EXHIBIT 99.1
Camden Property Trust Announces Second Quarter 2005 Operating Results
HOUSTON--(BUSINESS WIRE)--Aug. 1, 2005--Camden Property Trust
(NYSE:CPT) announced that its net income ("EPS") for the second
quarter of 2005 was $21.9 million or $0.39 per diluted share compared
to $7.7 million or $0.18 per diluted share for the same period in
2004. For the six months ended June 30, 2005, EPS totaled $188.5
million or $3.53 per diluted share compared to $17.0 million or $0.40
per diluted share for the same period in 2004. EPS for the three
months ended June 30, 2005 included a $0.39 per diluted share impact
from gain on sale of discontinued operations. EPS for the six months
ended June 30, 2005 included a $3.12 per diluted share impact from
gain on sale of properties and discontinued operations, $0.45 per
diluted share income from the sale of technology investments, and a
$0.26 per diluted share charge for transaction compensation and merger
expenses.
Funds From Operations ("FFO")
FFO for the second quarter of 2005 totaled $0.80 per diluted share
or $47.0 million, as compared to $0.79 per diluted share or $35.1
million reported for the same period in 2004. FFO for the six months
ended June 30, 2005 totaled $1.88 per diluted share or $101.4 million,
as compared to $1.63 per diluted share or $71.9 million reported for
the same period in 2004. FFO for the six months ended June 30, 2005
included a $0.45 per diluted share impact from the sale of technology
investments, and a $0.26 per diluted share charge for transaction
compensation and merger expenses. FFO for the six months ended June
30, 2004 included income of $0.04 per diluted share related to an
insurance settlement for lost rents related to a fire in one of
Camden's communities in 2000, and $0.02 per diluted share associated
with the sale of technology investments. A reconciliation of net
income to FFO is included in the financial tables accompanying this
press release.
Same-Property Results
For the 50,970 apartment homes included in consolidated
same-property results, second quarter 2005 same-property net operating
income ("NOI") growth was 3.9% compared to the second quarter of 2004,
with revenues increasing 3.5% and operating expenses increasing 2.8%.
On a sequential basis, second quarter 2005 same-property NOI increased
3.3% compared to first quarter 2005, with revenues increasing 2.5% and
expenses increasing 1.3% compared to the prior quarter. On a
year-to-date basis, 2005 same-property NOI increased 1.9%, with
revenue growth of 2.3% and expense growth of 2.8% compared to the same
period in 2004. Same-property physical occupancy levels for the
combined portfolio averaged 95.2% during the second quarter of 2005,
compared to 94.0% in the second quarter of 2004 and 93.8% in the first
quarter of 2005.
For the 39,887 apartment homes included in Camden's same-property
results, second quarter 2005 revenues increased 3.0% while operating
expenses increased 0.6%, producing a 4.7% increase in same-property
net operating income ("NOI") compared to the second quarter of 2004.
On a sequential basis, second quarter 2005 same-property NOI increased
3.3% compared to first quarter 2005, with revenues increasing 2.1% and
expenses increasing 0.4% compared to the prior quarter. On a
year-to-date basis, 2005 same-property NOI increased 1.6%, with
revenue growth of 1.7% and expense growth of 1.9% compared to the same
period in 2004.
For the 11,083 same-property apartment homes acquired from Summit,
second quarter 2005 revenues increased 4.7% while operating expenses
increased 10.5%, producing a 2.0% increase in same-property net
operating income ("NOI") compared to the second quarter of 2004. On a
sequential basis, second quarter 2005 same-property NOI increased by
3.1% compared to first quarter 2005, with revenues increasing 3.5% and
expenses increasing 4.3% compared to the prior quarter. On a
year-to-date basis, 2005 same-property NOI increased 2.8%, with
revenue growth of 3.7% and expense growth of 5.5% compared to the same
period in 2004.
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.
Development Activity
During the quarter, Camden continued construction on ten apartment
communities (including one joint venture community), four of which
were originally Summit developments. Of those projects, three are
currently in lease-up: Camden Lago Vista in Orlando, FL, Camden
Westwind in Ashburn, VA (joint venture), and Camden Farmers Market II
in Dallas, TX. The projects are currently 80%, 28% and 12% leased,
respectively. The remaining eight communities under construction are
expected to begin lease-ups in late 2005 or during 2006.
Camden also announced one new development start during the
quarter: Camden Royal Oaks, an age-restricted project in Houston, TX,
with 236 apartment homes. Initial occupancy for Camden Royal Oaks is
expected to occur in the first quarter of 2006, with stabilization
projected in mid-2007.
Disposition Activity
During the quarter, the Company disposed of Camden Ybor City, a
454-home apartment community in Tampa, FL for $61.5 million.
Subsequent to quarter-end, Camden sold Summit Lenox, a 431-home
apartment community in Atlanta, GA for $30.2 million.
Earnings Guidance
Camden updated 2005 earnings guidance, narrowing the expected
range by $0.05 per diluted share on both the high and low ends of the
range, and incorporating a one-time charge of $0.04 per diluted share
relating to the refinancing of joint venture debt anticipated during
the third quarter of 2005. The Company now expects 2005 FFO of $3.40
to $3.50 per diluted share, and third quarter 2005 FFO of $0.74 to
$0.78 per diluted share. EPS is expected to be between ($0.04) and
($0.08) per diluted share for the third quarter of 2005, and between
$3.24 and $3.34 for full-year 2005, including the anticipated charge
relating to refinancing of joint venture debt, and excluding any
future gains from potential property or land sales. Camden updates its
earnings guidance to the market on a quarterly basis. A reconciliation
of expected net income to expected FFO is included in the financial
tables accompanying this press release.
Conference Call
The Company will hold a conference call on Tuesday, August 2, 2005
at 1:00 p.m. Central Time to review its second quarter results and
discuss its outlook for future performance. To participate in the
call, please dial 866-761-0748 (domestic) or 617-614-2706
(international) by 12:50 p.m. Central Time and request the Camden
Property Trust Second Quarter Earnings Call, Conference Passcode
#23073400, or join the live webcast of the conference call by
accessing the Investor Relations section of the Company's website at
www.camdenliving.com. Supplemental financial information is available
in the Investor Relations section of the Company's website or by
calling Camden's Investor Relations Department at 800-922-6336.
Forward-Looking Statements
In addition to historical information, this press release contains
forward-looking statements under the federal securities law. These
statements are based on current expectations, estimates and
projections about the industry and markets in which Camden operates,
management's beliefs, and assumptions made by management.
Forward-looking statements are not guarantees of future performance
and involve certain risks and uncertainties which are difficult to
predict.
About Camden
Camden Property Trust is a real estate company engaged in the
ownership, development, acquisition, management and disposition of
multifamily apartment communities. Camden owns interests in and
operates 190 properties containing 65,561 apartment homes across the
United States. Upon completion of eleven properties under development,
the Company's portfolio will increase to 69,422 apartment homes in 201
properties.
For additional information, please contact Camden's Investor
Relations Department at 800-922-6336 or 713-354-2787 or access our
website at http://www.camdenliving.com.
CAMDEN OPERATING RESULTS
(In thousands, except per share and property data amounts)
- ----------------------------------------------------------------------
(Unaudited) Three Months Ended Six Months Ended
June 30, June 30,
------------------ -------------------
OPERATING DATA 2005 2004 2005 (a) 2004
----------------------------- ------------------ -------------------
Property Revenues
Rental revenues $127,986 $93,227 $235,303 $186,881
Other property revenues 11,521 8,509 21,345 16,752
------------------ -------------------
Total property revenues 139,507 101,736 256,648 203,633
Property Expenses
Property operating and
maintenance 38,235 30,564 72,409 60,017
Real estate taxes 15,780 11,496 28,957 22,678
------------------ -------------------
Total property expenses 54,015 42,060 101,366 82,695
Non-property income
Fee and asset management 1,834 2,496 9,140 4,677
Sale of technology
investments - - 24,199 863
Interest and other income 1,265 1,801 4,488 5,219
------------------ -------------------
Total non-property income 3,099 4,297 37,827 10,759
Other expenses
Property management 3,922 2,742 7,142 5,611
Fee and asset management 1,043 1,006 2,991 1,995
General and administrative 6,558 4,140 11,834 8,326
Transaction compensation and
merger expenses 261 - 14,085 -
Interest 28,584 19,261 52,085 40,396
Amortization of deferred
financing costs 796 719 2,017 1,483
Amortization of acquired in
place leases 9,497 - 12,663 -
Depreciation and amortization 36,116 25,727 66,034 51,520
------------------ -------------------
Total other expenses 86,777 53,595 168,851 109,331
------------------ -------------------
Income from continuing 1,814 10,378 24,258 22,366
operations before gain on
sale of properties, equity
in income of joint ventures
and minority interests
Gain on sale of properties,
including land - - 132,128 1,255
Equity in income of joint
ventures 245 67 355 166
Income allocated to minority
interests
Distributions on perpetual
preferred units (1,750) (2,843) (3,528) (5,686)
Original issuance costs on
redeemed perpetual
preferred units - - (365) -
Income allocated to common
units and other minority
interests (581) (728) (1,726) (1,441)
------------------ -------------------
Income (loss) from continuing
operations (272) 6,874 151,122 16,660
Income from discontinued
operations 400 821 1,290 1,609
Income from discontinued
operations allocated to
common units - (41) - (84)
Impairment loss on land
held for sale - - - (1,143)
Gain on sale of
discontinued operations 21,724 - 36,104 -
------------------ -------------------
Net income $21,852 $7,654 $188,516 $17,042
================== ===================
PER SHARE DATA
-----------------------------
Net income - basic $0.41 $0.19 $3.78 $0.42
Net income - diluted 0.39 0.18 3.53 0.40
Income (loss) from
continuing operations -
basic 0.00 0.17 3.03 0.41
Income (loss) from
continuing operations -
diluted (0.01) 0.16 2.84 0.39
Weighted average number of
common and common equivalent
shares outstanding:
Basic 53,873 40,291 49,909 40,161
Diluted 55,538 42,419 53,916 42,283
PROPERTY DATA
-----------------------------
Total operating properties
(end of period) (b) 191 145 191 145
Total operating apartment
homes in operating
properties (end of period)
(b) 65,992 51,882 65,992 51,882
Total operating apartment
homes (weighted average) 56,296 47,013 53,476 46,962
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 55,800 45,575 52,867 45,524
(a) The Company's 2005 financial results include the results of Summit
subsequent to February 28, 2005.
(b) Includes joint ventures and properties held for sale.
Note: Please refer to following pages for definitions and
reconciliations of all non-GAAP financial measures presented in
this document.
CAMDEN FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
- ----------------------------------------------------------------------
(Unaudited) Three Months Ended Six Months Ended
June 30, June 30,
------------------ -----------------
FUNDS FROM OPERATIONS 2005 2004 2005 (a) 2004
-------------------------------- ------------------ -----------------
Net income $21,852 $7,654 $188,516 $17,042
Real estate depreciation and
amortization from continuing
operations 45,005 25,312 77,463 50,616
Real estate depreciation from
discontinued operations - 814 - 1,630
Adjustments for unconsolidated
joint ventures 1,297 525 1,965 1,047
Income from continuing
operations allocated to
common units 581 728 1,726 1,441
Income from discontinued
operations allocated to
common units - 41 - 84
(Gain) on sale of operating
properties - - (132,117) -
(Gain) on sale of discontinued
operations (21,724) - (36,104) -
------------------ -----------------
Funds from operations -
diluted $47,011 $35,074 $101,449 $71,860
================== =================
PER SHARE DATA
--------------------------------
Funds from operations -
diluted $0.80 $0.79 $1.88 $1.63
Cash distributions 0.64 0.64 1.27 1.27
Weighted average number of
common and common equivalent
shares outstanding:
FFO - diluted 58,407 44,295 53,916 44,160
PROPERTY DATA
--------------------------------
Total operating properties
(end of period) (b) 191 145 191 145
Total operating apartment
homes in operating properties
(end of period) (b) 65,992 51,882 65,992 51,882
Total operating apartment
homes (weighted average) 56,296 47,013 53,476 46,962
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 55,800 45,575 52,867 45,524
(a) The Company's 2005 financial results include the results of Summit
subsequent to February 28, 2005.
(b) Includes joint ventures and properties held for sale.
Note: Please refer to following pages for definitions and
reconciliations of all non-GAAP financial measures presented in
this document.
CAMDEN BALANCE SHEETS
(In thousands)
- ----------------------------------------------------------------------
(Unaudited) Jun 30, Mar 31,
2005 2005
-------------- --------------
ASSETS
Real estate assets, at cost
Land $657,433 $655,321
Buildings and improvements 3,839,732 3,810,003
-------------- --------------
4,497,165 4,465,324
Accumulated depreciation (694,120) (658,683)
-------------- --------------
Net operating real estate assets 3,803,045 3,806,641
Properties under development,
including land 368,022 348,202
Investment in joint ventures 37,074 38,107
Properties held for sale 39,930 72,338
-------------- --------------
Total real estate assets 4,248,071 4,265,288
Accounts receivable - affiliates 35,084 33,587
Notes receivable
Affiliates 11,108 10,729
Other 32,283 32,274
Other assets, net (a) 101,475 95,941
Cash and cash equivalents 6,432 6,351
Restricted cash 6,375 5,835
-------------- --------------
Total assets $4,440,828 $4,450,005
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $1,860,107 $1,900,710
Secured 672,557 675,473
Accounts payable 61,220 54,975
Accrued real estate taxes 29,510 17,179
Accrued expenses and other
liabilities (b) 130,993 131,155
Distributions payable 39,513 15,223
-------------- --------------
Total liabilities 2,793,900 2,794,715
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925
Common units 118,119 121,734
Other minority interests 9,878 9,880
-------------- --------------
Total minority interests 225,922 229,539
Shareholders' equity
Common shares of beneficial interest 606 605
Additional paid-in capital 1,910,750 1,903,541
Distributions in excess of net income (236,954) (224,533)
Unearned restricted share awards (15,732) (15,185)
Employee notes receivable (2,084) (3,097)
Treasury shares, at cost (235,580) (235,580)
-------------- --------------
Total shareholders' equity 1,421,006 1,425,751
-------------- --------------
Total liabilities and
shareholders' equity $4,440,828 $4,450,005
============== ==============
(a) includes:
net deferred charges of: $14,266 $13,386
value of in place leases of: $18,995 $29,186
(b) includes:
deferred revenues of: $34,990 $35,797
above/below market leases of: $1,675 $2,537
(Unaudited) Dec 31, Sep 30, Jun 30,
2004 2004 2004
----------- ----------- -----------
ASSETS
Real estate assets, at cost
Land $399,054 $406,760 $406,626
Buildings and improvements 2,511,195 2,583,555 2,573,099
----------- ----------- -----------
2,910,249 2,990,315 2,979,725
Accumulated depreciation (688,333) (680,184) (653,581)
----------- ----------- -----------
Net operating real estate
assets 2,221,916 2,310,131 2,326,144
Properties under development,
including land 176,769 174,351 163,326
Investment in joint ventures 9,641 10,076 10,371
Properties held for sale 62,418 1,800 1,800
----------- ----------- -----------
Total real estate assets 2,470,744 2,496,358 2,501,641
Accounts receivable - affiliates 31,380 30,434 29,981
Notes receivable
Affiliates 10,367 10,010 9,665
Other 44,547 53,599 48,333
Other assets, net (a) 66,164 49,804 48,063
Cash and cash equivalents 2,253 2,465 1,922
Restricted cash 3,909 4,259 4,841
----------- ----------- -----------
Total assets $2,629,364 $2,646,929 $2,644,446
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities
Notes payable
Unsecured $1,407,208 $1,435,197 $1,332,216
Secured 169,197 170,129 229,423
Accounts payable 31,904 28,794 31,309
Accrued real estate taxes 27,324 32,732 21,935
Accrued expenses and other
liabilities (b) 65,237 48,192 43,957
Distributions payable 30,412 30,331 31,038
----------- ----------- -----------
Total liabilities 1,731,282 1,745,375 1,689,878
Commitments and contingencies
Minority interests
Perpetual preferred units 115,060 115,060 149,815
Common units 44,507 43,881 44,884
Other minority interests - - -
----------- ----------- -----------
Total minority interests 159,567 158,941 194,699
Shareholders' equity
Common shares of beneficial
interest 486 486 485
Additional paid-in capital 1,348,848 1,346,040 1,344,366
Distributions in excess of net
income (361,973) (353,996) (333,416)
Unearned restricted share awards (13,023) (14,069) (15,384)
Employee notes receivable - - -
Treasury shares, at cost (235,823) (235,848) (236,182)
----------- ----------- -----------
Total shareholders' equity 738,515 742,613 759,869
----------- ----------- -----------
Total liabilities and
shareholders' equity $2,629,364 $2,646,929 $2,644,446
=========== =========== ===========
(a) includes:
net deferred charges of: $11,361 $8,917 $8,756
value of in place leases of: - - -
(b) includes:
deferred revenues of: $2,280 $1,657 $1,877
above/below market leases of: - - -
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
- ----------------------------------------------------------------------
(Unaudited)
This document contains certain non-GAAP financial measures that
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 computed in accordance with
generally accepted accounting principles ("GAAP"), excluding gains
or losses from of 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 to FFO is provided below:
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -------------------
2005 2004 2005 2004
------------------ -------------------
Net income $21,852 $7,654 $188,516 $17,042
Real estate depreciation and
amortization from
continuing operations 45,005 25,312 77,463 50,616
Real estate depreciation
from discontinued
operations - 814 - 1,630
Adjustments for
unconsolidated joint
ventures 1,297 525 1,965 1,047
Income from continuing
operations allocated to
common units 581 728 1,726 1,441
Income from discontinued
operations allocated to
common units - 41 - 84
(Gain) on sale of operating
properties - - (132,117) -
(Gain) on sale of
discontinued operations (21,724) - (36,104) -
------------------ -------------------
Funds from operations -
diluted $47,011 $35,074 $101,449 $71,860
================== ===================
Weighted average number of
common and common equivalent
shares outstanding:
EPS diluted 55,538 42,419 53,916 42,283
FFO diluted 58,407 44,295 53,916 44,160
Net income per common share -
diluted 0.39 0.18 $3.53 $0.40
FFO per common share - diluted $0.80 $0.79 $1.88 $1.63
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
(EPS). A reconciliation of the ranges provided for expected net
income per diluted share to expected FFO per diluted share is
provided below:
3Q05 Range 2005 Range
Low High Low High
------------------ -------------------
Expected net income per share
- diluted ($0.08) ($0.04) $3.24 $3.34
Expected real estate
depreciation 0.79 0.79 3.01 3.01
Expected adjustments for
unconsolidated joint ventures 0.02 0.02 0.08 0.08
Expected income allocated to
common units 0.01 0.01 0.04 0.04
Expected (gain) on sale of
properties and properties
held for sale 0.00 0.00 (2.98) (2.98)
------------------ -------------------
Expected FFO per share -
diluted $0.74 $0.78 $3.40 $3.50
Note: This table contains forward-looking statements. Please see the
paragraph regarding forward-looking statements earlier in this
document.
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 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 to net
operating income is provided below:
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -------------------
2005 2004 2005 2004
------------------ -------------------
Net income $21,852 $7,654 $188,516 $17,042
Fee and asset management (1,834) (2,496) (9,140) (4,677)
Sale of technology investments - - (24,199) (863)
Interest and other income (1,265) (1,801) (4,488) (5,219)
Property management expense 3,922 2,742 7,142 5,611
Fee and asset management
expense 1,043 1,006 2,991 1,995
General and administrative
expense 6,558 4,140 11,834 8,326
Transaction compensation and
merger expenses 261 - 14,085 -
Interest expense 28,584 19,261 52,085 40,396
Amortization of deferred
financing costs 796 719 2,017 1,483
Amortization of acquired in
place leases 9,497 - 12,663 -
Depreciation and amortization 36,116 25,727 66,034 51,520
Gain on sale of properties,
including land - - (132,128) (1,255)
Impairment loss on land held
for sale - - - 1,143
Equity in income of joint
ventures (245) (67) (355) (166)
Distributions on perpetual
preferred units 1,750 2,843 3,528 5,686
Original issuance costs on
redeemed perpetual preferred
units - - 365 -
Income allocated to common
units and other minority
interests 581 728 1,726 1,441
Income from discontinued
operations (400) (821) (1,290) (1,609)
Income from discontinued
operations allocated to
common units - 41 - 84
Gain on sale of discontinued
operations (21,724) - (36,104) -
------------------ -------------------
Net Operating Income (NOI) $85,492 $59,676 $155,282 $120,938
CPT-"Same Property"
Communities $52,677 $50,304 $103,656 $102,057
Summit-"Same Property"
Communities 22,452 - 29,724 -
CPT Non-"Same Property"
Communities 3,969 2,873 8,331 5,870
Summit Non-"Same Property"
Communities 5,240 - 6,797 -
Development and Lease-Up
Communities 204 - 233 -
Dispositions / Other 950 6,499 6,541 13,011
------------------ -------------------
Net Operating Income (NOI) $85,492 $59,676 $155,282 $120,938
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 of joint
ventures, gain on sale of real estate assets, and income allocated
to minority interests. The Company considers EBITDA to be an
appropriate supplemental measure of operating performance to net
income 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 to EBITDA is provided
below:
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -------------------
2005 2004 2005 2004
------------------ -------------------
Net income $21,852 $7,654 $188,516 $17,042
Interest expense 28,584 19,261 52,085 40,396
Amortization of deferred
financing costs 796 719 2,017 1,483
Amortization of acquired in
place leases 9,497 - 12,663 -
Depreciation and amortization 36,116 25,727 66,034 51,520
Distributions on perpetual
preferred units 1,750 2,843 3,528 5,686
Original issuance costs on
redeemed perpetual preferred
units - - 365 -
Income allocated to common
units 581 728 1,726 1,441
Real estate depreciation from
discontinued operations - 814 - 1,630
Gain on sale of properties,
including land - - (132,128) (1,255)
Impairment loss on land held
for sale - - - 1,143
Equity in income of joint
ventures (245) (67) (355) (166)
Gain on sale of discontinued
operations (21,724) - (36,104) -
Income from discontinued
operations allocated to
common units - 41 - 84
------------------ -------------------
EBITDA $77,207 $57,720 $158,347 $119,004
CONTACT: Camden Property Trust, Houston
Kim Callahan, 713-354-2549