EXHIBIT 99.1
Camden Property Trust Announces Third Quarter 2007 Operating Results
HOUSTON--(BUSINESS WIRE)--Nov. 1, 2007--Camden Property Trust
(NYSE:CPT) announced that its funds from operations ("FFO") for the
third quarter of 2007 totaled $0.91 per diluted share or $56.3
million, as compared to $1.24 per diluted share or $77.8 million for
the same period in 2006. FFO for the three months ended September 30,
2006 included a $0.40 per diluted share impact from gain on sale of
land.
FFO for the nine months ended September 30, 2007 totaled $2.71 per
diluted share or $170.0 million, as compared to $3.02 per diluted
share or $183.1 million for the same period in 2006. FFO for the nine
months ended September 30, 2006 included a $0.44 per diluted share
impact from gain on sale of land.
Net Income ("EPS")
The Company reported net income ("EPS") of $11.9 million or $0.20
per diluted share for the third quarter of 2007, as compared to $125.5
million or $2.07 per diluted share for the same period in 2006. EPS
for the three months ended September 30, 2006 included a $1.87 per
diluted share impact from gain on sale of land, operating properties,
joint venture properties and discontinued operations, net of minority
interest.
For the nine months ended September 30, 2007, net income totaled
$67.5 million or $1.13 per diluted share, as compared to $201.5
million or $3.46 per diluted share for the same period in 2006. EPS
for the nine months ended September 30, 2007 included a $0.45 per
diluted share impact from gain on sale of discontinued operations, net
of minority interest. EPS for the nine months ended September 30, 2006
included a $2.85 per diluted share impact from gain on sale of land,
operating properties, joint venture properties and discontinued
operations, net of minority interest.
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, third quarter 2007 same-property net operating
income ("NOI") growth was 3.8% compared to the third quarter of 2006,
with revenues increasing 3.6% and expenses increasing 3.3%. On a
sequential basis, third quarter 2007 same-property NOI decreased 3.0%
compared to second quarter 2007, with revenues increasing 0.7% and
expenses increasing 7.1% compared to the prior quarter. On a
year-to-date basis, 2007 same-property NOI increased 5.1%, with
revenue growth of 4.6% and expense growth of 3.8% compared to the same
period in 2006. Same-property physical occupancy levels for the
combined portfolio averaged 94.5% during the third quarter of 2007,
compared to 94.8% in the second quarter of 2007 and 95.0% in the third
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 third quarter, lease-up was completed at Camden Manor
Park in Raleigh, NC, a $49.3 million project that is currently 94%
occupied, and Camden Westwind in Ashburn, VA, a $95.1 million project
that is currently 92% occupied.
As of September 30, 2007, Camden had two wholly-owned apartment
communities which were completed and in lease-up: Camden Old Creek in
San Marcos, CA, a $98.0 million project that is currently 83% leased;
and Camden Royal Oaks in Houston, TX, a $22.0 million project that is
currently 72% leased. The Company also had one joint venture community
which was completed and in lease-up: Camden Plaza, a $42.9 million
project that is currently 46% leased.
The Company has four additional communities currently under
construction and in lease-up: Camden Monument Place in Fairfax, VA, a
$64.0 million project that is currently 50% leased; Camden City Centre
in Houston, TX, a $54.0 million project that is currently 43% leased;
Camden Potomac Yard in Arlington, VA, a $110.0 million project that is
currently 5% leased; and Camden College Park in College Park, MD, a
$139.9 million joint venture project that is currently 6% leased.
Camden's current development pipeline under construction includes
eight wholly-owned communities comprising 2,526 apartment homes with a
total budgeted cost of $479.0 million. The Company also has four joint
venture communities under construction comprising 1,257 apartment
homes with a total budgeted cost of $325.0 million.
Camden's future development pipeline currently consists of 20
potential developments comprising 6,494 apartment homes and a total
estimated cost of $1.6 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.
Properties and Land Held for Sale
At September 30, 2007, Camden had nine operating communities
consisting of 2,515 apartment homes 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 5.5 acres of undeveloped land in Miami, FL,
Boca Raton, FL and Dallas, TX classified as held for sale at
quarter-end.
Subsequent to quarter-end, Camden completed the sale of Camden
Ridge and Camden Terrace in Fort Worth, TX, for $24.2 million.
Stock Repurchase
During the quarter, Camden repurchased 868,365 common shares at an
average price per share of $62.28, for a total of $54.1 million.
Subsequent to quarter-end, the Company repurchased an additional
21,100 common shares at an average price per share of $59.88, for a
total of $1.3 million. Year-to-date, Camden has repurchased 1,348,465
common shares at an average price per share of $64.11, for a total of
$86.4 million. The Company currently has $163.6 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. Full-year 2007 FFO is now expected to be between $3.62 and
$3.67 per diluted share, and full-year 2007 EPS is expected to be
between $1.33 and $1.38 per diluted share. Fourth quarter 2007
earnings guidance is $0.91 to $0.96 per diluted share for FFO and
$0.20 and $0.25 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 4.5% and 5.0%, revenue growth between
4.0% and 4.5% and expense growth between 3.4% and 3.8%. A
reconciliation of expected net income to expected FFO is included in
the financial tables accompanying this press release.
Conference Call
The Company will hold a conference call on Friday, November 2,
2007 at 10:00 a.m. Central Time to review its third quarter results
and discuss its outlook for future performance. To participate in the
call, please dial (877) 407-0782 (domestic) or (201) 689-8567
(international) by 9:50 a.m. Central Time and request the Camden
Property Trust Third Quarter 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 185 properties containing 63,914 apartment homes across the
United States. Upon completion of 12 properties under development, the
Company's portfolio will increase to 67,697 apartment homes in 197
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 Nine Months Ended
September 30, September 30,
------------------- -------------------
OPERATING DATA 2007 2006 2007 2006
-------------------------- ------------------- -------------------
Property revenues
Rental revenues $137,394 $135,212 $405,889 $396,049
Other property revenues 17,630 14,594 48,502 39,553
------------------- -------------------
Total property revenues 155,024 149,806 454,391 435,602
Property expenses
Property operating and
maintenance 44,328 43,947 121,884 118,782
Real estate taxes 16,550 15,827 49,736 47,407
------------------- -------------------
Total property expenses 60,878 59,774 171,620 166,189
Non-property income
Fee and asset management 1,765 5,433 6,571 11,030
Sale of technology
investments - 1,602 - 1,602
Interest and other income 2,008 1,733 5,380 6,097
Income on deferred
compensation plans 1,261 1,927 8,402 4,308
------------------- -------------------
Total non-property
income 5,034 10,695 20,353 23,037
Other expenses
Property management 4,448 4,629 13,976 13,821
Fee and asset management 971 3,689 3,402 8,293
General and administrative 8,110 9,849 24,076 25,299
Interest 27,737 29,055 84,806 91,229
Depreciation and
amortization 42,446 39,173 120,834 114,281
Amortization of deferred
financing costs 913 941 2,732 2,891
Expense on deferred
compensation plans 1,261 1,927 8,402 4,308
------------------- -------------------
Total other expenses 85,886 89,263 258,228 260,122
------------------- -------------------
Income from continuing
operations before gain on
sale of properties,
equity in income of joint
ventures, minority
interests and income
taxes 13,294 11,464 44,896 32,328
Gain on sale of
properties, including
land - 96,247 - 97,556
Equity in income of joint
ventures (147) 1,628 1,072 4,514
Minority interests
Distributions on
perpetual preferred
units (1,750) (1,750) (5,250) (5,250)
Income allocated to
common units and other
minority interests (1,225) (12,303) (3,355) (14,377)
------------------- -------------------
Income from continuing
operations before income
taxes 10,172 95,286 37,363 114,771
Income tax expense (353) - (1,390) -
Income tax expense on
sale of depreciable
operating properties - - (1,184) -
------------------- -------------------
Income from continuing
operations 9,819 95,286 34,789 114,771
Income from
discontinued
operations 2,252 1,691 6,724 8,371
Gain on sale of
discontinued
operations - 29,350 30,976 80,394
Income from
discontinued
operations allocated
to common units (219) (870) (5,008) (2,054)
------------------- -------------------
Net income $ 11,852 $125,457 $ 67,481 $201,482
=================== ===================
PER SHARE DATA
--------------------------
Net income - basic $ 0.20 $ 2.15 $ 1.15 $ 3.59
Net income - diluted 0.20 2.07 1.13 3.46
Income from continuing
operations - basic 0.17 1.63 0.59 2.05
Income from continuing
operations - diluted 0.17 1.57 0.58 1.98
Weighted average number of
common and common
equivalent shares
outstanding:
Basic 58,073 58,348 58,590 56,063
Diluted 58,993 61,250 59,634 58,904
PROPERTY DATA
--------------------------
Total operating
properties (end of
period) (a) 187 188 187 188
Total operating
apartment homes in
operating properties
(end of period) (a) 64,462 64,657 64,462 64,657
Total operating
apartment homes
(weighted average) 53,466 56,161 53,329 56,624
Total operating
apartment homes -
excluding discontinued
operations (weighted
average) 50,951 51,835 50,275 51,365
(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 Nine Months Ended
September 30, September 30,
------------------- -------------------
FUNDS FROM OPERATIONS 2007 2006 2007 2006
--------------------------- ------------------- -------------------
Net income $ 11,852 $125,457 $ 67,481 $201,482
Real estate depreciation
and amortization from
continuing operations 41,517 38,509 118,497 112,300
Real estate depreciation
from discontinued
operations 3 1,481 2,033 5,014
Adjustments for
unconsolidated joint
ventures 1,641 760 3,952 2,305
Income from continuing
operations allocated to
common units 1,051 12,255 2,835 14,226
Income from discontinued
operations allocated to
common units 219 870 5,008 2,054
Income tax expense on
sale of depreciable
operating properties - - 1,184 -
(Gain) on sale of
operating properties - (91,581) - (91,581)
(Gain) on sale of
discontinued operations - (8,842) (30,976) (59,886)
(Gain) on sale of joint
venture properties - (1,085) - (2,848)
------------------- -------------------
Funds from operations
- diluted $ 56,283 $ 77,824 $170,014 $183,066
=================== ===================
PER SHARE DATA
---------------------------
Funds from operations -
diluted $ 0.91 $ 1.24 $ 2.71 $ 3.02
Cash distributions 0.69 0.66 2.07 1.98
Weighted average number of
common and common
equivalent shares
outstanding:
FFO - diluted 61,978 62,885 62,634 60,666
PROPERTY DATA
---------------------------
Total operating
properties (end of
period) (a) 187 188 187 188
Total operating apartment
homes in operating
properties (end of
period) (a) 64,462 64,657 64,462 64,657
Total operating apartment
homes (weighted average) 53,466 56,161 53,329 56,624
Total operating apartment
homes - excluding
discontinued operations
(weighted average) 50,951 51,835 50,275 51,365
(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)
Sep 30, Jun 30, Mar 31,
2007 2007 2007
----------------------------------------
ASSETS
Real estate assets, at cost
Land $ 714,044 $ 713,084 $ 703,850
Buildings and improvements 4,215,662 4,144,075 4,108,955
----------------------------------------
4,929,706 4,857,159 4,812,805
Accumulated depreciation (827,944) (788,318) (799,624)
----------------------------------------
Net operating real estate
assets 4,101,762 4,068,841 4,013,181
Properties under
development, including land 488,620 454,617 410,002
Investments in joint
ventures 12,243 12,722 8,321
Properties held for sale,
including land 73,325 72,577 32,879
----------------------------------------
Total real estate assets 4,675,950 4,608,757 4,464,383
Accounts receivable -
affiliates 36,171 35,341 34,854
Notes receivable
Affiliates 48,172 45,560 43,507
Other 11,565 11,565 11,565
Other assets, net (a) 129,810 136,524 118,329
Cash and cash equivalents 1,207 3,058 1,470
Restricted cash 5,904 20,053 5,772
----------------------------------------
Total assets $ 4,908,779 $ 4,860,858 $ 4,679,880
========================================
LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities
Notes payable
Unsecured $ 2,198,628 $ 2,065,175 $ 1,897,865
Secured 565,564 566,001 568,731
Accounts payable and accrued
expenses 110,643 128,892 110,486
Accrued real estate taxes 42,151 29,785 16,036
Other liabilities (b) 117,317 115,547 110,684
Distributions payable 44,180 44,982 45,137
----------------------------------------
Total liabilities 3,078,483 2,950,382 2,748,939
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925 97,925
Common units 104,176 105,353 102,217
Other minority interests 10,740 10,916 10,335
----------------------------------------
Total minority interests 212,841 214,194 210,477
Shareholders' equity
Common shares of beneficial
interest 654 654 654
Additional paid-in capital 2,207,333 2,204,525 2,199,713
Distributions in excess of
net income (269,667) (241,711) (243,786)
Employee notes receivable (1,963) (1,976) (2,025)
Treasury shares, at cost (318,902) (265,210) (234,092)
----------------------------------------
Total shareholders' equity 1,617,455 1,696,282 1,720,464
----------------------------------------
Total liabilities and
shareholders' equity $ 4,908,779 $ 4,860,858 $ 4,679,880
========================================
(a) includes:
net deferred charges of: $ 10,308 $ 11,565 $ 9,724
value of in place leases
of: $ 703 $ 1,091 $ 61
(b) includes:
deferred revenues of: $ 2,738 $ 2,937 $ 3,321
above/below market leases
of: $ 25 $ 43 $ 8
distributions in excess of
investments in joint
ventures of: $ 20,867 $ 19,549 $ 18,805
Dec 31, Sep 30,
2006 2006
---------------------------
ASSETS
Real estate assets, at cost
Land $ 693,312 $ 683,645
Buildings and improvements 4,036,286 3,988,031
---------------------------
4,729,598 4,671,676
Accumulated depreciation (762,011) (725,790)
---------------------------
Net operating real estate assets 3,967,587 3,945,886
Properties under development, including
land 369,861 351,246
Investments in joint ventures 9,245 8,266
Properties held for sale, including land 32,763 45,074
---------------------------
Total real estate assets 4,379,456 4,350,472
Accounts receivable - affiliates 34,170 33,624
Notes receivable
Affiliates 41,478 31,037
Other 3,855 3,855
Other assets, net (a) 121,336 112,801
Cash and cash equivalents 1,034 8,061
Restricted cash 4,721 5,541
---------------------------
Total assets $ 4,586,050 $ 4,545,391
===========================
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $ 1,759,498 $ 1,693,106
Secured 571,478 587,347
Accounts payable and accrued expenses 124,834 120,566
Accrued real estate taxes 23,306 41,165
Other liabilities (b) 105,999 101,332
Distributions payable 43,068 43,056
---------------------------
Total liabilities 2,628,183 2,586,572
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925
Common units 115,280 116,776
Other minority interests 10,306 10,002
---------------------------
Total minority interests 223,511 224,703
Shareholders' equity
Common shares of beneficial interest 650 650
Additional paid-in capital 2,183,622 2,176,170
Distributions in excess of net income (213,665) (206,442)
Employee notes receivable (2,036) (2,047)
Treasury shares, at cost (234,215) (234,215)
---------------------------
Total shareholders' equity 1,734,356 1,734,116
---------------------------
Total liabilities and shareholders'
equity $ 4,586,050 $ 4,545,391
===========================
(a) includes:
net deferred charges of: $ 10,295 $ 11,155
value of in place leases of: $ 242 $ 452
(b) includes:
deferred revenues of: $ 3,875 $ 5,256
above/below market leases of: $ 32 $ 80
distributions in excess of investments
in joint ventures of: $ 18,350 $ 18,044
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
- ----------------------------------------------------------------------
(Unaudited)
This document contains certain non-GAAP financial measures management
believes are useful in evaluating an equity REIT's performance.
Camden's definitions and calculations of non-GAAP financial measures
may differ from those used by other REITs, and thus may not be
comparable. The non-GAAP financial measures should not be considered
as an alternative to net income as an indication of our operating
performance, or to net cash provided by operating activities as a
measure of our liquidity.
FFO
- -----------
The National Association of Real Estate Investment Trusts ("NAREIT")
currently defines FFO as net income computed in accordance with
generally accepted accounting principles ("GAAP"), excluding gains or
losses from depreciable operating property sales, plus real estate
depreciation and amortization, and after adjustments for
unconsolidated partnerships and joint ventures. Camden's definition
of diluted FFO also assumes conversion of all dilutive convertible
securities, including minority interests, which are convertible into
common equity. The Company considers FFO to be an appropriate
supplemental measure of operating performance because, by excluding
gains or losses on dispositions of operating properties and excluding
depreciation, FFO can help one compare the operating performance of a
company's real estate between periods or as compared to different
companies. A reconciliation of net income to FFO is provided below:
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2007 2006 2007 2006
------------------- -------------------
Net income $ 11,852 $125,457 $ 67,481 $201,482
Real estate depreciation
and amortization from
continuing operations 41,517 38,509 118,497 112,300
Real estate depreciation
from discontinued
operations 3 1,481 2,033 5,014
Adjustments for
unconsolidated joint
ventures 1,641 760 3,952 2,305
Income from continuing
operations allocated to
common units 1,051 12,255 2,835 14,226
Income from discontinued
operations allocated to
common units 219 870 5,008 2,054
Income tax expense on sale
of depreciable operating
properties - - 1,184 -
(Gain) on sale of
operating properties - (91,581) - (91,581)
(Gain) on sale of
discontinued operations - (8,842) (30,976) (59,886)
(Gain) on sale of joint
venture properties - (1,085) - (2,848)
------------------- -------------------
Funds from operations -
diluted $ 56,283 $ 77,824 $170,014 $183,066
=================== ===================
Weighted average number of
common and common
equivalent shares
outstanding:
EPS diluted 58,993 61,250 59,634 58,904
FFO diluted 61,978 62,885 62,634 60,666
Net income per common share
- diluted $ 0.20 $ 2.07 $ 1.13 $ 3.46
FFO per common share -
diluted $ 0.91 $ 1.24 $ 2.71 $ 3.02
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:
4Q07 Range 2007 Range
Low High Low High
--------------- ---------------
Expected net income per share -
diluted $ 0.20 $ 0.25 $ 1.33 $ 1.38
Expected difference between EPS and
fully diluted FFO shares (0.01) (0.01) (0.05) (0.05)
Expected real estate depreciation 0.67 0.67 2.59 2.59
Expected adjustments for
unconsolidated joint ventures 0.02 0.02 0.08 0.08
Expected income allocated to common
units 0.03 0.03 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 (0.48) (0.48)
--------------- ---------------
Expected FFO per share - diluted $ 0.91 $ 0.96 $ 3.62 $ 3.67
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 Nine Months Ended
September 30, September 30,
------------------- -------------------
2007 2006 2007 2006
------------------- -------------------
Net income $ 11,852 $125,457 $ 67,481 $201,482
Fee and asset management (1,765) (5,433) (6,571) (11,030)
Sale of technology
investments - (1,602) - (1,602)
Interest and other income (2,008) (1,733) (5,380) (6,097)
Income on deferred
compensation plans (1,261) (1,927) (8,402) (4,308)
Property management expense 4,448 4,629 13,976 13,821
Fee and asset management
expense 971 3,689 3,402 8,293
General and administrative
expense 8,110 9,849 24,076 25,299
Interest expense 27,737 29,055 84,806 91,229
Depreciation and
amortization 42,446 39,173 120,834 114,281
Amortization of deferred
financing costs 913 941 2,732 2,891
Expense on deferred
compensation plans 1,261 1,927 8,402 4,308
Gain on sale of properties,
including land - (96,247) - (97,556)
Equity in income of joint
ventures 147 (1,628) (1,072) (4,514)
Distributions on perpetual
preferred units 1,750 1,750 5,250 5,250
Income allocated to common
units and other minority
interests 1,225 12,303 3,355 14,377
Income tax expense 353 - 1,390 -
Income tax expense on sale
of depreciable operating
properties - - 1,184 -
Income from discontinued
operations (2,252) (1,691) (6,724) (8,371)
Gain on sale of discontinued
operations - (29,350) (30,976) (80,394)
Income from discontinued
operations allocated to
common units 219 870 5,008 2,054
------------------- -------------------
Net Operating Income
(NOI) $ 94,146 $ 90,032 $282,771 $269,413
"Same Property" Communities $ 77,204 $ 74,406 $234,692 $223,308
Non-"Same Property"
Communities 9,757 6,723 27,569 16,068
Development and Lease-Up
Communities 1,292 (115) 2,084 (130)
Redevelopment Communities 5,425 5,931 16,746 17,551
Dispositions / Other 468 3,087 1,680 12,616
------------------- -------------------
Net Operating Income (NOI) $ 94,146 $ 90,032 $282,771 $269,413
EBITDA
- ------
EBITDA is defined by the Company as earnings before interest, taxes,
depreciation and amortization, including net operating income from
discontinued operations, excluding equity in income of joint
ventures, gain on sale of real estate assets, and income allocated to
minority interests. The Company considers EBITDA to be an appropriate
supplemental measure of operating performance to net income because
it represents income before non-cash depreciation and the cost of
debt, and excludes gains or losses from property dispositions. A
reconciliation of net income to EBITDA is provided below:
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2007 2006 2007 2006
------------------- -------------------
Net income $ 11,852 $125,457 $ 67,481 $201,482
Interest expense 27,854 29,176 85,162 91,592
Amortization of deferred
financing costs including
discontinued operations 913 941 2,732 2,897
Depreciation and
amortization 42,446 39,173 120,834 114,281
Distributions on perpetual
preferred units 1,750 1,750 5,250 5,250
Income allocated to common
units and other minority
interests 1,225 12,303 3,355 14,377
Income tax expense 353 - 1,390 -
Income tax expense on sale
of depreciable operating
properties - - 1,184 -
Real estate depreciation
from discontinued
operations 3 1,481 2,033 5,014
Gain on sale of properties,
including land - (96,247) - (97,556)
Equity in income of joint
ventures 147 (1,628) (1,072) (4,514)
Gain on sale of discontinued
operations - (29,350) (30,976) (80,394)
Income from discontinued
operations allocated to
common units 219 870 5,008 2,054
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EBITDA $ 86,762 $ 83,926 $262,381 $254,483
CONTACT: Camden Property Trust, Houston
Kim Callahan, 713-354-2549