EXHIBIT 99.2
SECOND QUARTER 2007
- --------------------------------------------------------------------------------
Supplemental Operating and Financial Data
- --------------------------------------------------------------------------------
Camden Manor Park - Raleigh, North Carolina
484 Apartment Homes
Completed Lease-Up July 2007, Currently 95% 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
- --------------------------------------------------------------------------------
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" Second 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
Redevelopment Summary 19
Notes Receivable Summary 20
Acquisitions & Dispositions 21
Debt Analysis 22
Debt Covenant Analysis 23
Capitalized Expenditures & Maintenance Expense 24
Non-GAAP Financial Measures - Definitions & Reconciliations 25
Other Data 27
Community Table 28
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
CAMDEN FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
- -----------------------------------------------------------------------------------------------------------------------
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
---------------------------- ----------------------------
2007 2006 2007 2006
---------------------------- ----------------------------
Total property revenues (a) $151,561 $144,645 $299,367 $285,796
EBITDA 89,460 86,014 175,616 170,551
Net income 42,592 34,582 55,629 76,025
Per share - basic 0.72 0.62 0.95 1.38
Per share - diluted 0.71 0.61 0.93 1.36
Income from continuing operations 13,794 8,096 24,970 19,485
per share - basic 0.23 0.15 0.43 0.35
per share - diluted 0.23 0.14 0.42 0.35
Funds from operations 57,812 53,403 113,731 105,242
Per share - diluted 0.92 0.89 1.81 1.77
Dividends per share 0.69 0.66 1.38 1.32
Dividend payout ratio 75.0% 74.2% 76.2% 74.6%
Interest expensed (including discontinued operations) 29,397 31,380 57,305 62,416
Interest capitalized 5,357 5,475 10,493 10,675
------------- -------------- ------------- --------------
Total interest incurred 34,754 36,855 67,798 73,091
Principal amortization 3,526 3,418 7,062 7,040
Preferred dividends & distributions 1,750 1,750 3,500 3,500
Interest expense coverage ratio 3.0x 2.7x 3.1x 2.7x
Total interest coverage ratio 2.6x 2.3x 2.6x 2.3x
Fixed charge expense coverage ratio 2.6x 2.4x 2.6x 2.3x
Total fixed charge coverage ratio 2.2x 2.0x 2.2x 2.0x
Same property NOI increase (b) 5.9% 8.7% 5.8% 9.5%
(# of apartment homes included) 42,089 50,732 42,089 50,732
Gross turnover of apartment homes
(annualized) 75% 78% 67% 69%
Net turnover (excludes on-site transfers and transfers
to other Camden communities) 68% 69% 60% 61%
As of June 30,
----------------------------
2007 2006
----------------------------
Total assets $4,860,858 $4,710,027
Total debt $2,631,176 $2,561,285
Common and common equivalent shares, outstanding end
of period (c) 62,581 62,770
Share price, end of period $66.97 $73.55
Preferred units, end of period $97,925 $97,925
Book equity value, end of period (d) $1,910,476 $1,857,670
Market equity value, end of period (d) $4,291,050 $4,716,734
Debt to total market capitalization
ratio 38.0% 35.2%
Unencumbered real estate assets (at
cost) to unsecured debt ratio 214% 216%
(a) Excludes discontinued operations.
(b) "Same Property" Communities are communities which were owned by the Company
and stabilized as of January 1, 2006, excluding properties held for sale
and communities under redevelopment.
(c) Includes at June 30, 2007: 59,088 common shares (including 529 common share
equivalents related to share awards & options), plus common share
equivalents upon the assumed conversion of minority interest units (3,493)
(d) 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)
-----------------------------------------------------------------------------------------------------------------------
(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 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)
-----------------------------------------------------------------------------------------------------------------------
(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 pages 25 and 26 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
CAMDEN BALANCE SHEETS
(In thousands)
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2007 2007 2006 2006 2006
---------------------------------------------------
ASSETS
Real estate assets, at cost
Land $713,084 $703,850 $693,312 $683,645 $697,690
Buildings and improvements 4,144,075 4,108,955 4,036,286 3,988,031 4,074,737
---------------------------------------------------
4,857,159 4,812,805 4,729,598 4,671,676 4,772,427
Accumulated depreciation (788,318) (799,624) (762,011) (725,790) (786,208)
---------------------------------------------------
Net operating real estate assets 4,068,841 4,013,181 3,967,587 3,945,886 3,986,219
Properties under development, including land 454,617 410,002 369,861 351,246 427,500
Investments in joint ventures 12,722 8,321 9,245 8,266 8,270
Properties held for sale, including land 72,577 32,879 32,763 45,074 55,562
---------------------------------------------------
Total real estate assets 4,608,757 4,464,383 4,379,456 4,350,472 4,477,551
Accounts receivable - affiliates 35,341 34,854 34,170 33,624 33,408
Notes receivable
Affiliates 45,560 43,507 41,478 31,037 23,327
Other 11,565 11,565 3,855 3,855 9,211
Other assets, net (a) 136,524 118,329 121,336 112,801 111,636
Cash and cash equivalents 3,058 1,470 1,034 8,061 49,700
Restricted cash 20,053 5,772 4,721 5,541 5,194
---------------------------------------------------
Total assets $4,860,858$4,679,880$4,586,050$4,545,391 $4,710,027
===================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $2,065,175$1,897,865$1,759,498$1,693,106 $1,940,693
Secured 566,001 568,731 571,478 587,347 620,592
Accounts payable and accrued expenses 128,892 110,486 124,834 120,566 117,301
Accrued real estate taxes 29,785 16,036 23,306 41,165 31,280
Other liabilities (b) 115,547 110,684 105,999 101,332 99,460
Distributions payable 44,982 45,137 43,068 43,056 43,031
---------------------------------------------------
Total liabilities 2,950,382 2,748,939 2,628,183 2,586,572 2,852,357
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925 97,925 97,925 97,925
Common units 105,353 102,217 115,280 116,776 106,217
Other minority interests 10,916 10,335 10,306 10,002 10,555
---------------------------------------------------
Total minority interests 214,194 210,477 223,511 224,703 214,697
Shareholders' equity
Common shares of beneficial interest 654 654 650 650 649
Additional paid-in capital 2,204,525 2,199,713 2,183,622 2,176,170 2,172,616
Distributions in excess of net income (241,711) (243,786) (213,665) (206,442) (293,386)
Employee notes receivable (1,976) (2,025) (2,036) (2,047) (2,035)
Treasury shares, at cost (265,210) (234,092) (234,215) (234,215) (234,871)
---------------------------------------------------
Total shareholders' equity 1,696,282 1,720,464 1,734,356 1,734,116 1,642,973
---------------------------------------------------
Total liabilities and shareholders' equity $4,860,858$4,679,880$4,586,050$4,545,391 $4,710,027
===================================================
(a) includes:
net deferred charges of: $11,565 $9,724 $10,295 $11,155 $13,120
value of in place leases of: $1,091 $61 $242 $452 $431
(b) includes:
deferred revenues of: $2,937 $3,321 $3,875 $5,256 $4,408
above/below market leases of: $43 $8 $32 $80 $13
distributions in excess of investments in joint ventures of: $19,549 $18,805 $18,350 $18,044 $12,701
CAMDEN PORTFOLIO STATISTICS
- ---------------------------------------------------------------------------------------------------------------------------
(Unaudited)
COMMUNITY PORTFOLIO AT JUNE 30, 2007 (in apartment homes)
Completed
"Same Non-"Same Wholly- Joint Stabilized in Total Under
Property" Property"(a) Owned Venture Operating Lease-up Operating Development Total
------------------------------------------------------------------------------------------------
D.C. Metro (b)(c) 2,663 1,030 3,693 - 3,693 464 4,157 1,914 6,071
Las Vegas, NV 2,937 1,080 4,017 4,047 8,064 - 8,064 - 8,064
Los Angeles/Orange
County, CA (d) 1,770 - 1,770 421 2,191 - 2,191 290 2,481
San Diego/Inland Empire,
CA 846 - 846 - 846 350 1,196 - 1,196
Tampa, FL 4,613 1,374 5,987 - 5,987 - 5,987 - 5,987
Dallas, TX 5,441 1,876 7,317 456 7,773 - 7,773 - 7,773
Houston, TX (e) 3,350 894 4,244 1,216 5,460 236 5,696 1,109 6,805
SE Florida 2,520 - 2,520 - 2,520 - 2,520 - 2,520
Charlotte, NC 3,141 1,005 4,146 - 4,146 - 4,146 - 4,146
Orlando, FL 3,296 - 3,296 - 3,296 - 3,296 261 3,557
Atlanta, GA 3,202 - 3,202 - 3,202 - 3,202 - 3,202
Denver, CO 1,985 224 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 1,968 810 2,778 - 2,778 - 2,778 208 2,986
Other 696 1,586 2,282 3,237 5,519 - 5,519 - 5,519
---------- ------------ ------- -------- ---------- --------- ---------- ----------- -----------
Total Portfolio 42,089 9,879 51,968 10,689 62,657 1,534 64,191 3,782 67,973
(a) Includes nine redevelopment properties (3,356 apartment homes) and and nine properties held for sale and reported in
discontinued operations (2,515 apartment homes).
(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.
SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE
QUARTER ENDED: (h)
"Same Property" Operating Incl. JVs at Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
Communities Pro Rata %
Communities (f) (g) 2007 2007 2006 2006 2006
------------------------------------------------------------------------------
D.C. Metro 11.0% 13.6% 13.2% 95.8% 95.5% 94.8% 96.6% 96.5%
Las Vegas, NV 7.0% 7.9% 9.0% 95.3% 95.5% 95.0% 95.3% 96.4%
Los Angeles/Orange County, CA 7.7% 6.3% 6.3% 93.3% 92.7% 93.5% 94.6% 95.6%
San Diego/Inland Empire, CA 3.1% 3.0% 2.9% 93.1% 93.8% 94.0% 94.6% 95.3%
Tampa, FL 8.8% 8.4% 8.1% 94.2% 94.5% 92.8% 94.9% 96.0%
Dallas, TX 7.2% 8.3% 8.1% 94.6% 94.4% 93.8% 94.5% 95.9%
Houston, TX 6.1% 6.8% 7.0% 95.2% 95.0% 94.1% 94.4% 95.4%
SE Florida 9.3% 7.7% 7.4% 95.4% 96.2% 95.4% 95.0% 96.2%
Charlotte, NC 7.4% 7.5% 7.2% 95.7% 95.1% 94.0% 95.6% 95.7%
Orlando, FL 7.5% 6.0% 5.8% 93.5% 92.6% 94.6% 95.0% 95.1%
Atlanta, GA 6.9% 5.9% 5.7% 94.7% 93.5% 94.1% 94.5% 95.2%
Denver, CO 4.9% 4.3% 4.5% 96.0% 94.5% 93.3% 94.8% 95.1%
Raleigh, NC 4.6% 4.4% 4.3% 95.0% 93.4% 92.4% 95.3% 95.3%
Phoenix, AZ 3.6% 2.9% 3.1% 94.2% 95.1% 94.4% 95.2% 95.5%
Austin, TX 3.1% 3.8% 3.6% 94.7% 93.8% 95.2% 94.8% 95.1%
Other 1.8% 3.2% 3.8% 95.5% 94.9% 93.8% 94.7% 95.3%
---- ---- ---- ----- ----- ----- ----- -----
Total Portfolio 100.0% 100.0% 100.0% 94.9% 94.6% 94.1% 95.0% 95.7%
(f) Operating communities include wholly-owned communities and completed
communities in lease-up at quarter end and exclude communities sold
during the quarter.
(g) Based on total NOI from operating communities plus Camden's pro-rata
share of total NOI from joint venture communities.
(h) Occupancy figures include apartment homes held through joint venture
investments but exclude communities in lease- up, under development,
or under redevelopment.
CAMDEN COMPONENTS OF
PROPERTY NET OPERATING INCOME
(In thousands, except property data amounts)
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Apartment Three Months Ended June 30, Six Months Ended June 30,
Property Revenues Homes 2007 2006 Change 2007 2006 Change
----------- ----------------------------- -----------------------------
"Same Property" Communities (a) 42,089 $125,418 $119,375 $6,043 $248,893 $236,781 $12,112
Non-"Same Property" Communities (b) 4,008 11,615 6,751 4,864 23,031 13,790 9,241
Development and Lease-Up Communities (c) 3,788 4,341 1,283 3,058 7,815 1,859 5,956
Redevelopment Communities (d) 3,356 9,106 9,391 (285) 17,408 17,745 (337)
Dispositions / Other (e) - 1,081 7,845 (6,764) 2,220 15,621 (13,401)
----------- ---------- -------- --------- -------- -------- -----------
Total Property Revenues 53,241 $151,561 $144,645 $6,916 $299,367 $285,796 $13,571
Property Expenses
"Same Property" Communities (a) 42,089 $45,851 $44,253 $1,598 $91,405 $87,879 $3,526
Non-"Same Property" Communities (b) 4,008 4,211 2,460 1,751 7,692 4,634 3,058
Development and Lease-Up Communities (c) 3,788 2,014 549 1,465 3,711 814 2,897
Redevelopment Communities (d) 3,356 3,548 3,588 (40) 6,931 6,996 (65)
Dispositions / Other (e) - 429 3,047 (2,618) 1,003 6,092 (5,089)
----------- ---------- -------- --------- -------- -------- -----------
Total Property Expenses 53,241 $56,053 $53,897 $2,156 $110,742 $106,415 $4,327
Property Net Operating Income
"Same Property" Communities (a) 42,089 $79,567 $75,122 $4,445 $157,488 $148,902 $8,586
Non-"Same Property" Communities (b) 4,008 7,404 4,291 3,113 15,339 9,156 6,183
Development and Lease-Up Communities (c) 3,788 2,327 734 1,593 4,104 1,045 3,059
Redevelopment Communities (d) 3,356 5,558 5,803 (245) 10,477 10,749 (272)
Dispositions / Other (e) - 652 4,798 (4,146) 1,217 9,529 (8,312)
----------- ---------- -------- --------- -------- -------- -----------
Total Property Net Operating Income 53,241 $95,508 $90,748 $4,760 $188,625 $179,381 $9,244
Income from Discontinued Operations (f) Three Months Ended June 30, Six Months Ended June 30,
--------------------------------------- 2007 2006 2007 2006
---------------------------- -------------------------
Property Revenues $6,392 $9,631 $13,068 $20,893
Property Expenses 3,147 4,857 6,327 10,432
------------ --------------- ------------ ------------
Property Net Operating Income 3,245 4,774 6,741 10,461
Interest (118) (121) (236) (242)
Depreciation and Amortization (786) (1,596) (2,033) (3,539)
Income from discontinued operations allocated to common units (4,519) (223) (4,789) (1,184)
Gain on sale of discontinued operations 30,976 23,652 30,976 51,044
------------ --------------- ------------ ------------
Income from Discontinued Operations $28,798 $26,486 $30,659 $56,540
Notes:
(a) "Same Property" Communities are communities which were owned by the Company
and stabilized as of January 1, 2006, excluding properties held for sale.
(b) Non-"Same Property" Communities are stabilized communities acquired or
developed by the Company after January 1, 2006, excluding properties held
for sale.
(c) Development and Lease-Up Communities are non-stabilized communities
developed or acquired by the Company after January 1, 2006, excluding
properties held for sale.
(d) Redevelopment Communities are non-stabilized communities redeveloped by the
Company after January 1, 2006.
(e) Disposition Communities include those communities disposed of by the
Company which are not classified as "Discontinued Operations". "Other"
includes results from non-multifamily rental properties. "Other" property
revenues includes the amortization of above and below market leases of
communities acquired during 2006.
(f) Represents operating results for communities disposed of during 2006 or
held for sale at June 30, 2007, of which Camden has, or expects to have, no
continuing involvement.
CAMDEN SECOND QUARTER COMPARISONS
June 30, 2007
(In thousands, except property data amounts)
---------------------------------------------------- ------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 2Q07 2Q06 Growth 2Q07 2Q06 Growth 2Q07 2Q06 Growth
-----------------------------------------------------------------------------------------------------------------------
D.C. Metro $11,961 $11,594 3.2% $3,188 $3,022 5.5% $8,773 $8,572 2.3%
Las Vegas, NV 8,136 7,900 3.0% 2,531 2,577 (1.8%) 5,605 5,323 5.3%
Los Angeles/Orange County, CA 8,566 8,503 0.7% 2,442 2,394 2.0% 6,124 6,109 0.2%
San Diego/Inland Empire, CA 3,828 3,758 1.9% 1,381 1,362 1.4% 2,447 2,396 2.1%
Tampa, FL 12,243 11,700 4.6% 5,240 5,054 3.7% 7,003 6,646 5.4%
Dallas, TX 11,360 10,687 6.3% 5,650 5,437 3.9% 5,710 5,250 8.8%
Houston, TX 8,329 7,809 6.7% 3,495 3,428 2.0% 4,834 4,381 10.3%
SE Florida 11,682 11,037 5.8% 4,291 3,903 9.9% 7,391 7,134 3.6%
Charlotte, NC 8,919 8,270 7.8% 3,060 2,940 4.1% 5,859 5,330 9.9%
Orlando, FL 9,349 9,172 1.9% 3,419 3,394 0.7% 5,930 5,778 2.6%
Atlanta, GA 8,954 8,526 5.0% 3,433 3,154 8.8% 5,521 5,372 2.8%
Denver, CO 5,594 5,215 7.3% 1,659 1,706 (2.8%) 3,935 3,509 12.1%
Raleigh, NC 5,627 5,088 10.6% 1,963 1,727 13.7% 3,664 3,361 9.0%
Phoenix, AZ 4,151 3,895 6.6% 1,286 1,224 5.1% 2,865 2,671 7.3%
Austin, TX 4,584 4,180 9.7% 2,085 2,169 (3.9%) 2,499 2,011 24.3%
Other 2,135 2,041 4.6% 728 762 (4.5%) 1,407 1,279 10.0%
-------- -------- -------- ------- ------- ------ ------- ------- ------
Total Same Property $125,418 $119,375 5.1% $45,851 $44,253 3.6% $79,567 $75,122 5.9%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 2Q07 2Q06 Change 2Q07 2Q06 Change
-------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,663 11.0% 95.8% 96.5% (0.7%) $1,455 $1,416 2.8%
Las Vegas, NV 2,937 7.0% 95.8% 96.6% (0.8%) 875 846 3.4%
Los Angeles/Orange County, CA 1,770 7.7% 92.6% 95.7% (3.1%) 1,636 1,584 3.3%
San Diego/Inland Empire, CA 846 3.1% 93.1% 95.3% (2.2%) 1,523 1,457 4.5%
Tampa, FL 4,613 8.8% 94.5% 96.0% (1.5%) 828 804 2.9%
Dallas, TX 5,441 7.2% 94.4% 95.9% (1.5%) 643 630 2.2%
Houston, TX 3,350 6.1% 95.0% 94.9% 0.1% 784 757 3.6%
SE Florida 2,520 9.3% 95.4% 96.2% (0.8%) 1,472 1,411 4.4%
Charlotte, NC 3,141 7.4% 96.0% 95.9% 0.1% 890 850 4.7%
Orlando, FL 3,296 7.5% 93.5% 95.1% (1.6%) 919 902 1.9%
Atlanta, GA 3,202 6.9% 94.7% 95.2% (0.5%) 900 876 2.6%
Denver, CO 1,985 4.9% 96.3% 95.1% 1.2% 859 836 2.9%
Raleigh, NC 2,220 4.6% 95.0% 95.3% (0.3%) 774 740 4.6%
Phoenix, AZ 1,441 3.6% 93.9% 96.1% (2.2%) 933 876 6.5%
Austin, TX 1,968 3.1% 94.6% 95.0% (0.4%) 718 689 4.1%
Other 696 1.8% 93.8% 95.2% (1.4%) 966 936 3.2%
------------- ----------------- ------- -------------- ---------- ------------ -----------
Total Same Property 42,089 100.0% 94.8% 95.7% (0.9%) $947 $916 3.4%
(a) "Same Property" Communities are communities which were owned by the Company
and stabilized as of January 1, 2006, excluding properties held for sale
and communities under redevelopment.
(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
June 30, 2007
(In thousands, except property data amounts)
-----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 2Q07 1Q07 Growth 2Q07 1Q07 Growth 2Q07 1Q07 Growth
-----------------------------------------------------------------------------------------------------------------------------------
D.C. Metro $11,961 $11,757 1.7% $3,188 $3,184 0.1% $8,773 $8,573 2.3%
Las Vegas, NV 8,136 8,097 0.5% 2,531 2,574 (1.7%) 5,605 5,523 1.5%
Los Angeles/Orange County, CA 8,566 8,428 1.6% 2,442 2,438 0.2% 6,124 5,990 2.2%
San Diego/Inland Empire, CA 3,828 3,803 0.7% 1,381 1,383 (0.1%) 2,447 2,420 1.1%
Tampa, FL 12,243 12,145 0.8% 5,240 5,197 0.8% 7,003 6,948 0.8%
Dallas, TX 11,360 11,147 1.9% 5,650 5,402 4.6% 5,710 5,745 (0.6%)
Houston, TX 8,329 8,170 1.9% 3,495 3,397 2.9% 4,834 4,773 1.3%
SE Florida 11,682 11,696 (0.1%) 4,291 4,457 (3.7%) 7,391 7,239 2.1%
Charlotte, NC 8,919 8,651 3.1% 3,060 3,056 0.1% 5,859 5,595 4.7%
Orlando, FL 9,349 9,291 0.6% 3,419 3,421 (0.1%) 5,930 5,870 1.0%
Atlanta, GA 8,954 8,833 1.4% 3,433 3,180 8.0% 5,521 5,653 (2.3%)
Denver, CO 5,594 5,338 4.8% 1,659 1,717 (3.4%) 3,935 3,621 8.7%
Raleigh, NC 5,627 5,375 4.7% 1,963 1,945 0.9% 3,664 3,430 6.8%
Phoenix, AZ 4,151 4,223 (1.7%) 1,286 1,323 (2.8%) 2,865 2,900 (1.2%)
Austin, TX 4,584 4,433 3.4% 2,085 2,123 (1.8%) 2,499 2,310 8.2%
Other 2,135 2,088 2.3% 728 758 (4.0%) 1,407 1,330 5.8%
-------- -------- -------- ------- ------- -------- ------- --------- ------------
Total Same Property $125,418 $123,475 1.6% $45,851 $45,555 0.6% $79,567 $77,920 2.1%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 2Q07 1Q07 Change 2Q07 1Q07 Change
------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,663 11.0% 95.8% 95.5% 0.3% $1,455 $1,454 0.1%
Las Vegas, NV 2,937 7.0% 95.8% 95.8% 0.0% 875 872 0.3%
Los Angeles/Orange County, CA 1,770 7.7% 92.6% 92.5% 0.1% 1,636 1,634 0.1%
San Diego/Inland Empire, CA 846 3.1% 93.1% 93.8% (0.7%) 1,523 1,525 (0.1%)
Tampa, FL 4,613 8.8% 94.5% 94.8% (0.3%) 828 834 (0.7%)
Dallas, TX 5,441 7.2% 94.4% 94.2% 0.2% 643 641 0.3%
Houston, TX 3,350 6.1% 95.0% 95.1% (0.1%) 784 777 0.9%
SE Florida 2,520 9.3% 95.4% 96.2% (0.8%) 1,472 1,471 0.1%
Charlotte, NC 3,141 7.4% 96.0% 95.3% 0.7% 890 880 1.2%
Orlando, FL 3,296 7.5% 93.5% 92.6% 0.9% 919 932 (1.5%)
Atlanta, GA 3,202 6.9% 94.7% 93.5% 1.2% 900 900 (0.1%)
Denver, CO 1,985 4.9% 96.3% 94.4% 1.9% 859 849 1.2%
Raleigh, NC 2,220 4.6% 95.0% 93.4% 1.6% 774 763 1.4%
Phoenix, AZ 1,441 3.6% 93.9% 94.9% (1.0%) 933 933 0.0%
Austin, TX 1,968 3.1% 94.6% 93.7% 0.9% 718 715 0.3%
Other 696 1.8% 93.8% 94.5% (0.7%) 966 957 0.9%
---------- -------------- ------- --------- --------- ------------- -------- ----------
Total Same Property 42,089 100.0% 94.8% 94.4% 0.3% $ 947 $ 945 0.2%
(a) "Same Property" Communities are communities which were owned by the Company
and stabilized as of January 1, 2006, excluding properties held for sale
and communities under redevelopment.
(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
June 30, 2007
(In thousands, except property data amounts)
-----------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 2007 2006 Growth 2007 2006 Growth 2007 2006 Growth
-----------------------------------------------------------------------------------------------------------------------
D.C. Metro $23,718 $22,804 4.0% $6,372 $6,141 3.8% $17,346 $16,663 4.1%
Las Vegas, NV 16,233 15,743 3.1% 5,105 5,121 (0.3%) 11,128 10,622 4.8%
Los Angeles/Orange County, CA 16,994 16,790 1.2% 4,880 4,754 2.7% 12,114 12,036 0.6%
San Diego/Inland Empire, CA 7,631 7,428 2.7% 2,765 2,740 0.9% 4,866 4,688 3.8%
Tampa, FL 24,389 23,120 5.5% 10,438 9,770 6.8% 13,951 13,350 4.5%
Dallas, TX 22,507 21,170 6.3% 11,051 10,846 1.9% 11,456 10,324 11.0%
Houston, TX 16,498 15,578 5.9% 6,891 6,783 1.6% 9,607 8,795 9.2%
SE Florida 23,377 22,026 6.1% 8,747 7,888 10.9% 14,630 14,138 3.5%
Charlotte, NC 17,569 16,349 7.5% 6,115 5,895 3.7% 11,454 10,454 9.6%
Orlando, FL 18,640 18,216 2.3% 6,840 6,573 4.1% 11,800 11,643 1.3%
Atlanta, GA 17,787 16,938 5.0% 6,614 6,345 4.2% 11,173 10,593 5.5%
Denver, CO 10,932 10,356 5.6% 3,376 3,438 (1.8%) 7,556 6,918 9.2%
Raleigh, NC 11,003 10,178 8.1% 3,909 3,443 13.5% 7,094 6,735 5.3%
Phoenix, AZ 8,374 7,737 8.2% 2,609 2,445 6.7% 5,765 5,292 8.9%
Austin, TX 9,017 8,294 8.7% 4,208 4,193 0.4% 4,809 4,101 17.3%
Other 4,224 4,054 4.2% 1,485 1,504 (1.3%) 2,739 2,550 7.4%
-------- -------- ------ ------- ------- ------ -------- -------- ------
Total Same Property $248,893 $236,781 5.1% $91,405 $87,879 4.0% $157,488 $148,902 5.8%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a) Included Contribution (a) 2007 2006 Change 2007 2006 Change
----------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,663 11.0% 95.6% 96.2% (0.6%) $1,455 $1,403 3.7%
Las Vegas, NV 2,937 7.1% 95.8% 96.8% (1.0%) 873 840 4.0%
Los Angeles/Orange County, CA 1,770 7.7% 92.5% 95.5% (3.0%) 1,635 1,576 3.7%
San Diego/Inland Empire, CA 846 3.1% 93.4% 94.7% (1.3%) 1,524 1,449 5.2%
Tampa, FL 4,613 8.9% 94.6% 96.2% (1.6%) 831 796 4.4%
Dallas, TX 5,441 7.3% 94.3% 95.7% (1.4%) 642 627 2.4%
Houston, TX 3,350 6.1% 95.1% 95.2% (0.1%) 781 753 3.7%
SE Florida 2,520 9.3% 95.8% 97.3% (1.5%) 1,472 1,391 5.8%
Charlotte, NC 3,141 7.3% 95.7% 96.3% (0.6%) 885 840 5.3%
Orlando, FL 3,296 7.5% 93.1% 96.2% (3.1%) 925 890 4.0%
Atlanta, GA 3,202 7.1% 94.1% 95.1% (1.0%) 900 870 3.4%
Denver, CO 1,985 4.8% 95.4% 94.7% 0.7% 854 838 2.0%
Raleigh, NC 2,220 4.5% 94.2% 96.2% (2.0%) 769 734 4.7%
Phoenix, AZ 1,441 3.6% 94.4% 96.9% (2.5%) 933 861 8.4%
Austin, TX 1,968 3.0% 94.2% 95.0% (0.8%) 717 690 3.8%
Other 696 1.7% 94.2% 94.8% (0.6%) 962 930 3.4%
---------- --------------- -------- --------- --------- ------- --------- --------------
Total Same Property 42,089 100.0% 94.6% 95.9% (1.2%) $946 $908 4.2%
(a) "Same Property" Communities are communities which were owned by the Company
and stabilized as of January 1, 2006, excluding properties held for sale
and communities under redevelopment.
(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 Six Months Ended
June 30, June 30,
------------------------ -------------------------
OPERATING DATA (a) 2007 2006 2007 2006
------------------ ------------------------ -------------------------
Property Revenues
Rental revenues $5,085 $3,929 $9,940 $7,971
Other property revenues 586 439 1,124 841
------------------------ -------------------------
Total property revenues 5,671 4,368 11,064 8,812
Property Expenses
Property operating and maintenance 1,593 1,225 3,035 2,447
Real estate taxes 488 386 928 782
------------------------ -------------------------
Total property expenses 2,081 1,611 3,963 3,229
Net Operating Income (NOI) 3,590 2,757 7,101 5,583
Other expenses
Interest 1,773 1,377 3,455 2,817
Depreciation and amortization 1,300 787 2,372 1,591
Other 33 24 55 44
------------------------ -------------------------
Total other expenses 3,106 2,188 5,882 4,452
Gain on sale of properties, net - - - 1,755
------------------------ -------------------------
Equity in income of joint ventures $484 $569 $1,219 $2,886
======================== =========================
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2007 2007 2006 2006 2006
---------------------------------------------------
BALANCE SHEET DATA (b)
----------------------
Real estate assets, net $1,045,006 $995,189 $976,408 $944,537 $647,555
Cash and other assets, net 25,816 26,109 25,993 20,760 14,798
---------------------------------------------------
Total assets $1,070,822 $1,021,298 $1,002,401 $965,297 $662,353
Notes payable $838,937 $795,329 $771,633 $748,542 $540,134
Notes payable due to Camden 45,043 43,412 41,456 31,035 23,326
Other liabilities 18,782 10,463 11,021 10,868 8,009
---------------------------------------------------
Total liabilities $902,762 $849,204 $824,110 $790,445 $571,469
Members' equity 168,060 172,094 178,291 174,852 90,884
---------------------------------------------------
Total liabilities and members' equity $1,070,822 $1,021,298 $1,002,401 $965,297 $662,353
Camden's equity investment $12,722 $8,321 $9,245 $8,266 $8,270
Distributions in excess of investment in joint ventures ($19,549) ($18,805) ($18,350)($18,044)($12,701)
Camden's pro-rata share of debt $204,480 $184,778 $176,707 $166,689 $126,766
PROPERTY DATA (end of period)
Total operating properties 36 36 36 36 28
Total operating apartment homes 10,689 10,689 10,689 10,689 7,684
Pro rata share of operating apartment homes 2,072 2,072 2,072 2,072 1,644
Total development properties 5 5 5 3 2
Total development apartment homes 1,528 1,528 1,528 1,069 561
Pro rata share of development apartment homes 458 458 458 321 168
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) Balance sheet and property data reported at 100%.
CAMDEN CURRENT DEVELOPMENT PIPELINE
----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF JUNE 30, 2007 ($ in millions)
Estimated/Actual Dates for
Total Total Cost Construction Initial Construction Stabilized As of 07/29/07
Completed Communities Homes Budget to Date Start Occupancy Completion Operations % Leased % Occupied
----------------------------------------------------------------------------------------------------------------------------------
1.Camden Westwind 464 $97.6 $95.0 1Q04 1Q05 2Q06 3Q07 90% 91%
Ashburn, VA
2.Camden Manor Park 484 52.0 49.3 2Q04 4Q05 3Q06 3Q07 90% 95%
Raleigh, NC
3.Camden Royal Oaks 236 22.0 20.9 2Q05 2Q06 3Q06 1Q08 63% 50%
Houston, TX
4.Camden Old Creek 350 98.0 92.1 1Q05 3Q06 1Q07 4Q07 75% 77%
------- ------- --------- ---------- -----------
San Marcos, CA
Total Completed Communities 1,534 $269.6 $257.3 82% 83%
Estimated/Actual Dates for
Total Total Cost Amount Construction Initial Construction Stabilized As of 07/29/07
Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations % Leased % Occupied
----------------------------------------------------------------------------------------------------------------------------------
UNDER CONSTRUCTION
----------------------------
5.Camden Monument Place 368 $64.0 $58.3 $38.1 1Q05 2Q07 4Q07 2Q08 26% 21%
Fairfax, VA
6.Camden City Centre 379 54.0 46.5 29.0 1Q06 2Q07 4Q07 3Q08 28% 26%
Houston, TX
7.Camden Potomac Yards 379 110.0 92.3 92.3 1Q05 3Q07 4Q07 4Q08
Arlington, VA
8.Camden Dulles Station 368 77.0 35.7 35.7 1Q06 1Q08 1Q09 3Q09
Oak Hill, VA
9.Camden Summerfield 291 68.0 43.1 43.1 2Q06 4Q07 4Q08 1Q09
Landover, MD
10.Camden Orange Court 261 49.0 32.5 32.5 2Q06 2Q08 3Q08 1Q09
Orlando, FL
11.Camden Circle C 208 27.0 4.6 4.6 2Q07 3Q08 4Q08 1Q09
------- ------- --------- ------
Austin, TX
Total Development
Communities 2,254 $449.0 $313.0 $275.3
Additional land held for
development (a) 179.3
------
Total Properties Under Development (per Balance
Sheet) $454.6
======
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
Total Cost 2Q07 NOI
------------- -------------
Development Communities stabilized at quarter end $45.5 $0.8
Completed Communities in lease-up 257.3 2.3
Development Communities 313.0 0.0
------------- -------------
Total Development NOI Contribution $615.8 $3.1
(a) Please refer to the future development pipeline summary on page 18.
Note: This table contains forward-looking statements. Please see the
paragraph regarding forward-looking statements on page 1 of this document.
CAMDEN JOINT VENTURE DEVELOPMENT PIPELINE
----------------------------- ------ ------- -------- ----------------------------------------------------------------
(Unaudited)
JOINT VENTURE DEVELOPMENT PIPELINE AS OF JUNE 30, 2007 ($ in millions)
Estimated/Actual Dates for
Total Total Cost Amount Construction Initial Construction Stabilized As of 07/29/07
Joint Venture Camden % %
Developed Communities Homes Budget to Date in CIP Start Occupancy Completion Operations Leased Occupied
----------------------------------------------------------------------------------------------------------------------
UNDER CONSTRUCTION
------------------
1.Camden Main & Jamboree 290 $107.1 $104.3 $104.3 3Q04 3Q07 4Q07 1Q08
Irvine, CA
2.Camden Plaza 271 42.9 40.4 10.0 1Q06 2Q07 3Q07 2Q08 23% 15%
Houston, TX
3.Camden College Park 508 139.9 100.7 100.7 3Q06 4Q07 1Q09 4Q09
----- ------ ------- --------
College Park, MD
Total Joint Venture
Camden Developed
Communities 1,069 $289.9 $245.4 $215.0
Camden Camden Estimated/Actual Dates for
Joint Venture Third Party Developed Total Total Cost Equity Mezzanine Construction Stabilized
Communities Homes Budget to Date Invested Invested Start Operations
-----------------------------------------------------------------------------------------------------------------------
UNDER CONSTRUCTION
------------------
1.Braeswood Place 340 $48.0 $14.8 $1.4 $7.6 1Q07 1Q09
Houston, TX
2.Belle Meade 119 30.0 6.3 0.9 3.5 2Q07 1Q09
------- ------ ----------- --------- ---------
Houston, TX
Total Joint Venture Third Party Developed
Communities 459 $78.0 $21.1 $2.3 $11.1
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
CAMDEN FUTURE DEVELOPMENT PIPELINE
& LAND HELD FOR SALE
------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF JUNE 30, 2007 ($ in millions)
Projected Estimated Cost
PIPELINE COMMUNITIES (a) Homes Budget to Date
------------------------------------------------------------------------------------------------------------------
PRE CONSTRUCTION
----------------
1.Camden South Capital 276 $110.0 $20.8
Washington, DC
2.Camden Montague 192 33.0 6.4
Tampa, FL
3.Camden Summerfield II 187 55.0 15.4
Landover, MD
4.Camden McGowen Station 237 48.0 9.5
Houston, TX
5.Camden Whispering Oaks 274 30.0 4.6
Houston, TX
6.Camden Noma I 313 150.0 20.4
Washington, DC
7.Camden Lake Nona 432 70.0 13.9
Orlando, FL
PRE DEVELOPMENT
---------------
8.Camden Farmers Market III 306 50.0 9.6
Dallas, TX
9.Camden City Centre II 239 40.0 6.9
Houston, TX
10.Camden Noma II 400 192.0 26.0
Washington, DC
11.Camden Selma and Vine 306 250.0 32.0
Hollywood, CA
12.Camden Sutherland 238 45.0 0.8
Houston, TX
13.Camden Andrau 601 57.0 7.7
Houston, TX
UNDER CONTRACT
--------------
14.Camden Amber Oaks 348 40.0 0.0
Austin, TX
15.Camden North Lamar 290 55.0 0.0
Austin, TX
16.Camden Deer Springs 428 85.0 0.0
Las Vegas, NV
17.Camden Celebration 438 75.0 0.0
Orlando, FL
18.Camden Lincoln Station 271 60.0 0.0
Denver, CO
19.Camden Countryway 348 60.0 0.0
------------ ---------- ------------
Tampa, FL
Subtotal Development Pipeline 6,124 $1,505.0 $174.0
Costs incurred for Properties Under Contract (b) 5.3
Total Development Pipeline $179.3
Current
LAND HELD FOR SALE AS OF JUNE 30, 2007 ($ in millions) Acres Book Value
------------------------------------------------------------------------------------------------------------------------
1.Southeast Florida 3.1 $12.4
2.Dallas 2.6 2.5
------------------- ----------------
Total Land Parcels Held For Sale: 5.7 $14.9
(a) Represents development opportunities in the early phase of the development
process for which the Company either has an option to acquire land or enter
into a leasehold interest, for which the Company is the buyer under a
long-term conditional contract to purchase land or where the Company owns
land to develop a new community.
(b) The Company capitalizes related predevelopment costs incurred in pursuit of
new developments for which future development is probable.
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 1 of this document.
CAMDEN REDEVELOPMENT SUMMARY
------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
REDEVELOPMENT SUMMARY AS OF JUNE 30, 2007 ($ in millions)
Homes Estimated/Actual Dates for
Total Redeveloped Total Cost Redevelopment Redevelopment Project 2Q07 Average
Communities Homes To Date Budget to Date Start Completion Restabilization % Occupied
------------------------------------------------------------------------------------------------------------------------------
1.Camden Breakers 288 128 $1.2 $0.3 4Q06 1Q08 2Q08 92%
Corpus Christi, TX
2.Camden Canyon 200 52 2.5 0.8 1Q07 2Q08 3Q08 95%
Las Vegas, NV
3.Camden Del Mar 560 181 7.9 2.9 1Q07 2Q08 3Q08 89%
Las Vegas, NV
4.Camden Fairways 320 101 5.3 1.7 1Q07 2Q08 3Q08 90%
Henderson, NV
5.Camden Glen Lakes 424 209 6.2 4.1 4Q06 1Q08 2Q08 78%
Dallas, TX
6.Camden Providence Lakes 260 136 1.6 1.0 4Q06 1Q08 2Q08 87%
Brandon, FL
7.Camden Touchstone 132 86 1.3 0.7 4Q06 1Q08 2Q08 93%
Charlotte, NC
8.Camden Vanderbilt 894 251 8.2 2.4 4Q06 2Q08 3Q08 91%
Houston, TX
9.Camden Westshore 278 159 1.7 1.0 4Q06 1Q08 2Q08 84%
------- ------------ --------- --------- -------------
Tampa, FL
Total 3,356 1,303 $35.9 $15.0 88%
Note: This table contains forward-looking statements. Please see the
paragraph regarding forward-looking statements on page 1 of this document.
CAMDEN NOTES RECEIVABLE SUMMARY
-------------------------------------------------------------------------------------------------------------------------
(Unaudited)
NOTES RECEIVABLE AS OF JUNE 30, 2007 ($ in thousands)
06/30/07 06/30/07 03/31/07
Total Note Note
Location Current Property Type Current Status Homes Balance Balance
------------------------------------------------------------------------------------------------------------------------
Irvine, CA Multifamily Development 290 $18,959 $18,312
Houston, TX Multifamily Development/Predevelopment 831 30,535 29,389
College Park, MD Multifamily Development 508 7,631 7,371
-------- --------- ------------
Total Notes Receivable: 1,629 $57,125 $55,072
Weighted Average Interest Rate Recognized: 11.7% 11.7%
CAMDEN ACQUISITIONS & DISPOSITIONS
-----------------------------------------------------------------------------------------------------------------------
(Unaudited)
2007 ACQUISITION/DISPOSITION ACTIVITY
Acquisitions
------------
1.Camden South Congress Austin, TX Multifamily 253 04/02/07
2.Camden Royal Palms Tampa, FL Multifamily 352 06/26/07
TOTAL ACQUISITION VOLUME: $83.9 million 605 apartment homes
Dispositions
------------
1.Camden Taravue St. Louis, MO Multifamily 304 05/18/07
2.Camden Downs Louisville, KY Multifamily 254 06/14/07
3.Camden Trace St. Louis, MO Multifamily 372 06/21/07
TOTAL DISPOSITION VOLUME: $49.9 million 930 apartment homes
CAMDEN DEBT ANALYSIS
(In thousands, except property data amounts)
----------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEBT MATURITIES AS OF JUNE 30, 2007: (a)
Future Scheduled Repayments Weighted Average
--------------------------------------------------- Percent Interest Rate on
Year Amortization Maturities Total of Total Maturing Debt
------------------------------------------- ----------------- --------------- -------------------- -----------------
2007 $6,383 $56,738 $63,121 2.4% 4.7%
2008 11,694 188,879 200,573 7.6% 4.8%
2009 7,772 190,324 198,096 7.5% 5.0%
2010 7,026 445,677 452,703 17.2% 5.1%
2011 4,033 244,233 248,266 9.4% 6.5%
2012 2,872 269,541 272,413 10.4% 5.7%
2013 1,518 225,831 227,349 8.6% 5.4%
Thereafter 45,853 558,802 604,655 23.0% 5.4%
---------------- ----------------- --------------- -------------------- -----------------
Total Maturing Debt $87,151 $2,180,025 $2,267,176 86.2% 5.4%
Unsecured Line of Credit 0 364,000 364,000 13.8% 5.6%
---------------- ----------------- --------------- -------------------- -----------------
Total Debt $87,151 $2,544,025 $2,631,176 100.0% 5.4%
Weighted Average Maturity of Debt 5.3 Years (excluding line of credit)
Weighted Average
FLOATING vs. FIXED RATE DEBT: Balance % of Total Interest Rate
----------------------------------------------
Floating rate debt $428,864 16.3% 5.5%
Fixed rate debt 2,202,312 83.7% 5.4%
----------------- ---------- ----------------
Total $2,631,176 100.0% 5.4%
Weighted Average
SECURED vs. UNSECURED DEBT: Balance % of Total Interest Rate
----------------------------------------------
Unsecured debt $2,065,175 78.5% 5.6%
Secured debt 566,001 21.5% 4.9%
----------------- ---------- ----------------
Total $2,631,176 100.0% 5.4%
Weighted Average
SECURED DEBT DETAIL: Balance % of Total Interest Rate
----------------------------------------------
Coventional fixed-rate mortgage debt $494,688 87.4% 4.8%
Coventional floating-rate mortgage debt 6,751 1.2% 7.3%
Tax exempt fixed rate debt 6,449 1.1% 7.3%
Tax exempt variable rate debt 58,113 10.3% 4.9%
----------------- ---------- ----------------
Total $566,001 100.0% 4.9%
REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total
--------------------------------------------------------------
Unencumbered real estate assets 47,055 84.4% $4,418,682 81.3%
Encumbered real estate assets 8,701 15.6% 1,014,185 18.7%
----------------- ---------- ---------------- ---------------
Total 55,756 100.0% $5,432,867 100.0%
Ratio of unencumbered assets at cost to unsecured debt is 2.1 times
-------------------------------------------------------------------------------------------------------
UNCONSOLIDATED, NON-RECOURSE DEBT:
Pro-Rata Share of Debt $204,480
Weighted Average Interest Rate 6.2%
(a) Debt maturities exclude unsecured line of credit, which after all
extensions matures in January 2011.
(b) Real estate assets include communities under development and exclude
communities held through joint ventures.
CAMDEN DEBT COVENANT ANALYSIS
June 30, 2007
---------------------------------------------------------------------------------------------------------
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a) Required Actual (b) Compliance
----------- ------------ -------------- --------------
Total Consolidated Debt to Gross Asset Value < 60% 46% Yes
-
Secured Debt to Gross Asset Value < 40% 10% Yes
-
Consolidated EBITDA to Total Fixed Charges < 150% 214% Yes
-
Unencumbered Adjusted NOI to Unsecured Interest Expense > 200% 263% Yes
SENIOR UNSECURED NOTES
Covenant (a) Required Actual (b) Compliance
----------- ------------ -------------- --------------
Total Consolidated Debt to Total Asset Value < 60% 47% Yes
-
Total Secured Debt to Total Asset Value < 40% 10% Yes
-
Total Unencumbered Asset Value to Total Unsecured Debt < 150% 221% Yes
-
Consolidated Income Available for Debt Service to Total > 150% 258% Yes
Annual Service Charges
(a) 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.
(b) 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)
Second Quarter 2007 (a)
-------------------------------------------------------------------
Capitalized Expensed
---------------------------------------- -------------------------
Weighted Average
Item Useful Life (b) Total Per Unit Total Per Unit
--------------------------------------------- ---------------------------------------- -------------------------
Interiors
Floor coverings 5.4 years $3,040 $57 $844 $16
Appliances 9.2 years 613 11 150 3
Painting - - - 1,597 30
Cabinetry/Countertops 10.0 years 232 4 - -
Other 9.3 years 670 13 442 8
Exteriors
Painting 5.0 years 1,201 22 - -
Carpentry 10.0 years 1,043 20 - -
Landscaping 7.8 years 1,298 24 2,863 54
Roofing 20.0 years 653 12 44 1
Site Drainage 10.0 years 209 4 - -
Fencing/Stair 10.0 years 415 8 - -
Other (c) 8.3 years 956 18 3,901 73
Common Areas
Mech., Elec., Plumbing 9.7 years 1,034 19 838 16
Parking/Paving 5.0 years 531 10 - -
Pool/Exercise/Facility 8.1 years 1,542 29 433 8
---------------------- -------------------------
$13,437 $252 $11,112 $208
Weighted Average Apartment Homes 53,424 53,424
Year-to-Date 2007 (a)
-------------------------------------------------------------------
Capitalized Expensed
---------------------------------------- -------------------------
Weighted Average
Item Useful Life (b) Total Per Unit Total Per Unit
--------------------------------------------- ---------------------------------------- -------------------------
Interiors
Floor coverings 5.4 years $5,907 $111 $1,609 $30
Appliances 9.2 years 1,169 22 282 5
Painting - - - 2,999 56
Cabinetry/Countertops 10.0 years 460 9 - -
Other 9.3 years 1,190 22 873 16
Exteriors
Painting 5.0 years 1,324 25 - 0
Carpentry 10.0 years 1,640 31 - 0
Landscaping 7.8 years 2,137 40 5,525 104
Roofing 20.0 years 1,073 20 119 2
Site Drainage 10.0 years 240 5 - -
Fencing/Stair 10.0 years 621 12 - -
Other (c) 8.3 years 1,826 34 7,831 147
Common Areas
Mech., Elec., Plumbing 9.7 years 1,827 34 1,485 28
Parking/Paving 5.0 years 686 13 - -
Pool/Exercise/Facility 8.1 years 2,647 50 655 12
---------------------- -------------------------
$22,747 $427 $21,378 $401
Weighted Average Apartment Homes 53,260 53,260
(a) Includes discontinued operations. Capitalized expenditures for discontinued
operations were $638 and $932 for the three and six months months ended
June 30, 2007. Maintenance expenses for discontinued operations were $654
and $1,348 for the same periods.
(b) of capitalized expenses for the three months ended June 30, 2007
(c) Includes in part the following items: site/building repair,
masonry/plaster, and general conditions
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
This document contains certain non-GAAP financial measures management
believes are useful in evaluating an equity REIT's performance. Camden's
definitions and calculations of non-GAAP financial measures may differ from
those used by other REITs, and thus may not be comparable. The non-GAAP
financial measures should not be considered as an alternative to net income as
an indication of our operating performance, or to net cash provided by operating
activities as a measure of our liquidity.
FFO
- ---
The National Association of Real Estate Investment Trusts ("NAREIT")
currently defines FFO as net income computed in accordance with generally
accepted accounting principles ("GAAP"), excluding gains or losses from
depreciable operating property sales, plus real estate depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures. Camden's definition of diluted FFO also assumes conversion of all
dilutive convertible securities, including minority interests, which are
convertible into common equity. The Company considers FFO to be an appropriate
supplemental measure of operating performance because, by excluding gains or
losses on dispositions of operating properties and excluding depreciation, FFO
can help one compare the operating performance of a company's real estate
between periods or as compared to different companies. A reconciliation of net
income to FFO is provided below:
Three Months Ended 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 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 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
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: Q3 '07 Q4 '07 Q1 '08 Q2 '08
----------- ----------- --------- --------------
Earnings release & conference call Early Nov Early Feb Early May Early Aug
Dividend Information - Common Shares: Q1 '07 Q2 '07
----------- -----------
Declaration Date 03/15/07 06/15/07
Record Date 03/30/07 06/29/07
Payment Date 04/17/07 07/17/07
Distributions Per Share $0.69 $0.69
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 06/30/07
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited) 2Q07 Avg
Market Rental Rates
Year Placed Average Apartment 2Q07 Avg ----------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
--------------------------------------------------------------------------------------------------------------------------------
Camden Copper Square Phoenix AZ 2000 786 332 95% 854 1.09
Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 94% 806 0.77
Camden Legacy Scottsdale AZ 1996 1,067 428 91% 1,044 0.98
Camden Pecos Ranch (1) Chandler AZ 2001 924 272 96% 877 0.95
Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 94% 1,079 1.04
Camden Sierra (1) Peoria AZ 1997 925 288 95% 780 0.84
Camden Towne Center (1) Glendale AZ 1998 871 240 94% 817 0.94
Camden Vista Valley Mesa AZ 1986 923 357 96% 741 0.80
================================================================================================================================
TOTAL ARIZONA 8 Properties 951 2,433 94% 887 0.93
Camden Crown Valley Mission Viejo CA 2001 1,009 380 96% 1,631 1.62
Camden Harbor View Long Beach CA 2004 976 538 93% 2,046 2.10
Camden Martinique Costa Mesa CA 1986 795 714 90% 1,345 1.69
Camden Parkside (1) Fullerton CA 1972 836 421 96% 1,274 1.52
Camden Sea Palms Costa Mesa CA 1990 891 138 95% 1,555 1.75
---------------------------------------------------------------------------------------
Total Los Angeles/Orange County 5 Properties 890 2,191 93% 1,566 1.76
Camden Old Creek (2) San Marcos CA 2007 1,036 350 Lease-up 1,565 1.51
Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 95% 1,483 1.54
Camden Tuscany San Diego CA 2003 891 160 94% 1,951 2.19
Camden Vineyards Murrieta CA 2002 1,053 264 89% 1,329 1.26
---------------------------------------------------------------------------------------
Total San Diego/Inland Empire 4 Properties 994 1,196 93% 1,536 1.54
================================================================================================================================
TOTAL CALIFORNIA 9 Properties 927 3,387 93% 1,555 1.68
Camden Arbors Westminster CO 1986 792 358 95% 691 0.87
Camden Caley Englewood CO 2000 925 218 97% 825 0.89
Camden Centennial Littleton CO 1985 744 276 94% 670 0.90
Camden Denver West (1) Golden CO 1997 1,015 320 96% 990 0.98
Camden Highlands Ridge Highlands CO
Ranch 1996 1,149 342 97% 1,022 0.89
Camden Interlocken Broomfield CO 1999 1,022 340 97% 1,029 1.01
Camden Lakeway Littleton CO 1997 932 451 97% 874 0.94
Camden Pinnacle (3) Westminster CO 1985 748 224 93% 623 0.83
================================================================================================================================
TOTAL COLORADO 8 Properties 927 2,529 96% 855 0.92
Camden Ashburn Farms Ashburn VA 2000 1,061 162 98% 1,312 1.24
Camden Clearbrook Frederick MD 2007 1,049 297 96% 1,224 1.17
Camden Fair Lakes Fairfax VA 1999 996 530 96% 1,488 1.49
Camden Fairfax Corner Fairfax VA 2006 934 488 97% 1,561 1.67
Camden Fallsgrove Rockville MD 2004 996 268 96% 1,530 1.54
Camden Grand Parc Washington DC 2002 904 105 98% 2,152 2.38
Camden Lansdowne Leesburg VA 2002 1,006 690 95% 1,311 1.30
Camden Largo Town Center Largo MD 2000/2007 1,028 245 94% 1,583 1.54
Camden Roosevelt Washington DC 2003 856 198 98% 2,096 2.45
Camden Russett Laurel MD 2000 1,025 426 94% 1,298 1.27
Camden Silo Creek Washington DC 2004 971 284 96% 1,287 1.33
Camden Westwind (2) Ashburn VA 2006 1,036 464 Lease-up 1,319 1.27
================================================================================================================================
TOTAL DC METRO 12 Properties 995 4,157 96% 1,443 1.45
Camden Aventura Aventura FL 1995 1,106 379 94% 1,433 1.30
Camden Brickell Miami FL 2003 937 405 96% 1,493 1.27
Camden Doral Miami FL 1999 1,172 260 96% 1,558 1.24
Camden Doral Villas Miami FL 2000 1,253 232 95% 1,654 1.59
Camden Las Olas Ft. FL
Lauderdale 2004 1,043 420 94% 1,368 1.19
Camden Plantation Plantation FL 1997 1,152 502 96% 1,332 1.02
Camden Portofino Pembroke FL
Pines 1995 1,307 322 97% 1,499 1.60
---------------------------------------------------------------------------------------
Total Southeast Florida 7 Properties 1,124 2,520 95% 1,453 1.29
Camden Club Longwood FL 1986 1,077 436 92% 941 0.87
Camden Hunter's Creek Orlando FL 2000 1,082 270 93% 1,001 0.93
Camden Lago Vista Orlando FL 2005 954 366 94% 997 1.05
Camden Landings Orlando FL 1983 748 220 93% 770 1.03
Camden Lee Vista Orlando FL 2000 937 492 95% 888 0.95
Camden Renaissance Altamonte FL
Springs 1996/1998 899 578 92% 907 1.01
Camden Reserve Orlando FL 1990/1991 824 526 94% 826 1.00
Camden World Gateway Orlando FL 2000 979 408 95% 1,022 1.04
---------------------------------------------------------------------------------------
Total Orlando 8 Properties 937 3,296 93% 919 0.98
Camden Bay Tampa FL 1997/2001 943 760 95% 885 0.94
Camden Bay Pointe Tampa FL 1984 771 368 95% 756 0.98
Camden Bayside Tampa FL 1987/1989 748 832 95% 796 1.06
Camden Citrus Park Tampa FL 1985 704 247 96% 734 1.04
Camden Isles (3) Tampa FL 1983/1985 722 484 92% 715 0.99
Camden Lakes St. FL
Petersburg 1982/1983 728 688 94% 744 1.02
Camden Lakeside Brandon FL 1986 728 228 95% 790 1.08
Camden Live Oaks Tampa FL 1990 1,093 770 94% 814 0.74
Camden Preserve Tampa FL 1996 942 276 93% 1,147 1.22
Camden Providence Lakes (4) Brandon FL 1996 1,024 260 87% 930 0.91
Camden Royal Palms Brandon FL 2006 1,017 352 86% 891 0.88
Camden Westshore (4) Tampa FL 1986 728 278 84% 853 1.17
Camden Woods Tampa FL 1986 1,223 444 95% 880 0.72
---------------------------------------------------------------------------------------
Total Tampa/St. Petersburg 13 Properties 883 5,987 94% 828 0.94
================================================================================================================================
TOTAL FLORIDA 28 Properties 949 11,803 94% 987 1.04
Camden Brookwood Atlanta GA 2002 906 359 94% 993 1.10
Camden Dunwoody Atlanta GA 1997 1,007 324 97% 926 0.92
Camden Deerfield Alpharetta GA 2000 1,187 292 96% 926 0.78
Camden Midtown Atlanta Atlanta GA 2001 953 296 93% 1,030 1.08
Camden River Duluth GA 1997 1,103 352 96% 872 0.79
Camden Peachtree City Peachtree GA
City 2001 1,026 399 95% 852 0.83
Camden Shiloh Kennesaw GA 1999/2002 1,151 232 94% 850 0.74
Camden St. Clair Atlanta GA 1997 969 336 96% 942 0.97
Camden Stockbridge Stockbridge GA 2003 1,009 304 94% 769 0.76
Camden Sweetwater Lawrenceville GA 2000 1,151 308 95% 826 0.72
================================================================================================================================
TOTAL GEORGIA 10 Properties 1,041 3,202 95% 900 0.86
Camden Brookside (1) Louisville KY 1987 732 224 97% 619 0.85
Camden Meadows (1) Louisville KY 1987/1990 746 400 96% 646 0.87
Camden Oxmoor (1) Louisville KY 2000 903 432 97% 771 0.85
Camden Prospect Park (1) Louisville KY 1990 916 138 97% 711 0.78
================================================================================================================================
TOTAL KENTUCKY 4 Properties 820 1,194 97% 694 0.85
Camden Passage (1) Kansas City MO 1989/1997 832 596 95% 673 0.81
---------------------------------------------------------------------------------------
Total Kansas City 1 Property 832 596 95% 673 0.81
Camden Cedar Lakes (1) Lake St. MO
Louis 1986 852 420 96% 649 0.76
Camden Cove West (1) Creve Coeur MO 1990 828 276 98% 827 1.00
Camden Cross Creek (1) St. Louis MO 1973/1980 947 591 96% 741 0.78
Camden Westchase (1) St. Louis MO 1986 945 160 98% 813 0.86
---------------------------------------------------------------------------------------
Total St. Louis 4 Properties 896 1,447 96% 739 0.82
================================================================================================================================
TOTAL MISSOURI 5 Properties 878 2,043 96% 720 0.82
Camden Bel Air Las Vegas NV 1988/1995 943 528 95% 895 0.95
Camden Breeze Las Vegas NV 1989 846 320 97% 848 1.00
Camden Canyon (4) Las Vegas NV 1995 987 200 95% 948 0.96
Camden Commons Henderson NV 1988 936 376 96% 908 0.97
Camden Cove Las Vegas NV 1990 898 124 96% 858 0.96
Camden Del Mar (4) Las Vegas NV 1995 986 560 89% 1,017 1.03
Camden Fairways (4) Henderson NV 1989 896 320 90% 959 1.07
Camden Hills Las Vegas NV 1991 579 184 96% 643 1.11
Camden Legends Henderson NV 1994 792 113 97% 892 1.13
Camden Palisades Las Vegas NV 1991 905 624 96% 914 1.01
Camden Pines (1) Las Vegas NV 1997 1,005 315 97% 935 0.93
Camden Pointe Las Vegas NV 1996 985 252 98% 909 0.92
Camden Summit (1) Henderson NV 1995 1,187 234 97% 1,216 1.02
Camden Tiara (1) Las Vegas NV 1996 1,043 400 96% 982 0.94
Camden Vintage Las Vegas NV 1994 978 368 94% 861 0.88
Oasis Bay (1) Las Vegas NV 1990 876 128 99% 849 0.97
Oasis Crossing (1) Las Vegas NV 1996 983 72 95% 888 0.90
Oasis Emerald (1) Las Vegas NV 1988 873 132 95% 779 0.89
Oasis Gateway (1) Las Vegas NV 1997 1,146 360 95% 964 0.84
Oasis Island (1) Las Vegas NV 1990 901 118 95% 767 0.85
Oasis Landing (1) Las Vegas NV 1990 938 144 94% 826 0.88
Oasis Meadows (1) Las Vegas NV 1996 1,031 383 97% 885 0.86
Oasis Palms (1) Las Vegas NV 1989 880 208 94% 815 0.93
Oasis Pearl (1) Las Vegas NV 1989 930 90 96% 783 0.84
Oasis Place (1) Las Vegas NV 1992 440 240 96% 591 1.34
Oasis Ridge (1) Las Vegas NV 1984 391 477 92% 545 1.39
Oasis Sands Las Vegas NV 1994 1,125 48 94% 886 0.79
Oasis Sierra (1) Las Vegas NV 1998 922 208 94% 925 1.00
Oasis Springs (1) Las Vegas NV 1988 838 304 92% 746 0.89
Oasis Vinings (1) Las Vegas NV 1994 1,152 234 94% 872 0.76
================================================================================================================================
TOTAL NEVADA 30 Properties 908 8,064 95% 873 0.96
Camden Ballantyne Charlotte NC 1998 1,053 400 96% 864 0.82
Camden Cotton Mills Charlotte NC 2002 906 180 98% 1,252 1.38
Camden Dilworth Charlotte NC 2006 857 145 97% 1,229 1.44
Camden Eastchase (3) Charlotte NC 1986 698 220 96% 560 0.80
Camden Fairview Charlotte NC 1983 1,036 135 96% 797 0.77
Camden Forest Charlotte NC 1989 703 208 93% 618 0.88
Camden Foxcroft Charlotte NC 1979 940 156 95% 713 0.76
Camden Grandview Charlotte NC 2000 1,145 266 95% 1,346 1.18
Camden Habersham Charlotte NC 1986 773 240 97% 650 0.84
Camden Park Commons Charlotte NC 1997 859 232 94% 712 0.83
Camden Pinehurst Charlotte NC 1967 1,147 407 97% 774 0.67
Camden Sedgebrook Charlotte NC 1999 1,017 368 96% 813 0.80
Camden Simsbury Charlotte NC 1985 874 100 95% 743 0.85
Camden South End Square Charlotte NC 2003 883 299 96% 1,115 1.26
Camden Stonecrest Charlotte NC 2001 1,169 306 96% 940 0.80
Camden Timber Creek (3) Charlotte NC 1984 706 352 93% 583 0.83
Camden Touchstone (4) Charlotte NC 1986 899 132 93% 721 0.80
---------------------------------------------------------------------------------------
Total Charlotte 17 Properties 941 4,146 96% 846 0.90
Camden Glen (3) Greensboro NC 1980 662 304 93% 564 0.85
Camden Wendover (3) Greensboro NC 1985 795 216 93% 621 0.78
---------------------------------------------------------------------------------------
Total Greensboro 2 Properties 717 520 93% 588 0.82
Camden Crest Raleigh NC 2001 1,129 438 94% 773 0.69
Camden Governor's Village Chapel Hill NC 1999 1,134 242 96% 835 0.74
Camden Lake Pine Apex NC 1999 1,075 446 95% 790 0.73
Camden Manor Park (2) Raleigh NC 2006 966 484 Lease-up 840 0.87
Camden Overlook Raleigh NC 2001 1,056 320 94% 886 0.84
Camden Reunion Park Apex NC 2000/2004 972 420 95% 655 0.67
Camden Westwood Morrisville NC 1999 1,112 354 96% 753 0.68
---------------------------------------------------------------------------------------
Total Raleigh 7 Properties 1,056 2,704 95% 786 0.74
================================================================================================================================
TOTAL NORTH CAROLINA 26 Properties 967 7,370 95% 806 0.83
Camden Valleybrook Chadds Ford PA 2002 992 352 96% 1,287 1.30
================================================================================================================================
TOTAL PENNSYLVANIA 1 Property 992 352 96% 1,287 1.30
Camden Briar Oaks Austin TX 1980 711 430 93% 597 0.84
Camden Gaines Ranch Austin TX 1997 955 390 94% 981 1.03
Camden Huntingdon Austin TX 1995 903 398 96% 743 0.82
Camden Laurel Ridge Austin TX 1986 702 183 94% 610 0.87
Camden Ridgecrest Austin TX 1995 851 284 96% 614 0.72
Camden Ridgeview (3) Austin TX 1984 859 167 98% 665 0.78
Camden South Congress Austin TX 2001 975 253 92% 1,407 1.44
Camden Stoneleigh Austin TX 2001 908 390 95% 832 0.92
Camden Woodview Austin TX 1984 644 283 95% 625 0.97
---------------------------------------------------------------------------------------
Total Austin 9 Properties 840 2,778 95% 788 0.94
Camden Breakers (4) Corpus TX
Christi 1996 868 288 92% 841 0.97
Camden Copper Ridge Corpus TX
Christi 1986 775 344 92% 637 0.82
Camden Miramar (5) Corpus TX
Christi 1994-2004 468 778 67% 832 1.78
---------------------------------------------------------------------------------------
Total Corpus Christi 3 Properties 625 1,410 92% 786 1.26
Camden Addison (1) Addison TX 1996 942 456 97% 804 0.85
Camden Buckingham Richardson TX 1997 919 464 96% 788 0.86
Camden Centreport Ft. Worth TX 1997 910 268 96% 768 0.84
Camden Cimarron Irving TX 1992 772 286 97% 758 0.98
Camden Farmers Market Dallas TX 2001/2005 933 904 96% 929 1.00
Camden Gardens Dallas TX 1983 652 256 95% 540 0.83
Camden Glen Lakes (4) Dallas TX 1979 877 424 78% 725 0.83
Camden Lakeview Irving TX 1985 853 476 94% 613 0.72
Camden Legacy Creek Plano TX 1995 831 240 97% 797 0.96
Camden Legacy Park Plano TX 1996 871 276 96% 823 0.95
Camden Oasis Euless TX 1986 548 602 91% 544 0.99
Camden Place Mesquite TX 1984 772 442 94% 581 0.75
Camden Ridge (3) Ft. Worth TX 1985 829 208 92% 603 0.73
Camden Springs Dallas TX 1987 713 304 94% 566 0.79
Camden Terrace (3) Ft. Worth TX 1984 848 340 93% 593 0.70
Camden Towne Village Mesquite TX 1983 735 188 94% 607 0.83
Camden Valley Creek Irving TX 1984 855 380 94% 635 0.74
Camden Valley Park Irving TX 1986 743 516 94% 620 0.83
Camden Valley Ridge Irving TX 1987 773 408 93% 577 0.75
Camden Westview Lewisville TX 1983 697 335 95% 585 0.84
---------------------------------------------------------------------------------------
Total Dallas/Ft. Worth 20 Properties 810 7,773 95% 687 0.85
Camden Baytown Baytown TX 1999 844 272 96% 799 0.95
Camden Creek Houston TX 1984 639 456 91% 586 0.92
Camden Greenway Houston TX 1999 861 756 98% 974 1.13
Camden Holly Springs (1) Houston TX 1999 934 548 94% 896 0.96
Camden Midtown Houston TX 1999 843 337 97% 1,124 1.33
Camden Oak Crest Houston TX 2003 870 364 96% 821 0.94
Camden Park (1) Houston TX 1995 866 288 97% 780 0.90
Camden Royal Oaks (2) Houston TX 2006 923 236 Lease-up 1,072 1.16
Camden Steeplechase Houston TX 1982 748 290 93% 632 0.85
Camden Stonebridge Houston TX 1993 845 204 98% 775 0.92
Camden Sugar Grove (1) Stafford TX 1997 917 380 96% 867 0.94
Camden Vanderbilt (4) Houston TX 1996/1997 863 894 91% 1,061 1.23
Camden West Oaks Houston TX 1982 726 671 93% 576 0.79
---------------------------------------------------------------------------------------
Total Houston 13 Properties 833 5,696 95% 856 1.03
================================================================================================================================
TOTAL TEXAS 45 Properties 807 17,657 95% 765 0.95
================================================================================================================================
TOTAL PROPERTIES 186 Properties 908 64,191 95% 925 1.02
================================================================================================================================
(1) Communities owned through investment in joint venture.
(2) Completed communities in lease-up as of June 30, 2007 are excluded from total occupancy numbers.
(3) Communities held for sale as of June 30, 2007.
(4) Communities under redevelopment as of June 30, 2007 are excluded from total occupancy numbers.
(5) Miramar is a student housing community which is excluded from total occupancy numbers.