EXHIBIT 99.2
CAMDEN LOGO
LIVING EXCELLENCE
FOURTH QUARTER 2005
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Supplemental Operating and Financial Data
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Camden Gaines Ranch - Austin, Texas
390 Apartment Homes - Acquired October 4, 2005
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
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Page
Press Release Text 3
Financial Highlights 6
Operating Results 7
Funds from Operations 8
Balance Sheets 9
Portfolio Statistics 10
Components of Property Net Operating Income 11
"Same Property" Fourth 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 & Land Held for Sale 17
Mezzanine Financing Summary 18
Acquisitions & Dispositions 19
Debt Analysis 20
Debt Covenant Analysis 21
Capitalized Expenditures & Maintenance Expense 22
2006 Financial Outlook 23
Non-GAAP Financial Measures - Definitions & Reconciliations 24
Other Data 26
Community Table 27
2
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.
3
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.
4
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.
5
CAMDEN FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
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(Unaudited)
Three Months Ended December 31, Twelve Months Ended December 31,
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2005 2004 2005 (a) (2004)
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Total property revenues $142,389 $98,836 $524,090 $391,533
EBITDA 81,065 58,794 317,038 234,695
Net income 12,887 18,492 199,086 41,341
Per share - basic 0.24 0.44 3.83 1.00
Per share - diluted 0.23 0.43 3.58 0.98
Income from continuing operations 10,578 8,123 156,207 26,906
per share - basic 0.20 0.19 3.00 0.65
per share - diluted 0.19 0.19 2.82 0.64
Funds from operations 49,468 38,185 195,290 143,669
Per share - diluted 0.84 0.86 3.47 3.24
Dividends per share 0.64 0.64 2.54 2.54
Dividend payout ratio 76.2% 74.4% 73.2% 78.4%
Interest expensed 30,132 19,513 111,548 79,214
Interest capitalized 4,856 2,366 17,513 9,332
Total interest incurred 34,988 21,879 129,061 88,546
Principal amortization 2,615 932 10,204 4,412
Preferred dividends & distributions 1,750 2,111 7,028 10,461
Interest expense coverage ratio 2.7 x 3.0 x 2.8 x 3.0 x
Total interest coverage ratio 2.3 x 2.7 x 2.5 x 2.7 x
Fixed charge expense coverage ratio 2.3 x 2.6 x 2.5 x 2.5 x
Total fixed charge coverage ratio 2.1 x 2.4 x 2.2 x 2.3 x
Same property NOI increase (b) 6.1% (3.9%) 3.5% (0.7%)
(# of apartment homes included) 48,014 43,497 48,014 43,497
Gross turnover of apartment homes (annualized) 63% 59% 64% 64%
Net turnover (excludes on-site transfers and
transfers to other Camden communities) 57% 53% 58% 58%
As of December 31,
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2005 2004
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Total assets $4,487,799 $2,629,364
Total debt $2,633,091 $1,576,405
Common and common equivalent shares,
outstanding end of period (c) 58,730 44,618
Share price, end of period $ 57.92 $ 51.00
Preferred units, end of period $ 97,925 $ 115,060
Book equity value, end of period (d) $1,591,926 $ 898,082
Market equity value, end of period (d) $3,501,642 $2,393,018
Debt to total market capitalization ratio 42.9% 39.7%
Unencumbered real estate assets (at cost)
to unsecured debt ratio 200% 194%
(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 December 31, 2005: 54,662 common shares (including 542 common
share equivalents related to share awards & options), plus common share
equivalents upon the assumed conversion of minority interest units (4,068)
(d) Includes: common shares, preferred and common units, and common share
equivalents
Note: Please refer to pages 24 and 25 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
6
CAMDEN OPERATING RESULTS
in thousands, except per share and property data amounts)
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(Unaudited) Three Months Ended Twelve Months Ended
December 31, December 31,
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OPERATING DATA 2005 2004 2005 (a) (2004)
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Property revenues
Rental revenues $131,111 $90,849 $ 481,096 $359,362
Other property revenues 11,278 7,987 42,994 32,171
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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
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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
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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
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Total other expenses 90,337 54,793 341,521 214,196
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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)
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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
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Net income $ 12,887 $18,492 $ 199,086 $ 41,341
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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 pages 24 and 25 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
7
CAMDEN FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
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(Unaudited) Three Months Ended Twelve Months Ended
December 31, December 31,
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FUNDS FROM OPERATIONS 2005 2004 2005 (a) (2004)
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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) -
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Funds from operations - diluted $49,468 $38,185 $195,290 $143,669
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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) 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.
8
CAMDEN BALANCE SHEETS
(In thousands)
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(Unaudited) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2005 2005 2005 2005 2004
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ASSETS
Real estate assets, at cost
Land $ 646,854 $ 660,748 $ 657,433 $ 655,321 $ 399,054
Buildings and improvements 3,840,969 3,881,682 3,839,732 3,810,003 2,511,195
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4,487,823 4,542,430 4,497,165 4,465,324 2,910,249
Accumulated depreciation (716,650) (713,991) (694,120) (658,683) (688,333)
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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
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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
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Total assets $4,487,799 $4,443,572 $4,415,584 $4,423,883 $2,629,364
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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
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Total liabilities 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 -
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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)
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Total shareholders' equity 1,370,903 1,389,476 1,421,006 1,425,751 738,515
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Total liabilities and shareholders' 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 -
9
CAMDEN PORTFOLIO STATISTICS
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(Unaudited)
COMMUNITY PORTFOLIO AT DECEMBER 31, 2005 (in apartment homes)
Summit Non Completed Under
CPT-"Same -"Same -"Same Wholly- Joint Stablized in Total Develop
Property" Property" Property"(a) Owned Venture Operating Lease-up Operating -ment Total
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Las Vegas, NV 4,017 - - 4,017 4,047 8,064 - 8,064 - 8,064
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 7,479 - 424 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 4,694 - 900 5,594 1,216 6,810 - 6,810 236 7,046
Charlotte, NC 1,659 1,557 785 4,001 492 4,493 - 4,493 145 4,638
SE Florida - 1,463 1,057 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 2,252 270 774 3,296 - 3,296 - 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 - 390 2,135 - 2,135 - 2,135 - 2,135
Other 1,116 352 821 2,289 - 2,289 - 2,289 - 2,289
------ ------ ------ ------- ------ ------ ----- ------- ------ -------
Total Portfolio 37,336 10,678 8,927 56,941 8,355 65,296 284 65,580 3,211 68,791
(a) Includes the following seven properties (2,956 apartment homes) held for
sale and reported in discontinued operations: Camden Trails (264 apartment
homes) and Camden Highlands (160 apartment homes) in Dallas, TX; Camden
Live Oaks (770 apartments homes) in Tampa, FL; Camden Wilshire (536
apartment homes) in Houston, TX; Summit Brickell (405 apartment homes) in
Miami, FL; and Camden Pass (456 apartment homes) and Camden View (365
apartment homes) in Tucson, AZ.
(b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. 464
apartment homes under development in Northern Virginia were held through a
joint venture investment at December 31, 2005
FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (f)
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Same Property Operating Incl. JVs at Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
Communities (c) Communities (d) Pro Rata % (e) (2005) (2005) (2005) (2005) (2004)
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Las Vegas, NV 9.6% 7.7% 8.9% 97.6% 97.2% 97.2% 97.2% 97.4%
D.C. Metro 9.9% 9.9% 9.6% 96.8% 96.5% 95.2% 93.5% 93.8%
Los Angeles/Orange County, CA 4.9% 6.3% 6.3% 95.9% 94.9% 92.7% 94.7% 97.0%
San Diego/Inland Empire, CA 2.0% 2.8% 2.7% 92.9% 95.6% 93.4% 90.7% 93.7%
Dallas, TX 9.6% 8.2% 8.1% 95.9% 95.5% 94.7% 91.6% 91.5%
Tampa, FL 8.7% 8.2% 7.9% 97.2% 96.4% 96.0% 96.3% 96.3%
Houston, TX 8.5% 8.0% 8.1% 96.6% 95.6% 94.4% 91.9% 90.3%
Charlotte, NC 5.6% 6.5% 6.4% 96.1% 96.2% 95.4% 93.8% 93.6%
SE Florida 5.3% 7.5% 7.3% 98.2% 97.0% 96.8% 96.1% 95.1%
Atlanta, GA 6.3% 5.7% 5.5% 94.9% 95.2% 93.0% 90.8% 91.2%
Denver, CO 4.9% 3.9% 4.2% 92.7% 94.8% 93.6% 91.4% 91.6%
Orlando, FL 5.6% 6.4% 6.2% 97.4% 97.1% 97.7% 98.5% 97.5%
Raleigh, NC 3.7% 3.5% 3.5% 94.5% 94.7% 94.5% 91.2% 91.4%
St. Louis, MO 3.8% 3.0% 2.9% 94.7% 95.5% 95.4% 91.7% 92.9%
Phoenix, AZ 3.3% 2.7% 2.9% 97.4% 96.6% 95.1% 95.8% 95.1%
Corpus Christi, TX 1.2% 2.4% 2.3% 96.6% 94.5% 94.8% 96.1% 95.7%
Louisville, KY 2.4% 1.9% 1.9% 95.9% 96.9% 93.7% 90.5% 90.2%
Austin, TX 2.1% 2.3% 2.3% 94.7% 95.8% 94.4% 94.2% 93.1%
Other 2.6% 3.1% 3.0% 93.8% 95.2% 94.0% 94.0% 93.9%
------ ------ ------ ----- ----- ----- ----- -----
Total Portfolio 100.0% 100.0% 100.0% 96.2% 96.0% 95.2% 93.9% 93.8%
(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.
(e) Based on total NOI from operating communities plus Camden's pro-rata share
of total NOI from joint venture communities.
(f) Occupancy figures include apartment homes held through joint venture
investments and communities acquired from Summit but exclude communities in
lease-up or under development.
10
CAMDEN COMPONENTS OF
PROPERTY NET OPERATING INCOME
(In thousands, except property data amounts)
- ---------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Apartment Three Months Ended December 31, Twelve Months Ended December 31,
Property Revenues Homes 2005 2004 Change 2005 (a) (2004) Change
---------- ------------------------------------- ------------------------------------
CPT-"Same Property" Communities (b) 37,336 $ 86,647 $81,748 $ 4,899 $338,483 $327,493 $ 10,990
Summit-"Same Property" Communities (b) 10,678 33,165 - 33,165 108,383 - 108,383
CPT Non-"Same Property" Communities (c) 3,266 10,725 6,828 3,897 32,120 22,698 9,422
Summit Non-"Same Property" Communities (c) 2,705 9,314 - 9,314 29,820 - 29,820
Development and Lease-Up Communities (d) 3,031 733 - 733 806 - 806
Dispositions / Other (e) - 1,805 10,260 (8,455) 14,478 41,342 (26,864)
-------- -------- ------- ------- -------- -------- --------
Total Property Revenues 57,016 $142,389 $98,836 $43,553 $524,090 $391,533 $132,557
Property Expenses
CPT-"Same Property" Communities (b) 37,336 $ 35,757 $33,711 $2,046 $139,519 $134,925 $4,594
Summit-"Same Property" Communities (b) 10,678 11,129 - 11,129 36,317 - 36,317
CPT Non-"Same Property" Communities (c) 3,266 3,329 2,441 888 11,562 9,282 2,280
Summit Non-"Same Property" Communities (c) 2,705 3,005 - 3,005 10,811 - 10,811
Development and Lease-Up Communities (d) 3,031 398 - 398 548 - 548
Dispositions / Other (e) - 455 3,829 (3,374) 4,684 15,420 (10,736)
-------- -------- ------- ------- -------- -------- --------
Total Property Expenses 57,016 $ 54,073 $39,981 $14,092 $203,441 $159,627 $43,814
Property Net Operating Income
CPT-"Same Property" Communities (b) 37,336 $ 50,890 $48,037 $ 2,853 $198,964 $192,568 $6,396
Summit-"Same Property" Communities (b) 10,678 22,036 - 22,036 72,066 - 72,066
CPT Non-"Same Property" Communities (c) 3,266 7,396 4,387 3,009 20,558 13,416 7,142
Summit Non-"Same Property" Communities (c) 2,705 6,309 - 6,309 19,009 - 19,009
Development and Lease-Up Communities (d) 3,031 335 - 335 258 - 258
Dispositions / Other (e) - 1,350 6,431 (5,081) 9,794 25,922 (16,128)
-------- -------- ------- ------- -------- -------- --------
Total Property Net Operating Income 57,016 $ 88,316 $58,855 $29,461 $320,649 $231,906 $ 88,743
Income from Discontinued Operations (f) Three Months Ended December (31,) Twelve Months Ended December (31,)
2005 2004 2005 2004
--------------------------------- ----------------------------------
Property Revenues $6,747 $7,720 $28,446 $30,501
Property Expenses 3,439 3,708 14,576 14,520
------ ------ ------- -------
Property Net Operating Income 3,308 4,012 13,870 15,981
Depreciation and Amortization 1,063 1,610 7,122 8,214
Minority Interests (4) 1,384 44 1,540
------ ------ ------- -------
Income from Discontinued Operations $2,249 $1,018 $ 6,704 $ 6,227
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 4,825 apartment
homes, disposed of during 2004 and 2005 or held for sale at December 31,
2005
11
"SAME PROPERTY"
CAMDEN FOURTH QUARTER COMPARISONS
December 31, 2005
(In thousands, except property data amounts)
----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 4Q05 4Q04 Growth 4Q05 4Q04 Growth 4Q05 4Q04 Growth
-----------------------------------------------------------------------------------------------------------------------------
Las Vegas, NV $ 10,642 $ 9,850 8.0% $3,628 $3,414 6.3% $ 7,014 $ 6,436 9.0%
D.C. Metro 9,956 9,110 9.3% 2,727 2,435 12.0% 7,229 6,675 8.3%
Los Angeles/Orange County, CA 5,001 4,802 4.1% 1,411 1,380 2.2% 3,590 3,422 4.9%
San Diego/Inland Empire, CA 1,928 1,857 3.8% 458 636 (28.0%) 1,470 1,221 20.4%
Dallas, TX 14,509 13,845 4.8% 7,491 7,056 6.2% 7,018 6,789 3.4%
Tampa, FL 11,639 10,530 10.5% 5,317 4,800 10.8% 6,322 5,730 10.3%
Houston, TX 10,860 10,138 7.1% 4,626 4,357 6.2% 6,234 5,781 7.8%
Charlotte, NC 6,975 6,521 7.0% 2,902 2,652 9.4% 4,073 3,869 5.3%
SE Florida 5,862 5,259 11.5% 2,033 1,825 11.4% 3,829 3,434 11.5%
Atlanta, GA 7,381 6,908 6.8% 2,781 2,436 14.2% 4,600 4,472 2.9%
Denver, CO 5,489 5,499 (0.2%) 1,914 1,961 (2.4%) 3,575 3,538 1.0%
Orlando, FL 6,572 5,965 10.2% 2,501 2,288 9.3% 4,071 3,677 10.7%
Raleigh, NC 4,104 3,825 7.3% 1,407 1,200 17.3% 2,697 2,625 2.7%
St. Louis, MO 4,428 4,321 2.5% 1,676 1,694 (1.1%) 2,752 2,627 4.8%
Phoenix, AZ 3,607 3,339 8.0% 1,184 1,070 10.7% 2,423 2,269 6.8%
Corpus Christi, TX 1,527 1,473 3.7% 672 571 17.7% 855 902 (5.2%)
Louisville, KY 2,813 2,583 8.9% 1,086 1,019 6.6% 1,727 1,564 10.4%
Austin, TX 3,312 3,143 5.4% 1,782 1,543 15.5% 1,530 1,600 (4.4%)
Other 3,207 3,300 (2.8%) 1,290 1,213 6.3% 1,917 2,087 (8.1%)
-------- -------- ----- ------- ------- ------- ------- ------- -------
Total Same Property $119,812 $112,268 6.7% $46,886 $43,550 7.7% $72,926 $68,718 6.1%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 4Q05 4Q04 Change 4Q05 4Q04 Change
---------------------------------------------------------------------------------------------------------------------------
Las Vegas, NV 4,017 9.6% 97.7% 97.0% 0.7% $ 837 $ 779 7.4%
D.C. Metro 2,330 9.9% 96.5% 93.7% 2.8% 1,398 1,332 5.0%
Los Angeles/Orange County, CA 1,232 4.9% 97.5% 97.2% 0.3% 1,353 1,297 4.3%
San Diego/Inland Empire, CA 424 2.0% 93.7% 94.5% (0.8%) 1,522 1,459 4.3%
Dallas, TX 7,479 9.6% 96.0% 91.7% 4.3% 637 640 (0.5%)
Tampa, FL 4,865 8.7% 97.1% 96.5% 0.6% 753 690 9.2%
Houston, TX 4,694 8.5% 96.6% 90.1% 6.5% 745 753 (1.1%)
Charlotte, NC 3,216 5.6% 95.5% 93.9% 1.6% 715 694 3.0%
SE Florida 1,463 5.3% 98.0% 95.8% 2.2% 1,263 1,176 7.4%
Atlanta, GA 2,906 6.3% 95.1% 91.1% 4.0% 840 831 1.0%
Denver, CO 2,209 4.9% 92.3% 91.6% 0.7% 839 847 (1.0%)
Orlando, FL 2,522 5.6% 97.9% 98.0% (0.1%) 825 749 10.0%
Raleigh, NC 1,800 3.7% 94.6% 91.4% 3.2% 756 755 0.1%
St. Louis, MO 2,123 3.8% 94.7% 92.9% 1.8% 704 699 0.7%
Phoenix, AZ 1,441 3.3% 97.5% 95.0% 2.5% 807 772 4.4%
Corpus Christi, TX 632 1.2% 96.6% 95.7% 0.9% 730 707 3.2%
Louisville, KY 1,448 2.4% 95.9% 90.2% 5.7% 631 620 1.8%
Austin, TX 1,745 2.1% 96.6% 93.1% 3.5% 607 601 0.9%
Other 1,468 2.6% 93.3% 93.3% 0.0% 749 738 1.4%
------ ----- ----- ----- ---- ------ ----- -----
Total Same Property 48,014 100.0% 96.1% 93.6% 2.5% $ 811 $ 785 3.3%
(a) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2004, excluding properties held for
sale. Results are 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
December 31, 2005
(In thousands, except property data amounts)
-----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 4Q05 3Q05 Growth 4Q05 3Q05 Growth 4Q05 3Q05 Growth
----------------------------------------------------------------------------------------------------------------------------
Las Vegas, NV $ 10,642 $ 10,509 1.3% $ 3,628 $ 3,687 (1.6%) $ 7,014 $ 6,822 2.8%
D.C. Metro 9,956 9,835 1.2% 2,727 2,689 1.4% 7,229 7,146 1.2%
Los Angeles/Orange County, CA 5,001 4,804 4.1% 1,411 1,508 (6.4%) 3,590 3,296 8.9%
San Diego/Inland Empire, CA 1,928 1,942 (0.7%) 458 754 (39.3%) 1,470 1,188 23.7%
Dallas, TX 14,509 14,241 1.9% 7,491 7,457 0.5% 7,018 6,784 3.4%
Tampa, FL 11,639 11,383 2.2% 5,317 4,967 7.0% 6,322 6,416 (1.5%)
Houston, TX 10,860 10,582 2.6% 4,626 4,753 (2.7%) 6,234 5,829 6.9%
Charlotte, NC 6,975 6,963 0.2% 2,902 2,811 3.2% 4,073 4,152 (1.9%)
SE Florida 5,862 5,737 2.2% 2,033 1,985 2.4% 3,829 3,752 2.1%
Atlanta, GA 7,381 7,369 0.2% 2,781 2,834 (1.9%) 4,600 4,535 1.4%
Denver, CO 5,489 5,694 (3.6%) 1,914 1,953 (2.0%) 3,575 3,741 (4.4%)
Orlando, FL 6,572 6,376 3.1% 2,501 2,505 (0.2%) 4,071 3,871 5.2%
Raleigh, NC 4,104 4,042 1.5% 1,407 1,431 (1.7%) 2,697 2,611 3.3%
St. Louis, MO 4,428 4,465 (0.8%) 1,676 1,775 (5.6%) 2,752 2,690 2.3%
Phoenix, AZ 3,607 3,561 1.3% 1,184 1,242 (4.7%) 2,423 2,319 4.5%
Corpus Christi, TX 1,527 1,461 4.5% 672 718 (6.4%) 855 743 15.1%
Louisville, KY 2,813 2,859 (1.6%) 1,086 1,082 0.4% 1,727 1,777 (2.8%)
Austin, TX 3,312 3,252 1.8% 1,782 1,743 2.2% 1,530 1,509 1.4%
Other 3,207 3,277 (2.1%) 1,290 1,306 (1.2%) 1,917 1,971 (2.7%)
-------- -------- ----- ------- ------- ------- ------- ------- -----
Total Same Property $119,812 $118,352 1.2% $46,886 $47,200 (0.7%) $72,926 $71,152 2.5%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 4Q05 3Q05 Change 4Q05 3Q05 Change
----------------------------------------------------------------------------------------------------------------------------
Las Vegas, NV 4,017 9.6% 97.7% 97.3% 0.4% $ 837 $ 825 1.4%
D.C. Metro 2,330 9.9% 96.5% 96.4% 0.1% 1,398 1,376 1.6%
Los Angeles/Orange County, CA 1,232 4.9% 97.5% 96.5% 1.0% 1,353 1,306 3.6%
San Diego/Inland Empire, CA 424 2.0% 93.7% 96.3% (2.6%) 1,522 1,500 1.4%
Dallas, TX 7,479 9.6% 96.0% 95.6% 0.4% 637 632 0.7%
Tampa, FL 4,865 8.7% 97.1% 96.6% 0.5% 753 740 1.7%
Houston, TX 4,694 8.5% 96.6% 95.7% 0.9% 745 736 1.2%
Charlotte, NC 3,216 5.6% 95.5% 95.8% (0.3%) 715 711 0.6%
SE Florida 1,463 5.3% 98.0% 97.1% 0.9% 1,263 1,232 2.5%
Atlanta, GA 2,906 6.3% 95.1% 95.4% (0.3%) 840 832 0.9%
Denver, CO 2,209 4.9% 92.3% 94.9% (2.6%) 839 837 0.2%
Orlando, FL 2,522 5.6% 97.9% 97.1% 0.8% 825 802 2.8%
Raleigh, NC 1,800 3.7% 94.6% 94.5% 0.1% 756 748 1.1%
St. Louis, MO 2,123 3.8% 94.7% 95.5% (0.8%) 704 697 0.9%
Phoenix, AZ 1,441 3.3% 97.5% 96.8% 0.7% 807 797 1.1%
Corpus Christi, TX 632 1.2% 96.6% 94.5% 2.1% 730 705 3.5%
Louisville, KY 1,448 2.4% 95.9% 96.9% (1.0%) 631 627 0.7%
Austin, TX 1,745 2.1% 96.6% 95.8% 0.8% 607 606 0.1%
Other 1,468 2.6% 93.3% 95.5% (2.2%) 749 738 1.5%
-------- ------- ---- ---- ----- ----- ------ ------
Total Same Property 48,014 100.0% 96.1% 96.0% 0.1% $ 811 $ 800 1.3%
(a) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2004, excluding properties held for
sale. Results are 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
December 31, 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 $41,559 $38,106 9.1% $14,028 $13,406 4.6% $27,531 $24,700 11.5%
D.C. Metro 38,583 36,187 6.6% 10,553 9,674 9.1% 28,030 26,513 5.7%
Los Angeles/Orange County, CA 19,029 18,839 1.0% 5,694 5,361 6.2% 13,335 13,478 (1.1%)
San Diego/Inland Empire, CA 7,612 7,439 2.3% 2,558 2,638 (3.0%) 5,054 4,801 5.3%
Dallas, TX 56,586 56,282 0.5% 28,867 28,286 2.1% 27,719 27,996 (1.0%)
Tampa, FL 45,026 41,012 9.8% 19,815 18,946 4.6% 25,211 22,066 14.3%
Houston, TX 42,107 41,988 0.3% 18,424 17,806 3.5% 23,683 24,182 (2.1%)
Charlotte, NC 27,240 26,093 4.4% 11,045 10,570 4.5% 16,195 15,523 4.3%
SE Florida 22,662 20,617 9.9% 7,678 6,964 10.3% 14,984 13,653 9.7%
Atlanta, GA 28,862 27,821 3.7% 10,732 9,881 8.6% 18,130 17,940 1.1%
Denver, CO 22,294 22,528 (1.0%) 7,591 7,505 1.1% 14,703 15,023 (2.1%)
Orlando, FL 25,294 23,517 7.6% 9,648 9,210 4.8% 15,646 14,307 9.4%
Raleigh, NC 15,923 15,551 2.4% 5,562 4,996 11.3% 10,361 10,555 (1.8%)
St. Louis, MO 17,687 17,699 (0.1%) 6,756 6,645 1.7% 10,931 11,054 (1.1%)
Phoenix, AZ 14,046 13,290 5.7% 4,759 4,616 3.1% 9,287 8,674 7.1%
Corpus Christi, TX 5,966 5,827 2.4% 2,565 2,286 12.2% 3,401 3,541 (4.0%)
Louisville, KY 10,989 10,685 2.8% 4,277 4,075 5.0% 6,712 6,610 1.5%
Austin, TX 12,920 12,809 0.9% 6,750 6,406 5.4% 6,170 6,403 (3.6%)
Other 12,796 12,925 (1.0%) 5,115 4,891 4.6% 7,681 8,034 (4.4%)
-------- -------- ------ -------- -------- ------ -------- -------- ------
Total Same Property $467,181 $449,215 4.0% $182,417 $174,162 4.7% $284,764 $275,053 3.5%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Year to Date Results (a) Included Contribution (a) 2005 2004 Change 2005 2004 Change
----------------------------------------------------------------------------------------------------------------------------
Las Vegas, NV 4,017 9.7% 97.5% 96.5% 1.0% $ 818 $ 755 8.3%
D.C. Metro 2,330 9.8% 95.5% 94.1% 1.4% 1,369 1,315 4.1%
Los Angeles/Orange County, CA 1,232 4.7% 95.4% 95.4% 0.0% 1,316 1,285 2.4%
San Diego/Inland Empire, CA 424 1.8% 94.8% 94.3% 0.5% 1,491 1,445 3.2%
Dallas, TX 7,479 9.7% 94.6% 93.2% 1.4% 636 639 (0.5%)
Tampa, FL 4,865 8.8% 96.6% 94.6% 2.0% 731 684 6.8%
Houston, TX 4,694 8.3% 94.9% 92.8% 2.1% 739 752 (1.6%)
Charlotte, NC 3,216 5.7% 95.1% 94.4% 0.7% 706 688 2.6%
SE Florida 1,463 5.3% 97.2% 96.1% 1.1% 1,224 1,149 6.6%
Atlanta, GA 2,906 6.4% 93.9% 92.4% 1.5% 834 819 1.8%
Denver, CO 2,209 5.1% 93.2% 93.1% 0.1% 838 841 (0.3%)
Orlando, FL 2,522 5.5% 97.8% 96.0% 1.8% 792 748 5.8%
Raleigh, NC 1,800 3.6% 93.7% 92.4% 1.3% 756 758 (0.2%)
St. Louis, MO 2,123 3.8% 94.3% 94.3% 0.0% 697 695 0.4%
Phoenix, AZ 1,441 3.3% 96.5% 95.0% 1.5% 790 764 3.4%
Corpus Christi, TX 632 1.2% 95.5% 95.3% 0.2% 719 693 3.6%
Louisville, KY 1,448 2.4% 94.3% 92.8% 1.5% 625 614 1.7%
Austin, TX 1,745 2.2% 95.2% 94.5% 0.7% 605 598 1.2%
Other 1,468 2.7% 94.9% 94.1% 0.8% 741 732 1.3%
------- ------ ------ ----- ---- ------ ------ -------
Total Same Property 48,014 100.0% 95.4% 94.1% 1.3% $ 798 $ 778 2.7%
(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.
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 Twelve Months Ended
December 31, December 31,
----------------------------- ----------------------------------
OPERATING DATA (a) 2005 (b) (2004) 2005 (b) (2004)
----------------------------- ----------------------------------
Property Revenues
Rental revenues $ 4,673 $ 2,051 $ 16,446 $ 7,933
Other property revenues 433 188 1,561 787
----------------------------- ----------------------------------
Total property revenues 5,106 2,239 18,007 8,720
Property Expenses
Property operating and maintenance 1,492 766 5,287 2,845
Real estate taxes 419 136 1,465 529
----------------------------- ----------------------------------
Total property expenses 1,911 902 6,752 3,374
Net Operating Income (NOI) 3,195 1,337 11,255 5,346
Other expenses
Interest 1,691 699 5,861 2,812
Depreciation and amortization 1,107 535 4,392 2,160
Other (includes debt prepayment penalties) 41 6 2,118 18
----------------------------- ----------------------------------
Total other expenses 2,839 1,240 12,371 4,990
Gain on sale of properties, net 11,165 - 11,165 -
----------------------------- ----------------------------------
Equity in income of joint ventures $11,521 $ 97 $ 10,049 $ 356
============================= ==================================
Dec 31, Sept 30, Jun 30, Mar 31, Dec 31,
2005 2005 2005 2005 2004
--------------------------------------------------------------------------------
BALANCE SHEET DATA (c)
Real estate assets, net $659,834 $708,864 $708,611 $707,342 $241,215
Cash and other assets, net 14,146 16,300 21,475 15,267 3,475
--------------------------------------------------------------------------------
Total assets $673,980 $725,164 $730,086 $722,609 $244,690
Notes payable $559,323 $618,656 $538,279 $533,702 $199,114
Notes payable due to Camden 11,916 11,505 11,108 10,729 10,367
Other liabilities 10,149 10,617 9,736 5,880 2,907
--------------------------------------------------------------------------------
Total liabilities $581,388 $640,778 $559,123 $550,311 $212,388
Members' equity 92,592 84,386 170,963 172,298 32,302
--------------------------------------------------------------------------------
Total liabilities and members' equity $673,980 $725,164 $730,086 $722,609 $244,690
Company's equity investment $6,096 $6,937 $11,830 $11,985 $ 9,641
Distributions in excess of investment
in joint ventures ($17,407) ($19,762) ($8,496) ($7,971) $ 0
Company's pro-rata share of debt $121,526 $134,057 $117,934 $116,974 $ 47,170
PROPERTY DATA (c)
Total operating properties (end of period) 30 33 33 33 17
Total operating apartment homes
(end of period) 8,355 9,784 9,784 9,784 4,547
Pro rata share of operating apartment homes
(end of period) 1,812 2,113 2,113 2,113 1,005
Total development properties (end of period) 1 1 1 1 1
Total development apartment homes
(end of period) 464 464 464 464 464
Pro rata share of development apartment homes
(end of period 93 93 93 93 93
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) The Company's 2005 financial results include the results of Summit
subsequent to February 28, 2005.
(c) Balance sheet and property data reported at 100%.
15
CAMDEN DEVELOPMENT PIPELINE
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2005 ($ in millions)
Estimated/Actual Dates for
Total Total Cost Construction Initial Construction Stabilized As of 01/29/06
Completed Communities Homes Budget to Date Start Occupancy Completion Operations % Leased % Occupied
-------------------------------------------------------------------------------------------------------------------------------
1. Camden Farmers Market II 284 $ 31.7 $ 29.4 1Q04 2Q05 3Q05 2Q06 67% 62%
Dallas, TX
Estimated/Actual Dates for
Total Total Cost Amount Construction Initial Construction Stabilized As of 01/29/06
Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations % Leased % Occupied
----------------------------------------------------------------------------------------------------------------------------------
IN LEASE-UP
2. Camden Fairfax Corner 488 $ 82.0 $ 71.1 $ 54.0 4Q03 3Q05 4Q06 2Q07 28% 26%
Fairfax, VA
3. Camden Manor Park 484 52.0 41.0 28.9 2Q04 4Q05 4Q06 3Q07 14% 11%
Raleigh, NC
UNDER CONSTRUCTION
4. Camden Dilworth 145 18.0 14.1 14.1 4Q04 1Q06 2Q06 4Q06
Charlotte, NC
5. Camden Clearbrook 297 45.0 23.9 23.9 4Q04 2Q06 4Q06 3Q07
Frederick, MD
6. Camden Royal Oaks 236 22.0 8.0 8.0 2Q05 1Q06 3Q06 3Q07
Houston, TX
7. Camden Old Creek 350 98.0 57.9 57.9 1Q05 3Q06 2Q07 4Q07
San Marcos, CA
8. Camden Monument Place 368 64.0 26.3 26.3 1Q05 3Q06 2Q07 1Q08
Fairfax, VA
9. Camden Potomac Yards 379 110.0 28.7 28.7 1Q05 4Q06 3Q07 2Q08
Arlington County, VA ------ ------ ------ -------
Total Development Communities 2,747 $491.0 $271.0 $241.8
Additional land held for development (a) 131.2
------
Total Properties Under Development (per Balance Sheet) $373.0
======
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
Total Cost 4Q05 NOI
---------- --------
Development Communities stabilized at quarter end $32.7 $0.9
Completed Communities in lease-up 29.4 0.0
Development Communities under construction 271.0 0.3
Total Development NOI Contribution $333.1 $1.2
(a) Please refer to the pre-development pipeline summary on page 17.
JOINT VENTURE DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2005 ($ in millions)
Estimated/Actual Dates for
Joint Venture Total Total Cost Amount Construction Initial Construction Stabilized As of 01/29/06
Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations % Leased % Occupied
---------------------------------------------------------------------------------------------------------------------------------
IN LEASE-UP
1. Camden Westwind (b) 464 $69.1 $66.8 $29.7 1Q04 1Q05 2Q06 2Q07 31% 29%
Ashburn, VA ----- ------ ------ ------
Total Joint Venture
Development Communities 464 $69.1 $66.8 $29.7
(b) Subsequent to quarter-end, the Company acquired the remaining joint venture
membership interest in Camden Westwind.
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
16
CAMDEN PRE-DEVELOPMENT PIPELINE
& LAND HELD FOR SALE
- --------------------------------------------------------------------------------------------------------------------------
(Unaudited)
PRE-DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2005 ($ in millions)
Potential
Apartment Total
Location Acres Homes Cost to Date Estimated Cost
-------------------------------------------------------------------------------------------------------------------
D.C. Metro 35.5 1,381 $62.4 $240.0
Orlando 9.4 253 8.4 40.0
Southeast Florida 1.7 369 5.5 80.0
Dallas 4.6 306 7.9 50.0
Houston 56.0 2,120 47.0 250.0
------ ------ ------ -------
Total Pre-Development: (a) 107.2 4,429 $131.2 $660.0
(a) Pre-development pipeline includes some acreage which may be developed or
sold for non-multifamily uses.
LAND HELD FOR SALE AS OF DECEMBER 31, 2005 ($ in millions)
Current
Location Acres Book Value
-------------------------------------------------------------------------------------------------------
Southeast Florida 3.1 $ 8.1
Los Angeles/Orange County 2.1 9.6
Dallas 7.0 8.2
----- -----
Total Land Parcels Held For Sale: 12.2 $25.9
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
17
CAMDEN MEZZANINE FINANCING SUMMARY
- ------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
MEZZANINE FINANCING AS OF DECEMBER 31, 2005 ($ in thousands)
12/31/05 09/30/05
Total Note Note
Location Current Property Type Current Status Homes Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------
Dallas/Fort Worth, TX Multifamily Stabilized 618 $ 6,922 $10,520
Ashburn, VA Multifamily Development 464 11,916 11,505
Tampa, FL Multifamily Stabilized - - 5,008
Houston, TX Multifamily Predevelopment - 3,855 3,855
Atlanta, GA Multifamily Stabilized - - 3,000
Austin, TX Multifamily Stabilized 296 2,484 2,482
------ -------- ---------
Total Mezzanine Financing Volume: 1,378 $25,177 $36,370
Weighted Average Interest Rate Recognized: 11.1% 11.4%
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
2. Camden Gaines Ranch Austin, TX Multifamily 390 1997 10/04/05
TOTAL ACQUISITION VOLUME: $101.5 million 798 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
3. Farmers Market Acreage Dallas, TX Undeveloped Land 1.1 Acres N/A 07/01/05
4. 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
6. Farmers Market Acreage Dallas, TX Undeveloped Land 2.0 Acres N/A 11/21/05
7. Camden Trails Acreage Dallas, TX Undeveloped Land 5.7 Acres N/A 11/21/05
8. Andrau Acreage Houston, TX Undeveloped Land 9.9 Acres N/A 12/06/05
Total Disposition Volume: $136.9 million 1,317 apartment homes
19.8 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
2005 JOINT VENTURE DISPOSITION ACTIVITY
Apartment
Dispositions Location Property Type Homes Year Built Closing Date
------------ -------- ------------- ----- ---------- ------------
1. Oasis Suites Las Vegas, NV Multifamily 409 1988 12/01/05
2. Oasis Heritage Las Vegas, NV Multifamily 720 1986 12/01/05
3. Summit Green Charlotte, NC Multifamily 300 1995 12/14/05
Total Disposition Volume: $107.8 million 1,429 apartment homes
Pro-Rata Share of Disposition Volume: $22.9 million 301 apartment homes
TOTAL PRO RATA DISPOSITION VOLUME: $529.1 million 5,652 apartment homes
19.8 acres of undeveloped land
19
CAMDEN DEBT ANALYSIS
(In thousands, except property data amounts)
----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEBT MATURITIES AS OF DECEMBER 31, 2005: (a)
Future Scheduled Repayments Weighted Average
------------------------------------------------------------- Percent Interest Rate on
Year Amortization Maturities Total of Total Maturing Debt
---------------------------------------------------------------------------------------------------------------------------------
2006 $ 13,584 $ 200,000 $ 213,584 8.1% 6.8%
2007 13,356 219,572 232,928 8.9% 5.7%
2008 11,777 188,879 200,656 7.6% 4.8%
2009 7,860 190,324 198,184 7.5% 5.0%
2010 7,119 445,677 452,796 17.2% 5.1%
2011 4,314 244,233 248,547 9.4% 6.5%
2012 3,307 269,541 272,848 10.4% 5.7%
Thereafter 60,815 501,733 562,548 21.4% 5.0%
-------- ---------- ---------- ------ ------
Total Maturing Debt $122,132 $2,259,959 $2,382,091 90.5% 5.5%
Unsecured Line of Credit 0 251,000 251,000 9.5% 4.6%
-------- ---------- ---------- ------ ------
Total Debt $122,132 $2,510,959 $2,633,091 100.0% 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 $347,909 13.2% 4.5%
Fixed rate debt 2,285,182 86.8% 5.5%
Total $2,633,091 100.0% 5.4%
Weighted Average
SECURED vs. UNSECURED DEBT: Balance % of Total Interest Rate
------------------------------------------------
Unsecured debt $2,007,164 76.2% 5.6%
Secured debt 625,927 23.8% 4.8%
Total $2,633,091 100.0% 5.4%
Weighted Average
SECURED DEBT DETAIL: Balance % of Total Interest Rate
------------------------------------------------
Coventional fixed-rate mortgage debt $522,358 83.4% 4.9%
Coventional floating-rate mortgage debt 6,900 1.1% 5.9%
Tax exempt fixed rate debt 6,660 1.1% 7.3%
Tax exempt variable rate debt 90,009 14.4% 3.9%
Total $625,927 100.0% 4.8%
REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total
-------------------------------------------------------------------------
Unencumbered real estate assets 49,783 83.0% $4,007,059 78.8%
Encumbered real estate assets 10,189 17.0% 1,074,992 21.2%
Total 59,972 100.0% $5,082,051 100.0%
---------------------------------------------------------------------------------
Ratio of unencumbered assets at cost to unsecured debt is 2.0 times
---------------------------------------------------------------------------------
UNCONSOLIDATED, NON-RECOURSE DEBT:
Pro-Rata Share of Debt $121,526
Weighted Average Interest Rate 5.6%
(a) Debt maturities exclude unsecured line of credit, which after all
extensions matures in January 2011. In January 2006, Camden amended and
extended its existing unsecured line of credit.
(b) Real estate assets include communities under development and exclude
communities held through joint ventures.
20
CAMDEN DEBT COVENANT ANALYSIS
December 31, 2005
-----------------------------------------------------------------------------------------------------------------------
(Unaudited)
UNSECURED LINE OF CREDIT (a)
Covenant (b) Required Actual (c) Compliance
-------------- ------------------ -------------------
Total Consolidated Debt to Gross Asset Value < 60% 52% Yes
Secured Debt to Gross Asset Value < 40% 12% Yes
Consolidated EBITDA to Total Fixed Charges > 150% 196% Yes
Unencumbered Adjusted NOI to Unsecured Interest Expense > 200% 240% Yes
SENIOR UNSECURED NOTES
Covenant (b) Required Actual (c) Compliance
-------------- ------------------ -------------------
Total Consolidated Debt to Total Asset Value < 60% 51% Yes
Total Secured Debt to Total Asset Value < 40% 12% Yes
Total Unencumbered Asset Value to Total Unsecured Debt > 150% 204% Yes
Consolidated Income Available for Debt Service to Total > 150% 231% Yes
Annual Service Charges
(a) In January 2006, Camden amended and extended its existing unsecured line of
credit. The above covenants reflect the amended line of credit.
(b) 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.
(c) 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)
Fourth Quarter 2005 (a)(b)
---------------------------------------------------------------------------------
Capitalized Expensed
---------------------------------------------------- ------------------------
Weighted Average
Item Useful Life (c) Total Per Unit Total Per Unit
------------------------------------ ---------------------------------------------------- ------------------------
Interiors
Floor coverings 5.3 years $2,484 $43 $882 $15
Appliances 9.3 years 482 8 157 3
Painting - - - 1,637 29
Cabinetry/Countertops 10.0 years 264 5 - -
Other 9.5 years 123 2 656 11
Exteriors
Painting 5.0 years 1,051 18 - -
Carpentry 10.0 years 589 10 - -
Landscaping 6.2 years 616 11 2,492 44
Roofing 20.0 years 565 10 37 1
Site Drainage 10.0 years 183 3 - -
Fencing/Stair 10.0 years 320 6 - -
Other (d) 8.6 years 392 7 3,076 54
Common Areas
Mech., Elec., Plumbing 9.8 years 623 11 660 12
Parking/Paving 5.0 years 338 6 - -
Pool/Exercise/Facility 7.9 years 705 12 254 4
------------------------- ------------------------
------------------------- ------------------------
$8,735 $153 $9,851 $172
Weighted Average Apartment Homes 57,120 57,120
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 $10,160 $185 $3,322 $60
Appliances 9.3 years 1,956 36 591 11
Painting - - - 6,031 110
Cabinetry/Countertops 10.0 years 914 17 - -
Other 9.5 years 1,270 23 1,187 22
Exteriors
Painting 5.0 years 2,895 53 - -
Carpentry 10.0 years 3,184 58 - -
Landscaping 6.2 years 1,650 30 9,959 181
Roofing 20.0 years 2,586 47 175 3
Site Drainage 10.0 years 440 8 - -
Fencing/Stair 10.0 years 850 15 - -
Other (d) 8.6 years 3,425 62 11,459 208
Common Areas
Mech., Elec., Plumbing 9.8 years 2,379 43 2,597 47
Parking/Paving 5.0 years 1,481 27 - -
Pool/Exercise/Facility 7.9 years 2,827 51 1,187 22
------------------------- ------------------------
$36,017 $654 $36,508 $663
Weighted Average Apartment Homes 55,056 55,056
(a) Includes discontinued operations. Capitalized expenditures for discontinued
operations were $699 and $2,632 for the three and twelve months ended
December 31, 2005. Maintenance expenses for discontinued operations were
$427 and $2,219 for the same periods.
(b) Excludes non-recurring capitalized expenses totaling $1,075 for the three
and twelve months ended December 31, 2005 related to rebranding a portion
of the Summit portfolio, and $741 and $2,339 for the twelve months ended
December 31, 2005 related to technology upgrades for the OneSite property
management system rollout for the Summit portfolio, and expenditures
related to costs to cure storm damage, respectively.
(c) of capitalized expenses for the three and twelve months ended December 31,
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 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 pages 24 and 25 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 on page 1 of this document.
23
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 operation 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 on page 1 of this document.
24
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
- --------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Operating Income (NOI)
NOI is defined by the Company as total property income less property
operating and maintenance expenses less real estate taxes. The Company
considers NOI to be an appropriate supplemental measure of operating
performance to net income because it reflects the operating performance of
our communities without allocation of corporate level property management
overhead or general and administrative costs. A reconciliation of net
income to net operating income is provided below:
Three Months Ended 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
25
CAMDEN OTHER DATA
----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Stock Symbol: CPT
Exchange Traded: NYSE
Senior Unsecured Debt Ratings: Rating Outlook
------------------------------ ------ -------
Moody's Baa2 Stable
Standard & Poors BBB Positive
Fitch BBB Positive
Important Future Dates:
(Estimated) Q1 '06 Q2 '06 Q3 '06 Q4 '06
------ ------ ------ ------
Earnings release & Analyst conference call Early May Early Aug Early Nov Early Feb
Dividend Information - Common Shares: Q1 '05 Q1 '05 Q2 '05 Q3 '05 Q4 '05
------ ------ ------ ------ ------
Declaration Date 02/10/05 03/15/05 06/15/05 09/15/05 12/07/05
Record Date 02/25/05 03/31/05 06/30/05 09/30/05 12/19/05
Payment Date 03/04/05 04/15/05 07/15/05 10/17/05 01/17/06
Distributions Per Share $0.416 $0.219 $0.635 $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
26
CAMDEN COMMUNITY TABLE
Community Statistics as of 12/31/05
--------------------------------------------------------------------------------------------------------------------------------
4Q05 Avg
(Unaudited) Market Rental Rates
Year Placed Average Apartment 4Q05 Avg -------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ---------------------------------------------------------------------------------------------------------------------------------
Camden Copper Square Phoenix AZ 2000 786 332 97% 730 0.93
Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 96% 748 0.71
Camden Legacy Scottsdale AZ 1996 1,067 428 98% 893 0.84
Camden Pecos Ranch (1) Chandler AZ 2001 924 272 98% 763 0.83
Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 99% 941 0.90
Camden Sierra (1) Peoria AZ 1997 925 288 98% 716 0.77
Camden Towne Center (1) Glendale AZ 1998 871 240 97% 727 0.83
Camden Vista Valley Mesa AZ 1986 923 357 96% 651 0.71
-------------------------------------------------------------------------------------------
Total Phoenix 8 Properties 951 2,433 97% 779 0.82
Camden Pass Tucson AZ 1984 559 456 94% 459 0.82
Camden View Tucson AZ 1974 1,026 365 96% 694 0.68
-------------------------------------------------------------------------------------------
Total Tucson 2 Properties 766 821 95% 564 0.74
===============================================================================================================================
TOTAL ARIZONA 10 Properties 904 3,254 97% 724 0.80
Camden Crown Valley Mission Viejo CA 2001 1,009 380 98% 1,536 1.52
Camden Harbor View Long Beach CA 2004 976 538 92% 2,049 2.10
Camden Martinique Costa Mesa CA 1986 795 714 98% 1,251 1.57
Camden Parkside (1) Fullerton CA 1972 835 421 96% 1,233 1.48
Camden Sea Palms Costa Mesa CA 1990 891 138 96% 1,376 1.54
-------------------------------------------------------------------------------------------
Total Los Angeles
/Orange County 5 Properties 890 2,191 96% 1,501 1.69
Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 92% 1,368 1.42
Camden Tuscany San Diego CA 2003 891 160 98% 1,912 2.14
Camden Vineyards Murrieta CA 2002 1,053 264 91% 1,285 1.22
-------------------------------------------------------------------------------------------
Total San Diego
/Inland Empire 3 Properties 977 846 93% 1,445 1.48
===============================================================================================================================
TOTAL CALIFORNIA 8 Properties 914 3,037 95% 1,485 1.62
Camden Arbors Westminster CO 1986 810 358 89% 689 0.85
Camden Caley Englewood CO 2000 925 218 97% 797 0.86
Camden Centennial Littleton CO 1985 744 276 97% 658 0.88
Camden Denver West (1) Golden CO 1997 1,015 320 96% 981 0.97
Camden Highlands Ridge Highlands Ranch CO 1996 1,141 342 94% 1,018 0.89
Camden Interlocken Broomfield CO 1999 1,022 340 94% 1,027 1.00
Camden Lakeway Littleton CO 1997 919 451 93% 894 0.97
Camden Pinnacle Westminster CO 1985 748 224 83% 668 0.89
===============================================================================================================================
TOTAL COLORADO 8 Properties 926 2,529 93% 857 0.93
Summit Ashburn Farm Ashburn VA 2000 1,061 162 99% 1,258 1.19
Summit Fair Lakes Fairfax VA 1999 996 530 96% 1,405 1.41
Summit Fallsgrove Rockville MD 2004 996 268 98% 1,435 1.44
Summit Grand Parc Washington DC 2002 904 105 96% 1,943 2.15
Summit Lansdowne Leesburg VA 2002 1,006 690 97% 1,246 1.24
Summit Largo Largo MD 2000 1,042 219 98% 1,471 1.41
Summit Roosevelt Washington DC 2003 856 198 99% 1,931 2.26
Summit Russett Laurel MD 2000 1,025 426 94% 1,269 1.24
Summit Silo Creek Washington DC 2004 971 284 99% 1,211 1.25
===============================================================================================================================
TOTAL DC METRO 9 Properties 994 2,882 97% 1,383 1.39
Summit Aventura Aventura FL 1995 1,106 379 97% 1,334 1.21
Summit Brickell Miami FL 2003 937 405 98% 1,340 1.43
Summit Doral Miami FL 1999 1,172 260 99% 1,331 1.14
Summit Doral Villas Miami FL 2000 1,253 232 99% 1,409 1.12
Summit Las Olas Ft. Lauderdale FL 2004 1,043 420 98% 1,551 1.49
Summit Plantation Plantation FL 1997 1,152 502 98% 1,216 1.06
Summit Portofino Pembroke Pines FL 1995 1,307 322 98% 1,199 0.92
-------------------------------------------------------------------------------------------
Total Southeast Florida 7 Properties 1,124 2,520 98% 1,337 1.19
Camden Club Longwood FL 1986 1,077 436 98% 874 0.81
Camden Lago Vista Orlando FL 2005 954 366 97% 955 1.00
Camden Landings Orlando FL 1983 748 220 99% 688 0.92
Camden Lee Vista Orlando FL 2000 937 492 98% 842 0.90
Camden Renaissance Altamonte Springs FL 1996/1998 899 578 98% 852 0.95
Camden Reserve Orlando FL 1990/1991 824 526 98% 750 0.91
Camden World Gateway Orlando FL 2000 979 408 95% 963 0.98
Summit Hunter's Creek Orlando FL 2000 1,082 270 98% 910 0.84
-------------------------------------------------------------------------------------------
Total Orlando 8 Properties 937 3,296 97% 856 0.91
27
CAMDEN COMMUNITY TABLE
Community Statistics as of 12/31/05
--------------------------------------------------------------------------------------------------------------------------------
4Q05 Avg
(Unaudited) Market Rental Rates
Year Placed Average Apartment 4Q05 Avg -------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ---------------------------------------------------------------------------------------------------------------------------------
Camden Bay Tampa FL 1997/2001 943 760 94% 853 0.90
Camden Bay Pointe Tampa FL 1984 771 368 98% 696 0.90
Camden Bayside Tampa FL 1987/1989 748 832 99% 719 0.96
Camden Citrus Park Tampa FL 1985 704 247 97% 659 0.94
Camden Isles Tampa FL 1983/1985 722 484 98% 656 0.91
Camden Lakes St. Petersburg FL 1982/1983 728 688 97% 675 0.93
Camden Lakeside Brandon FL 1986 728 228 99% 707 0.97
Camden Live Oaks Tampa FL 1990 1,093 770 98% 750 0.69
Camden Preserve Tampa FL 1996 942 276 99% 943 1.00
Camden Providence Lakes Brandon FL 1996 1,024 260 97% 843 0.82
Camden Westshore Tampa FL 1986 728 278 98% 742 1.02
Camden Woods Tampa FL 1986 1,223 444 97% 829 0.68
-------------------------------------------------------------------------------------------
Total Tampa
/St. Petersburg 12 Properties 874 5,635 97% 752 0.86
===============================================================================================================================
TOTAL FLORIDA 27 Properties 947 11,451 97% 911 0.96
Summit Brookwood Atlanta GA 2002 906 359 94% 969 1.07
Summit Club at Dunwoody Atlanta GA 1997 1,007 324 96% 876 0.87
Summit Deer Creek Alpharetta GA 2000 1,187 292 96% 879 0.74
Summit Midtown Atlanta GA 2001 953 296 94% 1,003 1.05
Summit on the River Duluth GA 1997 1,103 352 97% 815 0.74
Summit Peachtree City Peachtree City GA 2001 1,026 399 93% 791 0.77
Summit Shiloh Kennesaw GA 1999/2002 1,151 232 98% 799 0.69
Summit St. Clair Atlanta GA 1997 969 336 94% 897 0.93
Summit Stockbridge Stockbridge GA 2003 1,009 304 94% 745 0.74
Summit Sweetwater Lawrenceville GA 2000 1,151 308 95% 767 0.67
===============================================================================================================================
TOTAL GEORGIA 10 Properties 1,041 3,202 95% 855 0.82
Camden Brookside Louisville KY 1987 732 224 96% 581 0.79
Camden Downs Louisville KY 1975 682 254 96% 529 0.78
Camden Meadows Louisville KY 1987/1990 746 400 95% 608 0.82
Camden Oxmoor Louisville KY 2000 903 432 97% 718 0.80
Camden Prospect Park Louisville KY 1990 916 138 97% 697 0.76
===============================================================================================================================
TOTAL KENTUCKY 5 Properties 795 1,448 96% 631 0.79
Camden Passage Kansas City MO 1989/1997 832 596 93% 646 0.78
-------------------------------------------------------------------------------------------
Total Kansas City 1 Property 832 596 93% 646 0.78
Camden Cedar Lakes Lake St. Louis MO 1986 852 420 98% 623 0.73
Camden Cove West Creve Coeur MO 1990 828 276 91% 832 1.00
Camden Cross Creek St. Louis MO 1973/1980 947 591 97% 712 0.75
Camden Taravue St. Louis MO 1975 676 304 90% 545 0.81
Camden Trace Maryland Heights MO 1972 1,158 372 95% 760 0.66
Camden Westchase St. Louis MO 1986 945 160 94% 834 0.88
-------------------------------------------------------------------------------------------
Total St. Louis 6 Properties 910 2,123 95% 704 0.77
===============================================================================================================================
TOTAL MISSOURI 7 Properties 893 2,719 94% 691 0.77
Camden Bel Air Las Vegas NV 1988/1995 943 528 98% 839 0.89
Camden Breeze Las Vegas NV 1989 846 320 97% 773 0.91
Camden Canyon Las Vegas NV 1995 987 200 99% 862 0.87
Camden Commons Henderson NV 1988 936 376 98% 864 0.92
Camden Cove Las Vegas NV 1990 898 124 99% 786 0.88
Camden Del Mar Las Vegas NV 1995 986 560 98% 913 0.93
Camden Fairways Henderson NV 1989 896 320 99% 856 0.96
Camden Hills Las Vegas NV 1991 579 184 98% 596 1.03
Camden Legends Henderson NV 1994 792 113 98% 805 1.02
Camden Palisades Las Vegas NV 1991 905 624 99% 840 0.93
Camden Pines (1) Las Vegas NV 1997 1,005 315 99% 880 0.88
Camden Pointe Las Vegas NV 1996 985 252 98% 847 0.86
Camden Summit (1) Henderson NV 1995 1,187 234 98% 1,148 0.97
Camden Tiara (1) Las Vegas NV 1996 1,043 400 99% 918 0.88
Camden Vintage Las Vegas NV 1994 978 368 96% 848 0.87
Oasis Bay (1) Las Vegas NV 1990 862 128 99% 814 0.94
Oasis Crossings (1) Las Vegas NV 1996 983 72 99% 830 0.84
Oasis Emerald (1) Las Vegas NV 1988 873 132 98% 702 0.80
Oasis Gateway (1) Las Vegas NV 1997 1,146 360 97% 916 0.80
Oasis Island (1) Las Vegas NV 1990 901 118 96% 720 0.80
Oasis Landing (1) Las Vegas NV 1990 938 144 97% 784 0.84
Oasis Meadows (1) Las Vegas NV 1996 1,031 383 97% 813 0.79
Oasis Palms (1) Las Vegas NV 1989 880 208 96% 773 0.88
Oasis Pearl (1) Las Vegas NV 1989 930 90 97% 732 0.79
Oasis Place (1) Las Vegas NV 1992 440 240 97% 574 1.30
Oasis Ridge (1) Las Vegas NV 1984 391 477 97% 475 1.21
Oasis Sands Las Vegas NV 1994 1,125 48 99% 842 0.75
Oasis Sierra (1) Las Vegas NV 1998 922 208 98% 872 0.95
Oasis Springs (1) Las Vegas NV 1988 838 304 98% 696 0.83
Oasis Vinings (1) Las Vegas NV 1994 1,152 234 96% 838 0.73
===============================================================================================================================
TOTAL NEVADA 30 Properties 908 8,064 98% 812 0.89
28
CAMDEN COMMUNITY TABLE
Community Statistics as of 12/31/05
--------------------------------------------------------------------------------------------------------------------------------
4Q05 Avg
(Unaudited) Market Rental Rates
Year Placed Average Apartment 4Q05 Avg -------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ---------------------------------------------------------------------------------------------------------------------------------
Camden Eastchase Charlotte NC 1986 698 220 94% 539 0.77
Camden Forest Charlotte NC 1989 703 208 93% 570 0.81
Camden Habersham Charlotte NC 1986 773 240 97% 606 0.78
Camden Park Commons Charlotte NC 1997 859 232 94% 679 0.79
Camden Pinehurst Charlotte NC 1967 1,147 407 97% 720 0.63
Camden Timber Creek Charlotte NC 1984 706 352 93% 568 0.81
Summit Ballantyne Charlotte NC 1998 1,053 400 94% 800 0.76
Summit Cotton Mills Charlotte NC 2002 906 180 98% 1,153 1.27
Summit Creek (1) Charlotte NC 1982 895 260 97% 589 0.66
Summit Fairview Charlotte NC 1983 1,036 135 99% 697 0.67
Summit Foxcroft Charlotte NC 1979 940 156 96% 649 0.69
Summit Grandview Charlotte NC 2000 1,145 266 98% 1,219 1.06
Summit Hollow (1) Charlotte NC 1979 1,039 232 95% 638 0.61
Summit Sedgebrook Charlotte NC 1999 1,017 368 98% 733 0.72
Summit Simsbury Charlotte NC 1985 874 100 98% 710 0.81
Summit South End Square Charlotte NC 2003 883 299 98% 1,016 1.15
Summit Stonecrest Charlotte NC 2001 1,169 306 97% 835 0.71
Summit Touchstone Charlotte NC 1986 899 132 92% 656 0.73
-------------------------------------------------------------------------------------------
Total Charlotte 18 Properties 946 4,493 96% 750 0.79
Camden Glen Greensboro NC 1980 662 304 93% 557 0.84
Camden Wendover Greensboro NC 1985 795 216 93% 606 0.76
-------------------------------------------------------------------------------------------
Total Greensboro 2 Properties 717 520 93% 578 0.81
Reunion Park by Summit Apex NC 2000/2004 972 420 95% 606 0.62
Summit Crest Raleigh NC 2001 1,129 438 96% 747 0.66
Summit Governor's Village Chapel Hill NC 1999 1,134 242 95% 814 0.72
Summit Hill (1) Chapel Hill NC 1991 1,036 411 93% 705 0.68
Summit Lake Apex NC 1999 1,075 446 93% 733 0.68
Summit Overlook Raleigh NC 2001 1,056 320 97% 810 0.77
Summit Westwood Morrisville NC 1999 1,112 354 92% 709 0.64
-------------------------------------------------------------------------------------------
Total Raleigh 7 Properties 1,070 2,631 94% 724 0.68
===============================================================================================================================
TOTAL NORTH CAROLINA 27 Properties 973 7,644 95% 729 0.75
Summit Valleybrook Chadds Ford PA 2002 992 352 94% 1,176 1.19
===============================================================================================================================
TOTAL PENNSYLVANIA 1 Property 992 352 94% 1,176 1.19
Camden Briar Oaks Austin TX 1980 711 430 97% 548 0.77
Camden Gaines Ranch Austin TX 1997 955 390 85% 1,004 1.05
Camden Huntingdon Austin TX 1995 903 398 96% 695 0.77
Camden Laurel Ridge Austin TX 1986 702 183 97% 545 0.78
Camden Ridge View Austin TX 1984 859 167 97% 611 0.71
Camden Ridgecrest Austin TX 1995 851 284 97% 655 0.77
Camden Woodview Austin TX 1984 644 283 97% 560 0.87
-------------------------------------------------------------------------------------------
Total Austin 7 Properties 812 2,135 95% 679 0.84
Camden Breakers Corpus Christi TX 1996 868 288 97% 842 0.97
Camden Copper Ridge Corpus Christi TX 1986 775 344 96% 636 0.82
Camden Miramar (2) Corpus Christi TX 1994-2004 468 778 97% 743 1.59
-------------------------------------------------------------------------------------------
Total Corpus Christi 3 Properties 625 1,410 97% 737 1.18
29
CAMDEN COMMUNITY TABLE
Community Statistics as of 12/31/05
--------------------------------------------------------------------------------------------------------------------------------
4Q05 Avg
(Unaudited) Market Rental Rates
Year Placed Average Apartment 4Q05 Avg -------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ---------------------------------------------------------------------------------------------------------------------------------
Camden Addison (1) Addison TX 1996 942 456 95% 797 0.85
Camden Buckingham Richardson TX 1997 919 464 98% 743 0.81
Camden Centreport Ft. Worth TX 1997 910 268 97% 740 0.81
Camden Cimarron Irving TX 1992 772 286 96% 727 0.94
Camden Farmers Market Dallas TX 2001 916 620 93% 911 0.99
Camden Farmers Market II (3) Dallas TX 2005 970 284 Lease-up 1,028 1.06
Camden Gardens Dallas TX 1983 652 256 97% 536 0.82
Camden Glen Lakes Dallas TX 1979 877 424 96% 659 0.75
Camden Highlands Plano TX 1985 816 160 97% 606 0.74
Camden Lakeview Irving TX 1985 853 476 95% 593 0.70
Camden Legacy Creek Plano TX 1995 831 240 99% 754 0.91
Camden Legacy Park Plano TX 1996 871 276 99% 758 0.87
Camden Oaks Dallas TX 1985 730 446 97% 539 0.74
Camden Oasis Euless TX 1986 548 602 96% 523 0.95
Camden Place Mesquite TX 1984 772 442 96% 554 0.72
Camden Ridge Ft. Worth TX 1985 829 208 96% 586 0.71
Camden Springs Dallas TX 1987 713 304 94% 517 0.73
Camden Terrace Ft. Worth TX 1984 848 340 98% 583 0.69
Camden Towne Village Mesquite TX 1983 735 188 98% 573 0.78
Camden Trails Dallas TX 1984 733 264 93% 532 0.73
Camden Valley Creek Irving TX 1984 855 380 95% 642 0.75
Camden Valley Park Irving TX 1986 743 516 96% 601 0.81
Camden Valley Ridge Irving TX 1987 773 408 96% 556 0.72
Camden Westview Lewisville TX 1983 697 335 94% 574 0.82
-------------------------------------------------------------------------------------------
Total Dallas/Ft. Worth 24 Properties 803 8,643 96% 654 0.81
Camden Baytown Baytown TX 1999 844 272 96% 738 0.87
Camden Creek Houston TX 1984 639 456 96% 580 0.91
Camden Crossing Houston TX 1982 762 366 94% 560 0.74
Camden Greenway Houston TX 1999 861 756 98% 905 1.05
Camden Holly Springs (1) Houston TX 1999 934 548 97% 866 0.93
Camden Midtown Houston TX 1999 843 337 99% 967 1.15
Camden Oak Crest Houston TX 2003 870 364 97% 811 0.93
Camden Park (1) Houston TX 1995 866 288 98% 748 0.86
Camden Steeplechase Houston TX 1982 748 290 96% 585 0.78
Camden Stonebridge Houston TX 1993 845 204 98% 745 0.88
Camden Sugar Grove (1) Stafford TX 1997 917 380 97% 804 0.88
Camden Vanderbilt Houston TX 1996/1997 863 894 99% 974 1.13
Camden West Oaks Houston TX 1982 726 671 94% 558 0.77
Camden Wilshire Houston TX 1982 761 536 94% 582 0.76
Camden Wyndham Houston TX 1978/1981 797 448 95% 558 0.70
-------------------------------------------------------------------------------------------
Total Houston 15 Properties 818 6,810 97% 749 0.91
===============================================================================================================================
TOTAL TEXAS 49 Properties 796 18,998 96% 697 0.88
==============================================================================================================================
TOTAL PROPERTIES 191 Properties 899 65,580 96% 835 0.93
==============================================================================================================================
(1) Communities owned through investment in joint venture.
(2) Miramar is a student housing community which is excluded from total
occupancy numbers.
30