EXHIBIT 99.2
SECOND QUARTER 2005
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Supplemental Operating and Financial Data
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[GRAPHIC IMAGE OMITTED]
Summit Roosevelt - Washington D.C.
198 Apartment Homes
Camden Property Trust
Three Greenway Plaza, Suite 1300
Houston, Texas 77046
Phone: 713-354-2500 Fax: 713-354-2700
www.camdenliving.com
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 operat
CAMDEN TABLE OF CONTENTS
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Page
Press Release Text 3
Financial Highlights 6
Operating Results 7
Funds from Operations 8
Balance Sheets 9
Portfolio Statistics 10
Components of Property Net Operating Income 11
"Same Property" Second Quarter Comparisons 12
"Same Property" Sequential Quarter Comparisons 13
"Same Property" Year to Date Comparisons 14
Joint Venture Operations 15
Development Pipeline 16
Pre - Development Pipeline 17
Mezzanine Financing Summary 18
Acquisitions & Dispositions 19
Debt Analysis 20
Debt Covenant Analysis 21
Capitalized Expenditures & Maintenance Expense 22
Non-GAAP Financial Measures - Definitions & Reconciliations 23
Other Data 25
Community Table 26
2
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.
3
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.
4
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.
5
CAMDEN FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
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(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
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2005 2004 2005 (a) (2004)
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Total property revenues $139,507 $101,736 $256,648 $203,633
EBITDA 77,207 57,720 158,347 119,004
Net income 21,852 7,654 188,516 17,042
Per share - basic 0.41 0.19 3.78 0.42
Per share - diluted 0.39 0.18 3.53 0.40
Income from continuing operations (272) 6,874 151,122 16,660
per share - basic - 0.17 3.03 0.41
per share - diluted (0.01) 0.16 2.84 0.39
Funds from operations 47,011 35,074 101,449 71,860
Per share - diluted 0.80 $0.79 1.88 1.63
Dividends per share 0.64 0.64 1.27 1.27
Dividend payout ratio 80.0% 81.0% 67.6% 77.9%
Interest expensed 28,584 19,261 52,085 40,396
Interest capitalized 4,508 2,070 7,642 4,672
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Total interest incurred 33,092 21,331 59,727 45,068
Principal amortization 2,916 1,199 4,455 2,375
Preferred dividends & distributions 1,750 2,843 3,528 5,686
Interest expense coverage ratio 2.7 x 3.0 x 3.0 x 2.9 x
Total interest coverage ratio 2.3 x 2.7 x 2.7 x 2.6 x
Fixed charge expense coverage ratio 2.3 x 2.5 x 2.6 x 2.5 x
Total fixed charge coverage ratio 2.0 x 2.3 x 2.3 x 2.2 x
Same property NOI increase/(decrease) (b) 3.9% 1.9%
(# of apartment homes included) 50,970 50,970
Gross turnover of apartment homes
(annualized) 71% 62%
Net turnover (excludes on-site transfers
and transfers to other Camden communities) 65% 56%
As of June 30,
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2005 2004
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Total assets $4,440,828 $2,644,446
Total debt $2,532,664 $1,561,639
Common and common equivalent shares,
outstanding end of period (c) 58,586 44,424
Share price, end of period $53.75 $45.80
Preferred units, end of period $97,925 $149,815
Book equity value, end of period (d) $1,646,928 $954,568
Market equity value, end of period (d) $3,248,998 $2,187,619
Debt to total market capitalization ratio 43.8% 41.7%
Unencumbered real estate assets (at cost)
to unsecured debt ratio 201% 201%
(a) The Company's 2005 financial results include the results of Summit
subsequent to February 28, 2005.
(b) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2004, excluding properties held for
sale. Results are profoma for both Camden and Summit as if the merger
occurred on January 1, 2004.
(c) Includes at June 30, 2005: 54,494 common shares (including 508 common share
equivalents related to share awards & options), plus common share
equivalents upon the assumed conversion of minority interest units (4,092)
(d) Includes: common shares, preferred and common units, and common share
equivalents
Note: Please refer to pages 23 and 24 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)
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(Unaudited) Three Months Ended Six Months Ended
June 30, June 30,
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OPERATING DATA 2005 2004 2005 (a) (2004)
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Property Revenues
Rental revenues $127,986 $93,227 $235,303 $186,881
Other property revenues 11,521 8,509 21,345 16,752
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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
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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
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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
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Total other expenses 86,777 53,595 168,851 109,331
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Income from continuing operations before gain on sale of properties, 1,814 10,378 24,258 22,366
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)
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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 -
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Net income $ 21,852 $ 7,654 $188,516 $ 17,042
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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 pages 23 and 24 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)
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(Unaudited) Three Months Ended Six Months Ended
June 30, June 30,
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FUNDS FROM OPERATIONS 2005 2004 2005 (a) (2004)
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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) -
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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 pages 23 and 24 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
8
CAMDEN BALANCE SHEETS
(In thousands)
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(Unaudited) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2005 2005 2004 2004 2004
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ASSETS
Real estate assets, at cost
Land $ 657,433 $ 655,321 $ 399,054 $ 406,760 $ 406,626
Buildings and improvements 3,839,732 3,810,003 2,511,195 2,583,555 2,573,099
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4,497,165 4,465,324 2,910,249 2,990,315 2,979,725
Accumulated depreciation (694,120) (658,683) (688,333) (680,184) (653,581)
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Net operating real estate assets 3,803,045 3,806,641 2,221,916 2,310,131 2,326,144
Properties under development, including land 368,022 348,202 176,769 174,351 163,326
Investment in joint ventures 37,074 38,107 9,641 10,076 10,371
Properties held for sale 39,930 72,338 62,418 1,800 1,800
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Total real estate assets 4,248,071 4,265,288 2,470,744 2,496,358 2,501,641
Accounts receivable - affiliates 35,084 33,587 31,380 30,434 29,981
Notes receivable
Affiliates 11,108 10,729 10,367 10,010 9,665
Other 32,283 32,274 44,547 53,599 48,333
Other assets, net (a) 101,475 95,941 66,164 49,804 48,063
Cash and cash equivalents 6,432 6,351 2,253 2,465 1,922
Restricted cash 6,375 5,835 3,909 4,259 4,841
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Total assets $4,440,828 $4,450,005 $2,629,364 $2,646,929 $2,644,446
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $1,860,107 $1,900,710 $1,407,208 $1,435,197 $1,332,216
Secured 672,557 675,473 169,197 170,129 229,423
Accounts payable 61,220 54,975 31,904 28,794 31,309
Accrued real estate taxes 29,510 17,179 27,324 32,732 21,935
Accrued expenses and other liabilities (b) 130,993 131,155 65,237 48,192 43,957
Distributions payable 39,513 15,223 30,412 30,331 31,038
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Total liabilities 2,793,900 2,794,715 1,731,282 1,745,375 1,689,878
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925 115,060 115,060 149,815
Common units 118,119 121,734 44,507 43,881 44,884
Other minority interests 9,878 9,880 - - -
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Total minority interests 225,922 229,539 159,567 158,941 194,699
Shareholders' equity
Common shares of beneficial interest 606 605 486 486 485
Additional paid-in capital 1,910,750 1,903,541 1,348,848 1,346,040 1,344,366
Distributions in excess of net income (236,954) (224,533) (361,973) (353,996) (333,416)
Unearned restricted share awards (15,732) (15,185) (13,023) (14,069) (15,384)
Employee notes receivable (2,084) (3,097) - - -
Treasury shares, at cost (235,580) (235,580) (235,823) (235,848) (236,182)
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Total shareholders' equity 1,421,006 1,425,751 738,515 742,613 759,869
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Total liabilities and shareholders' equity $4,440,828 $4,450,005 $2,629,364 $2,646,929 $2,644,446
===========================================================================
(a) includes:
net deferred charges of: $ 14,266 $ 13,386 $ 11,361 $ 8,917 $ 8,756
value of in place leases of: $ 18,995 $ 29,186 - - -
(b) includes:
deferred revenues of: $ 34,990 $ 35,797 $ 2,280 $ 1,657 $ 1,877
above/below market leases of: $ 1,675 $ 2,537 - - -
9
CAMDEN PORTFOLIO STATISTICS
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(Unaudited)
COMMUNITY PORTFOLIO AT JUNE 30, 2005 (in apartment homes)
CPT- Summit Non- Completed Under
"Same "Same "Same Wholly- Joint Stabilized in Total Develop-
Property" Property" Property"(a) Owned Venture Operating Lease-up Operating ment Total
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Las Vegas, NV 4,017 - - 4,017 5,176 9,193 - 9,193 - 9,193
D.C. Metro (b) - 2,330 552 2,882 - 2,882 - 2,882 1,996 4,878
Los Angeles/Orange County, CA 1,232 - 538 1,770 421 2,191 - 2,191 - 2,191
San Diego/Inland Empire, CA 424 - 422 846 - 846 - 846 350 1,196
Dallas, TX 7,903 - - 7,903 456 8,359 - 8,359 284 8,643
Tampa, FL 5,635 - - 5,635 - 5,635 - 5,635 - 5,635
Houston, TX 5,230 - 364 5,594 1,216 6,810 - 6,810 236 7,046
Charlotte, NC 1,659 1,557 785 4,001 792 4,793 - 4,793 145 4,938
SE Florida - 1,868 652 2,520 - 2,520 - 2,520 - 2,520
Atlanta, GA - 2,906 727 3,633 - 3,633 - 3,633 - 3,633
Denver, CO 2,209 - - 2,209 320 2,529 - 2,529 - 2,529
Orlando, FL 2,252 270 - 2,522 - 2,522 - 2,522 366 2,888
Raleigh, NC - 1,800 420 2,220 411 2,631 - 2,631 484 3,115
St. Louis, MO 2,123 - - 2,123 - 2,123 - 2,123 - 2,123
Phoenix, AZ 1,441 - - 1,441 992 2,433 - 2,433 - 2,433
Corpus Christi, TX 632 - 778 1,410 - 1,410 - 1,410 - 1,410
Louisville, KY 1,448 - - 1,448 - 1,448 - 1,448 - 1,448
Austin, TX 1,745 - - 1,745 - 1,745 - 1,745 - 1,745
Other 1,937 352 - 2,289 - 2,289 - 2,289 - 2,289
------ ------ ------- ------ ----- ------- --- ------ ----- ------
Total Portfolio 39,887 11,083 5,238 56,208 9,784 65,992 - 65,992 3,861 69,853
(a) Includes the following property held for sale and reported in discontinued
operations: Summit Lenox in Atlanta, GA (431 apartments homes).
(b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. 464
apartment homes under development in Northern Virginia are held through a
joint venture investment.
SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (f)
Same
Property Operating Incl.
Commun Commun JVs at Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
-ities(c) -ities(d) Pro Rata%(a) 2005 2005 2004 2004 2004
------------------------------- --------------------------------------------------
Las Vegas, NV 9.2% 8.2% 9.7% 97.2% 97.2% 97.4% 97.2% 96.5%
D.C. Metro 9.5% 10.1% 9.8% 95.2% 93.5% 93.8% 94.3% 94.0%
Los Angeles/Orange County, CA 4.2% 5.9% 5.9% 92.7% 94.7% 97.0% 95.8% 94.4%
San Diego/Inland Empire, CA 1.6% 2.4% 2.3% 93.4% 90.7% 93.7% 94.6% 92.5%
Dallas, TX 10.0% 9.0% 8.8% 94.7% 91.6% 91.5% 93.3% 93.9%
Tampa, FL 9.8% 8.7% 8.4% 96.0% 96.3% 96.3% 95.1% 93.2%
Houston, TX 8.5% 8.1% 8.2% 94.4% 91.9% 90.3% 92.8% 93.8%
Charlotte, NC 5.6% 6.7% 6.7% 95.4% 93.8% 93.6% 94.7% 93.8%
SE Florida 6.1% 7.0% 6.8% 96.8% 96.1% 95.1% 95.5% 96.7%
Atlanta, GA 6.0% 6.0% 5.8% 93.0% 90.8% 91.2% 92.8% 92.1%
Denver, CO 5.1% 4.5% 4.7% 93.6% 91.4% 91.6% 94.5% 92.4%
Orlando, FL 5.1% 4.6% 4.4% 97.7% 98.5% 97.5% 96.0% 94.3%
Raleigh, NC 3.4% 3.6% 3.6% 94.5% 91.2% 91.4% 92.1% 93.0%
St. Louis, MO 3.8% 3.4% 3.3% 95.4% 91.7% 92.9% 94.3% 95.0%
Phoenix, AZ 3.0% 2.7% 2.9% 95.1% 95.8% 95.1% 94.2% 93.1%
Corpus Christi, TX 1.2% 2.0% 1.9% 94.8% 96.1% 95.7% 95.1% 94.0%
Louisville, KY 2.2% 2.0% 1.9% 93.7% 90.5% 90.2% 94.1% 94.1%
Austin, TX 2.1% 1.9% 1.8% 94.4% 94.2% 93.1% 95.5% 94.6%
Other 3.6% 3.2% 3.1% 94.0% 94.0% 93.9% 95.7% 94.3%
Total Portfolio 100.0% 100.0% 100.0% 95.2% 93.9% 93.8% 94.6% 94.2%
(c) Camden and Summit same property communities
(d) Operating communities include wholly-owned communities and completed communities in lease-up at quarter end and exclude
communities sold during the quarter as well as communities held for sale.
(e) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities.
(f) Occupancy figures include apartment homes held through joint venture investments and communities acquired from Summit but
exclude communities in lease-up or under development.
10
CAMDEN COMPONENTS OF
PROPERTY NET OPERATING INCOME
(In thousands, except property data amounts)
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Apartment Three Months Ended June 30, Six Months Ended June 30,
Property Revenues Homes 2005 2004 Change 2005 (a) (2004) Change
--------- --------------------------------- -----------------------------------
CPT-"Same Property" Communities (b) 39,887 $ 88,831 $ 86,258 $ 2,573 $175,832 $172,864 $ 2,968
------ -------- -------- ------- -------- -------- -------
Summit-"Same Property" Communities (b) 11,083 34,009 - 34,009 45,091 - 45,091
CPT Non-"Same Property" Communities (c) 2,102 6,448 5,067 1,381 13,416 10,072 3,344
Summit Non-"Same Property" Communities (c) 2,705 8,763 - 8,763 11,529 - 11,529
Development and Lease-Up Communities (d) 3,397 354 - 354 402 - 402
Dispositions / Other (e) - 1,102 10,411 (9,309) 10,378 20,697 (10,319)
------ -------- -------- ------- -------- -------- -------
Total Property Revenues 59,174 $139,507 $101,736 $37,771 $256,648 $203,633 $53,015
Property Expenses
CPT-"Same Property" Communities (b) 39,887 $ 36,154 $ 35,954 $ 200 $ 72,176 $ 70,807 $ 1,369
Summit-"Same Property" Communities (b) 11,083 11,557 - 11,557 15,367 - 15,367
CPT Non-"Same Property" Communities (c) 2,102 2,479 2,194 285 5,085 4,202 883
Summit Non-"Same Property" Communities (c) 2,705 3,523 - 3,523 4,732 - 4,732
Development and Lease-Up Communities (d) 3,397 150 - 150 169 - 169
Dispositions / Other (e) - 152 3,912 (3,760) 3,837 7,686 (3,849)
------ -------- -------- ------- -------- -------- -------
Total Property Expenses 59,174 $ 54,015 $ 42,060 $11,955 $101,366 $ 82,695 $18,671
Property Net Operating Income
CPT-"Same Property" Communities (b) 39,887 $ 52,677 $ 50,304 $ 2,373 $103,656 $102,057 $ 1,599
Summit-"Same Property" Communities (b) 11,083 22,452 - 22,452 29,724 - 29,724
CPT Non-"Same Property" Communities (c) 2,102 3,969 2,873 1,096 8,331 5,870 2,461
Summit Non-"Same Property" Communities (c) 2,705 5,240 - 5,240 6,797 - 6,797
Development and Lease-Up Communities (d) 3,397 204 - 204 233 - 233
Dispositions / Other (e) - 950 6,499 (5,549) 6,541 13,011 (6,470)
------ -------- -------- ------- -------- -------- -------
Total Property Net Operating Income 59,174 $ 85,492 $ 59,676 $25,816 $155,282 $120,938 $34,344
Income from Discontinued Operations (f) Three Months Ended June 30, Six Months Ended June 30,
2005 2004 2005 2004
---------------------- ------------------------
Property Revenues $1,288 $2,990 $3,136 $5,863
Property Expenses 888 1,355 1,846 2,625
------ ------ ------ ------
Property Net Operating Income $400 $1,635 $1,290 $3,238
Depreciation and Amortization - 814 - 1,629
Minority Interests - 41 - 84
------ ------ ------ ------
Income from Discontinued Operations $400 $780 $1,290 $1,525
Notes:
(a) The Company's 2005 financial results include the results of Summit
subsequent to February 28, 2005.
(b) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2004, excluding properties held for
sale.
(c) Non-"Same Property" Communities are stabilized communities acquired or
developed by Camden or Summit after January 1, 2004, excluding properties
held for sale.
(d) Development and Lease-Up Communities are non-stabilized communities
developed or acquired by Camden or Summit after January 1, 2004, excluding
properties held for sale.
(e) Disposition Communities include those communities disposed of by Camden
since January 1, 2004, that Camden continues to manage and therefore are
not classified as "Discontinued Operations".
(f) Represents operating results for communities, totalling 1,869 apartment
homes, disposed of during 2004 and YTD 2005 or held for sale at June 30,
2005
11
"SAME PROPERTY"
CAMDEN SECOND QUARTER COMPARISONS
June 30, 2005
(In thousands, except property data amounts)
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 2Q05 2Q04 Growth 2Q05 2Q04 Growth 2Q05 2Q04 Growth
--------------------------------------------------------------------------------------------------------------------------------
Las Vegas, NV $10,351 $9,388 10.3% $3,417 $3,322 2.9% $6,934 $6,066 14.3%
D.C. Metro 9,750 9,260 5.3% 2,600 2,285 13.8% 7,150 6,975 2.5%
Los Angeles/Orange County, CA 4,580 4,636 (1.2%) 1,432 1,336 7.2% 3,148 3,300 (4.6%)
San Diego/Inland Empire, CA 1,874 1,823 2.8% 687 708 (3.0%) 1,187 1,115 6.5%
Dallas, TX 14,819 14,867 (0.3%) 7,283 7,512 (3.0%) 7,536 7,355 2.5%
Tampa, FL 12,896 11,793 9.4% 5,545 5,406 2.6% 7,351 6,387 15.1%
Houston, TX 11,312 11,548 (2.0%) 4,961 4,924 0.8% 6,351 6,624 (4.1%)
Charlotte, NC 6,941 6,677 4.0% 2,749 2,692 2.1% 4,192 3,985 5.2%
SE Florida 7,339 6,746 8.8% 2,749 2,542 8.1% 4,590 4,204 9.2%
Atlanta, GA 7,177 6,978 2.9% 2,644 2,439 8.4% 4,533 4,539 (0.1%)
Denver, CO 5,658 5,617 0.7% 1,862 1,888 (1.4%) 3,796 3,729 1.8%
Orlando, FL 6,205 5,807 6.9% 2,353 2,323 1.3% 3,852 3,484 10.6%
Raleigh, NC 3,935 3,939 (0.1%) 1,419 1,222 16.1% 2,516 2,717 (7.4%)
St. Louis, MO 4,526 4,467 1.3% 1,646 1,630 1.0% 2,880 2,837 1.5%
Phoenix, AZ 3,458 3,298 4.9% 1,196 1,175 1.8% 2,262 2,123 6.5%
Corpus Christi, TX 1,493 1,444 3.4% 603 563 7.1% 890 881 1.0%
Louisville, KY 2,730 2,720 0.4% 1,080 1,012 6.7% 1,650 1,708 (3.4%)
Austin, TX 3,217 3,189 0.9% 1,607 1,611 (0.2%) 1,610 1,578 2.0%
Other 4,579 4,539 0.9% 1,878 1,821 3.1% 2,701 2,718 (0.6%)
-------- -------- --- ------- ------- --- ------- ------- ---
Total Same Property $122,840 $118,736 3.5% $47,711 $46,411 2.8% $75,129 $72,325 3.9%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 2Q05 2Q04 Change 2Q05 2Q04 Change
-----------------------------------------------------------------------------------------------------------------------------
Las Vegas, NV 4,017 9.2% 97.5% 96.2% 1.3% $ 823 $ 802 2.5%
D.C. Metro 2,330 9.5% 95.4% 93.6% 1.8% 1,538 1,523 1.0%
Los Angeles/Orange County, CA 1,232 4.2% 93.1% 94.0% (0.9%) 1,401 1,380 1.5%
San Diego/Inland Empire, CA 424 1.6% 95.0% 93.0% 2.0% 1,575 1,489 5.8%
Dallas, TX 7,903 10.0% 94.8% 93.7% 1.1% 752 743 1.2%
Tampa, FL 5,635 9.8% 96.0% 93.4% 2.6% 773 749 3.3%
Houston, TX 5,230 8.5% 94.2% 93.5% 0.7% 805 802 0.4%
Charlotte, NC 3,216 5.6% 95.2% 93.8% 1.4% 805 825 (2.4%)
SE Florida 1,868 6.1% 96.8% 96.8% 0.0% 1,414 1,399 1.1%
Atlanta, GA 2,906 6.0% 93.8% 92.6% 1.2% 1,030 1,051 (2.0%)
Denver, CO 2,209 5.1% 93.8% 92.2% 1.6% 1,037 1,026 1.1%
Orlando, FL 2,522 5.1% 97.7% 94.5% 3.2% 836 815 2.7%
Raleigh, NC 1,800 3.4% 94.3% 92.9% 1.4% 980 1,007 (2.7%)
St. Louis, MO 2,123 3.8% 95.4% 95.0% 0.4% 794 779 1.9%
Phoenix, AZ 1,441 3.0% 95.8% 93.9% 1.9% 885 878 0.8%
Corpus Christi, TX 632 1.2% 94.8% 94.0% 0.8% 728 707 3.0%
Louisville, KY 1,448 2.2% 93.7% 94.1% (0.4%) 713 697 2.2%
Austin, TX 1,745 2.1% 94.4% 94.6% (0.2%) 763 758 0.8%
Other 2,289 3.6% 94.0% 94.3% (0.3%) 752 747 0.7%
-------- -------- ---- ----- ----- ---- ----- ------
Total Same Property 50,970 100.0% 95.2% 94.0% 1.2% $ 896 $ 888 1.0%
(a) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2004, excluding properties held for
sale. Results are profoma for both Camden and Summit as if the merger
occurred on January 1, 2004.
(b) Weighted average rental rates are the Company's market rental rates after
"loss to lease", but before vacancy, concessions, and bad debt.
12
"SAME PROPERTY"
CAMDEN SEQUENTIAL QUARTER COMPARISONS
June 30, 2005
(In thousands, except property data amounts)
-------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 2Q05 1Q05 Growth 2Q05 1Q05 Growth 2Q05 1Q05 Growth
-------------------------------------------------------------------------------------------------------------------------------
Las Vegas, NV $10,351 $10,058 2.9% $3,417 $3,297 3.6% $6,934 $6,761 2.6%
------- ------- --- ------ ------ --- ------ ------ ---
D.C. Metro 9,750 9,380 3.9% 2,600 2,612 (0.5%) 7,150 6,768 5.6%
Los Angeles/Orange County, CA 4,580 4,645 (1.4%) 1,432 1,343 6.6% 3,148 3,302 (4.7%)
San Diego/Inland Empire, CA 1,874 1,868 0.3% 687 661 3.9% 1,187 1,207 (1.7%)
Dallas, TX 14,819 14,410 2.8% 7,283 7,419 (1.8%) 7,536 6,991 7.8%
Tampa, FL 12,896 12,635 2.1% 5,545 5,572 (0.5%) 7,351 7,063 4.1%
Houston, TX 11,312 11,104 1.9% 4,961 4,999 (0.8%) 6,351 6,105 4.0%
Charlotte, NC 6,941 6,802 2.0% 2,749 2,760 (0.4%) 4,192 4,042 3.7%
SE Florida 7,339 7,092 3.5% 2,749 2,603 5.6% 4,590 4,489 2.2%
Atlanta, GA 7,177 6,935 3.5% 2,644 2,473 6.9% 4,533 4,462 1.6%
Denver, CO 5,658 5,452 3.8% 1,862 1,862 0.0% 3,796 3,590 5.7%
Orlando, FL 6,205 6,141 1.0% 2,353 2,288 2.8% 3,852 3,853 (0.0%)
Raleigh, NC 3,935 3,841 2.4% 1,419 1,305 8.7% 2,516 2,536 (0.8%)
St. Louis, MO 4,526 4,268 6.0% 1,646 1,659 (0.8%) 2,880 2,609 10.4%
Phoenix, AZ 3,458 3,420 1.1% 1,196 1,136 5.3% 2,262 2,284 (1.0%)
Corpus Christi, TX 1,493 1,486 0.5% 603 571 5.6% 890 915 (2.7%)
Louisville, KY 2,730 2,587 5.5% 1,080 1,030 4.9% 1,650 1,557 6.0%
Austin, TX 3,217 3,139 2.5% 1,607 1,617 (0.6%) 1,610 1,522 5.8%
Other 4,579 4,585 (0.1%) 1,878 1,892 (0.7%) 2,701 2,693 0.3%
-------- -------- --- ------- ------- --- ------- ------- ---
Total Same Property $122,840 $119,848 2.5% $47,711 $47,099 1.3% $75,129 $72,749 3.3%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 2Q05 1Q05 Change 2Q05 1Q05 Change
-------------------------------------------------------------------------------------------------------------------------------
Las Vegas, NV 4,017 9.2% 97.5% 97.5% 0.0% $823 $814 1.0%
D.C. Metro 2,330 9.5% 95.4% 93.7% 1.7% 1,538 1,531 0.4%
Los Angeles/Orange County, CA 1,232 4.2% 93.1% 94.7% (1.6%) 1,401 1,396 0.3%
San Diego/Inland Empire, CA 424 1.6% 95.0% 94.1% 0.9% 1,575 1,558 1.1%
Dallas, TX 7,903 10.0% 94.8% 91.8% 3.0% 752 752 0.0%
Tampa, FL 5,635 9.8% 96.0% 96.3% (0.3%) 773 766 0.9%
Houston, TX 5,230 8.5% 94.2% 91.8% 2.4% 805 805 0.1%
Charlotte, NC 3,216 5.6% 95.2% 93.9% 1.3% 805 819 (1.7%)
SE Florida 1,868 6.1% 96.8% 96.1% 0.7% 1,414 1,404 0.8%
Atlanta, GA 2,906 6.0% 93.8% 91.3% 2.5% 1,030 1,031 (0.0%)
Denver, CO 2,209 5.1% 93.8% 91.7% 2.1% 1,037 1,037 (0.0%)
Orlando, FL 2,522 5.1% 97.7% 98.5% (0.8%) 836 834 0.3%
Raleigh, NC 1,800 3.4% 94.3% 91.2% 3.1% 980 969 1.2%
St. Louis, MO 2,123 3.8% 95.4% 91.7% 3.7% 794 787 0.8%
Phoenix, AZ 1,441 3.0% 95.8% 95.9% (0.1%) 885 883 0.3%
Corpus Christi, TX 632 1.2% 94.8% 96.1% (1.3%) 728 729 (0.1%)
Louisville, KY 1,448 2.2% 93.7% 90.5% 3.2% 713 709 0.5%
Austin, TX 1,745 2.1% 94.4% 94.2% 0.2% 763 763 0.1%
Other 2,289 3.6% 94.0% 94.0% 0.0% 752 750 0.2%
-------- ----- ------- ------- ----- ------ ------ ----
Total Same Property 50,970 100.0% 95.2% 93.8% 1.4% $896 $894 0.3%
(a) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2004, excluding properties held for
sale. Results are profoma for both Camden and Summit as if the merger
occurred on January 1, 2004.
(b) Weighted average rental rates are the Company's market rental rates after
"loss to lease", but before vacancy, concessions, and bad debt.
13
"SAME PROPERTY"
CAMDEN YEAR TO DATE COMPARISONS
June 30, 2005
(In thousands, except property data amounts)
-----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Year to Date Results (a) 2005 2004 Growth 2005 2004 Growth 2005 2004 Growth
-----------------------------------------------------------------------------------------------------------------------------
Las Vegas, NV $20,409 $18,636 9.5% $6,714 $6,475 3.7% $13,695 $12,161 12.6%
D.C. Metro 19,130 18,286 4.6% 5,212 4,892 6.5% 13,918 13,394 3.9%
Los Angeles/Orange County, CA 9,225 9,287 (0.7%) 2,775 2,627 5.6% 6,450 6,660 (3.2%)
San Diego/Inland Empire, CA 3,742 3,699 1.2% 1,348 1,345 0.2% 2,394 2,354 1.7%
Dallas, TX 29,229 29,740 (1.7%) 14,702 14,691 0.1% 14,527 15,049 (3.5%)
Tampa, FL 25,531 23,530 8.5% 11,117 10,775 3.2% 14,414 12,755 13.0%
Houston, TX 22,416 23,269 (3.7%) 9,960 9,791 1.7% 12,456 13,478 (7.6%)
Charlotte, NC 13,743 13,423 2.4% 5,509 5,422 1.6% 8,234 8,001 2.9%
SE Florida 14,431 13,354 8.1% 5,352 5,149 3.9% 9,079 8,205 10.7%
Atlanta, GA 14,112 13,863 1.8% 5,117 4,939 3.6% 8,995 8,924 0.8%
Denver, CO 11,110 11,294 (1.6%) 3,724 3,582 4.0% 7,386 7,712 (4.2%)
Orlando, FL 12,346 11,621 6.2% 4,641 4,556 1.9% 7,705 7,065 9.1%
Raleigh, NC 7,776 7,858 (1.0%) 2,724 2,484 9.7% 5,052 5,374 (6.0%)
St. Louis, MO 8,794 8,910 (1.3%) 3,305 3,287 0.5% 5,489 5,623 (2.4%)
Phoenix, AZ 6,878 6,665 3.2% 2,332 2,325 0.3% 4,546 4,340 4.7%
Corpus Christi, TX 2,979 2,909 2.4% 1,174 1,115 5.3% 1,805 1,794 0.6%
Louisville, KY 5,317 5,400 (1.5%) 2,110 2,010 5.0% 3,207 3,390 (5.4%)
Austin, TX 6,356 6,424 (1.1%) 3,224 3,160 2.0% 3,132 3,264 (4.0%)
Other 9,164 9,160 0.0% 3,770 3,646 3.4% 5,394 5,514 (2.2%)
-------- -------- --- ------- ------- ---- -------- -------- ------
Total Same Property $242,688 $237,328 2.3% $94,810 $92,271 2.8% $147,878 $145,057 1.9%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Year to Date Results (a) Included Contribution (a) 2005 2004 Change 2005 2004 Change
-----------------------------------------------------------------------------------------------------------------------------
Las Vegas, NV 4,017 9.3% 97.5% 96.1% 1.4% $818 $802 2.0%
D.C. Metro 2,330 9.4% 94.6% 94.1% 0.5% 1,534 1,519 1.0%
Los Angeles/Orange County, CA 1,232 4.4% 93.9% 94.4% (0.5%) 1,398 1,381 1.3%
San Diego/Inland Empire, CA 424 1.6% 94.5% 93.9% 0.6% 1,567 1,479 5.9%
Dallas, TX 7,903 9.8% 93.3% 93.6% (0.3%) 752 742 1.2%
Tampa, FL 5,635 9.8% 96.2% 93.1% 3.1% 770 746 3.1%
Houston, TX 5,230 8.4% 93.0% 93.7% (0.7%) 805 799 0.8%
Charlotte, NC 3,216 5.6% 94.5% 94.4% 0.1% 812 825 (1.5%)
SE Florida 1,868 6.1% 96.5% 96.3% 0.2% 1,409 1,396 0.9%
Atlanta, GA 2,906 6.1% 92.6% 92.9% (0.3%) 1,030 1,045 (1.4%)
Denver, CO 2,209 5.0% 92.8% 93.2% (0.4%) 1,037 1,025 1.2%
Orlando, FL 2,522 5.2% 98.1% 94.7% 3.4% 835 812 2.8%
Raleigh, NC 1,800 3.4% 92.7% 92.8% (0.1%) 974 999 (2.4%)
St. Louis, MO 2,123 3.7% 93.5% 95.0% (1.5%) 791 776 1.8%
Phoenix, AZ 1,441 3.1% 95.9% 95.1% 0.8% 884 877 0.7%
Corpus Christi, TX 632 1.2% 95.4% 95.2% 0.2% 728 705 3.3%
Louisville, KY 1,448 2.2% 92.1% 93.4% (1.3%) 711 696 2.2%
Austin, TX 1,745 2.1% 94.3% 94.7% (0.4%) 763 757 0.8%
Other 2,289 3.6% 94.0% 94.2% (0.2%) 751 748 0.4%
-------- ------- ------- ------- ------ -------- -------- ------
Total Same Property 50,970 100.0% 94.5% 94.1% 0.4% $895 $886 1.1%
(a) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2004, excluding properties held for
sale. Results are profoma for both Camden and Summit as if the merger
occurred on January 1, 2004.
(b) Weighted average rental rates are the Company's market rental rates after
"loss to lease", but before vacancy, concessions, and bad debt.
14
CAMDEN JOINT VENTURE OPERATIONS
(In thousands, except per share and property data amounts)
----------------------------------------------------------------------------------------------------------------------------------
Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
----------------------------- -----------------------------
OPERATING DATA (a) 2005 (b) (2004) 2005 (b) (2004)
----------------------------- -----------------------------
Property Revenues
Rental revenues $4,537 $1,953 $7,060 $3,894
Other property revenues 460 197 673 387
----------------------------- -----------------------------
Total property revenues 4,997 2,150 7,733 4,281
Property Expenses
Property operating and maintenance 1,416 228 2,686 1,355
Real estate taxes 418 603 136 257
----------------------------- -----------------------------
Total property expenses 1,834 831 2,822 1,612
Net Operating Income (NOI) 3,163 1,319 4,911 2,669
Other expenses
Interest 1,630 704 2,511 1,410
Depreciation and amortization 1,263 543 2,013 1,084
Other 25 5 32 9
----------------------------- -----------------------------
Total other expenses 2,918 1,252 4,556 2,503
Equity in income of joint ventures $245 $67 $355 $166
============================= =============================
Jun 30, Mar 31, Dec 31, Sept 30, Jun 30,
2005 2005 2004 2004 2004
---------------------------------------------------------------------
BALANCE SHEET DATA (c)
Real estate assets, net $708,611 $707,342 $241,215 $236,244 $232,072
Cash and other assets, net 21,475 15,267 3,475 4,022 3,871
---------------------------------------------------------------------
Total assets $730,086 $722,609 $244,690 $240,266 $235,943
Notes payable $538,279 $533,702 $199,114 $193,919 $189,136
Notes payable due to Camden 11,108 10,729 10,367 10,010 9,665
Other liabilities 9,736 5,880 2,907 2,968 2,941
---------------------------------------------------------------------
Total liabilities 559,123 550,311 212,388 206,897 201,742
Members' equity 170,963 172,298 32,302 33,369 34,201
---------------------------------------------------------------------
Total liabilities and members' equity $730,086 $722,609 $244,690 $240,266 $235,943
Company's equity investment $37,074 $38,107 $9,641 $10,076 $10,371
Company's pro-rata share of debt $117,934 $116,974 $47,170 $46,079 $45,072
PROPERTY DATA (c)
Total operating properties (end of period) 33 33 17 17 17
Total operating apartment homes (end of period) 9,784 9,784 4,547 4,547 4,547
Pro rata share of operating apartment homes (end of period) 2,113 2,113 1,005 1,005 1,005
Total development properties (end of period) 1 1 1 1 1
Total development apartment homes (end of period) 464 464 464 464 464
Pro rata share of development apartment homes (end of period) 93 93 93 93 93
(a) Operating data represents Camden's pro rata share of revenues and expenses.
(b) The Company's 2005 financial results include the results of Summit subsequent to February 28, 2005.
(c) Balance sheet and property data reported at 100%.
15
CAMDEN DEVELOPMENT PIPELINE
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF JUNE 30, 2005 ($ in millions)
Estimated/Actual Dates for
Construc Stablized
Total Total Cost Amount -tion Initial Construction Opera As of 7/31/05
Development Communities Homes Budget to Date in CIP Start Occupancy Completion -tions % Leased % Occupied
--------------------------------------------------------------------------------------------------------------------------------
IN LEASE-UP
1. Camden Lago Vista 366 $34.8 $31.4 $7.8 1Q04 1Q05 3Q05 1Q06 80% 65%
Orlando, FL
2. Camden Farmers Market II 284 31.7 28.1 20.2 1Q04 2Q05 3Q05 1Q06 12% 5%
Dallas, TX
UNDER CONSTRUCTION
3. Camden Dilworth 145 18.0 7.5 7.5 4Q04 4Q05 2Q06 3Q06
Charlotte, NC
4. Camden Fairfax Corner 488 82.0 59.7 59.7 4Q03 3Q05 3Q06 1Q07
Fairfax, VA
5. Camden Clearbrook 297 45.0 17.4 17.4 4Q04 4Q05 3Q06 1Q07
Frederick, MD
6. Camden Royal Oaks 236 22.0 3.1 3.1 2Q05 1Q06 3Q06 2Q07
Houston, TX
7. Camden Manor Park 484 52.0 32.1 32.1 2Q04 4Q05 4Q06 3Q07
Raleigh, NC
8. Camden Old Creek 350 98.0 42.8 42.8 1Q05 2Q06 1Q07 3Q07
San Marcos, CA
9. Camden Monument Place 368 64.0 19.9 19.9 1Q05 2Q06 2Q07 1Q08
Fairfax, VA
10.Camden Potomac Yards 379 110.0 23.5 23.5 1Q05 4Q06 3Q07 2Q08
--- ----- ----- ----- ------ ------ ---- ----
Arlington County, VA
Total Development Communities 3,397 $557.5 $265.5 $234.0
Additional land held for development (a) 134.0
Total Properties Under Development (per Balance Sheet) $368.0
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
Total Cost 2Q05 NOI
Development Communities stabilized at quarter end $ 90.1 $0.9
Development Communities under construction 265.5 0.2
Total Development/Newly Stabilized NOI Contribution $355.6 $1.1
(a) Please refer to the pre-development pipeline summary on page 17.
JOINT VENTURE DEVELOPMENT PIPELINE AS OF JUNE 30, 2005 ($ in millions)
Construc- Estimated/Actual Dates for
Stabi As of 7/31/05
Total Total Cost Amount tion Initial Construction -lized % %
Joint Venture Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations Leased Occupied
---------------------------------------------------------------------------------------------------------------------------------
UNDER CONSTRUCTION
1. Camden Westwind 464 $69.1 $56.5 $38.9 1Q04 1Q05 1Q06 4Q06 28% 22%
---- ----- ----- ----- ---- ---- ---- ---- --- ---
Ashburn, VA
Total Joint Venture Development
Communities 464 $69.1 $56.5 $38.9
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
16
CAMDEN PRE - DEVELOPMENT PIPELINE
-----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
PRE - DEVELOPMENT PIPELINE AS OF JUNE 30, 2005 ($ in millions)
Potential
Apartment Total
Location Acres Homes Cost to Date Estimated Cost
-------------------------------------------------------------------------------------------------------------------------
D.C. Metro 33.4 1,355 $56.5 $230.0
Los Angeles/Orange County, CA 2.1 216 8.7 60.0
Southeast Florida 4.8 863 12.7 210.0
Dallas 15.9 416 10.8 50.0
Houston 65.9 2,120 45.3 250.0
----- ------ ------ -------
Total Pre-Development: (a) 122.1 4,970 $134.0 $800.0
(a) Pre-development pipeline includes some acreage which may be developed or sold for non-multifamily uses.
17
CAMDEN MEZZANINE FINANCING SUMMARY
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
MEZZANINE FINANCING AS OF JUNE 30, 2005 ($ in thousands)
06/30/05 03/31/05
Total Note Note
Location Current Property Type Current Status Homes Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
Dallas/Fort Worth, TX Multifamily Stabilized 1,314 $17,940 $17,933
Ashburn, VA Multifamily Development 464 11,108 10,729
Tampa, FL Multifamily Stabilized 370 5,007 5,007
Houston, TX Multifamily Predevelopment - 3,855 3,855
Atlanta, GA Multifamily Stabilized 360 3,000 3,000
Austin, TX Multifamily Stabilized 296 2,481 2,479
----- ------- -------
Total Mezzanine Financing Volume: 2,804 $43,391 $43,003
Weighted Average Interest Rate Recognized: 11.1% 11.1%
18
CAMDEN ACQUISITIONS & DISPOSITIONS
----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
2005 ACQUISITION/DISPOSITION ACTIVITY
Acquisitions
None
Apartment
Dispositions Location Property Type Homes Year Built Closing Date
- ------------------------------- -------------- -------------- ----------- ---------- ------------
1. Camden Greens Henderson, NV Multifamily 432 1990 01/27/05
2. Camden Ybor City Tampa, FL Multifamily 454 2002 04/13/05
Total Disposition Volume: $98.0 million 886 apartment homes
Apartment
Dispositions to Joint Ventures Location Property Type Homes Year Built Closing Date
- ------------------------------- ------------- -------------- ---------- ---------- ------------
1. Camden Addison Addison, TX Multifamily 456 1996 03/18/05
2. Camden Holly Springs Houston, TX Multifamily 548 1999 03/18/05
3. Camden Park Houston, TX Multifamily 288 1995 03/18/05
4. Camden Sugar Grove Stafford, TX Multifamily 380 1997 03/18/05
5. Camden Fountain Palms Peoria, AZ Multifamily 192 1986/1996 03/18/05
6. Camden Pecos Ranch Chandler, AZ Multifamily 272 2001 03/18/05
7. Camden Sierra Peoria, AZ Multifamily 288 1997 03/18/05
8. Camden Towne Center Glendale, AZ Multifamily 240 1998 03/18/05
9. Camden Parkside Fullerton, CA Multifamily 421 1972 03/18/05
10. Camden Pines Las Vegas, NV Multifamily 315 1997 03/18/05
11. Camden Summit Henderson, NV Multifamily 234 1995 03/18/05
12. Camden Tiara Las Vegas, NV Multifamily 400 1996 03/18/05
Total Cash Proceeds to Camden: $369.3 million 4,034 apartment homes
19
CAMDEN DEBT ANALYSIS
(In thousands, except property data amounts)
---------------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEBT MATURITIES AS OF JUNE 30, 2005: (a)
Weighted Average
Future Scheduled Repayments Percent Interest Rate on
-----------------------------------------------------
Year Amortization Maturities Total of Total Maturing Debt
-------------------------------------------------------------------------------------------------------------------
2005 $7,802 $32,658 $40,460 1.6% 3.6%
2006 13,626 232,906 246,532 9.8% 7.0%
2007 13,400 219,572 232,972 9.2% 5.7%
2008 11,827 188,879 200,706 7.9% 4.8%
2009 7,908 190,324 198,232 7.8% 5.0%
2010 7,144 445,677 452,821 17.9% 5.1%
2011 4,314 244,233 248,547 9.8% 6.5%
2012 3,307 269,541 272,848 10.8% 5.7%
Thereafter 60,813 501,733 562,546 22.2% 5.1%
Total Maturing Debt $130,141 $2,325,523 $2,455,664 97.0% 5.5%
Unsecured Line of Credit 0 77,000 77,000 3.0% 3.6%
Total Debt $130,141 $2,402,523 $2,532,664 100.0% 5.4%
Weighted Average Maturity of Debt 6.3 Years (excluding line of credit)
Weighted Average
FLOATING vs. FIXED RATE DEBT: Balance % of Total Interest Rate
------------------------------------------------
Floating rate debt $174,336 6.9% 3.8%
Fixed rate debt 2,358,328 93.1% 5.5%
Total $2,532,664 100.0% 5.4%
Weighted Average
SECURED vs. UNSECURED DEBT: Balance % of Total Interest Rate
------------------------------------------------
Unsecured debt $1,860,107 73.4% 5.6%
Secured debt 672,557 26.6% 5.0%
Total $2,532,664 100.0% 5.4%
Weighted Average
SECURED DEBT DETAIL: Balance % of Total Interest Rate
------------------------------------------------
Coventional fixed-rate mortgage debt $568,561 84.5% 5.1%
Coventional floating-rate mortgage debt 6,900 1.0% 5.2%
Tax exempt fixed rate debt 6,660 1.0% 7.3%
Tax exempt variable rate debt 90,436 13.5% 4.0%
Total $672,557 100.0% 5.0%
REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total
----------------------------------------------------------------------
Unencumbered real estate assets 48,160 80.8% $3,747,614 76.4%
Encumbered real estate assets 11,445 19.2% 1,157,503 23.6%
Total 59,605 100.0% $4,905,117 100.0%
-----------------------------------------------------------------------------------------
Ratio of unencumbered assets at cost to unsecured debt is 2.0 times
-----------------------------------------------------------------------------------------
UNCONSOLIDATED, NON-RECOURSE DEBT:
Pro-Rata Share of Debt $117,934
Weighted Average Interest Rate 6.0%
(a) Debt maturities exclude unsecured line of credit, which after all
extensions matures in January 2009.
(b) Real estate assets include communities under development and exclude
communities held through joint ventures.
20
CAMDEN DEBT COVENANT ANALYSIS
June 30, 2005
------------------------------------------------------------------------------------------------------------------------
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a) Required Actual (b) Compliance
----------------- --------------- -----------------
Total Consolidated Debt to Gross Asset Value < 60% 51% Yes
Secured Debt to Gross Asset Value < 40% 13% Yes
Consolidated EBITDA to Consolidated Interest Expense > 200% 238% Yes
Consolidated EBITDA to Total Fixed Charges > 175% 191% Yes
Dividend Distributions to Funds From Operations < 95% 81% Yes
Occupancy of Pool (excluding Development Projects) > 85% 94% Yes
Total Unsecured Debt to Gross Asset Value of Pool < 60% 41% Yes
Unencumbered Adjusted NOI to Unsecured Interest Expense > 200% 254% Yes
SENIOR UNSECURED NOTES
Covenant (a) Required Actual (b) Compliance
----------------- --------------- -----------------
Total Consolidated Debt to Total Asset Value < 60% 50% Yes
Total Secured Debt to Total Asset Value < 40% 13% Yes
Total Unencumbered Asset Value to Total Unsecured Debt > 150% 208% Yes
Consolidated Income Available for Debt Service to Total > 150% 232% 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.
21
CAMDEN CAPITALIZED EXPENDITURES
& MAINTENANCE EXPENSE
(in thousands except unit data)
----------------------------------------------------------------------------------------------------------------
(Unaudited)
Second Quarter 2005 (a)
------------------------------------------------------------------------
Capitalized Expensed
--------------------------------------------- ----------------------
Weighted Average
Item Useful Life (b) Total Per Unit Total Per Unit
-------------------------------- --------------------------------------------- ----------------------
Interiors
Floor coverings 5.3 years $2,477 $44 $792 $14
Appliances 9.3 years 452 8 147 3
Painting - - - 1,454 26
Cabinetry/Countertops 10.0 years 213 4 - -
Other 9.4 years 436 8 (3) (0)
Exteriors
Painting 5.0 years 444 8 - -
Carpentry 10.0 years 1,051 19 - -
Landscaping 6.3 years 322 6 2,548 45
Roofing 20.0 years 1,093 19 35 1
Site Drainage 10.0 years 91 2 - -
Fencing/Stair 10.0 years 193 3 - -
Other (c) 7.5 years 985 17 2,813 50
Common Areas
Mech., Elec., Plumbing 9.8 years 582 10 682 12
Parking/Paving 5.0 years 588 10 - -
Pool/Exercise/Facility 7.7 years 998 18 350 6
--------------------- ----------------------
$9,925 $176 $8,818 $157
Weighted Average Apartment Homes 56,296 56,296
Year-to-Date 2005 (a)(d)
------------------------------------------------------------------------
Capitalized Expensed
--------------------------------------------- ----------------------
Weighted Average
Item Useful Life (b) Total Per Unit Total Per Unit
-------------------------------- --------------------------------------------- ----------------------
Interiors
Floor coverings 5.3 years $4,301 $80 $1,425 $27
Appliances 9.3 years 912 17 266 5
Painting - - - 2,600 49
Cabinetry/Countertops 10.0 years 386 7 - -
Other 9.4 years 663 12 275 5
Exteriors
Painting 5.0 years 738 14 - -
Carpentry 10.0 years 1,422 27 - -
Landscaping 6.3 years 482 9 5,062 95
Roofing 20.0 years 1,884 35 64 1
Site Drainage 10.0 years 162 3 - -
Fencing/Stair 10.0 years 337 6 - -
Other (c) 7.5 years 3,124 58 5,239 98
Common Areas
Mech., Elec., Plumbing 9.8 years 982 18 1,170 22
Parking/Paving 5.0 years 665 12 - -
Pool/Exercise/Facility 7.7 years 1,321 25 552 10
--------------------- ----------------------
$17,379 $325 $16,653 $311
Weighted Average Apartment Homes 53,476 53,476
(a) Includes discontinued operations. Capitalized expenditures for discontinued
operations were $32 and $68 for the three and six months ended June 30,
2005. Maintenance expenses for discontinued operations were $114 and $327
for the same periods.
(b) of capitalized expenses for the three and six months ended June 30, 2005
(c) Includes in part the following items: site/building repair,
masonry/plaster, and general conditions
(d) The Company's 2005 financial results include the results of Summit
subsequent to February 28, 2005.
22
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 on page 1 of this document.
23
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
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
24
CAMDEN OTHER DATA
---------------------------------------------------------------------------------------------------------------------
(Unaudited)
Stock Symbol: CPT
Exchange Traded: NYSE
Senior Unsecured Debt Ratings: Rating Outlook
------ ---------
Moody's Baa2 Stable
Standard & Poors BBB Positive
Fitch BBB Positive
Important Future Dates:
(Estimated) Q3 '05 Q4 '05 Q1 '06 Q2 '06
--------- --------- --------- ---------
Earnings release & Analyst conference call Late Oct Early Feb Early May Early Aug
Dividend Information - Common Shares: Q1 '05 Q1 '05 Q2 '05
Declaration Date 02/10/05 03/15/05 06/15/05
Record Date 02/25/05 03/31/05 06/30/05
Payment Date 03/04/05 04/15/05 07/15/05
Distributions Per Share $0.416 $0.219 $0.635
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.
For an audio download of Camden's Quarterly Conference Call, please see our web site at www.camdenliving.com
For questions contact:
Richard J. Campo Chairman & Chief Executive Officer
D. Keith Oden President & Chief Operating Officer
Dennis M. Steen Chief Financial Officer
Kimberly A. Callahan Vice President- Investor Relations & Strategic Planning
25
CAMDEN COMMUNITY TABLE
Community Statistics as of 6/30/05
---------------------------------------------------------------------------------------------------------------------------------
(Unaudited) June 2005
Market Rental Rates
Year Placed Average Apartment 2Q05 Avg ----------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
---------------------------------------------------------------------------------------------------------------------------------
Camden Copper Square Phoenix AZ 2000 786 332 97% 832 1.06
Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 95% 782 0.74
Camden Legacy Scottsdale AZ 1996 1,067 428 95% 939 0.88
Camden Pecos Ranch (1) Chandler AZ 2001 924 272 95% 854 0.92
Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 97% 1,031 0.99
Camden Sierra (1) Peoria AZ 1997 925 288 95% 792 0.86
Camden Towne Center (1) Glendale AZ 1998 871 240 92% 814 0.93
Camden Vista Valley Mesa AZ 1986 923 357 95% 738 0.80
-------------------------------------------------------------------------------------------
Total Phoenix 8 Properties 951 2,433 95% 856 0.90
Camden Pass Tucson AZ 1984 559 456 92% 490 0.88
Camden View Tucson AZ 1974 1,026 365 97% 743 0.72
-------------------------------------------------------------------------------------------
Total Tucson 2 Properties 766 821 94% 603 0.79
=================================================================================================================================
TOTAL ARIZONA 10 Properties 904 3,254 95% 792 0.88
Camden Crown Valley Mission Viejo CA 2001 1,009 380 94% 1,560 1.55
Camden Harbor View Long Beach CA 2004 976 538 90% 2,003 2.05
Camden Martinique Costa Mesa CA 1986 795 714 92% 1,365 1.72
Camden Parkside (1) Fullerton CA 1972 835 421 95% 1,247 1.49
Camden Sea Palms Costa Mesa CA 1990 891 138 95% 1,432 1.61
-------------------------------------------------------------------------------------------
Total Los Angeles/Orange County 5 Properties 890 2,191 93% 1,537 1.73
Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 92% 1,509 1.57
Camden Tuscany San Diego CA 2003 891 160 96% 2,027 2.27
Camden Vineyards Murrieta CA 2002 1,053 264 94% 1,341 1.27
-------------------------------------------------------------------------------------------
Total San Diego/Inland Empire 3 Properties 977 846 93% 1,555 1.59
=================================================================================================================================
TOTAL CALIFORNIA 8 Properties 914 3,037 93% 1,542 1.69
Camden Arbors Westminster CO 1986 810 358 96% 867 1.07
Camden Caley Englewood CO 2000 925 218 97% 1,006 1.09
Camden Centennial Littleton CO 1985 744 276 94% 832 1.12
Camden Denver West (1) Golden CO 1997 1,015 320 92% 1,201 1.18
Camden Highlands Ridge Highlands RanchCO 1996 1,141 342 93% 1,246 1.09
Camden Interlocken Broomfield CO 1999 1,022 340 93% 1,262 1.23
Camden Lakeway Littleton CO 1997 919 451 92% 1,085 1.18
Camden Pinnacle Westminster CO 1985 748 224 94% 830 1.11
=================================================================================================================================
TOTAL COLORADO 8 Properties 926 2,529 94% 1,057 1.14
Summit Ashburn Farm Ashburn VA 2000 1,061 162 94% 1,416 1.33
Summit Fair Lakes Fairfax VA 1999 996 530 96% 1,525 1.53
Summit Fallsgrove Rockville MD 2004 996 268 96% 1,456 1.46
Summit Grand Parc Washington DC 2002 904 105 96% 2,204 2.44
Summit Lansdowne Leesburg VA 2002 1,006 690 94% 1,352 1.34
Summit Largo Largo MD 2000 1,042 219 98% 1,620 1.55
Summit Roosevelt Washington DC 2003 856 198 98% 2,148 2.51
Summit Russett Laurel MD 2000 1,025 426 94% 1,384 1.35
Summit Silo Creek Washington DC 2004 971 284 94% 1,335 1.38
=================================================================================================================================
TOTAL DC METRO 9 Properties 994 2,882 95% 1,506 1.51
Summit Aventura Aventura FL 1995 1,106 379 97% 1,383 1.25
Summit Brickell Miami FL 2003 937 405 95% 1,679 1.79
Summit Doral Miami FL 1999 1,172 260 98% 1,402 1.20
Summit Doral Villas Miami FL 2000 1,253 232 98% 1,440 1.15
Summit Las Olas Ft. Lauderdale FL 2004 1,043 420 95% 1,908 1.83
Summit Plantation Plantation FL 1997 1,152 502 98% 1,308 1.14
Summit Portofino Pembroke Pines FL 1995 1,307 322 97% 1,274 0.97
-------------------------------------------------------------------------------------------
Total Southeast Florida 7 Properties 1,124 2,520 97% 1,496 1.33
Camden Club Longwood FL 1986 1,077 436 98% 905 0.84
Camden Landings Orlando FL 1983 748 220 99% 706 0.94
Camden Lee Vista Orlando FL 2000 937 492 97% 857 0.91
Camden Renaissance Altamonte
Springs FL 1996/1998 899 578 97% 853 0.95
Camden Reserve Orlando FL 1990/1991 824 526 98% 784 0.95
Summit Hunter's Creek Orlando FL 2000 1,082 270 98% 947 0.88
-------------------------------------------------------------------------------------------
Total Orlando 6 Properties 928 2,522 98% 845 0.91
26
CAMDEN COMMUNITY TABLE
Community Statistics as of 6/30/05
---------------------------------------------------------------------------------------------------------------------------------
(Unaudited) June 2005
Market Rental Rates
Year Placed Average Apartment 2Q05 Avg ----------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
---------------------------------------------------------------------------------------------------------------------------------
Camden Bay Tampa FL 1997/2001 943 760 96% 938 1.00
Camden Bay Pointe Tampa FL 1984 771 368 97% 711 0.92
Camden Bayside Tampa FL 1987/1989 748 832 97% 758 1.01
Camden Citrus Park Tampa FL 1985 704 247 96% 679 0.96
Camden Isles Tampa FL 1983/1985 722 484 96% 679 0.94
Camden Lakes St. Petersburg FL 1982/1983 728 688 96% 707 0.97
Camden Lakeside Brandon FL 1986 728 228 98% 721 0.99
Camden Live Oaks Tampa FL 1990 1,093 770 94% 824 0.75
Camden Preserve Tampa FL 1996 942 276 97% 993 1.05
Camden Providence Lakes Brandon FL 1996 1,024 260 97% 887 0.87
Camden Westshore Tampa FL 1986 728 278 96% 769 1.06
Camden Woods Tampa FL 1986 1,223 444 95% 856 0.70
-------------------------------------------------------------------------------------------
Total Tampa/St. Petersburg 12 Properties 874 5,635 96% 796 0.91
=================================================================================================================================
TOTAL FLORIDA 25 Properties 946 10,677 97% 973 1.03
Summit Brookwood Atlanta GA 2002 906 359 96% 1,371 1.51
Summit Club at Dunwoody Atlanta GA 1997 1,007 324 94% 1,010 1.00
Summit Deer Creek Alpharetta GA 2000 1,187 292 93% 1,025 0.86
Summit Lenox Atlanta GA 1965 963 431 87% 1,197 1.24
Summit Midtown Atlanta GA 2001 953 296 93% 1,194 1.25
Summit on the River Duluth GA 1997 1,103 352 91% 962 0.87
Summit Peachtree City Peachtree City GA 2001 1,026 399 94% 958 0.93
Summit Shiloh Kennesaw GA 1999/2002 1,151 232 92% 1,001 0.87
Summit St. Clair Atlanta GA 1997 969 336 95% 1,143 1.18
Summit Stockbridge Stockbridge GA 2003 1,009 304 95% 815 0.81
Summit Sweetwater Lawrenceville GA 2000 1,151 308 95% 966 0.84
=================================================================================================================================
TOTAL GEORGIA 11 Properties 1,031 3,633 93% 1,065 1.03
Camden Brookside Louisville KY 1987 732 224 92% 679 0.93
Camden Downs Louisville KY 1975 682 254 94% 593 0.87
Camden Meadows Louisville KY 1987/1990 746 400 93% 682 0.91
Camden Oxmoor Louisville KY 2000 903 432 95% 804 0.89
Camden Prospect Park Louisville KY 1990 916 138 94% 773 0.84
=================================================================================================================================
TOTAL KENTUCKY 5 Properties 795 1,448 94% 711 0.89
Camden Passage Kansas City MO 1989/1997 832 596 95% 749 0.90
-------------------------------------------------------------------------------------------
Total Kansas City 1 Property 832 596 95% 749 0.90
Camden Cedar Lakes Lake St. Louis MO 1986 852 420 97% 656 0.77
Camden Cove West Creve Coeur MO 1990 828 276 95% 985 1.19
Camden Cross Creek St. Louis MO 1973/1980 947 591 94% 858 0.91
Camden Taravue St. Louis MO 1975 676 304 96% 603 0.89
Camden Trace Maryland
Height MO 1972 1,158 372 96% 820 0.71
Camden Westchase St. Louis MO 1986 945 160 95% 974 1.03
-------------------------------------------------------------------------------------------
Total St. Louis 6 Properties 910 2,123 95% 800 0.88
=================================================================================================================================
TOTAL MISSOURI 7 Properties 893 2,719 95% 789 0.88
Camden Bel Air Las Vegas NV 1988/1995 943 528 97% 834 0.88
Camden Breeze Las Vegas NV 1989 846 320 97% 775 0.92
Camden Canyon Las Vegas NV 1995 987 200 99% 866 0.88
Camden Commons Henderson NV 1988 936 376 97% 875 0.94
Camden Cove Las Vegas NV 1990 898 124 98% 790 0.88
Camden Del Mar Las Vegas NV 1995 986 560 98% 903 0.92
Camden Fairways Henderson NV 1989 896 320 98% 865 0.97
Camden Hills Las Vegas NV 1991 579 184 99% 594 1.03
Camden Legends Henderson NV 1994 792 113 97% 811 1.02
Camden Palisades Las Vegas NV 1991 905 624 98% 855 0.94
Camden Pines (1) Las Vegas NV 1997 1,005 315 98% 882 0.88
Camden Pointe Las Vegas NV 1996 985 252 98% 847 0.86
Camden Summit (1) Henderson NV 1995 1,187 234 97% 1,153 0.97
Camden Tiara (1) Las Vegas NV 1996 1,043 400 98% 928 0.89
Camden Vintage Las Vegas NV 1994 978 368 96% 851 0.87
27
CAMDEN COMMUNITY TABLE
Community Statistics as of 6/30/05
---------------------------------------------------------------------------------------------------------------------------------
(Unaudited) June 2005
Market Rental Rates
Year Placed Average Apartment 2Q05 Avg ----------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
---------------------------------------------------------------------------------------------------------------------------------
Oasis Bay (1) Las Vegas NV 1990 862 128 96% 820 0.95
Oasis Crossings (1) Las Vegas NV 1996 983 72 99% 829 0.84
Oasis Emerald (1) Las Vegas NV 1988 873 132 98% 722 0.83
Oasis Gateway (1) Las Vegas NV 1997 1,146 360 97% 920 0.80
Oasis Heritage (1) Las Vegas NV 1986 950 720 98% 713 0.75
Oasis Island (1) Las Vegas NV 1990 901 118 98% 749 0.83
Oasis Landing (1) Las Vegas NV 1990 938 144 98% 808 0.86
Oasis Meadows (1) Las Vegas NV 1996 1,031 383 98% 822 0.80
Oasis Palms (1) Las Vegas NV 1989 880 208 97% 792 0.90
Oasis Pearl (1) Las Vegas NV 1989 930 90 97% 750 0.81
Oasis Place (1) Las Vegas NV 1992 440 240 97% 580 1.32
Oasis Ridge (1) Las Vegas NV 1984 391 477 96% 480 1.23
Oasis Sands Las Vegas NV 1994 1,125 48 97% 840 0.75
Oasis Sierra (1) Las Vegas NV 1998 922 208 97% 872 0.95
Oasis Springs (1) Las Vegas NV 1988 838 304 98% 718 0.86
Oasis Suites (1) Las Vegas NV 1988 404 409 93% 567 1.40
Oasis Vinings (1) Las Vegas NV 1994 1,152 234 94% 881 0.76
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TOTAL NEVADA 32 Properties 889 9,193 97% 800 0.90
Camden Eastchase Charlotte NC 1986 698 220 96% 631 0.90
Camden Forest Charlotte NC 1989 703 208 94% 660 0.94
Camden Habersham Charlotte NC 1986 773 240 93% 698 0.90
Camden Park Commons Charlotte NC 1997 859 232 96% 778 0.90
Camden Pinehurst Charlotte NC 1967 1,147 407 94% 793 0.69
Camden Timber Creek Charlotte NC 1984 706 352 93% 673 0.95
Summit Ballantyne Charlotte NC 1998 1,053 400 96% 854 0.81
Summit Cotton Mills Charlotte NC 2002 906 180 99% 1,166 1.29
Summit Creek (1) Charlotte NC 1982 895 260 96% 680 0.76
Summit Fairview Charlotte NC 1983 1,036 135 98% 817 0.79
Summit Foxcroft Charlotte NC 1979 940 156 95% 750 0.80
Summit Grandview Charlotte NC 2000 1,145 266 97% 1,393 1.22
Summit Green (1) Charlotte NC 1995 939 300 97% 819 0.87
Summit Hollow (1) Charlotte NC 1979 1,039 232 93% 713 0.69
Summit Sedgebrook Charlotte NC 1999 1,017 368 95% 767 0.75
Summit Simsbury Charlotte NC 1985 874 100 99% 797 0.91
Summit South End Square Charlotte NC 2003 883 299 97% 1,137 1.29
Summit Stonecrest Charlotte NC 2001 1,169 306 94% 982 0.84
Summit Touchstone Charlotte NC 1986 899 132 96% 754 0.84
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Total Charlotte 19 Properties 946 4,793 95% 839 0.89
Camden Glen Greensboro NC 1980 662 304 94% 638 0.96
Camden Wendover Greensboro NC 1985 795 216 95% 673 0.85
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Total Greensboro 2 Properties 717 520 94% 653 0.91
Reunion Park by Summit Apex NC 2000/2004 972 420 97% 675 0.69
Summit Crest Raleigh NC 2001 1,129 438 92% 983 0.87
Summit Governor's Village Chapel Hill NC 1999 1,134 242 93% 974 0.86
Summit Hill (1) Chapel Hill NC 1991 1,036 411 93% 788 0.76
Summit Lake Apex NC 1999 1,075 446 96% 1,015 0.94
Summit Overlook Raleigh NC 2001 1,056 320 96% 1,041 0.99
Summit Westwood Morrisville NC 1999 1,112 354 96% 929 0.84
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Total Raleigh 7 Properties 1,070 2,631 95% 907 0.85
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TOTAL NORTH CAROLINA 28 Properties 972 7,944 95% 850 0.87
Summit Valleybrook Chadds Ford PA 2002 992 352 91% 1,288 1.30
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TOTAL PENNSYLVANIA 1 Property 992 352 91% 1,288 1.30
Camden Briar Oaks Austin TX 1980 711 430 92% 683 0.96
Camden Huntingdon Austin TX 1995 903 398 96% 875 0.97
Camden Laurel Ridge Austin TX 1986 702 183 95% 690 0.98
Camden Ridge View Austin TX 1984 859 167 95% 788 0.92
Camden Ridgecrest Austin TX 1995 851 284 95% 831 0.98
Camden Woodview Austin TX 1984 644 283 94% 679 1.05
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Total Austin 6 Properties 780 1,745 94% 761 0.98
Camden Breakers Corpus Christi TX 1996 868 288 93% 836 0.96
Camden Copper Ridge Corpus Christi TX 1986 775 344 97% 634 0.82
Camden Miramar (2) Corpus Christi TX 1994 468 778 66% 785 1.67
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Total Corpus Christi 3 Properties 625 1,410 95% 758 1.21
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CAMDEN COMMUNITY TABLE
Community Statistics as of 6/30/05
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(Unaudited) June 2005
Market Rental Rates
Year Placed Average Apartment 2Q05 Avg ----------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
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Camden Addison (1) Addison TX 1996 942 456 94% 924 0.98
Camden Buckingham Richardson TX 1997 919 464 97% 875 0.95
Camden Centreport Ft. Worth TX 1997 910 268 94% 854 0.94
Camden Cimarron Irving TX 1992 772 286 98% 847 1.10
Camden Farmers Market Dallas TX 2001 916 620 91% 1,167 1.27
Camden Gardens Dallas TX 1983 652 256 95% 650 1.00
Camden Glen Lakes Dallas TX 1979 877 424 96% 803 0.92
Camden Highlands Plano TX 1985 816 160 98% 692 0.85
Camden Lakeview Irving TX 1985 853 476 93% 676 0.79
Camden Legacy Creek Plano TX 1995 831 240 98% 829 1.00
Camden Legacy Park Plano TX 1996 871 276 98% 849 0.97
Camden Oaks Dallas TX 1985 730 446 92% 689 0.94
Camden Oasis Euless TX 1986 548 602 95% 608 1.11
Camden Place Mesquite TX 1984 772 442 96% 663 0.86
Camden Ridge Ft. Worth TX 1985 829 208 95% 663 0.80
Camden Springs Dallas TX 1987 713 304 97% 654 0.92
Camden Terrace Ft. Worth TX 1984 848 340 91% 656 0.77
Camden Towne Village Mesquite TX 1983 735 188 99% 679 0.92
Camden Trails Dallas TX 1984 733 264 94% 637 0.87
Camden Valley Creek Irving TX 1984 855 380 95% 719 0.84
Camden Valley Park Irving TX 1986 743 516 95% 727 0.98
Camden Valley Ridge Irving TX 1987 773 408 92% 651 0.84
Camden Westview Lewisville TX 1983 697 335 95% 668 0.96
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Total Dallas/Ft. Worth 23 Properties 798 8,359 95% 760 0.95
Camden Baytown Baytown TX 1999 844 272 96% 748 0.89
Camden Creek Houston TX 1984 639 456 93% 642 1.01
Camden Crossing Houston TX 1982 762 366 94% 633 0.83
Camden Greenway Houston TX 1999 861 756 97% 1,019 1.18
Camden Holly Springs (1) Houston TX 1999 934 548 94% 954 1.02
Camden Midtown Houston TX 1999 843 337 98% 997 1.18
Camden Oak Crest Houston TX 2003 870 364 96% 962 1.11
Camden Park (1) Houston TX 1995 866 288 95% 864 1.00
Camden Steeplechase Houston TX 1982 748 290 92% 649 0.87
Camden Stonebridge Houston TX 1993 845 204 97% 843 1.00
Camden Sugar Grove (1) Stafford TX 1997 917 380 97% 888 0.97
Camden Vanderbilt Houston TX 1996/1997 863 894 98% 1,076 1.25
Camden West Oaks Houston TX 1982 726 671 91% 616 0.85
Camden Wilshire Houston TX 1982 761 536 89% 616 0.81
Camden Wyndham Houston TX 1978/1981 797 448 92% 589 0.74
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Total Houston 15 Properties 818 6,810 94% 826 1.01
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TOTAL TEXAS 47 Properties 790 18,324 95% 785 0.99
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TOTAL PROPERTIES 191 Properties 895 65,992 95% 919 1.03
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(1) Communities owned through investment in joint venture.
(2) Miramar is a student housing community which is excluded from total occupancy numbers.
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