EXHIBIT 99.1
Camden Property Trust Announces Third Quarter 2006 Operating Results
HOUSTON--(BUSINESS WIRE)--Nov. 2, 2006--Camden Property Trust
(NYSE:CPT) announced that its funds from operations ("FFO") for the
third quarter of 2006 totaled $1.24 per diluted share or $77.8
million, as compared to $0.76 per diluted share or $44.4 million for
the same period in 2005. FFO for the three months ended September 30,
2006 included a $0.40 per diluted share impact from gain on sale of
land.
FFO for the nine months ended September 30, 2006 totaled $3.02 per
diluted share or $183.1 million, as compared to $2.63 per diluted
share or $145.8 million for the same period in 2005. FFO for the nine
months ended September 30, 2006 included a $0.44 per diluted share
impact from gain on sale of land. FFO for the nine months ended
September 30, 2005 included a $0.44 per diluted share impact from the
sale of technology investments, and a $0.25 per diluted share charge
for transaction compensation and merger expenses relating to Camden's
merger with Summit Properties Inc. ("Summit").
Net Income ("EPS")
The Company reported net income ("EPS") of $125.5 million or $2.07
per diluted share for the third quarter of 2006, as compared to a net
loss of $2.3 million or ($0.05) per diluted share for the same period
in 2005. EPS for the three months ended September 30, 2006 included a
$2.07 per diluted share impact from gain on sale of land, operating
properties, joint venture properties and discontinued operations.
For the nine months ended September 30, 2006, net income totaled
$201.5 million or $3.46 per diluted share, as compared to $186.2
million or $3.38 per diluted share for the same period in 2005. EPS
for the nine months ended September 30, 2006 included a $3.07 per
diluted share impact from gain on sale of land, operating properties,
joint venture properties and discontinued operations. EPS for the nine
months ended September 30, 2005 included a $3.03 per diluted share
impact from gain on sale of operating properties and discontinued
operations, $0.44 per diluted share income from the sale of technology
investments, and a $0.25 per diluted share charge for transaction
compensation and merger expenses relating to Camden's merger with
Summit.
A reconciliation of net income to FFO is included in the financial
tables accompanying this press release.
Same-Property Results
For the 46,565 apartment homes included in consolidated
same-property results, third quarter 2006 same-property net operating
income ("NOI") growth was 8.1% compared to the third quarter of 2005,
with revenues increasing 7.6% and expenses increasing 7.0%. On a
sequential basis, third quarter 2006 same-property NOI decreased 0.7%
compared to second quarter 2006, with revenues increasing 2.2% and
expenses increasing 7.0% compared to the prior quarter. On a
year-to-date basis, 2006 same-property NOI increased 9.4%, with
revenue growth of 8.0% and expense growth of 5.7% compared to the same
period in 2005. Same-property physical occupancy levels for the
combined portfolio averaged 94.9% during the third quarter of 2006,
compared to 96.1% in the third quarter of 2005 and 95.7% in the second
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 September 30, 2006, Camden had four completed apartment
communities in lease-up: Camden Fairfax Corner in Fairfax, VA, an
$82.0 million project that is currently 86% leased; Camden Manor Park
in Raleigh, NC, a $52.0 million project that is currently 69% leased;
Camden Westwind in Ashburn, VA, a $97.6 million project that is
currently 64% leased; and Camden Royal Oaks in Houston, TX, a $22.0
million project that is currently 31% leased.
Camden announced one new joint venture development start during
the quarter: Camden College Park in College Park, MD, a $139.9 million
project with 508 apartment homes scheduled for initial occupancy in
late 2007. The Company's current development pipeline includes eight
wholly-owned communities with 2,693 apartment homes and a total
budgeted cost of $565.0 million, and three joint venture communities
with 1,069 apartment homes and a total budgeted cost of $289.9
million. Of those 11 communities, two are currently in lease-up.
Camden Clearbrook in Frederick, MD is currently 60% leased; and Camden
Old Creek in San Marcos, CA is currently 17% leased.
Acquisition/Disposition Activity
During the quarter, 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. Gain on sale of Camden Oaks totaled $8.8 million.
The Company also sold Summit Hollow, a 232-home joint venture
apartment community in Charlotte, NC for $15.5 million. Camden's
pro-rata share of that disposition totaled $3.9 million, and a $1.1
million gain on sale was recognized.
In addition, the Company sold 8.7 acres of undeveloped land in
Long Beach, CA, Orlando, FL, Fort Lauderdale, FL and Dallas, TX, and
contributed 10.6 acres of undeveloped land in College Park, MD to a
joint venture during the quarter. The combined sales price for those
transactions totaled $69.6 million, and gains of $25.2 million were
recorded.
Camden contributed nine existing multifamily communities with
3,237 apartment homes located in Camden's Midwest markets to a newly
created $239.0 million joint venture. Camden retained a 15% ownership
interest in the venture and continues to serve as the property manager
for all nine communities. The Company recorded a gain of $91.6 million
as a result of this transaction.
Properties and Land Held for Sale
At September 30, 2006, Camden had five operating communities
consisting of 1,744 apartment homes classified as held for sale. These
properties included: Camden Crossing, a 366-home apartment community
in Houston, TX; Camden Wyndham, a 448-home apartment community in
Houston, TX; Camden Downs, a 254-home apartment community in
Louisville, KY; Camden Taravue, a 304-home apartment community in St.
Louis, MO; and Camden Trace, a 372-home apartment community in St.
Louis, MO.
The Company also had 5.7 acres of undeveloped land in Miami, FL,
Boca Raton, FL and Dallas, TX classified as held for sale at
quarter-end.
Earnings Guidance
2006 FFO is now expected to be $3.82 to $3.88 per diluted share
for full-year 2006, and $0.81 to $0.87 per diluted share for fourth
quarter 2006. EPS is expected to be $3.60 to $3.66 per diluted share
for full-year 2006, and $0.17 to $0.23 per diluted share for the
fourth quarter of 2006. Guidance for 2006 includes a charge of $0.07
per diluted share during the fourth quarter of 2006 relating to early
vesting of previously granted share awards.
The Company's 2006 earnings guidance is based on projections of
same-property revenue growth between 7.00% and 7.75%, same-property
expense growth between 5.00% and 5.50%, and same-property NOI growth
between 8.25% and 9.25%. No acquisitions, dispositions or new
development starts are expected for the remainder of 2006.
Camden expects to release its fourth quarter and full year 2006
earnings on February 1, 2007, and hold a conference call on February
2, 2007. The Company plans to discuss its 2006 results and earnings
guidance for 2007 at that time.
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, November 3,
2006 at 10:00 a.m. Central Time to review its third 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 Third 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 188 properties containing 64,657 apartment homes across the
United States. Upon completion of 11 properties under development, the
Company's portfolio will increase to 68,419 apartment homes in 199
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 Nine Months Ended
September 30, September 30,
------------------- -------------------
OPERATING DATA 2006 2005 2006 2005 (a)
- ------------------------------ ------------------- -------------------
Property revenues
Rental revenues $139,354 $125,125 $408,581 $348,250
Other property revenues 15,202 11,507 41,172 31,612
------------------- -------------------
Total property revenues 154,556 136,632 449,753 379,862
Property expenses
Property operating and
maintenance 45,806 38,697 124,089 105,960
Real estate taxes 16,345 14,870 48,845 42,512
------------------- -------------------
Total property expenses 62,151 53,567 172,934 148,472
Non-property income
Fee and asset management 5,433 1,789 11,030 10,929
Sale of technology investments 1,602 - 1,602 24,199
Interest and other income 1,733 1,913 6,097 6,401
Income on deferred
compensation plans 1,927 3,209 4,308 5,327
------------------- -------------------
Total non-property income 10,695 6,911 23,037 46,856
Other expenses
Property management 4,629 4,208 13,821 11,350
Fee and asset management 3,689 2,008 8,293 4,999
General and administrative 9,849 6,183 25,299 18,017
Transaction compensation and
merger expenses - - - 14,085
Interest 29,176 29,331 91,592 81,416
Depreciation and amortization 40,399 44,030 117,945 119,117
Amortization of deferred
financing costs 941 855 2,897 2,872
Expense on deferred
compensation plans 1,927 3,209 4,308 5,327
------------------- -------------------
Total other expenses 90,610 89,824 264,155 257,183
------------------- -------------------
Income from continuing
operations before gain on
sale of properties, equity in
income (loss) of joint
ventures and minority
interests 12,490 152 35,701 21,063
Gain on sale of properties,
including land 96,247 - 97,556 132,117
Equity in income (loss) of
joint ventures 1,628 (1,827) 4,514 (1,472)
Minority interests:
Distributions on perpetual
preferred units (1,750) (1,750) (5,250) (5,278)
Original issuance costs on
redeemed perpetual
preferred units - - - (365)
Income allocated to common
units and other minority
interests (12,413) (261) (14,750) (1,756)
------------------- -------------------
Income (loss) from continuing
operations 96,202 (3,686) 117,771 144,309
Income from discontinued
operations 665 1,481 4,998 6,118
Gain on sale of
discontinued operations 29,350 - 80,394 36,115
Income from discontinued
operations allocated to
common units (760) (112) (1,681) (343)
------------------- -------------------
Net income (loss) $125,457 ($2,317) $201,482 $186,199
=================== ===================
PER SHARE DATA
- ------------------------------
Net income (loss) - basic $2.15 ($0.04) $3.59 $3.63
Net income (loss) - diluted 2.07 (0.05) 3.46 3.38
Income (loss) from
continuing operations -
basic 1.65 (0.07) 2.10 2.81
Income (loss) from
continuing operations -
diluted 1.58 (0.07) 2.03 2.63
Weighted average number of
common and common equivalent
shares outstanding:
Basic 58,348 54,018 56,063 51,294
Diluted 61,250 55,671 58,904 55,494
PROPERTY DATA
- ------------------------------
Total operating properties
(end of period) (b) 188 193 188 193
Total operating apartment
homes in operating
properties (end of period)
(b) 64,657 66,619 64,657 66,619
Total operating apartment
homes (weighted average) 56,161 56,150 56,624 54,368
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 54,350 52,119 53,880 49,970
(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 Nine Months Ended
September 30, September 30,
------------------- -------------------
FUNDS FROM OPERATIONS 2006 2005 2006 2005 (a)
- ------------------------------ ------------------- -------------------
Net income (loss) $125,457 ($2,317) $201,482 $186,199
Real estate depreciation and
amortization from
continuing operations 39,735 43,386 115,964 117,239
Real estate depreciation
from discontinued
operations 255 1,777 1,350 5,387
Adjustments for
unconsolidated joint
ventures 760 1,284 2,305 3,249
Income from continuing
operations allocated to
common units 12,365 129 14,599 1,626
Income from discontinued
operations allocated to
common units 760 112 1,681 343
(Gain) on sale of operating
properties (91,581) - (91,581) (132,117)
(Gain) on sale of
discontinued operations (8,842) - (59,886) (36,104)
(Gain) on sale of joint
venture properties (1,085) - (2,848) -
------------------- -------------------
Funds from operations -
diluted $77,824 $44,371 $183,066 $145,822
=================== ===================
PER SHARE DATA
- ------------------------------
Funds from operations -
diluted $1.24 $0.76 $3.02 $2.63
Cash distributions 0.66 0.64 1.98 1.91
Weighted average number of
common and common equivalent
shares outstanding:
FFO - diluted 62,885 58,600 60,666 55,494
PROPERTY DATA
- ------------------------------
Total operating properties
(end of period) (b) 188 193 188 193
Total operating apartment
homes in operating
properties (end of period)
(b) 64,657 66,619 64,657 66,619
Total operating apartment
homes (weighted average) 56,161 56,150 56,624 54,368
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 54,350 52,119 53,880 49,970
(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) Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
2006 2006 2006 2005 2005
-------------------------------------------------------
ASSETS
Real estate
assets, at
cost
Land $683,645 $697,690 $664,219 $646,854 $660,748
Buildings and
improvements 3,988,031 4,074,737 3,892,700 3,840,969 3,881,682
-------------------------------------------------------
4,671,676 4,772,427 4,556,919 4,487,823 4,542,430
Accumulated
depreciation (725,790) (786,208) (732,984) (716,650) (713,991)
-------------------------------------------------------
Net
operating
real
estate
assets 3,945,886 3,986,219 3,823,935 3,771,173 3,828,439
Properties
under
development,
including
land 351,246 427,500 419,843 372,976 377,787
Investments
in joint
ventures 8,266 8,270 8,199 6,096 6,937
Properties
held for
sale 45,074 55,562 188,477 172,112 51,741
-------------------------------------------------------
Total real
estate
assets 4,350,472 4,477,551 4,440,454 4,322,357 4,264,904
Accounts
receivable -
affiliates 33,624 33,408 33,361 34,084 35,313
Notes
receivable
Affiliates 31,037 23,327 22,531 11,916 11,505
Other 3,855 9,211 13,264 13,261 24,865
Other assets,
net (a) 112,801 111,636 102,269 99,516 100,080
Cash and cash
equivalents 8,061 49,700 1,256 1,576 1,076
Restricted
cash 5,541 5,194 5,269 5,089 5,829
-------------------------------------------------------
Total
assets $4,545,391 $4,710,027 $4,618,404 $4,487,799 $4,443,572
=======================================================
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
Liabilities
Notes payable
Unsecured $1,693,106 $1,940,693 $2,118,403 $2,007,164 $1,903,094
Secured 587,347 620,592 623,250 625,927 661,723
Accounts
payable and
accrued
expenses 120,566 117,301 116,215 108,979 102,231
Accrued real
estate taxes 41,165 31,280 17,818 26,070 39,740
Other
liabilities
(b) 101,332 99,460 98,327 88,811 84,835
Distributions
payable 43,056 43,031 40,612 38,922 38,933
-------------------------------------------------------
Total
liabilities 2,586,572 2,852,357 3,014,625 2,895,873 2,830,556
Commitments
and
contingencies
Minority
interests
Perpetual
preferred
units 97,925 97,925 97,925 97,925 97,925
Common units 116,776 106,217 113,034 112,637 115,190
Other
minority
interests 10,002 10,555 10,512 10,461 10,425
-------------------------------------------------------
Total
minority
interests 224,703 214,697 221,471 221,023 223,540
Shareholders'
equity
Common shares
of
beneficial
interest 650 649 610 608 607
Additional
paid-in
capital 2,176,170 2,172,616 1,908,099 1,902,595 1,899,713
Distributions
in excess of
net income (206,442) (293,386) (289,482) (295,074) (273,609)
Employee
notes
receivable (2,047) (2,035) (2,046) (2,078) (2,087)
Treasury
shares, at
cost (234,215) (234,871) (234,873) (235,148) (235,148)
-------------------------------------------------------
Total share-
holders'
equity 1,734,116 1,642,973 1,382,308 1,370,903 1,389,476
-------------------------------------------------------
Total
liabilities
and share-
holders'
equity $4,545,391 $4,710,027 $4,618,404 $4,487,799 $4,443,572
=======================================================
(a) includes:
net deferred
charges of: $11,155 $13,120 $14,079 $13,061 $13,757
value of in
place
leases of: $452 $431 $1,156 $1,363 $10,561
(b) includes:
deferred
revenues
of: $5,256 $4,408 $4,843 $2,008 $2,152
above/below
market
leases of: $80 $13 $51 $90 $889
distri-
butions in
excess of
investments
in joint
ventures
of: $18,044 $12,701 $11,556 $11,256 $18,730
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
- ----------------------------------------------------------------------
(Unaudited)
This document contains certain non-GAAP financial measures 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 Nine Months Ended
September 30, September 30,
------------------- -------------------
2006 2005 2006 2005
------------------- -------------------
Net income (loss) $125,457 ($2,317) $201,482 $186,199
Real estate depreciation and
amortization from continuing
operations 39,735 43,386 115,964 117,239
Real estate depreciation from
discontinued operations 255 1,777 1,350 5,387
Adjustments for unconsolidated
joint ventures 760 1,284 2,305 3,249
Income from continuing
operations allocated to
common units 12,365 129 14,599 1,626
Income from discontinued
operations allocated to
common units 760 112 1,681 343
(Gain) on sale of operating
properties (91,581) - (91,581)(132,117)
(Gain) on sale of discontinued
operations (8,842) - (59,886) (36,104)
(Gain) on sale of joint
venture properties (1,085) - (2,848) -
------------------- -------------------
Funds from operations -
diluted $77,824 $44,371 $183,066 $145,822
=================== ===================
Weighted average number of
common and common equivalent
shares outstanding:
EPS diluted 61,250 55,671 58,904 55,494
FFO diluted 62,885 58,600 60,666 55,494
Net income (loss) per common
share - diluted $2.07 ($0.05) $3.46 $3.38
FFO per common share - diluted $1.24 $0.76 $3.02 $2.63
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:
4Q06 Range 2006 Range
Low High Low High
------------------- -------------------
Expected net income per share
- diluted $0.17 $0.23 $3.60 $3.66
Expected difference between
EPS and fully diluted FFO
shares (0.03) (0.03) (0.17) (0.17)
Expected real estate
depreciation 0.64 0.64 2.57 2.57
Expected adjustments for
unconsolidated joint ventures 0.01 0.01 0.05 0.05
Expected income allocated to
common units 0.02 0.02 0.29 0.29
Expected (gain) on sale of
properties held in joint
ventures 0.00 0.00 (0.05) (0.05)
Expected (gain) on sale of
properties and properties
held for sale 0.00 0.00 (2.47) (2.47)
------------------- -------------------
Expected FFO per share -
diluted $0.81 $0.87 $3.82 $3.88
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 Nine Months Ended
September 30, September 30,
------------------- -------------------
2006 2005 2006 2005
------------------- -------------------
Net income (loss) $125,457 ($2,317) $201,482 $186,199
Fee and asset management (5,433) (1,789) (11,030) (10,929)
Sale of technology investments (1,602) - (1,602) (24,199)
Interest and other income (1,733) (1,913) (6,097) (6,401)
Income on deferred
compensation plans (1,927) (3,209) (4,308) (5,327)
Property management expense 4,629 4,208 13,821 11,350
Fee and asset management
expense 3,689 2,008 8,293 4,999
General and administrative
expense 9,849 6,183 25,299 18,017
Transaction compensation and
merger expenses - - - 14,085
Interest expense 29,176 29,331 91,592 81,416
Depreciation and amortization 40,399 44,030 117,945 119,117
Amortization of deferred
financing costs 941 855 2,897 2,872
Expense on deferred
compensation plans 1,927 3,209 4,308 5,327
Gain on sale of properties,
including land (96,247) - (97,556)(132,117)
Equity in income (loss) of
joint ventures (1,628) 1,827 (4,514) 1,472
Distributions on perpetual
preferred units 1,750 1,750 5,250 5,278
Original issuance costs on
redeemed perpetual preferred
units - - - 365
Income allocated to common
units and other minority
interests 12,413 261 14,750 1,756
Income from discontinued
operations (665) (1,481) (4,998) (6,118)
Gain on sale of discontinued
operations (29,350) - (80,394) (36,115)
Income from discontinued
operations allocated to
common units 760 112 1,681 343
------------------- -------------------
Net Operating Income (NOI) $92,405 $83,065 $276,819 $231,390
"Same Property" Communities $78,032 $72,215 $233,936 $197,187
Non-"Same Property"
Communities 8,416 4,939 24,633 12,877
Development and Lease-Up
Communities 2,838 29 5,540 29
Dispositions / Other 3,119 5,882 12,710 21,297
------------------- -------------------
Net Operating Income (NOI) $92,405 $83,065 $276,819 $231,390
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 Nine Months Ended
September 30, September 30,
------------------- -------------------
2006 2005 2006 2005
------------------- -------------------
Net income (loss) $125,457 ($2,317) $201,482 $186,199
Interest expense 29,176 29,331 91,592 81,416
Amortization of deferred
financing costs 941 855 2,897 2,872
Depreciation and amortization 40,399 44,030 117,945 119,117
Distributions on perpetual
preferred units 1,750 1,750 5,250 5,278
Original issuance costs on
redeemed perpetual preferred
units - - - 365
Income allocated to common
units and other minority
interests 12,413 261 14,750 1,756
Real estate depreciation from
discontinued operations 255 1,777 1,350 5,387
Gain on sale of properties,
including land (96,247) - (97,556)(132,117)
Equity in income (loss) of
joint ventures (1,628) 1,827 (4,514) 1,472
Gain on sale of discontinued
operations (29,350) - (80,394) (36,115)
Income from discontinued
operations allocated to
common units 760 112 1,681 343
------------------- -------------------
EBITDA $83,926 $77,626 $254,483 $235,973
CONTACT: Camden Property Trust, Houston
Kim Callahan, 713-354-2549