EXHIBIT 99.2
SECOND QUARTER 2006
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Supplemental Operating and Financial Data
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Camden Dilworth - Charlotte, NC
145 Apartment Homes - Currently 94% Leased
Camden Property Trust
Three Greenway Plaza, Suite 1300
Houston, Texas 77046
Phone: 713-354-2500 Fax: 713-354-2700
www.camdenliving.com
In addition to historical information, this document contains forward-looking
statements under the federal securities law. These statements are based on
current expectations, estimates and projections about the industry and markets
in which Camden operates, management's beliefs, and assumptions made by
management. Forward-looking statements are not guarantees of future performance
and involve certain risks and uncertainties which are difficult to predict.
CAMDEN TABLE OF CONTENTS
- ------------------------------------------------------------------------------------------------------------------------------
Page
Press Release Text ......................................................................................... 3
Financial Highlights ....................................................................................... 6
Operating Results .......................................................................................... 7
Funds from Operations ...................................................................................... 8
Balance Sheets ............................................................................................. 9
Portfolio Statistics ....................................................................................... 10
Components of Property Net Operating Income ................................................................ 11
"Same Property" Second Quarter Comparisons ................................................................. 12
"Same Property" Sequential Quarter Comparisons ............................................................. 13
"Same Property" Year to Date Comparisons ................................................................... 14
Joint Venture Operations ................................................................................... 15
Development Pipeline ....................................................................................... 16
Pre-Development Pipeline & Land Held for Sale .............................................................. 17
Mezzanine Financing Summary ................................................................................ 18
Acquisitions & Dispositions ................................................................................ 19
Debt Analysis .............................................................................................. 20
Debt Covenant Analysis ..................................................................................... 21
Capitalized Expenditures & Maintenance Expense ............................................................. 22
Non-GAAP Financial Measures - Definitions & Reconciliations ................................................ 23
Other Data ................................................................................................. 25
Community Table ............................................................................................ 26
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 FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
- -------------------------------------------------------------------------------------------------------------------
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
------------------------------- -------------------------------
2006 2005 2006 2005 (a)
------------------------------- -------------------------------
Total property revenues (b) $151,173 $134,498 $298,686 $246,670
EBITDA 86,013 77,206 170,557 158,347
Net income 34,582 21,852 76,025 188,516
Per share - basic 0.62 0.41 1.38 3.78
Per share - diluted 0.61 0.39 1.36 3.53
Income (loss) from continuing operations 9,765 (1,308) 22,672 149,095
per share - basic 0.17 (0.02) 0.41 2.99
per share - diluted 0.17 (0.03) 0.41 2.80
Funds from operations 53,403 47,013 105,242 101,451
Per share - diluted 0.89 0.80 1.77 1.88
Dividends per share 0.66 0.64 1.32 1.27
Dividend payout ratio 74.2% 80.0% 74.6% 67.6%
Interest expensed 31,379 28,584 62,416 52,085
Interest capitalized 5,476 4,508 10,675 7,642
Total interest incurred 36,855 33,092 73,091 59,727
Principal amortization 3,418 4,102 7,040 6,033
Preferred dividends & distributions 1,750 1,750 3,500 3,528
Interest expense coverage ratio 2.7 x 2.7 x 2.7 x 3.0 x
Total interest coverage ratio 2.3 x 2.3 x 2.3 x 2.7 x
Fixed charge expense coverage ratio 2.4 x 2.2 x 2.3 x 2.6 x
Total fixed charge coverage ratio 2.0 x 2.0 x 2.0 x 2.3 x
Same property NOI increase (c) 8.7% 3.9% 9.5% 1.9%
(# of apartment homes included) 50,732 50,970 50,732 50,970
Gross turnover of apartment homes (annualized) 78% 71% 69% 62%
Net turnover (excludes on-site transfers
and transfers to other Camden communities) 69% 65% 61% 56%
As of June 30,
---------------------------
2006 2005
---------------------------
Total assets $4,710,027 $4,415,584
Total debt $2,561,285 $2,532,664
Common and common equivalent shares, outstanding end of period (d) 62,770 58,586
Share price, end of period $73.55 $53.75
Preferred units, end of period $97,925 $97,925
Book equity value, end of period (e) $1,857,670 $1,646,928
Market equity value, end of period (e) $4,716,734 $3,248,998
Debt to total market capitalization ratio 35.2% 43.8%
Unencumbered real estate assets (at cost)
to unsecured debt ratio 216% 201%
(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 June 30, 2006: 59,001 common shares (including 684 common share
equivalents related to share awards & options), plus common share
equivalents upon the assumed conversion of minority interest units (3,769)
(e) Includes: common shares, preferred and common units, and common share
equivalents
Note: Please refer to pages 23 and 24 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
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 pages 23 and 24 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 (weighed 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 pages 23 and 24 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 liabilities 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 shareholders' equity 1,642,973 1,382,308 1,370,903 1,389,476 1,421,006
--------------------------------------------------------------------------
Total liabilities and
shareholders' 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
distributions in excess of
investments in joint ventures of: $12,701 $11,556 $11,256 $18,730 $7,446
CAMDEN PORTFOLIO STATISTICS
- ---------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
COMMUNITY PORTFOLIO AT JUNE 30, 2006 (in apartment homes)
COMPLETED UNDER
"SAME NON-"SAME WHOLLY- JOINT STABILIZED IN TOTAL DEVELOP
PROPERTY" PROPERTY"(A) OWNED VENTURE OPERATING LEASE-UP OPERATING -MENT TOTAL
-----------------------------------------------------------------------------------------------------
D.C. Metro (b) 2,614 268 2,882 - 2,882 464 3,346 2,191 5,537
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 5,635 - 5,635 - 5,635 - 5,635 - 5,635
Dallas, TX 7,033 730 7,763 456 8,219 - 8,219 - 8,219
Houston, TX (d) 4,244 814 5,058 1,216 6,274 - 6,274 886 7,160
SE Florida 2,100 420 2,520 - 2,520 - 2,520 - 2,520
Charlotte, NC 4,001 - 4,001 232 4,233 145 4,378 - 4,378
Orlando, FL 2,522 774 3,296 - 3,296 - 3,296 261 3,557
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 - 1,468 - 1,468 - 1,468 - 1,468
-------- ------- -------- ------- ------- -------- -------- -------- -------
Total Portfolio 50,732 4,712 55,444 7,684 63,128 609 63,737 4,462 68,199
(a) Includes the following three properties (1,260 apartment homes) held for
sale and reported in discontinued operations: Camden Oaks (446 apartment
homes) in Dallas, TX; Camden Crossing (366 apartment homes) and Camden
Wyndham (448 apartment homes) in Houston, TX.
(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.
SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (h)
"SAME PROPERTY" OPERATING INCL. JVs AT JUN 30 MAR 31 DEC 31 SEP 30 JUN 30
COMMUNITIES(E) COMMUNITIES(F) PRO RATA%(g) 2006 2006 2005 2005 2005
--------------------------------------------------------------------------------------------------
D.C. Metro 10.1% 10.7% 10.4% 96.5% 96.0% 96.8% 96.5% 95.2%
Las Vegas, NV 8.9% 7.9% 9.1% 96.4% 96.7% 97.6% 97.2% 97.2%
Los Angeles/Orange County, CA 4.4% 6.5% 6.5% 95.6% 95.4% 95.9% 94.9% 92.7%
San Diego/Inland Empire, CA 2.9% 2.6% 2.5% 95.3% 94.1% 92.9% 95.6% 93.4%
Tampa, FL 9.6% 8.5% 8.3% 96.0% 96.7% 97.2% 96.4% 96.0%
Dallas, TX 8.4% 8.4% 8.3% 95.9% 95.5% 95.9% 95.5% 94.7%
Houston, TX 7.3% 7.3% 7.4% 95.4% 95.8% 96.6% 95.6% 94.4%
SE Florida 7.0% 7.6% 7.4% 96.2% 98.4% 98.2% 97.0% 96.8%
Charlotte, NC 7.4% 6.8% 6.7% 95.7% 96.2% 96.1% 96.2% 95.4%
Orlando, FL 5.0% 6.1% 6.0% 95.1% 97.3% 97.4% 97.1% 97.7%
Atlanta, GA 6.4% 5.8% 5.6% 95.2% 95.0% 94.9% 95.2% 93.0%
Denver, CO 4.5% 4.0% 4.2% 95.1% 94.0% 92.7% 94.8% 93.6%
Raleigh, NC 4.0% 3.6% 3.5% 95.3% 96.9% 94.5% 94.7% 94.5%
Phoenix, AZ 3.2% 2.8% 3.1% 95.5% 97.9% 97.4% 96.6% 95.1%
St. Louis, MO 3.4% 3.1% 3.0% 95.4% 94.2% 94.7% 95.5% 95.4%
Austin, TX 1.9% 2.3% 2.2% 95.1% 95.1% 94.7% 95.8% 94.4%
Corpus Christi, TX 1.0% 1.8% 1.7% 95.3% 94.5% 96.6% 94.5% 94.8%
Louisville, KY 2.0% 2.0% 1.9% 96.1% 95.3% 95.9% 96.9% 93.7%
Other 2.5% 2.3% 2.2% 94.3% 94.2% 93.8% 95.2% 94.0%
--- --- --- ---- ---- ---- ---- ----
Total Portfolio 100.0% 100.0% 100.0% 95.7% 96.0% 96.2% 96.0% 95.2%
(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 June 30, Six Months Ended June 30,
Property Revenues Homes 2006 2005 Change 2006 2005 (a) Change
--------- --------------------------------------- --------------------------------------
"Same Property" Communities (b) 50,732 $134,964 $125,584 $9,380 $267,667 $222,852 $44,815
Non-"Same Property" Communities (c) 3,452 12,395 7,152 5,243 24,793 12,572 12,221
Development and Lease-Up Communities (d) 4,510 2,852 - 2,852 4,174 - 4,174
Dispositions / Other (e) - 962 1,762 (800) 2,052 11,246 (9,194)
------ -------- -------- ------ -------- -------- -------
Total Property Revenues 58,694 $151,173 $134,498 $16,675 $298,686 $246,670 $52,016
Property Expenses
"Same Property" Communities (b) 50,732 $51,056 $48,397 $2,659 $101,281 $87,600 $13,681
Non-"Same Property" Communities (c) 3,452 4,432 2,721 1,711 8,693 4,634 4,059
Development and Lease-Up Communities (d) 4,510 944 - 944 1,355 - 1,355
Dispositions / Other (e) - 384 366 18 892 4,050 (3,158)
------ -------- -------- ------ -------- -------- -------
Total Property Expenses 58,694 $56,816 $51,484 $5,332 $112,221 $96,284 $15,937
Property Net Operating Income
"Same Property" Communities (b) 50,732 $83,908 $77,187 $6,721 $166,386 $135,252 $31,134
Non-"Same Property" Communities (c) 3,452 7,963 4,431 3,532 16,100 7,938 8,162
Development and
Lease-Up Communities (d) 4,510 1,908 - 1,908 2,819 - 2,819
Dispositions / Other (e) - 578 1,396 (818) 1,160 7,196 (6,036)
------ -------- -------- ------ -------- -------- -------
Total Property Net
Operating Income 58,694 $94,357 $83,014 $11,343 $186,465 $150,386 $36,079
Income from Discontinued Operations (f) Three Months Ended June 30, Six Months Ended June 30,
2006 2005 2006 2005
-------------------------- -------------------------
Property Revenues $3,103 $6,297 $8,003 $13,114
Property Expenses 1,938 3,420 4,626 6,928
------- ------- ------- -------
Property Net Operating Income 1,165 2,877 3,377 6,186
Depreciation and Amortization - (1,430) (346) (2,857)
Income from discontinued operations
allocated to common units - (11) (722) (23)
Gain on sale of discontinued operations 23,652 21,724 51,044 36,115
------- ------- ------- -------
Income from Discontinued Operations $24,817 $23,160 $53,353 $39,421
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 4,358 apartment
homes, disposed of during 2005 and during the three and six months ended
June 30, 2006 or held for sale at June 30, 2006.
"SAME PROPERTY"
CAMDEN SECOND QUARTER COMPARISONS
June 30, 2006
(In thousands, except property data amounts)
- -----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 2Q06 2Q05 Growth 2Q06 2Q05 Growth 2Q06 2Q05 Growth
- -----------------------------------------------------------------------------------------------------------------------------
D.C. Metro $11,441 $10,602 7.9% $2,954 $2,830 4.4% $8,487 $7,772 9.2%
Las Vegas, NV 11,086 10,351 7.1% 3,589 3,417 5.0% 7,497 6,934 8.1%
Los Angeles/Orange County, CA 5,077 4,580 10.9% 1,427 1,432 (0.3%) 3,650 3,148 15.9%
San Diego/Inland Empire, CA 3,758 3,441 9.2% 1,360 1,386 (1.9%) 2,398 2,055 16.7%
Tampa, FL 14,240 12,897 10.4% 6,225 5,546 12.2% 8,015 7,351 9.0%
Dallas, TX 14,247 13,418 6.2% 7,192 6,528 10.2% 7,055 6,890 2.4%
Houston, TX 10,609 9,953 6.6% 4,459 4,205 6.0% 6,150 5,748 7.0%
SE Florida 8,883 8,205 8.3% 2,969 3,253 (8.7%) 5,914 4,952 19.4%
Charlotte, NC 9,841 8,956 9.9% 3,665 3,471 5.6% 6,176 5,485 12.6%
Orlando, FL 6,784 6,205 9.3% 2,604 2,353 10.7% 4,180 3,852 8.5%
Atlanta, GA 8,526 8,005 6.5% 3,154 3,027 4.2% 5,372 4,978 7.9%
Denver, CO 5,667 5,658 0.2% 1,877 1,861 0.9% 3,790 3,797 (0.2%)
Raleigh, NC 5,088 4,704 8.2% 1,727 1,682 2.7% 3,361 3,022 11.2%
Phoenix, AZ 3,895 3,457 12.7% 1,223 1,196 2.3% 2,672 2,261 18.2%
St. Louis, MO 4,583 4,526 1.3% 1,704 1,646 3.5% 2,879 2,880 (0.0%)
Austin, TX 3,376 3,217 4.9% 1,765 1,607 9.8% 1,611 1,610 0.1%
Corpus Christi, TX 1,544 1,493 3.4% 681 603 12.9% 863 890 (3.0%)
Louisville, KY 2,944 2,730 7.8% 1,237 1,080 14.5% 1,707 1,650 3.5%
Other 3,375 3,186 5.9% 1,244 1,274 (2.4%) 2,131 1,912 11.5%
----- ----- --- ----- ----- ---- ----- ----- ----
Total Same Property $134,964 $125,584 7.5% $51,056 $48,397 5.5% $83,908 $77,187 8.7%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 2Q06 2Q05 Change 2Q06 2Q05 Change
- -------------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,614 10.1% 96.4% 95.2% 1.2% $1,418 $1,339 6.0%
Las Vegas, NV 4,017 8.9% 96.8% 97.5% (0.7%) 867 813 6.7%
Los Angeles/Orange County, CA 1,232 4.4% 94.9% 93.1% 1.8% 1,398 1,305 7.1%
San Diego/Inland Empire, CA 846 2.9% 95.3% 93.4% 1.9% 1,457 1,368 6.5%
Tampa, FL 5,635 9.6% 96.0% 96.0% 0.0% 798 725 10.1%
Dallas, TX 7,033 8.4% 95.8% 94.9% 0.9% 653 641 1.9%
Houston, TX 4,244 7.3% 95.5% 95.2% 0.3% 809 774 4.6%
SE Florida 2,100 7.0% 96.3% 96.9% (0.6%) 1,365 1,252 9.1%
Charlotte, NC 4,001 7.4% 95.7% 95.4% 0.3% 795 750 6.1%
Orlando, FL 2,522 5.0% 94.5% 97.7% (3.2%) 875 779 12.3%
Atlanta, GA 3,202 6.4% 95.2% 93.8% 1.4% 876 845 3.7%
Denver, CO 2,209 4.5% 95.1% 93.8% 1.3% 812 835 (2.8%)
Raleigh, NC 2,220 4.0% 95.3% 94.7% 0.6% 740 729 1.5%
Phoenix, AZ 1,441 3.2% 96.1% 95.8% 0.3% 876 779 12.4%
St. Louis, MO 2,123 3.4% 95.4% 95.4% 0.0% 702 698 0.5%
Austin, TX 1,745 1.9% 95.7% 94.4% 1.3% 617 607 1.7%
Corpus Christi, TX 632 1.0% 95.3% 94.8% 0.5% 731 717 2.0%
Louisville, KY 1,448 2.0% 96.1% 93.7% 2.4% 643 620 3.8%
Other 1,468 2.5% 94.3% 93.9% 0.4% 760 740 2.8%
----- --- ---- ---- --- --- --- ---
Total Same Property 50,732 100.0% 95.7% 95.3% 0.4% $858 $813 5.4%
(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.
(b) Weighted average rental rates are the Company's market rental rates after
"loss to lease" and concessions, but before vacancy and bad debt.
"SAME PROPERTY"
CAMDEN SEQUENTIAL QUARTER COMPARISONS
June 30, 2006
(In thousands, except property data amounts)
- ------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 2Q06 1Q06 Growth 2Q06 1Q06 Growth 2Q06 1Q06 Growth
- ------------------------------------------------------------------------------------------------------------------------------
D.C. Metro $11,441 $11,100 3.1% $2,954 $3,026 (2.4%) $8,487 $8,074 5.1%
Las Vegas, NV 11,086 10,973 1.0% 3,589 3,526 1.8% 7,497 7,447 0.7%
Los Angeles/Orange County, CA 5,077 5,005 1.4% 1,427 1,390 2.7% 3,650 3,615 1.0%
San Diego/Inland Empire, CA 3,758 3,669 2.4% 1,360 1,376 (1.2%) 2,398 2,293 4.6%
Tampa, FL 14,240 13,939 2.2% 6,225 5,761 8.1% 8,015 8,178 (2.0%)
Dallas, TX 14,247 14,015 1.7% 7,192 7,151 0.6% 7,055 6,864 2.8%
Houston, TX 10,609 10,533 0.7% 4,459 4,380 1.8% 6,150 6,153 (0.0%)
SE Florida 8,883 8,830 0.6% 2,969 3,101 (4.3%) 5,914 5,729 3.2%
Charlotte, NC 9,841 9,628 2.2% 3,665 3,719 (1.5%) 6,176 5,909 4.5%
Orlando, FL 6,784 6,696 1.3% 2,604 2,387 9.1% 4,180 4,309 (3.0%)
Atlanta, GA 8,526 8,412 1.4% 3,154 3,188 (1.1%) 5,372 5,224 2.8%
Denver, CO 5,667 5,558 2.0% 1,877 1,915 (2.0%) 3,790 3,643 4.0%
Raleigh, NC 5,088 5,090 (0.0%) 1,727 1,713 0.8% 3,361 3,377 (0.5%)
Phoenix, AZ 3,895 3,842 1.4% 1,223 1,220 0.2% 2,672 2,622 1.9%
St. Louis, MO 4,583 4,439 3.2% 1,704 1,732 (1.6%) 2,879 2,707 6.4%
Austin, TX 3,376 3,338 1.1% 1,765 1,683 4.9% 1,611 1,655 (2.7%)
Corpus Christi, TX 1,544 1,542 0.1% 681 686 (0.7%) 863 856 0.8%
Louisville, KY 2,944 2,820 4.4% 1,237 1,033 19.7% 1,707 1,787 (4.5%)
Other 3,375 3,275 3.1% 1,244 1,239 0.4% 2,131 2,036 4.7%
----- ----- --- ----- ----- --- ----- ----- ---
Total Same Property $134,964 $132,704 1.7% $51,056 $50,226 1.7% $83,908 $82,478 1.7%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 2Q06 1Q06 Change 2Q06 1Q06 Change
--------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,614 10.1% 96.4% 95.9% 0.5% $1,418 $1,397 1.5%
Las Vegas, NV 4,017 8.9% 96.8% 97.2% (0.4%) 867 854 1.5%
Los Angeles/Orange County, CA 1,232 4.4% 94.9% 96.0% (1.1%) 1,398 1,376 1.6%
San Diego/Inland Empire, CA 846 2.9% 95.3% 94.1% 1.2% 1,457 1,440 1.2%
Tampa, FL 5,635 9.6% 96.0% 96.7% (0.7%) 798 781 2.3%
Dallas, TX 7,033 8.4% 95.8% 95.6% 0.2% 653 649 0.6%
Houston, TX 4,244 7.3% 95.5% 96.2% (0.7%) 809 800 1.2%
SE Florida 2,100 7.0% 96.3% 98.3% (2.0%) 1,365 1,328 2.8%
Charlotte, NC 4,001 7.4% 95.7% 96.2% (0.5%) 795 778 2.2%
Orlando, FL 2,522 5.0% 94.5% 97.1% (2.6%) 875 849 3.1%
Atlanta, GA 3,202 6.4% 95.2% 95.0% 0.2% 876 864 1.5%
Denver, CO 2,209 4.5% 95.1% 93.7% 1.4% 812 817 (0.7%)
Raleigh, NC 2,220 4.0% 95.3% 97.0% (1.7%) 740 728 1.6%
Phoenix, AZ 1,441 3.2% 96.1% 97.8% (1.7%) 876 845 3.7%
St. Louis, MO 2,123 3.4% 95.4% 94.2% 1.2% 702 693 1.2%
Austin, TX 1,745 1.9% 95.7% 96.0% (0.3%) 617 614 0.5%
Corpus Christi, TX 632 1.0% 95.3% 94.5% 0.8% 731 740 (1.3%)
Louisville, KY 1,448 2.0% 96.1% 95.3% 0.8% 643 631 2.0%
Other 1,468 2.5% 94.3% 93.1% 1.2% 760 749 1.5%
----- --- ---- ---- --- --- --- ---
Total Same Property 50,732 100.0% 95.7% 96.0% (0.3%) $858 $844 1.6%
(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.
(b) Weighted average rental rates are the Company's market rental rates after
"loss to lease" and concessions, but before vacancy and bad debt.
"SAME PROPERTY"
CAMDEN YEAR TO DATE COMPARISONS
June 30, 2006
(In thousands, except property data amounts)
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Year to Date Results (a) 2006 2005 Growth 2006 2005 Growth 2006 2005 Growth
--------------------------------------------------------------------------------------------------------------------------------
D.C. Metro $22,541 $20,785 8.4% $5,980 $5,679 5.3% $16,561 $15,106 9.6%
Las Vegas, NV 22,058 20,409 8.1% 7,115 6,718 5.9% 14,943 13,691 9.1%
Los Angeles/Orange County, CA 10,082 9,225 9.3% 2,816 2,777 1.4% 7,266 6,448 12.7%
San Diego/Inland Empire, CA 7,428 6,896 7.7% 2,737 2,766 (1.0%) 4,691 4,130 13.6%
Tampa, FL 28,179 25,531 10.4% 11,986 11,125 7.7% 16,193 14,406 12.4%
Dallas, TX 28,261 26,482 6.7% 14,343 13,183 8.8% 13,918 13,299 4.7%
Houston, TX 21,141 19,733 7.1% 8,837 8,421 4.9% 12,304 11,312 8.8%
SE Florida 17,713 16,169 9.5% 6,070 6,344 (4.3%) 11,643 9,825 18.5%
Charlotte, NC 19,470 17,751 9.7% 7,383 6,964 6.0% 12,087 10,787 12.1%
Orlando, FL 13,479 12,346 9.2% 4,991 4,643 7.5% 8,488 7,703 10.2%
Atlanta, GA 16,938 15,772 7.4% 6,340 5,898 7.5% 10,598 9,874 7.3%
Denver, CO 11,225 11,110 1.0% 3,792 3,726 1.8% 7,433 7,384 0.7%
Raleigh, NC 10,178 9,285 9.6% 3,440 3,258 5.6% 6,738 6,027 11.8%
Phoenix, AZ 7,737 6,878 12.5% 2,443 2,334 4.7% 5,294 4,544 16.5%
St. Louis, MO 9,022 8,794 2.6% 3,436 3,308 3.9% 5,586 5,486 1.8%
Austin, TX 6,715 6,356 5.6% 3,449 3,226 6.9% 3,266 3,130 4.3%
Corpus Christi, TX 3,086 2,979 3.6% 1,367 1,176 16.2% 1,719 1,803 (4.7%)
Louisville, KY 5,764 5,317 8.4% 2,270 2,110 7.6% 3,494 3,207 8.9%
Other 6,650 6,312 5.4% 2,486 2,520 (1.3%) 4,164 3,792 9.8%
----- ----- --- ----- ----- ---- ----- ----- ---
Total Same Property $267,667 $248,130 7.9% $101,281 $96,176 5.3% $166,386 $151,954 9.5%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Year to Date Results (a) Included Contribution (a) 2006 2005 Change 2006 2005 Change
-----------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,614 10.0% 96.2% 94.4% 1.8% $1,407 $1,331 5.7%
Las Vegas, NV 4,017 9.0% 97.0% 97.5% (0.5%) 860 805 6.9%
Los Angeles/Orange County, CA 1,232 4.4% 95.4% 93.9% 1.5% 1,387 1,303 6.4%
San Diego/Inland Empire, CA 846 2.8% 94.7% 92.1% 2.6% 1,449 1,404 3.2%
Tampa, FL 5,635 9.7% 96.3% 96.2% 0.1% 789 717 10.1%
Dallas, TX 7,033 8.4% 95.7% 93.5% 2.2% 651 643 1.2%
Houston, TX 4,244 7.4% 95.8% 93.9% 1.9% 804 779 3.3%
SE Florida 2,100 7.0% 97.3% 96.5% 0.8% 1,347 1,249 7.8%
Charlotte, NC 4,001 7.3% 95.9% 94.7% 1.2% 787 748 5.2%
Orlando, FL 2,522 5.1% 95.8% 98.1% (2.3%) 862 771 11.8%
Atlanta, GA 3,202 6.4% 95.1% 92.3% 2.8% 870 850 2.3%
Denver, CO 2,209 4.5% 94.4% 92.8% 1.6% 814 839 (2.9%)
Raleigh, NC 2,220 4.0% 96.2% 93.2% 3.0% 734 729 0.7%
Phoenix, AZ 1,441 3.2% 96.9% 95.9% 1.0% 861 778 10.6%
St. Louis, MO 2,123 3.4% 94.8% 93.5% 1.3% 697 694 0.5%
Austin, TX 1,745 2.0% 95.8% 94.3% 1.5% 615 603 2.0%
Corpus Christi, TX 632 1.0% 94.9% 95.4% (0.5%) 736 720 2.2%
Louisville, KY 1,448 2.1% 95.7% 92.1% 3.6% 637 620 2.7%
Other 1,468 2.5% 93.7% 93.4% 0.3% 755 739 2.1%
----- --- ---- ---- --- --- --- ---
Total Same Property 50,732 100.0% 95.8% 94.6% 1.2% $851 $812 4.8%
(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)
- ------------------------------------------------------------------------------------------------------------------------
Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
----------------------------- -----------------------------
OPERATING DATA (a) (2006) (2005) (2006) 2005 (b)
- ---------------------------------------- ----------------------------- -----------------------------
Property Revenues
Rental revenues $3,929 $4,537 $7,971 $7,060
Other property revenues 439 460 841 673
----------------------------- -----------------------------
Total property revenues 4,368 4,997 8,812 7,733
Property Expenses
Property operating and maintenance 1,225 1,416 2,447 2,219
Real estate taxes 386 418 782 603
----------------------------- -----------------------------
Total property expenses 1,611 1,834 3,229 2,822
Net Operating Income (NOI) 2,757 3,163 5,583 4,911
Other expenses
Interest 1,377 1,630 2,817 2,511
Depreciation and amortization 787 1,263 1,591 2,013
Other 24 25 44 32
----------------------------- -----------------------------
Total other expenses 2,188 2,918 4,452 4,556
Gain on sale of properties, net - - 1,755 -
----------------------------- -----------------------------
Equity in income of joint ventures $569 $245 $2,886 $355
============================= =============================
Jun 30, Mar 31, Dec 31, Sept 30, Jun 30,
2006 2006 2005 2005 2005
-------------------------------------------------------------------------
BALANCE SHEET DATA (c)
- ----------------------------------------
Real estate assets, net $647,555 $640,591 $659,834 $708,864 $708,611
Cash and other assets, net 14,798 15,011 14,146 16,300 21,475
-------------------------------------------------------------------------
Total assets $662,353 $655,602 $673,980 $725,164 $730,086
Notes payable $540,134 $531,266 $559,323 $618,656 $538,279
Notes payable due to Camden 23,326 22,531 11,916 11,505 11,108
Other liabilities 8,009 7,902 10,149 10,617 9,736
-------------------------------------------------------------------------
Total liabilities $571,469 $561,699 $581,388 $640,778 $559,123
Members' equity 90,884 93,903 92,592 84,386 170,963
-------------------------------------------------------------------------
Total liabilities and members' equity $662,353 $655,602 $673,980 $725,164 $730,086
Camden's equity investment $8,270 $8,199 $6,096 $6,937 $11,830
Distributions in excess of
investment in joint ventures ($12,701) ($11,556) ($11,256) ($18,730) ($7,446)
Camden's pro-rata share of debt $126,766 $123,879 $121,526 $134,057 $117,934
PROPERTY DATA (end of period) (c)
- ----------------------------------------
Total operating properties 28 28 30 33 33
Total operating apartment homes 7,684 7,684 8,355 9,784 9,784
Pro rata share of operating apartment homes 1,644 1,644 1,812 2,113 2,113
Total development properties 2 2 1 1 1
Total development apartment homes 561 561 464 464 464
Pro rata share of development apartment homes 168 168 93 93 93
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) The Company's 2005 financial results include the results of Summit
subsequent to February 28, 2005.
(c) Balance sheet and property data reported at 100%.
CAMDEN DEVELOPMENT PIPELINE
- --------------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF JUNE 30, 2006 ($ in millions)
Con Estimated/Actual Dates for
Total Total Cost -struction Initial ConstructioStabilized As of 07/30/06
Completed Communities Homes Budget to Date Start Occupancy Completion Operation% Leased% Occupied
- --------------------------------------------------------------------------------------------------------------------------
1. Camden Dilworth 145 $18.0 $16.7 4Q04 1Q06 2Q06 3Q06 94% 90%
Charlotte, NC
2. Camden Westwind 464 97.6 94.9 1Q04 1Q05 2Q06 2Q07 58% 62%
Ashburn, VA
Total Completed Communities 609 $115.6 $111.6 67% 69%
Con Estimated/Actual Dates for
Total Total Cost Amount -struction Initial Construction Stabilized As of 07/30/06
Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operation% Leased% Occupied
- --------------------------------------------------------------------------------------------------------------------------
IN LEASE-UP
- -----------
3. Camden Fairfax Corner 488 $82.0 $78.2 $32.9 4Q03 3Q05 4Q06 2Q07 81% 78%
Fairfax, VA
4. Camden Manor Park 484 52.0 48.5 19.4 2Q04 4Q05 4Q06 3Q07 57% 48%
Raleigh, NC
5. Camden Clearbrook 297 45.0 36.8 32.5 4Q04 2Q06 4Q06 3Q07 31% 26%
Frederick, MD
6. Camden Royal Oaks 236 22.0 19.3 10.4 2Q05 2Q06 3Q06 3Q07 23% 6%
Houston, TX
UNDER CONSTRUCTION
- ------------------
7. Camden Old Creek 350 98.0 78.6 70.0 1Q05 3Q06 2Q07 4Q07
San Marcos, CA
8. Camden Monument Place 368 64.0 34.3 34.3 1Q05 4Q06 3Q07 1Q08
Fairfax, VA
9. Camden Potomac Yards 379 110.0 47.1 47.1 1Q05 1Q07 3Q07 3Q08
Arlington County, VA
10. Camden City Centre 379 54.0 17.4 17.4 1Q06 2Q07 3Q07 3Q08
Houston, TX
11. Camden Dulles Station 368 77.0 22.1 22.1 1Q06 3Q07 2Q08 1Q09
Herndon, VA
12. Camden Summerfield 291 68.0 20.5 20.5 2Q06 4Q07 3Q08 1Q09
Frederick, MD
13. Camden Orange Court 261 49.0 9.9 9.9 2Q06 2Q08 3Q08 1Q09
Orlando, FL
Total Development Communities 3,901 $721.0 $412.7 $316.5
Additional land held for development (a) 111.0
-----
Total Properties Under Development (per Balance Sheet) $427.5
======
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
Total Cost 2Q06 NOI
---------- --------
Development Communities stabilized at quarter end $29.6 $0.4
Completed Communities in lease-up 111.6 0.6
Development Communities 412.7 1.3
----- ---
Total Development NOI Contribution $553.9 $2.3
(a) Please refer to the pre-development pipeline summary on page 17.
JOINT VENTURE DEVELOPMENT PIPELINE AS OF JUNE 30, 2006 ($ in millions)
Con Estimated/Actual Dates for
Total Total Cost Amount -struction Initial Constructio Stabilized
Joint Venture Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations
- ------------------------------------------------------------------------------------------------------------------------
UNDER CONSTRUCTION
1. Camden Main & Jamboree 290 $107.1 $80.5 $80.5 3Q04 4Q06 1Q07 3Q07
Irvine, CA
2. Camden Plaza 271 42.9 17.8 17.8 1Q06 2Q07 3Q07 2Q08
-- --- ---- ---- ---- - -- - -- - -- - --
Houston, TX
Total Joint Venture Development Communities 561 $150.0 $98.3 $98.3
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
CAMDEN PRE-DEVELOPMENT PIPELINE
& LAND HELD FOR SALE
- -------------------------------------------------------------------------------------------------------------------------
(Unaudited)
PRE-DEVELOPMENT PIPELINE AS OF JUNE 30, 2006 ($ in millions)
Potential Total
Apartment Estimated
Location Acres Homes Cost to Date Cost
- -------------------------------------------------------------------------------------------------------------------------
D.C. Metro 17.3 965 $68.9 $290.0
Tampa 9.6 192 5.2 30.0
Dallas 4.6 306 8.7 50.0
Houston 47.3 1,470 28.2 170.0
Total Pre-Development: (a) 78.8 2,933 $111.0 $540.0
(a) Pre-development pipeline includes some acreage which may be developed or
sold for non-multifamily uses.
LAND HELD FOR SALE AS OF JUNE 30, 2006 ($ in millions)
Current
Location Acres Book Value
- ---------------------------------------------------------------------------------------
Southeast Florida 4.8 $14.0
Los Angeles/Orange County 2.1 9.9
Dallas 7.0 8.2
Total Land Parcels Held For Sale: 13.9 $32.1
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
CAMDEN MEZZANINE FINANCING SUMMARY
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
MEZZANINE FINANCING AS OF JUNE 30, 2006 ($ in thousands)
06/30/06 06/30/06 03/31/06
Total Note Note
Location Current Property Type Current Status Homes Balance Balance
-------------------------------------------------------------------------------------------------------------------------------
Irvine, CA Multifamily Development 290 $16,496 $15,933
Houston, TX Multifamily Development/Predevelopment 271 10,686 10,453
Dallas/Fort Worth, TX Multifamily Stabilized 264 2,870 6,924
Austin, TX Multifamily Stabilized 296 2,486 2,485
Total Mezzanine Financing Volume: 1,121 $32,538 $35,795
Weighted Average Interest Rate Recognized: 12.3% 12.0%
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
- ------------ -------- ------------- ----- ---------- ------------
1. Camden Highlands Plano, TX Multifamily 160 1985 01/12/06
2. Camden Plaza (b) Houston, TX Undeveloped Land 3.6 Acres N/A 01/20/06
3. Camden View Tucson, AZ Multifamily 365 1974 03/06/06
4. Camden Pass Tucson, AZ Multifamily 456 1984 04/06/06
5. Camden Trails Dallas, TX Multifamily 264 1984 04/11/06
6. Camden Wilshire Houston, TX Multifamily 536 1982 06/15/06
7. College Park Land Tract College Park, MD Undeveloped Land 4.7 Acres N/A 06/23/06
Total Disposition Volume: $100.5 million (b) 1,781 apartment homes
8.3 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: $112.4 million 1,949 apartment homes
8.3 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 JUNE 30, 2006: (a)
Weighted Average
Future Scheduled Repayments Percent Interest Rate on
-----------------------------------------------------
Year Amortization Maturities Total of Total Maturing Debt
---------------------------------------------------------------------------------------------------------------------
2006 $6,713 $125,000 $131,713 5.1% 7.2%
2007 13,262 219,733 232,995 9.1% 5.7%
2008 11,777 188,879 200,656 7.8% 4.8%
2009 7,860 190,324 198,184 7.7% 5.0%
2010 7,119 445,677 452,796 17.7% 5.1%
2011 4,314 244,233 248,547 9.7% 6.5%
2012 3,307 269,541 272,848 10.7% 5.7%
Thereafter 60,813 501,733 562,546 22.0% 5.1%
Total Maturing Debt $115,165 $2,185,120 $2,300,285 89.8% 5.5%
Unsecured Line of Credit 0 261,000 261,000 10.2% 5.5%
Total Debt $115,165 $2,446,120 $2,561,285 100.0% 5.5%
Weighted Average Maturity of Debt 5.8 Years (excluding line of credit)
Weighted Average
FLOATING vs. FIXED RATE DEBT: Balance % of Total Interest Rate
--------------------------------------------------
Floating rate debt $357,467 14.0% 5.3%
Fixed rate debt 2,203,818 86.0% 5.5%
Total $2,561,285 100.0% 5.5%
Weighted Average
SECURED vs. UNSECURED DEBT: Balance % of Total Interest Rate
--------------------------------------------------
Unsecured debt $1,940,693 75.8% 5.7%
Secured debt 620,592 24.2% 4.9%
Total $2,561,285 100.0% 5.5%
Weighted Average
SECURED DEBT DETAIL: Balance % of Total Interest Rate
--------------------------------------------------
Coventional fixed-rate mortgage debt $517,516 83.4% 4.9%
Coventional floating-rate mortgage debt 6,900 1.1% 7.1%
Tax exempt fixed rate debt 6,609 1.1% 7.3%
Tax exempt variable rate debt 89,567 14.4% 4.4%
Total $620,592 100.0% 4.9%
REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total
------------------------------------------------------------------------
Unencumbered real estate assets 49,765 83.0% $4,190,673 79.4%
Encumbered real estate assets 10,189 17.0% 1,084,409 20.6%
Total 59,954 100.0% $5,275,082 100.0%
-------------------------------------------------------------------------------------------
Ratio of unencumbered assets at cost to unsecured debt is 2.2 times
-------------------------------------------------------------------------------------------
UNCONSOLIDATED, NON-RECOURSE DEBT:
Pro-Rata Share of Debt $126,766
Weighted Average Interest Rate 6.0%
(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
June 30, 2006
- -------------------------------------------------------------------------------------------------------------------
(Unaudited)
UNSECURED LINE OF CREDIT (a)
Covenant (b) Required Actual (c) Compliance
--------------- --------------- -----------------
Total Consolidated Debt to Gross Asset Value <= 60% 47% Yes
Secured Debt to Gross Asset Value <= 40% 11% Yes
Consolidated EBITDA to Total Fixed Charges >= 150% 195% Yes
Unencumbered Adjusted NOI to Unsecured Interest Expense > 200% 235% Yes
SENIOR UNSECURED NOTES
Covenant (b) Required Actual (c) Compliance
--------------- --------------- -----------------
Total Consolidated Debt to Total Asset Value <= 60% 47% Yes
Total Secured Debt to Total Asset Value <= 40% 11% Yes
Total Unencumbered Asset Value to Total Unsecured Debt >= 150% 224% Yes
Consolidated Income Available for Debt Service to Total > 150% 234% 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.
1
CAMDEN CAPITALIZED EXPENDITURES
& MAINTENANCE EXPENSE
(In thousands, except unit data)
- -------------------------------------------------------------------------------------------------------------
(Unaudited)
Second Quarter 2006 (a)
------------------------------------------------------------------------
Capitalized Expensed
--------------------------------------------- ----------------------
Weighted Average
Item Useful Life (b) Total Per Unit Total Per Unit
- -------------------------------- --------------------------------------------- ----------------------
Interiors
Floor coverings 5.3 years $2,655 $47 $850 $15
Appliances 9.2 years 430 8 163 3
Painting - - - 1,608 28
Cabinetry/Countertops 10.0 years 197 3 - -
Other 8.1 years 630 11 432 8
Exteriors
Painting 5.0 years 1,580 28 - -
Carpentry 10.0 years 1,961 35 - -
Landscaping 6.9 years 934 17 2,740 48
Roofing 20.0 years 544 10 63 1
Site Drainage 10.0 years 144 3 - -
Fencing/Stair 10.0 years 288 5 - -
Other (c) 7.0 years 3,093 55 3,265 58
Common Areas
Mech., Elec., Plumbing 9.8 years 771 14 767 14
Parking/Paving 5.0 years 429 8 - -
Pool/Exercise/Facility 8.6 years 1,840 33 380 7
--------------------- ----------------------
$15,496 $274 $10,268 $182
Weighted Average Apartment Homes 56,533 56,533
Year-to-Date 2006 (a)
------------------------------------------------------------------------
Capitalized Expensed
--------------------------------------------- ----------------------
Weighted Average
Item Useful Life (b) Total Per Unit Total Per Unit
- -------------------------------- --------------------------------------------- ----------------------
Floor coverings 5.3 years $5,000 $88 $1,611 $28
Appliances 9.2 years 870 15 317 6
Painting - - - 3,020 53
Cabinetry/Countertops 10.0 years 399 7 - -
Other 8.1 years 917 16 812 14
Exteriors
Painting 5.0 years 1,932 34 - -
Carpentry 10.0 years 2,226 39 - -
Landscaping 6.9 years 1,391 24 5,452 96
Roofing 20.0 years 743 13 98 2
Site Drainage 10.0 years 167 3 - -
Fencing/Stair 10.0 years 931 16 - -
Other (c) 7.0 years 5,387 95 6,329 111
Common Areas
Mech., Elec., Plumbing 9.8 years 1,230 22 1,338 24
Parking/Paving 5.0 years 449 8 - -
Pool/Exercise/Facility 8.6 years 2,514 44 611 11
--------------------- ----------------------
$24,156 $425 $19,588 $345
Weighted Average Apartment Homes 56,855 56,855
(a) Includes discontinued operations. Capitalized expenditures for discontinued
operations were $233 and $600 for the three months and six months ended
June 30, 2006 respectively. Maintenance expenses for discontinued
operations were $282 and $674 for the same periods.
(b) of capitalized expenses for the three months ended June 30, 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 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 on page 1 of this document.
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
- -----------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating
and maintenance expenses less real estate taxes. The Company considers NOI to be
an appropriate supplemental measure of operating performance to net income
because it reflects the operating performance of our communities without
allocation of corporate level property management overhead or general and
administrative costs. A reconciliation of net income to net operating income is
provided below:
Three Months Ended 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
CAMDEN OTHER DATA
--------------------------------------------------------------------------------------------------------------
(Unaudited)
Stock Symbol: CPT
Exchange Traded: NYSE
Senior Unsecured Debt Ratings: Rating Outlook
Moody's Baa2 Positive
Standard & Poors BBB Positive
Fitch BBB Positive
Important Future Dates:
(Estimated) Q3 '06 Q4 '06 Q1 '07 Q2 '07
Earnings release & Analyst conference call Early Nov Early Feb Early May Early Aug
Dividend Information - Common Shares: Q1 '06 Q2 '06
Declaration Date 03/15/06 06/15/06
Record Date 03/31/06 06/30/06
Payment Date 04/17/06 07/17/06
Distributions Per Share $0.66 $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 06/30/06
- ----------------------------------------------------------------------------------------------------------------------------
(Unaudited) 2Q06 Avg
Market Rental Rates
Year Placed Average Apartment 2Q06 Avg --------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------------
Camden Copper Square Phoenix AZ 2000 786 332 96% 797 1.01
Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 94% 777 0.74
Camden Legacy Scottsdale AZ 1996 1,067 428 97% 965 0.90
Camden Pecos Ranch (1) Chandler AZ 2001 924 272 96% 835 0.90
Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 96% 1,030 0.99
Camden Sierra (1) Peoria AZ 1997 925 288 95% 758 0.82
Camden Towne Center (1) Glendale AZ 1998 871 240 94% 794 0.91
Camden Vista Valley Mesa AZ 1986 923 357 96% 704 0.76
============================================================================================================================
TOTAL ARIZONA 8 Properties 951 2,433 95% 842 0.89
Camden Crown Valley Mission Viejo CA 2001 1,009 380 96% 1,553 1.54
Camden Harbor View Long Beach CA 2004 976 538 98% 2,008 2.06
Camden Martinique Costa Mesa CA 1986 795 714 94% 1,310 1.65
Camden Parkside (1) Fullerton CA 1972 836 421 95% 1,255 1.50
Camden Sea Palms Costa Mesa CA 1990 891 138 96% 1,430 1.61
-------------------------------------------------------------------------------------
Total Los Angeles/Orange County 5 Properties 890 2,191 96% 1,521 1.71
Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 95% 1,390 1.44
Camden Tuscany San Diego CA 2003 891 160 98% 1,872 2.10
Camden Vineyards Murrieta CA 2002 1,053 264 95% 1,314 1.25
-------------------------------------------------------------------------------------
Total San Diego/Inland Empire 3 Properties 977 846 95% 1,457 1.49
============================================================================================================================
TOTAL CALIFORNIA 8 Properties 915 3,037 96% 1,503 1.64
Camden Arbors Westminster CO 1986 792 358 95% 657 0.83
Camden Caley Englewood CO 2000 925 218 98% 810 0.88
Camden Centennial Littleton CO 1985 744 276 95% 656 0.88
Camden Denver West (1) Golden CO 1997 1,015 320 95% 947 0.93
Camden Highlands Ridge Highlands Ranch CO 1996 1,149 342 96% 974 0.85
Camden Interlocken Broomfield CO 1999 1,022 340 94% 1,007 0.99
Camden Lakeway Littleton CO 1997 932 451 95% 865 0.93
Camden Pinnacle Westminster CO 1985 748 224 96% 598 0.80
============================================================================================================================
TOTAL COLORADO 8 Properties 927 2,529 95% 829 0.89
Camden Ashburn Farms Ashburn VA 2000 1,061 162 100% 1,272 1.20
Camden Fair Lakes Fairfax VA 1999 996 530 97% 1,432 1.44
Camden Fallsgrove Rockville MD 2004 996 268 97% 1,494 1.50
Camden Grand Parc Washington DC 2002 904 105 98% 2,028 2.24
Camden Lansdowne Leesburg VA 2002 1,006 690 96% 1,284 1.28
Camden Largo Town Center Largo MD 2000 1,042 219 97% 1,541 1.48
Camden Roosevelt Washington DC 2003 856 198 98% 2,004 2.34
Camden Russett Laurel MD 2000 1,025 426 94% 1,292 1.26
Camden Silo Creek Washington DC 2004 971 284 96% 1,262 1.30
Camden Westwind (2) Ashburn VA 2006 1,036 464 Lease-Up 1,331 1.29
============================================================================================================================
TOTAL DC METRO 10 Properties 1,000 3,346 97% 1,412 1.41
Camden Aventura Aventura FL 1995 1,106 379 95% 1,398 1.26
Camden Doral Miami FL 1999 1,172 260 98% 1,392 1.19
Camden Doral Villas Miami FL 2000 1,253 232 97% 1,482 1.18
Camden Las Olas Ft. Lauderdale FL 2004 1,043 420 96% 1,637 1.57
Camden Plantation Plantation FL 1997 1,152 502 97% 1,299 1.13
Camden Portofino Pembroke Pines FL 1995 1,307 322 96% 1,279 0.98
Summit Brickell Miami FL 2003 937 405 96% 1,403 1.50
-------------------------------------------------------------------------------------
Total Southeast Florida 7 Properties 1,124 2,520 96% 1,411 1.26
Camden Club Longwood FL 1986 1,077 436 94% 926 0.86
Camden Hunter's Creek Orlando FL 2000 1,082 270 95% 986 0.91
Camden Lago Vista Orlando FL 2005 954 366 97% 981 1.03
Camden Landings Orlando FL 1983 748 220 98% 727 0.97
Camden Lee Vista Orlando FL 2000 937 492 95% 891 0.95
Camden Renaissance Altamonte Springs FL 1996/1998 899 578 91% 903 1.00
Camden Reserve Orlando FL 1990/1991 824 526 96% 793 0.96
Camden World Gateway Orlando FL 2000 979 408 97% 996 1.02
-------------------------------------------------------------------------------------
Total Orlando 8 Properties 937 3,296 95% 902 0.96
- ----------------------------------------------------------------------------------------------------------------------------
CAMDEN COMMUNITY TABLE
Community Statistics as of 06/30/06
- ----------------------------------------------------------------------------------------------------------------------------
(Unaudited) 2Q06 Avg
Market Rental Rates
Year Placed Average Apartment 2Q06 Avg --------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------------
Camden Bay Tampa FL 1997/2001 943 760 96% 922 0.98
Camden Bay Pointe Tampa FL 1984 771 368 97% 738 0.96
Camden Bayside Tampa FL 1987/1989 748 832 97% 764 1.02
Camden Citrus Park Tampa FL 1985 704 247 97% 701 1.00
Camden Isles Tampa FL 1983/1985 722 484 95% 700 0.97
Camden Lakes St. Petersburg FL 1982/1983 728 688 96% 719 0.99
Camden Lakeside Brandon FL 1986 728 228 96% 755 1.04
Camden Live Oaks Tampa FL 1990 1,093 770 95% 767 0.70
Camden Preserve Tampa FL 1996 942 276 96% 1,030 1.09
Camden Providence Lakes Brandon FL 1996 1,024 260 96% 894 0.87
Camden Westshore Tampa FL 1986 728 278 97% 782 1.07
Camden Woods Tampa FL 1986 1,223 444 95% 874 0.72
-------------------------------------------------------------------------------------
Total Tampa/St. Petersburg 12 Properties 874 5,635 96% 798 0.91
============================================================================================================================
TOTAL FLORIDA 27 Properties 947 11,451 96% 963 1.02
Camden Brookwood Atlanta GA 2002 906 359 92% 975 1.08
Camden Dunwoody Atlanta GA 1997 1,007 324 95% 895 0.89
Camden Deerfield Alpharetta GA 2000 1,187 292 96% 922 0.78
Camden Midtown Atlanta Atlanta GA 2001 953 296 95% 1,031 1.08
Camden River Duluth GA 1997 1,103 352 97% 823 0.75
Camden Peachtree City Peachtree City GA 2001 1,026 399 96% 831 0.81
Camden Shiloh Kennesaw GA 1999/2002 1,151 232 95% 817 0.71
Camden St. Clair Atlanta GA 1997 969 336 96% 921 0.95
Camden Stockbridge Stockbridge GA 2003 1,009 304 94% 758 0.75
Camden Sweetwater Lawrenceville GA 2000 1,151 308 97% 785 0.68
============================================================================================================================
TOTAL GEORGIA 10 Properties 1,041 3,202 95% 876 0.84
Camden Brookside Louisville KY 1987 732 224 97% 593 0.81
Camden Downs Louisville KY 1975 682 254 98% 522 0.77
Camden Meadows Louisville KY 1987/1990 746 400 94% 609 0.82
Camden Oxmoor Louisville KY 2000 903 432 96% 755 0.84
Camden Prospect Park Louisville KY 1990 916 138 98% 696 0.76
============================================================================================================================
TOTAL KENTUCKY 5 Properties 795 1,448 96% 643 0.81
Camden Passage Kansas City MO 1989/1997 832 596 93% 650 0.78
-------------------------------------------------------------------------------------
Total Kansas City 1 Property 832 596 93% 650 0.78
Camden Cedar Lakes Lake St. Louis MO 1986 852 420 96% 636 0.75
Camden Cove West Creve Coeur MO 1990 828 276 94% 801 0.97
Camden Cross Creek St. Louis MO 1973/1980 947 591 97% 716 0.76
Camden Taravue St. Louis MO 1975 676 304 91% 548 0.81
Camden Trace Maryland Heights MO 1972 1,158 372 97% 752 0.65
Camden Westchase St. Louis MO 1986 945 160 96% 822 0.87
-------------------------------------------------------------------------------------
Total St. Louis 6 Properties 910 2,123 95% 702 0.77
============================================================================================================================
TOTAL MISSOURI 7 Properties 893 2,719 95% 690 0.77
Camden Bel Air Las Vegas NV 1988/1995 943 528 97% 861 0.91
Camden Breeze Las Vegas NV 1989 846 320 98% 808 0.96
Camden Canyon Las Vegas NV 1995 987 200 98% 893 0.91
Camden Commons Henderson NV 1988 936 376 96% 875 0.94
Camden Cove Las Vegas NV 1990 898 124 98% 820 0.91
Camden Del Mar Las Vegas NV 1995 986 560 97% 954 0.97
Camden Fairways Henderson NV 1989 896 320 98% 893 1.00
Camden Hills Las Vegas NV 1991 579 184 97% 634 1.10
Camden Legends Henderson NV 1994 792 113 95% 834 1.05
Camden Palisades Las Vegas NV 1991 905 624 97% 879 0.97
Camden Pines (1) Las Vegas NV 1997 1,005 315 96% 908 0.90
Camden Pointe Las Vegas NV 1996 985 252 97% 870 0.88
Camden Summit (1) Henderson NV 1995 1,187 234 98% 1,183 1.00
Camden Tiara (1) Las Vegas NV 1996 1,043 400 97% 963 0.92
Camden Vintage Las Vegas NV 1994 978 368 95% 866 0.89
Oasis Bay (1) Las Vegas NV 1990 876 128 94% 832 0.95
Oasis Crossings (1) Las Vegas NV 1996 983 72 98% 856 0.87
- ----------------------------------------------------------------------------------------------------------------------------
CAMDEN COMMUNITY TABLE
Community Statistics as of 06/30/06
- ----------------------------------------------------------------------------------------------------------------------------
(Unaudited) 2Q06 Avg
Market Rental Rates
Year Placed Average Apartment 2Q06 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% 744 0.85
Oasis Gateway (1) Las Vegas NV 1997 1,146 360 94% 942 0.82
Oasis Island (1) Las Vegas NV 1990 901 118 94% 735 0.82
Oasis Landing (1) Las Vegas NV 1990 938 144 96% 808 0.86
Oasis Meadows (1) Las Vegas NV 1996 1,031 383 97% 831 0.81
Oasis Palms (1) Las Vegas NV 1989 880 208 96% 802 0.91
Oasis Pearl (1) Las Vegas NV 1989 930 90 93% 764 0.82
Oasis Place (1) Las Vegas NV 1992 440 240 98% 580 1.32
Oasis Ridge (1) Las Vegas NV 1984 391 477 94% 502 1.28
Oasis Sands Las Vegas NV 1994 1,125 48 96% 873 0.78
Oasis Sierra (1) Las Vegas NV 1998 922 208 96% 896 0.97
Oasis Springs (1) Las Vegas NV 1988 838 304 97% 723 0.86
Oasis Vinings (1) Las Vegas NV 1994 1,152 234 98% 882 0.77
============================================================================================================================
TOTAL NEVADA 30 Properties 908 8,064 96% 841 0.93
Camden Ballantyne Charlotte NC 1998 1,053 400 97% 823 0.78
Camden Cotton Mills Charlotte NC 2002 906 180 97% 1,211 1.34
Camden Dilworth (2) Charlotte NC 2006 857 145 Lease-Up 1,197 1.40
Camden Eastchase Charlotte NC 1986 698 220 93% 548 0.79
Camden Fairview Charlotte NC 1983 1,036 135 96% 724 0.70
Camden Forest Charlotte NC 1989 703 208 94% 582 0.83
Camden Foxcroft Charlotte NC 1979 940 156 96% 668 0.71
Camden Grandview Charlotte NC 2000 1,145 266 95% 1,316 1.15
Camden Habersham Charlotte NC 1986 773 240 96% 625 0.81
Camden Park Commons Charlotte NC 1997 859 232 95% 685 0.80
Camden Pinehurst Charlotte NC 1967 1,147 407 96% 736 0.64
Camden Sedgebrook Charlotte NC 1999 1,017 368 97% 767 0.75
Camden Simsbury Charlotte NC 1985 874 100 98% 726 0.83
Camden South End Charlotte NC 2003 883 299 95% 1,081 1.22
Camden Stonecrest Charlotte NC 2001 1,169 306 97% 878 0.75
Camden Timber Creek Charlotte NC 1984 706 352 94% 567 0.80
Camden Touchstone Charlotte NC 1986 899 132 98% 661 0.74
Summit Hollow (1) (3) Charlotte NC 1979 1,039 232 95% 647 0.62
-------------------------------------------------------------------------------------
Total Charlotte 18 Properties 946 4,378 96% 801 0.85
Camden Glen Greensboro NC 1980 662 304 96% 554 0.84
Camden Wendover Greensboro NC 1985 795 216 95% 593 0.75
-------------------------------------------------------------------------------------
Total Greensboro 2 Properties 717 520 96% 570 0.80
Camden Crest Raleigh NC 2001 1,129 438 95% 761 0.67
Camden Governor's Village Chapel Hill NC 1999 1,134 242 95% 829 0.73
Camden Lake Pine Apex NC 1999 1,075 446 96% 760 0.71
Camden Overlook Raleigh NC 2001 1,056 320 95% 802 0.76
Camden Reunion Park Apex NC 2000/2004 972 420 94% 618 0.64
Camden Westwood Morrisville NC 1999 1,112 354 97% 718 0.65
-------------------------------------------------------------------------------------
Total Raleigh 6 Properties 1,076 2,220 95% 740 0.69
============================================================================================================================
TOTAL NORTH CAROLINA 26 Properties 970 7,118 96% 765 0.79
Camden Valleybrook Chadds Ford PA 2002 992 352 94% 1,228 1.24
============================================================================================================================
TOTAL PENNSYLVANIA 1 Property 992 352 94% 1,228 1.24
Camden Briar Oaks Austin TX 1980 711 430 95% 565 0.80
Camden Gaines Ranch Austin TX 1997 955 390 93% 975 1.02
Camden Huntingdon Austin TX 1995 903 398 97% 706 0.78
Camden Laurel Ridge Austin TX 1986 702 183 97% 571 0.81
Camden Ridge View Austin TX 1984 859 167 96% 601 0.70
Camden Ridgecrest Austin TX 1995 851 284 96% 645 0.76
Camden Woodview Austin TX 1984 644 283 94% 580 0.90
-------------------------------------------------------------------------------------
Total Austin 7 Properties 812 2,135 95% 682 0.84
Camden Breakers Corpus Christi TX 1996 868 288 94% 843 0.97
Camden Copper Ridge Corpus Christi TX 1986 775 344 96% 637 0.82
Camden Miramar (4) Corpus Christi TX 1994-2004 468 778 76% 760 1.62
-------------------------------------------------------------------------------------
Total Corpus Christi 3 Properties 625 1,410 95% 747 1.20
- ----------------------------------------------------------------------------------------------------------------------------
CAMDEN COMMUNITY TABLE
Community Statistics as of 06/30/06
- ----------------------------------------------------------------------------------------------------------------------------
(Unaudited) 2Q06 Avg
Market Rental Rates
Year Placed Average Apartment 2Q06 Avg --------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------------
Camden Addison (1) Addison TX 1996 942 456 97% 803 0.85
Camden Buckingham Richardson TX 1997 919 464 97% 763 0.83
Camden Centreport Ft. Worth TX 1997 910 268 95% 767 0.84
Camden Cimarron Irving TX 1992 772 286 98% 735 0.95
Camden Farmers Market Dallas TX 2001 916 620 95% 908 0.99
Camden Farmers Market II Dallas TX 2005 970 284 96% 990 1.02
Camden Gardens Dallas TX 1983 652 256 96% 535 0.82
Camden Glen Lakes Dallas TX 1979 877 424 96% 664 0.76
Camden Lakeview Irving TX 1985 853 476 95% 600 0.70
Camden Legacy Creek Plano TX 1995 831 240 98% 767 0.92
Camden Legacy Park Plano TX 1996 871 276 98% 777 0.89
Camden Oaks (3) Dallas TX 1985 730 446 97% 563 0.77
Camden Oasis Euless TX 1986 548 602 94% 538 0.98
Camden Place Mesquite TX 1984 772 442 96% 562 0.73
Camden Ridge Ft. Worth TX 1985 829 208 95% 593 0.72
Camden Springs Dallas TX 1987 713 304 96% 542 0.76
Camden Terrace Ft. Worth TX 1984 848 340 96% 585 0.69
Camden Towne Village Mesquite TX 1983 735 188 96% 590 0.80
Camden Valley Creek Irving TX 1984 855 380 97% 649 0.76
Camden Valley Park Irving TX 1986 743 516 97% 609 0.82
Camden Valley Ridge Irving TX 1987 773 408 93% 577 0.75
Camden Westview Lewisville TX 1983 697 335 96% 571 0.82
-------------------------------------------------------------------------------------
Total Dallas/Ft. Worth 22 Properties 805 8,219 96% 668 0.83
Camden Baytown Baytown TX 1999 844 272 97% 750 0.89
Camden Creek Houston TX 1984 639 456 93% 583 0.91
Camden Crossing Houston TX 1982 762 366 96% 553 0.73
Camden Greenway Houston TX 1999 861 756 96% 954 1.11
Camden Holly Springs (1) Houston TX 1999 934 548 96% 878 0.94
Camden Midtown Houston TX 1999 843 337 97% 1,025 1.22
Camden Oak Crest Houston TX 2003 870 364 95% 805 0.93
Camden Park (1) Houston TX 1995 866 288 95% 767 0.89
Camden Steeplechase Houston TX 1982 748 290 93% 606 0.81
Camden Stonebridge Houston TX 1993 845 204 98% 757 0.90
Camden Sugar Grove (1) Stafford TX 1997 917 380 96% 823 0.90
Camden Vanderbilt Houston TX 1996/1997 863 894 98% 1,005 1.16
Camden West Oaks Houston TX 1982 726 671 93% 560 0.77
Camden Wyndham Houston TX 1978/1981 797 448 96% 581 0.73
-------------------------------------------------------------------------------------
Total Houston 14 Properties 823 6,274 95% 783 0.95
============================================================================================================================
TOTAL TEXAS 46 Properties 798 18,038 96% 716 0.90
============================================================================================================================
TOTAL PROPERTIES 186 Properties 902 63,737 96% 873 0.97
============================================================================================================================
(1) Communities owned through investment in joint venture.
(2) Completed communities in lease-up as of June 30, 2006 are excluded from total occupancy numbers.
(3) Communities disposed of subsequent to quarter end.
(4) Miramar is a student housing community which is excluded from total occupancy numbers.