,297 | 47,453 | 199,650 | 185,720 | ||||||||||||
Real estate taxes | 21,582 | 18,087 | 86,041 | 70,710 | ||||||||||||
Total property expenses | 71,879 | 65,540 | 285,691 | 256,430 | ||||||||||||
Non-property income | ||||||||||||||||
Fee and asset management | 2,873 | 2,773 | 11,690 | 12,345 | ||||||||||||
Interest and other income (loss) | 41 | 40 | 1,217 | (710 | ) | |||||||||||
Income on deferred compensation plans | 3,078 | 952 | 8,290 | 4,772 | ||||||||||||
Total non-property income | 5,992 | 3,765 | 21,197 | 16,407 | ||||||||||||
Other expenses | ||||||||||||||||
Property management | 5,196 | 6,152 | 21,774 | 21,796 | ||||||||||||
Fee and asset management | 1,288 | 1,580 | 5,756 | 6,631 | ||||||||||||
General and administrative | 9,209 | 9,816 | 40,586 | 37,528 | ||||||||||||
Interest | 24,162 | 25,487 | 98,129 | 104,246 | ||||||||||||
Depreciation and amortization | 55,878 | 50,556 | 214,395 | 194,673 | ||||||||||||
Amortization of deferred financing costs | 859 | 887 | 3,548 | 3,608 | ||||||||||||
Expense on deferred compensation plans | 3,078 | 952 | 8,290 | 4,772 | ||||||||||||
Total other expenses | 99,670 | 95,430 | 392,478 | 373,254 | ||||||||||||
Gain on sale of land | - | - | 698 | - | ||||||||||||
Gain on acquisition of controlling interest in joint ventures | - | 17,227 | - | 57,418 | ||||||||||||
Equity in income of joint ventures | 4,207 | 15,489 | 24,865 | 20,175 | ||||||||||||
Income from continuing operations before income taxes | 42,967 | 59,309 | 157,442 | 162,634 | ||||||||||||
Income tax expense - current | (239 | ) | (216 | ) | (1,826 | ) | (1,208 | ) | ||||||||
Income from continuing operations | 42,728 | 59,093 | 155,616 | 161,426 | ||||||||||||
Income from discontinued operations | 1,290 | 4,526 | 8,515 | 17,406 | ||||||||||||
Gain on sale of discontinued operations, net of tax | 91,101 | 82,527 | 182,160 | 115,068 | ||||||||||||
Net income | 135,119 | 146,146 | 346,291 | 293,900 | ||||||||||||
Less income allocated to non-controlling interests from continuing operations | (1,128 | ) | (1,811 | ) | (4,022 | ) | (4,459 | ) | ||||||||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | (3,995 | ) | (2,169 | ) | (5,905 | ) | (3,200 | ) | ||||||||
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 | $129,996 | $142,166 | $336,364 | $283,390 | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||
Net income | $135,119 | $146,146 | $346,291 | $293,900 | ||||||||||||
Other comprehensive income | ||||||||||||||||
Reclassification of prior service cost and net loss on post retirement obligation | 13 | 7 | 54 | 30 | ||||||||||||
Unrealized loss and unamortized prior service cost on post retirement obligation | (99 | ) | (409 | ) | (99 | ) | (409 | ) | ||||||||
Comprehensive income | 135,033 | 145,744 | 346,246 | 293,521 | ||||||||||||
Less income allocated to non-controlling interests from continuing operations | (1,128 | ) | (1,811 | ) | (4,022 | ) | (4,459 | ) | ||||||||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | (3,995 | ) | (2,169 | ) | (5,905 | ) | (3,200 | ) | ||||||||
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 | $129,910 | $141,764 | $336,319 | $283,011 | ||||||||||||
PER SHARE DATA | ||||||||||||||||
Net income attributable to common shareholders - basic | $1.47 | $1.63 | $3.82 | $3.35 | ||||||||||||
Net income attributable to common shareholders - diluted | 1.46 | 1.60 | 3.78 | 3.30 | ||||||||||||
Income from continuing operations attributable to common shareholders - basic | 0.46 | 0.65 | 1.70 | 1.81 | ||||||||||||
Income from continuing operations attributable to common shareholders - diluted | 0.46 | 0.64 | 1.69 | 1.79 | ||||||||||||
Weighted average number of common and | ||||||||||||||||
common equivalent shares outstanding: | ||||||||||||||||
Basic | 87,459 | 86,298 | 87,204 | 83,772 | ||||||||||||
Diluted | 88,686 | 88,020 | 88,494 | 85,556 |
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
7
CAMDEN | FUNDS FROM OPERATIONS | |||||||||||||||
(In thousands, except per share and property data amounts) | ||||||||||||||||
(Unaudited) | Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | |||||||||||||||
FUNDS FROM OPERATIONS | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income attributable to common shareholders | $129,996 | $142,166 | $336,364 | $283,390 | ||||||||||||
Real estate depreciation from continuing operations | 54,520 | 49,454 | 209,474 | 190,238 | ||||||||||||
Real estate depreciation and amortization from discontinued operations | 199 | 2,893 | 5,255 | 15,199 | ||||||||||||
Adjustments for unconsolidated joint ventures | 1,422 | 1,741 | 5,738 | 7,939 | ||||||||||||
Income allocated to non-controlling interests | 5,123 | 3,971 | 9,927 | 6,475 | ||||||||||||
(Gain) on sale of unconsolidated joint venture properties | (3,245 | ) | (14,543 | ) | (16,277 | ) | (17,418 | ) | ||||||||
(Gain) on acquisition of controlling interests in joint ventures | - | (17,227 | ) | - | (57,418 | ) | ||||||||||
(Gain) on sale of discontinued operations, net of tax | (91,101 | ) | (82,527 | ) | (182,160 | ) | (115,068 | ) | ||||||||
Funds from operations - diluted | $96,914 | $85,928 | $368,321 | $313,337 | ||||||||||||
PER SHARE DATA | ||||||||||||||||
Funds from operations - diluted | $1.08 | $0.97 | $4.11 | $3.62 | ||||||||||||
Cash distributions | 0.63 | 0.56 | 2.52 | 2.24 | ||||||||||||
Weighted average number of common and | ||||||||||||||||
common equivalent shares outstanding: | ||||||||||||||||
FFO - diluted | 89,772 | 88,991 | 89,580 | 86,619 | ||||||||||||
PROPERTY DATA | ||||||||||||||||
Total operating properties (end of period) (a) | 170 | 193 | 170 | 193 | ||||||||||||
Total operating apartment homes in operating properties (end of period) (a) | 59,899 | 65,775 | 59,899 | 65,775 | ||||||||||||
Total operating apartment homes (weighted average) | 53,710 | 55,163 | 54,181 | 54,194 | ||||||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 52,629 | 49,891 | 51,759 | 48,194 |
(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) | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | |||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Real estate assets, at cost | ||||||||||||||||||||
Land | $969,711 | $967,121 | $965,257 | $949,244 | $949,777 | |||||||||||||||
Buildings and improvements | 5,629,904 | 5,596,754 | 5,552,095 | 5,404,616 | 5,389,674 | |||||||||||||||
6,599,615 | 6,563,875 | 6,517,352 | 6,353,860 | 6,339,451 | ||||||||||||||||
Accumulated depreciation | (1,643,713 | ) | (1,619,325 | ) | (1,604,402 | ) | (1,552,499 | ) | (1,518,896 | ) | ||||||||||
Net operating real estate assets | 4,955,902 | 4,944,550 | 4,912,950 | 4,801,361 | 4,820,555 | |||||||||||||||
Properties under development, including land | 472,566 | 438,968 | 393,694 | 339,848 | 334,463 | |||||||||||||||
Investments in joint ventures | 42,155 | 43,338 | 44,630 | 45,260 | 45,092 | |||||||||||||||
Properties held for sale | - | 58,765 | - | 14,986 | 30,517 | |||||||||||||||
Total real estate assets | 5,470,623 | 5,485,621 | 5,351,274 | 5,201,455 | 5,230,627 | |||||||||||||||
Accounts receivable - affiliates | 27,724 | 27,474 | 27,274 | 26,948 | 33,625 | |||||||||||||||
Other assets, net (a) | 109,401 | 112,520 | 94,847 | 89,233 | 88,260 | |||||||||||||||
Cash and cash equivalents | 17,794 | 4,707 | 6,506 | 59,642 | 26,669 | |||||||||||||||
Restricted cash | 6,599 | 60,889 | 6,381 | 5,578 | 5,991 | |||||||||||||||
Total assets | $5,632,141 | $5,691,211 | $5,486,282 | $5,382,856 | $5,385,172 | |||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Notes payable | ||||||||||||||||||||
Unsecured | $1,588,798 | $1,721,998 | $1,579,733 | $1,538,471 | $1,538,212 | |||||||||||||||
Secured | 941,968 | 943,039 | 944,090 | 945,134 | 972,256 | |||||||||||||||
Accounts payable and accrued expenses | 113,307 | 124,336 | 100,279 | 102,307 | 101,896 | |||||||||||||||
Accrued real estate taxes | 35,648 | 50,247 | 36,863 | 20,683 | 28,452 | |||||||||||||||
Distributions payable | 56,787 | 56,793 | 56,821 | 56,559 | 49,969 | |||||||||||||||
Other liabilities (b) | 88,272 | 69,716 | 63,366 | 69,679 | 67,679 | |||||||||||||||
Total liabilities | 2,824,780 | 2,966,129 | 2,781,152 | 2,732,833 | 2,758,464 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Non-Qualified deferred compensation share awards | 47,180 | 47,092 | - | - | - | |||||||||||||||
Equity | ||||||||||||||||||||
Common shares of beneficial interest | 967 | 967 | 967 | 962 | 962 | |||||||||||||||
Additional paid-in capital | 3,596,069 | 3,595,536 | 3,625,283 | 3,590,261 | 3,587,505 | |||||||||||||||
Distributions in excess of net income attributable to common shareholders | (494,167 | ) | (571,935 | ) | (574,286 | ) | (590,831 | ) | (598,951 | ) | ||||||||||
Treasury shares, at cost | (410,227 | ) | (410,309 | ) | (410,665 | ) | (412,643 | ) | (425,355 | ) | ||||||||||
Accumulated other comprehensive loss (c) | (1,106 | ) | (1,021 | ) | (1,035 | ) | (1,048 | ) | (1,062 | ) | ||||||||||
Total common equity | 2,691,536 | 2,613,238 | 2,640,264 | 2,586,701 | 2,563,099 | |||||||||||||||
Non-controlling interests | 68,645 | 64,752 | 64,866 | 63,322 | 63,609 | |||||||||||||||
Total equity | 2,760,181 | 2,677,990 | 2,705,130 | 2,650,023 | 2,626,708 | |||||||||||||||
Total liabilities and equity | $5,632,141 | $5,691,211 | $5,486,282 | $5,382,856 | $5,385,172 | |||||||||||||||
(a) Includes: | ||||||||||||||||||||
net deferred charges of: | $14,497 | $13,243 | $14,008 | $14,861 | $15,635 | |||||||||||||||
(b) Includes: | ||||||||||||||||||||
deferred revenues of: | $1,886 | $1,979 | $1,336 | $2,158 | $2,521 | |||||||||||||||
distributions in excess of investments in joint ventures of: | $- | $- | $- | $9,718 | $9,509 | |||||||||||||||
fair value adjustment of derivative instruments: | $- | $- | $- | ($2 | ) | ($1 | ) | |||||||||||||
(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligations. |
9
CAMDEN | PORTFOLIO STATISTICS | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
COMMUNITY PORTFOLIO AT DECEMBER 31, 2013 (in apartment homes) | ||||||||||||||||||||||||||||||||||||
Fully Consolidated | Non-Consolidated | |||||||||||||||||||||||||||||||||||
"Same Property" | Non-"Same Property" | 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 | 2,559 | - | 5,912 | 2,840 | - | 2,840 | 8,752 | ||||||||||||||||||||||||||||
Tampa, FL | 4,118 | 540 | - | 4,658 | 450 | - | 450 | 5,108 | ||||||||||||||||||||||||||||
Dallas, TX | 3,378 | 1,039 | 423 | 4,840 | 1,250 | - | 1,250 | 6,090 | ||||||||||||||||||||||||||||
Las Vegas, NV | 3,969 | 949 | - | 4,918 | - | - | - | 4,918 | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 421 | 590 | 3,071 | - | - | - | 3,071 | ||||||||||||||||||||||||||||
SE Florida | 2,520 | - | 261 | 2,781 | - | - | - | 2,781 | ||||||||||||||||||||||||||||
Orlando, FL | 2,818 | 858 | - | 3,676 | - | 300 | 300 | 3,976 | ||||||||||||||||||||||||||||
Charlotte, NC | 2,894 | - | 323 | 3,217 | - | 266 | 266 | 3,483 | ||||||||||||||||||||||||||||
Atlanta, GA | 2,894 | 815 | 379 | 4,088 | 234 | - | 234 | 4,322 | ||||||||||||||||||||||||||||
Denver, CO | 1,351 | 590 | 424 | 2,365 | - | - | - | 2,365 | ||||||||||||||||||||||||||||
Raleigh, NC | 2,266 | 438 | - | 2,704 | 350 | - | 350 | 3,054 | ||||||||||||||||||||||||||||
Phoenix, AZ | 1,084 | 1,011 | 454 | 2,549 | - | - | - | 2,549 | ||||||||||||||||||||||||||||
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 | 930 | 75 | 1,637 | 510 | - | 510 | 2,147 | ||||||||||||||||||||||||||||
Total Portfolio | 41,150 | 11,479 | 3,863 | 56,492 | 7,270 | 566 | 7,836 | 64,328 | ||||||||||||||||||||||||||||
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. | ||||||||||||||||||||||||||||||||||||
FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d) | |||||||||||||||||||||||||||||||||||
"Same Property" | Operating | Incl. JVs at | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | |||||||||||||||||||||||||||||
Communities | Communities (b) | Pro Rata % (c) | 2013 | 2013 | 2013 | 2013 | 2012 | |||||||||||||||||||||||||||||
D.C. Metro | 17.9 | % | 16.5 | % | 16.2 | % | 95.2 | % | 95.5 | % | 95.5 | % | 95.5 | % | 95.7 | % | ||||||||||||||||||||
Houston, TX | 8.9 | % | 12.0 | % | 12.6 | % | 96.4 | % | 96.1 | % | 96.5 | % | 96.0 | % | 95.4 | % | ||||||||||||||||||||
Dallas, TX | 6.5 | % | 6.7 | % | 7.0 | % | 95.7 | % | 95.4 | % | 95.4 | % | 94.9 | % | 94.6 | % | ||||||||||||||||||||
Tampa, FL | 7.3 | % | 6.7 | % | 6.7 | % | 95.6 | % | 95.1 | % | 95.5 | % | 95.0 | % | 94.7 | % | ||||||||||||||||||||
SE Florida | 8.4 | % | 6.6 | % | 6.5 | % | 96.3 | % | 95.5 | % | 95.1 | % | 94.9 | % | 95.3 | % | ||||||||||||||||||||
Los Angeles/Orange County, CA | 7.2 | % | 6.5 | % | 6.4 | % | �� | 95.7 | % | 95.5 | % | 95.6 | % | 95.7 | % | 96.2 | % | |||||||||||||||||||
Las Vegas, NV | 6.2 | % | 6.3 | % | 6.1 | % | 95.3 | % | 95.1 | % | 94.2 | % | 92.4 | % | 92.4 | % | ||||||||||||||||||||
Atlanta, GA | 6.1 | % | 5.9 | % | 5.9 | % | 95.6 | % | 95.2 | % | 95.3 | % | 95.2 | % | 95.5 | % | ||||||||||||||||||||
Orlando, FL | 5.4 | % | 5.8 | % | 5.7 | % | 95.6 | % | 95.6 | % | 95.8 | % | 95.3 | % | 95.3 | % | ||||||||||||||||||||
Charlotte, NC | 6.9 | % | 5.5 | % | 5.4 | % | 96.5 | % | 96.6 | % | 96.4 | % | 96.1 | % | 95.6 | % | ||||||||||||||||||||
Raleigh, NC | 4.6 | % | 4.2 | % | 4.2 | % | 96.0 | % | 96.2 | % | 95.0 | % | 94.7 | % | 94.6 | % | ||||||||||||||||||||
Denver, CO | 3.7 | % | 4.2 | % | 4.1 | % | 94.5 | % | 95.4 | % | 94.7 | % | 94.8 | % | 95.2 | % | ||||||||||||||||||||
Phoenix, AZ | 2.8 | % | 4.0 | % | 3.8 | % | 95.5 | % | 92.6 | % | 92.3 | % | 93.0 | % | 92.5 | % | ||||||||||||||||||||
San Diego/Inland Empire, CA | 3.7 | % | 3.8 | % | 3.7 | % | 95.8 | % | 94.2 | % | 94.3 | % | 93.2 | % | 93.3 | % | ||||||||||||||||||||
Austin, TX | 3.0 | % | 2.4 | % | 2.7 | % | 96.2 | % | 95.8 | % | 94.7 | % | 95.0 | % | 95.0 | % | ||||||||||||||||||||
Other | 1.4 | % | 2.9 | % | 3.0 | % | 95.1 | % | 95.9 | % | 96.7 | % | 95.3 | % | 94.4 | % | ||||||||||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 95.7 | % | 95.4 | % | 95.3 | % | 94.8 | % | 94.7 | % | ||||||||||||||||||||
(b) Operating communities represent all fully-consolidated communities at period end, excluding communities under construction. | ||||||||||||||||||||||||||||||||||||
(c) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities. | ||||||||||||||||||||||||||||||||||||
(d) Occupancy figures include all stabilized operating communities including those held through non-consolidated joint venture investments. |
10
CAMDEN | COMPONENTS OF | |||||||||||||||||||||||||||
PROPERTY NET OPERATING INCOME | ||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Apartment | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||
Property Revenues | Homes | 2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||||||||
"Same Property" Communities (a) | 41,150 | $158,661 | $151,377 | $7,284 | $624,429 | $594,255 | $30,174 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 11,479 | 44,277 | 31,115 | 13,162 | 158,359 | 97,950 | 60,409 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 3,863 | - | - | - | - | - | - | |||||||||||||||||||||
Other (d) | - | 1,379 | 1,306 | 73 | 6,063 | 6,113 | (50 | ) | ||||||||||||||||||||
Total Property Revenues | 56,492 | $204,317 | $183,798 | $20,519 | $788,851 | $698,318 | $90,533 | |||||||||||||||||||||
Property Expenses | ||||||||||||||||||||||||||||
"Same Property" Communities (a) | 41,150 | $55,197 | $54,181 | $1,016 | $224,189 | $217,391 | $6,798 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 11,479 | 16,123 | 10,627 | 5,496 | 58,376 | 35,861 | 22,515 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 3,863 | 15 | 17 | (2 | ) | 15 | 17 | (2 | ) | |||||||||||||||||||
Other (d) | - | 544 | 715 | (171 | ) | 3,111 | 3,161 | (50 | ) | |||||||||||||||||||
Total Property Expenses | 56,492 | $71,879 | $65,540 | $6,339 | $285,691 | $256,430 | $29,261 | |||||||||||||||||||||
Property Net Operating Income | ||||||||||||||||||||||||||||
"Same Property" Communities (a) | 41,150 | $103,464 | $97,196 | $6,268 | $400,240 | $376,864 | $23,376 | |||||||||||||||||||||
Non-"Same Property" Communities (b) | 11,479 | 28,154 | 20,488 | 7,666 | 99,983 | 62,089 | 37,894 | |||||||||||||||||||||
Development and Lease-Up Communities (c) | 3,863 | (15 | ) | (17 | ) | 2 | (15 | ) | (17 | ) | 2 | |||||||||||||||||
Other (d) | - | 835 | 591 | 244 | 2,952 | 2,952 | - | |||||||||||||||||||||
Total Property Net Operating Income | 56,492 | $132,438 | $118,258 | $14,180 | $503,160 | $441,888 | $61,272 | |||||||||||||||||||||
Income from Discontinued Operations (e) | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Property revenues | $2,832 | $13,505 | $24,322 | $60,198 | ||||||||||||||||||||||||
Property expenses | (1,343 | ) | (6,086 | ) | (10,552 | ) | (27,557 | ) | ||||||||||||||||||||
Property net operating income | $1,489 | $7,419 | $13,770 | $32,641 | ||||||||||||||||||||||||
Interest | - | - | - | (36 | ) | |||||||||||||||||||||||
Depreciation and amortization | (199 | ) | (2,893 | ) | (5,255 | ) | (15,199 | ) | ||||||||||||||||||||
Gain on sale of discontinued operations, net of tax | 91,101 | 82,527 | 182,160 | 115,068 | ||||||||||||||||||||||||
Income, including gain on sale, allocated to non-controlling interests | (3,995 | ) | (2,169 | ) | (5,905 | ) | (3,200 | ) | ||||||||||||||||||||
Income attributable to common shareholders | $88,396 | $84,884 | $184,770 | $129,274 | ||||||||||||||||||||||||
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 disposed of during 2012 and 2013, of which Camden has no continuing involvement. |
11
"SAME PROPERTY" | ||||||||||||||||||||||||||||||||||||
CAMDEN | FOURTH QUARTER COMPARISONS | |||||||||||||||||||||||||||||||||||
DECEMBER 31, 2013 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 4Q13 | 4Q12 | Growth | 4Q13 | 4Q12 | Growth | 4Q13 | 4Q12 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $26,306 | $26,094 | 0.8 | % | $7,792 | $7,684 | 1.4 | % | $18,514 | $18,410 | 0.6 | % | ||||||||||||||||||||||||
Houston, TX | 14,531 | 13,426 | 8.2 | % | 5,320 | 4,646 | 14.5 | % | 9,211 | 8,780 | 4.9 | % | ||||||||||||||||||||||||
Dallas, TX | 10,990 | 10,352 | 6.2 | % | 4,312 | 4,194 | 2.8 | % | 6,678 | 6,158 | 8.4 | % | ||||||||||||||||||||||||
Tampa, FL | 12,458 | 11,960 | 4.2 | % | 4,908 | 4,928 | (0.4 | %) | 7,550 | 7,032 | 7.4 | % | ||||||||||||||||||||||||
SE Florida | 13,323 | 12,625 | 5.5 | % | 4,643 | 4,606 | 0.8 | % | 8,680 | 8,019 | 8.2 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 11,149 | 10,791 | 3.3 | % | 3,733 | 3,688 | 1.2 | % | 7,416 | 7,103 | 4.4 | % | ||||||||||||||||||||||||
Las Vegas, NV | 10,265 | 9,985 | 2.8 | % | 3,809 | 3,792 | 0.4 | % | 6,456 | 6,193 | 4.2 | % | ||||||||||||||||||||||||
Atlanta, GA | 9,872 | 9,221 | 7.1 | % | 3,598 | 3,703 | (2.8 | %) | 6,274 | 5,518 | 13.7 | % | ||||||||||||||||||||||||
Orlando, FL | 9,064 | 8,651 | 4.8 | % | 3,430 | 3,201 | 7.2 | % | 5,634 | 5,450 | 3.4 | % | ||||||||||||||||||||||||
Charlotte, NC | 10,604 | 9,922 | 6.9 | % | 3,483 | 3,285 | 6.0 | % | 7,121 | 6,637 | 7.3 | % | ||||||||||||||||||||||||
Raleigh, NC | 7,053 | 6,643 | 6.2 | % | 2,296 | 2,174 | 5.6 | % | 4,757 | 4,469 | 6.4 | % | ||||||||||||||||||||||||
Denver, CO | 5,351 | 5,071 | 5.5 | % | 1,537 | 1,478 | 4.0 | % | 3,814 | 3,593 | 6.2 | % | ||||||||||||||||||||||||
Phoenix, AZ | 3,635 | 3,445 | 5.5 | % | 715 | 1,260 | (43.3 | %) | 2,920 | 2,185 | 33.6 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 6,196 | 5,834 | 6.2 | % | 2,328 | 2,286 | 1.8 | % | 3,868 | 3,548 | 9.0 | % | ||||||||||||||||||||||||
Austin, TX | 5,732 | 5,417 | 5.8 | % | 2,584 | 2,492 | 3.7 | % | 3,148 | 2,925 | 7.6 | % | ||||||||||||||||||||||||
Corpus Christi, TX | 2,132 | 1,940 | 9.9 | % | 709 | 764 | (7.2 | %) | 1,423 | 1,176 | 21.0 | % | ||||||||||||||||||||||||
Total Same Property | $158,661 | $151,377 | 4.8 | % | $55,197 | $54,181 | 1.9 | % | $103,464 | $97,196 | 6.4 | % | ||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 4Q13 | 4Q12 | Change | 4Q13 | 4Q12 | Change | ||||||||||||||||||||||||||||
D.C. Metro | 4,947 | 17.9 | % | 95.3 | % | 95.7 | % | (0.4 | %) | $1,650 | $1,637 | 0.8 | % | |||||||||||||||||||||||
Houston, TX | 3,353 | 8.9 | % | 96.5 | % | 96.2 | % | 0.3 | % | 1,338 | 1,245 | 7.5 | % | |||||||||||||||||||||||
Dallas, TX | 3,378 | 6.5 | % | 95.9 | % | 95.0 | % | 0.9 | % | 982 | 926 | 6.0 | % | |||||||||||||||||||||||
Tampa, FL | 4,118 | 7.3 | % | 95.6 | % | 94.6 | % | 1.0 | % | 882 | 848 | 4.0 | % | |||||||||||||||||||||||
SE Florida | 2,520 | 8.4 | % | 96.4 | % | 95.3 | % | 1.1 | % | 1,639 | 1,572 | 4.3 | % | |||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 7.2 | % | 95.8 | % | 96.4 | % | (0.6 | %) | 1,723 | 1,653 | 4.3 | % | |||||||||||||||||||||||
Las Vegas, NV | 3,969 | 6.2 | % | 95.3 | % | 93.4 | % | 1.9 | % | 764 | 756 | 1.0 | % | |||||||||||||||||||||||
Atlanta, GA | 2,894 | 6.1 | % | 95.8 | % | 95.6 | % | 0.2 | % | 1,020 | �� | 950 | 7.4 | % | ||||||||||||||||||||||
Orlando, FL | 2,818 | 5.4 | % | 96.2 | % | 95.3 | % | 0.9 | % | 963 | 924 | 4.2 | % | |||||||||||||||||||||||
Charlotte, NC | 2,894 | 6.9 | % | 96.6 | % | 95.8 | % | 0.8 | % | 1,113 | 1,051 | 5.9 | % | |||||||||||||||||||||||
Raleigh, NC | 2,266 | 4.6 | % | 95.9 | % | 94.9 | % | 1.0 | % | 922 | 882 | 4.4 | % | |||||||||||||||||||||||
Denver, CO | 1,351 | 3.7 | % | 94.2 | % | 94.8 | % | (0.6 | %) | 1,227 | 1,142 | 7.4 | % | |||||||||||||||||||||||
Phoenix, AZ | 1,084 | 2.8 | % | 96.0 | % | 92.9 | % | 3.1 | % | 986 | 966 | 2.0 | % | |||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.7 | % | 95.7 | % | 93.0 | % | 2.7 | % | 1,613 | 1,560 | 3.4 | % | |||||||||||||||||||||||
Austin, TX | 1,670 | 3.0 | % | 95.8 | % | 94.5 | % | 1.3 | % | 1,022 | 967 | 5.6 | % | |||||||||||||||||||||||
Corpus Christi, TX | 632 | 1.4 | % | 95.6 | % | 94.8 | % | 0.8 | % | 976 | 888 | 9.9 | % | |||||||||||||||||||||||
Total Same Property | 41,150 | 100.0 | % | 95.8 | % | 95.1 | % | 0.7 | % | $1,173 | $1,125 | 4.3 | % | |||||||||||||||||||||||
(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 rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before | ||||||||||||||||||||||||||||||||||||
vacancy and bad debt. |
12
"SAME PROPERTY" | ||||||||||||||||||||||||||||||||||||
CAMDEN | SEQUENTIAL QUARTER COMPARISONS | |||||||||||||||||||||||||||||||||||
DECEMBER 31, 2013 | ||||||||||||||||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
Quarterly Results (a) | 4Q13 | 3Q13 | Growth | 4Q13 | 3Q13 | Growth | 4Q13 | 3Q13 | Growth | |||||||||||||||||||||||||||
D.C. Metro | $26,306 | $26,456 | (0.6 | %) | $7,792 | $7,936 | (1.8 | %) | $18,514 | $18,520 | 0.0 | % | ||||||||||||||||||||||||
Houston, TX | 14,531 | 14,375 | 1.1 | % | 5,320 | 5,034 | 5.7 | % | 9,211 | 9,341 | (1.4 | %) | ||||||||||||||||||||||||
Dallas, TX | 10,990 | 10,854 | 1.3 | % | 4,312 | 4,525 | (4.7 | %) | 6,678 | 6,329 | 5.5 | % | ||||||||||||||||||||||||
Tampa, FL | 12,458 | 12,410 | 0.4 | % | 4,908 | 5,099 | (3.7 | %) | 7,550 | 7,311 | 3.3 | % | ||||||||||||||||||||||||
SE Florida | 13,323 | 13,158 | 1.3 | % | 4,643 | 4,789 | (3.0 | %) | 8,680 | 8,369 | 3.7 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 11,149 | 11,210 | (0.5 | %) | 3,733 | 3,708 | 0.7 | % | 7,416 | 7,502 | (1.1 | %) | ||||||||||||||||||||||||
Las Vegas, NV | 10,265 | 10,314 | (0.5 | %) | 3,809 | 3,979 | (4.3 | %) | 6,456 | 6,335 | 1.9 | % | ||||||||||||||||||||||||
Atlanta, GA | 9,872 | 9,726 | 1.5 | % | 3,598 | 3,681 | (2.3 | %) | 6,274 | 6,045 | 3.8 | % | ||||||||||||||||||||||||
Orlando, FL | 9,064 | 9,030 | 0.4 | % | 3,430 | 3,540 | (3.1 | %) | 5,634 | 5,490 | 2.6 | % | ||||||||||||||||||||||||
Charlotte, NC | 10,604 | 10,533 | 0.7 | % | 3,483 | 3,519 | (1.0 | %) | 7,121 | 7,014 | 1.5 | % | ||||||||||||||||||||||||
Raleigh, NC | 7,053 | 6,993 | 0.9 | % | 2,296 | 2,350 | (2.3 | %) | 4,757 | 4,643 | 2.5 | % | ||||||||||||||||||||||||
Denver, CO | 5,351 | 5,354 | (0.1 | %) | 1,537 | 1,604 | (4.2 | %) | 3,814 | 3,750 | 1.7 | % | ||||||||||||||||||||||||
Phoenix, AZ | 3,635 | 3,586 | 1.4 | % | 715 | 1,371 | (47.8 | %) | 2,920 | 2,215 | 31.8 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 6,196 | 6,089 | 1.8 | % | 2,328 | 2,319 | 0.4 | % | 3,868 | 3,770 | 2.6 | % | ||||||||||||||||||||||||
Austin, TX | 5,732 | 5,647 | 1.5 | % | 2,584 | 2,596 | (0.5 | %) | 3,148 | 3,051 | 3.2 | % | ||||||||||||||||||||||||
Corpus Christi, TX | 2,132 | 2,109 | 1.1 | % | 709 | 791 | (10.4 | %) | 1,423 | 1,318 | 8.0 | % | ||||||||||||||||||||||||
Total Same Property | $158,661 | $157,844 | 0.5 | % | $55,197 | $56,841 | (2.9 | %) | $103,464 | $101,003 | 2.4 | % | ||||||||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | |||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 4Q13 | 3Q13 | Change | 4Q13 | 3Q13 | Change | ||||||||||||||||||||||||||||
D.C. Metro | 4,947 | 17.9 | % | 95.3 | % | 95.6 | % | (0.3 | %) | $1,650 | $1,655 | (0.3 | %) | |||||||||||||||||||||||
Houston, TX | 3,353 | 8.9 | % | 96.5 | % | 95.6 | % | 0.9 | % | 1,338 | 1,323 | 1.2 | % | |||||||||||||||||||||||
Dallas, TX | 3,378 | 6.5 | % | 95.9 | % | 95.0 | % | 0.9 | % | 982 | 970 | 1.2 | % | |||||||||||||||||||||||
Tampa, FL | 4,118 | 7.3 | % | 95.6 | % | 95.0 | % | 0.6 | % | 882 | 877 | 0.6 | % | |||||||||||||||||||||||
SE Florida | 2,520 | 8.4 | % | 96.4 | % | 95.4 | % | 1.0 | % | 1,639 | 1,630 | 0.6 | % | |||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 7.2 | % | 95.8 | % | 95.7 | % | 0.1 | % | 1,723 | 1,713 | 0.6 | % | |||||||||||||||||||||||
Las Vegas, NV | 3,969 | 6.2 | % | 95.3 | % | 95.0 | % | 0.3 | % | 764 | 761 | 0.3 | % | |||||||||||||||||||||||
Atlanta, GA | 2,894 | 6.1 | % | 95.8 | % | 94.9 | % | 0.9 | % | 1,020 | 1,005 | 1.5 | % | |||||||||||||||||||||||
Orlando, FL | 2,818 | 5.4 | % | 96.2 | % | 96.1 | % | 0.1 | % | 963 | 952 | 1.1 | % | |||||||||||||||||||||||
Charlotte, NC | 2,894 | 6.9 | % | 96.6 | % | 96.8 | % | (0.2 | %) | 1,113 | 1,108 | 0.5 | % | |||||||||||||||||||||||
Raleigh, NC | 2,266 | 4.6 | % | 95.9 | % | 95.8 | % | 0.1 | % | 922 | 915 | 0.7 | % | |||||||||||||||||||||||
Denver, CO | 1,351 | 3.7 | % | 94.2 | % | 94.7 | % | (0.5 | %) | 1,227 | 1,217 | 0.8 | % | |||||||||||||||||||||||
Phoenix, AZ | 1,084 | 2.8 | % | 96.0 | % | 92.5 | % | 3.5 | % | 986 | 987 | (0.2 | %) | |||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.7 | % | 95.7 | % | 95.0 | % | 0.7 | % | 1,613 | 1,601 | 0.8 | % | |||||||||||||||||||||||
Austin, TX | 1,670 | 3.0 | % | 95.8 | % | 95.2 | % | 0.6 | % | 1,022 | 1,010 | 1.2 | % | |||||||||||||||||||||||
Corpus Christi, TX | 632 | 1.4 | % | 95.6 | % | 96.2 | % | (0.6 | %) | 976 | 957 | 2.0 | % | |||||||||||||||||||||||
Total Same Property | 41,150 | 100.0 | % | 95.8 | % | 95.4 | % | 0.4 | % | $1,173 | $1,166 | 0.6 | % | |||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||
(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 rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before | ||||||||||||||||||||||||||||||||||||
vacancy and bad debt. |
13
"SAME PROPERTY" | ||||||||||||||||||||||||||||||||||||
CAMDEN | YEAR TO DATE COMPARISONS | |||||||||||||||||||||||||||||||||||
DECEMBER 31, 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 | $105,032 | $102,762 | 2.2 | % | $31,280 | $30,375 | 3.0 | % | $73,752 | $72,387 | 1.9 | % | ||||||||||||||||||||||||
Houston, TX | 56,909 | 51,956 | 9.5 | % | 21,011 | 19,237 | 9.2 | % | 35,898 | 32,719 | 9.7 | % | ||||||||||||||||||||||||
Dallas, TX | 42,951 | 40,512 | 6.0 | % | 17,973 | 17,090 | 5.2 | % | 24,978 | 23,422 | 6.6 | % | ||||||||||||||||||||||||
Tampa, FL | 49,149 | 47,203 | 4.1 | % | 20,167 | 19,886 | 1.4 | % | 28,982 | 27,317 | 6.1 | % | ||||||||||||||||||||||||
SE Florida | 52,311 | 49,444 | 5.8 | % | 18,642 | 17,734 | 5.1 | % | 33,669 | 31,710 | 6.2 | % | ||||||||||||||||||||||||
Los Angeles/Orange County, CA | 44,130 | 42,298 | 4.3 | % | 14,659 | 13,892 | 5.5 | % | 29,471 | 28,406 | 3.7 | % | ||||||||||||||||||||||||
Las Vegas, NV | 40,550 | 39,949 | 1.5 | % | 15,314 | 15,120 | 1.3 | % | 25,236 | 24,829 | 1.6 | % | ||||||||||||||||||||||||
Atlanta, GA | 38,336 | 35,807 | 7.1 | % | 14,547 | 14,805 | (1.7 | %) | 23,789 | 21,002 | 13.3 | % | ||||||||||||||||||||||||
Orlando, FL | 35,700 | 34,204 | 4.4 | % | 13,864 | 13,495 | 2.7 | % | 21,836 | 20,709 | 5.4 | % | ||||||||||||||||||||||||
Charlotte, NC | 41,534 | 38,362 | 8.3 | % | 13,855 | 13,459 | 2.9 | % | 27,679 | 24,903 | 11.1 | % | ||||||||||||||||||||||||
Raleigh, NC | 27,639 | 26,146 | 5.7 | % | 9,248 | 9,049 | 2.2 | % | 18,391 | 17,097 | 7.6 | % | ||||||||||||||||||||||||
Denver, CO | 21,060 | 19,814 | 6.3 | % | 6,243 | 6,140 | 1.7 | % | 14,817 | 13,674 | 8.4 | % | ||||||||||||||||||||||||
Phoenix, AZ | 14,384 | 13,732 | 4.7 | % | 4,685 | 5,053 | (7.3 | %) | 9,699 | 8,679 | 11.8 | % | ||||||||||||||||||||||||
San Diego/Inland Empire, CA | 24,095 | 23,258 | 3.6 | % | 9,386 | 9,151 | 2.6 | % | 14,709 | 14,107 | 4.3 | % | ||||||||||||||||||||||||
Austin, TX | 22,364 | 21,189 | 5.5 | % | 10,299 | 9,939 | 3.6 | % | 12,065 | 11,250 | 7.2 | % | ||||||||||||||||||||||||
Corpus Christi, TX | 8,285 | 7,619 | 8.7 | % | 3,016 | 2,966 | 1.7 | % | 5,269 | 4,653 | 13.2 | % | ||||||||||||||||||||||||
Total Same Property | $624,429 | $594,255 | 5.1 | % | $224,189 | $217,391 | 3.1 | % | $400,240 | $376,864 | 6.2 | % | ||||||||||||||||||||||||
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 | 18.4 | % | 95.5 | % | 95.5 | % | 0.0 | % | $1,647 | $1,614 | 2.0 | % | |||||||||||||||||||||||
Houston, TX | 3,353 | 9.0 | % | 96.3 | % | 96.7 | % | (0.4 | %) | 1,305 | 1,189 | 9.7 | % | |||||||||||||||||||||||
Dallas, TX | 3,378 | 6.2 | % | 95.4 | % | 95.4 | % | 0.0 | % | 960 | 898 | 6.8 | % | |||||||||||||||||||||||
Tampa, FL | 4,118 | 7.3 | % | 95.3 | % | 94.9 | % | 0.4 | % | 870 | 837 | 3.9 | % | |||||||||||||||||||||||
SE Florida | 2,520 | 8.4 | % | 95.4 | % | 95.3 | % | 0.1 | % | 1,620 | 1,534 | 5.6 | % | |||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,060 | 7.4 | % | 95.7 | % | 95.7 | % | 0.0 | % | 1,697 | 1,627 | 4.3 | % | |||||||||||||||||||||||
Las Vegas, NV | 3,969 | 6.3 | % | 94.6 | % | 93.7 | % | 0.9 | % | 758 | 758 | 0.1 | % | |||||||||||||||||||||||
Atlanta, GA | 2,894 | 5.9 | % | 95.3 | % | 95.3 | % | 0.0 | % | 989 | 924 | 7.1 | % | |||||||||||||||||||||||
Orlando, FL | 2,818 | 5.5 | % | 95.9 | % | 95.4 | % | 0.5 | % | 947 | 912 | 3.8 | % | |||||||||||||||||||||||
Charlotte, NC | 2,894 | 6.9 | % | 96.5 | % | 96.2 | % | 0.3 | % | 1,091 | 1,007 | 8.3 | % | |||||||||||||||||||||||
Raleigh, NC | 2,266 | 4.6 | % | 95.3 | % | 95.4 | % | (0.1 | %) | 905 | 859 | 5.3 | % | |||||||||||||||||||||||
Denver, CO | 1,351 | 3.7 | % | 94.7 | % | 95.2 | % | (0.5 | %) | 1,195 | 1,105 | 8.2 | % | |||||||||||||||||||||||
Phoenix, AZ | 1,084 | 2.4 | % | 93.6 | % | 93.7 | % | (0.1 | %) | 987 | 938 | 5.3 | % | |||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,196 | 3.7 | % | 94.7 | % | 93.8 | % | 0.9 | % | 1,587 | 1,543 | 2.8 | % | |||||||||||||||||||||||
Austin, TX | 1,670 | 3.0 | % | 95.0 | % | 95.3 | % | (0.3 | %) | 1,000 | 938 | 6.6 | % | |||||||||||||||||||||||
Corpus Christi, TX | 632 | 1.3 | % | 95.9 | % | 95.6 | % | 0.3 | % | 940 | 860 | 9.3 | % | |||||||||||||||||||||||
Total Same Property | 41,150 | 100.0 | % | 95.4 | % | 95.3 | % | 0.1 | % | $1,155 | $1,099 | 5.1 | % | |||||||||||||||||||||||
(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 rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before | ||||||||||||||||||||||||||||||||||||
vacancy and bad debt. |
14
"SAME PROPERTY" OPERATING EXPENSE | ||||||||||||||||||||
CAMDEN | DETAIL AND COMPARISONS | |||||||||||||||||||
DECEMBER 31, 2013 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | % of Actual | |||||||||||||||||||
4Q13 Operating | ||||||||||||||||||||
Quarterly Comparison (a) | 4Q13 | 4Q12 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $16,086 | $14,951 | $1,135 | 7.6 | % | 29.1 | % | |||||||||||||
Salaries and Benefits for On-site Employees | $13,006 | $13,992 | (986 | ) | (7.0 | %) | 23.6 | % | ||||||||||||
Utilities | $12,039 | $11,791 | 248 | 2.1 | % | 21.8 | % | |||||||||||||
Repairs and Maintenance | $7,591 | $7,699 | (108 | ) | (1.4 | %) | 13.8 | % | ||||||||||||
Property Insurance | $3,109 | $2,343 | 766 | 32.7 | % | 5.6 | % | |||||||||||||
Other | $3,366 | $3,405 | (39 | ) | (1.1 | %) | 6.1 | % | ||||||||||||
Total Same Property | $55,197 | $54,181 | $1,016 | 1.9 | % | 100.0 | % | |||||||||||||
% of Actual | ||||||||||||||||||||
4Q13 Operating | ||||||||||||||||||||
Sequential Comparison (a) | 4Q13 | 3Q13 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $16,086 | $16,511 | ($425 | ) | (2.6 | %) | 29.1 | % | ||||||||||||
Salaries and Benefits for On-site Employees | 13,006 | $13,402 | (396 | ) | (3.0 | %) | 23.6 | % | ||||||||||||
Utilities | 12,039 | $12,701 | (662 | ) | (5.2 | %) | 21.8 | % | ||||||||||||
Repairs and Maintenance | 7,591 | $8,150 | (559 | ) | (6.9 | %) | 13.8 | % | ||||||||||||
Property Insurance | 3,109 | $2,669 | 440 | 16.5 | % | 5.6 | % | |||||||||||||
Other | 3,366 | $3,408 | (42 | ) | (1.2 | %) | 6.1 | % | ||||||||||||
Total Same Property | $55,197 | $56,841 | ($1,644 | ) | (2.9 | %) | 100.0 | % | ||||||||||||
% of Actual | ||||||||||||||||||||
2013 Operating | ||||||||||||||||||||
Year to Date Comparison (a) | 2013 | 2012 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $66,384 | $59,852 | $6,532 | 10.9 | % | 29.6 | % | |||||||||||||
Salaries and Benefits for On-site Employees | $52,082 | 52,760 | (678 | ) | (1.3 | %) | 23.2 | % | ||||||||||||
Utilities | $48,394 | 48,575 | (181 | ) | (0.4 | %) | 21.6 | % | ||||||||||||
Repairs and Maintenance | $31,053 | 32,355 | (1,302 | ) | (4.0 | %) | 13.9 | % | ||||||||||||
Property Insurance | $12,769 | 10,274 | 2,495 | 24.3 | % | 5.7 | % | |||||||||||||
Other | $13,507 | 13,575 | (68 | ) | (0.5 | %) | 6.0 | % | ||||||||||||
Total Same Property | $224,189 | $217,391 | $6,798 | 3.1 | % | 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 | Twelve Months Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
OPERATING DATA (a) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Property Revenues | ||||||||||||||||||||
Rental revenues | $4,956 | $6,485 | $20,834 | $27,473 | ||||||||||||||||
Other property revenues | 736 | 963 | 3,009 | 4,120 | ||||||||||||||||
Total property revenues | 5,692 | 7,448 | 23,843 | 31,593 | ||||||||||||||||
Property Expenses | ||||||||||||||||||||
Property operating and maintenance | 1,429 | 2,202 | 6,493 | 9,399 | ||||||||||||||||
Real estate taxes | 845 | 881 | 3,522 | 3,889 | ||||||||||||||||
Total property expenses | 2,274 | 3,083 | 10,015 | 13,288 | ||||||||||||||||
Net Operating Income (NOI) | 3,418 | 4,365 | 13,828 | 18,305 | ||||||||||||||||
Other expenses | ||||||||||||||||||||
Interest | 1,019 | 1,533 | 4,379 | 7,126 | ||||||||||||||||
Depreciation and amortization | 1,435 | 1,760 | 5,754 | 8,049 | ||||||||||||||||
Other | 102 | 126 | 227 | 373 | ||||||||||||||||
Total other expenses | 2,556 | 3,419 | 10,360 | 15,548 | ||||||||||||||||
Promoted equity interests | 100 | - | 5,120 | - | ||||||||||||||||
Gain on sale of properties, net | 3,245 | 14,543 | 16,277 | 17,418 | ||||||||||||||||
Equity in income of joint ventures | $4,207 | $15,489 | $24,865 | $20,175 | ||||||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||||||||||||
2013 | 2013 | 2013 | 2013 | 2012 | ||||||||||||||||
BALANCE SHEET DATA (b) | ||||||||||||||||||||
Land | $110,496 | $113,473 | $110,549 | $126,010 | $125,707 | |||||||||||||||
Buildings and improvements | 695,290 | 722,921 | 705,450 | 828,505 | 823,820 | |||||||||||||||
805,786 | 836,394 | 815,999 | 954,515 | 949,527 | ||||||||||||||||
Accumulated depreciation | (61,493 | ) | (58,588 | ) | (51,587 | ) | (143,212 | ) | (135,146 | ) | ||||||||||
Real estate assets, net | 744,293 | 777,806 | 764,412 | 811,303 | 814,381 | |||||||||||||||
Properties under development and land | 25,999 | 35,562 | 42,778 | 91,821 | 83,573 | |||||||||||||||
Cash and other assets, net | 19,882 | 13,226 | 21,077 | 14,646 | 19,830 | |||||||||||||||
Total assets | $790,174 | $826,594 | $828,267 | $917,770 | $917,784 | |||||||||||||||
Notes payable | $530,701 | $563,191 | $555,406 | $724,775 | $712,707 | |||||||||||||||
Other liabilities | 29,856 | 28,498 | 29,848 | 27,461 | 39,911 | |||||||||||||||
Total liabilities | 560,557 | 591,689 | 585,254 | 752,236 | 752,618 | |||||||||||||||
Members' equity | 229,617 | 234,905 | 243,013 | 165,534 | 165,166 | |||||||||||||||
Total liabilities and members' equity | $790,174 | $826,594 | $828,267 | $917,770 | $917,784 | |||||||||||||||
Camden's equity investment | $42,155 | $43,338 | $44,630 | $45,260 | $45,092 | |||||||||||||||
Distributions in excess of investment in joint ventures | $- | $- | $- | ($9,718 | ) | ($9,509 | ) | |||||||||||||
Camden's pro-rata share of debt | $106,140 | $112,638 | $111,081 | $144,955 | $142,541 | |||||||||||||||
PROPERTY DATA (end of period) | ||||||||||||||||||||
Total operating properties | 22 | 24 | 23 | 37 | 37 | |||||||||||||||
Total operating apartment homes | 7,270 | 7,870 | 7,594 | 10,692 | 10,692 | |||||||||||||||
Pro rata share of operating apartment homes | 1,454 | 1,574 | 1,519 | 2,138 | 2,138 | |||||||||||||||
Total development properties | 2 | 2 | 3 | 2 | 2 | |||||||||||||||
Total development apartment homes | 566 | 566 | 842 | 576 | 576 | |||||||||||||||
Pro rata share of development apartment homes | 113 | 113 | 168 | 115 | 115 | |||||||||||||||
(a) Operating data represents Camden's pro-rata share of revenues and expenses. | ||||||||||||||||||||
(b) Balance sheet and property data reported at 100%. |
16
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||
AS OF DECEMBER 31, 2013 ($ in millions) | ||||||||||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 01/26/2014 | ||||||||||||||||||||||||||||||||||
Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||||||||||||||||||||||||||
1. | Camden NOMA | 320 | $110.0 | $98.6 | $66.9 | 4Q11 | 4Q13 | 2Q14 | 2Q15 | 10% | 8% | |||||||||||||||||||||||||||||||
Washington, DC | ||||||||||||||||||||||||||||||||||||||||||
2. | Camden Lamar Heights | 314 | 47.0 | 27.5 | 27.5 | 2Q12 | 1Q14 | 2Q14 | 3Q15 | |||||||||||||||||||||||||||||||||
Austin, TX | ||||||||||||||||||||||||||||||||||||||||||
3. | Camden Flatirons | 424 | 78.0 | 46.2 | 46.2 | 3Q12 | 2Q14 | 4Q14 | 4Q16 | |||||||||||||||||||||||||||||||||
Denver, CO | ||||||||||||||||||||||||||||||||||||||||||
4. | Camden Glendale | 303 | 115.0 | 52.3 | 52.3 | 4Q12 | 1Q15 | 3Q15 | 1Q16 | |||||||||||||||||||||||||||||||||
Glendale, CA | ||||||||||||||||||||||||||||||||||||||||||
5. | Camden Boca Raton | 261 | 54.0 | 26.0 | 26.0 | 4Q12 | 3Q14 | 4Q14 | 1Q16 | |||||||||||||||||||||||||||||||||
Boca Raton, FL | ||||||||||||||||||||||||||||||||||||||||||
6. | Camden Paces | 379 | 110.0 | 46.7 | 46.7 | 4Q12 | 3Q14 | 2Q15 | 2Q17 | |||||||||||||||||||||||||||||||||
Atlanta, GA | ||||||||||||||||||||||||||||||||||||||||||
7. | Camden La Frontera | 300 | 36.0 | 9.3 | 9.3 | 2Q13 | 2Q14 | 1Q15 | 4Q15 | |||||||||||||||||||||||||||||||||
Round Rock, TX | ||||||||||||||||||||||||||||||||||||||||||
8. | Camden Foothills | 220 | 50.0 | 17.5 | 17.5 | 3Q13 | 4Q14 | 2Q15 | 3Q15 | |||||||||||||||||||||||||||||||||
Scottsdale, AZ | ||||||||||||||||||||||||||||||||||||||||||
9. | Camden Hayden | 234 | 48.0 | 13.2 | 13.2 | 3Q13 | 4Q14 | 2Q15 | 3Q15 | |||||||||||||||||||||||||||||||||
Tempe, AZ | ||||||||||||||||||||||||||||||||||||||||||
10. | Camden Gallery | 323 | 58.0 | 14.0 | 14.0 | 3Q13 | 1Q15 | 4Q15 | 2Q16 | |||||||||||||||||||||||||||||||||
Charlotte, NC | ||||||||||||||||||||||||||||||||||||||||||
11. | The Camden (a) | 287 | 145.0 | 30.7 | 30.7 | 4Q13 | 2Q16 | 4Q16 | 2Q17 | |||||||||||||||||||||||||||||||||
Los Angeles, CA | ||||||||||||||||||||||||||||||||||||||||||
12. | Camden Victory Park | 423 | 82.0 | 17.7 | 17.7 | 4Q13 | 3Q15 | 1Q16 | 1Q18 | |||||||||||||||||||||||||||||||||
Dallas, TX | ||||||||||||||||||||||||||||||||||||||||||
13. | Camden Miramar Phase IXB | 75 | 8.0 | 0.1 | 0.1 | 4Q13 | 3Q14 | 3Q14 | 3Q14 | |||||||||||||||||||||||||||||||||
Corpus Christi, TX | ||||||||||||||||||||||||||||||||||||||||||
Total Development Communities | 3,863 | $941.0 | $399.8 | $368.1 | ||||||||||||||||||||||||||||||||||||||
Additional Development Pipeline & Land (b) | 104.5 | |||||||||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $472.6 | |||||||||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | Total | Construction | Initial | Construction | Stabilized | As of 01/26/2014 | |||||||||||||||||||||||||||||||||||
Joint Venture Completed Communities in Lease-Up | Homes | Budget | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||||||||||
1. | Camden South Capitol | 276 | $88.0 | $77.4 | 2Q11 | 2Q13 | 3Q13 | 3Q14 | 64% | 61% | ||||||||||||||||||||||||||||||||
Washington, DC | ||||||||||||||||||||||||||||||||||||||||||
Total Joint Venture Completed Communities in Lease-Up | 276 | $88.0 | $77.4 | 64% | 61% | |||||||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 01/26/2014 | ||||||||||||||||||||||||||||||||||
Joint Venture Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||||||||||||||||||||||||||
1. | Camden Waterford Lakes | 300 | $40.0 | $34.7 | $11.1 | 4Q12 | 4Q13 | 3Q14 | 4Q15 | 41% | 37% | |||||||||||||||||||||||||||||||
Orlando, FL | ||||||||||||||||||||||||||||||||||||||||||
2. | Camden Southline | 266 | 48.0 | 12.9 | 12.9 | 2Q13 | 1Q15 | 3Q15 | 4Q15 | |||||||||||||||||||||||||||||||||
Charlotte, NC | ||||||||||||||||||||||||||||||||||||||||||
Total Joint Venture Development Communities | 566 | $88.0 | $47.6 | $24.0 | ||||||||||||||||||||||||||||||||||||||
(a) Formerly known as Camden Hollywood. | ||||||||||||||||||||||||||||||||||||||||||
(b) Please refer to the Development Pipeline & Land Summary on page 18. | ||||||||||||||||||||||||||||||||||||||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document. |
17
CAMDEN | DEVELOPMENT PIPELINE & LAND | |||||||||||||
(Unaudited) | ||||||||||||||
AS OF DECEMBER 31, 2013 ($ in millions) | ||||||||||||||
Projected | Total | |||||||||||||
PIPELINE COMMUNITIES (a) | Homes | Estimated Cost (b) | Cost to Date | |||||||||||
1. | Camden Chandler | 380 | $75.0 | $6.5 | ||||||||||
Chandler, AZ | ||||||||||||||
2. | Camden Atlantic | 286 | 62.0 | 11.1 | ||||||||||
Plantation, FL | ||||||||||||||
3. | Camden Lincoln Station | 275 | 48.0 | 5.8 | ||||||||||
Denver, CO | ||||||||||||||
4. | Camden McGowen Station | 251 | 40.0 | 8.0 | ||||||||||
Houston, TX | ||||||||||||||
5. | Camden Buckhead | 390 | 70.0 | 18.9 | ||||||||||
Atlanta, GA | ||||||||||||||
Development Pipeline | 1,582 | $295.0 | $50.3 | |||||||||||
LAND HOLDINGS | Acreage | Cost to Date | ||||||||||||
Washington, DC | 0.9 | $19.8 | ||||||||||||
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 | 9.8 | ||||||||||||
Land Holdings | 47.0 | $54.2 | ||||||||||||
Total Development Pipeline and Land | $104.5 |
(a) Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold | ||||||
interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community. | ||||||
(b) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking statements are not guarantees of future performances, results, | ||||||
or events. Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasted and estimates routinely | ||||||
require adjustment. |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document.
18
CAMDEN | ACQUISITIONS & DISPOSITIONS | |||||
(Unaudited) | ||||||
2013 ACQUISITION/DISPOSITION ACTIVITY ($ in millions) | ||||||
Acquisitions | Location | Apartment Homes | Year Built | Closing Date | ||
1. | Camden Post Oak | Houston, TX | 356 | 2003 | 04/10/13 | |
2. | Camden Sotelo | Tempe, AZ | 170 | 2008/2012 | 09/11/13 | |
3. | Camden Vantage | Atlanta, GA | 592 | 2010 | 09/18/13 | |
Total/Average Acquisitions | $225.0 | 1,118 Apartment Homes | 2008 | |||
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 | |
3. | Camden Centennial | Littleton, CO | 276 | 1985 | 09/30/13 | |
4. | Camden Pinnacle | Westminster, CO | 224 | 1985 | 09/30/13 | |
5. | Camden Gardens | Dallas, TX | 256 | 1983 | 10/23/13 | |
6. | Camden Springs | Dallas, TX | 304 | 1987 | 10/30/13 | |
7. | Camden Fountain Palms | Peoria, AZ | 192 | 1986/1996 | 11/21/13 | |
8. | Camden Sierra | Peoria, AZ | 288 | 1997 | 11/21/13 | |
9. | Camden Towne Center | Glendale, AZ | 240 | 1998 | 11/21/13 | |
10. | Camden Bay Pointe | Tampa, FL | 368 | 1984 | 11/26/13 | |
11. | Camden Citrus Park | Tampa, FL | 247 | 1985 | 11/26/13 | |
12. | Camden Habersham | Charlotte, NC | 240 | 1986 | 11/26/13 | |
Total/Average Dispositions | $329.3 | 3,931 Apartment Homes | 1988 | |||
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 | |
15. | Camden Westover Hills | San Antonio, TX | 288 | 2010 | 12/18/13 | |
16. | Camden Lakemont | Richmond, TX | 312 | 2007 | 12/20/13 | |
Total/Average Joint Venture Dispositions | $268.9 | 3,698 Apartment Homes | 1994 | |||
Pro Rata Joint Venture Dispositions | $53.8 |
19
CAMDEN | DEBT ANALYSIS | |||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
DEBT MATURITIES AS OF DECEMBER 31, 2013: | ||||||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||||||
Secured | Unsecured | Interest Rate on | ||||||||||||||||||||||
Year (a) | Amortization | Maturities | Maturities | Total | % of Total | Maturing Debt | ||||||||||||||||||
2014 | $3,106 | $32,247 | $- | $35,353 | 1.4 | % | 3.2 | % | ||||||||||||||||
2015 | 1,979 | - | 250,000 | 251,979 | 10.0 | % | 5.1 | % | ||||||||||||||||
2016 | 2,201 | - | - | 2,201 | 0.1 | % | N/A | |||||||||||||||||
2017 | 2,419 | - | 246,750 | 249,169 | 9.8 | % | 5.7 | % | ||||||||||||||||
2018 | 2,620 | 175,000 | �� | - | 177,620 | 7.0 | % | 0.9 | % | |||||||||||||||
Thereafter | 70,337 | 644,107 | 1,100,000 | 1,814,444 | 71.7 | % | 4.5 | % | ||||||||||||||||
Total Maturing Debt | $82,662 | $851,354 | $1,596,750 | $2,530,766 | 100.0 | % | 4.4 | % | ||||||||||||||||
Unsecured Line of Credit | - | - | - | - | 0.0 | % | N/A | |||||||||||||||||
Other Short Term Borrowings | - | - | - | - | 0.0 | % | N/A | |||||||||||||||||
Total Debt | $82,662 | $851,354 | $1,596,750 | $2,530,766 | 100.0 | % | 4.4 | % | ||||||||||||||||
Weighted Average Maturity of Debt | 6.9 Years | |||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Floating rate debt | $211,284 | 8.3 | % | 1.0 | % | 6.4 Years | ||||||||||||||||||
Fixed rate debt | 2,319,482 | 91.7 | % | 4.7 | % | 7.0 Years | ||||||||||||||||||
Total | $2,530,766 | 100.0 | % | 4.4 | % | 6.9 Years | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Unsecured debt | $1,588,798 | 62.8 | % | 4.5 | % | 6.9 Years | ||||||||||||||||||
Secured debt | 941,968 | 37.2 | % | 4.2 | % | 6.9 Years | ||||||||||||||||||
Total | $2,530,766 | 100.0 | % | 4.4 | % | 6.9 Years | ||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||||||
Conventional fixed-rate mortgage debt | $730,684 | 77.6 | % | 5.1 | % | 7.1 Years | ||||||||||||||||||
Conventional variable-rate mortgage debt | 175,000 | 18.5 | % | 0.9 | % | 4.8 Years | ||||||||||||||||||
Tax exempt variable rate debt | 36,284 | 3.9 | % | 1.3 | % | 14.5 Years | ||||||||||||||||||
Total | $941,968 | 100.0 | % | 4.2 | % | 6.9 Years | ||||||||||||||||||
REAL ESTATE ASSETS: (b) | Total Homes | % of Total | Total Cost | % of Total | 4Q13 NOI | % of Total | ||||||||||||||||||
Unencumbered real estate assets | 43,504 | 77.0 | % | $5,489,641 | 77.6 | % | $100,323 | 74.9 | % | |||||||||||||||
Encumbered real estate assets | 12,988 | 23.0 | % | 1,582,540 | 22.4 | % | 33,604 | 25.1 | % | |||||||||||||||
Total | 56,492 | 100.0 | % | $7,072,181 | 100.0 | % | $133,927 | 100.0 | % | |||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is 3.5 times |
(a) Includes all available extension options. |
(b) Real estate assets include communities under development and exclude communities held through unconsolidated joint ventures. |
20
CAMDEN | DEBT MATURITY ANALYSIS | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2014 AND 2015: | ||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||
Secured | Unsecured | Interest Rate on | ||||||||||||||||||
Quarter (a) | Amortization | Maturities | Maturities | Total | Maturing Debt | |||||||||||||||
1Q 2014 | $844 | $- | $- | $844 | N/A | |||||||||||||||
2Q 2014 | 839 | - | - | 839 | N/A | |||||||||||||||
3Q 2014 | 842 | 32,247 | - | 33,089 | 3.2 | % | ||||||||||||||
4Q 2014 | 581 | - | - | 581 | N/A | |||||||||||||||
2014 | $3,106 | $32,247 | $- | $35,353 | 3.2 | % | ||||||||||||||
1Q 2015 | $460 | $- | $- | $460 | N/A | |||||||||||||||
2Q 2015 | 470 | - | 250,000 | 250,470 | 5.1 | % | ||||||||||||||
3Q 2015 | 519 | - | - | 519 | N/A | |||||||||||||||
4Q 2015 | 530 | - | - | 530 | N/A | |||||||||||||||
2015 | $1,979 | $- | $250,000 | $251,979 | 5.1 | % | ||||||||||||||
(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% | 30% | Yes | |||
Secured Debt to Gross Asset Value | ≤ | 35% | 11% | Yes | |||
Consolidated EBITDA to Total Fixed Charges | ≥ | 150% | 378% | Yes | |||
Unencumbered Adjusted NOI to Total Unsecured Debt | > | 10.5% | 23% | Yes | |||
SENIOR UNSECURED NOTES | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Total Asset Value | ≤ | 60% | 35% | Yes | |||
Total Secured Debt to Total Asset Value | ≤ | 40% | 13% | Yes | |||
Total Unencumbered Asset Value to Total Unsecured Debt | ≥ | 150% | 353% | Yes | |||
Consolidated Income Available for Debt Service to Total | > | 150% | 414% | Yes | |||
Annual Service Charges | |||||||
(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions | |||||||
of the above terms, please refer to the Company's filings with the Securities and Exchange Commission. | |||||||
(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes. |
22
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |||||||||||||||||||
DEBT ANALYSIS | ||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF DECEMBER 31, 2013: | ||||||||||||||||||||
Future Scheduled Repayments | Weighted Average | |||||||||||||||||||
Secured | Interest Rate on | |||||||||||||||||||
Year (a) | Amortization | Maturities | Total | % of Total | Maturing Debt | |||||||||||||||
2014 | $1,651 | $- | $1,651 | 1.6 | % | N/A | ||||||||||||||
2015 | 1,880 | - | 1,880 | 1.8 | % | N/A | ||||||||||||||
2016 | 1,833 | 37,041 | 38,874 | 36.6 | % | 3.3 | % | |||||||||||||
2017 | 1,116 | 27,563 | 28,679 | 27.0 | % | 3.2 | % | |||||||||||||
2018 | 440 | 25,964 | 26,404 | 24.9 | % | 4.4 | % | |||||||||||||
Thereafter | 313 | 8,014 | 8,327 | 7.8 | % | 4.4 | % | |||||||||||||
Total Maturing Debt | $7,233 | $98,582 | $105,815 | 99.7 | % | 3.6 | % | |||||||||||||
Subscription lines of credit (b) | - | 325 | 325 | 0.3 | % | 1.5 | % | |||||||||||||
Total Debt | $7,233 | $98,907 | $106,140 | 100.0 | % | 3.6 | % | |||||||||||||
Weighted Average Maturity of Debt | 3.6 Years | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||
Floating rate debt | $21,926 | 20.7 | % | 2.2 | % | 3.1 Years | ||||||||||||||
Fixed rate debt | 84,214 | 79.3 | % | 4.0 | % | 3.7 Years | ||||||||||||||
Total | $106,140 | 100.0 | % | 3.6 | % | 3.6 Years | ||||||||||||||
Weighted Average | ||||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||
Conventional fixed-rate mortgage debt | $84,214 | 79.4 | % | 4.0 | % | 3.7 Years | ||||||||||||||
Conventional variable-rate mortgage debt | 4,256 | 4.0 | % | 2.1 | % | 2.5 Years | ||||||||||||||
Variable-rate construction loans | 17,345 | 16.3 | % | 2.3 | % | 3.3 Years | ||||||||||||||
Subscription lines of credit | 325 | 0.3 | % | 1.5 | % | 1.0 Years | ||||||||||||||
Total | $106,140 | 100.0 | % | 3.6 | % | 3.6 Years | ||||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | ||||||||||||||||||
Operating real estate assets | 7,270 | $805,786 | ||||||||||||||||||
Properties under development and land | 566 | 25,999 | ||||||||||||||||||
Total | 7,836 | $831,785 | ||||||||||||||||||
(a) Includes all available extension options. | ||||||||||||||||||||
(b) As of December 31, 2013 these borrowings were drawn under the subscription lines of credit with $8.8 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 2014 and 2015: | ||||||||||||||||
Weighted Average | ||||||||||||||||
Future Scheduled Repayments | Interest Rate on | |||||||||||||||
Quarter (a) | Amortization | Secured Maturities | Total | Maturing Debt | ||||||||||||
1Q 2014 | $380 | $- | $380 | N/A | ||||||||||||
2Q 2014 | 417 | - | 417 | N/A | ||||||||||||
3Q 2014 | 422 | - | 422 | N/A | ||||||||||||
4Q 2014 (b) | 432 | 325 | 757 | 1.5 | % | |||||||||||
2014 | $1,651 | $325 | $1,976 | 1.5 | % | |||||||||||
1Q 2015 | $453 | $- | $453 | N/A | ||||||||||||
2Q 2015 | 447 | - | 447 | N/A | ||||||||||||
3Q 2015 | 484 | - | 484 | N/A | ||||||||||||
4Q 2015 | 496 | - | 496 | N/A | ||||||||||||
2015 | $1,880 | $- | $1,880 | N/A | ||||||||||||
(a) Includes all available extension options. | ||||||||||||||||
(b) 4Q 2014 maturities includes subscription lines of credit with $0.3M (Camden's pro-rata share) outstanding as of December 31, 2013. | ||||||||||||||||
The lines of credit have $8.8 million in total capacity. |
24
CAMDEN | CAPITALIZED EXPENDITURES | ||||||||
& MAINTENANCE EXPENSE | |||||||||
(In thousands, except unit data) | |||||||||
(Unaudited) | |||||||||
Fourth Quarter 2013 (a) | |||||||||
Capitalized | Expensed | ||||||||
Weighted Average | |||||||||
Item | Useful Life (b) | Total | Per Unit | Total | Per Unit | ||||
Interiors | |||||||||
Floor coverings | 5.4 years | $2,842 | $53 | $610 | $12 | ||||
Appliances | 9.6 years | 961 | 18 | 207 | 4 | ||||
Painting | - | - | 0 | 1,482 | 28 | ||||
Cabinetry/Countertops | 10.0 years | 473 | 9 | - | - | ||||
Other | 9.1 years | 1,329 | 25 | 602 | 11 | ||||
Exteriors | |||||||||
Painting | 5.0 years | 2,659 | 50 | - | - | ||||
Carpentry | 10.0 years | 163 | 3 | - | - | ||||
Landscaping | 5.6 years | 987 | 18 | 2,510 | 47 | ||||
Roofing | 20.0 years | 1,832 | 34 | 116 | 2 | ||||
Site Drainage | 10.0 years | 161 | 3 | - | - | ||||
Fencing/Stair | 10.0 years | 482 | 9 | - | - | ||||
Other (c) | 8.4 years | 3,626 | 67 | 3,240 | 60 | ||||
Common Areas | |||||||||
Mech., Elec., Plumbing | 9.6 years | 1,616 | 30 | 927 | 17 | ||||
Parking/Paving | 5.0 years | 495 | 9 | - | - | ||||
Pool/Exercise/Facility | 8.3 years | 3,194 | 59 | 338 | 6 | ||||
Total | $20,820 | $387 | $10,032 | $187 | |||||
Weighted Average Apartment Homes | 53,785 | 53,785 | |||||||
Revenue Enhancing Expenditures (d) | 10.0 years | $25,706 | $15,421 | ||||||
Revenue Enhanced Apartment Homes | 1,667 | ||||||||
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 | $11,392 | $210 | $2,543 | $47 | ||||
Appliances | 9.6 years | 4,750 | 88 | 849 | 16 | ||||
Painting | - | - | - | 5,920 | 109 | ||||
Cabinetry/Countertops | 10.0 years | 1,739 | 32 | - | - | ||||
Other | 9.1 years | 5,762 | 106 | 2,047 | 38 | ||||
Exteriors | |||||||||
Painting | 5.0 years | 7,139 | 132 | - | - | ||||
Carpentry | 10.0 years | 1,819 | 34 | - | - | ||||
Landscaping | 5.6 years | 2,305 | 43 | 11,360 | 209 | ||||
Roofing | 20.0 years | 4,228 | 78 | 321 | 6 | ||||
Site Drainage | 10.0 years | 401 | 7 | - | - | ||||
Fencing/Stair | 10.0 years | 1,273 | 24 | - | - | ||||
Other (c) | 8.4 years | 9,614 | 177 | 12,015 | 222 | ||||
Common Areas | |||||||||
Mech., Elec., Plumbing | 9.6 years | 5,698 | 105 | 4,513 | 83 | ||||
Parking/Paving | 5.0 years | 1,188 | 22 | - | - | ||||
Pool/Exercise/Facility | 8.3 years | 9,722 | 179 | 1,508 | 28 | ||||
Total | $67,030 | $1,237 | $41,076 | $758 | |||||
Weighted Average Apartment Homes | 54,200 | 54,200 | |||||||
Revenue Enhancing Expenditures (d) | 10.0 years | $85,526 | $10,792 | ||||||
Revenue Enhanced Apartment Homes | 7,925 | ||||||||
(a) | Includes discontinued operations. Capitalized expenditures for discontinued operations were $329 and $3,498 for the three and twelve months ended December 31, 2013, respectively. Total maintenance expenses for discontinued operations were $230 and $1,818 for the same periods, respectively. | ||||||||
(b) | Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2013. | ||||||||
(c) | Includes in part the following items: site/building repair, masonry/plaster, and general conditions. | ||||||||
(d) | Represents capital expenditures for the three and twelve months ended December 31, 2013 spent on apartment unit renovations (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets. |
25
CAMDEN | 2014 Financial Outlook | |||||||
as of January 30, 2014 | ||||||||
(Unaudited) | ||||||||
2013 Reported FFO, Adjusted for Non-Routine Items and Year End Shares Outstanding | ||||||||
($'s and shares in thousands) | ||||||||
Total | Per Share | |||||||
2013 Reported FFO | $368,321 | $4.11 | ||||||
Adjustments for 2013 non-routine items: | ||||||||
Less: Promoted equity interests | (5,120 | ) | (0.06 | ) | ||||
Less: Non-recurring fee income | (1,000 | ) | (0.01 | ) | ||||
Less: Gain on sale of properties, including land | (698 | ) | (0.01 | ) | ||||
2013 FFO adjusted for non-routine items | $361,503 | $4.04 | ||||||
2013 Fully Diluted Weighted Average Shares Outstanding - FFO | 89,580 | |||||||
December 31, 2013 Fully Diluted Weighted Average Shares Outstanding - FFO | 89,750 | |||||||
2013 FFO Adjusted for Non-Routine Items and December 31, 2013 Fully Diluted Shares Outstanding - FFO | $4.03 | |||||||
2014 Financial Outlook | ||||||||
Earnings Guidance - Per Diluted Share | ||||||||
Expected FFO per share - diluted | $4.10 - $4.30 | |||||||
"Same Property" Communities | ||||||||
Number of Units | 47,915 | |||||||
2013 Base Net Operating Income | $461 million | |||||||
Total Revenue Growth | 3.50% - 4.50% | |||||||
Total Expense Growth | 3.25% - 4.25% | |||||||
Net Operating Income Growth | 3.25% - 5.25% | |||||||
Impact from 1.0% change in NOI Growth is approximately $0.051 / share | ||||||||
Impact from 2014 Revenue Enhancing Repositions included in Same Store Net Operating Income Guidance (a) | 0.50% | |||||||
Physical Occupancy | 95% | |||||||
Capitalized Expenditures | ||||||||
Recurring | $56 - $60 million | |||||||
Revenue Enhancing Repositions (a) | $55 - $75 million | |||||||
Acquisitions/Dispositions | ||||||||
Disposition Volume (consolidated on balance sheet) | $250 - $350 million | |||||||
Disposition Volume (joint venture) | $100 - $450 million | |||||||
Acquisition Volume (consolidated on balance sheet) | $50 - $150 million | |||||||
Development | ||||||||
Development Starts (consolidated on balance sheet) | $150 - $300 million | |||||||
Development Spend (consolidated on balance sheet) | $450 - $550 million | |||||||
Non-Property Income | ||||||||
Non-Property Income, Net | $3 - $5 million | |||||||
Includes: Fee and asset management income, net of expenses and | ||||||||
Interest and other income | ||||||||
Corporate Expenses | ||||||||
General and administrative expense (b) | $39 - $41 million | |||||||
Property management expense | $22 - $24 million | |||||||
Capital | ||||||||
Expected Capital Transactions | $250 - $350 million | |||||||
Expensed Interest | $91 - $95 million | |||||||
Capitalized Interest | $21 - $23 million | |||||||
(a) Capital expenditures that improve a community's competitive position, typically kitchen and bath upgrades or other new amenities. | ||||||||
(b) Excludes any third party acquisition costs. | ||||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document. Additionally, please | ||||||||
refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
26
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||||||||||
DEFINITIONS & RECONCILIATIONS | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's | ||||||||||||||||
definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP | ||||||||||||||||
financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating | ||||||||||||||||
activities as a measure of our liquidity. | ||||||||||||||||
FFO | ||||||||||||||||
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance | ||||||||||||||||
with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, | ||||||||||||||||
and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities, | ||||||||||||||||
including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance | ||||||||||||||||
because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a | ||||||||||||||||
company's real estate between periods or as compared to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below: | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income attributable to common shareholders | $129,996 | $142,166 | $336,364 | $283,390 | ||||||||||||
Real estate depreciation from continuing operations | 54,520 | 49,454 | 209,474 | 190,238 | ||||||||||||
Real estate depreciation and amortization from discontinued operations | 199 | 2,893 | 5,255 | 15,199 | ||||||||||||
Adjustments for unconsolidated joint ventures | 1,422 | 1,741 | 5,738 | 7,939 | ||||||||||||
Income allocated to non-controlling interests | 5,123 | 3,971 | 9,927 | 6,475 | ||||||||||||
(Gain) on sale of unconsolidated joint venture properties | (3,245 | ) | (14,543 | ) | (16,277 | ) | (17,418 | ) | ||||||||
(Gain) on acquisition of controlling interest in joint ventures | - | (17,227 | ) | - | (57,418 | ) | ||||||||||
(Gain) on sale of discontinued operations, net of tax | (91,101 | ) | (82,527 | ) | (182,160 | ) | (115,068 | ) | ||||||||
Funds from operations - diluted | $96,914 | $85,928 | $368,321 | $313,337 | ||||||||||||
Weighted average number of common and | ||||||||||||||||
common equivalent shares outstanding: | ||||||||||||||||
EPS diluted | 88,686 | 88,020 | 88,494 | 85,556 | ||||||||||||
FFO diluted | 89,772 | 88,991 | 89,580 | 86,619 | ||||||||||||
Net income attributable to common shareholders - diluted | $1.46 | $1.60 | $3.78 | $3.30 | ||||||||||||
FFO per common share - diluted | $1.08 | $0.97 | $4.11 | $3.62 | ||||||||||||
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: | ||||||||||||||||
1Q14 Range | 2014 Range | |||||||||||||||
Low | High | Low | High | |||||||||||||
Expected net income attributable to common shareholders per share - diluted | $0.37 | $0.41 | $1.44 | $1.64 | ||||||||||||
Expected real estate depreciation | 0.62 | 0.62 | 2.56 | 2.56 | ||||||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.05 | 0.05 | ||||||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.05 | 0.05 | ||||||||||||
Expected FFO per share - diluted | $1.02 | $1.06 | $4.10 | $4.30 | ||||||||||||
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document. |
27
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||||||||||
DEFINITIONS & RECONCILIATIONS | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Net Operating Income (NOI) | ||||||||||||||||
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers | ||||||||||||||||
NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the | ||||||||||||||||
operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. | ||||||||||||||||
A reconciliation of net income attributable to common shareholders to net operating income is provided below: | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income attributable to common shareholders | $129,996 | $142,166 | $336,364 | $283,390 | ||||||||||||
Less: Fee and asset management income | (2,873 | ) | (2,773 | ) | (11,690 | ) | (12,345 | ) | ||||||||
Less: Interest and other (income) loss | (41 | ) | (40 | ) | (1,217 | ) | 710 | |||||||||
Less: Income on deferred compensation plans | (3,078 | ) | (952 | ) | (8,290 | ) | (4,772 | ) | ||||||||
Plus: Property management expense | 5,196 | 6,152 | 21,774 | 21,796 | ||||||||||||
Plus: Fee and asset management expense | 1,288 | 1,580 | 5,756 | 6,631 | ||||||||||||
Plus: General and administrative expense | 9,209 | 9,816 | 40,586 | 37,528 | ||||||||||||
Plus: Interest expense | 24,162 | 25,487 | 98,129 | 104,246 | ||||||||||||
Plus: Depreciation and amortization | 55,878 | 50,556 | 214,395 | 194,673 | ||||||||||||
Plus: Amortization of deferred financing costs | 859 | 887 | 3,548 | 3,608 | ||||||||||||
Plus: Expense on deferred compensation plans | 3,078 | 952 | 8,290 | 4,772 | ||||||||||||
Less: Gain on sale of land | - | - | (698 | ) | - | |||||||||||
Less: Gain on acquisition of controlling interests in joint ventures | - | (17,227 | ) | - | (57,418 | ) | ||||||||||
Less: Equity in income of joint ventures | (4,207 | ) | (15,489 | ) | (24,865 | ) | (20,175 | ) | ||||||||
Plus: Income tax expense - current | 239 | 216 | 1,826 | 1,208 | ||||||||||||
Less: Income from discontinued operations | (1,290 | ) | (4,526 | ) | (8,515 | ) | (17,406 | ) | ||||||||
Less: Gain on sale of discontinued operations, net of tax | (91,101 | ) | (82,527 | ) | (182,160 | ) | (115,068 | ) | ||||||||
Plus: Income allocated to non-controlling interests from continuing operations | 1,128 | 1,811 | 4,022 | 4,459 | ||||||||||||
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations | 3,995 | 2,169 | 5,905 | 3,200 | ||||||||||||
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) | $132,438 | $118,258 | $503,160 | $441,888 | ||||||||||||
"Same Property" Communities | $103,464 | $97,196 | $400,240 | $376,864 | ||||||||||||
Non-"Same Property" Communities | 28,154 | 20,488 | 99,983 | 62,089 | ||||||||||||
Development and Lease-Up Communities | (15 | ) | (17 | ) | (15 | ) | (17 | ) | ||||||||
Other | 835 | 591 | 2,952 | 2,952 | ||||||||||||
Net Operating Income (NOI) | $132,438 | $118,258 | $503,160 | $441,888 | ||||||||||||
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 | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income attributable to common shareholders | $129,996 | $142,166 | $336,364 | $283,390 | ||||||||||||
Plus: Interest expense | 24,162 | 25,487 | 98,129 | 104,246 | ||||||||||||
Plus: Amortization of deferred financing costs | 859 | 887 | 3,548 | 3,608 | ||||||||||||
Plus: Depreciation and amortization | 55,878 | 50,556 | 214,395 | 194,673 | ||||||||||||
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 | 1,128 | 1,811 | 4,022 | 4,459 | ||||||||||||
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations | 3,995 | 2,169 | 5,905 | 3,200 | ||||||||||||
Plus: Interest expense from discontinued operations | - | - | - | 36 | ||||||||||||
Plus: Income tax expense - current | 239 | 216 | 1,826 | 1,208 | ||||||||||||
Plus: Real estate depreciation and amortization from discontinued operations | 199 | 2,893 | 5,255 | 15,199 | ||||||||||||
Less: Gain on acquisition of controlling interests in joint ventures | - | (17,227 | ) | - | (57,418 | ) | ||||||||||
Less: Gain on sale of land | - | - | (698 | ) | - | |||||||||||
Less: Equity in income of joint ventures | (4,207 | ) | (15,489 | ) | (24,865 | ) | (20,175 | ) | ||||||||
Less: Gain on sale of discontinued operations, net of tax | (91,101 | ) | (82,527 | ) | (182,160 | ) | (115,068 | ) | ||||||||
EBITDA | $121,148 | $110,942 | $461,721 | $420,209 |
28
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: | Q1 '14 | Q2 '14 | Q3 '14 | Q4 '14 | |||||
Earnings release & conference call | Early May | Late July | Early Nov | Early Feb | |||||
Dividend Information - Common Shares: | Q1 '13 | Q2 '13 | Q3 '13 | Q4 '13 | Q1 '14 | ||||
Declaration Date | 01/31/13 | 06/14/13 | 09/16/13 | 12/03/13 | 01/30/14 | ||||
Record Date | 03/28/13 | 06/28/13 | 09/30/13 | 12/17/13 | 03/31/14 | ||||
Payment Date | 04/17/13 | 07/17/13 | 10/17/13 | 01/17/14 | 04/17/14 | ||||
Distributions Per Share | $0.63 | $0.63 | $0.63 | $0.63 | $0.66 | ||||
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 |
29
CAMDEN | COMMUNITY TABLE | |||||||||
Community Statistics as of 12/31/13 | ||||||||||
(Unaudited) | 4Q13 Avg | |||||||||
Year Placed | Average | Apartment | 4Q13 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 | 97% | $934 | $1.19 | ||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 95% | 1,009 | 0.95 | ||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 94% | 1,175 | 1.10 | ||
Camden Pecos Ranch | Chandler | AZ | 2001 | 924 | 272 | 96% | 891 | 0.96 | ||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 96% | 1,013 | 1.03 | ||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 96% | 1,009 | 0.97 | ||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 92% | 1,479 | 1.14 | ||
TOTAL ARIZONA | 7 | Properties | 1,007 | 2,095 | 96% | 1,040 | 1.03 | |||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 97% | 1,707 | 1.69 | ||
Camden Harbor View | Long Beach | CA | 2004 | 975 | 538 | 95% | 2,066 | 2.12 | ||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 97% | 1,876 | 1.86 | ||
Camden Martinique | Costa Mesa | CA | 1986 | 794 | 714 | 95% | 1,438 | 1.81 | ||
Camden Parkside | Fullerton | CA | 1972 | 836 | 421 | 95% | 1,304 | 1.56 | ||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 95% | 1,591 | 1.79 | ||
Total Los Angeles/Orange County | 6 | Properties | 904 | 2,481 | 96% | 1,652 | 1.83 | |||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 96% | 1,349 | 1.37 | ||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 96% | 1,682 | 1.62 | ||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 95% | 1,561 | 1.62 | ||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 97% | 2,169 | 2.42 | ||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 95% | 1,268 | 1.20 | ||
Total San Diego/Inland Empire | 5 | Properties | 991 | 1,665 | 96% | 1,539 | 1.55 | |||
TOTAL CALIFORNIA | 11 | Properties | 939 | 4,146 | 96% | 1,607 | 1.71 | |||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 94% | 1,220 | 1.38 | ||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 96% | 1,121 | 1.21 | ||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 96% | 1,288 | 1.27 | ||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 90% | 1,360 | 1.18 | ||
Camden Interlocken | Broomfield | CO | 1999 | 1,010 | 340 | 97% | 1,303 | 1.29 | ||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 94% | 1,119 | 1.20 | ||
TOTAL COLORADO | 6 | Properties | 991 | 1,941 | 95% | 1,236 | 1.25 | |||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 94% | 1,512 | 1.42 | ||
Camden Clearbrook | Frederick | MD | 2007 | 1,048 | 297 | 96% | 1,357 | 1.29 | ||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 95% | 1,582 | 1.68 | ||
Camden Dulles Station | Oak Hill | VA | 2009 | 978 | 382 | 97% | 1,635 | 1.67 | ||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 96% | 1,686 | 1.60 | ||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 488 | 96% | 1,734 | 1.86 | ||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 94% | 1,704 | 1.71 | ||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 94% | 2,437 | 3.63 | ||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 96% | 1,464 | 1.46 | ||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 95% | 1,612 | 1.57 | ||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 96% | 1,527 | 1.78 | ||
Camden Potomac Yard | Arlington | VA | 2008 | 835 | 378 | 96% | 2,040 | 2.44 | ||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 95% | 2,527 | 2.95 | ||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 94% | 1,413 | 1.42 | ||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 96% | 1,481 | 1.52 | ||
Camden South Capitol (1)(2) | Washington | DC | 2013 | 821 | 276 | Lease-up | 2,260 | 2.75 | ||
Camden Summerfield | Landover | MD | 2008 | 957 | 291 | 94% | 1,574 | 1.65 | ||
Camden Summerfield II | Landover | MD | 2012 | 936 | 187 | 92% | 1,593 | 1.70 | ||
TOTAL DC METRO | 18 | Properties | 956 | 6,083 | 95% | 1,672 | 1.75 | |||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 95% | 1,677 | 1.51 | ||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 97% | 1,809 | 1.93 | ||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 96% | 1,619 | 1.44 | ||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 96% | 1,743 | 1.39 | ||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 96% | 1,868 | 1.79 | ||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 97% | 1,379 | 1.15 | ||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 97% | 1,429 | 1.29 | ||
Total Southeast Florida | 7 | Properties | 1,103 | 2,520 | 96% | 1,639 | 1.49 | |||
Camden Club | Longwood | FL | 1986 | 1,077 | 436 | 97% | 924 | 0.86 | ||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 96% | 1,078 | 1.00 | ||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 96% | 945 | 0.99 | ||
Camden LaVina | Orlando | FL | 2012 | 970 | 420 | 94% | 1,107 | 1.14 | ||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 97% | 912 | 0.97 | ||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 96% | 1,157 | 1.42 | ||
Camden Renaissance | Altamonte Springs | FL | 1996/1998 | 899 | 578 | 96% | 858 | 0.95 | ||
Camden Town Square | Orlando | FL | 2012 | 986 | 438 | 94% | 1,135 | 1.15 | ||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 95% | 1,024 | 1.05 | ||
Total Orlando | 9 | Properties | 965 | 3,676 | 96% | 1,000 | 1.04 |
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CAMDEN | COMMUNITY TABLE | |||||||||
Community Statistics as of 12/31/13 | ||||||||||
(Unaudited) | 4Q13 Avg | |||||||||
Year Placed | Average | Apartment | 4Q13 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 | 96% | $921 | $0.98 | ||
Camden Bayside | Tampa | FL | 1987/1989 | 748 | 832 | 96% | 819 | 1.09 | ||
Camden Lakes | St. Petersburg | FL | 1982/1983 | 732 | 688 | 96% | 770 | 1.05 | ||
Camden Lakeside | Brandon | FL | 1986 | 729 | 228 | 95% | 774 | 1.06 | ||
Camden Montague | Tampa | FL | 2012 | 975 | 192 | 95% | 1,154 | 1.18 | ||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 92% | 1,144 | 1.22 | ||
Camden Providence Lakes | Brandon | FL | 1996 | 1,024 | 260 | 95% | 924 | 0.90 | ||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 97% | 970 | 0.95 | ||
Camden Visconti (1) | Tampa | FL | 2007 | 1,125 | 450 | 96% | 1,155 | 1.03 | ||
Camden Westchase Park | Tampa | FL | 2012 | 993 | 348 | 95% | 1,240 | 1.25 | ||
Camden Westshore | Tampa | FL | 1986 | 728 | 278 | 97% | 895 | 1.23 | ||
Camden Woods | Tampa | FL | 1986 | 1,223 | 444 | 96% | 898 | 0.73 | ||
Total Tampa/St. Petersburg | 12 | Properties | 916 | 5,108 | 96% | 941 | 1.03 | |||
TOTAL FLORIDA | 28 | Properties | 974 | 11,304 | 96% | 1,116 | 1.15 | |||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 97% | 1,113 | 1.21 | ||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 98% | 1,023 | 1.03 | ||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 95% | 1,107 | 0.93 | ||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 95% | 1,033 | 1.03 | ||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 95% | 1,145 | 1.22 | ||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 96% | 1,022 | 0.99 | ||
Camden Phipps (1) | Atlanta | GA | 1996 | 1,018 | 234 | 95% | 1,341 | 1.32 | ||
Camden River | Duluth | GA | 1997 | 1,103 | 352 | 97% | 940 | 0.85 | ||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 96% | 960 | 0.84 | ||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 96% | 1,056 | 1.06 | ||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 95% | 785 | 0.78 | ||
Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 94% | 1,112 | 1.23 | ||
TOTAL GEORGIA | 12 | Properties | 1,008 | 3,943 | 96% | 1,053 | 1.04 | |||
Camden Bel Air | Las Vegas | NV | 1988/1995 | 943 | 528 | 93% | 720 | 0.76 | ||
Camden Breeze | Las Vegas | NV | 1989 | 846 | 320 | 93% | 731 | 0.86 | ||
Camden Canyon | Las Vegas | NV | 1995 | 987 | 200 | 95% | 868 | 0.88 | ||
Camden Commons | Henderson | NV | 1988 | 936 | 376 | 96% | 760 | 0.81 | ||
Camden Cove | Las Vegas | NV | 1990 | 898 | 124 | 96% | 728 | 0.81 | ||
Camden Del Mar | Las Vegas | NV | 1995 | 986 | 560 | 96% | 919 | 0.93 | ||
Camden Fairways | Henderson | NV | 1989 | 896 | 320 | 97% | 874 | 0.98 | ||
Camden Hills | Las Vegas | NV | 1991 | 439 | 184 | 94% | 491 | 1.12 | ||
Camden Legends | Henderson | NV | 1994 | 792 | 113 | 98% | 820 | 1.04 | ||
Camden Palisades | Las Vegas | NV | 1991 | 905 | 624 | 95% | 720 | 0.80 | ||
Camden Pines | Las Vegas | NV | 1997 | 982 | 315 | 95% | 792 | 0.81 | ||
Camden Pointe | Las Vegas | NV | 1996 | 983 | 252 | 95% | 736 | 0.75 | ||
Camden Summit | Henderson | NV | 1995 | 1,187 | 234 | 94% | 1,104 | 0.93 | ||
Camden Tiara | Las Vegas | NV | 1996 | 1,043 | 400 | 96% | 858 | 0.82 | ||
Camden Vintage | Las Vegas | NV | 1994 | 978 | 368 | 95% | 699 | 0.71 | ||
TOTAL NEVADA | 15 | Properties | 938 | 4,918 | 95% | 790 | 0.84 | |||
Camden Ballantyne | Charlotte | NC | 1998 | 1,045 | 400 | 96% | 1,127 | 1.08 | ||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 98% | 1,362 | 1.51 | ||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 98% | 1,338 | 1.56 | ||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 96% | 1,030 | 0.99 | ||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 96% | 892 | 0.95 | ||
Camden Grandview | Charlotte | NC | 2000 | 1,057 | �� 266 | 97% | 1,497 | 1.41 | ||
Camden Pinehurst | Charlotte | NC | 1967 | 1,147 | 407 | 97% | 903 | 0.79 | ||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96% | 967 | 0.99 | ||
Camden Simsbury | Charlotte | NC | 1985 | 874 | 100 | 97% | 1,009 | 1.16 | ||
Camden South End Square | Charlotte | NC | 2003 | 882 | 299 | 96% | 1,238 | 1.40 | ||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 95% | 1,139 | 1.04 | ||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 99% | 852 | 0.95 | ||
Total Charlotte | 12 | Properties | 1,003 | 2,894 | 97% | 1,113 | 1.11 | |||
Camden Asbury Village (1) | Raleigh | NC | 2009 | 1,009 | 350 | 96% | 1,041 | 1.03 | ||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 98% | 866 | 0.86 | ||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 95% | 950 | 0.91 | ||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 96% | 923 | 0.87 | ||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 97% | 947 | 0.98 | ||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 95% | 1,051 | 0.99 | ||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 96% | 814 | 0.84 | ||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 96% | 876 | 0.85 | ||
Total Raleigh | 8 | Properties | 1,016 | 3,054 | 96% | 927 | 0.91 | |||
TOTAL NORTH CAROLINA | 20 | Properties | 1,010 | 5,948 | 96% | 1,018 | 1.01 |
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CAMDEN | COMMUNITY TABLE | |||||||||
Community Statistics as of 12/31/13 | ||||||||||
(Unaudited) | 4Q13 Avg | |||||||||
Year Placed | Average | Apartment | 4Q13 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% | $925 | $1.07 | ||
Camden Amber Oaks II (1) | Austin | TX | 2012 | 910 | 244 | 96% | 1,024 | 1.13 | ||
Camden Brushy Creek (1) | Cedar Park | TX | 2008 | 882 | 272 | 98% | 936 | 1.06 | ||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 97% | 1,076 | 1.18 | ||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 95% | 1,229 | 1.29 | ||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 97% | 893 | 0.99 | ||
Camden Ridgecrest | Austin | TX | 1995 | 855 | 284 | 95% | 813 | 0.95 | ||
Camden Shadow Brook (1) | Austin | TX | 2009 | 909 | 496 | 97% | 963 | 1.06 | ||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 96% | 1,068 | 1.18 | ||
Total Austin | 9 | Properties | 901 | 3,030 | 96% | 994 | 1.10 | |||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 96% | 1,145 | 1.32 | ||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 96% | 835 | 1.08 | ||
Camden Miramar (3) | Corpus Christi | TX | 1994-2013 | 492 | 930 | 98% | 1,049 | 2.14 | ||
Camden South Bay (1) | Corpus Christi | TX | 2007 | 1,055 | 270 | 94% | 1,253 | 1.19 | ||
Total Corpus Christi | 4 | Properties | 687 | 1,832 | 95% | 1,054 | 1.54 | |||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 95% | 956 | 1.01 | ||
Camden Belmont | Dallas | TX | 2010/2012 | 945 | 477 | 96% | 1,352 | 1.43 | ||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 96% | 994 | 1.08 | ||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 95% | 921 | 1.01 | ||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 96% | 953 | 1.23 | ||
Camden Design District (1) | Dallas | TX | 2009 | 939 | 355 | 96% | 1,255 | 1.34 | ||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 95% | 1,098 | 1.18 | ||
Camden Glen Lakes | Dallas | TX | 1979 | 877 | 424 | 95% | 894 | 1.02 | ||
Camden Henderson | Dallas | TX | 2012 | 967 | 106 | 96% | 1,466 | 1.52 | ||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 97% | 979 | 1.18 | ||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 96% | 1,012 | 1.16 | ||
Camden Panther Creek (1) | Frisco | TX | 2009 | 946 | 295 | 95% | 1,068 | 1.13 | ||
Camden Riverwalk (1) | Grapevine | TX | 2008 | 982 | 600 | 95% | 1,259 | 1.28 | ||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 98% | 872 | 1.17 | ||
Total Dallas/Ft. Worth | 14 | Properties | 902 | 5,667 | 96% | 1,071 | 1.19 | |||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 96% | 1,561 | 1.67 | ||
Camden City Centre II | Houston | TX | 2013 | 868 | 268 | 96% | 1,619 | 1.86 | ||
Camden Cypress Creek (1) | Cypress | TX | 2009 | 993 | 310 | 96% | 1,193 | 1.20 | ||
Camden Downs at Cinco Ranch (1) | Katy | TX | 2004 | 1,075 | 318 | 96% | 1,203 | 1.12 | ||
Camden Grand Harbor (1) | Katy | TX | 2008 | 959 | 300 | 96% | 1,102 | 1.15 | ||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96% | 1,342 | 1.56 | ||
Camden Heights (1) | Houston | TX | 2004 | 927 | 352 | 97% | 1,469 | 1.58 | ||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 94% | 1,145 | 1.23 | ||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 96% | 1,651 | 1.96 | ||
Camden Northpointe (1) | Tomball | TX | 2008 | 940 | 384 | 96% | 1,025 | 1.09 | ||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 97% | 998 | 1.15 | ||
Camden Park | Houston | TX | 1995 | 866 | 288 | 97% | 953 | 1.10 | ||
Camden Piney Point (1) | Houston | TX | 2004 | 919 | 318 | 97% | 1,204 | 1.31 | ||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 97% | 1,512 | 1.65 | ||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 94% | 2,526 | 2.11 | ||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 99% | 1,192 | 1.29 | ||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 100% | 1,356 | 1.29 | ||
Camden Spring Creek (1) | Spring | TX | 2004 | 1,080 | 304 | 97% | 1,096 | 1.02 | ||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 97% | 1,010 | 1.19 | ||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 97% | 1,004 | 1.09 | ||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 97% | 1,588 | 1.94 | ||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 97% | 1,362 | 1.58 | ||
Camden Whispering Oaks | Houston | TX | 2008 | 934 | 274 | 97% | 1,168 | 1.25 | ||
Camden Woodson Park (1) | Houston | TX | 2008 | 916 | 248 | 96% | 1,048 | 1.14 | ||
Camden Yorktown (1) | Houston | TX | 2008 | 995 | 306 | 97% | 1,098 | 1.10 | ||
Total Houston | 25 | Properties | 930 | 8,752 | 96% | 1,305 | 1.40 | |||
Camden Braun Station (1) | San Antonio | TX | 2006 | 827 | 240 | 96% | 869 | 1.05 | ||
Total San Antonio | 1 | Properties | 827 | 240 | 96% | 869 | 1.05 | |||
TOTAL TEXAS | 53 | Properties | 893 | 19,521 | 96% | 1,160 | 1.30 | |||
TOTAL PROPERTIES | 170 | Properties | 948 | 59,899 | 96% | $1,181 | $1.25 | |||
(1) | Communities owned through investment in joint venture. | |||||||||
(2) | Completed communities in lease-up as of December 31, 2013 are excluded from total occupancy numbers. | |||||||||
(3) | Miramar is a student housing community which is excluded from total occupancy numbers. |
32