EXHIBIT 99.2
THIRD QUARTER 2006
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Supplemental Operating and Financial Data
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Camden Stoneleigh - Austin, TX
390 Apartment Homes - Acquired July 11, 2006
Camden Property Trust
Three Greenway Plaza, Suite 1300
Houston, Texas 77046
Phone: 713-354-2500 Fax: 713-354-2700
www.camdenliving.com
In addition to historical information, this document contains forward-looking
statements under the federal securities law. These statements are based on
current expectations, estimates and projections about the industry and markets
in which Camden operates, management's beliefs, and assumptions made by
management. Forward-looking statements are not guarantees of future performance
and involve certain risks and uncertainties which are difficult to predict.
CAMDEN TABLE OF CONTENTS
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Page
Press Release Text ..................................................... 3
Financial Highlights ................................................... 6
Operating Results ...................................................... 7
Funds from Operations .................................................. 8
Balance Sheets ......................................................... 9
Portfolio Statistics ................................................... 10
Components of Property Net Operating Income ............................ 11
"Same Property" Third 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
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 FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
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(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
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2006 2005 2006 2005 (a)
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Total property revenues (b) $154,556 $136,632 $449,753 $379,862
EBITDA 83,926 77,626 254,483 235,973
Net income (loss) 125,457 (2,317) 201,482 186,199
Per share - basic 2.15 (0.04) 3.59 3.63
Per share - diluted 2.07 (0.05) 3.46 3.38
Income (loss) from continuing operations 96,202 (3,686) 117,771 144,309
Per share - basic 1.65 (0.07) 2.10 2.81
Per share - diluted 1.58 (0.07) 2.03 2.63
Funds from operations 77,824 44,371 183,066 145,822
Per share - diluted 1.24 0.76 3.02 2.63
Dividends per share 0.66 0.64 1.98 1.91
Dividend payout ratio 53.2% 84.2% 65.6% 72.6%
Interest expensed 29,176 29,331 91,592 81,416
Interest capitalized 5,307 5,015 15,982 12,657
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Total interest incurred 34,483 34,346 107,574 94,073
Principal amortization 3,490 4,334 10,531 10,368
Preferred dividends & distributions 1,750 1,750 5,250 5,278
Interest expense coverage ratio 2.9 x 2.6 x 2.8 x 2.9 x
Total interest coverage ratio 2.4 x 2.3 x 2.4 x 2.5 x
Fixed charge expense coverage ratio 2.4 x 2.2 x 2.4 x 2.4 x
Total fixed charge coverage ratio 2.1 x 1.9 x 2.1 x 2.2 x
Same property NOI increase (c) 8.1% 4.4% 9.4% 2.7%
(# of apartment homes included) 46,565 49,936 46,565 49,936
Gross turnover of apartment homes (annualized) 89% 71% 76% 65%
Net turnover (excludes on-site transfers and
transfers to other Camden communities) 79% 64% 67% 59%
As of September 30,
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2006 2005
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Total assets $4,545,391 $4,443,572
Total debt $2,280,453 $2,564,817
Common and common equivalent shares,
outstanding end of period (d) 62,914 58,721
Share price, end of period $76.01 $55.75
Preferred units, end of period $97,925 $97,925
Book equity value, end of period (e) $1,958,819 $1,613,016
Market equity value, end of period (e) $4,882,093 $3,373,696
Debt to total market capitalization ratio 31.8% 43.2%
Unencumbered real estate assets (at cost) to
unsecured debt ratio 241% 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 September 30, 2006: 59,146 common shares (including 787 common share equivalents related to share awards &
options), plus common share equivalents upon the assumed conversion of minority interest units (3,768)
(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)
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(Unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
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OPERATING DATA 2006 2005 2006 2005 (a)
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Property revenues
Rental revenues $139,354 $125,125 $408,581 $348,250
Other property revenues 15,202 11,507 41,172 31,612
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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
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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
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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
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Total other expenses 90,610 89,824 264,155 257,183
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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)
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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)
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Net income (loss) $125,457 ($2,317) $201,482 $186,199
====================== ======================
PER SHARE DATA
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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
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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 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)
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(Unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
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FUNDS FROM OPERATIONS 2006 2005 2006 2005 (a)
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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 pages 23 and 24 for definitions and reconciliations of all non-GAAP financial measures presented in this
document.
CAMDEN BALANCE SHEETS
(In thousands)
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(Unaudited) Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
2006 2006 2006 2005 2005
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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
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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)
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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
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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
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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
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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 shareholders' equity 1,734,116 1,642,973 1,382,308 1,370,903 1,389,476
------------------------------------------------------------
Total liabilities and shareholders'
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
distributions in excess of
investments in joint ventures of: $18,044 $12,701 $11,556 $11,256 $18,730
CAMDEN PORTFOLIO STATISTICS
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(Unaudited)
COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2006 (in apartment homes)
Non-"Same
"Same Property" Wholly - Joint Stabilized Completed in Total Under
Property" (a) Owned Venture Operating Lease-up Operating Development Total
------------------------------------------------------------------------------------------------
D.C. Metro (b)(c) 2,614 268 2,882 - 2,882 952 3,834 2,211 6,045
Las Vegas, NV 4,017 - 4,017 4,047 8,064 - 8,064 - 8,064
Los Angeles/Orange
County, CA (d) 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 7,033 284 7,317 456 7,773 - 7,773 - 7,773
Houston, TX (e) 4,244 814 5,058 1,216 6,274 236 6,510 650 7,160
SE Florida 2,100 420 2,520 - 2,520 - 2,520 - 2,520
Charlotte, NC 4,001 145 4,146 - 4,146 - 4,146 - 4,146
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 - 2,220 484 2,704 - 2,704
Phoenix, AZ 1,441 - 1,441 992 2,433 - 2,433 - 2,433
Austin, TX 1,745 780 2,525 - 2,525 - 2,525 - 2,525
Other 1,504 1,708 3,212 3,237 6,449 - 6,449 - 6,449
------------ ---------- -------- ------- ---------- ----------- ---------- ----------- ---------
Total Portfolio 46,565 5,731 52,296 10,689 62,985 1,672 64,657 3,762 68,419
(a) Includes the following five properties (1,744 apartment homes) held for sale and reported in discontinued operations: Camden
Crossing (366 apartment homes) and Camden Wyndham (448 apartment homes) in Houston, TX; Camden Downs (254 apartment homes) in
Louisville, KY; Camden Taravue (304 apartment homes) and Camden Trace (372 apartment homes) in St. Louis, MO.
(b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
(c) 508 units under development in College Park, MD are held through a joint venture investment.
(d) 290 units under development in Irvine, CA are held through a joint venture investment.
(e) 271 units under development in Houston, TX are held through a joint venture investment.
THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (i)
"Same Incl. JVs
Property" Operating at Pro
Communities Communities Rata % Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(f) (g) (h) 2006 2006 2006 2005 2005
--------------------------------- --------------------------------------------------------
D.C. Metro 11.1% 12.9% 12.5% 96.6% 96.5% 96.0% 96.8% 96.5%
Las Vegas, NV 9.4% 8.1% 9.2% 95.3% 96.4% 96.7% 97.6% 97.2%
Los Angeles/Orange
County, CA 4.6% 6.3% 6.3% 94.6% 95.6% 95.4% 95.9% 94.9%
San Diego/Inland
Empire, CA 3.0% 2.6% 2.5% 94.6% 95.3% 94.1% 92.9% 95.6%
Tampa, FL 10.0% 8.6% 8.3% 94.9% 96.0% 96.7% 97.2% 96.4%
Dallas, TX 9.0% 8.2% 8.1% 94.5% 95.9% 95.5% 95.9% 95.5%
Houston, TX 8.1% 7.5% 7.7% 94.4% 95.4% 95.8% 96.6% 95.6%
SE Florida 7.0% 7.4% 7.1% 95.0% 96.2% 98.4% 98.2% 97.0%
Charlotte, NC 7.9% 7.3% 7.1% 95.6% 95.7% 96.2% 96.1% 96.2%
Orlando, FL 5.2% 6.3% 6.0% 95.0% 95.1% 97.3% 97.4% 97.1%
Atlanta, GA 7.2% 6.2% 6.0% 94.5% 95.2% 95.0% 94.9% 95.2%
Denver, CO 4.8% 4.1% 4.3% 94.8% 95.1% 94.0% 92.7% 94.8%
Raleigh, NC 4.3% 4.2% 4.0% 95.3% 95.3% 96.9% 94.5% 94.7%
Phoenix, AZ 3.5% 3.0% 3.2% 95.2% 95.5% 97.9% 97.4% 96.6%
Austin, TX 2.1% 2.9% 2.8% 94.8% 95.1% 95.1% 94.7% 95.8%
Other 2.8% 4.4% 4.9% 94.7% 95.3% 94.5% 94.9% 95.6%
---- ---- ---- ----- ----- ----- ----- -----
Total Portfolio 100.0% 100.0% 100.0% 95.0% 95.7% 96.0% 96.2% 96.0%
(f) Camden and Summit "same property" communities
(g) Operating communities include wholly-owned communities and completed communities in lease-up at quarter end and exclude
communities sold during the quarter.
(h) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities. Assumes
joint venture that includes 9 communities located in Missouri and Kentucky closed at the beginning of the third quarter 2006.
(i) 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 September 30, Nine Months Ended September 30,
Property Revenues Homes 2006 2005 Change 2006 2005 (a) Change
--------- -------------------------------- --------------------------------
"Same Property" Communities (b) 46,565 $129,028 $119,891 $9,137 $379,640 $326,354 $53,286
Non-"Same Property" Communities (c) 3,987 13,766 8,228 5,538 38,858 20,800 18,058
Development and Lease-Up Communities (d) 4,365 4,243 37 4,206 8,118 37 8,081
Dispositions / Other (e) - 7,519 8,476 (957) 23,137 32,671 (9,534)
--------- ---------- ---------- ---------- ---------- ---------- ----------
Total Property Revenues 54,917 $154,556 $136,632 $17,924 $449,753 $379,862 $69,891
Property Expenses
"Same Property" Communities (b) 46,565 $50,996 $47,676 $3,320 $145,704 $129,167 $16,537
Non-"Same Property" Communities (c) 3,987 5,350 3,289 2,061 14,225 7,923 6,302
Development and Lease-Up Communities (d) 4,365 1,405 8 1,397 2,578 8 2,570
Dispositions / Other (e) - 4,400 2,594 1,806 10,427 11,374 (947)
--------- ---------- ---------- ---------- ---------- ---------- ----------
Total Property Expenses 54,917 $62,151 $53,567 $8,584 $172,934 $148,472 $24,462
Property Net Operating Income
"Same Property" Communities (b) 46,565 $78,032 $72,215 $5,817 $233,936 $197,187 $36,749
Non-"Same Property" Communities (c) 3,987 8,416 4,939 3,477 24,633 12,877 11,756
Development and Lease-Up Communities (d) 4,365 2,838 29 2,809 5,540 29 5,511
Dispositions / Other (e) - 3,119 5,882 (2,763) 12,710 21,297 (8,587)
--------- ---------- ---------- ---------- ---------- ---------- ----------
Total Property Net Operating Income 54,917 $92,405 $83,065 $9,340 $276,819 $231,390 $45,429
Three Months Ended Nine Months Ended
Income from Discontinued Operations (f) September 30, September 30,
- -----------------------------------------
2006 2005 2006 2005
--------------------- ---------------------
Property Revenues $3,339 $6,985 $14,831 $23,540
Property Expenses 2,419 3,728 8,483 12,036
---------- ---------- ---------- ----------
Property Net Operating Income 920 3,257 6,348 11,504
Depreciation and Amortization (255) (1,776) (1,350) (5,386)
Income from discontinued operations
allocated to common units (760) (112) (1,681) (343)
Gain on sale of discontinued operations 29,350 - 80,394 36,115
---------- ---------- ---------- ----------
Income from Discontinued Operations $29,255 $1,369 $83,711 $41,890
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 and additional communities, totalling 1,652 apartment homes, acquired during 2005 and during the three and nine months
ended September 30, 2006.
(f) Represents operating results for communities, totaling 5,734 apartment homes, disposed of during 2005 and during the three and
nine months ended September 30, 2006 or held for sale at September 30, 2006.
"SAME PROPERTY"
CAMDEN THIRD QUARTER COMPARISONS
September 30, 2006
(In thousands, except property data amounts)
- -----------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 3Q06 3Q05 Growth 3Q06 3Q05 Growth 3Q06 3Q05 Growth
- -----------------------------------------------------------------------------------------------------------------------
D.C. Metro $11,699 $10,921 7.1% $3,024 $2,993 1.0% $8,675 $7,928 9.4%
Las Vegas, NV 11,267 10,509 7.2% 3,929 3,709 5.9% 7,338 6,800 7.9%
Los Angeles/Orange County, CA 5,156 4,804 7.3% 1,532 1,514 1.2% 3,624 3,290 10.2%
San Diego/Inland Empire, CA 3,774 3,603 4.7% 1,462 1,463 (0.1%) 2,312 2,140 8.0%
Tampa, FL 14,581 13,164 10.8% 6,739 5,912 14.0% 7,842 7,252 8.1%
Dallas, TX 14,475 13,549 6.8% 7,484 7,100 5.4% 6,991 6,449 8.4%
Houston, TX 10,719 10,128 5.8% 4,397 4,432 (0.8%) 6,322 5,696 11.0%
SE Florida 9,108 8,373 8.8% 3,625 2,936 23.5% 5,483 5,437 0.8%
Charlotte, NC 10,167 9,328 9.0% 3,969 3,605 10.1% 6,198 5,723 8.3%
Orlando, FL 7,010 6,376 9.9% 2,944 2,518 16.9% 4,066 3,858 5.4%
Atlanta, GA 8,727 8,211 6.3% 3,134 3,236 (3.2%) 5,593 4,975 12.4%
Denver, CO 5,758 5,694 1.1% 2,016 1,965 2.6% 3,742 3,729 0.3%
Raleigh, NC 5,264 4,811 9.4% 1,929 1,733 11.3% 3,335 3,078 8.3%
Phoenix, AZ 4,024 3,561 13.0% 1,306 1,250 4.5% 2,718 2,311 17.6%
Austin, TX 3,532 3,252 8.6% 1,907 1,753 8.8% 1,625 1,499 8.4%
Other 3,767 3,607 4.4% 1,599 1,557 2.7% 2,168 2,050 5.8%
----- ----- ---- ----- ----- ---- ----- ----- ----
Total Same Property $129,028 $119,891 7.6% $50,996 $47,676 7.0% $78,032 $72,215 8.1%
Weighted Average Rental
Apartment % of NOI Average Occupancy (a) Rate (b)
Homes Contribution
Quarterly Results (a) Included (a) 3Q06 3Q05 Change 3Q06 3Q05 Change
- -----------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,614 11.1% 96.7% 96.4% 0.3% $1,449 $1,357 6.8%
Las Vegas, NV 4,017 9.4% 95.4% 97.3% (1.9%) 885 825 7.2%
Los Angeles/Orange County, CA 1,232 4.6% 94.6% 96.5% (1.9%) 1,429 1,306 9.4%
San Diego/Inland Empire, CA 846 3.0% 94.6% 95.6% (1.0%) 1,495 1,422 5.1%
Tampa, FL 5,635 10.0% 94.9% 96.4% (1.5%) 823 741 11.0%
Dallas, TX 7,033 9.0% 94.5% 95.7% (1.2%) 659 639 3.1%
Houston, TX 4,244 8.1% 94.4% 95.9% (1.5%) 827 777 6.4%
SE Florida 2,100 7.0% 95.2% 97.0% (1.8%) 1,410 1,268 11.2%
Charlotte, NC 4,001 7.9% 95.7% 96.3% (0.6%) 816 761 7.2%
Orlando, FL 2,522 5.2% 94.4% 97.1% (2.7%) 901 802 12.2%
Atlanta, GA 3,202 7.2% 94.5% 95.4% (0.9%) 895 847 5.7%
Denver, CO 2,209 4.8% 94.7% 94.9% (0.2%) 822 837 (1.8%)
Raleigh, NC 2,220 4.3% 95.3% 94.8% 0.5% 761 720 5.6%
Phoenix, AZ 1,441 3.5% 94.7% 96.8% (2.1%) 908 797 13.9%
Austin, TX 1,745 2.1% 95.2% 95.8% (0.6%) 629 606 3.8%
Other 1,504 2.8% 93.3% 94.7% (1.4%) 803 768 4.5%
----- ---- ----- ----- ------ --- --- ----
Total Same Property 46,565 100.0% 94.9% 96.1% (1.2%) $894 $835 7.0%
(a) "Same Property" Communities are communities which were owned by Camden or Summit and stabilized as of January 1, 2005, excluding
properties held for sale.
(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
September 30, 2006
(In thousands, except property data amounts)
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 3Q06 2Q06 Growth 3Q06 2Q06 Growth 3Q06 2Q06 Growth
- ------------------------------------------------------------------------------------------------------------------------
D.C. Metro $11,699 $11,441 2.3% $3,024 $2,954 2.4% $8,675 $8,487 2.2%
Las Vegas, NV 11,267 11,086 1.6% 3,929 3,589 9.5% 7,338 7,497 (2.1%)
Los Angeles/Orange County, CA 5,156 5,077 1.6% 1,532 1,427 7.4% 3,624 3,650 (0.7%)
San Diego/Inland Empire, CA 3,774 3,758 0.4% 1,462 1,360 7.5% 2,312 2,398 (3.6%)
Tampa, FL 14,581 14,240 2.4% 6,739 6,225 8.3% 7,842 8,015 (2.2%)
Dallas, TX 14,475 14,247 1.6% 7,484 7,192 4.1% 6,991 7,055 (0.9%)
Houston, TX 10,719 10,609 1.0% 4,397 4,459 (1.4%) 6,322 6,150 2.8%
SE Florida 9,108 8,883 2.5% 3,625 2,969 22.1% 5,483 5,914 (7.3%)
Charlotte, NC 10,167 9,841 3.3% 3,969 3,665 8.3% 6,198 6,176 0.4%
Orlando, FL 7,010 6,784 3.3% 2,944 2,604 13.1% 4,066 4,180 (2.7%)
Atlanta, GA 8,727 8,526 2.4% 3,134 3,154 (0.6%) 5,593 5,372 4.1%
Denver, CO 5,758 5,667 1.6% 2,016 1,877 7.4% 3,742 3,790 (1.3%)
Raleigh, NC 5,264 5,088 3.5% 1,929 1,727 11.7% 3,335 3,361 (0.8%)
Phoenix, AZ 4,024 3,895 3.3% 1,306 1,223 6.8% 2,718 2,672 1.7%
Austin, TX 3,532 3,376 4.6% 1,907 1,765 8.0% 1,625 1,611 0.9%
Other 3,767 3,769 (0.1%) 1,599 1,491 7.2% 2,168 2,278 (4.8%)
----- ----- ------ ----- ----- ---- ----- ----- ------
Total Same Property $129,028 $126,287 2.2% $50,996 $47,681 7.0% $78,032 $78,606 (0.7%)
Apartment % of NOI Average Occupancy (a) Weighted Average Rental
Homes Contribution Rate (b)
Quarterly Results (a) Included (a) 3Q06 2Q06 Change 3Q06 2Q06 Change
- ------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,614 11.1% 96.7% 96.4% 0.3% $1,449 $1,418 2.2%
Las Vegas, NV 4,017 9.4% 95.4% 96.8% (1.4%) 885 867 2.1%
Los Angeles/Orange County, CA 1,232 4.6% 94.6% 94.9% (0.3%) 1,429 1,398 2.2%
San Diego/Inland Empire, CA 846 3.0% 94.6% 95.3% (0.7%) 1,495 1,457 2.6%
Tampa, FL 5,635 10.0% 94.9% 96.0% (1.1%) 823 798 3.0%
Dallas, TX 7,033 9.0% 94.5% 95.8% (1.3%) 659 653 0.9%
Houston, TX 4,244 8.1% 94.4% 95.5% (1.1%) 827 809 2.2%
SE Florida 2,100 7.0% 95.2% 96.3% (1.1%) 1,410 1,365 3.2%
Charlotte, NC 4,001 7.9% 95.7% 95.7% 0.0% 816 795 2.6%
Orlando, FL 2,522 5.2% 94.4% 94.5% (0.1%) 901 875 2.9%
Atlanta, GA 3,202 7.2% 94.5% 95.2% (0.7%) 895 876 2.1%
Denver, CO 2,209 4.8% 94.7% 95.1% (0.4%) 822 812 1.3%
Raleigh, NC 2,220 4.3% 95.3% 95.3% 0.0% 761 740 2.8%
Phoenix, AZ 1,441 3.5% 94.7% 96.1% (1.4%) 908 876 3.7%
Austin, TX 1,745 2.1% 95.2% 95.7% (0.5%) 629 617 1.9%
Other 1,504 2.8% 93.3% 95.1% (1.8%) 803 792 1.4%
----- ---- ----- ----- ------ --- --- ----
Total Same Property 46,565 100.0% 94.9% 95.7% (0.8%) $894 $874 2.3%
(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
September 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 $34,240 $31,705 8.0% $9,004 $8,671 3.8% $25,236 $23,034 9.6%
Las Vegas, NV 33,325 30,918 7.8% 11,044 10,451 5.7% 22,281 20,467 8.9%
Los Angeles/Orange County, CA 15,238 14,029 8.6% 4,349 4,299 1.2% 10,889 9,730 11.9%
San Diego/Inland Empire, CA 11,202 10,499 6.7% 4,199 4,234 (0.8%) 7,003 6,265 11.8%
Tampa, FL 42,760 38,695 10.5% 18,724 17,073 9.7% 24,036 21,622 11.2%
Dallas, TX 42,737 40,031 6.8% 21,827 20,327 7.4% 20,910 19,704 6.1%
Houston, TX 31,862 29,861 6.7% 13,235 12,879 2.8% 18,627 16,982 9.7%
SE Florida 26,819 24,541 9.3% 9,694 9,280 4.5% 17,125 15,261 12.2%
Charlotte, NC 29,636 27,079 9.4% 11,352 10,594 7.2% 18,284 16,485 10.9%
Orlando, FL 20,489 18,721 9.4% 7,935 7,176 10.6% 12,554 11,545 8.7%
Atlanta, GA 25,665 23,984 7.0% 9,474 9,135 3.7% 16,191 14,849 9.0%
Denver, CO 16,983 16,804 1.1% 5,808 5,705 1.8% 11,175 11,099 0.7%
Raleigh, NC 15,442 14,096 9.5% 5,369 4,992 7.6% 10,073 9,104 10.6%
Phoenix, AZ 11,761 10,439 12.7% 3,749 3,593 4.3% 8,012 6,846 17.0%
Austin, TX 10,247 9,609 6.6% 5,356 4,991 7.3% 4,891 4,618 5.9%
Other 11,234 10,620 5.8% 4,585 4,392 4.4% 6,649 6,228 6.8%
------ ------ ---- ----- ----- ---- ----- ----- ----
Total Same Property $379,640 $351,631 8.0% $145,704 $137,792 5.7% $233,936 $213,839 9.4%
Apartment % of NOI Average Occupancy (a) Weighted Average Rental
Homes Contribution Rate (b)
Year to Date Results (a) Included (a) 2006 2005 Change 2006 2005 Change
- ------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,614 10.8% 96.3% 95.0% 1.3% $1,421 $1,340 6.1%
Las Vegas, NV 4,017 9.5% 96.5% 97.4% (0.9%) 869 812 7.0%
Los Angeles/Orange County, CA 1,232 4.7% 95.2% 94.7% 0.5% 1,401 1,304 7.4%
San Diego/Inland Empire, CA 846 3.0% 94.7% 93.2% 1.5% 1,464 1,410 3.8%
Tampa, FL 5,635 10.3% 95.9% 96.2% (0.3%) 801 725 10.4%
Dallas, TX 7,033 8.9% 95.3% 94.2% 1.1% 654 642 1.9%
Houston, TX 4,244 8.0% 95.4% 94.6% 0.8% 812 778 4.3%
SE Florida 2,100 7.3% 96.6% 96.7% (0.1%) 1,368 1,256 8.9%
Charlotte, NC 4,001 7.8% 95.9% 95.2% 0.7% 797 752 5.9%
Orlando, FL 2,522 5.4% 95.3% 97.8% (2.5%) 875 781 12.0%
Atlanta, GA 3,202 6.9% 94.9% 93.3% 1.6% 878 849 3.5%
Denver, CO 2,209 4.8% 94.5% 93.5% 1.0% 817 838 (2.6%)
Raleigh, NC 2,220 4.3% 95.9% 93.7% 2.2% 743 726 2.4%
Phoenix, AZ 1,441 3.4% 96.2% 96.2% 0.0% 876 785 11.7%
Austin, TX 1,745 2.1% 95.6% 94.8% 0.8% 620 604 2.6%
Other 1,504 2.8% 94.1% 94.2% (0.1%) 795 769 3.4%
----- ---- ----- ----- ------ --- --- ----
Total Same Property 46,565 100.0% 95.6% 95.2% 0.4% $876 $829 5.7%
(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 Nine Months Ended
September 30, September 30,
------------------------ ------------------------
OPERATING DATA (a) 2006 2005 2006 2005 (b)
- ------------------ ------------------------ ------------------------
Property Revenues
Rental revenues $4,011 $4,713 $11,982 $11,773
Other property revenues 464 455 1,305 1,128
------------------------ ------------------------
Total property revenues 4,475 5,168 13,287 12,901
Property Expenses
Property operating and maintenance 1,340 1,577 3,787 3,795
Real estate taxes 376 444 1,158 1,046
------------------------ ------------------------
Total property expenses 1,716 2,021 4,945 4,841
Net Operating Income (NOI) 2,759 3,147 8,342 8,060
Other expenses
Interest 1,407 1,660 4,224 4,170
Depreciation and amortization 781 1,272 2,372 3,285
Other 27 2,042 71 2,077
------------------------ ------------------------
Total other expenses 2,215 4,974 6,667 9,532
Gain on sale of properties, net 1,084 - 2,839 -
------------------------ ------------------------
Equity in income (loss) of joint ventures $1,628 ($1,827) $4,514 ($1,472)
======================== ========================
Sep 30, Jun 30, Mar 31, Dec 31, Sept 30,
2006 2006 2006 2005 2005
------------------------------------------------------------
BALANCE SHEET DATA (c)
- ----------------------
Real estate assets, net $944,537 $647,555 $640,591 $659,834 $708,864
Cash and other assets, net 20,760 14,798 15,011 14,146 16,300
------------------------------------------------------------
Total assets $965,297 $662,353 $655,602 $673,980 $725,164
Notes payable $748,542 $540,134 $531,266 $559,323 $618,656
Notes payable due to Camden 31,035 23,326 22,531 11,916 11,505
Other liabilities 10,868 8,009 7,902 10,149 10,617
------------------------------------------------------------
Total liabilities $790,445 $571,469 $561,699 $581,388 $640,778
Members' equity 174,852 90,884 93,903 92,592 84,386
------------------------------------------------------------
Total liabilities and members' equity $965,297 $662,353 $655,602 $673,980 $725,164
Camden's equity investment $8,266 $8,270 $8,199 $6,096 $6,937
Distributions in excess of investment in joint ventures ($18,044) ($12,701) ($11,556) ($11,256) ($18,730)
Camden's pro-rata share of debt $166,689 $126,766 $123,879 $121,526 $134,057
PROPERTY DATA (end of period) (c)
- ---------------------------------
Total operating properties 36 28 28 30 33
Total operating apartment homes 10,689 7,684 7,684 8,355 9,784
Pro rata share of operating apartment homes 2,072 1,644 1,644 1,812 2,113
Total development properties 3 2 2 1 1
Total development apartment homes 1,069 561 561 464 464
Pro rata share of development apartment homes 321 168 168 93 93
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) The Company's 2005 financial results include the results of Summit subsequent to February 28, 2005.
(c) Balance sheet and property data reported at 100%.
CAMDEN DEVELOPMENT PIPELINE
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2006 ($ in millions)
Estimated/Actual Dates for
Completed Total Total Cost Construction Initial Construction Stabilized As of 10/29/06
Communities Homes Budget to Date Start Occupancy Completion Operations % Leased % Occupied
- ------------------------------------------------------------------------------------------------------------------------
1. Camden Westwind 464 $97.6 $94.8 1Q04 1Q05 2Q06 2Q07 64% 62%
Ashburn, VA
2. Camden Fairfax
Corner 488 82.0 80.2 4Q03 3Q05 3Q06 1Q07 86% 89%
Fairfax, VA
3. Camden Manor
Park 484 52.0 49.1 2Q04 4Q05 3Q06 3Q07 69% 68%
Raleigh, NC
4. Camden Royal
Oaks 236 22.0 21.4 2Q05 2Q06 3Q06 3Q07 31% 24%
--- ---- ---- --- ---
Houston, TX
Total Completed
Communities 1,672 $253.6 $245.5 67% 66%
Estimated/Actual Dates for
Development Total Total Cost Amount Construction Initial Construction Stabilized As of 10/29/06
Communities Homes Budget to Date in CIP Start Occupancy Completion Operations % Leased % Occupied
- ------------------------------------------------------------------------------------------------------------------------
IN LEASE-UP
- -----------
5. Camden
Clearbrook 297 $45.0 $42.4 $20.9 4Q04 2Q06 4Q06 3Q07 60% 55%
Frederick, MD
6. Camden Old
Creek 350 98.0 85.3 69.2 1Q05 3Q06 2Q07 4Q07 17% 15%
San Marcos,
CA
UNDER CONSTRUCTION
- -------------------
7. Camden Monument
Place 368 64.0 40.5 40.5 1Q05 1Q07 3Q07 1Q08
Fairfax, VA
8. Camden Potomac
Yards 379 110.0 61.9 61.9 1Q05 1Q07 3Q07 3Q08
Arlington
County, VA
9. Camden City
Centre 379 54.0 22.3 22.3 1Q06 2Q07 3Q07 3Q08
Houston, TX
10. Camden Dulles
Station 368 77.0 23.7 23.7 1Q06 1Q08 4Q08 2Q09
Herndon, VA
11. Camden
Summerfield 291 68.0 23.4 23.4 2Q06 4Q07 3Q08 1Q09
Largo, MD
12. Camden Orange
Court 261 49.0 11.8 11.8 2Q06 2Q08 3Q08 1Q09
--- ---- ---- ----
Orlando, FL
Total Development
Communities 2,693 $565.0 $311.3 $273.7
Additional land
held for
development (a) 77.5
----
Total Properties
Under Development
(per Balance
Sheet) $351.2
======
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
Total Cost 3Q06 NOI
---------- --------
Development Communities stabilized at quarter end $16.9 $0.3
Completed Communities in lease-up 245.5 2.5
Development Communities 311.3 0.3
----- ---
Total Development NOI Contribution $573.7 $3.1
(a) Please refer to the pre-development pipeline summary on page 17.
JOINT VENTURE DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2006 ($ in millions)
Estimated/Actual Dates for
Joint Venture Total Total Cost Amount Construction Initial Construction Stabilized
Development Homes Budget to Date in CIP Start Occupancy Completion Operations
Communities
- ----------------------------------------------------------------------------------------------------
UNDER CONSTRUCTION
- -------------------
1. Camden Main &
Jamboree 290 $107.1 $86.8 $86.8 3Q04 1Q07 1Q07 3Q07
Irvine, CA
2. Camden Plaza 271 42.9 22.8 22.8 1Q06 2Q07 3Q07 2Q08
Houston, TX
3. Camden College
Park 508 139.9 56.8 56.8 3Q06 4Q07 1Q09 4Q09
--- ----- ---- ----
College Park,
MD
Total Joint
Venture
Development
Communities 1,069 $289.9 $166.4 $166.4
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
CAMDEN PRE-DEVELOPMENT PIPELINE
& LAND HELD FOR SALE
- -----------------------------------------------------------------------------------------------------------------
(Unaudited)
PRE-DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2006 ($ in millions)
Potential Total
Apartment Estimated
Location Acres Homes Cost to Date Cost
--------------------------------------------------------------------------------------------------------------
D.C. Metro 6.8 457 $33.2 $150.0
Tampa 9.6 192 5.4 30.0
Dallas 4.6 306 9.0 50.0
Houston 47.3 1,322 29.9 170.0
---- ----- ---- -----
Total Pre-Development: (a) 68.3 2,277 $77.5 $400.0
(a) Pre-development pipeline includes some acreage which may be developed or sold for non-multifamily uses.
LAND HELD FOR SALE AS OF SEPTEMBER 30, 2006 ($ in millions)
Current
Location Acres Book Value
---------------------------------------------------------------------------------
Southeast Florida 3.1 $12.0
Dallas 2.6 2.5
--- ---
Total Land Parcels Held For Sale: 5.7 $14.5
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
CAMDEN MEZZANINE FINANCING SUMMARY
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
MEZZANINE FINANCING AS OF SEPTEMBER 30, 2006 ($ in thousands)
Current 09/30/06 09/30/06 06/30/06
Property Total Note Note
Location Type Current Status Homes Balance Balance
-------------------------------------------------------------------------------------------------------------------------
Irvine, CA Multifamily Development 290 $17,084 $16,496
Houston, TX Multifamily Development/Predevelopment 271 10,930 10,686
College Park, MD Multifamily Development 508 6,878 -
Dallas/Fort Worth, TX Multifamily Stabilized - - 2,870
Austin, TX Multifamily Stabilized - - 2,486
----- ------- --------
Total Mezzanine Financing Volume: 1,069 $34,892 $32,538
Weighted Average Interest Rate Recognized: 13.0% 12.3%
CAMDEN ACQUISITIONS & DISPOSITIONS
- -------------------------------------------------------------------------------------------------------------------------
(Unaudited)
2006 ACQUISITION/DISPOSITION
ACTIVITY
Apartment
Acquisitions Location Property Type Homes Year Built Closing Date
- ------------------------------ ------------------- -----------------------------------------------------------
1. Camden Westwind (a) Ashburn, VA Multifamily 464 2006 01/31/06
2. Camden Stoneleigh Austin, TX Multifamily 390 2001 07/11/06
TOTAL ACQUISITION VOLUME: $113.5 million (a) 854 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 View Tucson, AZ Multifamily 365 1974 03/06/06
3. Camden Pass Tucson, AZ Multifamily 456 1984 04/06/06
4. Camden Trails Dallas, TX Multifamily 264 1984 04/11/06
5. Camden Wilshire Houston, TX Multifamily 536 1982 06/15/06
6. College Park Land Tract College Park, MD Undeveloped Land 4.7 Acres N/A 06/23/06
7. Camden Oaks Dallas, TX Multifamily 446 1985 07/14/06
8. Harbor View Land Tract Long Beach, CA Undeveloped Land 2.1 Acres N/A 08/22/06
9. Orange Court Land Tract Orlando, FL Undeveloped Land 0.4 Acres N/A 09/15/06
10. Las Olas II Land Tract Ft. Lauderdale, FL Undeveloped Land 1.7 Acres N/A 09/27/06
11. Farmers Market Land Tract Dallas, TX Undeveloped Land 4.5 Acres N/A 09/29/06
Total Disposition Volume: $159.1 million 2,227 apartment
homes
13.4 acres of
undeveloped
land
Apartment
Dispositions to Joint Ventures Location Property Type Homes Year Built Closing Date
- ------------------------------ ------------------- -----------------------------------------------------------
1. Camden Plaza (b) Houston, TX Undeveloped Land 3.6 Acres N/A 01/20/06
2. Camden College Park (c) College Park, MD Undeveloped Land 10.6 Acres N/A 08/02/06
3. Camden Brookside (d) Louisville, KY Multifamily 224 1987 09/20/06
4. Camden Meadows (d) Louisville, KY Multifamily 400 1987/1990 09/20/06
5. Camden Oxmoor (d) Louisville, KY Multifamily 432 2000 09/20/06
6. Camden Prospect Park (d) Louisville, KY Multifamily 138 1990 09/20/06
7. Camden Cedar Lakes (d) Lake St. Louis, MO Multifamily 420 1986 09/20/06
8. Camden Cove West (d) Creve Coeur, MO Multifamily 276 1990 09/20/06
9. Camden Cross Creek (d) St. Louis, MO Multifamily 591 1973/1980 09/20/06
10. Camden Passage (d) Kansas City, MO Multifamily 596 1989/1997 09/20/06
11. Camden Westchase (d) St. Louis, MO Multifamily 160 1986 09/20/06
Total Disposition to Joint $222.0 million 3,237 apartment
Ventures Volume: (b)(c)(d) homes
14.2 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
3. Summit Hollow Charlotte, NC Multifamily 232 1979 07/26/06
Total Disposition Volume: $63.0 million 903 apartment
homes
Pro-Rata Share of Disposition $15.7 million 226 apartment
Volume: homes
TOTAL PRO RATA DISPOSITION $396.8 million 5,690 apartment
VOLUME: homes
27.6 acres of
undeveloped
land
(a) Includes value of remaining 80% partnership interests of Camden Westwind 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.
(c) Includes value of partnership interests for undeveloped land parcel contributed on August 2, 2006.
(d) Includes cash proceeds to Camden for multifamily assets contributed on September 20, 2006.
CAMDEN DEBT ANALYSIS
(In thousands, except property data amounts)
--------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEBT MATURITIES AS OF SEPTEMBER 30, 2006:
(a)
Weighted Average
Future Scheduled Repayments Percent Interest Rate on
-------------------------------------------------
Year Amortization Maturities Total of Total Maturing Debt
-----------------------------------------------------------------------------------------------------------------
2006 $3,406 $125,000 $128,406 5.6% 7.2%
2007 13,261 219,733 232,994 10.2% 5.7%
2008 11,777 188,879 200,656 8.8% 4.8%
2009 7,860 190,324 198,184 8.7% 5.0%
2010 7,119 445,677 452,796 19.9% 5.1%
2011 4,131 244,233 248,364 10.9% 6.5%
2012 2,976 269,541 272,517 12.0% 5.7%
Thereafter 47,903 484,633 532,536 23.3% 5.2%
-------------------------------------------------------------------------------------------
Total Maturing Debt $98,433 $2,168,020 $2,266,453 99.4% 5.5%
Unsecured Line of
Credit 0 14,000 14,000 0.6% 5.8%
-------------------------------------------------------------------------------------------
Total Debt $98,433 $2,182,020 $2,280,453 100.0% 5.5%
Weighted Average 5.2 Years(excluding line of credit)
Maturity of Debt
Weighted Average
FLOATING vs. FIXED RATE Balance % of Total Interest Rate
DEBT:
--------------------------------------------------
Floating rate debt $79,689 3.5% 4.9%
Fixed rate debt 2,200,764 96.5% 5.5%
--------------------------------------------------
Total $2,280,453 100.0% 5.5%
Weighted Average
SECURED vs. UNSECURED Balance % of Total Interest Rate
DEBT:
--------------------------------------------------
Unsecured debt $1,693,106 74.2% 5.7%
Secured debt 587,347 25.8% 4.9%
--------------------------------------------------
Total $2,280,453 100.0% 5.5%
Weighted Average
SECURED DEBT DETAIL: Balance % of Total Interest Rate
--------------------------------------------------
Coventional fixed-rate mortgage debt $515,088 87.7% 4.9%
Coventional floating-rate mortgage debt 6,873 1.2% 7.4%
Tax exempt fixed rate
debt 6,570 1.1% 7.3%
Tax exempt variable
rate debt 58,816 10.0% 4.5%
--------------------------------------------------
Total $587,347 100.0% 4.9%
REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total
--------------------------------------------------------------------------
Unencumbered real estate assets 47,516 83.9% $4,078,555 79.8%
Encumbered real estate
assets 9,145 16.1% 1,030,160 20.2%
--------------------------------------------------------------------------
Total 56,661 100.0% $5,108,715 100.0%
-------------------------------------------------------------------------------------------
Ratio of unencumbered assets at cost to unsecured debt is 2.4 times
-----------------------------------------------------------------------------------------------------------------
UNCONSOLIDATED, NON-RECOURSE DEBT:
Pro-Rata Share of Debt $166,689
Weighted Average
Interest Rate 6.1%
(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
September 30, 2006
- -------------------------------------------------------------------------------------------------------------------
(Unaudited)
UNSECURED LINE OF CREDIT (a)
Covenant (b) Required Actual (c) Compliance
- ------------------------------------ ------------------------- ------------- ---------------
Total Consolidated Debt to Gross Asset Value less than or equal to 60% 46% Yes
Secured Debt to Gross Asset Value less than or equal to 40% 12% Yes
Consolidated EBITDA to Total Fixed Charges greater than or 150% 199% Yes
equal to
Unencumbered Adjusted NOI to Unsecured Interest Expense greater than 200% 251% Yes
SENIOR UNSECURED NOTES
Covenant (b) Required Actual (c) Compliance
- ------------------------------------ ------------------------- ------------- ---------------
Total Consolidated Debt to Total Asset Value less than or equal to 60% 44% Yes
Total Secured Debt to Total Asset value less than or equal to 40% 11% Yes
Total Unencumbered Asset Value to Total Unsecured Debt greater than or 150% 247% Yes
equal to
Consolidated Income Available for Debt Service to Total greater than 150% 246% Yes
Annual Service Charges
(a) In January 2006, Camden amended and extended its existing unsecured line of credit. The above covenants reflect
the amended line of credit.
(b) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior
Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the
Securities and Exchange Commission.
(c) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the
Senior Unsecured Notes.
CAMDEN CAPITALIZED EXPENDITURES
& MAINTENANCE EXPENSE
(In thousands, except unit data)
- -------------------------------------------------------------------------------------------
(Unaudited)
Third Quarter 2006 (a)
----------------------------------------------------------------
Capitalized Expensed
------------------------------------------- --------------------
Weighted Average
Item Useful Life (b) Total Per Unit Total Per Unit
----------------------- ------------------------------------------- --------------------
Interiors
Floor coverings 5.3 years $3,380 $60 $1,103 $20
Appliances 9.2 years 530 9 181 3
Painting - - - 2,147 38
Cabinetry/Countertops 10.0 years 253 5 - -
Other 8.3 years 553 10 481 8
Exteriors
Painting 5.0 years 1,262 22 - -
Carpentry 10.0 years 1,322 24 - -
Landscaping 6.9 years 552 10 2,517 45
Roofing 20.0 years 175 3 114 2
Site Drainage 10.0 years 100 2 - -
Fencing/Stair 10.0 years (95) (2) - -
Other (c) 7.4 years 1,031 18 3,797 68
Common Areas
Mech., Elec., Plumbing 9.9 years 824 15 800 14
Parking/Paving 5.0 years 694 12 - -
Pool/Exercise/Facility 8.5 years 839 15 430 8
-------------------- --------------------
$11,420 $203 $11,570 $206
Weighted Average
Apartment Homes 56,161 56,161
Year-to-Date 2006 (a)
----------------------------------------------------------------
Capitalized Expensed
------------------------------------------- --------------------
Weighted Average
Item Useful Life (b) Total Per Unit Total Per Unit
----------------------- ------------------------------------------- --------------------
Interiors
Floor coverings 5.3 years $8,381 $148 $2,714 $48
Appliances 9.2 years 1,400 25 499 9
Painting - - - 5,168 91
Cabinetry/Countertops 10.0 years 653 12 - -
Other 8.3 years 1,470 26 1,293 23
Exteriors
Painting 5.0 years 3,194 56 - -
Carpentry 10.0 years 3,547 63 - -
Landscaping 6.9 years 1,943 34 7,968 141
Roofing 20.0 years 918 16 212 4
Site Drainage 10.0 years 267 5 - -
Fencing/Stair 10.0 years 836 15 - -
Other (c) 7.4 years 4,223 75 10,125 179
Common Areas
Mech., Elec., Plumbing 9.9 years 2,053 36 2,138 38
Parking/Paving 5.0 years 1,144 20 - -
Pool/Exercise/Facility 8.5 years 3,353 59 1,041 18
-------------------- --------------------
$33,382 $590 $31,158 $550
Weighted Average
Apartment Homes 56,624 56,624
(a) Includes discontinued operations. Capitalized expenditures for discontinued
operations were $356 and $1,380 for the three months and nine months ended September
30, 2006 respectively. Maintenance expenses for discontinued operations were $325 and
$1,272 for the same periods.
(b) of capitalized expenses for the three months ended September 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 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 on
page 1 of 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
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+ Stable
Estimated Future Dates: Q4 '06 Q1 '07 Q2 '07 Q3 '07
---------- ----------- ---------- ----------
Earnings release & conference call Early Feb Early May Early Aug Early Nov
Dividend Information - Common Shares: Q1 '06 Q2 '06 Q3 '06
---------- ----------- ----------
Declaration Date 03/15/06 06/15/06 09/15/06
Record Date 03/31/06 06/30/06 09/29/06
Payment Date 04/17/06 07/17/06 10/17/06
Distributions Per Share $0.66 $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.
To access Camden's Quarterly Conference Call, please visit our web site at 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 09/30/06
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q06 Avg
Year PlacedAverage Apartment 3Q06 Avg Market Rental Rates
---------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ------------------------------------------------------------------------------------------------------------------------
Camden Copper Square Phoenix AZ 2000 786 332 94% 843 1.07
Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 95% 780 0.74
Camden Legacy Scottsdale AZ 1996 1,067 428 97% 996 0.93
Camden Pecos Ranch (1) Chandler AZ 2001 924 272 97% 864 0.93
Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 94% 1,065 1.02
Camden Sierra (1) Peoria AZ 1997 925 288 96% 772 0.83
Camden Towne Center (1) Glendale AZ 1998 871 240 96% 793 0.91
Camden Vista Valley Mesa AZ 1986 923 357 93% 721 0.78
========================================================================================================================
TOTAL ARIZONA 8 Properties 951 2,433 95% 866 0.91
Camden Crown Valley Mission Viejo CA 2001 1,009 380 96% 1,595 1.58
Camden Harbor View Long Beach CA 2004 976 538 95% 2,052 2.10
Camden Martinique Costa Mesa CA 1986 795 714 93% 1,334 1.68
Camden Parkside (1) Fullerton CA 1972 836 421 95% 1,267 1.52
Camden Sea Palms Costa Mesa CA 1990 891 138 98% 1,463 1.64
--------------------------------------------------------------------------------------
Total Los Properties
Angeles/Orange County 5 890 2,191 95% 1,551 1.74
Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 95% 1,442 1.50
Camden Tuscany San Diego CA 2003 891 160 99% 1,907 2.14
Camden Vineyards Murrieta CA 2002 1,053 264 92% 1,331 1.26
--------------------------------------------------------------------------------------
Total San Diego/Inland Properties
Empire 3 977 846 95% 1,495 1.53
========================================================================================================================
TOTAL CALIFORNIA 8 Properties 915 3,037 95% 1,535 1.68
Camden Arbors Westminster CO 1986 792 358 94% 670 0.85
Camden Caley Englewood CO 2000 925 218 97% 824 0.89
Camden Centennial Littleton CO 1985 744 276 93% 659 0.89
Camden Denver West (1) Golden CO 1997 1,015 320 96% 958 0.94
Camden Highlands Ridge Highlands Ranch CO 1996 1,149 342 96% 1,006 0.88
Camden Interlocken Broomfield CO 1999 1,022 340 97% 1,018 1.00
Camden Lakeway Littleton CO 1997 932 451 95% 864 0.93
Camden Pinnacle Westminster CO 1985 748 224 91% 602 0.80
========================================================================================================================
TOTAL COLORADO 8 Properties 927 2,529 95% 840 0.91
Camden Ashburn Farms Ashburn VA 2000 1,061 162 98% 1,299 1.22
Camden Fair Lakes Fairfax VA 1999 996 530 97% 1,477 1.48
Camden Fairfax Corner (2) Fairfax VA 2006 934 488 Lease-up 1,535 1.64
Camden Fallsgrove Rockville MD 2004 996 268 96% 1,515 1.52
Camden Grand Parc Washington DC 2002 904 105 98% 2,080 2.30
Camden Lansdowne Leesburg VA 2002 1,006 690 97% 1,312 1.30
Camden Largo Town Center Largo MD 2000 1,042 219 98% 1,573 1.51
Camden Roosevelt Washington DC 2003 856 198 95% 2,057 2.40
Camden Russett Laurel MD 2000 1,025 426 96% 1,299 1.27
Camden Silo Creek Washington DC 2004 971 284 96% 1,286 1.32
Camden Westwind (2) Ashburn VA 2006 1,036 464 Lease-up 1,278 1.23
========================================================================================================================
TOTAL DC METRO 11 Properties 992 3,834 97% 1,444 1.46
Camden Aventura Aventura FL 1995 1,106 379 95% 1,423 1.29
Camden Doral Miami FL 1999 1,172 260 97% 1,435 1.22
Camden Doral Villas Miami FL 2000 1,253 232 97% 1,537 1.23
Camden Las Olas Ft. Lauderdale FL 2004 1,043 420 94% 1,638 1.57
Camden Plantation Plantation FL 1997 1,152 502 93% 1,365 1.18
Camden Portofino Pembroke Pines FL 1995 1,307 322 95% 1,320 1.01
Summit Brickell Miami FL 2003 937 405 96% 1,435 1.53
--------------------------------------------------------------------------------------
Total Southeast Florida 7 Properties 1,124 2,520 95% 1,448 1.29
Camden Club Longwood FL 1986 1,077 436 97% 946 0.88
Camden Hunter's Creek Orlando FL 2000 1,082 270 94% 1,017 0.94
Camden Lago Vista Orlando FL 2005 954 366 96% 1,007 1.06
Camden Landings Orlando FL 1983 748 220 96% 768 1.03
Camden Lee Vista Orlando FL 2000 937 492 93% 909 0.97
Camden Renaissance Altamonte SpringsFL 1996/1998 899 578 93% 924 1.03
Camden Reserve Orlando FL 1990/1991 824 526 95% 824 1.00
Camden World Gateway Orlando FL 2000 979 408 98% 1,013 1.04
--------------------------------------------------------------------------------------
Total Orlando 8 Properties 937 3,296 95% 926 0.99
CAMDEN COMMUNITY TABLE
Community Statistics as of 09/30/06
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q06 Avg
Year PlacedAverage Apartment 3Q06 Avg Market Rental Rates
---------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ------------------------------------------------------------------------------------------------------------------------
Camden Bay Tampa FL 1997/2001 943 760 95% 927 0.98
Camden Bay Pointe Tampa FL 1984 771 368 96% 759 0.98
Camden Bayside Tampa FL 1987/1989 748 832 94% 790 1.06
Camden Citrus Park Tampa FL 1985 704 247 97% 725 1.03
Camden Isles Tampa FL 1983/1985 722 484 94% 725 1.00
Camden Lakes St. Petersburg FL 1982/1983 728 688 95% 739 1.01
Camden Lakeside Brandon FL 1986 728 228 96% 779 1.07
Camden Live Oaks Tampa FL 1990 1,093 770 95% 800 0.73
Camden Preserve Tampa FL 1996 942 276 95% 1,082 1.15
Camden Providence Lakes Brandon FL 1996 1,024 260 94% 921 0.90
Camden Westshore Tampa FL 1986 728 278 97% 808 1.11
Camden Woods Tampa FL 1986 1,223 444 93% 900 0.74
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Total Tampa/St. Properties
Petersburg 12 874 5,635 95% 823 0.94
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TOTAL FLORIDA 27 Properties 947 11,451 95% 990 1.05
Camden Brookwood Atlanta GA 2002 906 359 92% 991 1.09
Camden Dunwoody Atlanta GA 1997 1,007 324 93% 918 0.91
Camden Deerfield Alpharetta GA 2000 1,187 292 96% 938 0.79
Camden Midtown Atlanta Atlanta GA 2001 953 296 95% 1,031 1.08
Camden River Duluth GA 1997 1,103 352 95% 853 0.77
Camden Peachtree City Peachtree City GA 2001 1,026 399 93% 849 0.83
Camden Shiloh Kennesaw GA 1999/2002 1,151 232 97% 843 0.73
Camden St. Clair Atlanta GA 1997 969 336 95% 941 0.97
Camden Stockbridge Stockbridge GA 2003 1,009 304 96% 774 0.77
Camden Sweetwater Lawrenceville GA 2000 1,151 308 96% 805 0.70
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TOTAL GEORGIA 10 Properties 1,041 3,202 95% 895 0.86
Camden Brookside (1) Louisville KY 1987 732 224 97% 605 0.83
Camden Downs Louisville KY 1975 682 254 96% 535 0.79
Camden Meadows (1) Louisville KY 1987/1990 746 400 97% 626 0.84
Camden Oxmoor (1) Louisville KY 2000 903 432 96% 769 0.85
Camden Prospect Park (1) Louisville KY 1990 916 138 95% 703 0.77
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TOTAL KENTUCKY 5 Properties 795 1,448 96% 657 0.83
Camden Passage (1) Kansas City MO 1989/1997 832 596 92% 661 0.79
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Total Kansas City 1 Property 832 596 92% 661 0.79
Camden Cedar Lakes (1) Lake St. Louis MO 1986 852 420 96% 652 0.77
Camden Cove West (1) Creve Coeur MO 1990 828 276 96% 830 1.00
Camden Cross Creek (1) St. Louis MO 1973/1980 947 591 96% 735 0.78
Camden Taravue St. Louis MO 1975 676 304 91% 549 0.81
Camden Trace Maryland Heights MO 1972 1,158 372 96% 753 0.65
Camden Westchase (1) St. Louis MO 1986 945 160 97% 831 0.88
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Total St. Louis 6 Properties 910 2,123 95% 715 0.78
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TOTAL MISSOURI 7 Properties 893 2,719 95% 703 0.79
Camden Bel Air Las Vegas NV 1988/1995 943 528 95% 878 0.93
Camden Breeze Las Vegas NV 1989 846 320 96% 828 0.98
Camden Canyon Las Vegas NV 1995 987 200 97% 914 0.93
Camden Commons Henderson NV 1988 936 376 96% 892 0.95
Camden Cove Las Vegas NV 1990 898 124 97% 836 0.93
Camden Del Mar Las Vegas NV 1995 986 560 94% 987 1.00
Camden Fairways Henderson NV 1989 896 320 97% 911 1.02
Camden Hills Las Vegas NV 1991 579 184 93% 641 1.11
Camden Legends Henderson NV 1994 792 113 95% 856 1.08
Camden Palisades Las Vegas NV 1991 905 624 97% 898 0.99
Camden Pines (1) Las Vegas NV 1997 1,005 315 97% 921 0.92
Camden Pointe Las Vegas NV 1996 985 252 96% 889 0.90
Camden Summit (1) Henderson NV 1995 1,187 234 97% 1,207 1.02
Camden Tiara (1) Las Vegas NV 1996 1,043 400 97% 983 0.94
Camden Vintage Las Vegas NV 1994 978 368 94% 867 0.89
Oasis Bay (1) Las Vegas NV 1990 876 128 94% 834 0.95
Oasis Crossings (1) Las Vegas NV 1996 983 72 98% 857 0.87
CAMDEN COMMUNITY TABLE
Community Statistics as of 09/30/06
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q06 Avg
Year PlacedAverage Apartment 3Q06 Avg Market Rental Rates
---------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ------------------------------------------------------------------------------------------------------------------------
Oasis Emerald (1) Las Vegas NV 1988 873 132 97% 763 0.87
Oasis Gateway (1) Las Vegas NV 1997 1,146 360 96% 959 0.84
Oasis Island (1) Las Vegas NV 1990 901 118 95% 753 0.84
Oasis Landing (1) Las Vegas NV 1990 938 144 96% 819 0.87
Oasis Meadows (1) Las Vegas NV 1996 1,031 383 96% 850 0.82
Oasis Palms (1) Las Vegas NV 1989 880 208 94% 810 0.92
Oasis Pearl (1) Las Vegas NV 1989 930 90 97% 766 0.82
Oasis Place (1) Las Vegas NV 1992 440 240 94% 592 1.35
Oasis Ridge (1) Las Vegas NV 1984 391 477 93% 521 1.33
Oasis Sands Las Vegas NV 1994 1,125 48 94% 881 0.78
Oasis Sierra (1) Las Vegas NV 1998 922 208 96% 913 0.99
Oasis Springs (1) Las Vegas NV 1988 838 304 95% 735 0.88
Oasis Vinings (1) Las Vegas NV 1994 1,152 234 92% 898 0.78
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TOTAL NEVADA 30 Properties 908 8,064 95% 858 0.94
Camden Ballantyne Charlotte NC 1998 1,053 400 96% 847 0.80
Camden Cotton Mills Charlotte NC 2002 906 180 97% 1,259 1.39
Camden Dilworth Charlotte NC 2006 857 145 98% 1,204 1.41
Camden Eastchase Charlotte NC 1986 698 220 92% 544 0.78
Camden Fairview Charlotte NC 1983 1,036 135 90% 754 0.73
Camden Forest Charlotte NC 1989 703 208 95% 594 0.84
Camden Foxcroft Charlotte NC 1979 940 156 97% 684 0.73
Camden Grandview Charlotte NC 2000 1,145 266 95% 1,368 1.19
Camden Habersham Charlotte NC 1986 773 240 98% 624 0.81
Camden Park Commons Charlotte NC 1997 859 232 97% 686 0.80
Camden Pinehurst Charlotte NC 1967 1,147 407 96% 756 0.66
Camden Sedgebrook Charlotte NC 1999 1,017 368 97% 790 0.78
Camden Simsbury Charlotte NC 1985 874 100 97% 736 0.84
Camden South End Charlotte NC 2003 883 299 95% 1,106 1.25
Camden Stonecrest Charlotte NC 2001 1,169 306 96% 919 0.79
Camden Timber Creek Charlotte NC 1984 706 352 92% 575 0.81
Camden Touchstone Charlotte NC 1986 899 132 97% 685 0.76
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Total Charlotte 17 Properties 941 4,146 96% 830 0.88
Camden Glen Greensboro NC 1980 662 304 93% 570 0.86
Camden Wendover Greensboro NC 1985 795 216 95% 602 0.76
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Total Greensboro 2 Properties 717 520 94% 583 0.81
Camden Crest Raleigh NC 2001 1,129 438 97% 763 0.68
Camden Governor's Village Chapel Hill NC 1999 1,134 242 95% 850 0.75
Camden Lake Pine Apex NC 1999 1,075 446 96% 786 0.73
Camden Manor Park (2) Raleigh NC 2006 966 484 Lease-up 853 0.88
Camden Overlook Raleigh NC 2001 1,056 320 96% 839 0.79
Camden Reunion Park Apex NC 2000/2004 972 420 94% 637 0.66
Camden Westwood Morrisville NC 1999 1,112 354 94% 740 0.67
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Total Raleigh 7 Properties 1,056 2,704 95% 777 0.74
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TOTAL NORTH CAROLINA 26 Properties 967 7,370 95% 793 0.82
Camden Valleybrook Chadds Ford PA 2002 992 352 92% 1,271 1.28
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TOTAL PENNSYLVANIA 1 Property 992 352 92% 1,271 1.28
Camden Briar Oaks Austin TX 1980 711 430 95% 577 0.81
Camden Gaines Ranch Austin TX 1997 955 390 92% 983 1.03
Camden Huntingdon Austin TX 1995 903 398 94% 723 0.80
Camden Laurel Ridge Austin TX 1986 702 183 95% 587 0.84
Camden Ridge View Austin TX 1984 859 167 96% 605 0.70
Camden Ridgecrest Austin TX 1995 851 284 95% 650 0.76
Camden Stoneleigh Austin TX 2001 908 390 96% 798 0.88
Camden Woodview Austin TX 1984 644 283 97% 594 0.92
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Total Austin 8 Properties 827 2,525 95% 709 0.86
Camden Breakers Corpus Christi TX 1996 868 288 93% 828 0.95
Camden Copper Ridge Corpus Christi TX 1986 775 344 94% 637 0.82
Camden Miramar (3) Corpus Christi TX 1994-2004 468 778 71% 800 1.71
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Total Corpus Christi 3 Properties 625 1,410 93% 766 1.23
CAMDEN COMMUNITY TABLE
Community Statistics as of 09/30/06
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q06 Avg
Year PlacedAverage Apartment 3Q06 Avg Market Rental Rates
---------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ------------------------------------------------------------------------------------------------------------------------
Camden Addison (1) Addison TX 1996 942 456 95% 807 0.86
Camden Buckingham Richardson TX 1997 919 464 97% 778 0.85
Camden Centreport Ft. Worth TX 1997 910 268 96% 760 0.84
Camden Cimarron Irving TX 1992 772 286 95% 746 0.97
Camden Farmers Market Dallas TX 2001 916 620 94% 910 0.99
Camden Farmers Market II Dallas TX 2005 970 284 94% 981 1.01
Camden Gardens Dallas TX 1983 652 256 94% 546 0.84
Camden Glen Lakes Dallas TX 1979 877 424 95% 671 0.77
Camden Lakeview Irving TX 1985 853 476 93% 605 0.71
Camden Legacy Creek Plano TX 1995 831 240 98% 780 0.94
Camden Legacy Park Plano TX 1996 871 276 98% 797 0.92
Camden Oasis Euless TX 1986 548 602 92% 550 1.00
Camden Place Mesquite TX 1984 772 442 93% 575 0.75
Camden Ridge Ft. Worth TX 1985 829 208 93% 604 0.73
Camden Springs Dallas TX 1987 713 304 94% 547 0.77
Camden Terrace Ft. Worth TX 1984 848 340 94% 585 0.69
Camden Towne Village Mesquite TX 1983 735 188 94% 608 0.83
Camden Valley Creek Irving TX 1984 855 380 95% 634 0.74
Camden Valley Park Irving TX 1986 743 516 96% 616 0.83
Camden Valley Ridge Irving TX 1987 773 408 94% 564 0.73
Camden Westview Lewisville TX 1983 697 335 95% 578 0.83
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Total Dallas/Ft. Worth 21 Properties 810 7,773 95% 680 0.84
Camden Baytown Baytown TX 1999 844 272 95% 781 0.93
Camden Creek Houston TX 1984 639 456 90% 598 0.94
Camden Crossing Houston TX 1982 762 366 94% 562 0.74
Camden Greenway Houston TX 1999 861 756 96% 974 1.13
Camden Holly Springs (1) Houston TX 1999 934 548 95% 893 0.96
Camden Midtown Houston TX 1999 843 337 93% 1,072 1.27
Camden Oak Crest Houston TX 2003 870 364 95% 801 0.92
Camden Park (1) Houston TX 1995 866 288 96% 776 0.90
Camden Royal Oaks (2) Houston TX 2006 923 236 Lease-up 1,093 1.18
Camden Steeplechase Houston TX 1982 748 290 93% 623 0.83
Camden Stonebridge Houston TX 1993 845 204 98% 770 0.91
Camden Sugar Grove (1) Stafford TX 1997 917 380 95% 836 0.91
Camden Vanderbilt Houston TX 1996/1997 863 894 97% 1,024 1.19
Camden West Oaks Houston TX 1982 726 671 93% 571 0.79
Camden Wyndham Houston TX 1978/1981 797 448 92% 596 0.75
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Total Houston 15 Properties 827 6,510 94% 810 0.98
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TOTAL TEXAS 47 Properties 804 18,218 94% 737 0.92
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TOTAL PROPERTIES 188 Properties 904 64,657 95% 899 0.99
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(1)Communities owned through investment in joint venture.
(2)Completed communities in lease-up as of September 30, 2006 are excluded from total occupancy numbers.
(3)Miramar is a student housing community which is excluded from total occupancy numbers.