EXHIBIT 99.2
FOURTH QUARTER 2006
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Supplemental Operating and Financial Data
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Camden Fairfax Corner - Fairfax, Virginia
488 Apartment Homes - Stabilized January 2007, Currently 94% Occupied
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" Fourth Quarter Comparisons 12
"Same Property" Sequential Quarter Comparisons 13
"Same Property" Year to Date Comparisons 14
Joint Venture Operations 15
Current Development Pipeline 16
Joint Venture Development Pipeline 17
Future Development Pipeline & Land Held for Sale 18
Mezzanine Financing Summary 19
Acquisitions & Dispositions 20
Debt Analysis 21
Debt Covenant Analysis 22
Capitalized Expenditures & Maintenance Expense 23
2007 Financial Outlook 24
Non-GAAP Financial Measures - Definitions & Reconciliations 25
Other Data 27
Community Table 28
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 FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
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(Unaudited)
Three Months Ended December 31, Twelve Months Ended December 31,
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2006 2005 2006 2005 (a)
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Total property revenues (b) $149,677 $142,219 $599,430 $522,081
EBITDA 83,491 80,935 337,974 316,908
Net income 31,364 12,887 232,846 199,086
Per share - basic 0.54 0.24 4.11 3.83
Per share - diluted 0.53 0.23 3.96 3.58
Income from continuing operations 11,197 10,817 128,968 155,126
per share - basic 0.19 0.20 2.28 2.98
per share - diluted 0.19 0.19 2.21 2.79
Funds from operations 54,724 49,468 237,790 195,290
Per share - diluted 0.87 0.84 3.88 3.47
Dividends per share 0.66 0.64 2.64 2.54
Dividend payout ratio 75.9% 76.2% 68.0% 73.2%
Interest expensed 26,752 30,132 118,344 111,548
Interest capitalized 4,644 4,856 20,626 17,513
Total interest incurred 31,396 34,988 138,970 129,061
Principal amortization 3,539 3,549 14,070 13,917
Preferred dividends & distributions 1,750 1,750 7,000 7,028
Interest expense coverage ratio 3.1 x 2.7 x 2.9 x 2.8 x
Total interest coverage ratio 2.7 x 2.3 x 2.4 x 2.5 x
Fixed charge expense coverage ratio 2.6 x 2.3 x 2.4 x 2.4 x
Total fixed charge coverage ratio 2.3 x 2.0 x 2.1 x 2.1 x
Same property NOI increase (c) 6.3% 6.1% 8.6% 3.5%
(# of apartment homes included) 46,565 48,014 46,565 48,014
Gross turnover of apartment homes (annualized) 65% 63% 73% 64%
Net turnover (excludes on-site transfers and transfers
to other Camden communities) 57% 57% 65% 58%
As of December 31,
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2006 2005
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Total assets $4,586,050 $4,487,799
Total debt $2,330,976 $2,633,091
Common and common equivalent shares, outstanding end of period (d) 63,003 58,730
Share price, end of period $73.85 $57.92
Preferred units, end of period $97,925 $97,925
Book equity value, end of period (e) $1,957,867 $1,591,926
Market equity value, end of period (e) $4,752,772 $3,501,642
Debt to total market capitalization ratio 32.9% 42.9%
Unencumbered real estate assets (at cost)
to unsecured debt ratio 236% 200%
(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 December 31, 2006: 59,242 common shares (including 768 common
share equivalents related to share awards & options), plus common share
equivalents upon the assumed conversion of minority interest units (3,761)
(e) Includes: common shares, preferred and common units, and common share
equivalents
Note: Please refer to pages 25 and 26 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 Twelve Months Ended
December 31, December 31,
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OPERATING DATA 2006 2005 2006 2005 (a)
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Property revenues
Rental revenues $135,655 $130,971 $544,236 $479,221
Other property revenues 14,022 11,248 55,194 42,860
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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
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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
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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
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Total other expenses 92,084 91,332 356,239 348,515
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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)
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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)
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Net income $31,364 $12,887 $232,846 $199,086
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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 pages 25 and 26 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 Twelve Months Ended
December 31, December 31,
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FUNDS FROM OPERATIONS 2006 2005 2006 2005 (a)
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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)
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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)
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(Unaudited) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2006 2006 2006 2006 2005
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ASSETS
Real estate assets, at cost
Land $ 693,312 $ 683,645 $ 697,690 $ 664,219 $ 646,854
Buildings and improvements 4,036,286 3,988,031 4,074,737 3,892,700 3,840,969
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4,729,598 4,671,676 4,772,427 4,556,919 4,487,823
Accumulated depreciation (762,011) (725,790) (786,208) (732,984) (716,650)
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Net operating real estate assets 3,967,587 3,945,886 3,986,219 3,823,935 3,771,173
Properties under development, including land 369,861 351,246 427,500 419,843 372,976
Investments in joint ventures 9,245 8,266 8,270 8,199 6,096
Properties held for sale 32,763 45,074 55,562 188,477 172,112
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Total real estate assets 4,379,456 4,350,472 4,477,551 4,440,454 4,322,357
Accounts receivable - affiliates 34,170 33,624 33,408 33,361 34,084
Notes receivable
Affiliates 41,478 31,037 23,327 22,531 11,916
Other 3,855 3,855 9,211 13,264 13,261
Other assets, net (a) 121,336 112,801 111,636 102,269 99,516
Cash and cash equivalents 1,034 8,061 49,700 1,256 1,576
Restricted cash 4,721 5,541 5,194 5,269 5,089
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Total assets $ 4,586,050 $ 4,545,391 $ 4,710,027 $ 4,618,404 $ 4,487,799
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $ 1,759,498 $ 1,693,106 $ 1,940,693 $ 2,118,403 $ 2,007,164
Secured 571,478 587,347 620,592 623,250 625,927
Accounts payable and accrued expenses 124,834 120,566 117,301 116,215 108,979
Accrued real estate taxes 23,306 41,165 31,280 17,818 26,070
Other liabilities (b) 105,999 101,332 99,460 98,327 88,811
Distributions payable 43,068 43,056 43,031 40,612 38,922
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Total liabilities 2,628,183 2,586,572 2,852,357 3,014,625 2,895,873
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925 97,925 97,925 97,925
Common units 115,280 116,776 106,217 113,034 112,637
Other minority interests 10,306 10,002 10,555 10,512 10,461
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Total minority interests 223,511 224,703 214,697 221,471 221,023
Shareholders' equity
Common shares of beneficial interest 650 650 649 610 608
Additional paid-in capital 2,183,622 2,176,170 2,172,616 1,908,099 1,902,595
Distributions in excess of net income (213,665) (206,442) (293,386) (289,482) (295,074)
Employee notes receivable (2,036) (2,047) (2,035) (2,046) (2,078)
Treasury shares, at cost (234,215) (234,215) (234,871) (234,873) (235,148)
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Total shareholders' equity 1,734,356 1,734,116 1,642,973 1,382,308 1,370,903
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Total liabilities and
shareholders' equity $ 4,586,050 $ 4,545,391 $ 4,710,027 $ 4,618,404 $ 4,487,799
=========================================================================
(a) includes:
net deferred charges of: $ 10,295 $ 11,155 $ 13,120 $ 14,079 $ 13,061
value of in place leases of: $ 242 $ 452 $ 431 $ 1,156 $ 1,363
(b) includes:
deferred revenues of: $ 3,875 $ 5,256 $ 4,408 $ 4,843 $ 2,008
above/below market leases of: $ 32 $ 80 $ 13 $ 51 $ 90
distributions in excess of investments
in joint ventures of: $ 18,350 $ 18,044 $ 12,701 $ 11,556 $ 11,256
CAMDEN PORTFOLIO STATISTICS
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(Unaudited)
COMMUNITY PORTFOLIO AT DECEMBER 31, 2006 (in apartment homes)
Completed
"Same Non-"Same Wholly - Joint Stabilized in Total Under
Property" Property" (a) Owned Venture Operating Lease-up Operating Development Total
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D.C. Metro (b)(c) 2,614 268 2,882 - 2,882 952 3,834 2,237 6,071
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 - 4,244 1,216 5,460 236 5,696 1,109 6,805
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
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Total Portfolio 46,565 4,917 51,482 10,689 62,171 1,672 63,843 4,247 68,090
(a) Includes the following three properties (930 apartment homes) held for sale
and reported in discontinued operations: 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) 730 units under development in
Houston, TX are held through joint venture investments.
FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (i)
"Same Property" Operating Incl. JVs at Dec 31 Sep 30 Jun 30 Mar 31 Dec 31
Communities (f) Communities (g) Pro Rata % (h) 2006 2006 2006 2006 2005
------------------------------------------------ ---------------------------------------------------
D.C. Metro 10.6% 12.6% 12.2% 94.8% 96.6% 96.5% 96.0% 96.8%
Las Vegas, NV 9.5% 8.0% 9.1% 95.0% 95.3% 96.4% 96.7% 97.6%
Los Angeles/Orange
County, CA 4.6% 6.1% 6.1% 93.5% 94.6% 95.6% 95.4% 95.9%
San Diego/Inland
Empire, CA 3.0% 2.6% 2.5% 94.0% 94.6% 95.3% 94.1% 92.9%
Tampa, FL 9.8% 8.3% 8.0% 92.8% 94.9% 96.0% 96.7% 97.2%
Dallas, TX 9.6% 8.8% 8.6% 93.8% 94.5% 95.9% 95.5% 95.9%
Houston, TX 8.2% 7.0% 7.2% 94.1% 94.4% 95.4% 95.8% 96.6%
SE Florida 6.9% 7.7% 7.4% 95.4% 95.0% 96.2% 98.4% 98.2%
Charlotte, NC 7.9% 7.3% 7.0% 94.0% 95.6% 95.7% 96.2% 96.1%
Orlando, FL 5.2% 6.2% 6.0% 94.6% 95.0% 95.1% 97.3% 97.4%
Atlanta, GA 7.0% 6.0% 5.8% 94.1% 94.5% 95.2% 95.0% 94.9%
Denver, CO 4.7% 3.9% 4.1% 93.3% 94.8% 95.1% 94.0% 92.7%
Raleigh, NC 4.2% 4.1% 4.0% 92.4% 95.3% 95.3% 96.9% 94.5%
Phoenix, AZ 3.5% 3.0% 3.2% 94.4% 95.2% 95.5% 97.9% 97.4%
Austin, TX 2.3% 3.3% 3.2% 95.2% 94.8% 95.1% 95.1% 94.7%
Other 3.0% 5.1% 5.6% 93.8% 94.7% 95.3% 94.5% 94.9%
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Total Portfolio 100.0% 100.0% 100.0% 94.1% 95.0% 95.7% 96.0% 96.2%
(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.
(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)
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(Unaudited)
Apartment Three Months Ended December 31, Twelve Months Ended December 31,
Property Revenues Homes 2006 2005 Change 2006 2005 (a) Change
----------- ----------------------------------- ----------------------------------
"Same Property" Communities (b) 46,565 $128,379 $121,538 $6,841 $508,019 $447,892 $60,127
Non-"Same Property" Communities (c) 3,987 14,648 11,767 2,881 53,506 32,568 20,938
Development and Lease-Up Communities (d) 4,391 5,466 369 5,097 13,585 405 13,180
Dispositions / Other (e) - 1,184 8,545 (7,361) 24,320 41,216 (16,896)
----------- ----------- ----------- ----------- ----------- ----------- ----------
Total Property Revenues 54,943 $149,677 $142,219 $7,458 $599,430 $522,081 $77,349
Property Expenses
"Same Property" Communities (b) 46,565 $49,036 $46,888 $2,148 $194,740 $176,055 $18,685
Non-"Same Property" Communities (c) 3,987 4,797 3,728 1,069 19,022 11,652 7,370
Development and Lease-Up Communities (d) 4,391 1,730 80 1,650 4,308 87 4,221
Dispositions / Other (e) - 701 3,192 (2,491) 11,128 14,566 (3,438)
----------- ----------- ----------- ----------- ----------- ----------- ----------
Total Property Expenses 54,943 $56,264 $53,888 $2,376 $229,198 $202,360 $26,838
Property Net Operating Income
"Same Property" Communities (b) 46,565 $79,343 $74,650 $4,693 $313,279 $271,837 $41,442
Non-"Same Property" Communities (c) 3,987 9,851 8,039 1,812 34,484 20,916 13,568
Development and Lease-Up Communities (d) 4,391 3,736 289 3,447 9,277 318 8,959
Dispositions / Other (e) - 483 5,353 (4,870) 13,192 26,650 (13,458)
----------- ----------- ----------- ----------- ----------- ----------- ----------
Total Property Net Operating Income 54,943 $93,413 $88,331 $5,082 $370,232 $319,721 $50,511
Income from Discontinued Operations (f) Three Months Ended Twelve Months Ended
December 31, December 31,
----------------------------------------
2006 2005 2006 2005
----------------------- -----------------------
Property Revenues $3,001 $6,917 $17,832 $30,456
Property Expenses 1,565 3,624 10,048 15,658
----------- ----------- ----------- -----------
Property Net Operating Income 1,436 3,293 7,784 14,798
Depreciation and Amortization - (1,162) (1,350) (6,549)
Income from discontinued operations
allocated to common units (148) (121) (1,829) (464)
Gain on sale of discontinued operations 18,879 60 99,273 36,175
----------- ----------- ----------- -----------
Income from Discontinued Operations $20,167 $2,070 $103,878 $43,960
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 acquired
during 2005 and 2006.
(f) Represents operating results for communities disposed of during 2005 and
2006 or held for sale at December 31, 2006, of which Camden has, or expects
to have, no continuing involvement.
"SAME PROPERTY"
CAMDEN FOURTH QUARTER COMPARISONS
December 31, 2006
(In thousands, except property data amounts)
-------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 4Q06 4Q05 Growth 4Q06 4Q05 Growth 4Q06 4Q05 Growth
-------------------------------------------------------------------------------------------------------------------------------
D.C. Metro $11,427 $11,059 3.3% $3,046 $2,998 1.6% $8,381 $8,061 4.0%
Las Vegas, NV 11,293 10,646 6.1% 3,740 3,613 3.5% 7,553 7,033 7.4%
Los Angeles/Orange County, CA 5,105 5,002 2.1% 1,493 1,407 6.1% 3,612 3,595 0.5%
San Diego/Inland Empire, CA 3,800 3,582 6.1% 1,429 1,041 37.3% 2,371 2,541 (6.7%)
Tampa, FL 14,359 13,497 6.4% 6,591 6,092 8.2% 7,768 7,405 4.9%
Dallas, TX 14,474 13,786 5.0% 6,831 7,096 (3.7%) 7,643 6,690 14.2%
Houston, TX 10,758 10,382 3.6% 4,218 4,232 (0.3%) 6,540 6,150 6.3%
SE Florida 9,178 8,526 7.6% 3,685 3,095 19.1% 5,493 5,431 1.1%
Charlotte, NC 10,044 9,342 7.5% 3,807 3,580 6.3% 6,237 5,762 8.2%
Orlando, FL 6,978 6,574 6.1% 2,831 2,491 13.6% 4,147 4,083 1.6%
Atlanta, GA 8,702 8,242 5.6% 3,169 3,186 (0.5%) 5,533 5,056 9.4%
Denver, CO 5,664 5,491 3.2% 1,968 1,907 3.2% 3,696 3,584 3.1%
Raleigh, NC 5,212 4,864 7.2% 1,862 1,701 9.5% 3,350 3,163 5.9%
Phoenix, AZ 4,067 3,608 12.7% 1,269 1,179 7.6% 2,798 2,429 15.2%
Austin, TX 3,546 3,313 7.0% 1,677 1,775 (5.5%) 1,869 1,538 21.5%
Other 3,772 3,624 4.1% 1,420 1,495 (5.0%) 2,352 2,129 10.5%
---------- ---------- -------- --------- --------- -------- ---------- ---------- ----------
Total Same Property $128,379 $121,538 5.6% $49,036 $46,888 4.6% $79,343 $74,650 6.3%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 4Q06 4Q05 Change 4Q06 4Q05 Change
-------------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,614 10.6% 94.7% 96.7% (2.0%) $1,459 $1,378 5.9%
Las Vegas, NV 4,017 9.5% 95.5% 97.7% (2.2%) 894 837 6.9%
Los Angeles/Orange County, CA 1,232 4.6% 93.3% 97.5% (4.2%) 1,442 1,353 6.6%
San Diego/Inland Empire, CA 846 3.0% 94.0% 92.9% 1.1% 1,511 1,445 4.6%
Tampa, FL 5,635 9.8% 92.8% 97.2% (4.4%) 831 752 10.4%
Dallas, TX 7,033 9.6% 93.8% 96.0% (2.2%) 662 643 2.9%
Houston, TX 4,244 8.2% 94.6% 97.1% (2.5%) 830 786 5.6%
SE Florida 2,100 6.9% 95.2% 98.2% (3.0%) 1,424 1,294 10.0%
Charlotte, NC 4,001 7.9% 93.9% 96.0% (2.1%) 825 767 7.6%
Orlando, FL 2,522 5.2% 94.2% 97.9% (3.7%) 906 825 9.9%
Atlanta, GA 3,202 7.0% 94.1% 94.9% (0.8%) 902 855 5.5%
Denver, CO 2,209 4.7% 93.2% 92.3% 0.9% 824 839 (1.7%)
Raleigh, NC 2,220 4.2% 92.4% 94.7% (2.3%) 765 728 5.1%
Phoenix, AZ 1,441 3.5% 94.6% 97.5% (2.9%) 925 807 14.6%
Austin, TX 1,745 2.3% 94.8% 96.6% (1.8%) 634 607 4.6%
Other 1,504 3.0% 93.4% 94.7% (1.3%) 808 782 3.4%
---------- -------- --------- --------- -------- ---------- ---------- ----------
Total Same Property 46,565 100.0% 94.0% 96.3% (2.3%) $901 $846 6.4%
(a) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2005, excluding properties held for
sale.
(b) Weighted average rental rates are the Company's market rental rates after
"loss to lease" and concessions, but before vacancy and bad debt.
"SAME PROPERTY"
CAMDEN SEQUENTIAL QUARTER COMPARISONS
December 31, 2006
(In thousands, except property data amounts)
------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 4Q06 3Q06 Growth 4Q06 3Q06 Growth 4Q06 3Q06 Growth
------------------------------------------------------------------------------------------------------------------------------
D.C. Metro $11,427 $11,699 (2.3%) $3,046 $3,024 0.7% $8,381 $8,675 (3.4%)
Las Vegas, NV 11,293 11,267 0.2% 3,740 3,929 (4.8%) 7,553 7,338 2.9%
Los Angeles/Orange County, CA 5,105 5,156 (1.0%) 1,493 1,532 (2.5%) 3,612 3,624 (0.3%)
San Diego/Inland Empire, CA 3,800 3,774 0.7% 1,429 1,462 (2.3%) 2,371 2,312 2.6%
Tampa, FL 14,359 14,581 (1.5%) 6,591 6,739 (2.2%) 7,768 7,842 (0.9%)
Dallas, TX 14,474 14,475 (0.0%) 6,831 7,484 (8.7%) 7,643 6,991 9.3%
Houston, TX 10,758 10,719 0.4% 4,218 4,397 (4.1%) 6,540 6,322 3.4%
SE Florida 9,178 9,108 0.8% 3,685 3,625 1.7% 5,493 5,483 0.2%
Charlotte, NC 10,044 10,167 (1.2%) 3,807 3,969 (4.1%) 6,237 6,198 0.6%
Orlando, FL 6,978 7,010 (0.5%) 2,831 2,944 (3.8%) 4,147 4,066 2.0%
Atlanta, GA 8,702 8,727 (0.3%) 3,169 3,134 1.1% 5,533 5,593 (1.1%)
Denver, CO 5,664 5,758 (1.6%) 1,968 2,016 (2.4%) 3,696 3,742 (1.2%)
Raleigh, NC 5,212 5,264 (1.0%) 1,862 1,929 (3.5%) 3,350 3,335 0.4%
Phoenix, AZ 4,067 4,024 1.1% 1,269 1,306 (2.8%) 2,798 2,718 2.9%
Austin, TX 3,546 3,532 0.4% 1,677 1,907 (12.1%) 1,869 1,625 15.0%
Other 3,772 3,767 0.1% 1,420 1,599 (11.2%) 2,352 2,168 8.5%
--------- --------- ---------- --------- --------- --------- ---------- ---------- ----------
Total Same Property $128,379 $129,028 (0.5%) $49,036 $50,996 (3.8%) $79,343 $78,032 1.7%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 4Q06 3Q06 Change 4Q06 3Q06 Change
------------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,614 10.6% 94.7% 96.7% (2.0%) $1,459 $1,449 0.7%
Las Vegas, NV 4,017 9.5% 95.5% 95.4% 0.1% 894 885 1.0%
Los Angeles/Orange County, CA 1,232 4.6% 93.3% 94.6% (1.3%) 1,442 1,429 0.9%
San Diego/Inland Empire, CA 846 3.0% 94.0% 94.6% (0.6%) 1,511 1,495 1.1%
Tampa, FL 5,635 9.8% 92.8% 94.9% (2.1%) 831 823 1.0%
Dallas, TX 7,033 9.6% 93.8% 94.5% (0.7%) 662 659 0.4%
Houston, TX 4,244 8.2% 94.6% 94.4% 0.2% 830 827 0.3%
SE Florida 2,100 6.9% 95.2% 95.2% 0.0% 1,424 1,410 1.0%
Charlotte, NC 4,001 7.9% 93.9% 95.7% (1.8%) 825 816 1.0%
Orlando, FL 2,522 5.2% 94.2% 94.4% (0.2%) 906 901 0.7%
Atlanta, GA 3,202 7.0% 94.1% 94.5% (0.4%) 902 895 0.8%
Denver, CO 2,209 4.7% 93.2% 94.7% (1.5%) 824 822 0.2%
Raleigh, NC 2,220 4.2% 92.4% 95.3% (2.9%) 765 761 0.5%
Phoenix, AZ 1,441 3.5% 94.6% 94.7% (0.1%) 925 908 1.8%
Austin, TX 1,745 2.3% 94.8% 95.2% (0.4%) 634 629 0.9%
Other 1,504 3.0% 93.4% 93.3% 0.1% 808 803 0.6%
--------- ---------- --------- --------- --------- ---------- ---------- ----------
Total Same Property 46,565 100.0% 94.0% 94.9% (0.9%) $901 $894 0.8%
(a) "Same Property" Communities are communities which were owned by Camden or
Summit and stabilized as of January 1, 2005, excluding properties held for
sale.
(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
December 31, 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 $45,668 $42,764 6.8% $12,050 $11,696 3.0% $33,618 $31,068 8.2%
Las Vegas, NV 44,618 41,562 7.4% 14,783 14,064 5.1% 29,835 27,498 8.5%
Los Angeles/Orange County, CA 20,343 19,031 6.9% 5,842 5,706 2.4% 14,501 13,325 8.8%
San Diego/Inland Empire, CA 15,001 14,082 6.5% 5,628 5,276 6.7% 9,373 8,806 6.4%
Tampa, FL 57,119 52,192 9.4% 25,316 23,165 9.3% 31,803 29,027 9.6%
Dallas, TX 57,210 53,819 6.3% 28,659 27,423 4.5% 28,551 26,396 8.2%
Houston, TX 42,620 40,242 5.9% 17,453 17,111 2.0% 25,167 23,131 8.8%
SE Florida 35,998 33,067 8.9% 13,380 12,397 7.9% 22,618 20,670 9.4%
Charlotte, NC 39,681 36,421 9.0% 15,159 14,174 6.9% 24,522 22,247 10.2%
Orlando, FL 27,467 25,296 8.6% 10,766 9,668 11.4% 16,701 15,628 6.9%
Atlanta, GA 34,366 32,226 6.6% 12,642 12,354 2.3% 21,724 19,872 9.3%
Denver, CO 22,648 22,295 1.6% 7,775 7,612 2.1% 14,873 14,683 1.3%
Raleigh, NC 20,653 18,960 8.9% 7,231 6,716 7.7% 13,422 12,244 9.6%
Phoenix, AZ 15,828 14,047 12.7% 5,017 4,772 5.1% 10,811 9,275 16.6%
Austin, TX 13,792 12,921 6.7% 7,034 6,766 4.0% 6,758 6,155 9.8%
Other 15,007 14,245 5.3% 6,005 5,890 2.0% 9,002 8,355 7.7%
---------- ---------- -------- ---------- ---------- -------- ---------- ----------- ---------
Total Same Property $508,019 $473,170 7.4% $194,740 $184,790 5.4% $313,279 $288,380 8.6%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Year to Date Results (a) Included Contribution (a) 2006 2005 Change 2006 2005 Change
---------------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,614 10.7% 95.9% 95.5% 0.4% $1,431 $1,349 6.0%
Las Vegas, NV 4,017 9.5% 96.2% 97.5% (1.3%) 875 818 7.0%
Los Angeles/Orange County, CA 1,232 4.6% 94.7% 95.4% (0.7%) 1,411 1,316 7.2%
San Diego/Inland Empire, CA 846 3.0% 94.5% 93.1% 1.4% 1,476 1,419 4.0%
Tampa, FL 5,635 10.2% 95.0% 96.5% (1.5%) 808 732 10.4%
Dallas, TX 7,033 9.1% 94.9% 94.7% 0.2% 656 642 2.1%
Houston, TX 4,244 8.0% 95.2% 95.2% 0.0% 816 780 4.6%
SE Florida 2,100 7.2% 96.2% 97.0% (0.8%) 1,382 1,265 9.2%
Charlotte, NC 4,001 7.8% 95.3% 95.4% (0.1%) 804 756 6.3%
Orlando, FL 2,522 5.3% 95.0% 97.8% (2.8%) 883 792 11.4%
Atlanta, GA 3,202 6.9% 94.7% 93.7% 1.0% 884 850 4.0%
Denver, CO 2,209 4.8% 94.2% 93.2% 1.0% 819 838 (2.3%)
Raleigh, NC 2,220 4.3% 95.0% 94.0% 1.0% 748 726 3.0%
Phoenix, AZ 1,441 3.5% 95.8% 96.5% (0.7%) 889 790 12.5%
Austin, TX 1,745 2.2% 95.4% 95.2% 0.2% 623 605 3.1%
Other 1,504 2.9% 93.9% 94.2% (0.3%) 798 772 3.4%
---------- -------- ---------- ---------- -------- ---------- ----------- ---------
Total Same Property 46,565 100.0% 95.2% 95.5% (0.3%) $882 $833 5.9%
(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 Twelve Months Ended
December 31, December 31,
-------------------------- ------------------------
OPERATING DATA (a) 2006 2005 2006 2005 (b)
----------------------- -------------------------- ------------------------
Property Revenues
Rental revenues $4,793 $4,673 $16,775 $16,446
Other property revenues 526 433 1,831 1,561
-------------------------- ------------------------
Total property revenues 5,319 5,106 18,606 18,007
Property Expenses
Property operating and maintenance 1,479 1,492 5,266 5,287
Real estate taxes 390 419 1,548 1,465
-------------------------- ------------------------
Total property expenses 1,869 1,911 6,814 6,752
Net Operating Income (NOI) 3,450 3,195 11,792 11,255
Other expenses
Interest 1,700 1,691 5,924 5,861
Depreciation and amortization 1,035 1,107 3,407 4,392
Other 73 41 144 2,118
-------------------------- ------------------------
Total other expenses 2,808 2,839 9,475 12,371
Gain on sale of properties, net - 11,165 2,839 11,165
-------------------------- ------------------------
Equity in income (loss) of joint ventures $642 $11,521 $5,156 $10,049
========================== ========================
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2006 2006 2006 2006 2005
--------------------------------------------------------------
BALANCE SHEET DATA (c)
------------------------------
Real estate assets, net $976,408 $944,537 $647,555 $640,591 $659,834
Cash and other assets, net 25,993 20,760 14,798 15,011 14,146
--------------------------------------------------------------
Total assets $1,002,401 $965,297 $662,353 $655,602 $673,980
Notes payable $771,633 $748,542 $540,134 $531,266 $559,323
Notes payable due to Camden 41,456 31,035 23,326 22,531 11,916
Other liabilities 11,021 10,868 8,009 7,902 10,149
--------------------------------------------------------------
Total liabilities $824,110 $790,445 $571,469 $561,699 $581,388
Members' equity 178,291 174,852 90,884 93,903 92,592
--------------------------------------------------------------
Total liabilities and members' equity $1,002,401 $965,297 $662,353 $655,602 $673,980
Camden's equity investment $9,245 $8,266 $8,270 $8,199 $6,096
Distributions in excess of investment in
joint ventures ($18,350) ($18,044) ($12,701) ($11,556) ($11,256)
Camden's pro-rata share of debt $176,707 $166,689 $126,766 $123,879 $121,526
PROPERTY DATA (end of period) (c)
-------------------------------------------
Total operating properties 36 36 28 28 30
Total operating apartment homes 10,689 10,689 7,684 7,684 8,355
Pro rata share of operating apartment homes 2,072 2,072 1,644 1,644 1,812
Total development properties 5 3 2 2 1
Total development apartment homes 1,528 1,069 561 561 464
Pro rata share of development apartment homes 458 321 168 168 93
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) The Company's 2005 financial results include the results of Summit
subsequent to February 28, 2005.
(c) Balance sheet and property data reported at 100%.
CAMDEN CURRENT DEVELOPMENT PIPELINE
---------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2006 ($ in millions)
Estimated/Actual Dates for
Total Total Cost Construction Initial Construction Stabilized As of 02/04/07
Completed Communities Homes Budget to Date Start Occupancy Completion Operations % Leased % Occupied
---------------------------------------------------------------------------------------------------------------------------------
1. Camden Westwind 464 $ 97.6 $ 95.0 1Q04 1Q05 2Q06 3Q07 69% 70%
Ashburn, VA
2. Camden Fairfax Corner 488 82.0 80.6 4Q03 3Q05 3Q06 1Q07 93% 94%
Fairfax, VA
3. Camden Manor Park 484 52.0 49.3 2Q04 4Q05 3Q06 3Q07 77% 79%
Raleigh, NC
4. Camden Royal Oaks 236 22.0 20.8 2Q05 2Q06 3Q06 1Q08 43% 33%
Houston, TX ------ ------ ------ ------- -------
Total Completed Communities 1,672 $253.6 $ 245.7 75% 74%
Estimated/Actual Dates for
Total Total Cost Amount Construction Initial Construction Stabilized As of 02/04/07
Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations % Leased % Occupied
---------------------------------------------------------------------------------------------------------------------------------
IN LEASE-UP
-------------
5. Camden Clearbrook 297 $ 46.0 $ 45.3 $ 13.5 4Q04 2Q06 1Q07 3Q07 78% 74%
Frederick, MD
6. Camden Old Creek 350 98.0 90.0 44.5 1Q05 3Q06 2Q07 4Q07 40% 38%
San Marcos, CA
UNDER CONSTRUCTION
--------------------
7. Camden Monument Place 368 64.0 46.8 46.8 1Q05 1Q07 3Q07 1Q08
Fairfax, VA
8. Camden Potomac Yards 379 110.0 75.3 75.3 1Q05 2Q07 3Q07 3Q08
Arlington County, VA
9. Camden City Centre 379 54.0 31.0 31.0 1Q06 2Q07 4Q07 3Q08
Houston, TX
10. Camden Dulles Station 368 77.0 26.1 26.1 1Q06 1Q08 4Q08 2Q09
Herndon, VA
11. Camden Summerfield 291 68.0 28.3 28.3 2Q06 4Q07 3Q08 1Q09
Largo, MD
12. Camden Orange Court 261 49.0 16.2 16.2 2Q06 2Q08 3Q08 1Q09
Orlando, FL
13. Camden Largo - Phase II 26 5.5 3.9 3.9 4Q06 1Q07 1Q07 2Q07
Largo, MD ------ ------ ------ ------
Total Development Communities 2,719 $571.5 $ 362.9 $285.7
Additional land held for
development (a) 84.2
--------
Total Properties Under Development (per
Balance Sheet) $369.9
========
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
Total Cost 4Q06 NOI
-------------- ----------
Completed Communities in lease-up 245.7 3.1
Development Communities 362.9 0.7
-------------- ----------
Total Development NOI Contribution $ 608.6 $ 3.7
(a) Please refer to the future development pipeline summary on page 18.
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
CAMDEN JOINT VENTURE DEVELOPMENT PIPELINE
-------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
JOINT VENTURE DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2006 ($ in millions)
Estimated/Actual Dates for
Joint Venture Camden Developed Total Total Cost Amount Construction Initial Construction Stabilized
Communities Homes Budget to Date in CIP Start Occupancy Completion Operations
UNDER CONSTRUCTION
-------------------------------------
1. Camden Main & Jamboree 290 $107.1 $ 94.0 $ 94.0 3Q04 2Q07 2Q07 4Q07
Irvine, CA
2. Camden Plaza 271 42.9 28.9 28.9 1Q06 2Q07 3Q07 2Q08
Houston, TX
3. Camden College Park 508 139.9 68.3 68.3 3Q06 4Q07 1Q09 4Q09
College Park, MD ------- -------- ---------- ------------
Total Joint Venture Camden Developed
Communities 1,069 $289.9 $ 191.2 $ 191.2
Camden Camden Estimated/Actual Dates for
Total Total Equity Mezzanine Construction Stabilized
Joint Venture Third Party Developed Homes Budget Invested Invested Start Operations
Communities
-------------------------------------------------------------------------------------------------------
UNDER CONSTRUCTION
-------------------------------------
1. Braeswood Place 340 $ 48.0 $ 1.4 $ 6.7 1Q07 1Q09
Houston, TX
2. Belle Meade 119 30.0 0.9 2.7 1Q07 1Q09
Houston, TX ------- -------- ---------- ------------
Total Joint Venture Third Party
Developed Communities 459 $ 78.0 $ 2.3 $ 9.4
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward- looking statements on page 1 of this document.
CAMDEN FUTURE DEVELOPMENT PIPELINE
& LAND HELD FOR SALE
----------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2006 ($ in millions)
Projected Estimated Cost
PIPELINE COMMUNITIES (a) Homes Budget to Date
----------------------------------------------------------------------------------------
PRE CONSTRUCTION
----------------------------
1. Camden South Capital 244 $110.0 $18.2
Washington, DC
2. Camden Montague 192 33.0 5.8
Tampa, FL
3. Camden Summerfield II 187 55.0 15.4
Largo, MD
4. Camden McGowen Station 252 48.0 9.1
Houston, TX
5. Camden Whispering Oaks 264 30.0 5.1
Houston, TX
6. Camden Circle C 208 27.0 3.7
Austin, TX
PRE DEVELOPMENT
----------------------------
7. Camden Farmers Market III 306 50.0 9.3
Dallas, TX
8. Camden City Centre II 239 40.0 6.6
Houston, TX
9. Camden Andrau - Phases III through V 567 57.0 4.8
Houston, TX
UNDER CONTRACT
----------------------------
10. Camden Noma 313 150.0 0.0
Washington, DC
11. Camden Amber Oaks 348 40.0 0.0
Austin, TX
12. Camden Lake Nona 432 70.0 0.0
Orlando, FL
13. Camden Selma and Vine 306 250.0 0.0
Hollywood, CA
14. Camden North Lamar 290 55.0 0.0
Austin, TX
15. Camden Deer Springs 428 85.0 0.0
Las Vegas, NV
16. Camden Countryway 348 60.0 0.0
-------------------------------------
Tampa, FL
Subtotal Development Pipeline 4,924 $1,160.0 $78.0
Costs incurred for Properties Under Contract (b) 6.2
Total Development Pipeline $84.2
Current
LAND HELD FOR SALE AS OF DECEMBER 31, 2006 ($ in millions) Acres Book Value
----------------------------------------------------------------------------------------
1. Southeast Florida 3.1 $12.3
2. Dallas 2.6 2.5
--------------------------
Total Land Parcels Held For Sale: 5.7 $14.8
(a) Represents development opportunities in the early phase of the development
process for which the Company either has an option to acquire land or enter
into a leasehold interest, for which the Company is the buyer under a
long-term conditional contract to purchase land or where the Company owns
land to develop a new community.
(b) The Company capitalizes related predevelopment costs incurred in pursuit of
new developments for which future development is probable.
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
CAMDEN MEZZANINE FINANCING SUMMARY
--------------------------------------------------------------------------------------------------------
(Unaudited)
MEZZANINE FINANCING AS OF DECEMBER 31, 2006 ($ in thousands)
12/31/06 12/31/06 09/30/06
Total Note Note
Location Current Property Type Current Status Homes Balance Balance
-------------------------------------------------------------------------------------------------------
Irvine, CA Multifamily Development 290 $17,695 $17,084
Houston, TX Multifamily Development/Predevelopment 730 20,516 10,930
College Park, MD Multifamily Development 508 7,122 6,878
---------- ---------- ---------
Total Mezzanine Financing Volume: 1,528 $45,333 $34,892
Weighted Average Interest Rate Recognized: 12.4% 13.0%
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
12. Camden Crossing Houston, TX Multifamily 366 1982 12/18/06
13. Camden Wyndham Houston, TX Multifamily 448 1978/1981 12/18/06
Total Disposition Volume: $191.6 million 3,041 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
Ventures Volume: $222.0 million (b)(c)(d) 3,237 apartment 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
Volume: $15.7 million 226 apartment homes
TOTAL PRO RATA DISPOSITION
VOLUME: $429.3 million 6,504 apartment 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 DECEMBER 31, 2006: (a)
Future Scheduled Repayments Weighted Average
--------------------------------------- Percent Interest Rate on
Year Amortization Maturities Total of Total Maturing Debt
----------------------------------------------------------------------------------------------------
2007 $13,185 $206,738 $219,923 9.4% 5.6%
2008 11,777 188,879 200,656 8.6% 4.8%
2009 7,860 190,324 198,184 8.5% 5.0%
2010 7,119 445,677 452,796 19.4% 5.1%
2011 4,131 244,233 248,364 10.7% 6.5%
2012 2,976 269,541 272,517 11.7% 5.7%
2013 1,629 225,831 227,459 9.8% 5.4%
Thereafter 46,275 258,802 305,077 13.1% 5.0%
-------------------------------------------------------------------------
Total Maturing Debt $94,951 $2,030,025 $2,124,976 91.2% 5.4%
Unsecured Line of Credit 0 206,000 206,000 8.8% 5.6%
-------------------------------------------------------------------------
Total Debt $94,951 $2,236,025 $2,330,976 100.0% 5.4%
Weighted Average Maturity of Debt 4.7 Years(excluding line of credit)
Weighted Average
FLOATING vs. FIXED RATE DEBT: Balance % of Total Interest Rate
--------------------------------------------
Floating rate debt $271,418 11.6% 5.4%
Fixed rate debt 2,059,558 88.4% 5.4%
--------------------------------------------
Total $2,330,976 100.0% 5.4%
Weighted Average
SECURED vs. UNSECURED DEBT: Balance % of Total Interest Rate
--------------------------------------------
Unsecured debt $1,759,498 75.5% 5.6%
Secured debt 571,478 24.5% 4.9%
--------------------------------------------
Total $2,330,976 100.0% 5.4%
Weighted Average
SECURED DEBT DETAIL: Balance % of Total Interest Rate
--------------------------------------------
Coventional fixed-rate mortgage debt $499,530 87.4% 4.8%
Coventional floating-rate mortgage debt 6,832 1.2% 7.1%
Tax exempt fixed rate debt 6,531 1.1% 7.3%
Tax exempt variable rate debt 58,585 10.3% 4.4%
--------------------------------------------
Total $571,478 100.0% 4.9%
REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total
-------------------------------------------------------------
Unencumbered real estate assets 47,172 84.4% $4,155,192 80.5%
Encumbered real estate assets 8,701 15.6% 1,005,090 19.5%
-------------------------------------------------------------
Total 55,873 100.0% $5,160,282 100.0%
-------------------------------------------------------------------------
Ratio of unencumbered assets at cost to unsecured debt is 2.4 times
-------------------------------------------------------------------------
UNCONSOLIDATED, NON-RECOURSE DEBT:
Pro-Rata Share of Debt $176,707
Weighted Average Interest Rate 6.2%
(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
December 31, 2006
- ------------------------------------------------------------------------------------------------------------------
(Unaudited)
UNSECURED LINE OF CREDIT (a)
Covenant (b) Required Actual (c) Compliance
- ---------------------------- ------------------------------- ---------- --------------
Total Consolidated Debt to Gross Asset Value less than or eaqual to 60% 44% Yes
Secured Debt to Gross Asset Value less than or equal to 40% 11% Yes
Consolidated EBITDA to Total Fixed Charges greater than or eaqual to 150% 221% Yes
Unencumbered Adjusted NOI to Unsecured Interest Expense greater than 200% 292% 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 equal to 150% 242% Yes
Consolidated Income Available for Debt Service to Total greater than 150% 267% 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)
Fourth Quarter 2006 (a)
----------------------------------------------------------------
Capitalized Expensed
---------------------------------------- ---------------------
Weighted Average
Item Useful Life (b) Total Per Unit Total Per Unit
---------------------- ---------------------------------------- ---------------------
Interiors
Floor coverings 5.3 years $2,779 $52 $913 $17
Appliances 9.2 years 578 11 154 3
Painting - - - 1,748 33
Cabinetry/Countertops 10.0 years 245 5 - -
Other 8.9 years 1,583 30 351 6
Exteriors
Painting 5.0 years 857 16 - -
Carpentry 10.0 years 388 7 - -
Landscaping 6.8 years 709 13 2,551 48
Roofing 20.0 years 814 15 118 2
Site Drainage 10.0 years 163 3 - -
Fencing/Stair 10.0 years 390 7 - -
Other (c) 8.3 years 180 3 3,614 68
Common Areas
Mech., Elec., Plumbing 9.9 years 737 14 700 13
Parking/Paving 5.0 years 505 9 - -
Pool/Exercise/Facility 8.7 years 1,446 27 257 5
----------------------- ---------------------
$11,374 $212 $10,406 $195
Weighted Average Apartment Homes 53,530 53,530
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 $11,160 $200 $3,627 $65
Appliances 9.2 years 1,978 35 653 12
Painting - - - 6,916 124
Cabinetry/Countertops 10.0 years 897 16 - -
Other 8.9 years 3,053 55 1,644 29
Exteriors
Painting 5.0 years 4,051 73 - -
Carpentry 10.0 years 3,935 70 - -
Landscaping 6.8 years 2,652 47 10,519 188
Roofing 20.0 years 1,732 31 330 6
Site Drainage 10.0 years 430 8 - -
Fencing/Stair 10.0 years 1,226 22 - -
Other (c) 8.3 years 4,403 79 13,739 246
Common Areas
Mech., Elec., Plumbing 9.9 years 2,790 50 2,838 51
Parking/Paving 5.0 years 1,649 30 - -
Pool/Exercise/Facility 8.7 years 4,799 86 1,299 23
----------------------- ---------------------
$44,755 $802 $41,565 $744
Weighted Average Apartment Homes 55,850 55,850
(a) Includes discontinued operations. Capitalized expenditures for discontinued
operations were $199 and $1,579 for the three months and twelve months
ended December 31, 2006 respectively. Maintenance expenses for discontinued
operations were $321 and $1,593 for the same periods.
(b) of capitalized expenses for the three months ended December 31, 2006
(c) Includes in part the following items: site/building repair,
masonry/plaster, and general conditions
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 pages 25 and 26 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 on page 1 of 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 on page 1 of this document.
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
- --------------------------------------------------------------------------------
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
CAMDEN OTHER DATA
-----------------------------------------------------------------------------------------------------------------------
(Unaudited)
Stock Symbol: CPT
Exchange Traded: NYSE
Senior Unsecured Debt Ratings: Rating Outlook
--------- ---------
Standard & Poors BBB+ Stable
Fitch BBB+ Stable
Moody's Baa2 Positive
Estimated Future Dates: Q1 '07 Q2 '07 Q3 '07 Q4 '07
--------- --------- --------- ---------
Earnings release & conference call Early Apr Early Aug Early Nov Early Feb
Dividend Information - Common Shares: Q1 '06 Q2 '06 Q3 '06 Q4 '06
--------- --------- --------- ---------
Declaration Date 03/15/06 06/15/06 09/15/06 12/08/06
Record Date 03/31/06 06/30/06 09/29/06 12/22/06
Payment Date 04/17/06 07/17/06 10/17/06 01/17/07
Distributions Per Share $0.66 $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 12/31/06
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
4Q06 Avg
Market Rental Rates
Year -------------------
Placed Average Apartment 4Q06 Avg Per
Community Name City State in Service Size Homes Occupancy Home Per Sq. Ft.
- ------------------------------------------------------------------------------------------------------------------------
Camden Copper Square Phoenix AZ 2000 786 332 95% 831 1.06
Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 94% 803 0.76
Camden Legacy Scottsdale AZ 1996 1,067 428 94% 1,035 0.97
Camden Pecos Ranch (1) Chandler AZ 2001 924 272 96% 880 0.95
Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 95% 1,085 1.04
Camden Sierra (1) Peoria AZ 1997 925 288 92% 783 0.85
Camden Towne Center (1) Glendale AZ 1998 871 240 95% 803 0.92
Camden Vista Valley Mesa AZ 1986 923 357 94% 734 0.80
========================================================================================================================
TOTAL ARIZONA 8 Properties 951 2,433 94% 881 0.93
Camden Crown Valley Mission Viejo CA 2001 1,009 380 93% 1,625 1.61
Camden Harbor View Long Beach CA 2004 976 538 92% 2,072 2.12
Camden Martinique Costa Mesa CA 1986 795 714 93% 1,330 1.67
Camden Parkside (1) Fullerton CA 1972 836 421 96% 1,272 1.52
Camden Sea Palms Costa Mesa CA 1990 891 138 95% 1,516 1.70
------------------------------------------------------------------------------
Total Los Angeles/Orange County 5 Properties 890 2,191 93% 1,564 1.76
Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 94% 1,467 1.52
Camden Tuscany San Diego CA 2003 891 160 97% 1,937 2.17
Camden Vineyards Murrieta CA 2002 1,053 264 92% 1,323 1.26
------------------------------------------------------------------------------
Total San Diego/Inland Empire 3 Properties 977 846 94% 1,511 1.55
========================================================================================================================
TOTAL CALIFORNIA 8 Properties 915 3,037 94% 1,549 1.69
Camden Arbors Westminster CO 1986 792 358 92% 680 0.86
Camden Caley Englewood CO 2000 925 218 94% 831 0.90
Camden Centennial Littleton CO 1985 744 276 95% 655 0.88
Camden Denver West (1) Golden CO 1997 1,015 320 94% 962 0.95
Camden Highlands Ridge Highlands CO
Ranch 1996 1,149 342 94% 1,003 0.87
Camden Interlocken Broomfield CO 1999 1,022 340 94% 1,021 1.00
Camden Lakeway Littleton CO 1997 932 451 92% 864 0.93
Camden Pinnacle Westminster CO 1985 748 224 92% 604 0.81
========================================================================================================================
TOTAL COLORADO 8 Properties 927 2,529 93% 842 0.91
Camden Ashburn Farms Ashburn VA 2000 1,061 162 97% 1,302 1.23
Camden Fair Lakes Fairfax VA 1999 996 530 93% 1,481 1.49
Camden Fairfax Corner (2) Fairfax VA 2006 934 488 Lease-up 1,534 1.64
Camden Fallsgrove Rockville MD 2004 996 268 96% 1,521 1.53
Camden Grand Parc Washington DC 2002 904 105 97% 2,108 2.33
Camden Lansdowne Leesburg VA 2002 1,006 690 94% 1,329 1.32
Camden Largo Town Center Largo MD 2000 1,042 219 96% 1,577 1.51
Camden Roosevelt Washington DC 2003 856 198 99% 2,076 2.43
Camden Russett Laurel MD 2000 1,025 426 94% 1,302 1.27
Camden Silo Creek Washington DC 2004 971 284 95% 1,297 1.34
Camden Westwind (2) Ashburn VA 2006 1,036 464 Lease-up 1,402 1.35
========================================================================================================================
TOTAL DC METRO 11 Properties 992 3,834 95% 1,466 1.48
Camden Aventura Aventura FL 1995 1,106 379 95% 1,435 1.30
Camden Doral Miami FL 1999 1,172 260 96% 1,450 1.24
Camden Doral Villas Miami FL 2000 1,253 232 95% 1,560 1.25
Camden Las Olas Ft. FL
Lauderdale 2004 1,043 420 96% 1,637 1.57
Camden Plantation Plantation FL 1997 1,152 502 93% 1,370 1.19
Camden Portofino Pembroke FL
Pines 1995 1,307 322 94% 1,335 1.02
Summit Brickell Miami FL 2003 937 405 99% 1,457 1.56
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Total Southeast Florida 7 Properties 1,124 2,520 95% 1,460 1.30
Camden Club Longwood FL 1986 1,077 436 96% 952 0.88
Camden Hunter's Creek Orlando FL 2000 1,082 270 93% 1,036 0.96
Camden Lago Vista Orlando FL 2005 954 366 96% 1,006 1.06
Camden Landings Orlando FL 1983 748 220 95% 778 1.04
Camden Lee Vista Orlando FL 2000 937 492 93% 904 0.96
Camden Renaissance Altamonte FL
Springs 1996/1998 899 578 94% 927 1.03
Camden Reserve Orlando FL 1990/1991 824 526 94% 836 1.01
Camden World Gateway Orlando FL 2000 979 408 96% 1,033 1.06
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Total Orlando 8 Properties 937 3,296 95% 933 1.00
CAMDEN COMMUNITY TABLE
Community Statistics as of 12/31/06
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Camden Bay Tampa FL 1997/2001 943 760 91% 913 0.97
Camden Bay Pointe Tampa FL 1984 771 368 95% 768 1.00
Camden Bayside Tampa FL 1987/1989 748 832 94% 794 1.06
Camden Citrus Park Tampa FL 1985 704 247 98% 733 1.04
Camden Isles Tampa FL 1983/1985 722 484 92% 725 1.00
Camden Lakes St. FL
Petersburg 1982/1983 728 688 94% 753 1.03
Camden Lakeside Brandon FL 1986 728 228 94% 796 1.09
Camden Live Oaks Tampa FL 1990 1,093 770 92% 823 0.75
Camden Preserve Tampa FL 1996 942 276 92% 1,123 1.19
Camden Providence Lakes Brandon FL 1996 1,024 260 88% 926 0.90
Camden Westshore Tampa FL 1986 728 278 92% 828 1.14
Camden Woods Tampa FL 1986 1,223 444 92% 897 0.73
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Total Tampa/St. Petersburg 12 Properties 874 5,635 93% 831 0.95
========================================================================================================================
TOTAL FLORIDA 27 Properties 947 11,451 94% 999 1.05
Camden Brookwood Atlanta GA 2002 906 359 92% 998 1.10
Camden Dunwoody Atlanta GA 1997 1,007 324 92% 936 0.93
Camden Deerfield Alpharetta GA 2000 1,187 292 92% 938 0.79
Camden Midtown Atlanta Atlanta GA 2001 953 296 97% 1,038 1.09
Camden River Duluth GA 1997 1,103 352 96% 859 0.78
Camden Peachtree City Peachtree GA
City 2001 1,026 399 96% 843 0.82
Camden Shiloh Kennesaw GA 1999/2002 1,151 232 96% 855 0.74
Camden St. Clair Atlanta GA 1997 969 336 94% 940 0.97
Camden Stockbridge Stockbridge GA 2003 1,009 304 93% 787 0.78
Camden Sweetwater Lawrenceville GA 2000 1,151 308 93% 822 0.71
========================================================================================================================
TOTAL GEORGIA 10 Properties 1,041 3,202 94% 902 0.87
Camden Brookside (1) Louisville KY 1987 732 224 97% 609 0.83
Camden Downs Louisville KY 1975 682 254 94% 534 0.78
Camden Meadows (1) Louisville KY 1987/1990 746 400 95% 630 0.84
Camden Oxmoor (1) Louisville KY 2000 903 432 95% 758 0.84
Camden Prospect Park (1) Louisville KY 1990 916 138 94% 710 0.78
========================================================================================================================
TOTAL KENTUCKY 5 Properties 795 1,448 95% 656 0.82
Camden Passage (1) Kansas City MO 1989/1997 832 596 95% 655 0.79
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Total Kansas City 1 Property 832 596 95% 655 0.79
Camden Cedar Lakes (1) Lake St. MO
Louis 1986 852 420 91% 656 0.77
Camden Cove West (1) Creve Coeur MO 1990 828 276 93% 832 1.01
Camden Cross Creek (1) St. Louis MO 1973/1980 947 591 95% 738 0.78
Camden Taravue St. Louis MO 1975 676 304 91% 545 0.81
Camden Trace Maryland MO
Heights 1972 1,158 372 93% 762 0.66
Camden Westchase (1) St. Louis MO 1986 945 160 93% 836 0.88
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Total St. Louis 6 Properties 910 2,123 93% 718 0.79
========================================================================================================================
TOTAL MISSOURI 7 Properties 893 2,719 93% 704 0.79
Camden Bel Air Las Vegas NV 1988/1995 943 528 97% 891 0.94
Camden Breeze Las Vegas NV 1989 846 320 96% 837 0.99
Camden Canyon Las Vegas NV 1995 987 200 97% 928 0.94
Camden Commons Henderson NV 1988 936 376 96% 915 0.98
Camden Cove Las Vegas NV 1990 898 124 96% 844 0.94
Camden Del Mar Las Vegas NV 1995 986 560 95% 993 1.01
Camden Fairways Henderson NV 1989 896 320 94% 922 1.03
Camden Hills Las Vegas NV 1991 579 184 97% 641 1.11
Camden Legends Henderson NV 1994 792 113 98% 862 1.09
Camden Palisades Las Vegas NV 1991 905 624 96% 908 1.00
Camden Pines (1) Las Vegas NV 1997 1,005 315 97% 930 0.92
Camden Pointe Las Vegas NV 1996 985 252 96% 897 0.91
Camden Summit (1) Henderson NV 1995 1,187 234 96% 1,217 1.02
Camden Tiara (1) Las Vegas NV 1996 1,043 400 96% 990 0.95
Camden Vintage Las Vegas NV 1994 978 368 92% 865 0.88
Oasis Bay (1) Las Vegas NV 1990 876 128 93% 830 0.95
Oasis Crossings (1) Las Vegas NV 1996 983 72 97% 871 0.89
Oasis Emerald (1) Las Vegas NV 1988 873 132 95% 773 0.89
CAMDEN COMMUNITY TABLE
Community Statistics as of 12/31/06
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Oasis Gateway (1) Las Vegas NV 1997 1,146 360 93% 963 0.84
Oasis Island (1) Las Vegas NV 1990 901 118 92% 762 0.85
Oasis Landing (1) Las Vegas NV 1990 938 144 94% 825 0.88
Oasis Meadows (1) Las Vegas NV 1996 1,031 383 95% 866 0.84
Oasis Palms (1) Las Vegas NV 1989 880 208 93% 819 0.93
Oasis Pearl (1) Las Vegas NV 1989 930 90 98% 764 0.82
Oasis Place (1) Las Vegas NV 1992 440 240 94% 590 1.34
Oasis Ridge (1) Las Vegas NV 1984 391 477 93% 534 1.37
Oasis Sands Las Vegas NV 1994 1,125 48 96% 872 0.77
Oasis Sierra (1) Las Vegas NV 1998 922 208 95% 917 0.99
Oasis Springs (1) Las Vegas NV 1988 838 304 94% 747 0.89
Oasis Vinings (1) Las Vegas NV 1994 1,152 234 94% 873 0.76
========================================================================================================================
TOTAL NEVADA 30 Properties 908 8,064 95% 866 0.95
Camden Ballantyne Charlotte NC 1998 1,053 400 94% 874 0.83
Camden Cotton Mills Charlotte NC 2002 906 180 94% 1,272 1.40
Camden Dilworth Charlotte NC 2006 857 145 97% 1,213 1.42
Camden Eastchase Charlotte NC 1986 698 220 91% 546 0.78
Camden Fairview Charlotte NC 1983 1,036 135 95% 780 0.75
Camden Forest Charlotte NC 1989 703 208 92% 605 0.86
Camden Foxcroft Charlotte NC 1979 940 156 94% 698 0.74
Camden Grandview Charlotte NC 2000 1,145 266 92% 1,355 1.18
Camden Habersham Charlotte NC 1986 773 240 96% 637 0.82
Camden Park Commons Charlotte NC 1997 859 232 96% 694 0.81
Camden Pinehurst Charlotte NC 1967 1,147 407 94% 759 0.66
Camden Sedgebrook Charlotte NC 1999 1,017 368 95% 805 0.79
Camden Simsbury Charlotte NC 1985 874 100 95% 741 0.85
Camden South End Charlotte NC 2003 883 299 91% 1,103 1.25
Camden Stonecrest Charlotte NC 2001 1,169 306 95% 931 0.80
Camden Timber Creek Charlotte NC 1984 706 352 93% 568 0.81
Camden Touchstone Charlotte NC 1986 899 132 94% 695 0.77
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Total Charlotte 17 Properties 941 4,146 94% 838 0.89
Camden Glen Greensboro NC 1980 662 304 93% 570 0.86
Camden Wendover Greensboro NC 1985 795 216 94% 612 0.77
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Total Greensboro 2 Properties 717 520 94% 587 0.82
Camden Crest Raleigh NC 2001 1,129 438 94% 767 0.68
Camden Governor's Village Chapel Hill NC 1999 1,134 242 90% 841 0.74
Camden Lake Pine Apex NC 1999 1,075 446 93% 795 0.74
Camden Manor Park (2) Raleigh NC 2006 966 484 Lease-up 846 0.88
Camden Overlook Raleigh NC 2001 1,056 320 92% 835 0.79
Camden Reunion Park Apex NC 2000/2004 972 420 91% 653 0.67
Camden Westwood Morrisville NC 1999 1,112 354 94% 740 0.67
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Total Raleigh 7 Properties 1,056 2,704 92% 779 0.74
========================================================================================================================
TOTAL NORTH CAROLINA 26 Properties 967 7,370 93% 799 0.83
Camden Valleybrook Chadds Ford PA 2002 992 352 94% 1,287 1.30
========================================================================================================================
TOTAL PENNSYLVANIA 1 Property 992 352 94% 1,287 1.30
Camden Briar Oaks Austin TX 1980 711 430 93% 582 0.82
Camden Gaines Ranch Austin TX 1997 955 390 97% 996 1.04
Camden Huntingdon Austin TX 1995 903 398 95% 725 0.80
Camden Laurel Ridge Austin TX 1986 702 183 97% 596 0.85
Camden Ridge View Austin TX 1984 859 167 95% 606 0.71
Camden Ridgecrest Austin TX 1995 851 284 93% 654 0.77
Camden Stoneleigh Austin TX 2001 908 390 96% 817 0.90
Camden Woodview Austin TX 1984 644 283 96% 609 0.94
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Total Austin 8 Properties 827 2,525 95% 718 0.87
Camden Breakers Corpus TX
Christi 1996 868 288 91% 824 0.95
Camden Copper Ridge Corpus TX
Christi 1986 775 344 94% 638 0.82
Camden Miramar (3) Corpus TX
Christi 1994-2004 468 778 97% 825 1.76
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Total Corpus Christi 3 Properties 625 1,410 93% 779 1.25
CAMDEN COMMUNITY TABLE
Community Statistics as of 12/31/06
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Camden Addison (1) Addison TX 1996 942 456 94% 806 0.86
Camden Buckingham Richardson TX 1997 919 464 95% 786 0.85
Camden Centreport Ft. Worth TX 1997 910 268 92% 764 0.84
Camden Cimarron Irving TX 1992 772 286 95% 748 0.97
Camden Farmers Market Dallas TX 2001 916 620 95% 910 0.99
Camden Farmers Market II Dallas TX 2005 970 284 92% 974 1.00
Camden Gardens Dallas TX 1983 652 256 93% 541 0.83
Camden Glen Lakes Dallas TX 1979 877 424 92% 679 0.77
Camden Lakeview Irving TX 1985 853 476 94% 611 0.72
Camden Legacy Creek Plano TX 1995 831 240 96% 796 0.96
Camden Legacy Park Plano TX 1996 871 276 97% 808 0.93
Camden Oasis Euless TX 1986 548 602 93% 540 0.99
Camden Place Mesquite TX 1984 772 442 92% 577 0.75
Camden Ridge Ft. Worth TX 1985 829 208 93% 602 0.73
Camden Springs Dallas TX 1987 713 304 93% 560 0.79
Camden Terrace Ft. Worth TX 1984 848 340 93% 589 0.70
Camden Towne Village Mesquite TX 1983 735 188 93% 613 0.83
Camden Valley Creek Irving TX 1984 855 380 94% 634 0.74
Camden Valley Park Irving TX 1986 743 516 94% 615 0.83
Camden Valley Ridge Irving TX 1987 773 408 94% 566 0.73
Camden Westview Lewisville TX 1983 697 335 94% 579 0.83
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Total Dallas/Ft. Worth 21 Properties 810 7,773 94% 681 0.84
Camden Baytown Baytown TX 1999 844 272 94% 801 0.95
Camden Creek Houston TX 1984 639 456 93% 580 0.91
Camden Greenway Houston TX 1999 861 756 95% 977 1.14
Camden Holly Springs (1) Houston TX 1999 934 548 92% 882 0.94
Camden Midtown Houston TX 1999 843 337 98% 1,093 1.30
Camden Oak Crest Houston TX 2003 870 364 93% 796 0.91
Camden Park (1) Houston TX 1995 866 288 95% 772 0.89
Camden Royal Oaks (2) Houston TX 2006 923 236 Lease-up 1,065 1.15
Camden Steeplechase Houston TX 1982 748 290 93% 629 0.84
Camden Stonebridge Houston TX 1993 845 204 95% 769 0.91
Camden Sugar Grove (1) Stafford TX 1997 917 380 94% 842 0.92
Camden Vanderbilt Houston TX 1996/1997 863 894 96% 1,029 1.19
Camden West Oaks Houston TX 1982 726 671 94% 571 0.79
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Total Houston 13 Properties 833 5,696 94% 843 1.01
========================================================================================================================
TOTAL TEXAS 45 Properties 805 17,404 94% 747 0.93
========================================================================================================================
TOTAL PROPERTIES 186 Properties 905 63,843 94% 910 1.01
========================================================================================================================
(1) Communities owned through investment in joint venture.
(2) Completed communities in lease-up as of December 31, 2006 are excluded from
total occupancy numbers.
(3) Miramar is a student housing community which is excluded from total
occupancy numbers.