EXHIBIT 99.1
Camden Property Trust Announces
Fourth Quarter and Full Year 2005 Operating Results
HOUSTON--(BUSINESS WIRE)--Feb. 1, 2006--Camden Property Trust
(NYSE:CPT) announced that its Funds from Operations ("FFO") for the
fourth quarter of 2005 totaled $0.84 per diluted share or $49.5
million, as compared to $0.86 per diluted share or $38.2 million
reported for the fourth quarter of 2004. FFO for the twelve months
ended December 31, 2005 totaled $3.47 per diluted share or $195.3
million, as compared to $3.24 per diluted share or $143.7 million
reported for the same period in 2004. FFO for the twelve months ended
December 31, 2005 included a $0.43 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 net income of $12.9 million or $0.23 per
diluted share for the fourth quarter of 2005, which included a $0.21
per diluted share gain on sale of land, joint venture properties and
discontinued operations. Net income for the fourth quarter of 2004 was
$18.5 million or $0.43 per diluted share, and included a $0.23 per
diluted share gain on sale of land and discontinued operations. For
the twelve months ended December 31, 2005, net income totaled $199.1
million or $3.58 per diluted share compared to $41.3 million or $0.98
per diluted share for the same period in 2004. Net income for the
twelve months ended December 31, 2005 included a $3.20 per diluted
share impact from gain on sale of properties, land and discontinued
operations, a $0.43 per diluted share impact from the sale of
technology investments, a $0.57 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 48,014 apartment homes included in consolidated
same-property results, fourth quarter 2005 same-property net operating
income ("NOI") growth was 6.1% compared to the fourth quarter of 2004,
with revenues increasing 6.7% and operating expenses increasing 7.7%.
On a sequential basis, fourth quarter 2005 same-property NOI increased
2.5% compared to third quarter 2005, with revenues increasing 1.2% and
expenses declining 0.7% compared to the prior quarter. On a
year-to-date basis, 2005 same-property NOI increased 3.5%, with
revenue growth of 4.0% and expense growth of 4.7% compared to the same
period in 2004. Same-property physical occupancy levels for the
combined portfolio averaged 96.1% during the fourth quarter of 2005,
compared to 93.6% in the fourth quarter of 2004 and 96.0% in the third
quarter of 2005.
For the 37,336 apartment homes included in Camden's same-property
results, fourth quarter 2005 revenues increased 6.0% while operating
expenses increased 6.1%, producing a 5.9% increase in same-property
net operating income ("NOI") compared to the fourth quarter of 2004.
On a sequential basis, fourth quarter 2005 same-property NOI increased
3.0% compared to the third quarter of 2005, with revenues increasing
1.3% and expenses declining 1.0% compared to the prior quarter. On a
year-to-date basis, 2005 same-property NOI increased 3.3%, with
revenue growth of 3.4% and expense growth of 3.4% compared to the same
period in 2004.
For the 10,678 same-property apartment homes acquired from Summit,
fourth quarter 2005 revenues increased 8.7% while operating expenses
increased 13.1%, producing a 6.6% increase in same-property net
operating income ("NOI") compared to the fourth quarter of 2004. On a
sequential basis, fourth quarter 2005 same-property NOI increased by
1.4% compared to the third quarter of 2005, with revenues increasing
1.0% and expenses increasing 0.4% compared to the prior quarter. On a
year-to-date basis, 2005 same-property NOI increased 4.0%, with
revenue growth of 5.7% and expense growth of 9.3% 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 had ten projects under construction or in lease-up at
year-end. Lease-ups continued during the quarter at three communities:
Camden Farmers Market II in Dallas, TX (67% leased); Camden Fairfax
Corner in Fairfax, VA (28% leased); and Camden Westwind in Ashburn, VA
(31% leased). Lease-up began during the quarter at Camden Manor Park
in Raleigh, NC, and the community is currently 14% leased. The
remaining six communities under construction are expected to begin
lease-ups during 2006.
Acquisition/Disposition Activity
During the quarter, the Company completed the acquisition of
Camden Gaines Ranch, a 390-home apartment community in Austin, TX for
$43.0 million. Subsequent to quarter-end, the Company acquired the
remaining joint venture membership interest in Camden Westwind, a
464-home apartment community currently under development in Ashburn,
VA.
Dispositions during the quarter included three joint venture
properties: Oasis Suites, a 409-home apartment community in Las Vegas,
NV; Oasis Heritage, a 720-home apartment community in Las Vegas, NV;
and Summit Green, a 300-home apartment community in Charlotte, NC for
a combined total of $107.8 million. Camden's pro-rata share of the
dispositions totaled $22.9 million. Additionally, during the quarter
the Company disposed of 17.6 acres of undeveloped land in Houston, TX
and Dallas, TX for a total of $6.8 million.
Properties and Land Held for Sale
At year-end, Camden had seven operating communities consisting of
2,956 apartment homes classified as held for sale. These properties
included: Camden Live Oaks, a 770-home apartment community in Tampa,
FL; Camden Trails, a 264-home apartment community in Dallas, TX;
Camden Highlands, a 160-home apartment community in Dallas, TX; Camden
Pass, a 456-home apartment community in Tucson, AZ; Camden View, a
365-home apartment community in Tucson, AZ; Camden Wilshire, a
536-home apartment community in Houston, TX; and Summit Brickell, a
405-home apartment community in Miami, FL. The Company also had 12.2
acres of undeveloped land in Southeast Florida, Dallas, TX and Long
Beach, CA classified as held for sale at year-end.
Subsequent to year-end, Camden disposed of the following assets:
Camden Highlands, a 160-home apartment community in Dallas, TX; Summit
Creek, a 260-home joint venture apartment community in Charlotte, NC;
and Summit Hill, a 411-home joint venture apartment community in
Raleigh, NC.
Earnings Guidance
The Company provided initial guidance for 2006 of FFO between
$3.45 and $3.65 per diluted share and EPS between $0.82 and $1.02 per
diluted share. The 2006 guidance is based on projections of
same-property NOI growth between 4.0% and 6.0%, acquisitions of
$200-$300 million, dispositions of $475-$600 million and new
development starts of $350-$500 million. The Company also provided
guidance for the first quarter of 2006 of $0.82 to $0.90 per diluted
share for FFO and $0.16 to $0.24 per diluted share for EPS. Camden
updates its earnings guidance to the market on a quarterly basis.
Additional information on the Company's 2006 financial outlook and a
reconciliation of expected net income to expected FFO are included in
the financial tables accompanying this press release.
Conference Call
The Company will hold a conference call on Thursday, February 2,
2006 at 8:00 a.m. Central Time to review its fourth quarter and full
year 2005 results and discuss its outlook for future performance. To
participate in the call, please dial 877-407-0782 (domestic) or
201-689-8567 (international) by 7:50 a.m. Central Time and request the
Camden Property Trust Fourth Quarter Earnings Call, 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 188 properties containing 64,749 apartment homes across the
United States. Upon completion of nine properties under development,
the Company's portfolio will increase to 67,960 apartment homes in 197
properties.
For additional information, please contact Camden's Investor
Relations Department at 800-922-6336 or 713-354-2787 or access our
website at www.camdenliving.com.
CAMDEN OPERATING RESULTS
(In thousands, except per share and property data amounts)
- ----------------------------------------------------------------------
(Unaudited) Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- -------------------
OPERATING DATA 2005 2004 2005(a) 2004
- -------------- ------------------- -------------------
Property revenues
Rental revenues $131,111 $90,849 $481,096 $359,362
Other property revenues 11,278 7,987 42,994 32,171
------------------- -------------------
Total property revenues 142,389 98,836 524,090 391,533
Property expenses
Property operating and
maintenance 39,493 29,776 147,009 117,096
Real estate taxes 14,580 10,205 56,432 42,531
------------------- -------------------
Total property expenses 54,073 39,981 203,441 159,627
Non-property income
Fee and asset management 1,983 2,548 12,912 9,187
Sale of technology
investments 7 - 24,206 863
Interest and other income 972 3,938 7,373 11,074
------------------- -------------------
Total non-property income 2,962 6,486 44,491 21,124
Other expenses
Property management 4,795 3,412 16,145 11,924
Fee and asset management 1,898 1,011 6,897 3,856
General and administrative 6,828 6,136 24,845 18,536
Transaction compensation and
merger expenses - - 14,085 -
Impairment provisions on
technology investments 130 - 130 -
Interest 30,132 19,513 111,548 79,214
Amortization of deferred
financing costs 867 447 3,739 2,697
Amortization of acquired in
place leases 10,172 - 32,333 -
Depreciation and amortization 35,515 24,274 131,799 97,969
------------------- -------------------
Total other expenses 90,337 54,793 341,521 214,196
------------------- -------------------
Income from continuing
operations before gain on
sale of properties,
impairment loss on sale of
land, equity in income of
joint ventures and minority
interests 941 10,548 23,619 38,834
Gain on sale of properties,
including land 797 387 132,914 1,642
Impairment loss on sale of
land (339) - (339) -
Equity in income of joint
ventures 11,521 97 10,049 356
Income allocated to minority
interests
Distributions on perpetual
preferred units (1,750) (2,111) (7,028) (10,461)
Original issuance costs on
redeemed perpetual
preferred units - - (365) (745)
Income allocated to common
units and other minority
interests (592) (798) (2,643) (2,720)
------------------- -------------------
Income from continuing
operations 10,578 8,123 156,207 26,906
Income from discontinued
operations 2,245 2,402 6,748 7,767
Income from discontinued
operations allocated to
common units 4 (1,384) (44) (1,540)
Impairment loss on land
held for sale - - - (1,143)
Gain on sale of
discontinued operations 60 9,351 36,175 9,351
------------------- -------------------
Net income $12,887 $18,492 $199,086 $41,341
=================== ===================
PER SHARE DATA
- --------------
Net income - basic $0.24 $0.44 $3.83 $1.00
Net income - diluted 0.23 0.43 3.58 0.98
Income from continuing
operations - basic 0.20 0.19 3.00 0.65
Income from continuing
operations - diluted 0.19 0.19 2.82 0.64
Weighted average number of
common and common equivalent
shares outstanding:
Basic 54,097 41,588 52,000 41,430
Diluted 56,869 42,622 56,313 42,426
PROPERTY DATA
- -------------
Total operating properties
(end of period) (b) 191 144 191 144
Total operating apartment
homes in operating
properties (end of
period) (b) 65,580 51,456 65,580 51,456
Total operating apartment
homes (weighted average) 57,120 47,353 55,056 47,118
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 54,164 43,376 51,847 43,132
(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 the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
CAMDEN FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
- ----------------------------------------------------------------------
(Unaudited) Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- -------------------
FUNDS FROM OPERATIONS 2005 2004 2005(a) 2004
- --------------------- ------------------- -------------------
Net income $12,887 $18,492 $199,086 $41,341
Real estate depreciation and
amortization from
continuing operations 45,088 23,742 161,655 96,125
Real estate depreciation
from discontinued
operations 1,063 1,610 7,122 8,214
Adjustments for
unconsolidated joint
ventures 1,049 527 4,298 2,097
Income from continuing
operations allocated to
common units 550 798 2,471 2,720
Income from discontinued
operations allocated to
common units (4) 1,384 44 1,540
(Gain) on sale of operating
properties - - (132,117) -
(Gain) on sale of
discontinued operations - (8,368) (36,104) (8,368)
(Gain) on sale of joint
venture properties (11,165) - (11,165) -
------------------- -------------------
Funds from operations -
diluted $49,468 $38,185 $195,290 $143,669
=================== ===================
PER SHARE DATA
- --------------
Funds from operations -
diluted $0.84 $0.86 $3.47 $3.24
Cash distributions 0.64 0.64 2.54 2.54
Weighted average number of
common and common equivalent
shares outstanding:
FFO - diluted 58,741 44,497 56,313 44,302
PROPERTY DATA
- -------------
Total operating properties
(end of period) (b) 191 144 191 144
Total operating apartment
homes in operating
properties (end of
period) (b) 65,580 51,456 65,580 51,456
Total operating apartment
homes (weighted average) 57,120 47,353 55,056 47,118
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 54,164 43,376 51,847 43,132
(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 the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
CAMDEN BALANCE SHEETS
(In thousands)
- ----------------------------------------------------------------------
(Unaudited) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2005 2005 2005 2005 2004
-------------------------------------------------------
ASSETS
Real estate
assets, at
cost
Land $646,854 $660,748 $657,433 $655,321 $399,054
Buildings
and
improve-
ments 3,840,969 3,881,682 3,839,732 3,810,003 2,511,195
-------------------------------------------------------
4,487,823 4,542,430 4,497,165 4,465,324 2,910,249
Accumulated
depre-
ciation (716,650) (713,991) (694,120) (658,683) (688,333)
-------------------------------------------------------
Net
operating
real
estate
assets 3,771,173 3,828,439 3,803,045 3,806,641 2,221,916
Properties
under
development,
including
land 372,976 377,787 368,022 348,202 176,769
Investment in
joint
ventures 6,096 6,937 11,830 11,985 9,641
Properties
held for
sale 172,112 51,741 39,930 72,338 62,418
-------------------------------------------------------
Total real
estate
assets 4,322,357 4,264,904 4,222,827 4,239,166 2,470,744
Accounts
receivable -
affiliates 34,084 35,313 35,084 33,587 31,380
Notes
receivable
Affiliates 11,916 11,505 11,108 10,729 10,367
Other 13,261 24,865 32,283 32,274 44,547
Other assets,
net (a) 99,516 100,080 101,475 95,941 66,164
Cash and cash
equivalents 1,576 1,076 6,432 6,351 2,253
Restricted cash 5,089 5,829 6,375 5,835 3,909
-------------------------------------------------------
Total
assets $4,487,799 $4,443,572 $4,415,584 $4,423,883 $2,629,364
=======================================================
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Liabilities
Notes payable
Unsecured $2,007,164 $1,903,094 $1,860,107 $1,900,710 $1,407,208
Secured 625,927 661,723 672,557 675,473 169,197
Accounts
payable and
accrued
expenses 108,979 102,231 104,216 101,576 49,192
Accrued real
estate taxes 26,070 39,740 29,510 17,179 27,324
Other
liabilities (b) 88,811 84,835 62,753 58,432 47,949
Distributions
payable 38,922 38,933 39,513 15,223 30,412
-------------------------------------------------------
Total
liabil-
ities 2,895,873 2,830,556 2,768,656 2,768,593 1,731,282
Commitments and
contingencies
Minority
interests
Perpetual
preferred
units 97,925 97,925 97,925 97,925 115,060
Common units 112,637 115,190 118,119 121,734 44,507
Other
minority
interests 10,461 10,425 9,878 9,880 -
-------------------------------------------------------
Total
minority
interests 221,023 223,540 225,922 229,539 159,567
Shareholders'
equity
Common shares
of
beneficial
interest 608 607 606 605 486
Additional
paid-in
capital 1,915,623 1,913,930 1,910,750 1,903,541 1,348,848
Distributions
in excess of
net income (295,074) (273,609) (236,954) (224,533) (361,973)
Unearned
restricted
share awards (13,028) (14,217) (15,732) (15,185) (13,023)
Employee
notes
receivable (2,078) (2,087) (2,084) (3,097) -
Treasury
shares, at
cost (235,148) (235,148) (235,580) (235,580) (235,823)
-------------------------------------------------------
Total
share-
holders'
equity 1,370,903 1,389,476 1,421,006 1,425,751 738,515
-------------------------------------------------------
Total
liabil-
ities and
share-
holders'
equity $4,487,799 $4,443,572 $4,415,584 $4,423,883 $2,629,364
=======================================================
(a) includes:
net deferred
charges of: $13,061 $13,757 $14,266 $13,386 $11,361
value of in
place leases
of: $1,363 $10,561 $18,995 $29,186 -
(b) includes:
deferred
revenues of: $994 $1,120 $1,250 $1,704 $2,280
above/below
market
leases of: $90 $889 $1,675 $2,537 -
CAMDEN 2006 Financial Outlook
as of February 1, 2006
- ----------------------------------------------------------------------
(Unaudited)
2005 Reported FFO, Adjusted for Non-Routine Items
- ----------------------------------------------------------------------
Total Per Share
-------------- --------------
2005 Reported FFO $195,290 $3.47
Adjustments for non-routine items:
Less: Sale of technology investments (24,206) (0.43)
Less: Amortization of Summit above and
below market leases (2,763) (0.05)
Plus: Transaction compensation and
merger expenses 14,085 0.25
Plus: Joint venture prepayment
penalties and preferred redemption
charges 2,388 0.04
-------------- --------------
2005 FFO adjusted for non-routine items $184,794 $3.28
2005 Fully Diluted Shares Outstanding -
FFO 56,313
2006 Financial Outlook
- ----------------------------------------------------------------------
Earnings Guidance - Per Diluted Share
Expected net income per share - diluted $0.82 to $1.02
Expected real estate depreciation $2.49
Expected adjustments for unconsolidated
joint ventures $0.05
Expected income allocated to common units $0.09
------------------------
Expected FFO per share - diluted $3.45 to $3.65
"Same Property" Communities
Revenue Growth 4.25% to 5.25%
Expense Growth 4.00% to 5.00%
Net Operating Income Growth 4.00% to 6.00%
Physical Occupancy 95%
-- Impact from 1.0% change in NOI Growth is
$0.05 / share
Acquisitions/Dispositions
Dispositions (Held for Sale at 12/31/05) $275 to $300 million
Future Dispositions Volume $200 to $300 million
Future Acquisitions Volume $200 to $300 million
Development
Development Starts (100% owned) $200 to $300 million
Development Starts (joint venture) $150 to $200 million
2006 Projected Development FFO dilution $4 to $5 million
Non-Property Income
Non-Property Income, Net $12 to $14 million
Includes: Fee and asset management
income, net of expenses and
Interest and other income
Gain on Sale of Undeveloped Land $10 million
Corporate Expenses
General and Administrative and Property
Management Expense Growth 6.0%
Debt
Capitalized Interest $22 million
Expensed Interest $125 million
LIBOR 4.5% to 5.25%
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
Note: This table contains forward-looking statements. Please see the
paragraph regarding forward-looking statements earlier in this
document.
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 Twelve Months Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
------------------- -------------------
Net income $12,887 $18,492 $199,086 $41,341
Real estate depreciation and
amortization from continuing
operations 45,088 23,742 161,655 96,125
Real estate depreciation from
discontinued operations 1,063 1,610 7,122 8,214
Adjustments for unconsolidated
joint ventures 1,049 527 4,298 2,097
Income from continuing
operations allocated to
common units 550 798 2,471 2,720
Income from discontinued
operations allocated to
common units (4) 1,384 44 1,540
(Gain) on sale of operating
properties - - (132,117) -
(Gain) on sale of discontinued
operations - (8,368) (36,104) (8,368)
(Gain) on sale of joint
venture properties (11,165) - (11,165) -
------------------- -------------------
Funds from operations -
diluted $49,468 $38,185 $195,290 $143,669
=================== ===================
Weighted average number of
common and common equivalent
shares outstanding:
EPS diluted 56,869 42,622 56,313 42,426
FFO diluted 58,741 44,497 56,313 44,302
Net income per common share -
diluted $0.23 $0.43 $3.58 $0.98
FFO per common share - diluted $0.84 $0.86 $3.47 $3.24
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:
1Q06 Range 2006 Range
Low High Low High
-------------------- ------------------
Expected net income per share
- diluted $0.16 $0.24 $0.82 $1.02
Expected real estate
depreciation 0.63 0.63 2.49 2.49
Expected adjustments for
unconsolidated joint ventures 0.01 0.01 0.05 0.05
Expected income allocated to
common units 0.02 0.02 0.09 0.09
Expected (gain) on sale of
properties held in joint
ventures 0.00 0.00 0.00 0.00
Expected (gain) on sale of
properties and properties
held for sale 0.00 0.00 0.00 0.00
-------------------- ------------------
Expected FFO per share -
diluted $0.82 $0.90 $3.45 $3.65
Note: This table contains forward-looking statements. Please see the
paragraph regarding forward-looking statements earlier in this
document.
Net Operating Income (NOI)
- ----------------------------------------------------------------------
NOI is defined by the Company as total property income less property
operating and maintenance expenses less real estate taxes. The Company
considers NOI to be an appropriate supplemental measure of operating
performance to net income because it reflects the operating
performance of our communities without allocation of corporate level
property management overhead or general and administrative costs. A
reconciliation of net income to net operating income is provided
below:
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
------------------- -------------------
Net income $12,887 $18,492 $199,086 $41,341
Fee and asset management (1,983) (2,548) (12,912) (9,187)
Sale of technology investments (7) - (24,206) (863)
Interest and other income (972) (3,938) (7,373) (11,074)
Property management expense 4,795 3,412 16,145 11,924
Fee and asset management
expense 1,898 1,011 6,897 3,856
General and administrative
expense 6,828 6,136 24,845 18,536
Transaction compensation and
merger expenses - - 14,085 -
Impairment provisions on
technology investments 130 - 130 -
Interest expense 30,132 19,513 111,548 79,214
Amortization of deferred
financing costs 867 447 3,739 2,697
Amortization of acquired in
place leases 10,172 - 32,333 -
Depreciation and amortization 35,515 24,274 131,799 97,969
Gain on sale of properties,
including land (797) (387) (132,914) (1,642)
Impairment loss on sale of
land 339 - 339 -
Impairment loss on land held
for sale - - - 1,143
Equity in income of joint
ventures (11,521) (97) (10,049) (356)
Distributions on perpetual
preferred units 1,750 2,111 7,028 10,461
Original issuance costs on
redeemed perpetual preferred
units - - 365 745
Income allocated to common
units and other minority
interests 592 798 2,643 2,720
Income from discontinued
operations (2,245) (2,402) (6,748) (7,767)
Income from discontinued
operations allocated to
common units (4) 1,384 44 1,540
Gain on sale of discontinued
operations (60) (9,351) (36,175) (9,351)
------------------- -------------------
Net Operating Income (NOI) $88,316 $58,855 $320,649 $231,906
CPT-"Same Property"
Communities $50,890 $48,037 $198,964 $192,568
Summit-"Same Property"
Communities 22,036 - 72,066 -
CPT Non-"Same Property"
Communities 7,396 4,387 20,558 13,416
Summit Non-"Same Property"
Communities 6,309 - 19,009 -
Development and Lease-Up
Communities 335 - 258 -
Dispositions / Other 1,350 6,431 9,794 25,922
------------------- -------------------
Net Operating Income (NOI) $88,316 $58,855 $320,649 $231,906
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 Twelve Months Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
------------------- -------------------
Net income $12,887 $18,492 $199,086 $41,341
Impairment provisions on
technology investments 130 - 130 -
Interest expense 30,132 19,513 111,548 79,214
Amortization of deferred
financing costs 867 447 3,739 2,697
Amortization of acquired in
place leases 10,172 - 32,333 -
Depreciation and amortization 35,515 24,274 131,799 97,969
Distributions on perpetual
preferred units 1,750 2,111 7,028 10,461
Original issuance costs on
redeemed perpetual preferred
units - - 365 745
Income allocated to common
units and other minority
interests 592 798 2,643 2,720
Real estate depreciation from
discontinued operations 1,063 1,610 7,122 8,214
Gain on sale of properties,
including land (797) (387) (132,914) (1,642)
Impairment loss on sale of
land 339 - 339 -
Impairment loss on land held
for sale - - - 1,143
Equity in income of joint
ventures (11,521) (97) (10,049) (356)
Gain on sale of discontinued
operations (60) (9,351) (36,175) (9,351)
Income from discontinued
operations allocated to
common units (4) 1,384 44 1,540
------------------- -------------------
EBITDA $81,065 $58,794 $317,038 $234,695
CONTACT: Camden Property Trust, Houston
Kim Callahan, 713-354-2549