Exhibit 99.2
THIRD QUARTER 2005
-----------------------------------------
Supplemental Operating and Financial Data
-----------------------------------------
Summit Grand Parc - Washington D.C.
105 Apartment Homes - Currently 95% Occupied
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 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.
CAMDEN TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Page
Press Release Text 3
Financial Highlights 6
Operating Results 7
Funds from Operations 8
Balance Sheets 9
Portfolio Statistics 10
Components of Property Net Operating Income 11
"Same Property" Third 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
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.
CAMDEN FINANCIAL HIGHLIGHTS
(in thousands, except per share,
property data amounts and ratios)
- -------------------------------------------------------------------------------------------------------
(Unaudited)
Three Months Ended Nine MonthsEnded
September 30, September 30,
--------------------------------------------
2005 2004 2005 (a) 2004
-------------------- -----------------------
Total property revenues $141,208 $100,909 $393,530 $300,427
EBITDA 77,626 56,897 235,973 175,901
Net income (loss) (2,317) 5,807 186,199 22,849
Per share - basic (0.04) 0.14 3.63 0.57
Per share - diluted (0.05) 0.14 3.39 0.54
Income (loss) from continuing operations (3,020) 4,674 147,004 20,336
per share - basic (0.05) 0.11 2.87 0.51
per share - diluted (0.06) 0.11 2.68 0.48
Funds from operations 44,371 33,624 145,822 105,484
Per share - diluted 0.76 0.76 2.63 2.38
Dividends per share 0.64 0.64 1.91 1.91
Dividend payout ratio 84.2% 84.2% 72.6% 80.3%
Interest expensed 29,331 19,305 81,416 59,701
Interest capitalized 5,015 2,294 12,657 6,966
--------- --------- ----------- -----------
Total interest incurred 34,346 21,599 94,073 66,667
Principal amortization 3,135 1,105 7,590 3,479
Preferred dividends & distributions 1,750 2,664 5,278 8,350
Interest expense coverage ratio 2.6 x 2.9 x 2.9 x 2.9
Total interest coverage ratio 2.3 x 2.6 x 2.5 x 2.6
Fixed charge expense coverage ratio 2.3 x 2.5 x 2.5 x 2.5
Total fixed charge coverage ratio 2.0 x 2.2 x 2.2 x 2.2
Same property NOI increase/(decrease) (b) 4.4% 2.7%
(# of apartment homes included) 49,936 49,936
Gross turnover of apartment homes (annualized) 71% 65%
Net turnover (excludes on-site transfers and
transfers to other Camden communities) 64% 59%
As of September 30,
-----------------------
2005 2004
-----------------------
Total assets $4,468,024 $2,646,929
Total debt $2,564,817 $1,605,326
Common and common equivalent shares,
outstanding end of period (c) 58,721 44,432
Share price, end of period $ 55.75 $ 46.20
Preferred units, end of period $ 97,925 $ 115,060
Book equity value, end of period (d) $1,613,016 $ 901,554
Market equity value, end of period (d) $3,373,696 $2,170,258
Debt to total market capitalization ratio 43.2% 42.5%
Unencumbered real estate assets (at cost)
to unsecured debt ratio 201% 196%
(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 proforma for both Camden and Summit as if the merger
occurred on January 1, 2004.
(c) Includes at September 30, 2005: 54,641 common shares (including 558 common
share equivalents related to share awards & options), plus common share
equivalents upon the assumed conversion of minority interest units (4,080)
(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 data
property share and 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 operations before gain on sale of
properties, 930 8,505 24,090 29,873
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 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)
- ---------------------------------------------------------------------------------------------------------
(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 pages 23 and 24 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
8
CAMDEN BALANCE SHEETS
(In thousands)
- -----------------------------------------------------------------------------------------------------------
(Unaudited) Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
2005 2005 2005 2004 2004
--------------------------------------------------------------
ASSETS
Real estate assets, at
cost
Land $ 660,748 $ 657,433 $ 655,321 $ 399,054 $ 406,760
Buildings and
improvements 3,881,682 3,839,732 3,810,003 2,511,195 2,583,555
--------------------------------------------------------------
4,542,430 4,497,165 4,465,324 2,910,249 2,990,315
Accumulated depreciation (713,991) (694,120) (658,683) (688,333) (680,184)
--------------------------------------------------------------
Net operating real estate assets 3,828,439 3,803,045 3,806,641 2,221,916 2,310,131
Properties under development, including
land 377,787 368,022 348,202 176,769 174,351
Investment in joint
ventures 31,389 37,074 38,107 9,641 10,076
Properties held for sale 51,741 39,930 72,338 62,418 1,800
--------------------------------------------------------------
Total real estate assets 4,289,356 4,248,071 4,265,288 2,470,744 2,496,358
Accounts receivable -
affiliates 35,313 35,084 33,587 31,380 30,434
Notes receivable
Affiliates 11,505 11,108 10,729 10,367 10,010
Other 24,865 32,283 32,274 44,547 53,599
Other assets, net (a) 100,080 101,475 95,941 66,164 49,804
Cash and cash
equivalents 1,076 6,432 6,351 2,253 2,465
Restricted cash 5,829 6,375 5,835 3,909 4,259
--------------------------------------------------------------
Total assets $4,468,024 $4,440,828 $4,450,005 $2,629,364 $2,646,929
==============================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $1,903,094 $1,860,107 $1,900,710 $1,407,208 $1,435,197
Secured 661,723 672,557 675,473 169,197 170,129
Accounts payable 59,248 61,220 54,975 31,904 28,794
Accrued real estate
taxes 39,740 29,510 17,179 27,324 32,732
Accrued expenses and other liabilities (b) 152,270 130,993 131,155 65,237 48,192
Distributions payable 38,933 39,513 15,223 30,412 30,331
--------------------------------------------------------------
Total liabilities 2,855,008 2,793,900 2,794,715 1,731,282 1,745,375
Commitments and contingencies
Minority interests
Perpetual preferred
units 97,925 97,925 97,925 115,060 115,060
Common units 115,190 118,119 121,734 44,507 43,881
Other minority interests 10,425 9,878 9,880 - -
--------------------------------------------------------------
Total minority interests 223,540 225,922 229,539 159,567 158,941
Shareholders' equity
Common shares of beneficial interest 607 606 605 486 486
Additional paid-in
capital 1,913,930 1,910,750 1,903,541 1,348,848 1,346,040
Distributions in excess of net income (273,609) (236,954) (224,533) (361,973) (353,996)
Unearned restricted share awards (14,217) (15,732) (15,185) (13,023) (14,069)
Employee notes
receivable (2,087) (2,084) (3,097) - -
Treasury shares, at cost (235,148) (235,580) (235,580) (235,823) (235,848)
--------------------------------------------------------------
Total shareholders'
equity 1,389,476 1,421,006 1,425,751 738,515 742,613
--------------------------------------------------------------
Total liabilities and shareholders' equity $4,468,024 $4,440,828 $4,450,005 $2,629,364 $2,646,929
==============================================================
(a) includes:
net deferred charges of: $ 13,757 $ 14,266 $ 13,386 $ 11,361 $ 8,917
value of in place leases
of: $ 10,561 $ 18,995 $ 29,186 - -
(b) includes:
deferred revenues of: $ 34,508 $ 34,990 $ 35,797 $ 2,280 $ 1,657
above/below market leases of: $ 889 $ 1,675 $ 2,537 - -
9
CAMDEN PORTFOLIO STATISTICS
- ---------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2005 (in apartment homes)
Summit- Non-"Same Completed
CPT-"Same "Same Property" Wholly - Joint Stabilized in Total Under
Property" Property" (a) Owned Venture Operating Lease-up Operating Development Total
------------------------------------------------------------------------------------------------------------
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 7,639 - 264 7,903 456 8,359 284 8,643 - 8,643
Tampa, FL 4,865 - 770 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 - 2,906 296 3,202 - 3,202 - 3,202 - 3,202
Denver, CO 2,209 - - 2,209 320 2,529 - 2,529 - 2,529
Orlando, FL 2,252 270 408 2,930 - 2,930 366 3,296 - 3,296
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 38,853 11,083 6,249 56,185 9,784 65,969 650 66,619 3,211 69,830
(a) Includes the following properties held for sale and reported in
discontinued operations: Camden Live Oaks in Tampa, FL (770 apartments
homes) and Camden Trails in Dallas, TX (264 apartment 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.
THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (f)
Same
Property Operating Incl. JVs at
Communities Communities Pro Rata % (e) Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(c) (d) 2005 2005 2005 2004 2004
------------------------------------------------------------------------------------------------
Las Vegas, NV 9.3% 8.0% 9.4% 97.2% 97.2% 97.2% 97.4% 97.2%
D.C. Metro 9.7% 10.4% 10.1% 96.5% 95.2% 93.5% 93.8% 94.3%
Los Angeles/Orange
County, CA 4.5% 6.1% 6.2% 94.9% 92.7% 94.7% 97.0% 95.8%
San Diego/Inland
Empire, CA 1.6% 2.5% 2.4% 95.6% 93.4% 90.7% 93.7% 94.6%
Dallas, TX 9.4% 8.2% 8.1% 95.5% 94.7% 91.6% 91.5% 93.3%
Tampa, FL 8.8% 8.5% 8.2% 96.4% 96.0% 96.3% 96.3% 95.1%
Houston, TX 8.4% 7.8% 7.9% 95.6% 94.4% 91.9% 90.3% 92.8%
Charlotte, NC 5.7% 6.9% 6.9% 96.2% 95.4% 93.8% 93.6% 94.7%
SE Florida 6.2% 7.7% 7.4% 97.0% 96.8% 96.1% 95.1% 95.5%
Atlanta, GA 6.2% 6.0% 5.8% 95.2% 93.0% 90.8% 91.2% 92.8%
Denver, CO 5.1% 4.4% 4.6% 94.8% 93.6% 91.4% 91.6% 94.5%
Orlando, FL 5.3% 5.3% 5.1% 97.1% 97.7% 98.5% 97.5% 96.0%
Raleigh, NC 3.6% 3.6% 3.6% 94.7% 94.5% 91.2% 91.4% 92.1%
St. Louis, MO 3.7% 3.1% 3.0% 95.5% 95.4% 91.7% 92.9% 94.3%
Phoenix, AZ 3.2% 2.7% 2.9% 96.6% 95.1% 95.8% 95.1% 94.2%
Corpus Christi, TX 1.0% 1.6% 1.6% 94.5% 94.8% 96.1% 95.7% 95.1%
Louisville, KY 2.4% 2.1% 2.0% 96.9% 93.7% 90.5% 90.2% 94.1%
Austin, TX 2.1% 1.8% 1.7% 95.8% 94.4% 94.2% 93.1% 95.5%
Other 3.8% 3.3% 3.1% 95.2% 94.0% 94.0% 93.9% 95.7%
---- ---- ---- ----- ----- ----- ----- -----
Total Portfolio 100.0% 100.0% 100.0% 96.0% 95.2% 93.9% 93.8% 94.6%
(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)
Three Months Ended Nine Months Ended
Apartment September 30, September 30,
Property Revenues Homes 2005 2004 Change 2005 (a) 2004 Change
------- ----------------------------- ---------------------------------
CPT-"Same Property" Communities
(b) 38,853 $ 88,123 $ 84,724 $ 3,399 $259,628 $253,474 $ 6,154
Summit-"Same Property"
Communities (b) 11,083 34,469 - 34,469 78,896 - 78,896
CPT Non-"Same Property"
Communities (c) 2,510 6,772 5,798 974 20,188 15,870 4,318
Summit Non-"Same Property"
Communities (c) 2,705 9,184 - 9,184 20,506 - 20,506
Development and Lease-Up
Communities (d) 3,397 878 - 878 1,280 - 1,280
Dispositions / Other (e) - 1,782 10,387 (8,605) 13,032 31,083 (18,051)
------- -------- -------- ------- -------- -------- --------
Total Property Revenues 58,548 $141,208 $100,909 $40,299 $393,530 $300,427 $ 93,103
Property Expenses
CPT-"Same Property" Communities
(b) 38,853 $ 37,367 $ 36,001 $ 1,366 $107,479 $104,822 $ 2,657
Summit-"Same Property"
Communities (b) 11,083 11,920 - 11,920 27,040 - 27,040
CPT Non-"Same Property"
Communities (c) 2,510 2,689 2,639 50 7,774 6,841 933
Summit Non-"Same Property"
Communities (c) 2,705 3,130 - 3,130 7,806 - 7,806
Development and Lease-Up
Communities (d) 3,397 440 - 440 609 - 609
Dispositions / Other (e) - 275 3,998 (3,723) 4,438 11,712 (7,274)
------- -------- -------- ------- -------- -------- --------
Total Property Expenses 58,548 $ 55,821 $ 42,638 $13,183 $155,146 $123,375 $ 31,771
Property Net Operating Income
CPT-"Same Property" Communities
(b) 38,853 $ 50,756 $ 48,723 $ 2,033 $152,149 $148,652 $ 3,497
Summit-"Same Property"
Communities (b) 11,083 22,549 - 22,549 51,856 - 51,856
CPT Non-"Same Property"
Communities (c) 2,510 4,083 3,159 924 12,414 9,029 3,385
Summit Non-"Same Property"
Communities (c) 2,705 6,054 - 6,054 12,700 - 12,700
Development and Lease-Up
Communities (d) 3,397 438 - 438 671 - 671
Dispositions / Other (e) - 1,507 6,389 (4,882) 8,594 19,371 (10,777)
------- -------- -------- ------- -------- -------- --------
Total Property Net Operating
Income 58,548 $ 85,387 $ 58,271 $27,116 $238,384 $177,052 $ 61,332
Income from Discontinued Operations (f) Three Months Ended Nine Months Ended
- -------------------------------------- September 30, September 30,
2005 2004 2005 2004
---------------------------- ----------------------------
Property Revenues $ 2,410 $ 5,073 $ 9,871 $ 15,052
Property Expenses 1,474 2,502 5,360 7,084
-------- -------- -------- --------
Property Net Operating Income $ 936 $ 2,571 $ 4,511 $ 7,968
Depreciation and Amortization 233 1,400 1,420 4,190
Minority Interests - 38 - 122
-------- -------- -------- --------
Income from Discontinued
Operations $ 703 $ 1,133 $ 3,091 $ 3,656
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 which
are not classified as "Discontinued Operations". "Other" property revenues
primarily relates to amortization of above and below market leases acquired
in our merger with Summit.
(f)Represents operating results for communities, totalling 2,903 apartment
homes, disposed of during 2004 and YTD 2005 or held for sale at September
30, 2005
11
"SAME PROPERTY"
CAMDEN THIRD QUARTER COMPARISONS
September 30, 2005
(In thousands, except property data amounts)
- ------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 3Q05 3Q04 Growth 3Q05 3Q04 Growth 3Q05 3Q04 Growth
- ------------------------------------------------------------------------------------------------------------
Las Vegas, NV $ 10,509 $ 9,621 9.2% $ 3,687 $ 3,517 4.8% $ 6,822 $ 6,104 11.8%
D.C. Metro 9,835 9,119 7.9% 2,698 2,420 11.5% 7,137 6,699 6.5%
Los Angeles/Orange
County, CA 4,804 4,749 1.2% 1,508 1,354 11.4% 3,296 3,395 (2.9%)
San Diego/Inland
Empire, CA 1,942 1,883 3.1% 754 657 14.8% 1,188 1,226 (3.1%)
Dallas, TX 14,541 14,395 1.0% 7,602 7,429 2.3% 6,939 6,966 (0.4%)
Tampa, FL 11,383 10,246 11.1% 4,967 4,921 0.9% 6,416 5,325 20.5%
Houston, TX 11,477 11,293 1.6% 5,273 5,006 5.3% 6,204 6,287 (1.3%)
Charlotte, NC 6,963 6,560 6.1% 2,811 2,671 5.2% 4,152 3,889 6.8%
SE Florida 7,385 6,685 10.5% 2,816 2,456 14.7% 4,569 4,229 8.0%
Atlanta, GA 7,369 7,051 4.5% 2,834 2,506 13.1% 4,535 4,545 (0.2%)
Denver, CO 5,694 5,735 (0.7%) 1,953 1,962 (0.5%) 3,741 3,773 (0.8%)
Orlando, FL 6,376 5,933 7.5% 2,506 2,367 5.9% 3,870 3,566 8.5%
Raleigh, NC 4,042 3,868 4.5% 1,431 1,313 9.0% 2,611 2,555 2.2%
St. Louis, MO 4,465 4,468 (0.1%) 1,775 1,664 6.7% 2,690 2,804 (4.1%)
Phoenix, AZ 3,561 3,286 8.4% 1,242 1,221 1.7% 2,319 2,065 12.3%
Corpus Christi, TX 1,461 1,445 1.1% 718 600 19.7% 743 845 (12.1%)
Louisville, KY 2,859 2,702 5.8% 1,082 1,046 3.4% 1,777 1,656 7.3%
Austin, TX 3,252 3,242 0.3% 1,743 1,704 2.3% 1,509 1,538 (1.9%)
Other 4,674 4,604 1.5% 1,887 1,839 2.6% 2,787 2,765 0.8%
----- ----- ---- ----- ----- ---- ----- ----- ----
Total Same
Property $122,592 $116,885 4.9% $49,287 $46,653 5.6% $73,305 $70,232 4.4%
Apartment % of NOI
Quarterly Results (a) Homes Contribution Average Occupancy (a) Weighted Average Rental Rate (b)
Included (a) 3Q05 3Q04 Change 3Q05 3Q04 Change
- ---------------------------------------------------------------------------------------------------------------
Las Vegas, NV 4,017 9.3% 97.3% 96.8% 0.5% $ 825 $ 756 9.2%
D.C. Metro 2,330 9.7% 96.4% 94.4% 2.0% 1,377 1,320 4.3%
Los Angeles/Orange
County, CA 1,232 4.5% 96.5% 95.5% 1.0% 1,306 1,289 1.4%
San Diego/Inland
Empire, CA 424 1.6% 96.3% 95.0% 1.3% 1,500 1,450 3.4%
Dallas, TX 7,639 9.4% 95.7% 93.5% 2.2% 632 635 (0.6%)
Tampa, FL 4,865 8.8% 96.6% 95.5% 1.1% 740 674 9.8%
Houston, TX 5,230 8.4% 95.5% 92.6% 2.9% 718 726 (1.1%)
Charlotte, NC 3,216 5.7% 95.8% 94.8% 1.0% 711 688 3.3%
SE Florida 1,868 6.2% 96.8% 95.4% 1.4% 1,253 1,189 5.4%
Atlanta, GA 2,906 6.2% 95.4% 92.9% 2.5% 832 820 1.5%
Denver, CO 2,209 5.1% 94.9% 94.6% 0.3% 837 839 (0.3%)
Orlando, FL 2,522 5.3% 97.1% 96.8% 0.3% 802 745 7.7%
Raleigh, NC 1,800 3.6% 94.5% 92.9% 1.6% 748 756 (1.1%)
St. Louis, MO 2,123 3.7% 95.5% 94.3% 1.2% 697 696 0.1%
Phoenix, AZ 1,441 3.2% 96.8% 94.9% 1.9% 797 753 5.9%
Corpus Christi, TX 632 1.0% 94.5% 95.1% (0.6%) 705 681 3.4%
Louisville, KY 1,448 2.4% 96.9% 94.1% 2.8% 627 609 2.9%
Austin, TX 1,745 2.1% 95.8% 95.5% 0.3% 606 592 2.3%
Other 2,289 3.8% 95.2% 95.7% (0.5%) 670 658 1.9%
----- ---- ----- ----- ------ --- --- ----
Total Same
Property 49,936 100.0% 96.0% 94.6% 1.4% $ 797 $ 772 3.2%
(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 proforma 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" and concessions, but before vacancy and bad debt.
12
"SAME PROPERTY"
CAMDEN SEQUENTIAL QUARTER COMPARISONS
September 30, 2005
(In thousands, except property data amounts)
- ----------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 3Q05 2Q05 Growth 3Q05 2Q05 Growth 3Q05 2Q05 Growth
- ----------------------------------------------------------------------------------------------------------
Las Vegas, NV $ 10,509 $ 10,351 1.5% $ 3,687 $ 3,417 7.9% $ 6,822 $ 6,934 (1.6%)
D.C. Metro 9,835 9,577 2.7% 2,698 2,560 5.4% 7,137 7,017 1.7%
Los Angeles/Orange
County, CA 4,804 4,580 4.9% 1,508 1,432 5.3% 3,296 3,148 4.7%
San Diego/Inland Empire,
CA 1,942 1,874 3.6% 754 687 9.8% 1,188 1,187 0.1%
Dallas, TX 14,541 14,408 0.9% 7,602 7,046 7.9% 6,939 7,362 (5.7%)
Tampa, FL 11,383 11,130 2.3% 4,967 4,756 4.4% 6,416 6,374 0.7%
Houston, TX 11,477 11,312 1.5% 5,273 4,961 6.3% 6,204 6,351 (2.3%)
Charlotte, NC 6,963 6,711 3.8% 2,811 2,658 5.8% 4,152 4,053 2.4%
SE Florida 7,385 7,229 2.2% 2,816 2,683 5.0% 4,569 4,546 0.5%
Atlanta, GA 7,369 7,177 2.7% 2,834 2,644 7.2% 4,535 4,533 0.0%
Denver, CO 5,694 5,658 0.6% 1,953 1,862 4.9% 3,741 3,796 (1.4%)
Orlando, FL 6,376 6,205 2.8% 2,506 2,353 6.5% 3,870 3,852 0.5%
Raleigh, NC 4,042 3,935 2.7% 1,431 1,419 0.8% 2,611 2,516 3.8%
St. Louis, MO 4,465 4,526 (1.3%) 1,775 1,646 7.8% 2,690 2,880 (6.6%)
Phoenix, AZ 3,561 3,458 3.0% 1,242 1,196 3.8% 2,319 2,262 2.5%
Corpus Christi, TX 1,461 1,493 (2.1%) 718 603 19.1% 743 890 (16.5%)
Louisville, KY 2,859 2,730 4.7% 1,082 1,080 0.2% 1,777 1,650 7.7%
Austin, TX 3,252 3,217 1.1% 1,743 1,607 8.5% 1,509 1,610 (6.3%)
Other 4,674 4,579 2.1% 1,887 1,878 0.5% 2,787 2,701 3.2%
----- ----- ---- ----- ----- ---- ----- ----- ----
Total Same Property $122,592 $120,150 2.0% $49,287 $46,488 6.0% $73,305 $73,662 (0.5%)
Apartment % of NOI
Quarterly Results (a) Homes Contribution Average Occupancy (a) Weighted Average Rental Rate (b)
Included (a) 3Q05 3Q04 Change 3Q05 3Q04 Change
- ---------------------------------------------------------------------------------------------------------------
Las Vegas, NV 4,017 9.3% 97.3% 97.5%(0.2%) $ 825 $ 813 1.6%
D.C. Metro 2,330 9.7% 96.4% 95.4% 1.0% 1,377 1,359 1.3%
Los Angeles/Orange
County, CA 1,232 4.5% 96.5% 93.1% 3.4% 1,306 1,305 0.1%
San Diego/Inland Empire,
CA 424 1.6% 96.3% 95.0% 1.3% 1,500 1,464 2.4%
Dallas, TX 7,639 9.4% 95.7% 94.8% 0.9% 632 634 (0.4%)
Tampa, FL 4,865 8.8% 96.6% 96.4% 0.2% 740 723 2.4%
Houston, TX 5,230 8.4% 95.5% 94.2% 1.3% 718 719 (0.2%)
Charlotte, NC 3,216 5.7% 95.8% 95.2% 0.6% 711 700 1.7%
SE Florida 1,868 6.2% 96.8% 96.8% 0.0% 1,253 1,237 1.4%
Atlanta, GA 2,906 6.2% 95.4% 93.8% 1.6% 832 831 0.2%
Denver, CO 2,209 5.1% 94.9% 93.8% 1.1% 837 835 0.3%
Orlando, FL 2,522 5.3% 97.1% 97.7%(0.6%) 802 776 3.4%
Raleigh, NC 1,800 3.6% 94.5% 94.3% 0.2% 748 760 (1.6%)
St. Louis, MO 2,123 3.7% 95.5% 95.4% 0.1% 697 698 (0.1%)
Phoenix, AZ 1,441 3.2% 96.8% 95.8% 1.0% 797 779 2.3%
Corpus Christi, TX 632 1.0% 94.5% 94.8%(0.3%) 705 717 (1.6%)
Louisville, KY 1,448 2.4% 96.9% 93.7% 3.2% 627 620 1.2%
Austin, TX 1,745 2.1% 95.8% 94.4% 1.4% 606 607 (0.1%)
Other 2,289 3.8% 95.2% 94.0% 1.2% 670 673 (0.4%)
----- ---- ----- ----- ---- --- --- ------
Total Same Property 49,936 100.0% 96.0% 95.2% 0.8% $ 797 $ 791 0.7%
(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 proforma 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" and concessions, but before vacancy and bad debt
13
"SAME PROPERTY"
CAMDEN Year To Date Comparisons
September 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 $ 30,918 $ 28,256 9.4% $ 10,401 $ 9,992 4.1% $ 20,517 $ 18,264 12.3%
D.C. Metro 28,627 27,076 5.7% 7,834 7,239 8.2% 20,793 19,837 4.8%
Los Angeles/Orange
County, CA 14,029 14,037 (0.1%) 4,283 3,981 7.6% 9,746 10,056 (3.1%)
San Diego/Inland Empire,
CA 5,683 5,581 1.8% 2,101 2,002 4.9% 3,582 3,579 0.1%
Dallas, TX 42,974 43,315 (0.8%) 21,826 21,682 0.7% 21,148 21,633 (2.2%)
Tampa, FL 33,386 30,483 9.5% 14,498 14,146 2.5% 18,888 16,337 15.6%
Houston, TX 33,892 34,564 (1.9%) 15,234 14,797 3.0% 18,658 19,767 (5.6%)
Charlotte, NC 20,266 19,572 3.5% 8,141 7,918 2.8% 12,125 11,654 4.0%
SE Florida 21,582 19,819 8.9% 8,040 7,470 7.6% 13,542 12,349 9.7%
Atlanta, GA 21,481 20,913 2.7% 7,951 7,444 6.8% 13,530 13,469 0.5%
Denver, CO 16,804 17,029 (1.3%) 5,677 5,544 2.4% 11,127 11,485 (3.1%)
Orlando, FL 18,722 17,553 6.7% 7,146 6,922 3.2% 11,576 10,631 8.9%
Raleigh, NC 11,818 11,726 0.8% 4,155 3,797 9.4% 7,663 7,929 (3.4%)
St. Louis, MO 13,259 13,378 (0.9%) 5,081 4,951 2.6% 8,178 8,427 (3.0%)
Phoenix, AZ 10,439 9,951 4.9% 3,575 3,546 0.8% 6,864 6,405 7.2%
Corpus Christi, TX 4,439 4,354 2.0% 1,892 1,715 10.3% 2,547 2,639 (3.5%)
Louisville, KY 8,176 8,101 0.9% 3,191 3,056 4.4% 4,985 5,045 (1.2%)
Austin, TX 9,609 9,667 (0.6%) 4,968 4,864 2.1% 4,641 4,803 (3.4%)
Other 13,839 13,762 0.6% 5,657 5,486 3.1% 8,182 8,276 (1.1%)
------ ------ ---- ----- ----- ---- ----- ----- ------
Total Same Property $359,943 $349,137 3.1% $141,651 $136,552 3.7% $218,292 $212,585 2.7%
Apartment
Year to Date Results(a) Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate(b)
Included Contribution(a) 2005 2004 Change 2005 2004 Change
- ----------------------------------------------------------------------------------------------------------------
Las Vegas, NV 4,017 9.4% 97.4% 96.3% 1.1% $ 812 $ 747 8.6%
D.C. Metro 2,330 9.6% 95.2% 94.2% 1.0% 1,360 1,310 3.8%
Los Angeles/Orange
County, CA 1,232 4.5% 94.7% 94.8% (0.1%) 1,304 1,281 1.8%
San Diego/Inland Empire,
CA 424 1.6% 95.1% 94.3% 0.8% 1,481 1,440 2.9%
Dallas, TX 7,639 9.7% 94.1% 93.7% 0.4% 635 638 (0.5%)
Tampa, FL 4,865 8.7% 96.5% 93.9% 2.6% 723 682 6.0%
Houston, TX 5,230 8.5% 93.8% 93.4% 0.4% 722 733 (1.6%)
Charlotte, NC 3,216 5.6% 95.0% 94.5% 0.5% 703 686 2.5%
SE Florida 1,868 6.2% 96.6% 96.0% 0.6% 1,237 1,171 5.6%
Atlanta, GA 2,906 6.2% 93.5% 92.9% 0.6% 832 815 2.1%
Denver, CO 2,209 5.1% 93.5% 93.7% (0.2%) 838 839 (0.1%)
Orlando, FL 2,522 5.3% 97.8% 95.4% 2.4% 780 748 4.3%
Raleigh, NC 1,800 3.5% 93.3% 92.8% 0.5% 756 759 (0.3%)
St. Louis, MO 2,123 3.7% 94.2% 94.8% (0.6%) 695 693 0.3%
Phoenix, AZ 1,441 3.1% 96.2% 95.1% 1.1% 785 761 3.1%
Corpus Christi, TX 632 1.2% 95.1% 95.1% 0.0% 715 689 3.8%
Louisville, KY 1,448 2.3% 93.7% 93.6% 0.1% 622 612 1.7%
Austin, TX 1,745 2.1% 94.8% 95.0% (0.2%) 604 597 1.2%
Other 2,289 3.7% 94.4% 94.7% (0.3%) 672 662 1.6%
----- ---- ----- ----------- --- --- ----
Total Same
Property 49,936 100.0% 95.0% 94.3% 0.7% $ 792 $ 773 2.5%
(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 proforma 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" and concessions, but before vacancy 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 Nine Months Ended
September 30, September 30,
---------------------- --------------------
OPERATING DATA (a) 2005 (b) 2004 2005 (b) 2004
- ------------------ ---------------------- --------------------
Property Revenues
Rental revenues $ 4,713 $ 1,988 $ 11,773 $ 5,882
Other property revenues 455 212 1,128 599
---------------------- -------------------
Total property revenues 5,168 2,200 12,901 6,481
Property Expenses
Property operating and maintenance 1,577 722 3,795 2,079
Real estate
taxes 444 136 1,046 393
---------------------- -------------------
Total property expenses 2,021 858 4,841 2,472
Net Operating Income (NOI) 3,147 1,342 8,060 4,009
Other expenses
Interest 1,660 703 4,170 2,113
Depreciation and amortization 1,272 541 3,285 1,625
Other (includes debt prepayment penalties) 2,042 5 2,077 12
---------------------- -------------------
Total other expenses 4,974 1,249 9,532 3,750
Equity in income (losses) of joint ventures ($1,827) $ 93 ($1,472) $ 259
====================== ===================
Sept 30, Jun 30, Mar 31, Dec 31, Sept 30,
2005 2005 2005 2004 2004
----------------------------------------------------------
BALANCE SHEET DATA (c)
- ----------------------
Real estate assets, net $ 708,864 $708,611 $707,342 $241,215 $236,244
Cash and other assets, net 16,300 21,475 15,267 3,475 4,022
----------------------------------------------------------
Total assets $ 725,164 $730,086 $722,609 $244,690 $240,266
Notes payable $ 618,656 $538,279 $533,702 $199,114 $193,919
Notes payable due to Camden 11,505 11,108 10,729 10,367 10,010
Other
liabilities 10,617 9,736 5,880 2,907 2,968
----------------------------------------------------------
Total
liabilities 640,778 559,123 550,311 212,388 206,897
Members' equity 84,386 170,963 172,298 32,302 33,369
----------------------------------------------------------
Total liabilities and members' equity $ 725,164 $730,086 $722,609 $244,690 $240,266
Company's equity investment $ 31,389 $ 37,074 $ 38,107 $ 9,641 $ 10,076
Distributions in excess of earnings from
joint ventures (d) ($10,826) $ 0 $ 0 $ 0 $ 0
Company's pro-rata share of debt $ 134,057 $117,934 $116,974 $ 47,170 $ 46,079
PROPERTY DATA (c)
- -----------------
Total operating properties (end of period) 33 33 33 17 17
Total operating apartment homes (end of
period) 9,784 9,784 9,784 4,547 4,547
Pro rata share of operating apartment homes
(end of period) 2,113 2,113 2,113 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%.
(d) Proceeds from debt refinancing from one of our joint ventures.
15
CAMDEN DEVELOPMENT PIPELINE
- -----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2005 ($ in millions)
Estimated/Actual Dates for
Total Total Cost Construction Initial Construction Stabilized As of 10/23/05
Completed Communities Homes Budget to Date Start Occupancy Completion Operations %Leased %Occupied
- -----------------------------------------------------------------------------------------------------------------------------
1. Camden Lago Vista 366 $34.8 $32.4 1Q04 1Q05 3Q05 4Q05 95% 95%
Orlando, FL
1Q04 2Q05 3Q05 1Q06
2. Camden Farmers Market II 284 31.7 29.1 51% 40%
Dallas, TX --- ---- ---- --- ---
Total Completed Communities 650 $66.5 $61.5 76% 71%
Estimated/Actual Dates for
Total Total Cost Amount Construction Initial Construction Stabilized As of 10/23/05
Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations %Leased %Occupied
- -----------------------------------------------------------------------------------------------------------------------------
IN LEASE-UP
- -----------
3. Camden Fairfax Corner 488 82.0 64.9 58.8 4Q03 3Q05 3Q06 1Q07 16% 10%
Fairfax, VA
UNDER CONSTRUCTION
- ------------------
4. Camden Dilworth 145 18.0 10.6 10.6 4Q04 4Q05 2Q06 3Q06
Charlotte, NC
5. Camden Clearbrook 297 45.0 20.5 20.5 4Q04 4Q05 3Q06 1Q07
Frederick, MD
6. Camden Royal Oaks 236 22.0 4.7 4.7 2Q05 1Q06 3Q06 2Q07
Houston, TX
7. Camden Manor Park 484 52.0 37.6 37.6 2Q04 4Q05 4Q06 3Q07
Raleigh, NC
8. Camden Old Creek 350 98.0 48.5 48.5 1Q05 2Q06 1Q07 3Q07
San Marcos, CA
9. Camden Monument Place 368 64.0 23.6 23.6 1Q05 2Q06 2Q07 1Q08
Fairfax, VA
10. Camden Potomac Yards 379 110.0 25.5 25.5 1Q05 4Q06 3Q07 2Q08
--- ----- ---- ----
Arlington County, VA
Total Development
Communities 2,747 $491.0 $235.9 $229.8
Additional land held for
development (a) 148.0
-------
Total Properties Under Development (per Balance
Sheet) $377.8
=======
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
Total Cost 3Q05 NOI
------------ ----------
Completed Communities in lease-up $61.5 $0.4
Development Communities under construction 235.9 0.0
------------ ----------
Total Development NOI
Contribution $297.5 $0.4
(a) Please refer to the pre-development pipeline summary on page 17.
JOINT VENTURE DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2005 ($ in millions)
Estimated/Actual Dates for
Joint Venture Development Total Total Cost Amount Construction Initial Construction Stabilized As of 10/23/05
Communities($ in millions) Homes Budget to Date in CIP Start Occupancy Completion Operations %Leased %Occupied
- -----------------------------------------------------------------------------------------------------------------------------
IN LEASE-UP
- -----------
1. Camden Westwind 464 $69.1 $61.1 $39.1 1Q04 1Q05 1Q06 4Q06 30% 30%
--- ----- ----- -----
Ashburn, VA
Total Joint Venture
Development Communities 464 $69.1 $61.1 $39.1
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
16
CAMDEN PRE - DEVELOPMENT PIPELINE
- -----------------------------------------------------------------------------------------------------
(Unaudited)
PRE - DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2005 ($ in millions)
Potential
Apartment Total
Location Acres Homes Cost to Date Estimated Cost
------------------------------------------------------------------------------------------------
D.C. Metro 35.5 1,381 $59.4 $240.0
Los Angeles/Orange County, CA 2.1 216 8.9 60.0
Orlando 9.4 253 7.9 40.0
Southeast Florida 4.8 863 13.3 210.0
Dallas 13.6 306 11.0 50.0
Houston 65.9 2,120 47.4 250.0
------------------------------------------------------------------
Total Pre-Development: (a) 131.3 5,139 $148.0 $850.0
(a) Pre-development pipeline includes some acreage which may be developed or sold for non-
multifamily uses.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-
looking statements on page 1 of this document.
17
CAMDEN MEZZANINE FINANCING SUMMARY
------------------------------------------------------------------------------------------------------------------
(Unaudited)
MEZZANINE FINANCING AS OF SEPTEMBER 30, 2005 ($ in thousands)
09/30/05 06/30/05
Total Note Note
Location Current Property Type Current Status Homes Balance Balance
----------------------------------------------------------------------------------------------------------------
Dallas/Fort Worth, TX Multifamily Stabilized 930 $10,520 $17,940
Ashburn, VA Multifamily Development 464 11,505 11,108
Tampa, FL Multifamily Stabilized 370 5,008 5,007
Houston, TX Multifamily Predevelopment - 3,855 3,855
Atlanta, GA Multifamily Stabilized 360 3,000 3,000
Austin, TX Multifamily Stabilized 296 2,482 2,481
------- --------- ------------------
Total Mezzanine Financing Volume: 2,420 $36,370 $43,391
Weighted Average Interest Rate Recognized: 11.4% 11.1%
18
CAMDEN ACQUISITIONS & DISPOSITIONS
------------------------------------------------------------------------------------------------------------------
(Unaudited)
2005 ACQUISITION/DISPOSITION ACTIVITY
Apartment
Acquisitions Location Property Type Homes Year Built Closing Date
------------------------------ -------------- --------------------------------------------------------------
1. Camden World Gateway Orlando, FL Multifamily 408 2000 09/21/05
Total Acquisition Volume: $58.5 million 408 apartment homes
Apartment
Dispositions Location Property Type Homes/Acreage 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
4. Farmers Market Acreage Dallas, TX Undeveloped Land 1.1 Acres N/A 07/01/05
3. Summit Lenox Atlanta, GA Multifamily 431 1965 07/13/05
5. Farmers Market Acreage Dallas, TX Undeveloped Land 1.1 Acres N/A 09/06/05
Total Disposition Volume: $130.2 million 1,317 apartment homes
2.2 acres of undeveloped land
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 SEPTEMBER 30, 2005(a):
Future Scheduled Repayments Weighted Average
--------------------------------------------- Percent Interest Rate on
Year Amortization Maturities Total of Total Maturing Debt
----------------------------------------------------------------------------------------------
2005 $3,823 $25,000 $28,823 1.1% 3.6%
2006 $13,584 $232,906 246,490 9.6% 7.0%
2007 $13,356 $219,572 232,928 9.1% 5.7%
2008 $11,777 $188,879 200,656 7.8% 4.8%
2009 $7,860 $190,324 198,184 7.7% 5.0%
2010 $7,119 $445,677 452,796 17.7% 5.1%
2011 $4,314 $244,233 248,547 9.7% 6.5%
2012 $3,307 $269,541 272,848 10.7% 5.7%
Thereafter $60,812 $501,733 562,545 21.9% 5.0%
-------------------------------------------------------------------------
Total Maturing Debt $125,952 $2,317,865 $2,443,817 95.3% 5.5%
Unsecured Line of Credit 0 121,000 121,000 4.7% 4.2%
-------------------------------------------------------------------------
Total Debt $125,952 $2,438,865 $2,564,817 100.0% 5.4%
Weighted Average Maturity of Debt 6.1 Years(excluding line of credit)
Weighted Average
FLOATING vs. FIXED RATE DEBT: Balance % of Total Interest Rate
-------------------------------------------
Floating rate debt $218,124 8.5% 4.0%
Fixed rate debt 2,346,693 91.5% 5.5%
-------------------------------------------
Total $2,564,817 100.0% 5.4%
Weighted Average
SECURED vs. UNSECURED DEBT: Balance % of Total Interest Rate
-------------------------------------------
Unsecured debt $1,903,094 74.2% 5.6%
Secured debt 661,723 25.8% 4.9%
-------------------------------------------
Total $2,564,817 100.0% 5.4%
Weighted Average
SECURED DEBT DETAIL: Balance % of Total Interest Rate
-------------------------------------------
Coventional fixed-rate mortgage debt $557,939 84.3% 5.1%
Coventional floating-rate mortgage debt 6,900 1.0% 5.4%
Tax exempt fixed rate debt 6,660 1.0% 7.3%
Tax exempt variable rate debt 90,224 13.7% 3.5%
-------------------------------------------
Total $661,723 100.0% 4.9%
REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total
----------------------------------------------------------
Unencumbered real estate assets 48,369 81.2% $3,827,998 77.0%
Encumbered real estate assets 11,213 18.8% 1,143,960 23.0%
----------------------------------------------------------
Total 59,582 100.0% $4,971,958 100.0%
-------------------------------------------------------------------------
Ratio of unencumbered assets at cost to unsecured debt is 2.0 times
-------------------------------------------------------------------------
UNCONSOLIDATED, NON-RECOURSE DEBT:
Pro-Rata Share of Debt $134,057
Weighted Average Interest Rate 5.5%
(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
September 30, 2005
- --------------------------------------------------------------------------------------------------------------
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a) Required Actual (b) Compliance
- ------------------------------------------- ---------------- ------------ -------------------
Total Consolidated Debt to Gross Asset Value Less than 60% 52% Yes
or Equal to
Secured Debt to Gross Asset Value Less than 40% 13% Yes
or Equal to
Consolidated EBITDA to Consolidated Interest Expense Greater 200% 230% Yes
than or
Equal to
Consolidated EBITDA to Total Fixed Charges Greater 175% 185% Yes
than or
Equal to
Dividend Distributions to Funds From Operations Less than 95% 84% Yes
or Equal to
Occupancy of Pool (excluding Development Projects) Greater 85% 95% Yes
than or
Equal to
Total Unsecured Debt to Gross Asset Value of Pool Less than 60% 51% Yes
or Equal to
Unencumbered Adjusted NOI to Unsecured Interest Expense Greater 200% 227% Yes
than
SENIOR UNSECURED NOTES
Covenant (a) Required Actual (b) Compliance
- ------------------------------------------- ---------------- ------------ -------------------
Total Consolidated Debt to Total Asset Value Less than 60% 50% Yes
or Equal to
Total Secured Debt to Total Asset Value Less than 40% 13% Yes
or Equal to
Total Unencumbered Asset Value to Total Unsecured Debt Greater 150% 208% Yes
than or
Equal to
Consolidated Income Available for Debt Service to Total Greater 150% 226% Yes
Annual Service Charges than
(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)
Third Quarter 2005 (a)(b)
-------------------------------------------------------------
Capitalized Expensed
------------------------------------ ----------------------
Weighted Average
Item Useful Life (c) Total Per Unit Total Per Unit
------------------------- ------------------------------------ ----------------------
Interiors
Floor coverings 5.3 years $3,089 $55 $1,015 $18
Appliances 9.3 years 504 9 168 3
Painting - - - 1,793 32
Cabinetry/Countertops 10.0 years 239 4 - -
Other 8.8 years 441 8 256 5
Exteriors
Painting 5.0 years 1,046 19 - -
Carpentry 10.0 years 1,077 19 - -
Landscaping 6.2 years 517 9 2,404 43
Roofing 20.0 years 674 12 75 1
Site Drainage 10.0 years 85 2 - -
Fencing/Stair 10.0 years 171 3 - -
Other (d) 8.6 years 846 15 3,143 56
Common Areas
Mech., Elec., Plumbing 9.8 years 708 13 768 14
Parking/Paving 5.0 years 435 8 - -
Pool/Exercise/Facility 7.9 years 718 13 382 7
------------------ ----------------------
$10,550 $188 $10,004 $178
Weighted Average Apartment Homes 56,150 56,150
Year-to-Date 2005 (a)(b)(e)
-------------------------------------------------------------
Capitalized Expensed
------------------------------------ ----------------------
Weighted Average
Item Useful Life (c) Total Per Unit Total Per Unit
------------------------- ------------------------------------ ----------------------
Interiors
Floor coverings 5.3 years $7,676 $143 $2,440 $45
Appliances 9.3 years 1,474 27 434 8
Painting - - - 4,394 82
Cabinetry/Countertops 10.0 years 650 12 - -
Other 8.8 years 1,147 21 531 10
Exteriors
Painting 5.0 years 1,844 34 - -
Carpentry 10.0 years 2,595 48 - -
Landscaping 6.2 years 1,034 19 7,467 139
Roofing 20.0 years 2,668 50 138 3
Site Drainage 10.0 years 257 5 - -
Fencing/Stair 10.0 years 530 10 - -
Other (d) 8.6 years 3,033 57 8,382 156
Common Areas
Mech., Elec., Plumbing 9.8 years 1,756 33 1,937 36
Parking/Paving 5.0 years 1,143 21 - -
Pool/Exercise/Facility 7.9 years 2,122 40 934 17
------------------ ----------------------
$27,929 $520 $26,657 $497
Weighted Average Apartment Homes 53,678 53,678
(a) Includes discontinued operations. Capitalized expenditures for discontinued
operations were $87 and $809 for the three and nine months ended September
30, 2005. Maintenance expenses for discontinued operations were $274 and
$942 for the same periods.
(b) Excludes non-recurring capitalized expenses totaling $741 for the three and
nine months ended September 30, 2005 related to technology upgrades for the
OneSite property management system rollout for the Summit portfolio.
(c) of capitalized expenses for the three and nine months ended September 30,
2005
(d) Includes in part the following items: site/building repair,
masonry/plaster, and general conditions
(e) 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 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. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
23
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
24
CAMDEN OTHER DATA
- -------------------------------------------------------------------------------------------------------
(Unaudited)
Stock Symbol: CPT
Exchange Traded: NYSE
Senior Unsecured Debt Rating Outlook
Ratings:
--------- ---------
Moody's Baa2 Stable
Standard & Poors BBB Positive
Fitch BBB Positive
Important Future Dates:
(Estimated) Q4 '05 Q1 '06 Q2 '06 Q3 '06
--------- --------- ------------ ---------
Earnings release & Analyst conference Early Feb Early May Early Aug Early Nov
call
Dividend Information - Common Shares: Q1 '05 Q1 '05 Q2 '05 Q3 '05
--------- --------- ------------ ---------
Declaration Date 02/10/05 03/15/05 06/15/05 09/15/05
Record Date 02/25/05 03/31/05 06/30/05 09/30/05
Payment Date 03/04/05 04/15/05 07/15/05 10/17/05
Distributions Per Share $0.416 $0.219 $0.635 $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 9/30/05
- ----------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q05 Avg
Year Placed Average Apartment 3Q05 Avg Market Rental Rates
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------
Camden Copper Square Phoenix AZ 2000 786 332 96% 722 0.92
Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 96% 749 0.71
Camden Legacy Scottsdale AZ 1996 1,067 428 97% 892 0.84
Camden Pecos Ranch (1) Chandler AZ 2001 924 272 97% 736 0.80
Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 98% 913 0.88
Camden Sierra (1) Peoria AZ 1997 925 288 97% 715 0.77
Camden Towne Center (1) Glendale AZ 1998 871 240 95% 677 0.78
Camden Vista Valley Mesa AZ 1986 923 357 95% 649 0.70
----------------------------------------------------------------------------------------
Total Phoenix 8 Properties 951 2,433 97% 765 0.80
Camden Pass Tucson AZ 1984 559 456 94% 441 0.79
Camden View Tucson AZ 1974 1,026 365 95% 687 0.67
----------------------------------------------------------------------------------------
Total Tucson 2 Properties 766 821 95% 550 0.72
======================================================================================================================
TOTAL ARIZONA 10 Properties 904 3,254 96% 711 0.79
Camden Crown Valley Mission Viejo CA 2001 1,009 380 97% 1,451 1.44
Camden Harbor View Long Beach CA 2004 976 538 90% 1,895 1.94
Camden Martinique Costa Mesa CA 1986 795 714 96% 1,222 1.54
Camden Parkside (1) Fullerton CA 1972 835 421 96% 1,209 1.45
Camden Sea Palms Costa Mesa CA 1990 891 138 97% 1,345 1.51
----------------------------------------------------------------------------------------
Total Los Angeles/Orange 5 Properties
County 890 2,191 95% 1,432 1.61
Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 95% 1,344 1.40
Camden Tuscany San Diego CA 2003 891 160 98% 1,910 2.14
Camden Vineyards Murrieta CA 2002 1,053 264 95% 1,252 1.19
----------------------------------------------------------------------------------------
Total San Diego/Inland 3 Properties
Empire 977 846 96% 1,422 1.46
======================================================================================================================
TOTAL CALIFORNIA 8 Properties 914 3,037 95% 1,429 1.56
Camden Arbors Westminster CO 1986 810 358 94% 686 0.85
Camden Caley Englewood CO 2000 925 218 97% 801 0.87
Camden Centennial Littleton CO 1985 744 276 97% 656 0.88
Camden Denver West (1) Golden CO 1997 1,015 320 94% 972 0.96
Camden Highlands Ridge Highlands Ranch CO 1996 1,141 342 95% 1,026 0.90
Camden Interlocken Broomfield CO 1999 1,022 340 95% 1,026 1.00
Camden Lakeway Littleton CO 1997 919 451 95% 885 0.96
Camden Pinnacle Westminster CO 1985 748 224 91% 662 0.89
======================================================================================================================
TOTAL COLORADO 8 Properties 926 2,529 95% 854 0.92
Summit Ashburn Farm Ashburn VA 2000 1,061 162 96% 1,231 1.16
Summit Fair Lakes Fairfax VA 1999 996 530 97% 1,384 1.39
Summit Fallsgrove Rockville MD 2004 996 268 98% 1,390 1.40
Summit Grand Parc Washington DC 2002 904 105 95% 1,943 2.15
Summit Lansdowne Leesburg VA 2002 1,006 690 97% 1,225 1.22
Summit Largo Largo MD 2000 1,042 219 97% 1,441 1.38
Summit Roosevelt Washington DC 2003 856 198 98% 1,896 2.21
Summit Russett Laurel MD 2000 1,025 426 94% 1,254 1.22
Summit Silo Creek Washington DC 2004 971 284 96% 1,195 1.23
======================================================================================================================
TOTAL DC METRO 9 Properties 994 2,882 97% 1,360 1.37
Summit Aventura Aventura FL 1995 1,106 379 96% 1,306 1.18
Summit Brickell Miami FL 2003 937 405 96% 1,326 1.42
Summit Doral Miami FL 1999 1,172 260 98% 1,307 1.12
Summit Doral Villas Miami FL 2000 1,253 232 98% 1,393 1.11
Summit Las Olas Ft. Lauderdale FL 2004 1,043 420 97% 1,502 1.44
Summit Plantation Plantation FL 1997 1,152 502 98% 1,185 1.03
Summit Portofino Pembroke Pines FL 1995 1,307 322 97% 1,158 0.89
----------------------------------------------------------------------------------------
Total Southeast Florida 7 Properties 1,124 2,520 97% 1,307 1.16
Camden Club Longwood FL 1986 1,077 436 96% 837 0.78
Camden Landings Orlando FL 1983 748 220 98% 676 0.90
Camden Lee Vista Orlando FL 2000 937 492 97% 830 0.89
Camden Lago Vista (2) Orlando FL 2005 954 366 In Lease-Up 947 0.99
Camden Renaissance Altamonte FL 1996/1998 899 578 98% 824 0.92
Springs
Camden Reserve Orlando FL 1990/1991 824 526 96% 735 0.89
Camden World Gateway Orlando FL 2000 979 408 95% 916 0.94
Summit Hunter's Creek Orlando FL 2000 1,082 270 99% 885 0.82
----------------------------------------------------------------------------------------
Total Orlando 8 Properties 937 3,296 97% 833 0.89
CAMDEN COMMUNITY TABLE
Community Statistics as of 9/30/05
- ----------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q05 Avg
Year Placed Average Apartment 3Q05 Avg Market Rental Rates
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------
Camden Bay Tampa FL 1997/2001 943 760 94% 849 0.90
Camden Bay Pointe Tampa FL 1984 771 368 97% 680 0.88
Camden Bayside Tampa FL 1987/1989 748 832 98% 700 0.94
Camden Citrus Park Tampa FL 1985 704 247 97% 654 0.93
Camden Isles Tampa FL 1983/1985 722 484 96% 643 0.89
Camden Lakes St. Petersburg FL 1982/1983 728 688 97% 654 0.90
Camden Lakeside Brandon FL 1986 728 228 97% 708 0.97
Camden Live Oaks Tampa FL 1990 1,093 770 95% 748 0.68
Camden Preserve Tampa FL 1996 942 276 98% 930 0.99
Camden Providence Lakes Brandon FL 1996 1,024 260 98% 836 0.82
Camden Westshore Tampa FL 1986 728 278 98% 726 1.00
Camden Woods Tampa FL 1986 1,223 444 95% 820 0.67
----------------------------------------------------------------------------------------
Total Tampa/St. Petersburg 12 Properties 874 5,635 96% 741 0.85
======================================================================================================================
TOTAL FLORIDA 27 Properties 947 11,451 97% 892 0.94
Summit Brookwood Atlanta GA 2002 906 359 96% 950 1.05
Summit Club at Dunwoody Atlanta GA 1997 1,007 324 96% 865 0.86
Summit Deer Creek Alpharetta GA 2000 1,187 292 97% 868 0.73
Summit Midtown Atlanta GA 2001 953 296 95% 987 1.04
Summit on the River Duluth GA 1997 1,103 352 98% 812 0.74
Summit Peachtree City Peachtree City GA 2001 1,026 399 96% 780 0.76
Summit Shiloh Kennesaw GA 1999/2002 1,151 232 96% 800 0.70
Summit St. Clair Atlanta GA 1997 969 336 90% 904 0.93
Summit Stockbridge Stockbridge GA 2003 1,009 304 95% 746 0.74
Summit Sweetwater Lawrenceville GA 2000 1,151 308 96% 750 0.65
======================================================================================================================
TOTAL GEORGIA 10 Properties 1,041 3,202 95% 847 0.81
Camden Brookside Louisville KY 1987 732 224 96% 570 0.78
Camden Downs Louisville KY 1975 682 254 98% 512 0.75
Camden Meadows Louisville KY 1987/1990 746 400 97% 609 0.82
Camden Oxmoor Louisville KY 2000 903 432 97% 719 0.80
Camden Prospect Park Louisville KY 1990 916 138 97% 693 0.76
======================================================================================================================
TOTAL KENTUCKY 5 Properties 795 1,448 97% 627 0.79
Camden Passage Kansas City MO 1989/1997 832 596 96% 625 0.75
----------------------------------------------------------------------------------------
Total Kansas City 1 Property 832 596 96% 625 0.75
Camden Cedar Lakes Lake St. Louis MO 1986 852 420 96% 622 0.73
Camden Cove West Creve Coeur MO 1990 828 276 95% 815 0.98
Camden Cross Creek St. Louis MO 1973/1980 947 591 95% 712 0.75
Camden Taravue St. Louis MO 1975 676 304 95% 532 0.79
Camden Trace Maryland HeightsMO 1972 1,158 372 96% 751 0.65
Camden Westchase St. Louis MO 1986 945 160 98% 831 0.88
----------------------------------------------------------------------------------------
Total St. Louis 6 Properties 910 2,123 96% 697 0.77
======================================================================================================================
TOTAL MISSOURI 7 Properties 893 2,719 96% 681 0.76
Camden Bel Air Las Vegas NV 1988/1995 943 528 97% 832 0.88
Camden Breeze Las Vegas NV 1989 846 320 98% 762 0.90
Camden Canyon Las Vegas NV 1995 987 200 98% 853 0.86
Camden Commons Henderson NV 1988 936 376 96% 852 0.91
Camden Cove Las Vegas NV 1990 898 124 99% 772 0.86
Camden Del Mar Las Vegas NV 1995 986 560 98% 905 0.92
Camden Fairways Henderson NV 1989 896 320 98% 839 0.94
Camden Hills Las Vegas NV 1991 579 184 98% 590 1.02
Camden Legends Henderson NV 1994 792 113 98% 791 1.00
Camden Palisades Las Vegas NV 1991 905 624 97% 825 0.91
Camden Pines (1) Las Vegas NV 1997 1,005 315 98% 869 0.86
Camden Pointe Las Vegas NV 1996 985 252 98% 830 0.84
Camden Summit (1) Henderson NV 1995 1,187 234 98% 1,140 0.96
Camden Tiara (1) Las Vegas NV 1996 1,043 400 97% 904 0.87
Camden Vintage Las Vegas NV 1994 978 368 96% 837 0.86
Oasis Bay (1) Las Vegas NV 1990 862 128 98% 801 0.93
Oasis Crossings (1) Las Vegas NV 1996 983 72 98% 816 0.83
CAMDEN COMMUNITY TABLE
Community Statistics as of 9/30/05
- ----------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q05 Avg
Year Placed Average Apartment 3Q05 Avg Market Rental Rates
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------
Oasis Emerald (1) Las Vegas NV 1988 873 132 99% 691 0.79
Oasis Gateway (1) Las Vegas NV 1997 1,146 360 97% 905 0.79
Oasis Heritage (1) Las Vegas NV 1986 950 720 98% 649 0.68
Oasis Island (1) Las Vegas NV 1990 901 118 99% 701 0.78
Oasis Landing (1) Las Vegas NV 1990 938 144 98% 764 0.81
Oasis Meadows (1) Las Vegas NV 1996 1,031 383 98% 797 0.77
Oasis Palms (1) Las Vegas NV 1989 880 208 98% 746 0.85
Oasis Pearl (1) Las Vegas NV 1989 930 90 95% 727 0.78
Oasis Place (1) Las Vegas NV 1992 440 240 96% 565 1.28
Oasis Ridge (1) Las Vegas NV 1984 391 477 95% 465 1.19
Oasis Sands Las Vegas NV 1994 1,125 48 99% 834 0.74
Oasis Sierra (1) Las Vegas NV 1998 922 208 97% 866 0.94
Oasis Springs (1) Las Vegas NV 1988 838 304 98% 678 0.81
Oasis Suites (1) Las Vegas NV 1988 404 409 95% 539 1.33
Oasis Vinings (1) Las Vegas NV 1994 1,152 234 95% 804 0.70
======================================================================================================================
TOTAL NEVADA 32 Properties 889 9,193 97% 776 0.87
Camden Eastchase Charlotte NC 1986 698 220 93% 534 0.77
Camden Forest Charlotte NC 1989 703 208 95% 564 0.80
Camden Habersham Charlotte NC 1986 773 240 96% 660 0.85
Camden Park Commons Charlotte NC 1997 859 232 94% 679 0.79
Camden Pinehurst Charlotte NC 1967 1,147 407 97% 712 0.62
Camden Timber Creek Charlotte NC 1984 706 352 93% 570 0.81
Summit Ballantyne Charlotte NC 1998 1,053 400 96% 784 0.74
Summit Cotton Mills Charlotte NC 2002 906 180 99% 1,147 1.27
Summit Creek (1) Charlotte NC 1982 895 260 96% 585 0.65
Summit Fairview Charlotte NC 1983 1,036 135 97% 691 0.67
Summit Foxcroft Charlotte NC 1979 940 156 95% 638 0.68
Summit Grandview Charlotte NC 2000 1,145 266 99% 1,191 1.04
Summit Green (1) Charlotte NC 1995 939 300 97% 725 0.77
Summit Hollow (1) Charlotte NC 1979 1,039 232 95% 635 0.61
Summit Sedgebrook Charlotte NC 1999 1,017 368 98% 726 0.71
Summit Simsbury Charlotte NC 1985 874 100 98% 699 0.80
Summit South End Square Charlotte NC 2003 883 299 99% 998 1.13
Summit Stonecrest Charlotte NC 2001 1,169 306 97% 832 0.71
Summit Touchstone Charlotte NC 1986 899 132 95% 648 0.72
----------------------------------------------------------------------------------------
Total Charlotte 19 Properties 946 4,793 96% 743 0.79
Camden Glen Greensboro NC 1980 662 304 93% 547 0.83
Camden Wendover Greensboro NC 1985 795 216 96% 602 0.76
----------------------------------------------------------------------------------------
Total Greensboro 2 Properties 717 520 94% 570 0.80
Reunion Park by Summit Apex NC 2000/2004 972 420 96% 601 0.62
Summit Crest Raleigh NC 2001 1,129 438 95% 722 0.64
Summit Governor's Village Chapel Hill NC 1999 1,134 242 95% 812 0.72
Summit Hill (1) Chapel Hill NC 1991 1,036 411 94% 705 0.68
Summit Lake Apex NC 1999 1,075 446 92% 742 0.69
Summit Overlook Raleigh NC 2001 1,056 320 96% 786 0.74
Summit Westwood Morrisville NC 1999 1,112 354 97% 708 0.64
----------------------------------------------------------------------------------------
Total Raleigh 7 Properties 1,070 2,631 95% 718 0.67
======================================================================================================================
TOTAL NORTH CAROLINA 28 Properties 972 7,944 96% 724 0.74
Summit Valleybrook Chadds Ford PA 2002 992 352 96% 1,176 1.19
======================================================================================================================
TOTAL PENNSYLVANIA 1 Property 992 352 96% 1,176 1.19
Camden Briar Oaks Austin TX 1980 711 430 95% 556 0.78
Camden Huntingdon Austin TX 1995 903 398 95% 699 0.77
Camden Laurel Ridge Austin TX 1986 702 183 97% 549 0.78
Camden Ridge View Austin TX 1984 859 167 97% 611 0.71
Camden Ridgecrest Austin TX 1995 851 284 98% 634 0.74
Camden Woodview Austin TX 1984 644 283 95% 555 0.86
----------------------------------------------------------------------------------------
Total Austin 6 Properties 780 1,745 96% 606 0.78
Camden Breakers Corpus Christi TX 1996 868 288 95% 799 0.92
Camden Copper Ridge Corpus Christi TX 1986 775 344 95% 626 0.81
Camden Miramar (3) Corpus Christi TX 1994-2004 468 778 63% 764 1.63
----------------------------------------------------------------------------------------
Total Corpus Christi 3 Properties 625 1,410 95% 737 1.18
CAMDEN COMMUNITY TABLE
Community Statistics as of 9/30/05
- ----------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q05 Avg
Year Placed Average Apartment 3Q05 Avg Market Rental Rates
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------
Camden Addison (1) Addison TX 1996 942 456 94% 797 0.85
Camden Buckingham Richardson TX 1997 919 464 97% 741 0.81
Camden Centreport Ft. Worth TX 1997 910 268 97% 738 0.81
Camden Cimarron Irving TX 1992 772 286 98% 727 0.94
Camden Farmers Market Dallas TX 2001 916 620 92% 912 0.99
Camden Farmers Market II Dallas TX In Lease-Up
(2) 2005 970 284 1,152 1.19
Camden Gardens Dallas TX 1983 652 256 94% 529 0.81
Camden Glen Lakes Dallas TX 1979 877 424 96% 672 0.77
Camden Highlands Plano TX 1985 816 160 97% 604 0.74
Camden Lakeview Irving TX 1985 853 476 96% 565 0.66
Camden Legacy Creek Plano TX 1995 831 240 98% 754 0.91
Camden Legacy Park Plano TX 1996 871 276 98% 754 0.87
Camden Oaks Dallas TX 1985 730 446 95% 523 0.72
Camden Oasis Euless TX 1986 548 602 95% 492 0.90
Camden Place Mesquite TX 1984 772 442 96% 559 0.72
Camden Ridge Ft. Worth TX 1985 829 208 95% 583 0.70
Camden Springs Dallas TX 1987 713 304 95% 526 0.74
Camden Terrace Ft. Worth TX 1984 848 340 96% 612 0.72
Camden Towne Village Mesquite TX 1983 735 188 98% 564 0.77
Camden Trails Dallas TX 1984 733 264 95% 511 0.70
Camden Valley Creek Irving TX 1984 855 380 96% 630 0.74
Camden Valley Park Irving TX 1986 743 516 96% 596 0.80
Camden Valley Ridge Irving TX 1987 773 408 96% 543 0.70
Camden Westview Lewisville TX 1983 697 335 95% 580 0.83
----------------------------------------------------------------------------------------
Total Dallas/Ft. Worth 24 Properties 803 8,643 96% 654 0.81
Camden Baytown Baytown TX 1999 844 272 93% 724 0.86
Camden Creek Houston TX 1984 639 456 93% 577 0.90
Camden Crossing Houston TX 1982 762 366 94% 551 0.72
Camden Greenway Houston TX 1999 861 756 98% 887 1.03
Camden Holly Springs (1) Houston TX 1999 934 548 97% 853 0.91
Camden Midtown Houston TX 1999 843 337 98% 962 1.14
Camden Oak Crest Houston TX 2003 870 364 94% 793 0.91
Camden Park (1) Houston TX 1995 866 288 95% 739 0.85
Camden Steeplechase Houston TX 1982 748 290 94% 594 0.79
Camden Stonebridge Houston TX 1993 845 204 98% 732 0.87
Camden Sugar Grove (1) Stafford TX 1997 917 380 97% 791 0.86
Camden Vanderbilt Houston TX 1996/1997 863 894 99% 966 1.12
Camden West Oaks Houston TX 1982 726 671 94% 551 0.76
Camden Wilshire Houston TX 1982 761 536 93% 561 0.74
Camden Wyndham Houston TX 1978/1981 797 448 95% 543 0.68
----------------------------------------------------------------------------------------
Total Houston 15 Properties 818 6,810 96% 738 0.90
======================================================================================================================
TOTAL TEXAS 48 Properties 793 18,608 96% 686 0.87
======================================================================================================================
TOTAL PROPERTIES 193 Properties 896 66,619 96% 818 0.91
======================================================================================================================
(1)Communities owned through investment in joint venture.
(2)Communities in lease-up as of September 30, 2005 are excluded from total occupancy numbers.
(3)Miramar is a student housing community which is excluded from total occupancy numbers.