EXHIBIT 99.1
Camden Property Trust Announces
Fourth Quarter and Full Year 2006 Operating Results
HOUSTON--(BUSINESS WIRE)--Feb. 8, 2007--Camden Property Trust
(NYSE:CPT) announced that its funds from operations ("FFO") for the
fourth quarter of 2006 totaled $0.87 per diluted share or $54.7
million, as compared to $0.84 per diluted share or $49.5 million for
the same period in 2005.
FFO for the twelve months ended December 31, 2006 totaled $3.88
per diluted share or $237.8 million, as compared to $3.47 per diluted
share or $195.3 million for the same period in 2005. FFO for the
twelve months ended December 31, 2006 included a $0.43 per diluted
share impact from gain on sale of land. FFO for the twelve months
ended December 31, 2005 included a $0.43 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 $31.4 million or $0.53
per diluted share for the fourth quarter of 2006, as compared to $12.9
million or $0.23 per diluted share for the same period in 2005. EPS
for the three months ended December 31, 2006 included a $0.31 per
diluted share impact from gain on sale of land and discontinued
operations. EPS for the three months ended December 31, 2005 included
a $0.21 per diluted share impact from gain on sale of land, joint
venture properties and discontinued operations.
For the twelve months ended December 31, 2006, net income totaled
$232.8 million or $3.96 per diluted share, as compared to $199.1
million or $3.58 per diluted share for the same period in 2005. EPS
for the twelve months ended December 31, 2006 included a $3.35 per
diluted share impact from gain on sale of land, operating properties,
joint venture properties and discontinued operations. EPS for the
twelve months ended December 31, 2005 included a $3.20 per diluted
share impact from gain on sale of land, operating properties, joint
venture properties and discontinued operations, a $0.43 per diluted
share impact from the sale of technology investments, a $0.57 per
diluted share charge related to the amortization of acquired in place
leases, 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, fourth quarter 2006 same-property net operating
income ("NOI") increased 6.3% compared to the fourth quarter of 2005,
with revenues increasing 5.6% and expenses increasing 4.6%. On a
sequential basis, fourth quarter 2006 same-property NOI increased 1.7%
compared to the third quarter of 2006, with revenues declining 0.5%
and expenses declining 3.8% compared to the prior quarter. On a
full-year basis, 2006 same-property NOI increased 8.6%, with revenue
growth of 7.4% and expense growth of 5.4% compared to the same period
in 2005. Same-property physical occupancy levels for the combined
portfolio averaged 94.0% during the fourth quarter of 2006, compared
to 96.3% in the fourth quarter of 2005 and 94.9% in the third 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 December 31, 2006, Camden had four completed apartment
communities in lease-up: Camden Fairfax Corner in Fairfax, VA, an
$82.0 million project that is currently 93% leased; Camden Manor Park
in Raleigh, NC, a $52.0 million project that is currently 77% leased;
Camden Westwind in Ashburn, VA, a $97.6 million project that is
currently 69% leased; and Camden Royal Oaks in Houston, TX, a $22.0
million project that is currently 43% leased.
The Company's current development pipeline includes eight
wholly-owned communities and an expansion of an existing property,
comprising 2,719 apartment homes and a total budgeted cost of $571.5
million. Camden also has five joint venture communities under
development comprising 1,528 apartment homes and a total budgeted cost
of $367.9 million. Of the 13 communities currently under development,
two are presently in lease-up: Camden Clearbrook in Frederick, MD is
currently 78% leased; and Camden Old Creek in San Marcos, CA is
currently 40% leased.
Disposition Activity
During the quarter, the Company disposed of two Houston
communities which were previously held for sale. Camden Crossing (366
homes) and Camden Wyndham (448 homes) were sold for a total price of
$32.5 million, resulting in a gain on sale of $18.9 million.
Properties and Land Held for Sale
At December 31, 2006, Camden had three operating communities
consisting of 930 apartment homes classified as held for sale. These
properties included: 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 year-end.
Earnings Guidance
Camden provided initial earnings guidance for 2007 based on its
current and expected views of the apartment market and general
economic conditions. Full-year 2007 FFO is expected to be $3.60 to
$3.90 per diluted share, and full-year 2007 EPS is expected to be
$0.95 to $1.25 per diluted share. First quarter 2007 earnings guidance
is $0.87 to $0.91 per diluted share for FFO and $0.20 to $0.24 per
diluted share for EPS. Guidance for EPS excludes potential future
gains on the sale of operating properties. Camden intends to update
its earnings guidance to the market on a quarterly basis.
The Company's initial 2007 earnings guidance is based on
projections of same-property NOI growth between 5.5% and 7.5%,
acquisitions of $0 - $100 million, dispositions of $175 - $450 million
and new development starts of $350 - $500 million. Additional
information on the Company's 2007 financial outlook and a
reconciliation of expected net income to expected FFO are included in
the financial tables accompanying this press release.
Conference Call
The Company will hold a conference call on Friday, February 9,
2007 at 10:00 a.m. Central Time to review its fourth quarter and
full-year 2006 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 Fourth 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 186 properties containing 63,843 apartment homes across the
United States. Upon completion of 13 properties under development and
the expansion of an existing property, the Company's portfolio will
increase to 68,090 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 Twelve Months Ended
December 31, December 31,
-------------------- --------------------
OPERATING DATA 2006 2005 2006 2005 (a)
- ---------------------------- -------------------- --------------------
Property revenues
Rental revenues $135,655 $130,971 $544,236 $479,221
Other property revenues 14,022 11,248 55,194 42,860
-------------------- --------------------
Total property revenues 149,677 142,219 599,430 522,081
Property expenses
Property operating and
maintenance 41,721 39,084 165,810 145,044
Real estate taxes 14,543 14,804 63,388 57,316
-------------------- --------------------
Total property expenses 56,264 53,888 229,198 202,360
Non-property income
Fee and asset management 3,011 1,983 14,041 12,912
Sale of technology
investments - 7 1,602 24,206
Interest and other income 3,674 972 9,771 7,373
Income on deferred
compensation plans 5,808 1,094 10,116 6,421
-------------------- --------------------
Total non-property income 12,493 4,056 35,530 50,912
Other expenses
Property management 4,669 4,795 18,490 16,145
Fee and asset management 1,089 1,898 9,382 6,897
General and administrative 12,285 6,828 37,584 24,845
Transaction compensation and
merger expenses - - - 14,085
Impairment provisions on
technology investments - 130 - 130
Interest 26,752 30,132 118,344 111,548
Depreciation and
amortization 40,565 45,588 158,510 164,705
Amortization of deferred
financing costs 916 867 3,813 3,739
Expense on deferred
compensation plans 5,808 1,094 10,116 6,421
-------------------- --------------------
Total other expenses 92,084 91,332 356,239 348,515
-------------------- --------------------
Income from continuing
operations before gain on
sale of properties,
impairment loss on sale of
land, equity in income of
joint ventures and minority
interests 13,822 1,055 49,523 22,118
Gain (loss) on sale of
properties, including land (104) 797 97,452 132,914
Impairment loss on sale of
land - (339) - (339)
Equity in income of joint
ventures 642 11,521 5,156 10,049
Minority interests:
Distributions on
perpetual preferred
units (1,750) (1,750) (7,000) (7,028)
Original issuance costs
on redeemed perpetual
preferred units - - - (365)
Income allocated to
common units and other
minority interests (1,413) (467) (16,163) (2,223)
-------------------- --------------------
Income from continuing
operations 11,197 10,817 128,968 155,126
Income from discontinued
operations 1,436 2,131 6,434 8,249
Gain on sale of
discontinued operations 18,879 60 99,273 36,175
Income from discontinued
operations allocated to
common units (148) (121) (1,829) (464)
-------------------- --------------------
Net income $31,364 $12,887 $232,846 $199,086
==================== ====================
PER SHARE DATA
- ----------------------------
Net income - basic $0.54 $0.24 $4.11 $3.83
Net income - diluted 0.53 0.23 3.96 3.58
Income from continuing
operations - basic 0.19 0.20 2.28 2.98
Income from continuing
operations - diluted 0.19 0.19 2.21 2.79
Weighted average number of
common and common
equivalent shares
outstanding:
Basic 58,432 54,097 56,660 52,000
Diluted 59,738 56,869 59,524 56,313
PROPERTY DATA
- ----------------------------
Total operating properties
(end of period) (b) 186 191 186 191
Total operating apartment
homes in operating
properties (end of
period) (b) 63,843 65,580 63,843 65,580
Total operating apartment
homes (weighted average) 53,530 57,120 55,850 55,056
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 51,908 53,149 53,387 50,765
(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 Twelve Months Ended
December 31, December 31,
-------------------- --------------------
FUNDS FROM OPERATIONS 2006 2005 2006 2005 (a)
- ---------------------------- -------------------- --------------------
Net income $31,364 $12,887 $232,846 $199,086
Real estate depreciation
and amortization from
continuing operations 39,919 44,989 155,883 162,228
Real estate depreciation
from discontinued
operations - 1,162 1,350 6,549
Adjustments for
unconsolidated joint
ventures 1,021 1,049 3,326 4,298
Income from continuing
operations allocated to
common units 1,109 425 15,708 2,051
Income from discontinued
operations allocated to
common units 148 121 1,829 464
(Gain) loss on sale of
operating properties 100 - (91,481) (132,117)
(Gain) on sale of
discontinued operations (18,937) - (78,823) (36,104)
(Gain) on sale of joint
venture properties - (11,165) (2,848) (11,165)
-------------------- --------------------
Funds from operations -
diluted $54,724 $49,468 $237,790 $195,290
==================== ====================
PER SHARE DATA
- ----------------------------
Funds from operations -
diluted $0.87 $0.84 $3.88 $3.47
Cash distributions 0.66 0.64 2.64 2.54
Weighted average number of
common and common
equivalent shares
outstanding:
FFO - diluted 62,994 58,741 61,253 56,313
PROPERTY DATA
- ----------------------------
Total operating properties
(end of period) (b) 186 191 186 191
Total operating apartment
homes in operating
properties (end of
period) (b) 63,843 65,580 63,843 65,580
Total operating apartment
homes (weighted average) 53,530 57,120 55,850 55,056
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 51,908 53,149 53,387 50,765
(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.
CAMDEN BALANCE SHEETS
(In thousands)
- ----------------------------------------------------------------------
(Unaudited) Dec 31, Sep 30, Jun 30,
2006 2006 2006
------------------------------------
ASSETS
Real estate assets, at cost
Land $693,312 $683,645 $697,690
Buildings and improvements 4,036,286 3,988,031 4,074,737
------------------------------------
4,729,598 4,671,676 4,772,427
Accumulated depreciation (762,011) (725,790) (786,208)
------------------------------------
Net operating real estate
assets 3,967,587 3,945,886 3,986,219
Properties under development,
including land 369,861 351,246 427,500
Investments in joint ventures 9,245 8,266 8,270
Properties held for sale 32,763 45,074 55,562
------------------------------------
Total real estate assets 4,379,456 4,350,472 4,477,551
Accounts receivable - affiliates 34,170 33,624 33,408
Notes receivable
Affiliates 41,478 31,037 23,327
Other 3,855 3,855 9,211
Other assets, net (a) 121,336 112,801 111,636
Cash and cash equivalents 1,034 8,061 49,700
Restricted cash 4,721 5,541 5,194
------------------------------------
Total assets $4,586,050 $4,545,391 $4,710,027
====================================
LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities
Notes payable
Unsecured $1,759,498 $1,693,106 $1,940,693
Secured 571,478 587,347 620,592
Accounts payable and accrued
expenses 124,834 120,566 117,301
Accrued real estate taxes 23,306 41,165 31,280
Other liabilities (b) 105,999 101,332 99,460
Distributions payable 43,068 43,056 43,031
------------------------------------
Total liabilities 2,628,183 2,586,572 2,852,357
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925 97,925
Common units 115,280 116,776 106,217
Other minority interests 10,306 10,002 10,555
------------------------------------
Total minority interests 223,511 224,703 214,697
Shareholders' equity
Common shares of beneficial
interest 650 650 649
Additional paid-in capital 2,183,622 2,176,170 2,172,616
Distributions in excess of net
income (213,665) (206,442) (293,386)
Employee notes receivable (2,036) (2,047) (2,035)
Treasury shares, at cost (234,215) (234,215) (234,871)
------------------------------------
Total shareholders' equity 1,734,356 1,734,116 1,642,973
------------------------------------
Total liabilities and
shareholders' equity $4,586,050 $4,545,391 $4,710,027
====================================
(a) includes:
net deferred charges of: $10,295 $11,155 $13,120
value of in place leases
of: $242 $452 $431
(b) includes:
deferred revenues of: $3,875 $5,256 $4,408
above/below market leases
of: $32 $80 $13
distributions in excess of
investments in joint
ventures of: $18,350 $18,044 $12,701
(Unaudited) Mar 31, Dec 31,
2006 2005
------------------------
ASSETS
Real estate assets, at cost
Land $664,219 $646,854
Buildings and improvements 3,892,700 3,840,969
------------------------
4,556,919 4,487,823
Accumulated depreciation (732,984) (716,650)
------------------------
Net operating real estate
assets 3,823,935 3,771,173
Properties under development,
including land 419,843 372,976
Investments in joint ventures 8,199 6,096
Properties held for sale 188,477 172,112
------------------------
Total real estate assets 4,440,454 4,322,357
Accounts receivable - affiliates 33,361 34,084
Notes receivable
Affiliates 22,531 11,916
Other 13,264 13,261
Other assets, net (a) 102,269 99,516
Cash and cash equivalents 1,256 1,576
Restricted cash 5,269 5,089
------------------------
Total assets $4,618,404 $4,487,799
========================
LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities
Notes payable
Unsecured $2,118,403 $2,007,164
Secured 623,250 625,927
Accounts payable and accrued
expenses 116,215 108,979
Accrued real estate taxes 17,818 26,070
Other liabilities (b) 98,327 88,811
Distributions payable 40,612 38,922
------------------------
Total liabilities 3,014,625 2,895,873
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925
Common units 113,034 112,637
Other minority interests 10,512 10,461
------------------------
Total minority interests 221,471 221,023
Shareholders' equity
Common shares of beneficial
interest 610 608
Additional paid-in capital 1,908,099 1,902,595
Distributions in excess of net
income (289,482) (295,074)
Employee notes receivable (2,046) (2,078)
Treasury shares, at cost (234,873) (235,148)
------------------------
Total shareholders' equity 1,382,308 1,370,903
------------------------
Total liabilities and
shareholders' equity $4,618,404 $4,487,799
========================
(a) includes:
net deferred charges of: $14,079 $13,061
value of in place leases
of: $1,156 $1,363
(b) includes:
deferred revenues of: $4,843 $2,008
above/below market leases
of: $51 $90
distributions in excess of
investments in joint
ventures of: $11,556 $11,256
CAMDEN 2007 Financial Outlook
as of February 8, 2007
- ----------------------------------------------------------------------
(Unaudited)
2006 Reported FFO, Adjusted for Non-Routine Items
- -------------------------------------------------------------------- -
Total Per Share
-------------- --------------
2006 Reported FFO $237,790 $3.88
Adjustments for non-routine items:
Less: Sale of technology investments (1,602) (0.03)
Less: Escrow deposits forfeited (2,267) (0.04)
Less: Gain on sale of land (26,421) (0.43)
Plus: Accelerated vesting of senior
officer share awards 4,200 0.07
-------------- --------------
2006 FFO adjusted for non-routine items $211,700 $3.46
2006 Fully Diluted Shares Outstanding -
FFO 61,253
2007 Financial Outlook
- ----------------------------------------------------------------------
Earnings Guidance - Per Diluted Share
Expected net income per share - diluted $0.95 to $1.25
Expected difference between EPS and fully
diluted FFO shares ($0.05)
Expected real estate depreciation $2.55
Expected adjustments for unconsolidated
joint ventures $0.06
Expected income allocated to common units $0.09
-----------------------
Expected FFO per share - diluted $3.60 to $3.90
"Same Property" Communities
Number of Units 44,604
2006 Base Net Operating Income $309 million
Revenue Growth 5.00% to 6.50%
Expense Growth 4.00% to 5.00%
Net Operating Income Growth 5.50% to 7.50%
Physical Occupancy 95%
-- Impact from 1.0% change in NOI Growth
is approximately $0.05 / share
Repositioning Communities
Number of Units 3,512
2006 Base Net Operating Income $24 million
Total Expected Capital Investment $37 million
2007 Net Operating Income Growth (.25%) to .75%
Acquisitions/Dispositions
Dispositions (Communities Held for Sale at
12/31/06) $25 to $50 million
Future Dispositions Volume $150 to $400 million
Future Acquisitions Volume $0 to $100 million
Development
Development Starts (100% owned) $150 to $200 million
Development Starts (joint venture) $200 to $300 million
2007 Projected Development FFO Dilution $10 to $12 million
2007 Incremental Development FFO Dilution
vs. 2006 $6 to $7 million
Non-Property Income
Non-Property Income, Net $13 to $16 million
Includes: Fee and asset management income,
net of expenses and Interest and other
income
Gain on Sale of Undeveloped Land $0 to $10 million
Corporate Expenses
General and Administrative and Property
Management Expense $49 to $53 million
Debt
Capitalized Interest $20 to $22 million
Expensed Interest $109 to $114 million
LIBOR 5.35%
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
Note: This table contains forward-looking statements. Please see the
paragraph regarding forward-looking statements earlier in this
document.
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 Twelve Months Ended
December 31, December 31,
------------------- -------------------
2006 2005 2006 2005
--------- --------- --------- ---------
Net income $31,364 $12,887 $232,846 $199,086
Real estate depreciation and
amortization from continuing
operations 39,919 44,989 155,883 162,228
Real estate depreciation from
discontinued operations - 1,162 1,350 6,549
Adjustments for unconsolidated
joint ventures 1,021 1,049 3,326 4,298
Income from continuing
operations allocated to
common units 1,109 425 15,708 2,051
Income from discontinued
operations allocated to
common units 148 121 1,829 464
(Gain) loss on sale of
operating properties 100 - (91,481) (132,117)
(Gain) on sale of discontinued
operations (18,937) - (78,823) (36,104)
(Gain) on sale of joint
venture properties - (11,165) (2,848) (11,165)
--------- --------- --------- ---------
Funds from operations -
diluted $54,724 $49,468 $237,790 $195,290
========= ========= ========= =========
Weighted average number of
common and common equivalent
shares outstanding:
EPS diluted 59,738 56,869 59,524 56,313
FFO diluted 62,994 58,741 61,253 56,313
Net income per common share -
diluted $0.53 $0.23 $3.96 $3.58
FFO per common share - diluted $0.87 $0.84 $3.88 $3.47
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:
1Q07 Range 2007 Range
Low High Low High
--------- --------- --------- ---------
Expected net income per share
- diluted $0.20 $0.24 $0.95 $1.25
Expected difference between
EPS and fully diluted FFO
shares (0.01) (0.01) (0.05) (0.05)
Expected real estate
depreciation 0.64 0.64 2.55 2.55
Expected adjustments for
unconsolidated joint ventures 0.02 0.02 0.06 0.06
Expected income allocated to
common units 0.02 0.02 0.09 0.09
Expected (gain) on sale of
properties held in joint
ventures 0.00 0.00 0.00 0.00
Expected (gain) on sale of
properties and properties
held for sale 0.00 0.00 0.00 0.00
--------- --------- --------- ---------
Expected FFO per share -
diluted $0.87 $0.91 $3.60 $3.90
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 Twelve Months Ended
December 31, December 31,
-------------------- --------------------
2006 2005 2006 2005
-------------------- --------------------
Net income $31,364 $12,887 $232,846 $199,086
Fee and asset management (3,011) (1,983) (14,041) (12,912)
Sale of technology
investments - (7) (1,602) (24,206)
Interest and other income (3,674) (972) (9,771) (7,373)
Income on deferred
compensation plans (5,808) (1,094) (10,116) (6,421)
Property management expense 4,669 4,795 18,490 16,145
Fee and asset management
expense 1,089 1,898 9,382 6,897
General and administrative
expense 12,285 6,828 37,584 24,845
Transaction compensation and
merger expenses - - - 14,085
Impairment provision on
technology investments - 130 - 130
Interest expense 26,752 30,132 118,344 111,548
Depreciation and
amortization 40,565 45,588 158,510 164,705
Amortization of deferred
financing costs 916 867 3,813 3,739
Expense on deferred
compensation plans 5,808 1,094 10,116 6,421
Gain (loss) on sale of
properties, including land 104 (797) (97,452) (132,914)
Impairment loss on sale of
land - 339 - 339
Equity in (income) loss of
joint ventures (642) (11,521) (5,156) (10,049)
Distributions on perpetual
preferred units 1,750 1,750 7,000 7,028
Original issuance costs on
redeemed perpetual
preferred units - - - 365
Income allocated to common
units and other minority
interests 1,413 467 16,163 2,223
Income from discontinued
operations (1,436) (2,131) (6,434) (8,249)
Gain on sale of discontinued
operations (18,879) (60) (99,273) (36,175)
Income from discontinued
operations allocated to
common units 148 121 1,829 464
-------------------- --------------------
Net Operating Income
(NOI) $93,413 $88,331 $370,232 $319,721
"Same Property" Communities $79,343 $74,650 $313,279 $271,837
Non-"Same Property"
Communities 9,851 8,039 34,484 20,916
Development and Lease-Up
Communities 3,736 289 9,277 318
Dispositions / Other 483 5,353 13,192 26,650
-------------------- --------------------
Net Operating Income (NOI) $93,413 $88,331 $370,232 $319,721
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 Twelve Months Ended
December 31, December 31,
-------------------- --------------------
2006 2005 2006 2005
-------------------- --------------------
Net income $31,364 $12,887 $232,846 $199,086
Interest expense 26,752 30,132 118,344 111,548
Amortization of deferred
financing costs 916 867 3,813 3,739
Depreciation and
amortization 40,565 45,588 158,510 164,705
Distributions on perpetual
preferred units 1,750 1,750 7,000 7,028
Original issuance costs on
redeemed perpetual
preferred units - - - 365
Income allocated to common
units and other minority
interests 1,413 467 16,163 2,223
Real estate depreciation
from discontinued
operations - 1,162 1,350 6,549
(Gain) loss on sale of
properties, including land 104 (797) (97,452) (132,914)
Impairment loss on sale of
land - 339 - 339
Equity in income of joint
ventures (642) (11,521) (5,156) (10,049)
Gain on sale of discontinued
operations (18,879) (60) (99,273) (36,175)
Income from discontinued
operations allocated to
common units 148 121 1,829 464
-------------------- --------------------
EBITDA $83,491 $80,935 $337,974 $316,908
CONTACT: Camden Property Trust, Houston
Kim Callahan, 713-354-2549