EXHIBIT 99.1
Camden Property Trust Announces
Second Quarter 2006 Operating Results
HOUSTON--(BUSINESS WIRE)--Aug. 3, 2006--Camden Property Trust
(NYSE:CPT) announced that its funds from operations ("FFO") for the
second quarter of 2006 totaled $0.89 per diluted share or $53.4
million, as compared to $0.80 per diluted share or $47.0 million for
the same period in 2005. FFO for the six months ended June 30, 2006
totaled $1.77 per diluted share or $105.2 million, as compared to
$1.88 per diluted share or $101.5 million for the same period in 2005.
FFO for the six months ended June 30, 2005 included a $0.45 per
diluted share impact from the sale of technology investments, and a
$0.26 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 ("EPS") of $34.6 million or $0.61
per diluted share for the second quarter of 2006, as compared to $21.9
million or $0.39 per diluted share for the same period in 2005. EPS
for the three months ended June 30, 2006 included a $0.43 per diluted
share impact from gain on sale of properties and discontinued
operations, as compared to a $0.39 per diluted share impact for the
same period in 2005.
For the six months ended June 30, 2006, net income totaled $76.0
million or $1.36 per diluted share, as compared to $188.5 million or
$3.53 per diluted share for the same period in 2005. EPS for the six
months ended June 30, 2006 included a $0.96 per diluted share impact
from gain on sale of land, joint venture properties and discontinued
operations. EPS for the six months ended June 30, 2005 included a
$3.12 per diluted share impact from gain on sale of properties and
discontinued operations, $0.45 per diluted share income from the sale
of technology investments, and a $0.26 per diluted share charge for
transaction compensation and merger expenses relating to Camden's
merger with Summit Properties Inc.
A reconciliation of net income to FFO is included in the financial
tables accompanying this press release.
Same-Property Results
For the 50,732 apartment homes included in consolidated
same-property results, second quarter 2006 same-property net operating
income ("NOI") growth was 8.7% compared to the second quarter of 2005,
with revenues increasing 7.5% and expenses increasing 5.5%. On a
sequential basis, second quarter 2006 same-property NOI increased 1.7%
compared to first quarter 2006, with revenues increasing 1.7% and
expenses increasing 1.7% compared to the prior quarter. On a
year-to-date basis, 2006 same-property NOI increased 9.5%, with
revenue growth of 7.9% and expense growth of 5.3% compared to the same
period in 2005. Same-property physical occupancy levels for the
combined portfolio averaged 95.7% during the second quarter of 2006,
compared to 95.3% in the second quarter of 2005 and 96.0% in the first
quarter of 2006.
The Company defines same-property communities as communities owned
by either Camden or 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
As of June 30, 2006, Camden had two completed apartment
communities in lease-up: Camden Dilworth in Charlotte, NC, an $18.0
million project that is currently 94% leased; and Camden Westwind in
Ashburn, VA, a $97.6 million project that is currently 58% leased.
Camden announced two new development starts during the quarter:
Camden Summerfield in Frederick, MD, with 291 apartment homes; and
Camden Orange Court in Orlando, FL, with 261 apartment homes. Total
budgeted costs for those projects are $68.0 million and $49.0 million,
respectively, with initial occupancy expected to occur in late 2007
and early 2008 respectively. The Company's current development
pipeline includes 11 wholly-owned communities with 3,901 apartment
homes and a total budgeted cost of $721.0 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 Fairfax Corner in Fairfax, VA is currently 81%
leased; Camden Manor Park in Raleigh, NC is currently 57% leased;
Camden Clearbrook in Frederick, MD is currently 31% leased; Camden
Royal Oaks in Houston, TX is currently 23% leased; and Camden Old
Creek in San Marcos, CA is currently 4% leased.
Acquisition/Disposition Activity
During the quarter, Camden disposed of three wholly-owned
apartment communities: Camden Pass, a 456-home apartment community in
Tucson, AZ, for $20.3 million; Camden Trails, a 264-home apartment
community in Dallas, TX, for $8.8 million; and Camden Wilshire, a
536-home apartment community in Houston, TX, for $20.4 million. Gain
on sale of those three properties totaled $23.7 million. In addition,
the Company sold a 4.7 acre parcel of undeveloped land in College
Park, MD for a gain of $0.8 million.
Subsequent to quarter-end, the company acquired Camden Stoneleigh,
a 390-home apartment community in Austin, TX for $35.3 million, and
disposed of Camden Oaks, a 446-home apartment community in Dallas, TX,
for $19.2 million. The Company also sold Summit Hollow, a 232-home
joint venture apartment community in Charlotte, NC for $15.5 million
subsequent to quarter-end. Camden's pro-rata share of that disposition
totaled $3.9 million.
Properties and Land Held for Sale
At June 30, 2006, Camden had three operating communities
consisting of 1,260 apartment homes classified as held for sale. These
properties included: Camden Oaks, a 446-home apartment community in
Dallas, TX; Camden Crossing, a 366-home apartment community in
Houston, TX; and Camden Wyndham, a 448-home apartment community in
Houston, TX. 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 Oaks.
Earnings Guidance
Camden raised its earnings guidance for 2006 FFO. Full-year 2006
FFO is now expected to be $3.60 to $3.75 per diluted share. The
Company also provided guidance of $0.93 to $0.97 per diluted share for
third quarter 2006 FFO. EPS is expected to be $1.87 to $2.02 per
diluted share for full-year 2006, and $0.28 to $0.32 per diluted share
for the third quarter of 2006, excluding any future gains from
operating property sales.
The Company's 2006 earnings guidance is based on projections of
same-property revenue growth between 5.75% and 6.75%, same-property
expense growth between 4.5% and 5.5%, same-property NOI growth between
7.0% and 8.0%, acquisitions of $100 to $200 million, dispositions of
$200 to $400 million and future development starts of $150 to $200
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, August 4, 2006
at 10:00 a.m. Central Time to review its second 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 Second 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 63,449 apartment homes across the
United States. Upon completion of 13 properties under development, the
Company's portfolio will increase to 67,911 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 OPERATING RESULTS
(In thousands, except per share and property data amounts)
- ----------------------------------------------------------------------
(Unaudited) Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
OPERATING DATA 2006 2005 2006 2005 (a)
- ------------------------------ ------------------ ------------------
Property revenues
Rental revenues $137,591 $123,442 $272,380 $226,224
Other property revenues 13,582 11,056 26,306 20,446
------------------ ------------------
Total property revenues 151,173 134,498 298,686 246,670
Property expenses
Property operating and
maintenance 40,520 36,259 79,495 68,437
Real estate taxes 16,296 15,225 32,726 27,847
------------------ ------------------
Total property expenses 56,816 51,484 112,221 96,284
Non-property income
Fee and asset management 3,120 1,834 5,597 9,140
Sale of technology investments - - - 24,199
Interest and other income 3,611 1,265 4,364 4,488
Income on deferred
compensation plans 2,331 2,095 2,381 2,118
------------------ ------------------
Total non-property income 9,062 5,194 12,342 39,945
Other expenses
Property management 4,966 3,922 9,192 7,142
Fee and asset management 3,238 1,043 4,604 2,991
General and administrative 8,036 6,558 15,450 11,834
Transaction compensation and
merger expenses - 261 - 14,085
Interest 31,379 28,584 62,416 52,085
Depreciation and amortization 41,242 44,182 78,295 75,840
Amortization of deferred
financing costs 909 796 1,956 2,017
Expense on deferred
compensation plans 2,331 2,095 2,381 2,118
------------------ ------------------
Total other expenses 92,101 87,441 174,294 168,112
------------------ ------------------
Income from continuing
operations before gain on
sale of properties, equity in
income of joint ventures and
minority interests 11,318 767 24,513 22,219
Gain on sale of properties,
including land 810 - 1,309 132,117
Equity in income of joint
ventures 569 245 2,886 355
Minority interests:
Distributions on perpetual
preferred units (1,750) (1,750) (3,500) (3,528)
Original issuance costs on
redeemed perpetual preferred
units - - - (365)
Income allocated to common
units and other minority
interests (1,182) (570) (2,536) (1,703)
------------------ ------------------
Income (loss) from continuing
operations 9,765 (1,308) 22,672 149,095
Income from discontinued
operations 1,165 1,447 3,031 3,329
Gain on sale of discontinued
operations 23,652 21,724 51,044 36,115
Income from discontinued
operations allocated to
common units - (11) (722) (23)
------------------ ------------------
Net income $34,582 $21,852 $76,025 $188,516
================== ==================
PER SHARE DATA
- ------------------------------
Net income - basic $0.62 $0.41 $1.38 $3.78
Net income - diluted 0.61 0.39 1.36 3.53
Income (loss) from
continuing operations -
basic 0.17 (0.02) 0.41 2.99
Income (loss) from
continuing operations -
diluted 0.17 (0.03) 0.41 2.80
Weighted average number of
common and common equivalent
shares outstanding:
Basic 55,506 53,873 54,901 49,909
Diluted 56,683 55,538 56,083 53,916
PROPERTY DATA
- ------------------------------
Total operating properties
(end of period) (b) 186 191 186 191
Total operating apartment
homes in operating
properties (end of period)
(b) 63,737 65,992 63,737 65,992
Total operating apartment
homes (weighted average) 56,533 56,296 56,855 53,476
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 54,772 52,759 54,575 49,826
(a) The Company's 2005 financial results include the results of Summit
subsequent to February 28, 2005.
(b) Includes joint ventures and properties held for sale.
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
CAMDEN FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
- ----------------------------------------------------------------------
(Unaudited) Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
FUNDS FROM OPERATIONS 2006 2005 2006 2005 (a)
- ------------------------------ ------------------ ------------------
Net income $34,582 $21,852 $76,025 $188,516
Real estate depreciation and
amortization from
continuing operations 40,579 43,575 76,978 74,606
Real estate depreciation
from discontinued
operations - 1,430 346 2,857
Adjustments for
unconsolidated joint
ventures 764 1,297 1,545 1,965
Income from continuing
operations allocated to
common units 1,130 572 2,433 1,705
Income from discontinued
operations allocated to
common units - 11 722 23
(Gain) on sale of operating
properties - - - (132,117)
(Gain) on sale of
discontinued operations (23,652) (21,724) (51,044) (36,104)
(Gain) on sale of joint
venture properties - - (1,763) -
------------------ ------------------
Funds from operations -
diluted $53,403 $47,013 $105,242 $101,451
================== ==================
PER SHARE DATA
- ------------------------------
Funds from operations -
diluted $0.89 $0.80 $1.77 $1.88
Cash distributions 0.66 0.64 1.32 1.27
Weighted average number of
common and common equivalent
shares outstanding:
FFO - diluted 60,083 58,407 59,539 53,916
PROPERTY DATA
- ------------------------------
Total operating properties
(end of period) (b) 186 191 186 191
Total operating apartment
homes in operating
properties (end of period)
(b) 63,737 65,992 63,737 65,992
Total operating apartment
homes (weighted average) 56,533 56,296 56,855 53,476
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 54,772 52,759 54,575 49,826
(a) The Company's 2005 financial results include the results of Summit
subsequent to February 28, 2005.
(b) Includes joint ventures and properties held for sale.
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
CAMDEN BALANCE SHEETS
(In thousands)
- -------------- -------------------------------------------------------
(Unaudited) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2006 2006 2005 2005 2005
-------------------------------------------------------
ASSETS
Real estate
assets, at
cost
Land $697,690 $664,219 $646,854 $660,748 $657,433
Buildings and
improvements 4,074,737 3,892,700 3,840,969 3,881,682 3,839,732
-------------------------------------------------------
4,772,427 4,556,919 4,487,823 4,542,430 4,497,165
Accumulated
depreciation (786,208) (732,984) (716,650) (713,991) (694,120)
-------------------------------------------------------
Net
operating
real
estate
assets 3,986,219 3,823,935 3,771,173 3,828,439 3,803,045
Properties
under
development,
including
land 427,500 419,843 372,976 377,787 368,022
Investments
in joint
ventures 8,270 8,199 6,096 6,937 11,830
Properties
held for
sale 55,562 188,477 172,112 51,741 39,930
-------------------------------------------------------
Total real
estate
assets 4,477,551 4,440,454 4,322,357 4,264,904 4,222,827
Accounts
receivable -
affiliates 33,408 33,361 34,084 35,313 35,084
Notes
receivable
Affiliates 23,327 22,531 11,916 11,505 11,108
Other 9,211 13,264 13,261 24,865 32,283
Other assets,
net (a) 111,636 102,269 99,516 100,080 101,475
Cash and cash
equivalents 49,700 1,256 1,576 1,076 6,432
Restricted
cash 5,194 5,269 5,089 5,829 6,375
-------------------------------------------------------
Total
assets $4,710,027 $4,618,404 $4,487,799 $4,443,572 $4,415,584
=======================================================
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
Liabilities
Notes payable
Unsecured $1,940,693 $2,118,403 $2,007,164 $1,903,094 $1,860,107
Secured 620,592 623,250 625,927 661,723 672,557
Accounts
payable and
accrued
expenses 117,301 116,215 108,979 102,231 104,216
Accrued real
estate taxes 31,280 17,818 26,070 39,740 29,510
Other
liabilities
(b) 99,460 98,327 88,811 84,835 62,753
Distributions
payable 43,031 40,612 38,922 38,933 39,513
-------------------------------------------------------
Total
liabil-
ities 2,852,357 3,014,625 2,895,873 2,830,556 2,768,656
Commitments
and
contingencies
Minority
interests
Perpetual
preferred
units 97,925 97,925 97,925 97,925 97,925
Common units 106,217 113,034 112,637 115,190 118,119
Other
minority
interests 10,555 10,512 10,461 10,425 9,878
-------------------------------------------------------
Total
minority
interests 214,697 221,471 221,023 223,540 225,922
Shareholders'
equity
Common shares
of
beneficial
interest 649 610 608 607 606
Additional
paid-in
capital 2,172,616 1,908,099 1,902,595 1,899,713 1,895,018
Distributions
in excess of
net income (293,386) (289,482) (295,074) (273,609) (236,954)
Employee
notes
receivable (2,035) (2,046) (2,078) (2,087) (2,084)
Treasury
shares, at
cost (234,871) (234,873) (235,148) (235,148) (235,580)
-------------------------------------------------------
Total
share-
holders'
equity 1,642,973 1,382,308 1,370,903 1,389,476 1,421,006
-------------------------------------------------------
Total
liabil-
ities and
share-
holders'
equity $4,710,027 $4,618,404 $4,487,799 $4,443,572 $4,415,584
=======================================================
(a) includes:
net deferred
charges of: $13,120 $14,079 $13,061 $13,757 $14,266
value of in
place
leases of: $431 $1,156 $1,363 $10,561 $18,995
(b) includes:
deferred
revenues
of: $4,408 $4,843 $2,008 $2,152 $2,300
above/below
market
leases of: $13 $51 $90 $889 $1,675
distrib-
utions in
excess of
invest-
ments in
joint
ventures
of: $12,701 $11,556 $11,256 $18,730 $7,446
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 Six Months Ended
June 30, June 30,
-------------------- --------------------
2006 2005 2006 2005
-------------------- --------------------
Net income $34,582 $21,852 $76,025 $188,516
Real estate depreciation
and amortization from
continuing operations 40,579 43,575 76,978 74,606
Real estate depreciation
from discontinued
operations - 1,430 346 2,857
Adjustments for
unconsolidated joint
ventures 764 1,297 1,545 1,965
Income from continuing
operations allocated to
common units 1,130 572 2,433 1,705
Income from discontinued
operations allocated to
common units - 11 722 23
(Gain) on sale of operating
properties - - - (132,117)
(Gain) on sale of
discontinued operations (23,652) (21,724) (51,044) (36,104)
(Gain) on sale of joint
venture properties - - (1,763) -
-------------------- --------------------
Funds from operations -
diluted $53,403 $47,013 $105,242 $101,451
==================== ====================
Weighted average number of
common and common equivalent
shares outstanding:
EPS diluted 56,683 55,538 56,083 53,916
FFO diluted 60,083 58,407 59,539 53,916
Net income per common share
- diluted $0.61 $0.39 $1.36 $3.53
FFO per common share -
diluted $0.89 $0.80 $1.77 $1.88
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:
3Q06 Range 2006 Range
Low High Low High
-------------------- --------------------
Expected net income per share
- diluted $0.28 $0.32 $1.87 $2.02
Expected real estate
depreciation 0.61 0.61 2.44 2.44
Expected adjustments for
unconsolidated joint
ventures 0.01 0.01 0.05 0.05
Expected income allocated to
common units 0.02 0.02 0.10 0.10
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 (0.83) (0.83)
-------------------- --------------------
Expected FFO per share -
diluted $0.93 $0.97 $3.60 $3.75
Note: This table contains forward-looking statements. Please see the
paragraph regarding forward-looking statements earlier in this
document.
Net Operating Income (NOI)
- --------------------------
NOI is defined by the Company as total property income less property
operating and maintenance expenses less real estate taxes. The Company
considers NOI to be an appropriate supplemental measure of operating
performance to net income because it reflects the operating
performance of our communities without allocation of corporate level
property management overhead or general and administrative costs. A
reconciliation of net income to net operating income is provided
below:
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2006 2005 2006 2005
-------------------- --------------------
Net income $34,582 $21,852 $76,025 $188,516
Fee and asset management (3,120) (1,834) (5,597) (9,140)
Sale of technology
investments - - - (24,199)
Interest and other income (3,611) (1,265) (4,364) (4,488)
Income on deferred
compensation plans (2,331) (2,095) (2,381) (2,118)
Property management expense 4,966 3,922 9,192 7,142
Fee and asset management
expense 3,238 1,043 4,604 2,991
General and administrative
expense 8,036 6,558 15,450 11,834
Transaction compensation and
merger expenses - 261 - 14,085
Interest expense 31,379 28,584 62,416 52,085
Depreciation and amortization 41,242 44,182 78,295 75,840
Amortization of deferred
financing costs 909 796 1,956 2,017
Expense on deferred
compensation plans 2,331 2,095 2,381 2,118
Gain on sale of properties,
including land (810) - (1,309) (132,117)
Equity in income of joint
ventures (569) (245) (2,886) (355)
Distributions on perpetual
preferred units 1,750 1,750 3,500 3,528
Original issuance costs on
redeemed perpetual preferred
units - - - 365
Income allocated to common
units and other minority
interests 1,182 570 2,536 1,703
Income from discontinued
operations (1,165) (1,447) (3,031) (3,329)
Gain on sale of discontinued
operations (23,652) (21,724) (51,044) (36,115)
Income from discontinued
operations allocated to
common units - 11 722 23
-------------------- --------------------
Net Operating Income (NOI) $94,357 $83,014 $186,465 $150,386
"Same Property" Communities $83,908 $77,187 $166,386 $135,252
Non-"Same Property"
Communities 7,963 4,431 16,100 7,938
Development and Lease-Up
Communities 1,908 - 2,819 -
Dispositions/Other 578 1,396 1,160 7,196
-------------------- --------------------
Net Operating Income (NOI) $94,357 $83,014 $186,465 $150,386
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 Six Months Ended
June 30, June 30,
-------------------- --------------------
2006 2005 2006 2005
-------------------- --------------------
Net income $34,582 $21,852 $76,025 $188,516
Interest expense 31,379 28,584 62,416 52,085
Amortization of deferred
financing costs 909 796 1,956 2,017
Depreciation and amortization 41,242 44,182 78,295 75,840
Distributions on perpetual
preferred units 1,750 1,750 3,500 3,528
Original issuance costs on
redeemed perpetual preferred
units - - - 365
Income allocated to common
units and other minority
interests 1,182 570 2,536 1,703
Real estate depreciation from
discontinued operations - 1,430 346 2,857
Gain on sale of properties,
including land (810) - (1,309) (132,117)
Equity in income of joint
ventures (569) (245) (2,886) (355)
Gain on sale of discontinued
operations (23,652) (21,724) (51,044) (36,115)
Income from discontinued
operations allocated to
common units - 11 722 23
-------------------- --------------------
EBITDA $86,013 $77,206 $170,557 $158,347
CONTACT: Camden Property Trust, Houston
Kim Callahan, 713-354-2549