EXHIBIT 99.1
Camden Property Trust Announces Second Quarter 2007 Operating Results
HOUSTON--(BUSINESS WIRE)--Aug. 2, 2007--Camden Property Trust
(NYSE:CPT) announced that its funds from operations ("FFO") for the
second quarter of 2007 totaled $0.92 per diluted share or $57.8
million, as compared to $0.89 per diluted share or $53.4 million for
the same period in 2006. FFO for the six months ended June 30, 2007
totaled $1.81 per diluted share or $113.7 million, as compared to
$1.77 per diluted share or $105.2 million for the same period in 2006.
Net Income ("EPS")
The Company reported net income ("EPS") of $42.6 million or $0.71
per diluted share for the second quarter of 2007, as compared to $34.6
million or $0.61 per diluted share for the same period in 2006. EPS
for the three months ended June 30, 2007 included a $0.52 per diluted
share impact from gain on sale of discontinued operations, as compared
to a $0.43 per diluted share impact from gain on sale of properties
and discontinued operations for the same period in 2006.
For the six months ended June 30, 2007, net income totaled $55.6
million or $0.93 per diluted share, as compared to $76.0 million or
$1.36 per diluted share for the same period in 2006. EPS for the six
months ended June 30, 2007 included a $0.52 per diluted share impact
from gain on sale of discontinued operations. EPS for the six months
ended June 30, 2006 included a $0.96 per diluted share impact from
gain on sale of land, joint venture properties and discontinued
operations.
A reconciliation of net income to FFO is included in the financial
tables accompanying this press release.
Same-Property Results
For the 42,089 apartment homes included in consolidated
same-property results, second quarter 2007 same-property net operating
income ("NOI") growth was 5.9% compared to the second quarter of 2006,
with revenues increasing 5.1% and expenses increasing 3.6%. On a
sequential basis, second quarter 2007 same-property NOI increased 2.1%
compared to first quarter 2007, with revenues increasing 1.6% and
expenses increasing 0.6% compared to the prior quarter. On a
year-to-date basis, 2007 same-property NOI increased 5.8%, with
revenue growth of 5.1% and expense growth of 4.0% compared to the same
period in 2006. Same-property physical occupancy levels for the
combined portfolio averaged 94.8% during the second quarter of 2007,
compared to 94.4% in the first quarter of 2007 and 95.7% in the second
quarter of 2006.
The Company defines same-property communities as communities owned
by Camden and stabilized as of January 1, 2006, excluding properties
held for sale and communities under redevelopment. 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
During the second quarter, lease-up was completed at Camden
Clearbrook in Frederick, MD, a $46.0 million project that is currently
96% occupied and stabilized. As of June 30, 2007, Camden had four
completed apartment communities in lease-up: Camden Manor Park in
Raleigh, NC, a $52.0 million project that is currently 90% leased;
Camden Westwind in Ashburn, VA, a $97.6 million project that is
currently 90% leased; Camden Old Creek in San Marcos, CA, a $98.0
million project that is currently 75% leased; and Camden Royal Oaks in
Houston, TX, a $22.0 million project that is currently 63% leased.
The Company's current development pipeline under construction
includes seven wholly-owned communities comprising 2,254 apartment
homes with a total budgeted cost of $449.0 million. Camden also has
five joint venture communities under development comprising 1,528
apartment homes with a total budgeted cost of $367.9 million.
The Company's future development pipeline currently consists of 19
potential developments comprising 6,124 apartment homes and a total
estimated cost of $1.5 billion. The future pipeline represents
projects in the early phase of the development process for which
Camden either owns the land, has an option to acquire the land or
enter into a leasehold interest, or is the buyer under a long-term
conditional contract.
Acquisition/Disposition Activity
During the second quarter, the Company acquired Camden South
Congress, a 253-home apartment community in Austin, TX for $42.8
million and Camden Royal Palms, a 352-home apartment community in
Brandon, FL for $41.1 million.
Camden disposed of three operating communities during the quarter
which had been classified as held for sale: 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. Gross sales proceeds from these
three communities totaled $49.9 million.
Properties and Land Held for Sale
During the second quarter, Camden classified nine operating
communities consisting of 2,515 apartment homes as held for sale:
Camden Glen, a 304-home apartment community in Greensboro, NC; Camden
Wendover, a 216-home apartment community in Greensboro, NC; Camden
Eastchase, a 220-home apartment community in Charlotte, NC; Camden
Timber Creek, a 352-home apartment community in Charlotte, NC; Camden
Ridge, a 208-home apartment community in Fort Worth, TX; Camden
Terrace, a 340-home apartment community in Fort Worth, TX; Camden
Ridgeview, a 167-home apartment community in Austin, TX; Camden Isles,
a 484-home apartment community in Tampa, FL; and Camden Pinnacle, a
224-home apartment community in Denver, CO.
The Company also had 5.7 acres of undeveloped land in Miami, FL,
Boca Raton, FL and Dallas, TX classified as held for sale at
quarter-end. No land sales are currently expected to close during
2007.
Stock Repurchase
During the quarter, Camden repurchased 459,000 common shares at an
average price per share of $67.76, for a total of $31.1 million.
Subsequent to quarter-end, the Company repurchased an additional
283,865 common shares at an average price per share of $66.56 for a
total of $18.9 million. Camden currently has $200 million remaining
under its stock repurchase program.
Earnings Guidance
Camden has updated earnings guidance for 2007 based on its current
and expected views of the apartment market and general economic
conditions. The Company reduced the top end of its guidance range for
2007 FFO by $0.20 per diluted share, reflecting current expectations
that no land sales will occur during the remainder of 2007 ($0.16 per
diluted share impact) and that 2007 same-property NOI will be slightly
lower than originally projected ($0.04 per diluted share impact).
Full-year 2007 FFO is now expected to be between $3.60 and $3.70 per
diluted share, and full-year 2007 EPS is expected to be between $1.40
and $1.50 per diluted share. Third quarter 2007 earnings guidance is
$0.89 to $0.93 per diluted share for FFO and $0.22 and $0.26 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 2007 earnings guidance is based on projections of
same-property NOI growth between 5.5% and 6.5%, revenue growth between
5.0% and 5.5% and expense growth between 3.5% and 4.0%. A
reconciliation of expected net income to expected FFO is included in
the financial tables accompanying this press release.
Conference Call
The Company will hold a conference call on Friday, August 3, 2007
at 10:00 a.m. Central Time to review its second quarter results and
discuss its outlook for future performance. To participate in the
call, please dial (877) 407-0782 (domestic) or (201) 689-8567
(international) by 9:50 a.m. Central Time and request the Camden
Property Trust Second Quarter 2007 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 64,191 apartment homes across the
United States. Upon completion of 12 properties under development, the
Company's portfolio will increase to 67,973 apartment homes in 198
properties.
For additional information, please contact Camden's Investor
Relations Department at (800) 922-6336 or (713) 354-2787 or access our
website at www.camdenliving.com.
CAMDEN OPERATING RESULTS
(In thousands, except per share and property data amounts)
- ----------------------------------------------------------------------
(Unaudited) Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
OPERATING DATA 2007 2006 2007 2006
- ------------------------------ ------------------- -------------------
Property revenues
Rental revenues $135,343 $131,740 $268,495 $260,837
Other property revenues 16,218 12,905 30,872 24,959
------------------- -------------------
Total property revenues 151,561 144,645 299,367 285,796
Property expenses
Property operating and
maintenance 38,926 38,165 77,556 74,835
Real estate taxes 17,127 15,732 33,186 31,580
------------------- -------------------
Total property expenses 56,053 53,897 110,742 106,415
Non-property income
Fee and asset management 2,420 3,120 4,806 5,597
Interest and other income 1,810 3,611 3,372 4,364
Income on deferred
compensation plans 4,835 2,331 7,141 2,381
------------------- -------------------
Total non-property income 9,065 9,062 15,319 12,342
Other expenses
Property management 4,800 4,966 9,528 9,192
Fee and asset management 811 3,238 2,431 4,604
General and administrative 7,912 8,036 15,966 15,450
Interest 29,279 31,259 57,069 62,174
Depreciation and amortization 39,311 39,645 78,388 75,108
Amortization of deferred
financing costs 906 909 1,819 1,950
Expense on deferred
compensation plans 4,835 2,331 7,141 2,381
------------------- -------------------
Total other expenses 87,854 90,384 172,342 170,859
------------------- -------------------
Income from continuing
operations before gain on
sale of properties, equity in
income of joint ventures,
minority interests and income
taxes 16,719 9,426 31,602 20,864
Gain on sale of properties,
including land - 810 - 1,309
Equity in income of joint
ventures 484 569 1,219 2,886
Minority interests
Distributions on perpetual
preferred units (1,750) (1,750) (3,500) (3,500)
Income allocated to common
units and other minority
interests (1,343) (959) (2,130) (2,074)
------------------- -------------------
Income from continuing
operations before income
taxes 14,110 8,096 27,191 19,485
Income tax expense (316) - (1,037) -
Income tax expense on sale
of depreciable operating
properties - - (1,184) -
------------------- -------------------
Income from continuing
operations 13,794 8,096 24,970 19,485
Income from discontinued
operations 2,341 3,057 4,472 6,680
Gain on sale of discontinued
operations 30,976 23,652 30,976 51,044
Income from discontinued
operations allocated to
common units (4,519) (223) (4,789) (1,184)
------------------- -------------------
Net income $ 42,592 $ 34,582 $ 55,629 $ 76,025
=================== ===================
PER SHARE DATA
- ------------------------------
Net income - basic $ 0.72 $ 0.62 $ 0.95 $ 1.38
Net income - diluted 0.71 0.61 0.93 1.36
Income from continuing
operations - basic 0.23 0.15 0.43 0.35
Income from continuing
operations - diluted 0.23 0.14 0.42 0.35
Weighted average number of
common and common equivalent
shares outstanding:
Basic 58,894 55,506 58,854 54,901
Diluted 59,929 56,683 59,961 56,083
PROPERTY DATA
- ------------------------------
Total operating properties
(end of period) (a) 186 186 186 186
Total operating apartment
homes in operating
properties (end of period)
(a) 64,191 63,737 64,191 63,737
Total operating apartment
homes (weighted average) 53,424 56,533 53,260 56,855
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 50,221 51,327 49,937 51,130
(a) 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 Six Months Ended
June 30, June 30,
------------------- -------------------
FUNDS FROM OPERATIONS 2007 2006 2007 2006
- ------------------------------ ------------------- -------------------
Net income $ 42,592 $ 34,582 $ 55,629 $ 76,025
Real estate depreciation and
amortization from
continuing operations 38,618 38,982 76,980 73,791
Real estate depreciation
from discontinued
operations 786 1,597 2,030 3,533
Adjustments for
unconsolidated joint
ventures 1,225 764 2,311 1,545
Income from continuing
operations allocated to
common units 1,048 907 1,784 1,971
Income from discontinued
operations allocated to
common units 4,519 223 4,789 1,184
Income tax expense on sale
of depreciable operating
properties - - 1,184 -
(Gain) on sale of
discontinued operations (30,976) (23,652) (30,976) (51,044)
(Gain) on sale of joint
venture properties - - - (1,763)
------------------- -------------------
Funds from operations -
diluted $ 57,812 $ 53,403 $113,731 $105,242
=================== ===================
PER SHARE DATA
- ------------------------------
Funds from operations -
diluted $ 0.92 $ 0.89 $ 1.81 $ 1.77
Cash distributions 0.69 0.66 1.38 1.32
Weighted average number of
common and common equivalent
shares outstanding:
FFO - diluted 62,914 60,083 62,967 59,539
PROPERTY DATA
- ------------------------------
Total operating properties
(end of period) (a) 186 186 186 186
Total operating apartment
homes in operating
properties (end of period)
(a) 64,191 63,737 64,191 63,737
Total operating apartment
homes (weighted average) 53,424 56,533 53,260 56,855
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 50,221 51,327 49,937 51,130
(a) Includes joint ventures and properties held for sale.
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
CAMDEN BALANCE SHEETS
(In thousands)
- ----------------------------------------------------------------------
(Unaudited) Jun 30, Mar 31,
2007 2007
------------------------
ASSETS
Real estate assets, at cost
Land $ 713,084 $ 703,850
Buildings and improvements 4,144,075 4,108,955
------------------------
4,857,159 4,812,805
Accumulated depreciation (788,318) (799,624)
------------------------
Net operating real estate assets 4,068,841 4,013,181
Properties under development, including
land 454,617 410,002
Investments in joint ventures 12,722 8,321
Properties held for sale, including land 72,577 32,879
------------------------
Total real estate assets 4,608,757 4,464,383
Accounts receivable - affiliates 35,341 34,854
Notes receivable
Affiliates 45,560 43,507
Other 11,565 11,565
Other assets, net (a) 136,524 118,329
Cash and cash equivalents 3,058 1,470
Restricted cash 20,053 5,772
------------------------
Total assets $4,860,858 $4,679,880
========================
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $2,065,175 $1,897,865
Secured 566,001 568,731
Accounts payable and accrued expenses 128,892 110,486
Accrued real estate taxes 29,785 16,036
Other liabilities (b) 115,547 110,684
Distributions payable 44,982 45,137
------------------------
Total liabilities 2,950,382 2,748,939
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925
Common units 105,353 102,217
Other minority interests 10,916 10,335
------------------------
Total minority interests 214,194 210,477
Shareholders' equity
Common shares of beneficial interest 654 654
Additional paid-in capital 2,204,525 2,199,713
Distributions in excess of net income (241,711) (243,786)
Employee notes receivable (1,976) (2,025)
Treasury shares, at cost (265,210) (234,092)
------------------------
Total shareholders' equity 1,696,282 1,720,464
------------------------
Total liabilities and shareholders'
equity $4,860,858 $4,679,880
========================
(a) includes:
net deferred charges of: $ 11,565 $ 9,724
value of in place leases of: $ 1,091 $ 61
(b) includes:
deferred revenues of: $ 2,937 $ 3,321
above/below market leases of: $ 43 $ 8
distributions in excess of investments
in joint ventures of: $ 19,549 $ 18,805
(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,
including land 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
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 Six Months Ended
June 30, June 30,
------------------- -------------------
2007 2006 2007 2006
------------------- -------------------
Net income $ 42,592 $ 34,582 $ 55,629 $ 76,025
Real estate depreciation and
amortization from
continuing operations 38,618 38,982 76,980 73,791
Real estate depreciation
from discontinued
operations 786 1,597 2,030 3,533
Adjustments for
unconsolidated joint
ventures 1,225 764 2,311 1,545
Income from continuing
operations allocated to
common units 1,048 907 1,784 1,971
Income from discontinued
operations allocated to
common units 4,519 223 4,789 1,184
Income tax expense on sale
of depreciable operating
properties - - 1,184 -
(Gain) on sale of
discontinued operations (30,976) (23,652) (30,976) (51,044)
(Gain) on sale of joint
venture properties - - - (1,763)
------------------- -------------------
Funds from operations -
diluted $ 57,812 $ 53,403 $113,731 $105,242
=================== ===================
Weighted average number of
common and common
equivalent shares
outstanding:
EPS diluted 59,929 56,683 59,961 56,083
FFO diluted 62,914 60,083 62,967 59,539
Net income per common share
- diluted $ 0.71 $ 0.61 $ 0.93 $ 1.36
FFO per common share -
diluted $ 0.92 $ 0.89 $ 1.81 $ 1.77
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:
3Q07 Range 2007 Range
Low High Low High
--------------- ---------------
Expected net income per share -
diluted $ 0.22 $ 0.26 $ 1.40 $ 1.50
Expected difference between EPS and
fully diluted FFO shares (0.01) (0.01) (0.07) (0.07)
Expected real estate depreciation 0.64 0.64 2.52 2.52
Expected adjustments for
unconsolidated joint ventures 0.02 0.02 0.07 0.07
Expected income allocated to common
units 0.02 0.02 0.15 0.15
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 (0.47) (0.47)
--------------- ---------------
Expected FFO per share - diluted $ 0.89 $ 0.93 $ 3.60 $ 3.70
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 Six Months Ended
June 30, June 30,
------------------- -------------------
2007 2006 2007 2006
------------------- -------------------
Net income $ 42,592 $ 34,582 $ 55,629 $ 76,025
Fee and asset management (2,420) (3,120) (4,806) (5,597)
Interest and other income (1,810) (3,611) (3,372) (4,364)
Income on deferred
compensation plans (4,835) (2,331) (7,141) (2,381)
Property management expense 4,800 4,966 9,528 9,192
Fee and asset management
expense 811 3,238 2,431 4,604
General and administrative
expense 7,912 8,036 15,966 15,450
Interest expense 29,279 31,259 57,069 62,174
Depreciation and
amortization 39,311 39,645 78,388 75,108
Amortization of deferred
financing costs 906 909 1,819 1,950
Expense on deferred
compensation plans 4,835 2,331 7,141 2,381
Gain on sale of properties,
including land - (810) - (1,309)
Equity in income of joint
ventures (484) (569) (1,219) (2,886)
Distributions on perpetual
preferred units 1,750 1,750 3,500 3,500
Income allocated to common
units and other minority
interests 1,343 959 2,130 2,074
Income tax expense 316 - 1,037 -
Income tax expense on sale
of depreciable operating
properties - - 1,184 -
Income from discontinued
operations (2,341) (3,057) (4,472) (6,680)
Gain on sale of discontinued
operations (30,976) (23,652) (30,976) (51,044)
Income from discontinued
operations allocated to
common units 4,519 223 4,789 1,184
--------- --------- --------- ---------
Net Operating Income
(NOI) $ 95,508 $ 90,748 $188,625 $179,381
"Same Property" Communities $ 79,567 $ 75,122 $157,488 $148,902
Non-"Same Property"
Communities 7,404 4,291 15,339 9,156
Development and Lease-Up
Communities 2,327 734 4,104 1,045
Redevelopment Communities 5,558 5,803 10,477 10,749
Dispositions / Other 652 4,798 1,217 9,529
--------- --------- --------- ---------
Net Operating Income (NOI) $ 95,508 $ 90,748 $188,625 $179,381
EBITDA
- ------
EBITDA is defined by the Company as earnings before interest, taxes,
depreciation and amortization, including net operating income from
discontinued operations, excluding equity in income of joint
ventures, gain on sale of real estate assets, and income allocated to
minority interests. The Company considers EBITDA to be an appropriate
supplemental measure of operating performance to net income because
it represents income before non-cash depreciation and the cost of
debt, and excludes gains or losses from property dispositions. A
reconciliation of net income to EBITDA is provided below:
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2007 2006 2007 2006
------------------- -------------------
Net income $ 42,592 $ 34,582 $ 55,629 $ 76,025
Interest expense 29,397 31,380 57,305 62,416
Amortization of deferred
financing costs 906 909 1,819 1,950
Depreciation and
amortization 39,311 39,645 78,388 75,108
Distributions on perpetual
preferred units 1,750 1,750 3,500 3,500
Income allocated to common
units and other minority
interests 1,343 959 2,130 2,074
Income tax expense 316 - 1,037 -
Income tax expense on sale
of depreciable operating
properties - - 1,184 -
Real estate depreciation
from discontinued
operations 786 1,597 2,030 3,533
Gain on sale of properties,
including land - (810) - (1,309)
Equity in income of joint
ventures (484) (569) (1,219) (2,886)
Gain on sale of discontinued
operations (30,976) (23,652) (30,976) (51,044)
Income from discontinued
operations allocated to
common units 4,519 223 4,789 1,184
------------------- -------------------
EBITDA $ 89,460 $ 86,014 $175,616 $170,551
CONTACT: Camden Property Trust, Houston
Kim Callahan, 713-354-2549