EXHIBIT 99.2
CAMDEN
Living Excellence
FIRST QUARTER 2006
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Supplemental Operating and Financial Data
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Camden World Gateway - Orlando, FL
408 Apartment Homes - Acquired September 19, 2005
Camden Property Trust
Three Greenway Plaza, Suite 1300
Houston, Texas 77046
Phone: 713-354-2500 Fax: 713-354-2700
www.camdenliving.com
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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" First Quarter Comparisons .................................. 12
"Same Property" Sequential Quarter Comparisons ............................. 13
Joint Venture Operations ................................................... 14
Development Pipeline ....................................................... 15
Pre-Development Pipeline & Land Held for Sale .............................. 16
Mezzanine Financing Summary ................................................ 17
Acquisitions & Dispositions ................................................ 18
Debt Analysis .............................................................. 19
Debt Covenant Analysis ..................................................... 20
Capitalized Expenditures & Maintenance Expense ............................. 21
Non-GAAP Financial Measures - Definitions & Reconciliations ................ 22
Other Data ................................................................. 24
Community Table ............................................................ 25
Camden Property Trust Announces First
Quarter 2006 Operating Results
HOUSTON--(BUSINESS WIRE)--May 4, 2006--Camden Property Trust
(NYSE:CPT) announced that its funds from operations ("FFO") for the
first quarter of 2006 totaled $0.88 per diluted share or $51.8
million, as compared to $1.10 per diluted share or $54.4 million
reported for the same period in 2005. FFO for the three months ended
March 31, 2005 included a $0.49 per diluted share impact from the sale
of technology investments, and a $0.28 per diluted share charge for
transaction compensation and merger expenses.
Net Income ("EPS")
The Company reported net income ("EPS") of $41.4 million or $0.75
per diluted share for the first quarter of 2006 compared to $166.7
million or $3.40 per diluted share for the same period in 2005. EPS
for the three months ended March 31, 2006 included a $0.50 per diluted
share impact from gain on sale of properties and discontinued
operations. EPS for the three months ended March 31, 2005 included a
$2.97 per diluted share impact from gain on sale of properties and
discontinued operations, $0.49 per diluted share income from the sale
of technology investments, and a $0.28 per diluted share charge for
transaction compensation and merger expenses. A reconciliation of net
income to FFO is included in the financial tables accompanying this
press release.
Same-Property Results
For the 49,557 apartment homes included in consolidated
same-property results, first quarter 2006 same-property net operating
income ("NOI") growth was 10.2% compared to the first quarter of 2005,
with revenues increasing 8.3% and operating expenses increasing 5.4%.
On a sequential basis, first quarter 2006 same-property NOI increased
3.7% compared to fourth quarter 2005, with revenues increasing 2.2%
and expenses declining 0.1% compared to the prior quarter.
Same-property physical occupancy levels for the combined portfolio
averaged 96.0% during the first quarter of 2006, compared to 93.8% in
the first quarter of 2005 and 96.2% in the fourth quarter of 2005. The
Company defines same-property communities as communities owned by
either Camden or Summit Properties Inc. ("Summit") and stabilized as
of January 1, 2005, excluding properties held for sale. 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
Camden announced two new development starts during the quarter:
Camden City Centre in Houston, TX, with 379 apartment homes; and
Camden Dulles Station in Herndon, VA, with 368 apartment homes. Total
budgeted costs for those projects are $54.0 million and $77.0 million,
respectively, with initial occupancy expected to occur in mid- to
late-2007. The Company also announced the start of two new joint
venture developments: Camden Main & Jamboree in Irvine, CA, a $107.1
million community with 290 apartment homes; and Camden Plaza in
Houston, TX, a $42.9 million community with 271 apartment homes. (See
press release dated March 3, 2006 for additional information on these
joint venture developments).
As of March 31, 2006, Camden had one completed apartment community
in lease-up: Camden Farmers Market II in Dallas, TX, a $29.5 million
project that is currently 87% leased. The Company's current
development pipeline includes 11 wholly-owned communities with 3,958
apartment homes and a total budgeted cost of $719.6 million, and two
joint venture communities with 561 apartment homes and a total
budgeted cost of $150.0 million. Of those 13 communities, five are
currently in lease-up. Camden Dilworth in Charlotte, NC is currently
61% leased; Camden Fairfax Corner in Fairfax, VA is currently 54%
leased; Camden Westwind in Ashburn, VA is currently 46% leased; Camden
Manor Park in Raleigh, NC is currently 31% leased; and Camden
Clearbrook in Frederick, MD is currently 4% leased.
Acquisition/Disposition Activity
During the quarter, Camden acquired the remaining joint venture
membership interest in Camden Westwind, a 464-home apartment community
under development in Ashburn, VA. Total budgeted cost for Camden
Westwind is projected to be $97.6 million when construction is
completed.
Dispositions for the quarter included two wholly-owned apartment
communities: Camden Highlands, a 160-home apartment community in
Plano, TX for $9.7 million, and Camden View, a 365-home apartment
community in Tucson, AZ for $31.3 million. Gain on sale of those two
properties totaled $27.4 million. The Company also sold two joint
venture communities during the quarter for a combined total of $47.5
million. Camden's pro-rata share of those dispositions totaled $11.9
million, and the Company recognized a $1.8 million gain as a result of
the sales.
Properties and Land Held for Sale
At March 31, 2006, Camden had eight operating communities
consisting of 3,691 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 Oaks, a 446-home apartment community in Dallas, TX; Camden
Pass, a 456-home apartment community in Tucson, AZ; Camden Crossing, a
366-home apartment community in Houston, TX; Camden Wilshire, a
536-home apartment community in Houston, TX; Camden Wyndham, a
448-home apartment community in Houston, TX; and Summit Brickell, a
405-home apartment community in Miami, FL. The Company also had 13.9
acres of undeveloped land in Southeast Florida, Dallas, TX and Long
Beach, CA classified as held for sale at quarter-end. Subsequent to
quarter-end, the Company disposed of Camden Trails for $8.8 million
and Camden Pass for $20.3 million.
Earnings Guidance
Camden raised its earnings guidance for 2006 FFO by $0.05 per
diluted share. Full-year 2006 FFO is now expected to be $3.50 to $3.70
per diluted share. The Company also provided guidance of $0.85 to
$0.90 per diluted share for second quarter 2006 FFO. EPS is expected
to be $1.35 to $1.55 per diluted share for full-year 2006, and $0.19
to $0.24 per diluted share for the second quarter of 2006, excluding
any future gains from property or land sales.
The Company's 2006 earnings guidance is based on projections of
same-property revenue growth between 5.0% and 6.0%, same-property
expense growth between 4.5% and 5.5%, same-property NOI growth between
5.0% and 7.0%, acquisitions of $100 to $200 million, dispositions of
$275 to $400 million and future development starts of $200 to $300
million. Camden updates its earnings guidance to the market on a
quarterly basis. A reconciliation of expected net income to expected
FFO is included in the financial tables accompanying this press
release.
Conference Call
The Company will hold a conference call on Friday, May 5, 2006 at
10:00 a.m. Central Time to review its first quarter 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 9:50 a.m. Central Time and request the Camden
Property Trust First Quarter 2006 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 under Earnings Releases 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 185 properties containing 63,664 apartment homes across the
United States. Upon completion of 13 properties under development, the
Company's portfolio will increase to 68,183 apartment homes in 198
properties.
For additional information, please contact Camden's Investor
Relations Department at 800-922-6336 or 713-354-2787 or access our
website at www.camdenliving.com.
CAMDEN FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
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(Unaudited)
Three Months Ended March 31,
--------------------------------
2006 2005 (a)
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Total property revenues (b) $ 143,836 $ 109,849
EBITDA 84,544 81,140
Net income 41,443 166,664
Per share - basic 0.76 3.63
Per share - diluted 0.75 3.40
Income from continuing operations 10,883 149,945
per share - basic 0.20 3.27
per share - diluted 0.20 3.06
Funds from operations 51,839 54,438
Per share - diluted 0.88 1.10
Dividends per share 0.66 0.64
Dividend payout ratio 75.0% 58.2%
Interest expensed 31,037 23,501
Interest capitalized 5,199 3,134
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Total interest incurred 36,236 26,635
Principal amortization 3,622 1,931
Preferred dividends & distributions 1,750 1,778
Interest expense coverage ratio 2.7 x 3.5 x
Total interest coverage ratio 2.3 x 3.0 x
Fixed charge expense coverage ratio 2.3 x 3.0 x
Total fixed charge coverage ratio 2.0 x 2.7 x
Same property NOI increase (c) 10.2% 0.0%
(# of apartment homes included) 49,557 50,970
Gross turnover of apartment homes (annualized) 61% 54%
Net turnover (excludes on-site transfers
and transfers to other Camden communities) 54% 49%
As of March 31,
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2006 2005
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Total assets $ 4,618,404 $ 4,423,883
Total debt $ 2,741,653 $ 2,576,183
Common and common equivalent shares,
outstanding end of period (d) 59,088 58,301
Share price, end of period $ 72.05 $ 47.03
Preferred units, end of period $ 97,925 $ 97,925
Book equity value, end of period (e) $ 1,603,779 $ 1,655,290
Market equity value, end of period (e) $ 4,357,290 $ 2,841,896
Debt to total market capitalization ratio 38.6% 47.5%
Unencumbered real estate assets (at cost)
to unsecured debt ratio 195% 196%
(a) The Company's 2005 financial results include the results of Summit
subsequent to February 28, 2005.
(b) Excludes discontinued operations.
(c) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2005, excluding properties held for
sale. Results are proforma for both Camden and Summit as if the merger
occurred on January 1, 2005.
(d) Includes at March 31, 2006: 55,050 common shares (including 654 common
share equivalents related to share awards & options), plus common share
equivalents upon the assumed conversion of minority interest units (4,038)
(e) Includes: common shares, preferred and common units, and common share
equivalents
Note: Please refer to pages 22 and 23 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
CAMDEN OPERATING RESULTS
(In thousands, except per share and property data amounts)
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(Unaudited) Three Months Ended
March 31,
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OPERATING DATA 2006 2005 (a)
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Property revenues
Rental revenues $ 131,426 $ 100,687
Other property revenues 12,410 9,162
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Total property revenues 143,836 109,849
Property expenses
Property operating and maintenance 38,077 31,521
Real estate taxes 15,750 12,219
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Total property expenses 53,827 43,740
Non-property income
Fee and asset management 2,477 7,306
Sale of technology investments - 24,199
Interest and other income 753 3,223
Income on deferred compensation plans 50 23
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Total non-property income 3,280 34,751
Other expenses
Property management 4,226 3,220
Fee and asset management 1,366 1,948
General and administrative 7,414 5,276
Transaction compensation and merger expenses - 13,824
Interest 31,037 23,501
Depreciation and amortization 37,053 30,855
Amortization of deferred financing costs 1,047 1,221
Expense on deferred compensation plans 50 23
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Total other expenses 82,193 79,868
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Income from continuing operations before gain on sale of properties, 11,096 20,992
equity in income of joint ventures and minority interests
Gain on sale of properties, including land 499 132,117
Equity in income of joint ventures 2,317 110
Income allocated to minority interests
Distributions on perpetual preferred units (1,750) (1,778)
Original issuance costs on redeemed perpetual preferred units - (365)
Income allocated to common units and other minority interests (1,279) (1,131)
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Income from continuing operations 10,883 149,945
Income from discontinued operations 3,965 2,342
Gain on sale of discontinued operations 27,392 14,391
Income from discontinued operations allocated to common units (797) (14)
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Net income $ 41,443 $ 166,664
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PER SHARE DATA
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Net income - basic $ 0.76 $ 3.63
Net income - diluted 0.75 3.40
Income from continuing operations - basic 0.20 3.27
Income from continuing operations - diluted 0.20 3.06
Weighted average number of common and
common equivalent shares outstanding:
Basic 54,290 45,900
Diluted 55,474 49,374
PROPERTY DATA
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Total operating properties (end of period) (b) 187 192
Total operating apartment homes in operating properties
(end of period) (b) 64,384 66,446
Total operating apartment homes (weighted average) 57,177 50,656
Total operating apartment homes - excluding discontinued
operations (weighted average) 53,203 45,987
(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 22 and 23 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
CAMDEN FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
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(Unaudited) Three Months Ended
March 31,
------------------------
FUNDS FROM OPERATIONS 2006 2005 (a)
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Net income $ 41,443 $ 166,664
Real estate depreciation and amortization from
continuing operations 36,399 30,229
Real estate depreciation from discontinued operations 346 2,229
Adjustments for unconsolidated joint ventures 781 668
Income from continuing operations allocated to common units 1,228 1,131
Income from discontinued operations allocated to common units 797 14
(Gain) on sale of operating properties - (132,117)
(Gain) on sale of discontinued operations (27,392) (14,380)
(Gain) on sale of joint venture properties (1,763) -
- --------------------- ------------------------
Funds from operations - diluted $ 51,839 $ 54,438
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PER SHARE DATA
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Funds from operations - diluted $ 0.88 $ 1.10
Cash distributions 0.66 0.64
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted 58,988 49,374
PROPERTY DATA
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Total operating properties (end of period) (b) 187 192
Total operating apartment homes in operating
properties (end of period) (b) 64,384 66,446
Total operating apartment homes (weighted average) 57,177 50,656
Total operating apartment homes - excluding discontinued
operations (weighted average) 53,203 45,987
(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 22 and 23 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
CAMDEN BALANCE SHEETS
(In thousands)
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(Unaudited) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2006 2005 2005 2005 2005
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ASSETS
Real estate assets, at cost
Land $ 664,219 $ 646,854 $ 660,748 $ 657,433 $ 655,321
Buildings and improvements 3,892,700 3,840,969 3,881,682 3,839,732 3,810,003
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4,556,919 4,487,823 4,542,430 4,497,165 4,465,324
Accumulated depreciation (732,984) (716,650) (713,991) (694,120) (658,683)
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Net operating real estate assets 3,823,935 3,771,173 3,828,439 3,803,045 3,806,641
Properties under development, including land 419,843 372,976 377,787 368,022 348,202
Investment in joint ventures 8,199 6,096 6,937 11,830 11,985
Properties held for sale 188,477 172,112 51,741 39,930 72,338
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Total real estate assets 4,440,454 4,322,357 4,264,904 4,222,827 4,239,166
Accounts receivable - affiliates 33,361 34,084 35,313 35,084 33,587
Notes receivable
Affiliates 22,531 11,916 11,505 11,108 10,729
Other 13,264 13,261 24,865 32,283 32,274
Other assets, net (a) 102,269 99,516 100,080 101,475 95,941
Cash and cash equivalents 1,256 1,576 1,076 6,432 6,351
Restricted cash 5,269 5,089 5,829 6,375 5,835
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Total assets $ 4,618,404 $ 4,487,799 $ 4,443,572 $ 4,415,584 $ 4,423,883
=========================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $ 2,118,403 $ 2,007,164 $ 1,903,094 $ 1,860,107 $ 1,900,710
Secured 623,250 625,927 661,723 672,557 675,473
Accounts payable and accrued expenses 116,215 108,979 102,231 104,216 101,576
Accrued real estate taxes 17,818 26,070 39,740 29,510 17,179
Other liabilities (b) 98,327 88,811 84,835 62,753 58,432
Distributions payable 40,612 38,922 38,933 39,513 15,223
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Total liabilities 3,014,625 2,895,873 2,830,556 2,768,656 2,768,593
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925 97,925 97,925 97,925
Common units 113,034 112,637 115,190 118,119 121,734
Other minority interests 10,512 10,461 10,425 9,878 9,880
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Total minority interests 221,471 221,023 223,540 225,922 229,539
Shareholders' equity
Common shares of beneficial interest 610 608 607 606 605
Additional paid-in capital 1,908,099 1,902,595 1,899,713 1,895,018 1,888,356
Distributions in excess of net income (289,482) (295,074) (273,609) (236,954) (224,533)
Employee notes receivable (2,046) (2,078) (2,087) (2,084) (3,097)
Treasury shares, at cost (234,873) (235,148) (235,148) (235,580) (235,580)
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Total shareholders' equity 1,382,308 1,370,903 1,389,476 1,421,006 1,425,751
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Total liabilities and shareholders' equity $ 4,618,404 $ 4,487,799 $ 4,443,572 $ 4,415,584 $ 4,423,883
=========================================================================
(a) includes:
net deferred charges of: $ 14,079 $ 13,061 $ 13,757 $ 14,266 $ 13,386
value of in place leases of: $ 1,156 $ 1,363 $ 10,561 $ 18,995 $ 29,186
(b) includes:
deferred revenues of: $ 3,844 $ 994 $ 1,120 $ 1,250 $ 1,704
above/below market leases of: $ 51 $ 90 $ 889 $ 1,675 $ 2,537
distributions in excess of investments in
joint ventures of: $ 17,692 $ 17,407 $ 19,762 $ 8,496 $ 7,971
CAMDEN PORTFOLIO STATISTICS
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(Unaudited)
COMMUNITY PORTFOLIO AT MARCH 31, 2006 (in apartment homes)
"Same Non-"Same Wholly - Joint Stabilized Completed in Total Under
Property" Property" (a) Owned Venture Operating Lease-up Operating Development Total
----------------------------------------------------------------------------------------------------------
D.C. Metro (b) 2,614 268 2,882 - 2,882 - 2,882 2,364 5,246
Las Vegas, NV 4,017 - 4,017 4,047 8,064 - 8,064 - 8,064
Los Angeles/Orange
County, CA (c) 1,232 538 1,770 421 2,191 - 2,191 290 2,481
San Diego/Inland
Empire, CA 846 - 846 - 846 - 846 350 1,196
Tampa, FL 4,865 770 5,635 - 5,635 - 5,635 - 5,635
Dallas, TX 7,033 710 7,743 456 8,199 284 8,483 - 8,483
Houston, TX (d) 4,244 1,350 5,594 1,216 6,810 - 6,810 886 7,696
SE Florida 1,695 825 2,520 - 2,520 - 2,520 - 2,520
Charlotte, NC 4,001 - 4,001 232 4,233 - 4,233 145 4,378
Orlando, FL 2,522 774 3,296 - 3,296 - 3,296 - 3,296
Atlanta, GA 3,202 - 3,202 - 3,202 - 3,202 - 3,202
Denver, CO 2,209 - 2,209 320 2,529 - 2,529 - 2,529
Raleigh, NC 2,220 - 2,220 - 2,220 - 2,220 484 2,704
Phoenix, AZ 1,441 - 1,441 992 2,433 - 2,433 - 2,433
St. Louis, MO 2,123 - 2,123 - 2,123 - 2,123 - 2,123
Austin, TX 1,745 390 2,135 - 2,135 - 2,135 - 2,135
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
Other 1,468 456 1,924 - 1,924 - 1,924 - 1,924
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Total Portfolio 49,557 6,859 56,416 7,684 64,100 284 64,384 4,519 68,903
(a) Includes the following eight properties (3,691 apartment homes) held for
sale and reported in discontinued operations: Camden Trails (264 apartment
homes) and Camden Oaks (446 apartment homes) in Dallas, TX; Camden Live
Oaks (770 apartments homes) in Tampa, FL; Camden Crossing (366 apartment
homes), Camden Wilshire (536 apartment homes), and Camden Wyndham (448
apartment homes) in Houston, TX; Summit Brickell (405 apartment homes) in
Miami, FL; and Camden Pass (456 apartment homes) in Tucson, AZ.
(b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
(c) 290 units under development in Los Angeles/Orange County, CA are held
through a joint venture investment.
(d) 271 units under development in Houston, TX are held through a joint venture
investment.
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (h)
"Same Property" Operating Incl. JVs at Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
Communities (e) Communities (f) Pro Rata % (g) 2006 2005 2005 2005 2005
-------------------------------------------------- ----------------------------------------------
D.C. Metro 10.0% 9.6% 9.4% 96.0% 96.8% 96.5% 95.2% 93.5%
Las Vegas, NV 9.3% 8.0% 9.2% 96.7% 97.6% 97.2% 97.2% 97.2%
Los Angeles/Orange
County, CA 4.5% 6.4% 6.4% 95.4% 95.9% 94.9% 92.7% 94.7%
San Diego/Inland
Empire, CA 2.8% 2.5% 2.4% 94.1% 92.9% 95.6% 93.4% 90.7%
Tampa, FL 8.9% 8.8% 8.6% 96.7% 97.2% 96.4% 96.0% 96.3%
Dallas, TX 8.5% 8.2% 8.1% 95.5% 95.9% 95.5% 94.7% 91.6%
Houston, TX 7.6% 7.8% 8.0% 95.8% 96.6% 95.6% 94.4% 91.9%
SE Florida 5.9% 7.6% 7.3% 98.4% 98.2% 97.0% 96.8% 96.1%
Charlotte, NC 7.3% 6.5% 6.4% 96.2% 96.1% 96.2% 95.4% 93.8%
Orlando, FL 5.4% 6.3% 6.1% 97.3% 97.4% 97.1% 97.7% 98.5%
Atlanta, GA 6.5% 5.7% 5.5% 95.0% 94.9% 95.2% 93.0% 90.8%
Denver, CO 4.5% 3.9% 4.2% 94.0% 92.7% 94.8% 93.6% 91.4%
Raleigh, NC 4.2% 3.7% 3.5% 96.9% 94.5% 94.7% 94.5% 91.2%
Phoenix, AZ 3.3% 2.8% 3.1% 97.9% 97.4% 96.6% 95.1% 95.8%
St. Louis, MO 3.4% 2.9% 2.8% 94.2% 94.7% 95.5% 95.4% 91.7%
Austin, TX 2.1% 2.4% 2.3% 95.1% 94.7% 95.8% 94.4% 94.2%
Corpus Christi, TX 1.1% 2.4% 2.3% 94.5% 96.6% 94.5% 94.8% 96.1%
Louisville, KY 2.2% 1.9% 1.9% 95.3% 95.9% 96.9% 93.7% 90.5%
Other 2.5% 2.6% 2.5% 94.2% 93.8% 95.2% 94.0% 94.0%
---- ---- ---- ----- ----- ----- ----- -----
Total Portfolio 100.0% 100.0% 100.0% 96.0% 96.2% 96.0% 95.2% 93.9%
(e) Camden and Summit "same property" communities
(f) Operating communities include wholly-owned communities and completed
communities in lease-up at quarter end and exclude communities sold during
the quarter.
(g) Based on total NOI from operating communities plus Camden's pro-rata share
of total NOI from joint venture communities.
(h) Occupancy figures include apartment homes held through joint venture
investments and communities acquired from Summit but exclude communities in
lease-up or under development.
CAMDEN COMPONENTS OF PROPERTY NET OPERATING INCOME
(In thousands, except property data amounts)
- --------------------------------------------------------------------------------------------
(Unaudited)
Apartment Three Months Ended March 31,
Property Revenues Homes 2006 2005 (a) Change
---------- ------------------------------------
"Same Property" Communities (b) 49,557 $ 129,144 $ 94,983 $ 34,161
Non-"Same Property" Communities (c) 3,168 11,818 5,420 6,398
Development and Lease-Up Communities (d) 4,242 1,902 - 1,902
Dispositions / Other (e) - 972 9,446 (8,474)
---------- ---------- ---------- ----------
Total Property Revenues 56,967 $ 143,836 $ 109,849 $ 33,987
Property Expenses
"Same Property" Communities (b) 49,557 $ 48,693 $ 38,091 $ 10,602
Non-"Same Property" Communities (c) 3,168 3,865 1,913 1,952
Development and Lease-Up Communities (d) 4,242 807 - 807
Dispositions / Other (e) - 462 3,736 (3,274)
---------- ---------- ---------- ----------
Total Property Expenses 56,967 $ 53,827 $ 43,740 $ 10,087
Property Net Operating Income
"Same Property" Communities (b) 49,557 $ 80,451 $ 56,892 $ 23,559
Non-"Same Property" Communities (c) 3,168 7,953 3,507 4,446
Development and Lease-Up Communities (d) 4,242 1,095 - 1,095
Dispositions / Other (e) - 510 5,710 (5,200)
---------- ---------- ---------- ----------
Total Property Net Operating Income 56,967 $ 90,009 $ 66,109 $ 23,900
Income from Discontinued Operations (f) Three Months Ended March 31,
2006 2005
-----------------------
Property Revenues $ 8,577 $ 9,140
Property Expenses 4,266 4,569
---------- ----------
Property Net Operating Income 4,311 4,571
Depreciation and Amortization (346) (2,229)
Income from discontinued operations
allocated to common units (797) (14)
Gain on sale of discontinued operations 27,392 14,391
---------- ----------
Income from Discontinued Operations $ 30,560 $ 16,719
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, 2005, excluding properties held for
sale.
(c) Non-"Same Property" Communities are stabilized communities acquired or
developed by Camden or Summit after January 1, 2005, 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, 2005, 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 includes the amortization of above and below market leases
acquired in our merger with Summit.
(f) Represents operating results for communities, totaling 5,533 apartment
homes, disposed of during 2005 and the quarter ended March 31, 2006 or held
for sale at March 31, 2006.
CAMDEN "SAME PROPERTY"
FIRST QUARTER COMPARISONS
March 31, 2006
(In thousands, except property data amounts)
- ---------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 1Q06 1Q05 Growth 1Q06 1Q05 Growth 1Q06 1Q05 Growth
- ---------------------------------------------------------------------------------------------------------------------------
D.C. Metro $ 11,100 $ 10,183 9.0% $ 3,026 $ 2,849 6.2% $ 8,074 $ 7,334 10.1%
Las Vegas, NV 10,973 10,058 9.1% 3,526 3,301 6.8% 7,447 6,757 10.2%
Los Angeles/Orange County, CA 5,005 4,645 7.8% 1,390 1,345 3.3% 3,615 3,300 9.5%
San Diego/Inland Empire, CA 3,669 3,455 6.2% 1,376 1,381 (0.4%) 2,293 2,074 10.6%
Tampa, FL 12,113 10,874 11.4% 4,977 4,782 4.1% 7,136 6,092 17.1%
Dallas, TX 14,015 13,064 7.3% 7,151 6,655 7.5% 6,864 6,409 7.1%
Houston, TX 10,533 9,780 7.7% 4,380 4,216 3.9% 6,153 5,564 10.6%
SE Florida 7,096 6,420 10.5% 2,352 2,321 1.3% 4,744 4,099 15.7%
Charlotte, NC 9,628 8,795 9.5% 3,719 3,493 6.5% 5,909 5,302 11.4%
Orlando, FL 6,696 6,141 9.0% 2,387 2,290 4.2% 4,309 3,851 11.9%
Atlanta, GA 8,412 7,768 8.3% 3,188 2,871 11.0% 5,224 4,897 6.7%
Denver, CO 5,558 5,452 1.9% 1,915 1,865 2.7% 3,643 3,587 1.6%
Raleigh, NC 5,090 4,580 11.1% 1,713 1,576 8.7% 3,377 3,004 12.4%
Phoenix, AZ 3,842 3,420 12.3% 1,220 1,137 7.3% 2,622 2,283 14.8%
St. Louis, MO 4,439 4,268 4.0% 1,732 1,661 4.3% 2,707 2,607 3.8%
Austin, TX 3,338 3,139 6.3% 1,683 1,619 4.0% 1,655 1,520 8.9%
Corpus Christi, TX 1,542 1,486 3.8% 686 572 19.9% 856 914 (6.3%)
Louisville, KY 2,820 2,587 9.0% 1,033 1,031 0.2% 1,787 1,556 14.8%
Other 3,275 3,127 4.7% 1,239 1,247 (0.6%) 2,036 1,880 8.3%
----- ----- ---- ----- ----- ------ ----- ----- ----
Total Same Property $129,144 $119,242 8.3% $ 48,693 $ 46,212 5.4% $ 80,451 $ 73,030 10.2%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 1Q06 1Q05 Change 1Q06 1Q05 Change
- ---------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,614 10.0% 95.9% 93.5% 2.4% $ 1,397 $ 1,324 5.5%
Las Vegas, NV 4,017 9.3% 97.2% 97.5% (0.3%) 854 797 7.2%
Los Angeles/Orange County, CA 1,232 4.5% 96.0% 94.7% 1.3% 1,376 1,301 5.7%
San Diego/Inland Empire, CA 846 2.8% 94.1% 90.7% 3.4% 1,440 1,441 (0.0%)
Tampa, FL 4,865 8.9% 96.7% 96.4% 0.3% 783 707 10.9%
Dallas, TX 7,033 8.5% 95.6% 92.0% 3.6% 649 645 0.6%
Houston, TX 4,244 7.6% 96.2% 92.6% 3.6% 800 784 2.0%
SE Florida 1,695 5.9% 98.2% 96.3% 1.9% 1,319 1,228 7.4%
Charlotte, NC 4,001 7.3% 96.2% 93.9% 2.3% 778 746 4.3%
Orlando, FL 2,522 5.4% 97.1% 98.5% (1.4%) 849 763 11.3%
Atlanta, GA 3,202 6.5% 95.0% 90.8% 4.2% 864 855 1.0%
Denver, CO 2,209 4.5% 93.7% 91.7% 2.0% 817 844 (3.1%)
Raleigh, NC 2,220 4.2% 97.0% 91.6% 5.4% 728 728 (0.0%)
Phoenix, AZ 1,441 3.3% 97.8% 95.9% 1.9% 845 777 8.7%
St. Louis, MO 2,123 3.4% 94.2% 91.7% 2.5% 693 690 0.4%
Austin, TX 1,745 2.1% 96.0% 94.2% 1.8% 614 600 2.2%
Corpus Christi, TX 632 1.1% 94.5% 96.1% (1.6%) 740 723 2.3%
Louisville, KY 1,448 2.2% 95.3% 90.5% 4.8% 631 621 1.6%
Other 1,468 2.5% 93.1% 92.9% 0.2% 749 738 1.5%
----- ---- ----- ----- ---- --- --- ----
Total Same Property 49,557 100.0% 96.0% 93.8% 2.2% $ 841 $ 808 4.0%
(a) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2005, excluding properties held for
sale. Results are proforma for both Camden and Summit as if the merger
occurred on January 1, 2005.
(b) Weighted average rental rates are the Company's market rental rates after
"loss to lease" and concessions, but before vacancy and bad debt.
CAMDEN "SAME PROPERTY"
SEQUENTIAL QUARTER COMPARISONS
March 31, 2006
(In thousands, except property data amounts)
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 1Q06 4Q05 Growth 1Q06 4Q05 Growth 1Q06 4Q05 Growth
- ------------------------------------------------------------------------------------------------------------------------
D.C. Metro $ 11,100 $ 11,057 0.4% $ 3,026 $ 3,007 0.6% $ 8,074 $ 8,050 0.3%
Las Vegas, NV 10,973 10,642 3.1% 3,526 3,625 (2.7%) 7,447 7,017 6.1%
Los Angeles/Orange
County, CA 5,005 5,001 0.1% 1,390 1,410 (1.4%) 3,615 3,591 0.7%
San Diego/Inland Empire,
CA 3,669 3,581 2.5% 1,376 1,043 31.9% 2,293 2,538 (9.7%)
Tampa, FL 12,113 11,639 4.1% 4,977 5,317 (6.4%) 7,136 6,322 12.9%
Dallas, TX 14,015 13,782 1.7% 7,151 7,117 0.5% 6,864 6,665 3.0%
Houston, TX 10,533 10,379 1.5% 4,380 4,244 3.2% 6,153 6,135 0.3%
SE Florida 7,096 6,855 3.5% 2,352 2,362 (0.4%) 4,744 4,493 5.6%
Charlotte, NC 9,628 9,338 3.1% 3,719 3,593 3.5% 5,909 5,745 2.9%
Orlando, FL 6,696 6,572 1.9% 2,387 2,500 (4.5%) 4,309 4,072 5.8%
Atlanta, GA 8,412 8,239 2.1% 3,188 3,197 (0.3%) 5,224 5,042 3.6%
Denver, CO 5,558 5,489 1.3% 1,915 1,914 0.1% 3,643 3,575 1.9%
Raleigh, NC 5,090 4,862 4.7% 1,713 1,708 0.3% 3,377 3,154 7.1%
Phoenix, AZ 3,842 3,607 6.5% 1,220 1,184 3.0% 2,622 2,423 8.2%
St. Louis, MO 4,439 4,428 0.2% 1,732 1,675 3.4% 2,707 2,753 (1.7%)
Austin, TX 3,338 3,312 0.8% 1,683 1,782 (5.6%) 1,655 1,530 8.2%
Corpus Christi, TX 1,542 1,526 1.0% 686 672 2.1% 856 854 0.2%
Louisville, KY 2,820 2,813 0.2% 1,033 1,086 (4.9%) 1,787 1,727 3.5%
Other 3,275 3,207 2.1% 1,239 1,289 (3.9%) 2,036 1,918 6.2%
----- ----- ---- ----- ----- ------ ----- ----- ----
Total Same Property $129,144 $126,329 2.2% $ 48,693 $ 48,725 (0.1%) $ 80,451 $ 77,604 3.7%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 1Q06 4Q05 Change 1Q06 4Q05 Change
- ------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,614 10.0% 95.9% 96.7% (0.8%) $ 1,397 $ 1,378 1.4%
Las Vegas, NV 4,017 9.3% 97.2% 97.7% (0.5%) 854 837 2.0%
Los Angeles/Orange
County, CA 1,232 4.5% 96.0% 97.5% (1.5%) 1,376 1,353 1.7%
San Diego/Inland Empire,
CA 846 2.8% 94.1% 92.9% 1.2% 1,440 1,445 (0.3%)
Tampa, FL 4,865 8.9% 96.7% 97.1% (0.4%) 783 753 4.0%
Dallas, TX 7,033 8.5% 95.6% 96.0% (0.4%) 649 643 1.0%
Houston, TX 4,244 7.6% 96.2% 97.1% (0.9%) 800 786 1.7%
SE Florida 1,695 5.9% 98.2% 98.1% 0.1% 1,319 1,283 2.8%
Charlotte, NC 4,001 7.3% 96.2% 96.0% 0.2% 778 767 1.5%
Orlando, FL 2,522 5.4% 97.1% 97.9% (0.8%) 849 825 3.0%
Atlanta, GA 3,202 6.5% 95.0% 94.9% 0.1% 864 855 1.0%
Denver, CO 2,209 4.5% 93.7% 92.3% 1.4% 817 839 (2.6%)
Raleigh, NC 2,220 4.2% 97.0% 94.7% 2.3% 728 728 0.1%
Phoenix, AZ 1,441 3.3% 97.8% 97.5% 0.3% 845 807 4.8%
St. Louis, MO 2,123 3.4% 94.2% 94.7% (0.5%) 693 704 (1.5%)
Austin, TX 1,745 2.1% 96.0% 96.6% (0.6%) 614 607 1.2%
Corpus Christi, TX 632 1.1% 94.5% 96.6% (2.1%) 740 730 1.5%
Louisville, KY 1,448 2.2% 95.3% 95.9% (0.6%) 631 631 (0.1%)
Other 1,468 2.5% 93.1% 93.3% (0.2%) 749 749 (0.0%)
----- ---- ----- ----- ------ --- --- ------
Total Same Property 49,557 100.0% 96.0% 96.2% (0.2%) $ 841 $ 829 1.5%
(a) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2005, excluding properties held for
sale. Results are proforma for both Camden and Summit as if the merger
occurred on January 1, 2005.
(b) Weighted average rental rates are the Company's market rental rates after
"loss to lease" and concessions, but before vacancy and bad debt.
CAMDEN JOINT VENTURE OPERATIONS
(In thousands, except per share and property data amounts)
- -------------------------------------------------------------------------------------------------------------
(Unaudited)
Three Months Ended
March 31,
------------------------
OPERATING DATA (a) 2006 2005 (b)
- ------------------ ------------------------
Property Revenues
Rental revenues $ 4,042 $ 2,523
Other property revenues 402 213
------------------------
Total property revenues 4,444 2,736
Property Expenses
Property operating and maintenance 1,234 803
Real estate taxes 396 185
------------------------
Total property expenses 1,630 988
Net Operating Income (NOI) 2,814 1,748
Other expenses
Interest 1,440 881
Depreciation and amortization 800 750
Other 20 7
------------------------
Total other expenses 2,260 1,638
Gain on sale of properties, net 1,763 -
------------------------
Equity in income of joint ventures $ 2,317 $ 110
========================
Mar 31, Dec 31, Sept 30, Jun 30, Mar 31,
2006 2005 2005 2005 2005
---------------------------------------------------------------
BALANCE SHEET DATA (c)
- ----------------------
Real estate assets, net $ 640,591 $ 659,834 $ 708,864 $ 708,611 $ 707,342
Cash and other assets, net 15,011 14,146 16,300 21,475 15,267
---------------------------------------------------------------
Total assets $ 655,602 $ 673,980 $ 725,164 $ 730,086 $ 722,609
Notes payable $ 531,266 $ 559,323 $ 618,656 $ 538,279 $ 533,702
Notes payable due to Camden 22,531 11,916 11,505 11,108 10,729
Other liabilities 7,902 10,149 10,617 9,736 5,880
---------------------------------------------------------------
Total liabilities $ 561,699 $ 581,388 $ 640,778 $ 559,123 $ 550,311
Members' equity 93,903 92,592 84,386 170,963 172,298
---------------------------------------------------------------
Total liabilities and members' equity $ 655,602 $ 673,980 $ 725,164 $ 730,086 $ 722,609
Company's equity investment $ 8,199 $ 6,096 $ 6,937 $ 11,830 $ 11,985
Distributions in excess of investment in
joint ventures ($17,692) ($17,407) ($19,762) ($8,496) ($7,971)
Company's pro-rata share of debt $ 123,879 $ 121,526 $ 134,057 $ 117,934 $ 116,974
PROPERTY DATA (end of period) (c)
- ---------------------------------
Total operating properties 28 30 33 33 33
Total operating apartment homes 7,684 8,355 9,784 9,784 9,784
Pro rata share of operating apartment homes 1,644 1,812 2,113 2,113 2,113
Total development properties 2 1 1 1 1
Total development apartment homes 561 464 464 464 464
Pro rata share of development apartment homes 168 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%.
CAMDEN DEVELOPMENT PIPELINE
- -----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF MARCH 31, 2006 ($ in millions)
Estimated/Actual Dates for
Total Total Cost Construction Initial Construction Stabilized As of 04/30/06
Completed Communities Homes Budget to Date Start Occupancy Completion Operations %Leased %Occupied
- -----------------------------------------------------------------------------------------------------------------------------------
1. Camden Farmers Market II 284 $31.7 $29.5 1Q04 2Q05 3Q05 2Q06 87% 83%
Dallas, TX
Estimated/Actual Dates for
Total Total Cost Amount Construction Initial Construction Stabilized As of 04/30/06
Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations %Leased %Occupied
- -----------------------------------------------------------------------------------------------------------------------------------
IN LEASE-UP
- -----------
2. Camden Fairfax Corner 488 $82.0 $75.5 $42.4 4Q03 3Q05 4Q06 2Q07 54% 50%
Fairfax, VA
3. Camden Manor Park 484 52.0 46.2 25.7 2Q04 4Q05 4Q06 3Q07 31% 23%
Raleigh, NC
4. Camden Westwind 464 97.6 92.9 28.1 1Q04 1Q05 2Q06 2Q07 46% 48%
Ashburn, VA
5. Camden Dilworth 145 18.0 15.9 3.6 4Q04 1Q06 2Q06 4Q06 61% 36%
Charlotte, NC
6. Camden Clearbrook 297 45.0 30.4 30.4 4Q04 2Q06 4Q06 3Q07 4% 2%
Frederick, MD
UNDER CONSTRUCTION
- ------------------
7. Camden Royal Oaks 236 22.0 14.0 14.0 2Q05 2Q06 3Q06 3Q07
Houston, TX
8. Camden Old Creek 350 98.0 66.4 66.4 1Q05 3Q06 2Q07 4Q07
San Marcos, CA
9. Camden Monument Place 368 64.0 29.3 29.3 1Q05 3Q06 2Q07 1Q08
Fairfax, VA
10. Camden Potomac Yards 379 110.0 35.9 35.9 1Q05 4Q06 3Q07 2Q08
Arlington County, VA
11. Camden City Centre 379 54.0 13.8 13.8 1Q06 2Q07 3Q07 3Q08
Houston, TX
12. Camden Dulles Station 368 77.0 15.3 15.3 1Q06 3Q07 2Q08 1Q09
--- ---- ---- ----
Herndon, VA
Total Development Communities 3,958 $719.6 $435.6 $304.9
Additional land held for development (a) 114.9
-----
Total Properties Under Development (per Balance Sheet) $419.8
======
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
Total Cost 1Q06 NOI
---------- --------
Completed Communities in lease-up $29.5 $0.2
Development Communities 435.6 0.9
----- ----
Total Development NOI
Contribution $465.1 $1.1
(a) Please refer to the pre-development pipeline summary on page 16.
JOINT VENTURE DEVELOPMENT PIPELINE AS OF MARCH 31, 2006 ($ in millions)
Estimated/Actual Dates for
Joint Venture Development Total Total Cost Amount Construction Initial Construction Stabilized
Communities Homes Budget to Date in CIP Start Occupancy Completion Operations
- -------------------------------------------------------------------------------------------------------------------
UNDER CONSTRUCTION
- ------------------
1. Camden Main & Jamboree 290 $107.1 $74.2 $74.2 3Q04 4Q06 1Q07 3Q07
Irvine, CA
2. Camden Plaza 271 42.9 13.9 13.9 1Q06 2Q07 3Q07 2Q08
--- ---- ---- ----
Houston, TX
Total Joint Venture Development
Communities 561 $150.0 $88.1 $88.1
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
CAMDEN PRE-DEVELOPMENT PIPELINE
& LAND HELD FOR SALE
- -----------------------------------------------------------------------------------------------------
(Unaudited)
PRE-DEVELOPMENT PIPELINE AS OF MARCH 31, 2006 ($ in millions)
Potential
Apartment Total
Location Acres Homes Cost to Date Estimated Cost
--------------------------------------------------------------------------------------------------
D.C. Metro 30.9 1,256 $ 70.9 $ 360.0
Orlando 4.5 261 9.1 50.0
Dallas 4.6 306 8.3 50.0
Houston 47.3 1,470 26.6 170.0
-------------- -------------- -------------- --------------
Total Pre-Development: (a) 87.3 3,293 $ 114.9 $ 630.0
(a) Pre-development pipeline includes some acreage which may be developed or sold for non-
multifamily uses.
LAND HELD FOR SALE AS OF MARCH 31, 2006 ($ in millions)
Current
Location Acres Book Value
------------------------------------------------------------------
Southeast Florida 4.8 $ 13.9
Los Angeles/Orange County 2.1 9.7
Dallas 7.0 8.2
-------------- --------------
Total Land Parcels Held For Sale: 13.9 $ 31.8
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
CAMDEN MEZZANINE FINANCING SUMMARY
- --------------------------------------------------------------------------------------------------------------------
(Unaudited)
MEZZANINE FINANCING AS OF MARCH 31, 2006 ($ in thousands)
03/31/06 12/31/05
Total Note Note
Location Current Property Type Current Status Homes Balance Balance
-------------------------------------------------------------------------------------------------------------------
Irvine, CA Multifamily Development 290 $ 15,933 $ -
Houston, TX Multifamily Development/Predevelopment 271 10,453 3,855
Dallas/Fort Worth, TX Multifamily Stabilized 618 6,924 6,922
Austin, TX Multifamily Stabilized 296 2,485 2,484
Ashburn, VA Multifamily Development 464 - 11,916
---------- ---------- ----------
Total Mezzanine Financing Volume: 1,939 $ 35,795 $ 25,177
Weighted Average Interest Rate Recognized: 12.0% 11.1%
CAMDEN ACQUISITIONS & DISPOSITIONS
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
2006 ACQUISITION/DISPOSITION ACTIVITY
Apartment
Acquisitions Location Property Type Homes Year Built Closing Date
- ------------ -------- ------------- ----- ---------- ------------
1. Camden Westwind Ashburn, VA Multifamily 464 2006 01/31/06
TOTAL ACQUISITION VOLUME: $78.2 million(a) 464 apartment homes
Apartment
Dispositions Location Property Type Homes Year Built Closing Date Price
- ------------ -------- ------------- ----- ---------- ------------ -----
1. Camden Highlands Plano, TX Multifamily 160 1985 01/12/06 $9.7
2. Camden Plaza (b) Houston, TX Undeveloped Land 3.6 Acres N/A 01/20/06 $6.9
2. Camden View Tucson, AZ Multifamily 365 1974 03/06/06 $31.3
Total Disposition Volume: $47.8 million(b) 525 apartment homes
3.6 acres of undeveloped land
2006 JOINT VENTURE DISPOSITION ACTIVITY
Apartment
Dispositions Location Property Type Homes/Acreage Year Built Closing Date
- ------------ -------- ------------- ------------- ---------- ------------
1. Summit Creek Charlotte, NC Multifamily 260 1982 01/06/06
2. Summit Hill Raleigh, NC Multifamily 411 1991 01/31/06
Total Disposition Volume: $47.5 million 671 apartment homes
Pro-Rata Share of Disposition
Volume: $11.9 million 168 apartment homes
TOTAL PRO RATA DISPOSITION
VOLUME: $59.7 million 693 apartment homes
3.6 acres of undeveloped land
(a) Represents value of remaining 80% partnership interests purchased on
January 31, 2006. Total book value at January 31, 2006 of $91.6 million for
Camden Westwind includes Camden's original 20% ownership interest at cost.
(b) Includes value of partnership interests for undeveloped land parcel
contributed on January 20, 2006.
CAMDEN DEBT ANALYSIS
(In thousands, except property data amounts)
- --------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEBT MATURITIES AS OF MARCH 31, 2006: (a)
Future Scheduled Repayments Weighted Average
------------------------------------------------- Percent Interest Rate on
Year Amortization Maturities Total of Total Maturing Debt
----------------------------------------------------------------------------------------------------------------
2006 $10,105 $150,000 $160,105 5.8% 6.7%
2007 13,260 219,711 232,970 8.5% 5.7%
2008 11,777 188,879 200,656 7.3% 4.8%
2009 7,860 190,324 198,184 7.2% 5.0%
2010 7,119 445,677 452,796 16.5% 5.1%
2011 4,314 244,233 248,547 9.1% 6.5%
2012 3,307 269,541 272,848 10.0% 5.7%
Thereafter 60,814 501,733 562,547 20.5% 5.0%
------ ------- ------- ----- ----
Total Maturing Debt $118,555 $2,210,098 $2,328,653 84.9% 5.4%
Unsecured Line of Credit 0 413,000 413,000 15.1% 5.2%
- ------- ------- ----- ----
Total Debt $118,555 $2,623,098 $2,741,653 100.0% 5.4%
Weighted Average Maturity of Debt 6.0 Years (excluding line of credit)
Weighted Average
FLOATING vs. FIXED RATE DEBT: Balance % of Total Interest Rate
-------------------------------------------------
Floating rate debt $509,690 18.6% 4.9%
Fixed rate debt 2,231,963 81.4% 5.5%
--------- ----- ----
Total $2,741,653 100.0% 5.4%
Weighted Average
SECURED vs. UNSECURED DEBT: Balance % of Total Interest Rate
-------------------------------------------------
Unsecured debt $2,118,403 77.3% 5.6%
Secured debt 623,250 22.7% 4.8%
------- ----- ----
Total $2,741,653 100.0% 5.4%
Weighted Average
SECURED DEBT DETAIL: Balance % of Total Interest Rate
-------------------------------------------------
Coventional fixed-rate mortgage debt $519,912 83.4% 4.9%
Coventional floating-rate mortgage debt 6,900 1.1% 5.9%
Tax exempt fixed rate debt 6,648 1.1% 7.3%
Tax exempt variable rate debt 89,790 14.4% 3.6%
------ ----- ----
Total $623,250 100.0% 4.8%
REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total
------------------------------------------------------------------
Unencumbered real estate assets 50,469 83.2% $4,135,841 79.3%
Encumbered real estate assets 10,189 16.8% 1,082,358 20.7%
------ ----- --------- -----
Total 60,658 100.0% $5,218,199 100.0%
-------------------------------------------------------------------
Ratio of unencumbered assets at cost to unsecured debt is 2.0 times
-------------------------------------------------------------------
UNCONSOLIDATED, NON-RECOURSE DEBT:
Pro-Rata Share of Debt $123,879
Weighted Average Interest Rate 5.9%
(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.
CAMDEN DEBT COVENANT ANALYSIS
March 31, 2006
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
UNSECURED LINE OF CREDIT (a)
Covenant (b) Required Actual (c) Compliance
- ------------ ------------------ ------------------ ------------------
Total Consolidated Debt to Gross Asset Value <= 60% 51% Yes
Secured Debt to Gross Asset Value <= 40% 12% Yes
Consolidated EBITDA to Total Fixed Charges => 150% 193% Yes
Unencumbered Adjusted NOI to Unsecured Interest Expense greater than 200% 237% Yes
SENIOR UNSECURED NOTES
Covenant (b) Required Actual (c) Compliance
- ------------ ------------------ ------------------ ------------------
Total Consolidated Debt to Total Asset Value <= 60% 52% Yes
Total Secured Debt to Total Asset Value <= 40% 12% Yes
Total Unencumbered Asset Value to Total Unsecured Debt => 150% 200% Yes
Consolidated Income Available for Debt Service to Total greater than 150% 232% 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.
CAMDEN CAPITALIZED EXPENDITURES
& MAINTENANCE EXPENSE
(In thousands, except unit data)
- --------------------------------------------------------------------------------------------------------
(Unaudited)
First Quarter 2006 (a)
------------------------------------------------------------------
Capitalized Expensed
------------------------------------------ --------------------
Weighted Average
Item Useful Life (b) Total Per Unit Total Per Unit
------------------------------ ------------------------------------------ --------------------
Interiors
Floor coverings 5.3 years $2,345 $41 $761 $13
Appliances 9.2 years 440 8 154 $3
Painting - - - 1,412 $25
Cabinetry/Countertops 10.0 years 202 4 - $0
Other 9.3 years 287 5 380 $7
Exteriors
Painting 5.0 years 352 6 - $0
Carpentry 10.0 years 265 5 - $0
Landscaping 6.0 years 457 8 2,712 $47
Roofing 20.0 years 199 3 35 $1
Site Drainage 10.0 years 23 0 - $0
Fencing/Stair 10.0 years 643 11 - $0
Other (c) 6.6 years 2,294 40 3,064 $53
Common Areas
Mech., Elec., Plumbing 9.7 years 459 8 571 $10
Parking/Paving 5.0 years 20 0 - $0
Pool/Exercise/Facility 8.5 years 674 12 231 $4
-------------------- --------------------
$8,660 $151 $9,320 $163
Weighted Average Apartment Homes 57,177 57,177
(a) Includes discontinued operations. Capitalized expenditures for discontinued
operations were $469 for the three months ended March 31, 2006. Maintenance
expenses for discontinued operations were $592 for the same period.
(b) of capitalized expenses for the three months ended March 31, 2006
(c) Includes in part the following items: site/building repair,
masonry/plaster, and general conditions
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 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
March 31,
------------------------
2006 2005
------------------------
Net income $ 41,443 $ 166,664
Real estate depreciation and amortization from continuing operations 36,399 30,229
Real estate depreciation from discontinued operations 346 2,229
Adjustments for unconsolidated joint ventures 781 668
Income from continuing operations allocated to common units 1,228 1,131
Income from discontinued operations allocated to common units 797 14
(Gain) on sale of operating properties - (132,117)
(Gain) on sale of discontinued operations (27,392) (14,380)
(Gain) on sale of joint venture properties (1,763) -
------------------------
Funds from operations - diluted $ 51,839 $ 54,438
========================
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted 55,474 49,374
FFO diluted 58,988 49,374
Net income per common share - diluted $ 0.75 $ 3.40
FFO per common share - diluted $ 0.88 $ 1.10
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:
2Q06 Range 2006 Range
Low High Low High
------------------------- ------------------------
Expected net income per share - diluted $ 0.19 $ 0.24 $ 1.35 $ 1.55
Expected real estate depreciation 0.62 0.62 2.48 2.48
Expected adjustments for unconsolidated joint ventures 0.01 0.01 0.05 0.05
Expected income allocated to common units 0.02 0.02 0.11 0.11
Expected (gain) on sale of properties held in joint ventures 0.00 0.00 (0.03) (0.03)
Expected (gain) on sale of properties and properties held for sale 0.00 0.00 (0.46) (0.46)
------------------------- ------------------------
Expected FFO per share - diluted $ 0.85 $ 0.90 $ 3.50 $ 3.70
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
- ----------------------------------------------------------------------------------------------
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
March 31,
------------------------
2006 2005
----------- -----------
Net income $ 41,443 $ 166,664
Fee and asset management (2,477) (7,306)
Sale of technology investments - (24,199)
Interest and other income (753) (3,223)
Income on deferred compensation plans (50) (23)
Property management expense 4,226 3,220
Fee and asset management expense 1,366 1,948
General and administrative expense 7,414 5,276
Transaction compensation and merger expenses - 13,824
Interest expense 31,037 23,501
Depreciation and amortization 37,053 30,855
Amortization of deferred financing costs 1,047 1,221
Expense on deferred compensation plans 50 23
Gain on sale of properties, including land (499) (132,117)
Equity in income of joint ventures (2,317) (110)
Distributions on perpetual preferred units 1,750 1,778
Original issuance costs on redeemed perpetual preferred units - 365
Income allocated to common units and other minority interests 1,279 1,131
Income from discontinued operations (3,965) (2,342)
Gain on sale of discontinued operations (27,392) (14,391)
Income from discontinued operations allocated to common units 797 14
----------- -----------
Net Operating Income (NOI) $ 90,009 $ 66,109
"Same Property" Communities $ 80,451 $ 56,892
Non-"Same Property" Communities 7,953 3,507
Development and Lease-Up Communities 1,095 -
Dispositions / Other 510 5,710
----------- -----------
Net Operating Income (NOI) $ 90,009 $ 66,109
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
March 31,
------------------------
2006 2005
----------- -----------
Net income $ 41,443 $ 166,664
Interest expense 31,037 23,501
Amortization of deferred financing costs 1,047 1,221
Depreciation and amortization 37,053 30,855
Distributions on perpetual preferred units 1,750 1,778
Original issuance costs on redeemed perpetual preferred units - 365
Income allocated to common units and other minority interests 1,279 1,131
Real estate depreciation from discontinued operations 346 2,229
Gain on sale of properties, including land (499) (132,117)
Equity in income of joint ventures (2,317) (110)
Gain on sale of discontinued operations (27,392) (14,391)
Income from discontinued operations allocated to common units 797 14
----------- -----------
EBITDA $ 84,544 $ 81,140
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) Q2 '06 Q3 '06 Q4 '06 Q1 '07
--------- --------- --------- ---------
Earnings release & Analyst conference Early Aug Early Nov Early Feb Early May
call
Dividend Information - Common Shares: Q1 '06
---------
Declaration Date 03/15/06
Record Date 03/31/06
Payment Date 04/17/06
Distributions Per Share $0.66
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
& Asset Management
CAMDEN COMMUNITY TABLE
Community Statistics as of 03/31/06
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited) 1Q06 Avg
Market Rental Rates
Year Placed Average Apartment 1Q06 Avg -----------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------------------
Camden Copper Square Phoenix AZ 2000 786 332 98% 763 0.97
Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 98% 765 0.73
Camden Legacy Scottsdale AZ 1996 1,067 428 98% 934 0.88
Camden Pecos Ranch (1) Chandler AZ 2001 924 272 98% 790 0.86
Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 99% 985 0.95
Camden Sierra (1) Peoria AZ 1997 925 288 98% 754 0.81
Camden Towne Center (1) Glendale AZ 1998 871 240 98% 775 0.89
Camden Vista Valley Mesa AZ 1986 923 357 97% 687 0.74
-------------------------------------------------------------------------------------------
Total Phoenix 8 Properties 951 2,433 98% 815 0.86
Camden Pass (2) Tucson AZ 1984 559 456 96% 458 0.82
-------------------------------------------------------------------------------------------
Total Tucson 1 Property 559 456 96% 458 0.82
==================================================================================================================================
TOTAL ARIZONA 9 Properties 889 2,889 98% 759 0.85
Camden Crown Valley Mission ViejoCA 2001 1,009 380 97% 1,555 1.54
Camden Harbor View Long Beach CA 2004 976 538 94% 2,011 2.06
Camden Martinique Costa Mesa CA 1986 795 714 95% 1,272 1.60
Camden Parkside (1) Fullerton CA 1972 836 421 96% 1,246 1.49
Camden Sea Palms Costa Mesa CA 1990 891 138 95% 1,419 1.59
-------------------------------------------------------------------------------------------
Total Los Angeles/Orange County
5 Properties 890 2,191 95% 1,507 1.69
Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 93% 1,370 1.42
Camden Tuscany San Diego CA 2003 891 160 97% 1,830 2.05
Camden Vineyards Murrieta CA 2002 1,053 264 94% 1,316 1.25
-------------------------------------------------------------------------------------------
Total San Diego/Inland Empire
3 Properties 977 846 94% 1,440 1.47
==================================================================================================================================
TOTAL CALIFORNIA 8 Properties 915 3,037 95% 1,488 1.63
Camden Arbors Westminster CO 1986 792 358 94% 663 0.84
Camden Caley Englewood CO 2000 925 218 98% 800 0.87
Camden Centennial Littleton CO 1985 744 276 96% 659 0.89
Camden Denver West (1) Golden CO 1997 1,015 320 96% 957 0.94
Camden Highlands Ridge Highlands
Ranch CO 1996 1,149 342 93% 978 0.85
Camden Interlocken Broomfield CO 1999 1,022 340 93% 1,023 1.00
Camden Lakeway Littleton CO 1997 932 451 93% 868 0.93
Camden Pinnacle Westminster CO 1985 748 224 89% 616 0.82
==================================================================================================================================
TOTAL COLORADO 8 Properties 927 2,529 94% 835 0.90
Camden Ashburn Farms Ashburn VA 2000 1,061 162 96% 1,255 1.18
Camden Fair Lakes Fairfax VA 1999 996 530 95% 1,406 1.41
Camden Fallsgrove Rockville MD 2004 996 268 97% 1,431 1.44
Camden Grand Parc Washington DC 2002 904 105 97% 1,993 2.20
Camden Lansdowne Leesburg VA 2002 1,006 690 96% 1,265 1.26
Camden Largo Town Center Largo MD 2000 1,042 219 98% 1,524 1.46
Camden Roosevelt Washington DC 2003 856 198 100% 1,971 2.30
Camden Russett Laurel MD 2000 1,025 426 94% 1,280 1.25
Camden Silo Creek Washington DC 2004 971 284 96% 1,236 1.27
==================================================================================================================================
TOTAL DC METRO 9 Properties 994 2,882 96% 1,400 1.41
Camden Aventura Aventura FL 1995 1,106 379 97% 1,371 1.24
Camden Doral Miami FL 1999 1,172 260 98% 1,364 1.16
Camden Doral Villas Miami FL 2000 1,253 232 98% 1,458 1.16
Camden Las Olas Ft.
Lauderdale FL 2004 1,043 420 99% 1,593 1.53
Camden Plantation Plantation FL 1997 1,152 502 98% 1,246 1.08
Camden Portofino Pembroke
Pines FL 1995 1,307 322 99% 1,235 0.94
Summit Brickell Miami FL 2003 937 405 99% 1,367 1.46
-------------------------------------------------------------------------------------------
Total Southeast Florida 7 Properties 1,124 2,520 98% 1,372 1.22
Camden Club Longwood FL 1986 1,077 436 97% 903 0.84
Camden Hunter's Creek Orlando FL 2000 1,082 270 98% 947 0.87
Camden Lago Vista Orlando FL 2005 954 366 98% 965 1.01
Camden Landings Orlando FL 1983 748 220 99% 701 0.94
Camden Lee Vista Orlando FL 2000 937 492 97% 868 0.93
Camden Renaissance Altamonte
Springs FL 1996/1998 899 578 96% 876 0.97
Camden Reserve Orlando FL 1990/1991 824 526 97% 768 0.93
Camden World Gateway Orlando FL 2000 979 408 98% 983 1.00
-------------------------------------------------------------------------------------------
Total Orlando 8 Properties 937 3,296 97% 878 0.94
CAMDEN COMMUNITY TABLE
Community Statistics as of 03/31/06
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited) 1Q06 Avg
Market Rental Rates
Year Placed Average Apartment 1Q06 Avg -----------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------------------
Camden Bay Tampa FL 1997/2001 943 760 95% 901 0.96
Camden Bay Pointe Tampa FL 1984 771 368 98% 722 0.94
Camden Bayside Tampa FL 1987/1989 748 832 97% 749 1.00
Camden Citrus Park Tampa FL 1985 704 247 97% 680 0.97
Camden Isles Tampa FL 1983/1985 722 484 98% 678 0.94
Camden Lakes St.
Petersburg FL 1982/1983 728 688 95% 700 0.96
Camden Lakeside Brandon FL 1986 728 228 99% 728 1.00
Camden Live Oaks Tampa FL 1990 1,093 770 96% 763 0.70
Camden Preserve Tampa FL 1996 942 276 97% 986 1.05
Camden Providence Lakes Brandon FL 1996 1,024 260 98% 866 0.85
Camden Westshore Tampa FL 1986 728 278 97% 763 1.05
Camden Woods Tampa FL 1986 1,223 444 96% 865 0.71
-------------------------------------------------------------------------------------------
Total Tampa/St. Petersburg 12 Properties 874 5,635 97% 781 0.89
==================================================================================================================================
TOTAL FLORIDA 27 Properties 947 11,451 97% 939 0.99
Camden Brookwood Atlanta GA 2002 906 359 92% 978 1.08
Camden Dunwoody Atlanta GA 1997 1,007 324 97% 873 0.87
Camden Deerfield Alpharetta GA 2000 1,187 292 93% 892 0.75
Camden Midtown Atlanta Atlanta GA 2001 953 296 95% 1,023 1.07
Camden River Duluth GA 1997 1,103 352 95% 825 0.75
Camden Peachtree City Peachtree
City GA 2001 1,026 399 96% 805 0.78
Camden Shiloh Kennesaw GA 1999/2002 1,151 232 97% 805 0.70
Camden St. Clair Atlanta GA 1997 969 336 95% 905 0.93
Camden Stockbridge Stockbridge GA 2003 1,009 304 94% 750 0.74
Camden Sweetwater LawrencevilleGA 2000 1,151 308 96% 773 0.67
==================================================================================================================================
TOTAL GEORGIA 10 Properties 1,041 3,202 95% 864 0.83
Camden Brookside Louisville KY 1987 732 224 96% 580 0.79
Camden Downs Louisville KY 1975 682 254 94% 523 0.77
Camden Meadows Louisville KY 1987/1990 746 400 94% 596 0.80
Camden Oxmoor Louisville KY 2000 903 432 97% 732 0.81
Camden Prospect Park Louisville KY 1990 916 138 96% 694 0.76
==================================================================================================================================
TOTAL KENTUCKY 5 Properties 795 1,448 95% 631 0.79
Camden Passage Kansas City MO 1989/1997 832 596 93% 638 0.77
-------------------------------------------------------------------------------------------
Total Kansas City 1 Property 832 596 93% 638 0.77
Camden Cedar Lakes Lake St.
Louis MO 1986 852 420 97% 626 0.73
Camden Cove West Creve Coeur MO 1990 828 276 90% 807 0.98
Camden Cross Creek St. Louis MO 1973/1980 947 591 95% 715 0.75
Camden Taravue St. Louis MO 1975 676 304 89% 552 0.82
Camden Trace Maryland
Heights MO 1972 1,158 372 96% 719 0.62
Camden Westchase St. Louis MO 1986 945 160 97% 797 0.84
-------------------------------------------------------------------------------------------
Total St. Louis 6 Properties 910 2,123 94% 693 0.76
==================================================================================================================================
TOTAL MISSOURI 7 Properties 893 2,719 94% 681 0.76
Camden Bel Air Las Vegas NV 1988/1995 943 528 97% 856 0.91
Camden Breeze Las Vegas NV 1989 846 320 98% 796 0.94
Camden Canyon Las Vegas NV 1995 987 200 98% 875 0.89
Camden Commons Henderson NV 1988 936 376 96% 876 0.94
Camden Cove Las Vegas NV 1990 898 124 96% 809 0.90
Camden Del Mar Las Vegas NV 1995 986 560 97% 934 0.95
Camden Fairways Henderson NV 1989 896 320 98% 878 0.98
Camden Hills Las Vegas NV 1991 579 184 97% 616 1.06
Camden Legends Henderson NV 1994 792 113 98% 817 1.03
Camden Palisades Las Vegas NV 1991 905 624 98% 859 0.95
Camden Pines (1) Las Vegas NV 1997 1,005 315 97% 897 0.89
Camden Pointe Las Vegas NV 1996 985 252 98% 859 0.87
Camden Summit (1) Henderson NV 1995 1,187 234 98% 1,165 0.98
Camden Tiara (1) Las Vegas NV 1996 1,043 400 97% 943 0.90
Camden Vintage Las Vegas NV 1994 978 368 96% 855 0.87
Oasis Bay (1) Las Vegas NV 1990 876 128 95% 831 0.95
Oasis Crossings (1) Las Vegas NV 1996 983 72 96% 834 0.85
CAMDEN COMMUNITY TABLE
Community Statistics as of 03/31/06
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited) 1Q06 Avg
Market Rental Rates
Year Placed Average Apartment 1Q06 Avg -----------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------------------
Oasis Emerald (1) Las Vegas NV 1988 873 132 98% 723 0.83
Oasis Gateway (1) Las Vegas NV 1997 1,146 360 95% 933 0.81
Oasis Island (1) Las Vegas NV 1990 901 118 94% 732 0.81
Oasis Landing (1) Las Vegas NV 1990 938 144 98% 798 0.85
Oasis Meadows (1) Las Vegas NV 1996 1,031 383 97% 826 0.80
Oasis Palms (1) Las Vegas NV 1989 880 208 96% 787 0.89
Oasis Pearl (1) Las Vegas NV 1989 930 90 98% 757 0.81
Oasis Place (1) Las Vegas NV 1992 440 240 97% 584 1.33
Oasis Ridge (1) Las Vegas NV 1984 391 477 95% 490 1.25
Oasis Sands Las Vegas NV 1994 1,125 48 94% 861 0.76
Oasis Sierra (1) Las Vegas NV 1998 922 208 96% 884 0.96
Oasis Springs (1) Las Vegas NV 1988 838 304 96% 718 0.86
Oasis Vinings (1) Las Vegas NV 1994 1,152 234 95% 876 0.76
==================================================================================================================================
TOTAL NEVADA 30 Properties 908 8,064 97% 830 0.91
Camden Ballantyne Charlotte NC 1998 1,053 400 96% 806 0.77
Camden Cotton Mills Charlotte NC 2002 906 180 99% 1,165 1.29
Camden Eastchase Charlotte NC 1986 698 220 92% 549 0.79
Camden Fairview Charlotte NC 1983 1,036 135 98% 709 0.68
Camden Forest Charlotte NC 1989 703 208 94% 575 0.82
Camden Foxcroft Charlotte NC 1979 940 156 98% 659 0.70
Camden Grandview Charlotte NC 2000 1,145 266 97% 1,268 1.11
Camden Habersham Charlotte NC 1986 773 240 97% 619 0.80
Camden Park Commons Charlotte NC 1997 859 232 95% 683 0.79
Camden Pinehurst Charlotte NC 1967 1,147 407 96% 726 0.63
Camden Sedgebrook Charlotte NC 1999 1,017 368 97% 746 0.73
Camden Simsbury Charlotte NC 1985 874 100 96% 720 0.82
Camden South End Charlotte NC 2003 883 299 97% 1,043 1.18
Camden Stonecrest Charlotte NC 2001 1,169 306 97% 852 0.73
Camden Timber Creek Charlotte NC 1984 706 352 95% 560 0.79
Camden Touchstone Charlotte NC 1986 899 132 96% 649 0.72
Summit Hollow (1) Charlotte NC 1979 1,039 232 97% 645 0.62
-------------------------------------------------------------------------------------------
Total Charlotte 17 Properties 949 4,233 96% 771 0.81
Camden Glen Greensboro NC 1980 662 304 92% 555 0.84
Camden Wendover Greensboro NC 1985 795 216 95% 595 0.75
-------------------------------------------------------------------------------------------
Total Greensboro 2 Properties 717 520 93% 571 0.80
Camden Crest Raleigh NC 2001 1,129 438 96% 752 0.67
Camden Governor's Village Chapel Hill NC 1999 1,134 242 97% 811 0.72
Camden Lake Pine Apex NC 1999 1,075 446 98% 739 0.69
Camden Overlook Raleigh NC 2001 1,056 320 97% 812 0.77
Camden Reunion Park Apex NC 2000/2004 972 420 97% 607 0.62
Camden Westwood Morrisville NC 1999 1,112 354 97% 696 0.63
-------------------------------------------------------------------------------------------
Total Raleigh 6 Properties 1,076 2,220 97% 728 0.68
==================================================================================================================================
TOTAL NORTH CAROLINA 25 Properties 972 6,973 96% 742 0.76
Summit Valleybrook Chadds Ford PA 2002 992 352 93% 1,198 1.21
==================================================================================================================================
TOTAL PENNSYLVANIA 1 Property 992 352 93% 1,198 1.21
Camden Briar Oaks Austin TX 1980 711 430 96% 567 0.80
Camden Gaines Ranch Austin TX 1997 955 390 91% 998 1.04
Camden Huntingdon Austin TX 1995 903 398 96% 701 0.78
Camden Laurel Ridge Austin TX 1986 702 183 97% 558 0.80
Camden Ridge View Austin TX 1984 859 167 96% 598 0.70
Camden Ridgecrest Austin TX 1995 851 284 96% 649 0.76
Camden Woodview Austin TX 1984 644 283 95% 572 0.89
-------------------------------------------------------------------------------------------
Total Austin 7 Properties 812 2,135 95% 684 0.84
Camden Breakers Corpus
Christi TX 1996 868 288 93% 857 0.99
Camden Copper Ridge Corpus
Christi TX 1986 775 344 96% 643 0.83
Camden Miramar (3) Corpus
Christi TX 1994-2004 468 778 96% 752 1.61
-------------------------------------------------------------------------------------------
Total Corpus Christi 3 Properties 625 1,410 94% 747 1.20
CAMDEN COMMUNITY TABLE
Community Statistics as of 03/31/06
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited) 1Q06 Avg
Market Rental Rates
Year Placed Average Apartment 1Q06 Avg -----------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------------------
Camden Addison (1) Addison TX 1996 942 456 96% 798 0.85
Camden Buckingham Richardson TX 1997 919 464 97% 760 0.83
Camden Centreport Ft. Worth TX 1997 910 268 96% 751 0.83
Camden Cimarron Irving TX 1992 772 286 96% 730 0.95
Camden Farmers Market Dallas TX 2001 916 620 95% 914 1.00
Camden Farmers Market II (4) Dallas TX 2005 970 284 Lease-Up 1,018 1.05
Camden Gardens Dallas TX 1983 652 256 97% 537 0.82
Camden Glen Lakes Dallas TX 1979 877 424 96% 663 0.76
Camden Lakeview Irving TX 1985 853 476 94% 606 0.71
Camden Legacy Creek Plano TX 1995 831 240 98% 764 0.92
Camden Legacy Park Plano TX 1996 871 276 99% 765 0.88
Camden Oaks Dallas TX 1985 730 446 97% 553 0.76
Camden Oasis Euless TX 1986 548 602 91% 541 0.99
Camden Place Mesquite TX 1984 772 442 96% 555 0.72
Camden Ridge Ft. Worth TX 1985 829 208 96% 591 0.71
Camden Springs Dallas TX 1987 713 304 96% 523 0.73
Camden Terrace Ft. Worth TX 1984 848 340 96% 585 0.69
Camden Towne Village Mesquite TX 1983 735 188 98% 576 0.78
Camden Trails (2) Dallas TX 1984 733 264 89% 528 0.72
Camden Valley Creek Irving TX 1984 855 380 96% 630 0.74
Camden Valley Park Irving TX 1986 743 516 97% 607 0.82
Camden Valley Ridge Irving TX 1987 773 408 94% 573 0.74
Camden Westview Lewisville TX 1983 697 335 95% 565 0.81
-------------------------------------------------------------------------------------------
Total Dallas/Ft. Worth 23 Properties 803 8,483 95% 661 0.82
Camden Baytown Baytown TX 1999 844 272 98% 744 0.88
Camden Creek Houston TX 1984 639 456 93% 585 0.92
Camden Crossing Houston TX 1982 762 366 94% 548 0.72
Camden Greenway Houston TX 1999 861 756 97% 938 1.09
Camden Holly Springs (1) Houston TX 1999 934 548 96% 865 0.93
Camden Midtown Houston TX 1999 843 337 98% 986 1.17
Camden Oak Crest Houston TX 2003 870 364 94% 821 0.94
Camden Park (1) Houston TX 1995 866 288 97% 764 0.88
Camden Steeplechase Houston TX 1982 748 290 97% 595 0.80
Camden Stonebridge Houston TX 1993 845 204 98% 759 0.90
Camden Sugar Grove (1) Stafford TX 1997 917 380 97% 828 0.90
Camden Vanderbilt Houston TX 1996/1997 863 894 99% 989 1.15
Camden West Oaks Houston TX 1982 726 671 93% 556 0.77
Camden Wilshire Houston TX 1982 761 536 93% 576 0.76
Camden Wyndham Houston TX 1978/1981 797 448 94% 570 0.72
-------------------------------------------------------------------------------------------
Total Houston 15 Properties 818 6,810 96% 759 0.93
==================================================================================================================================
TOTAL TEXAS 48 Properties 796 18,838 96% 705 0.89
==================================================================================================================================
TOTAL PROPERTIES 187 Properties 897 64,384 96% 850 0.95
==================================================================================================================================
(1) Communities owned through investment in joint venture.
(2) Communities disposed of subsequent to quarter end. Miramar is a student
housing community which is excluded
(3) from total occupancy numbers. Communities in lease-up as of March 31, 2006
are excluded
(4) from total occupancy numbers.