Exhibit 99.1
Camden Property Trust Announces
Third Quarter 2005 Operating Results
HOUSTON--(BUSINESS WIRE)--Oct. 27, 2005--Camden Property Trust
(NYSE:CPT) announced that its Funds from Operations ("FFO") for the
third quarter of 2005 totaled $0.76 per diluted share or $44.4
million, as compared to $0.76 per diluted share or $33.6 million
reported for the third quarter of 2004. FFO for the nine months ended
September 30, 2005 totaled $2.63 per diluted share or $145.8 million,
as compared to $2.38 per diluted share or $105.5 million reported for
the same period in 2004. FFO for the nine months ended September 30,
2005 included a $0.44 per diluted share impact from the sale of
technology investments and a $0.25 per diluted share charge for
transaction compensation and merger expenses relating to Camden's
merger with Summit Properties Inc. ("Summit").
Net Income ("EPS")
The Company reported a net loss of $2.3 million or $0.05 per
diluted share for the third quarter of 2005, primarily due to a $0.17
per diluted share charge related to the amortization of acquired in
place leases and a $0.04 per diluted share charge for early retirement
of joint venture debt. Net income for the third quarter of 2004 was
$5.8 million or $0.14 per diluted share. For the nine months ended
September 30, 2005, net income totaled $186.2 million or $3.39 per
diluted share compared to $22.8 million or $0.54 per diluted share for
the same period in 2004. Net income for the nine months ended
September 30, 2005 included a $3.03 per diluted share impact from gain
on sale of properties and discontinued operations, a $0.44 per diluted
share impact from the sale of technology investments, a $0.40 per
diluted share charge related to the amortization of acquired in place
leases, and a $0.25 per diluted share charge for transaction
compensation and merger expenses relating to Camden's merger with
Summit Properties Inc. A reconciliation of net income ("EPS") to FFO
is included in the financial tables accompanying this press release.
Same-Property Results
For the 49,936 apartment homes included in consolidated
same-property results, third quarter 2005 same-property net operating
income ("NOI") growth was 4.4% compared to the third quarter of 2004,
with revenues increasing 4.9% and operating expenses increasing 5.6%.
On a sequential basis, third quarter 2005 same-property NOI declined
0.5% compared to second quarter 2005, with revenues increasing 2.0%
and expenses increasing 6.0% compared to the prior quarter. On a
year-to-date basis, 2005 same-property NOI increased 2.7%, with
revenue growth of 3.1% and expense growth of 3.7% compared to the same
period in 2004. Same-property physical occupancy levels for the
combined portfolio averaged 96.0% during the third quarter of 2005,
compared to 94.6% in the third quarter of 2004 and 95.2% in the second
quarter of 2005.
For the 38,853 apartment homes included in Camden's same-property
results, third quarter 2005 revenues increased 4.0% while operating
expenses increased 3.8%, producing a 4.2% increase in same-property
net operating income ("NOI") compared to the third quarter of 2004. On
a sequential basis, third quarter 2005 same-property NOI declined 1.5%
compared to the second quarter of 2005, with revenues increasing 1.7%
and expenses increasing 6.4% compared to the prior quarter. On a
year-to-date basis, 2005 same-property NOI increased 2.4%, with
revenue growth of 2.4% and expense growth of 2.5% compared to the same
period in 2004.
For the 11,083 same-property apartment homes acquired from Summit,
third quarter 2005 revenues increased 7.2% while operating expenses
increased 11.9%, producing a 4.8% increase in same-property net
operating income ("NOI") compared to the third quarter of 2004. On a
sequential basis, third quarter 2005 same-property NOI increased by
1.9% compared to the second quarter of 2005, with revenues increasing
2.9% and expenses increasing 4.9% compared to the prior quarter. On a
year-to-date basis, 2005 same-property NOI increased 3.5%, with
revenue growth of 4.9% and expense growth of 7.7% 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
The Company completed construction on two apartment communities
during the third quarter. Camden Lago Vista in Orlando, FL, was
completed during the quarter and is currently 95% leased and occupied.
Camden Farmers Market II in Dallas, TX was also completed and is
currently 51% leased, with stabilization expected in early 2006.
Camden continued construction on nine other development communities,
including one joint venture community. Of those projects, two are
currently in lease-up: Camden Westwind in Ashburn, VA (joint venture),
and Camden Fairfax Corner in Fairfax, VA. Those projects are currently
30% leased and 16% leased, respectively. The remaining seven
communities under construction are expected to begin lease-ups in late
2005 or during 2006.
Acquisition/Disposition Activity
During the quarter, the Company completed the acquisition of
Camden World Gateway, a 408-home apartment community in Orlando, FL
for $58.5 million. Subsequent to quarter-end, the Company acquired
Camden Gaines Ranch, a 390-home apartment community in Austin, TX for
$43.0 million.
Dispositions for the quarter included Summit Lenox, a 431-home
apartment community in Atlanta, GA sold for $30.2 million, and 2.2
acres of undeveloped land in Dallas, TX sold for $2.0 million. At
quarter-end, Camden had two additional communities held for sale:
Camden Live Oaks, a 770-home apartment community in Tampa, FL, and
Camden Trails, a 264-home apartment community in Dallas, TX.
Earnings Guidance
Camden updated its 2005 earnings guidance and now expects
full-year FFO of $3.44 to $3.49 per diluted share, and fourth quarter
FFO of $0.82 to $0.86 per diluted share. EPS is expected to be between
$0.02 and $0.06 per diluted share for the fourth quarter of 2005, and
between $3.32 and $3.37 for full-year 2005, 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 Friday, October 28,
2005 at 9:00 a.m. Central Time to review its third quarter results and
discuss its outlook for future performance. To participate in the
call, please dial 866-831-6224 (domestic) or 617-213-8853
(international) by 8:50 a.m. Central Time and request the Camden
Property Trust Third Quarter Earnings Call, Conference Passcode
#56482111, 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 194 properties containing 67,009 apartment homes across the
United States. Upon completion of nine properties under development,
the Company's portfolio will increase to 70,220 apartment homes in 203
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.
OPERATING RESULTS
(In thousands, except per share and
CAMDEN property data amounts)
- ----------------------------------------------------------------------
(Unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
OPERATING DATA 2005 2004 2005 (a) 2004
- ---------------------------- -------------------- --------------------
Property revenues
Rental revenues $129,309 $92,347 $360,761 $275,547
Other property revenues 11,899 8,562 32,769 24,880
-------------------- --------------------
Total property revenues 141,208 100,909 393,530 300,427
Property expenses
Property operating and
maintenance 40,590 31,680 111,612 90,324
Real estate taxes 15,231 10,958 43,534 33,051
-------------------- --------------------
Total property expenses 55,821 42,638 155,146 123,375
Non-property income
Fee and asset management 1,789 1,962 10,929 6,639
Sale of technology
investments - - 24,199 863
Interest and other income 1,913 1,917 6,401 7,136
-------------------- --------------------
Total non-property income 3,702 3,879 41,529 14,638
Other expenses
Property management 4,208 2,901 11,350 8,512
Fee and asset management 2,008 850 4,999 2,845
General and administrative 6,183 4,074 18,017 12,400
Transaction compensation and
merger expenses - - 14,085 -
Interest 29,331 19,305 81,416 59,701
Amortization of deferred
financing costs 855 767 2,872 2,250
Amortization of acquired in
place leases 9,498 - 22,161 -
Depreciation and
amortization 36,076 25,748 100,923 76,109
-------------------- --------------------
Total other expenses 88,159 53,645 255,823 161,817
-------------------- --------------------
Income from continuing 930 8,505 24,090 29,873
operations before gain on
sale of properties, equity
in income (losses) of joint
ventures and minority
interests
Gain on sale of properties,
including land - - 132,128 1,255
Equity in income (losses) of
joint ventures (1,827) 93 (1,472) 259
Income allocated to minority
interests
Distributions on perpetual
preferred units (1,750) (2,664) (5,278) (8,350)
Original issuance costs on
redeemed perpetual
preferred units - (745) (365) (745)
Income allocated to common
units and other minority
interests (373) (515) (2,099) (1,956)
-------------------- --------------------
Income (loss) from
continuing operations (3,020) 4,674 147,004 20,336
Income from discontinued
operations 703 1,171 3,091 3,778
Income from discontinued
operations allocated to
common units - (38) - (122)
Impairment loss on land
held for sale - - - (1,143)
Gain on sale of
discontinued operations - - 36,104 -
-------------------- --------------------
Net income (loss) ($2,317) $5,807 $186,199 $22,849
==================== ====================
PER SHARE DATA
- ----------------------------
Net income (loss) - basic ($0.04) $0.14 $3.63 $0.57
Net income (loss) -
diluted (0.05) 0.14 3.39 0.54
Income (loss) from
continuing operations -
basic (0.05) 0.11 2.87 0.51
Income (loss) from
continuing operations -
diluted (0.06) 0.11 2.68 0.48
Weighted average number of
common and common
equivalent shares
outstanding:
Basic 54,018 40,377 51,294 40,234
Diluted 55,671 42,574 55,494 42,381
PROPERTY DATA
- ----------------------------
Total operating properties
(end of period) (b) 193 145 193 145
Total operating apartment
homes in operating
properties (end of
period) (b) 66,619 52,008 66,619 52,008
Total operating apartment
homes (weighted average) 56,150 47,192 53,678 47,039
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 55,056 44,720 52,907 44,567
(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.
FUNDS FROM OPERATIONS
(In thousands, except per share and
CAMDEN property data amounts)
- ----------------------------------------------------------------------
(Unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
FUNDS FROM OPERATIONS 2005 2004 2005 (a) 2004
- ---------------------------- -------------------- --------------------
Net income (loss) ($2,317) $5,807 $186,199 $22,849
Real estate depreciation
and amortization from
continuing operations 44,930 25,340 121,206 74,797
Real estate depreciation
from discontinued
operations 233 1,401 1,420 4,190
Adjustments for
unconsolidated joint
ventures 1,284 523 3,249 1,570
Income from continuing
operations allocated to
common units 241 515 1,969 1,956
Income from discontinued
operations allocated to
common units - 38 - 122
(Gain) on sale of
operating properties - - (132,117) -
(Gain) on sale of
discontinued operations - - (36,104) -
-------------------- --------------------
Funds from operations -
diluted $44,371 $33,624 $145,822 $105,484
==================== ====================
PER SHARE DATA
- ----------------------------
Funds from operations -
diluted $0.76 $0.76 $2.63 $2.38
Cash distributions 0.64 0.64 1.91 1.91
Weighted average number of
common and common
equivalent shares
outstanding:
FFO - diluted 58,600 44,449 55,494 44,257
PROPERTY DATA
- ----------------------------
Total operating properties
(end of period) (b) 193 145 193 145
Total operating apartment
homes in operating
properties (end of
period) (b) 66,619 52,008 66,619 52,008
Total operating apartment
homes (weighted average) 56,150 47,192 53,678 47,039
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 55,056 44,720 52,907 44,567
(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) Sep 30, Jun 30, Mar 31,
2005 2005 2005
------------ ------------ -------------
ASSETS
Real estate assets, at cost
Land $660,748 $657,433 $655,321
Buildings and improvements 3,881,682 3,839,732 3,810,003
------------ ------------ -------------
4,542,430 4,497,165 4,465,324
Accumulated depreciation (713,991) (694,120) (658,683)
------------ ------------ -------------
Net operating real estate
assets 3,828,439 3,803,045 3,806,641
Properties under
development, including
land 377,787 368,022 348,202
Investment in joint
ventures 31,389 37,074 38,107
Properties held for sale 51,741 39,930 72,338
------------ ------------ -------------
Total real estate assets 4,289,356 4,248,071 4,265,288
Accounts receivable -
affiliates 35,313 35,084 33,587
Notes receivable
Affiliates 11,505 11,108 10,729
Other 24,865 32,283 32,274
Other assets, net (a) 100,080 101,475 95,941
Cash and cash equivalents 1,076 6,432 6,351
Restricted cash 5,829 6,375 5,835
------------ ------------ -------------
Total assets $4,468,024 $4,440,828 $4,450,005
============ ============ =============
LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities
Notes payable
Unsecured $1,903,094 $1,860,107 $1,900,710
Secured 661,723 672,557 675,473
Accounts payable 59,248 61,220 54,975
Accrued real estate taxes 39,740 29,510 17,179
Accrued expenses and other
liabilities (b) 152,270 130,993 131,155
Distributions payable 38,933 39,513 15,223
------------ ------------ -------------
Total liabilities 2,855,008 2,793,900 2,794,715
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925 97,925
Common units 115,190 118,119 121,734
Other minority interests 10,425 9,878 9,880
------------ ------------ -------------
Total minority interests 223,540 225,922 229,539
Shareholders' equity
Common shares of beneficial
interest 607 606 605
Additional paid-in capital 1,913,930 1,910,750 1,903,541
Distributions in excess of
net income (273,609) (236,954) (224,533)
Unearned restricted share
awards (14,217) (15,732) (15,185)
Employee notes receivable (2,087) (2,084) (3,097)
Treasury shares, at cost (235,148) (235,580) (235,580)
------------ ------------ -------------
Total shareholders'
equity 1,389,476 1,421,006 1,425,751
------------ ------------ -------------
Total liabilities and
shareholders' equity $4,468,024 $4,440,828 $4,450,005
============ ============ =============
(a) includes:
net deferred charges of: $13,757 $14,266 $13,386
value of in place leases
of: $10,561 $18,995 $29,186
(b) includes:
deferred revenues of: $34,508 $34,990 $35,797
above/below market leases
of: $889 $1,675 $2,537
(Unaudited) Dec 31, Sep 30,
2004 2004
------------- ---------------
ASSETS
Real estate assets, at cost
Land $399,054 $406,760
Buildings and improvements 2,511,195 2,583,555
------------- ---------------
2,910,249 2,990,315
Accumulated depreciation (688,333) (680,184)
------------- ---------------
Net operating real estate assets 2,221,916 2,310,131
Properties under development, including
land 176,769 174,351
Investment in joint ventures 9,641 10,076
Properties held for sale 62,418 1,800
------------- ---------------
Total real estate assets 2,470,744 2,496,358
Accounts receivable - affiliates 31,380 30,434
Notes receivable
Affiliates 10,367 10,010
Other 44,547 53,599
Other assets, net (a) 66,164 49,804
Cash and cash equivalents 2,253 2,465
Restricted cash 3,909 4,259
------------- ---------------
Total assets $2,629,364 $2,646,929
============= ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $1,407,208 $1,435,197
Secured 169,197 170,129
Accounts payable 31,904 28,794
Accrued real estate taxes 27,324 32,732
Accrued expenses and other
liabilities (b) 65,237 48,192
Distributions payable 30,412 30,331
------------- ---------------
Total liabilities 1,731,282 1,745,375
Commitments and contingencies
Minority interests
Perpetual preferred units 115,060 115,060
Common units 44,507 43,881
Other minority interests - -
------------- ---------------
Total minority interests 159,567 158,941
Shareholders' equity
Common shares of beneficial interest 486 486
Additional paid-in capital 1,348,848 1,346,040
Distributions in excess of net income (361,973) (353,996)
Unearned restricted share awards (13,023) (14,069)
Employee notes receivable - -
Treasury shares, at cost (235,823) (235,848)
------------- ---------------
Total shareholders' equity 738,515 742,613
------------- ---------------
Total liabilities and shareholders'
equity $2,629,364 $2,646,929
============= ===============
(a) includes:
net deferred charges of: $11,361 $8,917
value of in place leases of: - -
(b) includes:
deferred revenues of: $2,280 $1,657
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 Nine Months Ended
September 30, September 30,
-------------------- --------------------
2005 2004 2005 2004
-------------------- --------------------
Net income (loss) ($2,317) $5,807 $186,199 $22,849
Real estate depreciation
and amortization from
continuing operations 44,930 25,340 121,206 74,797
Real estate depreciation
from discontinued
operations 233 1,401 1,420 4,190
Adjustments for
unconsolidated joint
ventures 1,284 523 3,249 1,570
Income from continuing
operations allocated to
common units 241 515 1,969 1,956
Income from discontinued
operations allocated to
common units - 38 - 122
(Gain) on sale of
operating properties - - (132,117) -
(Gain) on sale of
discontinued operations - - (36,104) -
-------------------- --------------------
Funds from operations -
diluted $44,371 $33,624 $145,822 $105,484
==================== ====================
Weighted average number of
common and
common equivalent shares
outstanding:
EPS diluted 55,671 42,574 55,494 42,381
FFO diluted 58,600 44,449 55,494 44,257
Net income (loss) per
common share - diluted $(0.05) $0.14 $3.39 $0.54
FFO per common share -
diluted $0.76 $0.76 $2.63 $2.38
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:
4Q05 Range 2005 Range
Low High Low High
-------------------- --------------------
Expected net income (loss)
per share - diluted $0.02 $0.06 $3.32 $3.37
Expected real estate
depreciation 0.77 0.77 2.99 2.99
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 (2.99) (2.99)
-------------------- --------------------
Expected FFO per share -
diluted $0.82 $0.86 $3.44 $3.49
Note: This table contains forward-looking statements.
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 Nine Months Ended
September 30, September 30,
-------------------- --------------------
2005 2004 2005 2004
-------------------- --------------------
Net income (loss) ($2,317) $5,807 $186,199 $22,849
Fee and asset management (1,789) (1,962) (10,929) (6,639)
Sale of technology
investments - - (24,199) (863)
Interest and other income (1,913) (1,917) (6,401) (7,136)
Property management expense 4,208 2,901 11,350 8,512
Fee and asset management
expense 2,008 850 4,999 2,845
General and administrative
expense 6,183 4,074 18,017 12,400
Transaction compensation and
merger expenses - - 14,085 -
Interest expense 29,331 19,305 81,416 59,701
Amortization of deferred
financing costs 855 767 2,872 2,250
Amortization of acquired in
place leases 9,498 - 22,161 -
Depreciation and
amortization 36,076 25,748 100,923 76,109
Gain on sale of properties,
including land - - (132,128) (1,255)
Impairment loss on land held
for sale - - - 1,143
Equity in (income) losses of
joint ventures 1,827 (93) 1,472 (259)
Distributions on perpetual
preferred units 1,750 2,664 5,278 8,350
Original issuance costs on
redeemed perpetual
preferred units - 745 365 745
Income allocated to common
units and other minority
interests 373 515 2,099 1,956
Income from discontinued
operations (703) (1,171) (3,091) (3,778)
Income from discontinued
operations allocated to
common units - 38 - 122
Gain on sale of discontinued
operations - - (36,104) -
-------------------- --------------------
Net Operating Income
(NOI) $85,387 $58,271 $238,384 $177,052
CPT-"Same Property"
Communities $50,756 $48,723 $152,149 $148,652
Summit-"Same Property"
Communities 22,549 - 51,856 -
CPT Non-"Same Property"
Communities 4,083 3,159 12,414 9,029
Summit Non-"Same Property"
Communities 6,054 - 12,700 -
Development and Lease-Up
Communities 438 - 671 -
Dispositions / Other 1,507 6,389 8,594 19,371
-------------------- --------------------
Net Operating Income (NOI) $85,387 $58,271 $238,384 $177,052
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 Nine Months Ended
September 30, September 30,
-------------------- --------------------
2005 2004 2005 2004
-------------------- --------------------
Net income (loss) ($2,317) $5,807 $186,199 $22,849
Interest expense 29,331 19,305 81,416 59,701
Amortization of deferred
financing costs 855 767 2,872 2,250
Amortization of acquired in
place leases 9,498 - 22,161 -
Depreciation and
amortization 36,076 25,748 100,923 76,109
Distributions on perpetual
preferred units 1,750 2,664 5,278 8,350
Original issuance costs on
redeemed perpetual
preferred units - 745 365 745
Income allocated to common
units and other minority
interests 373 515 2,099 1,956
Real estate depreciation
from discontinued
operations 233 1,401 1,420 4,190
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 1,827 (93) 1,472 (259)
Gain on sale of discontinued
operations - - (36,104) -
Income from discontinued
operations allocated to
common units - 38 - 122
-------------------- --------------------
EBITDA $77,626 $56,897 $235,973 $175,901
CONTACT: Camden Property Trust, Houston
Kim Callahan, 713-354-2549