EXHIBIT 99.2
CAMDEN(SM)
Living Excellence
THIRD QUARTER 2007
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Supplemental Operating and Financial Data
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Camden Old Creek - San Marcos, CA
350 Apartment Homes
Currently In Lease-Up
Camden Property Trust
Three Greenway Plaza, Suite 1300
Houston, Texas 77046
Phone: 713-354-2500 Fax: 713-354-2700
www.camdenliving.com
In addition to historical information, this document contains forward-looking
statements under the federal securities law. These statements are based on
current expectations, estimates and projections about the industry and markets
in which Camden operates, management's beliefs, and assumptions made by
management. Forward-looking statements are not guarantees of future performance
and involve certain risks and uncertainties which are difficult to predict.
CAMDEN TABLE OF CONTENTS
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Page
Press Release Text.............................................................3
Financial Highlights...........................................................6
Operating Results..............................................................7
Funds from Operations..........................................................8
Balance Sheets.................................................................9
Portfolio Statistics..........................................................10
Components of Property Net Operating Income...................................11
"Same Property" Third 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 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 FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
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(Unaudited)
Three Months Ended September Nine Months Ended September
30, 30,
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2007 2006 2007 2006
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Total property revenues (a) $155,024 $149,806 $454,391 $435,602
EBITDA 86,762 83,926 262,381 254,483
Net income 11,852 125,457 67,481 201,482
Per share - basic 0.20 2.15 1.15 3.59
Per share - diluted 0.20 2.07 1.13 3.46
Income from continuing operations 9,819 95,286 34,789 114,771
per share - basic 0.17 1.63 0.59 2.05
per share - diluted 0.17 1.57 0.58 1.98
Funds from operations 56,283 77,824 170,014 183,066
Per share - diluted 0.91 1.24 2.71 3.02
Dividends per share 0.69 0.66 2.07 1.98
Dividend payout ratio 75.8% 53.2% 76.4% 65.6%
Interest expensed (including discontinued
operations) 27,854 29,176 85,162 91,592
Interest capitalized 6,233 5,307 16,726 15,982
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Total interest incurred 34,087 34,483 101,888 107,574
Principal amortization 3,410 3,490 10,472 10,531
Preferred dividends & distributions 1,750 1,750 5,250 5,250
Interest expense coverage ratio 3.1x 2.9x 3.1x 2.8x
Total interest coverage ratio 2.5x 2.4x 2.6x 2.4x
Fixed charge expense coverage ratio 2.6x 2.4x 2.6x 2.4x
Total fixed charge coverage ratio 2.2x 2.1x 2.2x 2.1x
Same property NOI increase (b) 3.8% 8.1% 5.1% 9.4%
(# of apartment homes included) 42,089 46,565 42,089 46,565
Gross turnover of apartment homes
(annualized) 88% 89% 74% 76%
Net turnover (excludes on-site transfers
and transfers to other Camden communities) 80% 79% 67% 67%
As of September 30,
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2007 2006
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Total assets $4,908,779 $4,545,391
Total debt $2,764,192 $2,280,453
Common and common equivalent shares, outstanding end of period (c) 61,615 62,914
Share price, end of period $64.25 $76.01
Preferred units, end of period $97,925 $97,925
Book equity value, end of period (d) $1,830,296 $1,958,819
Market equity value, end of period (d) $4,058,764 $4,882,093
Debt to total market capitalization ratio 40.5% 31.8%
Unencumbered real estate assets (at cost)
to unsecured debt ratio 206% 241%
(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 September 30, 2007: 58,123 common shares (including 414 common
share equivalents related to share awards & options), plus common share
equivalents upon the assumed conversion of minority interest units (3,492)
(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)
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(Unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
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OPERATING DATA 2007 2006 2007 2006
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Property revenues
Rental revenues $137,394 $ 135,212 $405,889 $ 396,049
Other property revenues 17,630 14,594 48,502 39,553
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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
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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
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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
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Total other expenses 85,886 89,263 258,228 260,122
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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)
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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) -
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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)
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Net income $ 11,852 $ 125,457 $ 67,481 $ 201,482
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PER SHARE DATA
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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
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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 pages 25 and 26 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
CAMDEN FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
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(Unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
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FUNDS FROM OPERATIONS 2007 2006 2007 2006
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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)
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Funds from operations -
diluted $56,283 $ 77,824 $ 170,014 $ 183,066
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PER SHARE DATA
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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
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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 pages 25 and 26 for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
CAMDEN BALANCE SHEETS
(In thousands)
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(Unaudited) Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
2007 2007 2007 2006 2006
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ASSETS
Real estate assets, at cost
Land $ 714,044 $ 713,084 $ 703,850 $ 693,312 $ 683,645
Buildings and improvements 4,215,662 4,144,075 4,108,955 4,036,286 3,988,031
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4,929,706 4,857,159 4,812,805 4,729,598 4,671,676
Accumulated depreciation (827,944) (788,318) (799,624) (762,011) (725,790)
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Net operating real estate assets 4,101,762 4,068,841 4,013,181 3,967,587 3,945,886
Properties under development, including land 488,620 454,617 410,002 369,861 351,246
Investments in joint ventures 12,243 12,722 8,321 9,245 8,266
Properties held for sale, including land 73,325 72,577 32,879 32,763 45,074
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Total real estate assets 4,675,950 4,608,757 4,464,383 4,379,456 4,350,472
Accounts receivable - affiliates 36,171 35,341 34,854 34,170 33,624
Notes receivable
Affiliates 48,172 45,560 43,507 41,478 31,037
Other 11,565 11,565 11,565 3,855 3,855
Other assets, net (a) 129,810 136,524 118,329 121,336 112,801
Cash and cash equivalents 1,207 3,058 1,470 1,034 8,061
Restricted cash 5,904 20,053 5,772 4,721 5,541
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Total assets $4,908,779 $4,860,858 $4,679,880 $4,586,050 $4,545,391
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $2,198,628 $2,065,175 $1,897,865 $1,759,498 $1,693,106
Secured 565,564 566,001 568,731 571,478 587,347
Accounts payable and accrued expenses 110,643 128,892 110,486 124,834 120,566
Accrued real estate taxes 42,151 29,785 16,036 23,306 41,165
Other liabilities (b) 117,317 115,547 110,684 105,999 101,332
Distributions payable 44,180 44,982 45,137 43,068 43,056
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Total liabilities 3,078,483 2,950,382 2,748,939 2,628,183 2,586,572
Commitments and contingencies
Minority interests
Perpetual preferred units 97,925 97,925 97,925 97,925 97,925
Common units 104,176 105,353 102,217 115,280 116,776
Other minority interests 10,740 10,916 10,335 10,306 10,002
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Total minority interests 212,841 214,194 210,477 223,511 224,703
Shareholders' equity
Common shares of beneficial interest 654 654 654 650 650
Additional paid-in capital 2,207,333 2,204,525 2,199,713 2,183,622 2,176,170
Distributions in excess of net income (269,667) (241,711) (243,786) (213,665) (206,442)
Employee notes receivable (1,963) (1,976) (2,025) (2,036) (2,047)
Treasury shares, at cost (318,902) (265,210) (234,092) (234,215) (234,215)
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Total shareholders' equity 1,617,455 1,696,282 1,720,464 1,734,356 1,734,116
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Total liabilities and shareholders' equity $4,908,779 $4,860,858 $4,679,880 $4,586,050 $4,545,391
=================================================================
(a) includes:
net deferred charges of: $ 10,308 $ 11,565 $ 9,724 $ 10,295 $ 11,155
value of in place leases of: $ 703 $ 1,091 $ 61 $ 242 $ 452
(b) includes:
deferred revenues of: $ 2,738 $ 2,937 $ 3,321 $ 3,875 $ 5,256
above/below market leases of: $ 25 $ 43 $ 8 $ 32 $ 80
distributions in excess of investments in joint
ventures of: $ 20,867 $ 19,549 $ 18,805 $ 18,350 $ 18,044
CAMDEN PORTFOLIO STATISTICS
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(Unaudited)
COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2007 (in apartment homes)
"Same Non-"Same Wholly - Joint Stabilized Completed Total Under Total
Property" Property" Owned Venture Operating in Operating Development
(a) Lease-up
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D.C. Metro (b)(c) 2,663 1,494 4,157 - 4,157 - 4,157 1,912 6,069
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 5,460 507 5,967 1,112 7,079
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 2,220 484 2,704 - 2,704 - 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 10,827 52,916 10,689 63,605 857 64,462 3,783 68,245
(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) 459 units under development and 271 units completed in lease-up in Houston, TX are held through joint venture
investments.
THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (h)
Incl. JVs at Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
"Same Operating Pro Rata
Property" Communities % (g)
Communities (f) 2007 2007 2007 2006 2006
--------------------------------------- -------------------------------------------------------
D.C. Metro 11.2% 14.0% 13.6% 95.6% 95.8% 95.5% 94.8% 96.6%
Las Vegas, NV 6.8% 7.7% 8.8% 94.6% 95.3% 95.5% 95.0% 95.3%
Los Angeles/Orange
County, CA 8.0% 6.4% 6.4% 94.5% 93.3% 92.7% 93.5% 94.6%
San Diego/Inland
Empire, CA 3.2% 3.3% 3.2% 94.3% 93.1% 93.8% 94.0% 94.6%
Tampa, FL 8.4% 8.4% 8.1% 93.3% 94.2% 94.5% 92.8% 94.9%
Dallas, TX 7.2% 8.2% 8.1% 93.5% 94.6% 94.4% 93.8% 94.5%
Houston, TX 6.2% 6.6% 6.8% 95.2% 95.2% 95.0% 94.1% 94.4%
SE Florida 9.5% 7.7% 7.4% 95.4% 95.4% 96.2% 95.4% 95.0%
Charlotte, NC 7.5% 7.6% 7.3% 95.2% 95.7% 95.1% 94.0% 95.6%
Orlando, FL 7.1% 5.7% 5.5% 93.6% 93.5% 92.6% 94.6% 95.0%
Atlanta, GA 7.3% 5.9% 5.7% 95.6% 94.7% 93.5% 94.1% 94.5%
Denver, CO 4.9% 4.3% 4.5% 96.1% 96.0% 94.5% 93.3% 94.8%
Raleigh, NC 4.5% 4.5% 4.3% 93.8% 95.0% 93.4% 92.4% 95.3%
Phoenix, AZ 3.4% 2.8% 3.0% 94.5% 94.2% 95.1% 94.4% 95.2%
Austin, TX 3.1% 3.8% 3.7% 94.3% 94.7% 93.8% 95.2% 94.8%
Other 1.7% 3.1% 3.6% 95.0% 95.5% 94.9% 93.8% 94.7%
----- ----- ----- ----- ------ ------ ------ ------
Total Portfolio 100.0% 100.0% 100.0% 94.5% 94.9% 94.6% 94.1% 95.0%
(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.
COMPONENTS OF
CAMDEN PROPERTY NET OPERATING INCOME
(In thousands, except property data amounts)
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Apartment Three Months Ended September 30, Nine Months Ended September 30,
Property Revenues Homes 2007 2006 Change 2007 2006 Change
----------- ---------------------------------- ----------------------------------
"Same Property" Communities (a) 42,089 $126,312 $121,931 $4,381 $375,205 $358,712 $16,493
Non-"Same Property" Communities (b) 4,956 15,848 10,738 5,110 43,376 25,517 17,859
Development and Lease-Up Communities
(c) 3,112 2,577 106 2,471 5,054 105 4,949
Redevelopment Communities (d) 3,356 9,188 9,516 (328) 27,440 28,132 (692)
Dispositions / Other (e) - 1,099 7,515 (6,416) 3,316 23,136 (19,820)
----------- --------- ----------- ---------- ---------- ---------- ----------
Total Property Revenues 53,513 $155,024 $149,806 $5,218 $454,391 $435,602 $18,789
Property Expenses
"Same Property" Communities (a) 42,089 $49,108 $47,525 $1,583 $140,513 $135,404 $5,109
Non-"Same Property" Communities (b) 4,956 6,091 4,015 2,076 15,807 9,449 6,358
Development and Lease-Up Communities
(c) 3,112 1,285 221 1,064 2,970 235 2,735
Redevelopment Communities (d) 3,356 3,763 3,585 178 10,694 10,581 113
Dispositions / Other (e) - 631 4,428 (3,797) 1,636 10,520 (8,884)
----------- --------- ----------- ---------- ---------- ---------- ----------
Total Property Expenses 53,513 $60,878 $59,774 $1,104 $171,620 $166,189 $5,431
Property Net Operating Income
"Same Property" Communities (a) 42,089 $77,204 $74,406 $2,798 $234,692 $223,308 $11,384
Non-"Same Property" Communities (b) 4,956 9,757 6,723 3,034 27,569 16,068 11,501
Development and Lease-Up Communities
(c) 3,112 1,292 (115) 1,407 2,084 (130) 2,214
Redevelopment Communities (d) 3,356 5,425 5,931 (506) 16,746 17,551 (805)
Dispositions / Other (e) - 468 3,087 (2,619) 1,680 12,616 (10,936)
----------- --------- ----------- ---------- ---------- ---------- ----------
Total Property Net Operating
Income 53,513 $94,146 $90,032 $4,114 $282,771 $269,413 $13,358
Income from Discontinued Operations (f) Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
---------------------- ----------------------
Property Revenues $4,936 $8,089 $18,004 $28,982
Property Expenses 2,564 4,796 8,891 15,228
--------- ---------- ---------- ---------
Property Net Operating Income 2,372 3,293 9,113 13,754
Interest (117) (121) (356) (363)
Depreciation and Amortization (3) (1,481) (2,033) (5,020)
Income from discontinued operations allocated
to common units (219) (870) (5,008) (2,054)
Gain on sale of discontinued
operations - 29,350 30,976 80,394
--------- ---------- ---------- ---------
Income from Discontinued
Operations $2,033 $30,171 $32,692 $86,711
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 September 30, 2007, of which Camden has,
or expects to have, no continuing involvement.
"SAME PROPERTY"
CAMDEN THIRD QUARTER COMPARISONS
September 30, 2007
(In thousands, except property data amounts)
- ----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 3Q07 3Q06 Growth 3Q07 3Q06 Growth 3Q07 3Q06 Growth
- ----------------------------------------------------------------------------------------------------------------------------
D.C. Metro $12,010 $11,838 1.5% $3,362 $3,071 9.5% $8,648 $8,767 (1.4%)
Las Vegas, NV 8,137 8,022 1.4% 2,899 2,848 1.8% 5,238 5,174 1.2%
Los Angeles/Orange County, CA 8,971 8,509 5.4% 2,792 2,715 2.8% 6,179 5,794 6.6%
San Diego/Inland Empire, CA 3,947 3,774 4.6% 1,499 1,462 2.5% 2,448 2,312 5.9%
Tampa, FL 11,988 11,976 0.1% 5,508 5,525 (0.3%) 6,480 6,451 0.4%
Dallas, TX 11,376 10,915 4.2% 5,832 5,553 5.0% 5,544 5,362 3.4%
Houston, TX 8,325 7,912 5.2% 3,584 3,521 1.8% 4,741 4,391 8.0%
SE Florida 11,698 11,238 4.1% 4,391 4,570 (3.9%) 7,307 6,668 9.6%
Charlotte, NC 9,154 8,570 6.8% 3,332 3,177 4.9% 5,822 5,393 8.0%
Orlando, FL 9,199 9,430 (2.4%) 3,692 3,742 (1.3%) 5,507 5,688 (3.2%)
Atlanta, GA 9,141 8,727 4.7% 3,532 3,136 12.6% 5,609 5,591 0.3%
Denver, CO 5,736 5,321 7.8% 1,924 1,833 5.0% 3,812 3,488 9.3%
Raleigh, NC 5,629 5,264 6.9% 2,128 1,931 10.2% 3,501 3,333 5.0%
Phoenix, AZ 4,114 4,024 2.2% 1,475 1,307 12.9% 2,639 2,717 (2.9%)
Austin, TX 4,743 4,357 8.9% 2,341 2,328 0.6% 2,402 2,029 18.4%
Other 2,144 2,054 4.4% 817 806 1.4% 1,327 1,248 6.3%
------ ------ ----- ------ ------ ------ ------ ----- ------
Total Same Property $126,312 $121,931 3.6% $49,108 $47,525 3.3% $77,204 $74,406 3.8%
Apartment
Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate(b)
Quarterly Results (a) Included Contribution 3Q07 3Q06 Change 3Q07 3Q06 Change
(a)
- ----------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,663 11.2% 95.6% 96.5% (0.9%) $1,457 $1,445 0.8%
Las Vegas, NV 2,937 6.8% 94.4% 95.3% (0.9%) 873 861 1.4%
Los Angeles/Orange County, CA 1,770 8.0% 94.5% 94.6% (0.1%) 1,654 1,618 2.2%
San Diego/Inland Empire, CA 846 3.2% 94.3% 94.6% (0.3%) 1,532 1,495 2.4%
Tampa, FL 4,613 8.4% 93.7% 94.9% (1.2%) 817 828 (1.3%)
Dallas, TX 5,441 7.2% 93.2% 94.7% (1.5%) 647 636 1.7%
Houston, TX 3,350 6.2% 94.9% 93.7% 1.2% 789 775 1.9%
SE Florida 2,520 9.5% 95.4% 95.0% 0.4% 1,474 1,448 1.8%
Charlotte, NC 3,141 7.5% 95.4% 96.2% (0.8%) 918 875 4.9%
Orlando, FL 3,296 7.1% 93.6% 95.0% (1.4%) 907 926 (2.0%)
Atlanta, GA 3,202 7.3% 95.6% 94.5% 1.1% 906 895 1.2%
Denver, CO 1,985 4.9% 96.5% 95.1% 1.4% 886 847 4.6%
Raleigh, NC 2,220 4.5% 93.8% 95.3% (1.5%) 785 761 3.3%
Phoenix, AZ 1,441 3.4% 94.1% 94.7% (0.6%) 926 908 2.0%
Austin, TX 1,968 3.1% 94.8% 94.6% 0.2% 729 701 4.0%
Other 696 1.7% 94.6% 93.3% 1.3% 974 957 1.7%
------ ----- ------ ------ ------ ----- ----- -----
Total Same Property 42,089 100.0% 94.5% 95.0% (0.4%) $951 $937 1.6%
(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 "SAME PROPERTY"
SEQUENTIAL QUARTER COMPARISONS
September 30, 2007
(In thousands, except property data amounts)
- ---------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Revenues Expenses NOI
Quarterly Results (a) 3Q07 2Q07 Growth 3Q07 2Q07 Growth 3Q07 2Q07 Growth
- ---------------------------------------------------------------------------------------------------------------------------------
D.C. Metro $12,010 $11,961 0.4% $3,362 $3,188 5.5% $8,648 $8,773 (1.4%)
Las Vegas, NV 8,137 8,136 0.0% 2,899 2,531 14.5% 5,238 5,605 (6.5%)
Los Angeles/Orange County, CA 8,971 8,566 4.7% 2,792 2,442 14.3% 6,179 6,124 0.9%
San Diego/Inland Empire, CA 3,947 3,828 3.1% 1,499 1,381 8.5% 2,448 2,447 0.0%
Tampa, FL 11,988 12,243 (2.1%) 5,508 5,240 5.1% 6,480 7,003 (7.5%)
Dallas, TX 11,376 11,360 0.1% 5,832 5,650 3.2% 5,544 5,710 (2.9%)
Houston, TX 8,325 8,329 0.0% 3,584 3,495 2.5% 4,741 4,834 (1.9%)
SE Florida 11,698 11,682 0.1% 4,391 4,291 2.3% 7,307 7,391 (1.1%)
Charlotte, NC 9,154 8,919 2.6% 3,332 3,060 8.9% 5,822 5,859 (0.6%)
Orlando, FL 9,199 9,349 (1.6%) 3,692 3,419 8.0% 5,507 5,930 (7.1%)
Atlanta, GA 9,141 8,954 2.1% 3,532 3,433 2.9% 5,609 5,521 1.6%
Denver, CO 5,736 5,594 2.5% 1,924 1,659 16.0% 3,812 3,935 (3.1%)
Raleigh, NC 5,629 5,627 0.0% 2,128 1,963 8.4% 3,501 3,664 (4.4%)
Phoenix, AZ 4,114 4,151 (0.9%) 1,475 1,286 14.7% 2,639 2,865 (7.9%)
Austin, TX 4,743 4,584 3.5% 2,341 2,085 12.3% 2,402 2,499 (3.9%)
Other 2,144 2,135 0.4% 817 728 12.2% 1,327 1,407 (5.7%)
------ ------ ------ ------ ------ ------ ------ ------ ------
Total Same Property $126,312 $125,418 0.7% $49,108 $45,851 7.1% $77,204 $79,567 (3.0%)
Apartment
Homes % of NOI Average Occupancy(a) Weighted Average Rental Rate(b)
Quarterly Results (a) Included Contribution(a) 3Q07 2Q07 Change 3Q07 2Q07 Change
- ---------------------------------------------------------------------------------------------------------------------------------
D.C. Metro 2,663 11.2% 95.6% 95.8% (0.2%) $1,457 $1,455 0.2%
Las Vegas, NV 2,937 6.8% 94.4% 95.8% (1.4%) 873 875 (0.2%)
Los Angeles/Orange County, CA 1,770 8.0% 94.5% 92.6% 1.9% 1,654 1,636 1.1%
San Diego/Inland Empire, CA 846 3.2% 94.3% 93.1% 1.2% 1,532 1,523 0.6%
Tampa, FL 4,613 8.4% 93.7% 94.5% (0.8%) 817 828 (1.3%)
Dallas, TX 5,441 7.2% 93.2% 94.4% (1.2%) 647 643 0.6%
Houston, TX 3,350 6.2% 94.9% 95.0% (0.1%) 789 784 0.6%
SE Florida 2,520 9.5% 95.4% 95.4% 0.0% 1,474 1,472 0.2%
Charlotte, NC 3,141 7.5% 95.4% 96.0% (0.6%) 918 890 3.1%
Orlando, FL 3,296 7.1% 93.6% 93.5% 0.1% 907 919 (1.2%)
Atlanta, GA 3,202 7.3% 95.6% 94.7% 0.9% 906 900 0.7%
Denver, CO 1,985 4.9% 96.5% 96.3% 0.2% 886 859 3.1%
Raleigh, NC 2,220 4.5% 93.8% 95.0% (1.2%) 785 774 1.5%
Phoenix, AZ 1,441 3.4% 94.1% 93.9% 0.2% 926 933 (0.7%)
Austin, TX 1,968 3.1% 94.8% 94.6% 0.2% 729 718 1.5%
Other 696 1.7% 94.6% 93.8% 0.8% 974 966 0.8%
------ ------ ------ ------ ------ ----- ----- ------
Total Same Property 42,089 100.0% 94.5% 94.8% (0.3%) $951 $947 0.5%
(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
September 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 $35,728 $34,643 3.1% $9,734 $9,211 5.7% $25,994 $25,432 2.2%
Las Vegas, NV 24,368 23,764 2.5% 8,004 7,969 0.4% 16,364 15,795 3.6%
Los Angeles/Orange County, CA 25,965 25,299 2.6% 7,672 7,469 2.7% 18,293 17,830 2.6%
San Diego/Inland Empire, CA 11,578 11,202 3.4% 4,264 4,202 1.5% 7,314 7,000 4.5%
Tampa, FL 36,377 35,096 3.6% 15,946 15,295 4.3% 20,431 19,801 3.2%
Dallas, TX 33,884 32,086 5.6% 16,883 16,400 2.9% 17,001 15,686 8.4%
Houston, TX 24,823 23,489 5.7% 10,475 10,305 1.6% 14,348 13,184 8.8%
SE Florida 35,075 33,264 5.4% 13,138 12,457 5.5% 21,937 20,807 5.4%
Charlotte, NC 26,723 24,919 7.2% 9,447 9,072 4.1% 17,276 15,847 9.0%
Orlando, FL 27,839 27,646 0.7% 10,532 10,315 2.1% 17,307 17,331 (0.1%)
Atlanta, GA 26,928 25,665 4.9% 10,146 9,481 7.0% 16,782 16,184 3.7%
Denver, CO 16,668 15,676 6.3% 5,300 5,271 0.6% 11,368 10,405 9.3%
Raleigh, NC 16,632 15,443 7.7% 6,037 5,374 12.3% 10,595 10,069 5.2%
Phoenix, AZ 12,488 11,761 6.2% 4,084 3,752 8.8% 8,404 8,009 4.9%
Austin, TX 13,760 12,652 8.8% 6,549 6,521 0.4% 7,211 6,131 17.6%
Other 6,369 6,107 4.3% 2,302 2,310 (0.3%) 4,067 3,797 7.1%
------- ------- ------ ------ ------- ------- ------- ------- -------
Total Same Property $375,205 $358,712 4.6% $140,513 $135,404 3.8% $234,692 $223,308 5.1%
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 11.1% 95.6% 96.3% (0.7%) $1,456 $1,417 2.7%
Las Vegas, NV 2,937 7.0% 95.3% 96.3% (1.0%) 873 847 3.1%
Los Angeles/Orange County, CA 1,770 7.8% 93.2% 95.2% (2.0%) 1,641 1,590 3.2%
San Diego/Inland Empire, CA 846 3.1% 93.7% 94.7% (1.0%) 1,527 1,464 4.3%
Tampa, FL 4,613 8.7% 94.3% 95.8% (1.5%) 826 807 2.4%
Dallas, TX 5,441 7.2% 93.9% 95.4% (1.5%) 644 630 2.2%
Houston, TX 3,350 6.1% 95.0% 94.7% 0.3% 784 760 3.1%
SE Florida 2,520 9.3% 95.6% 96.5% (0.9%) 1,473 1,410 4.4%
Charlotte, NC 3,141 7.4% 95.6% 96.2% (0.6%) 896 852 5.2%
Orlando, FL 3,296 7.4% 93.3% 95.8% (2.5%) 919 902 1.9%
Atlanta, GA 3,202 7.2% 94.7% 94.9% (0.2%) 902 878 2.7%
Denver, CO 1,985 4.8% 95.8% 94.8% 1.0% 865 841 2.9%
Raleigh, NC 2,220 4.5% 94.1% 95.9% (1.8%) 774 743 4.2%
Phoenix, AZ 1,441 3.6% 94.3% 96.2% (1.9%) 931 876 6.2%
Austin, TX 1,968 3.1% 94.4% 94.9% (0.5%) 721 694 3.9%
Other 696 1.7% 94.3% 94.3% 0.0% 966 939 2.8%
------ ------ ------ ------ ------ ------ ----- -----
Total Same Property 42,089 100.0% 94.6% 95.6% (0.9%) $948 $918 3.3%
(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 Nine Months Ended
September 30, September 30,
--------------------------- ---------------------------
OPERATING DATA (a) 2007 2006 2007 2006
- ------------------ --------------------------- ---------------------------
Property Revenues
Rental revenues $5,475 $4,011 $15,415 $11,982
Other property revenues 683 464 1,807 1,305
--------------------------- ---------------------------
Total property revenues 6,158 4,475 17,222 13,287
Property Expenses
Property operating and maintenance 2,106 1,340 5,141 3,787
Real estate
taxes 535 376 1,463 1,158
--------------------------- ---------------------------
Total property expenses 2,641 1,716 6,604 4,945
Net Operating Income (NOI) 3,517 2,759 10,618 8,342
Other expenses
Interest 2,014 1,407 5,469 4,224
Depreciation and amortization 1,615 781 3,987 2,372
Other 35 27 90 71
--------------------------- ---------------------------
Total other expenses 3,664 2,215 9,546 6,667
Gain on sale of properties,
net - 1,084 - 2,839
--------------------------- ---------------------------
Equity in income of joint
ventures ($147) $1,628 $1,072 $4,514
=========================== ===========================
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
2007 2007 2007 2006 2006
------------------------------------------------------------------
BALANCE SHEET DATA (b)
- ------------------------------
Real estate assets, net $1,063,675 $1,045,006 $995,189 $976,408 $944,537
Cash and other assets, net 26,621 25,816 26,109 25,993 20,760
------------------------------------------------------------------
Total assets $1,090,296 $1,070,822 $1,021,298 $1,002,401 $965,297
Notes payable $859,786 $838,937 $795,329 $771,633 $748,542
Notes payable due to Camden 47,406 45,043 43,412 41,456 31,035
Other
liabilities 17,013 18,782 10,463 11,021 10,868
------------------------------------------------------------------
Total
liabilities $924,205 $902,762 $849,204 $824,110 $790,445
Members' equity 166,091 168,060 172,094 178,291 174,852
------------------------------------------------------------------
Total liabilities and members' equity $1,090,296 $1,070,822 $1,021,298 $1,002,401 $965,297
Camden's equity investment $12,243 $12,722 $8,321 $9,245 $8,266
Distributions in excess of investment in
joint ventures ($20,867) ($19,549) ($18,805) ($18,350) ($18,044)
Camden's pro-rata share of
debt $210,476 $210,476 $184,778 $176,707 $166,689
PROPERTY DATA (end of period)
- -----------------------------
Total operating properties 37 36 36 36 36
Total operating apartment homes 10,960 10,689 10,689 10,689 10,689
Pro rata share of operating apartment homes 2,153 2,072 2,072 2,072 2,072
Total development properties 4 5 5 5 3
Total development apartment homes 1,257 1,528 1,528 1,528 1,069
Pro rata share of development apartment homes 377 458 458 458 321
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) Balance sheet and property data reported at 100%.
CAMDEN CURRENT DEVELOPMENT PIPELINE
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2007 ($ in millions)
Estimated/Actual Dates for
Total Total Cost Construction Initial Construction Stabilized As of 10/28/07
Completed Communities Homes Budget to Date Start Occupancy Completion Operations % Leased % Occupied
- ----------------------------------------------------------------------------------------------------------------------------------
1.Camden Royal Oaks 236 $22.0 $21.0 2Q05 2Q06 3Q06 1Q08 72% 59%
Houston, TX
2.Camden Old Creek 350 98.0 92.1 1Q05 3Q06 1Q07 4Q07 83% 87%
San Marcos, CA ----- ----- ------ ---- ----
Total Completed Communities 586 $120.0 $113.1 78% 76%
Estimated/Actual Dates for
Total Total Cost Amount Construction Initial Construction Stabilized As of 10/28/07
Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations % Leased % Occupied
- ----------------------------------------------------------------------------------------------------------------------------------
UNDER CONSTRUCTION
- ------------------------------
3.Camden Monument Place 368 $64.0 $61.6 $22.1 1Q05 2Q07 4Q07 2Q08 50% 45%
Fairfax, VA
4.Camden City Centre 379 54.0 49.4 16.9 1Q06 2Q07 4Q07 3Q08 43% 41%
Houston, TX
5.Camden Potomac Yards 379 110.0 98.0 84.2 1Q05 3Q07 1Q08 4Q08 5% 3%
Arlington, VA
6.Camden Dulles Station 366 77.0 42.4 42.4 1Q06 1Q08 1Q09 3Q09
Oak Hill, VA
7.Camden Summerfield 291 68.0 53.5 53.5 2Q06 4Q07 4Q08 1Q09
Landover, MD
8.Camden Orange Court 261 49.0 37.1 37.1 2Q06 1Q08 3Q08 1Q09
Orlando, FL
9.Camden Circle C 208 27.0 7.0 7.0 2Q07 3Q08 4Q08 1Q09
Austin, TX
10.Camden Whispering Oaks 274 30.0 5.4 5.4 3Q07 3Q08 1Q09 3Q09
Houston, TX ----- ----- ----- ----
Total Development Communities 2,526 $479.0 $354.4 $268.6
Additional land held for development (a) 220.0
------
Total Properties Under Development (per Balance Sheet) $488.6
=======
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
Total Cost 3Q07 NOI
---------- --------
Development Communities stabilized at quarter end $144.3 $2.1
Completed Communities in lease-up 113.1 0.7
Development Communities 354.4 0.6
------ ----
Total Development NOI Contribution $611.8 $3.4
(a) Please refer to the future development pipeline summary on page 18.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of
this document.
CAMDEN JOINT VENTURE DEVELOPMENT PIPELINE
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
JOINT VENTURE DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2007 ($ in millions)
Estimated/Actual Dates for
Total Total Cost Amount Construction Initial Construction Stabilized As of 10/28/07
Joint Venture Camden Developed Homes Budget to Date in CIP Start Occupancy Completion Operations % %
Communities Leased Occupied
- ----------------------------------------------------------------------------------------------------------------------------------
COMPLETED AND IN LEASE-UP
- ---------------------------
1.Camden Plaza 271 $42.9 $40.5 $0.0 1Q06 2Q07 3Q07 2Q08 46% 44%
Houston, TX
UNDER CONSTRUCTION
- ---------------------------
2.Camden College Park 508 139.9 112.0 88.0 3Q06 4Q07 1Q09 4Q09 6% 3%
College Park, MD
3.Camden Main & Jamboree 290 107.1 105.2 105.1 3Q04 4Q07 4Q07 2Q08
Irvine, CA ----- ------ ----- -----
Total Joint Venture Camden
Developed Communities 1,069 $289.9 $257.7 $193.1
Camden Camden Estimated/Actual Dates for
Total Total Cost Equity Mezzanine Construction Stabilized
Joint Venture Third Party Homes Budget to Date Invested Invested Start Operations
Developed Communities
- ---------------------------------------------------------------------------------------------------------------
UNDER CONSTRUCTION
- ---------------------------
1.Braeswood Place 340 $48.0 $18.7 $1.4 $7.8 1Q07 1Q09
Houston, TX
2.Belle Meade 119 30.0 7.1 1.0 4.7 2Q07 1Q09
Houston, TX ---- ----- ----- ----- -----
Total Joint Venture Third Party
Developed Communities 459 $78.0 $25.8 $2.4 $12.5
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of
this document.
CAMDEN FUTURE DEVELOPMENT PIPELINE
& LAND HELD FOR SALE
- ----------------------------------------------------------------------------------------------------------
(Unaudited)
DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2007 ($ in millions)
Projected Estimated Cost
PIPELINE COMMUNITIES (a) Homes Budget to Date
- ----------------------------------------------------------------------------------------------------------
PRE CONSTRUCTION
- -----------------
1.Camden Amber Oaks I 348 $40.0 $6.0
Austin, TX
2.Camden Montague 192 33.0 6.7
Tampa, FL
3.Camden South Capital 276 110.0 21.6
Washington, DC
4.Camden Lake Nona 432 70.0 14.9
Orlando, FL
5.Camden Noma I 313 150.0 21.5
Washington, DC
6.Camden Lincoln Station 271 60.0 6.3
Denver, CO
7.Camden Deer Springs 428 85.0 16.4
Las Vegas, NV
8.Camden North Lamar 290 55.0 7.5
Austin, TX
9.Camden McGowen Station 237 48.0 9.7
Houston,TX
10.Camden Summerfield II 187 55.0 16.4
Landover, MD
PRE DEVELOPMENT
- ----------------
11.Camden Selma and Vine 306 250.0 32.3
Hollywood, CA
12.Camden Sutherland 238 45.0 0.9
Houston, TX
13.Camden City Centre II 239 40.0 7.1
Houston, TX
14.Camden Amber Oaks II 244 30.0 4.2
Austin, TX
15.Camden Noma II 400 192.0 27.5
Washington, DC
16.Camden Andrau 601 57.0 7.9
Houston, TX
17.Camden Farmers Market III 306 50.0 9.6
Dallas, TX
UNDER CONTRACT
- ----------------
18.Camden Celebration 438 75.0 0.0
Orlando, FL
19.Camden Countryway 348 60.0 0.0
Tampa, FL
20.Camden Highlands 400 80.0 0.0
---- ----- ----
Broomefield, CO
Subtotal Development Pipeline 6,494 $1,585.0 $216.4
Costs incurred for Properties Under Contract (b) 3.6
Total Development Pipeline $220.0
Current
LAND HELD FOR SALE AS OF SEPTEMBER 30, 2007 ($ in millions) Acres Book Value
- ----------------------------------------------------------------------------------------------------------
1.Southeast Florida 3.1 $12.5
2.Dallas 2.4 1.8
---- ------
Total Land Parcels Held For Sale: 5.5 $14.3
(a) Represents development opportunities in the early phase of the development process for which the Company either has an option to
acquire land or enter into a leasehold interest, for which the Company is the buyer under a long-term conditional contract to
purchase land or where the Company owns land to develop a new community.
(b) The Company capitalizes related predevelopment costs incurred in pursuit of new developments for which future development is
probable.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of
this document.
CAMDEN REDEVELOPMENT SUMMARY
- -----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
REDEVELOPMENT SUMMARY AS OF SEPTEMBER 30, 2007 ($ in millions)
Homes Estimated/Actual Dates for
Total Redeveloped Total Cost Redevelopment Redevelopment Project 3Q07 Average
Communities Homes To Date Budget to Date Start Completion Restabilizatio % Occupied
- -----------------------------------------------------------------------------------------------------------------------------
1.Camden Breakers 288 215 $1.2 $0.6 4Q06 1Q08 2Q08 93%
Corpus Christi, TX
2.Camden Canyon 200 92 2.5 1.4 1Q07 2Q08 3Q08 94%
Las Vegas, NV
3.Camden Del Mar 560 310 7.9 4.8 1Q07 2Q08 3Q08 89%
Las Vegas, NV
4.Camden Fairways 320 172 5.3 2.9 1Q07 2Q08 3Q08 89%
Henderson, NV
5.Camden Glen Lakes 424 330 6.2 5.7 4Q06 1Q08 2Q08 82%
Dallas, TX
6.Camden Providence Lakes 260 187 1.6 1.5 4Q06 1Q08 2Q08 88%
Brandon, FL
7.Camden Touchstone 132 115 1.3 0.9 4Q06 1Q08 2Q08 91%
Charlotte, NC
8.Camden Vanderbilt 894 572 8.2 4.8 4Q06 2Q08 3Q08 83%
Houston, TX
9.Camden Westshore 278 224 1.7 1.3 4Q06 1Q08 2Q08 75%
---- ---- ---- ---- ----
Tampa, FL
Total 3,356 2,217 $35.9 $23.9
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of
this document.
CAMDEN NOTES RECEIVABLE SUMMARY
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
NOTES RECEIVABLE AS OF SEPTEMBER 30, 2007 ($ in thousands)
09/30/07 09/30/07 06/30/07
Total Note Note
Location Current Property Type Current Status Homes Balance Balance
-----------------------------------------------------------------------------------------------------------------------
Irvine, CA Multifamily Development 290 $19,636 $18,959
Houston, TX Multifamily Development/Predevelopment 831 32,197 30,535
College Park, MD Multifamily Development 508 7,904 7,631
----------- --------- --------
Total Notes Receivable: 1,629 $59,737 $57,125
Weighted Average Interest Rate Recognized: 11.6% 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 SEPTEMBER 30, 2007: (a)
Weighted Average
Future Scheduled Repayments Percent Interest Rate on
---------------------------------------------- of Total Maturing Debt
Year Amortization Maturities Total
----------------------------------------------------------------------------------------------------------------
2007 $3,097 $0 $3,097 0.1% 0.0%
2008 11,694 188,879 200,573 7.3% 4.8%
2009 7,772 190,324 198,096 7.2% 5.0%
2010 7,026 445,677 452,703 16.4% 5.1%
2011 4,033 244,233 248,266 9.0% 6.5%
2012 2,913 269,541 272,454 9.9% 5.7%
2013 1,624 225,831 227,455 8.2% 5.4%
Thereafter 45,919 567,629 613,548 22.2% 5.3%
--------------- -------------- --------------- ----------------- --------------------
Total Maturing Debt $84,078 $2,132,114 $2,216,192 80.2% 5.4%
Unsecured Line of Credit &
Other Short Term
Borrowings 0 548,000 548,000 19.8% 5.5%
--------------- -------------- --------------- ----------------- --------------------
Total Debt $84,078 $2,680,114 $2,764,192 100.0% 5.4%
Weighted Average Maturity of Debt 5.2 Years (excluding line of credit)
Weighted Average
FLOATING vs. FIXED RATE DEBT: Balance % of Total Interest Rate
------------------------------------------------
Floating rate debt $605,871 21.9% 5.5%
Fixed rate debt 2,158,321 78.1% 5.4%
-------------- --------------- -----------------
Total $2,764,192 100.0% 5.4%
Weighted Average
SECURED vs. UNSECURED DEBT: Balance % of Total Interest Rate
------------------------------------------------
Unsecured debt $2,198,628 79.5% 5.6%
Secured debt 565,564 20.5% 4.9%
-------------- --------------- -----------------
Total $2,764,192 100.0% 5.4%
Weighted Average
SECURED DEBT DETAIL: Balance % of Total Interest Rate
------------------------------------------------
Coventional fixed-rate mortgage debt $501,286 88.6% 4.8%
Tax exempt fixed rate debt 6,407 1.2% 7.3%
Tax exempt variable rate debt 57,871 10.2% 4.9%
-------------- --------------- -----------------
Total $565,564 100.0% 4.9%
REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total
---------------------------------------------------------------------
Unencumbered real estate assets 47,327 84.5% $4,523,839 81.7%
Encumbered real estate assets 8,701 15.5% 1,016,329 18.3%
-------------- --------------- ----------------- --------------------
Total 56,028 100.0% $5,540,168 100.0%
-------------------------------------------------------------------------------------
Ratio of unencumbered assets at cost to unsecured debt is 2.1 times
-------------------------------------------------------------------------------------
UNCONSOLIDATED, NON-RECOURSE DEBT:
Pro-Rata Share of Debt $210,476
Weighted Average Interest Rate 6.4%
(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
September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a) Required Actual (b) Compliance
- -------------------------------------------------------- ----------------------------------- ------------ -----------
Total Consolidated Debt to Gross Asset Value less than or equal to 60% 46% Yes
Secured Debt to Gross Asset Value less than or equal to 40% 9% Yes
Consolidated EBITDA to Total Fixed Charges greater than or equal to 150% 212% Yes
Unencumbered Adjusted NOI to Unsecured Interest Expense greater than 200% 237% Yes
SENIOR UNSECURED NOTES
Covenant (a) Required Actual (b) Compliance
- -------------------------------------------------------- ----------------------------------- ------------ -----------
Total Consolidated Debt to Total Asset Value less than or equal to 60% 49% Yes
Total Secured Debt to Total Asset Value less than or equal to 40% 10% Yes
Total Unencumbered Asset Value to Total Unsecured Debt greater than or equal to 150% 212% Yes
Consolidated Income Available for Debt Service to Total greater than 150% 255% 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)
Third Quarter 2007 (a)
------------------------------------------------------------------------------------
Capitalized Expensed
--------------------------------------------------------- -------------------------
Weighted Average
Item Useful Life (b) Total Per Unit Total Per Unit
--------------------------------- --------------------------------------------------------- -------------------------
Interiors
Floor coverings 5.4 years $3,310 $62 $1,058 $20
Appliances 9.2 years 605 11 166 3
Painting - - - 1,999 37
Cabinetry/Countertops 10.0 years 269 5 - -
Other 9.3 years 633 12 773 14
Exteriors
Painting 5.0 years 1,622 30 - -
Carpentry 10.0 years 1,622 30 - -
Landscaping 7.4 years 732 14 2,543 48
Roofing 20.0 years 172 3 113 2
Site Drainage 10.0 years 116 2 - -
Fencing/Stair 10.0 years 386 7 - -
Other (c) 8.0 years 1,126 21 3,075 58
Common Areas
Mech., Elec., Plumbing 9.8 years 901 17 954 18
Parking/Paving 5.0 years 160 3 - -
Pool/Exercise/Facility 8.2 years 1,158 22 419 8
------------------------- -------------------------
$12,812 $240 $11,100 $208
Weighted Average Apartment Homes 53,466 53,466
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 $9,215 $173 $2,667 $50
Appliances 9.2 years 1,768 33 449 8
Painting - - - 5,001 94
Cabinetry/Countertops 10.0 years 730 14 - -
Other 9.3 years 1,818 34 1,645 31
Exteriors
Painting 5.0 years 3,051 57 - -
Carpentry 10.0 years 3,346 63 - -
Landscaping 7.4 years 2,812 53 8,068 151
Roofing 20.0 years 1,193 22 231 4
Site Drainage 10.0 years 353 7 - -
Fencing/Stair 10.0 years 1,011 19 - -
Other (c) 8.0 years 2,965 56 8,572 161
Common Areas
Mech., Elec., Plumbing 9.8 years 2,713 51 2,439 46
Parking/Paving 5.0 years 819 15 - -
Pool/Exercise/Facility 8.2 years 3,765 71 1,074 20
------------------------- -------------------------
$35,559 $667 $30,146 $565
Weighted Average Apartment Homes 53,329 53,329
(a) Includes discontinued operations. Capitalized expenditures for discontinued operations were $675 and $1,607 for the three and
nine months months ended September 30, 2007. Maintenance expenses for discontinued operations were $487 and $1,744 for the same
periods.
(b) of capitalized expenses for the three months ended September 30, 2007
(c) Includes in part the following items: site/building repair, masonry/plaster, and general conditions. Costs recorded as repairs
and maintenance exclude costs related to our trash removal rebilling program which were included as a component of repairs and
maintenance in prior periods but are now included in utility costs during the period.
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 on page 1 of
this document.
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
- --------------------------------------------------- ----------------------------------------------------------------
(Unaudited)
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
---------------------------- ---------------------
EBITDA $86,762 $83,926 $262,381 $254,483
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: Q4 '07 Q1 '08 Q2 '08 Q3 '08
------------ ----------- ----------- -----------
Earnings release & conference call Early Feb Early May Early Aug Early Nov
Dividend Information - Common Shares: Q1 '07 Q2 '07 Q3 '07
------------ ----------- -----------
Declaration Date 03/15/07 06/15/07 09/14/07
Record Date 03/30/07 06/29/07 09/28/07
Payment Date 04/17/07 07/17/07 10/17/07
Distributions Per Share $0.69 $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 09/30/07
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q07 Avg
Market Rental Rates
Year Placed Average Apartment 3Q07 Avg ---------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------------------
Camden Copper Square Phoenix AZ 2000 786 332 94% 869 1.11
Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 93% 819 0.78
Camden Legacy Scottsdale AZ 1996 1,067 428 92% 1,021 0.96
Camden Pecos Ranch (1) Chandler AZ 2001 924 272 97% 873 0.94
Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 95% 1,055 1.01
Camden Sierra (1) Peoria AZ 1997 925 288 94% 791 0.86
Camden Towne Center (1) Glendale AZ 1998 871 240 95% 808 0.93
Camden Vista Valley Mesa AZ 1986 923 357 95% 749 0.81
==================================================================================================================================
TOTAL ARIZONA 8 Properties 951 2,433 94% 884 0.93
Camden Crown Valley Mission Viejo CA 2001 1,009 380 96% 1,648 1.63
Camden Harbor View Long Beach CA 2004 976 538 93% 2,048 2.10
Camden Martinique Costa Mesa CA 1986 795 714 95% 1,375 1.73
Camden Parkside (1) Fullerton CA 1972 836 421 94% 1,287 1.54
Camden Sea Palms Costa Mesa CA 1990 891 138 96% 1,583 1.78
------------------------------------------------------------------------------------------------
Total Los Angeles/Orange 5 Properties 890 2,191 94% 1,584 1.78
County
Camden Old Creek (2) San Marcos CA 2007 1,036 350 Lease-up 1,596 1.54
Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 96% 1,497 1.56
Camden Tuscany San Diego CA 2003 891 160 96% 1,994 2.24
Camden Vineyards Murrieta CA 2002 1,053 264 91% 1,308 1.24
------------------------------------------------------------------------------------------------
Total San Diego/Inland 4 Properties 994 1,196 94% 1,550 1.56
Empire
==================================================================================================================================
TOTAL CALIFORNIA 9 Properties 927 3,387 94% 1,572 1.70
Camden Arbors Westminster CO 1986 792 358 96% 714 0.90
Camden Caley Englewood CO 2000 925 218 96% 839 0.91
Camden Centennial Littleton CO 1985 744 276 97% 687 0.92
Camden Denver West (1) Golden CO 1997 1,015 320 97% 1,020 1.00
Camden Highlands Ridge Highlands Ranch CO 1996 1,149 342 96% 1,085 0.95
Camden Interlocken Broomfield CO 1999 1,022 340 97% 1,051 1.03
Camden Lakeway Littleton CO 1997 932 451 97% 891 0.96
Camden Pinnacle (3) Westminster CO 1985 748 224 92% 649 0.87
==================================================================================================================================
TOTAL COLORADO 8 Properties 927 2,529 96% 882 0.95
Camden Ashburn Farms Ashburn VA 2000 1,061 162 95% 1,335 1.26
Camden Clearbrook Frederick MD 2007 1,049 297 96% 1,264 1.20
Camden Fair Lakes Fairfax VA 1999 996 530 93% 1,489 1.50
Camden Fairfax Corner Fairfax VA 2006 934 488 95% 1,580 1.69
Camden Fallsgrove Rockville MD 2004 996 268 96% 1,533 1.54
Camden Grand Parc Washington DC 2002 904 105 97% 2,174 2.40
Camden Lansdowne Leesburg VA 2002 1,006 690 97% 1,294 1.29
Camden Largo Town Center Largo MD 2000/2007 1,028 245 96% 1,581 1.54
Camden Roosevelt Washington DC 2003 856 198 97% 2,130 2.49
Camden Russett Laurel MD 2000 1,025 426 95% 1,312 1.28
Camden Silo Creek Washington DC 2004 971 284 96% 1,278 1.32
Camden Westwind Ashburn VA 2006 1,036 464 93% 1,287 1.24
==================================================================================================================================
TOTAL DC METRO 12 Properties 995 4,157 96% 1,446 1.45
Camden Aventura Aventura FL 1995 1,106 379 94% 1,429 1.29
Camden Brickell Miami FL 2003 937 405 96% 1,520 1.62
Camden Doral Miami FL 1999 1,172 260 96% 1,491 1.27
Camden Doral Villas Miami FL 2000 1,253 232 95% 1,550 1.24
Camden Las Olas Ft. Lauderdale FL 2004 1,043 420 95% 1,669 1.60
Camden Plantation Plantation FL 1997 1,152 502 95% 1,357 1.18
Camden Portofino Pembroke Pines FL 1995 1,307 322 96% 1,333 1.02
------------------------------------------------------------------------------------------------
Total Southeast Florida 7 Properties 1,124 2,520 95% 1,474 1.31
Camden Club Longwood FL 1986 1,077 436 94% 924 0.86
Camden Hunter's Creek Orlando FL 2000 1,082 270 96% 993 0.92
Camden Lago Vista Orlando FL 2005 954 366 91% 980 1.03
Camden Landings Orlando FL 1983 748 220 93% 757 1.01
Camden Lee Vista Orlando FL 2000 937 492 93% 889 0.95
Camden Renaissance Altamonte Springs FL 1996/1998 899 578 94% 889 0.99
Camden Reserve Orlando FL 1990/1991 824 526 95% 811 0.98
Camden World Gateway Orlando FL 2000 979 408 93% 1,021 1.04
------------------------------------------------------------------------------------------------
Total Orlando 8 Properties 937 3,296 94% 907 0.97
CAMDEN COMMUNITY TABLE
Community Statistics as of 09/30/07
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q07 Avg
Market Rental Rates
Year Placed Average Apartment 3Q07 Avg ---------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------------------
Camden Bay Tampa FL 1997/2001 943 760 92% 869 0.92
Camden Bay Pointe Tampa FL 1984 771 368 96% 745 0.97
Camden Bayside Tampa FL 1987/1989 748 832 94% 785 1.05
Camden Citrus Park Tampa FL 1985 704 247 95% 720 1.02
Camden Isles (3) Tampa FL 1983/1985 722 484 94% 704 0.97
Camden Lakes St. Petersburg FL 1982/1983 728 688 93% 736 1.01
Camden Lakeside Brandon FL 1986 728 228 92% 785 1.08
Camden Live Oaks Tampa FL 1990 1,093 770 95% 811 0.74
Camden Preserve Tampa FL 1996 942 276 95% 1,122 1.19
Camden Providence Lakes (4) Brandon FL 1996 1,024 260 88% 892 0.87
Camden Royal Palms Brandon FL 2006 1,017 352 85% 979 0.96
Camden Westshore (4) Tampa FL 1986 728 278 75% 842 1.16
Camden Woods Tampa FL 1986 1,223 444 94% 867 0.71
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Total Tampa/St. Petersburg 13 Properties 883 5,987 93% 822 0.93
==================================================================================================================================
TOTAL FLORIDA 28 Properties 949 11,803 93% 985 1.04
Camden Brookwood Atlanta GA 2002 906 359 95% 994 1.10
Camden Dunwoody Atlanta GA 1997 1,007 324 95% 930 0.92
Camden Deerfield Alpharetta GA 2000 1,187 292 97% 943 0.79
Camden Midtown Atlanta Atlanta GA 2001 953 296 96% 1,026 1.08
Camden Peachtree City Peachtree City GA 2001 1,026 399 96% 873 0.85
Camden River Duluth GA 1997 1,103 352 95% 892 0.81
Camden Shiloh Kennesaw GA 1999/2002 1,151 232 94% 849 0.74
Camden St. Clair Atlanta GA 1997 969 336 96% 951 0.98
Camden Stockbridge Stockbridge GA 2003 1,009 304 96% 772 0.77
Camden Sweetwater Lawrenceville GA 2000 1,151 308 96% 811 0.70
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TOTAL GEORGIA 10 Properties 1,041 3,202 96% 906 0.87
Camden Brookside (1) Louisville KY 1987 732 224 96% 626 0.85
Camden Meadows (1) Louisville KY 1987/1990 746 400 96% 660 0.88
Camden Oxmoor (1) Louisville KY 2000 903 432 97% 787 0.87
Camden Prospect Park (1) Louisville KY 1990 916 138 95% 728 0.79
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TOTAL KENTUCKY 4 Properties 820 1,194 96% 707 0.86
Camden Passage (1) Kansas City MO 1989/1997 832 596 94% 683 0.82
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Total Kansas City 1 Property 832 596 94% 683 0.82
Camden Cedar Lakes (1) Lake St. Louis MO 1986 852 420 94% 655 0.77
Camden Cove West (1) Creve Coeur MO 1990 828 276 95% 846 1.02
Camden Cross Creek (1) St. Louis MO 1973/1980 947 591 96% 752 0.79
Camden Westchase (1) St. Louis MO 1986 945 160 96% 822 0.87
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Total St. Louis 4 Properties 896 1,447 95% 750 0.84
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TOTAL MISSOURI 5 Properties 878 2,043 95% 730 0.83
Camden Bel Air Las Vegas NV 1988/1995 943 528 93% 886 0.94
Camden Breeze Las Vegas NV 1989 846 320 95% 849 1.00
Camden Canyon (4) Las Vegas NV 1995 987 200 94% 966 0.98
Camden Commons Henderson NV 1988 936 376 96% 913 0.98
Camden Cove Las Vegas NV 1990 898 124 96% 865 0.96
Camden Del Mar (4) Las Vegas NV 1995 986 560 89% 1,039 1.05
Camden Fairways (4) Henderson NV 1989 896 320 89% 976 1.09
Camden Hills Las Vegas NV 1991 579 184 96% 640 1.11
Camden Legends Henderson NV 1994 792 113 92% 915 1.16
Camden Palisades Las Vegas NV 1991 905 624 95% 905 1.00
Camden Pines (1) Las Vegas NV 1997 1,005 315 98% 936 0.93
Camden Pointe Las Vegas NV 1996 985 252 97% 913 0.93
Camden Summit (1) Henderson NV 1995 1,187 234 97% 1,218 1.03
Camden Tiara (1) Las Vegas NV 1996 1,043 400 96% 989 0.95
Camden Vintage Las Vegas NV 1994 978 368 92% 860 0.88
Oasis Bay (1) Las Vegas NV 1990 876 128 95% 856 0.98
Oasis Crossing (1) Las Vegas NV 1996 983 72 97% 892 0.91
CAMDEN COMMUNITY TABLE
Community Statistics as of 09/30/07
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q07 Avg
Market Rental Rates
Year Placed Average Apartment 3Q07 Avg ---------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
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Oasis Emerald (1) Las Vegas NV 1988 873 132 96% 775 0.89
Oasis Gateway (1) Las Vegas NV 1997 1,146 360 92% 966 0.84
Oasis Island (1) Las Vegas NV 1990 901 118 94% 767 0.85
Oasis Landing (1) Las Vegas NV 1990 938 144 93% 821 0.88
Oasis Meadows (1) Las Vegas NV 1996 1,031 383 96% 889 0.86
Oasis Palms (1) Las Vegas NV 1989 880 208 93% 809 0.92
Oasis Pearl (1) Las Vegas NV 1989 930 90 97% 780 0.84
Oasis Place (1) Las Vegas NV 1992 440 240 93% 590 1.34
Oasis Ridge (1) Las Vegas NV 1984 391 477 92% 542 1.39
Oasis Sands Las Vegas NV 1994 1,125 48 93% 872 0.77
Oasis Sierra (1) Las Vegas NV 1998 922 208 94% 920 1.00
Oasis Springs (1) Las Vegas NV 1988 838 304 95% 746 0.89
Oasis Vinings (1) Las Vegas NV 1994 1,152 234 92% 866 0.75
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TOTAL NEVADA 30 Properties 908 8,064 95% 875 0.96
Camden Ballantyne Charlotte NC 1998 1,053 400 96% 892 0.85
Camden Cotton Mills Charlotte NC 2002 906 180 97% 1,281 1.41
Camden Dilworth Charlotte NC 2006 857 145 96% 1,252 1.46
Camden Eastchase (3) Charlotte NC 1986 698 220 94% 578 0.83
Camden Fairview Charlotte NC 1983 1,036 135 97% 834 0.80
Camden Forest Charlotte NC 1989 703 208 93% 624 0.89
Camden Foxcroft Charlotte NC 1979 940 156 94% 751 0.80
Camden Grandview Charlotte NC 2000 1,145 266 96% 1,415 1.24
Camden Habersham Charlotte NC 1986 773 240 94% 665 0.86
Camden Park Commons Charlotte NC 1997 859 232 94% 728 0.85
Camden Pinehurst Charlotte NC 1967 1,147 407 96% 798 0.70
Camden Sedgebrook Charlotte NC 1999 1,017 368 97% 831 0.82
Camden Simsbury Charlotte NC 1985 874 100 97% 753 0.86
Camden South End Square Charlotte NC 2003 883 299 95% 1,159 1.31
Camden Stonecrest Charlotte NC 2001 1,169 306 95% 964 0.82
Camden Timber Creek (3) Charlotte NC 1984 706 352 94% 598 0.85
Camden Touchstone (4) Charlotte NC 1986 899 132 91% 753 0.84
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Total Charlotte 17 Properties 941 4,146 95% 873 0.93
Camden Glen (3) Greensboro NC 1980 662 304 94% 562 0.85
Camden Wendover (3) Greensboro NC 1985 795 216 93% 621 0.78
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Total Greensboro 2 Properties 717 520 93% 586 0.82
Camden Crest Raleigh NC 2001 1,129 438 95% 785 0.69
Camden Governor's Village Chapel Hill NC 1999 1,134 242 91% 856 0.75
Camden Lake Pine Apex NC 1999 1,075 446 93% 817 0.76
Camden Manor Park Raleigh NC 2006 966 484 93% 854 0.88
Camden Overlook Raleigh NC 2001 1,056 320 96% 857 0.81
Camden Reunion Park Apex NC 2000/2004 972 420 92% 676 0.70
Camden Westwood Morrisville NC 1999 1,112 354 96% 764 0.69
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Total Raleigh 7 Properties 1,056 2,704 94% 798 0.76
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TOTAL NORTH CAROLINA 26 Properties 967 7,370 95% 825 0.85
Camden Valleybrook Chadds Ford PA 2002 992 352 93% 1,301 1.31
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TOTAL PENNSYLVANIA 1 Property 992 352 93% 1,301 1.31
Camden Briar Oaks Austin TX 1980 711 430 92% 606 0.85
Camden Gaines Ranch Austin TX 1997 955 390 95% 989 1.04
Camden Huntingdon Austin TX 1995 903 398 96% 760 0.84
Camden Laurel Ridge Austin TX 1986 702 183 94% 611 0.87
Camden Ridgecrest Austin TX 1995 851 284 96% 682 0.80
Camden Ridgeview (3) Austin TX 1984 859 167 94% 630 0.73
Camden South Congress Austin TX 2001 975 253 89% 1,459 1.50
Camden Stoneleigh Austin TX 2001 908 390 95% 849 0.93
Camden Woodview Austin TX 1984 644 283 95% 635 0.99
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Total Austin 9 Properties 840 2,778 94% 806 0.96
Camden Breakers (4) Corpus Christi TX 1996 868 288 93% 874 1.01
Camden Copper Ridge Corpus Christi TX 1986 775 344 96% 639 0.82
Camden Miramar (5) Corpus Christi TX 1994-2004 468 778 61% 863 1.84
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Total Corpus Christi 3 Properties 625 1,410 96% 810 1.30
CAMDEN COMMUNITY TABLE
Community Statistics as of 09/30/07
- ----------------------------------------------------------------------------------------------------------------------------------
(Unaudited) 3Q07 Avg
Market Rental Rates
Year Placed Average Apartment 3Q07 Avg ---------------------
Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft.
- ----------------------------------------------------------------------------------------------------------------------------------
Camden Addison (1) Addison TX 1996 942 456 94% 822 0.87
Camden Buckingham Richardson TX 1997 919 464 96% 792 0.86
Camden Centreport Ft. Worth TX 1997 910 268 93% 775 0.85
Camden Cimarron Irving TX 1992 772 286 96% 762 0.99
Camden Farmers Market Dallas TX 2001/2005 933 904 94% 929 1.00
Camden Gardens Dallas TX 1983 652 256 95% 539 0.83
Camden Glen Lakes (4) Dallas TX 1979 877 424 82% 754 0.86
Camden Lakeview Irving TX 1985 853 476 91% 617 0.72
Camden Legacy Creek Plano TX 1995 831 240 97% 801 0.96
Camden Legacy Park Plano TX 1996 871 276 98% 830 0.95
Camden Oasis Euless TX 1986 548 602 86% 539 0.98
Camden Place Mesquite TX 1984 772 442 95% 583 0.76
Camden Ridge (3) Ft. Worth TX 1985 829 208 94% 608 0.73
Camden Springs Dallas TX 1987 713 304 92% 564 0.79
Camden Terrace (3) Ft. Worth TX 1984 848 340 96% 602 0.71
Camden Towne Village Mesquite TX 1983 735 188 94% 618 0.84
Camden Valley Creek Irving TX 1984 855 380 94% 643 0.75
Camden Valley Park Irving TX 1986 743 516 94% 624 0.84
Camden Valley Ridge Irving TX 1987 773 408 92% 583 0.75
Camden Westview Lewisville TX 1983 697 335 94% 595 0.85
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Total Dallas/Ft. Worth 20 Properties 810 7,773 93% 693 0.86
Camden Baytown Baytown TX 1999 844 272 94% 815 0.97
Camden Creek Houston TX 1984 639 456 93% 584 0.91
Camden Greenway Houston TX 1999 861 756 95% 979 1.14
Camden Holly Springs (1) Houston TX 1999 934 548 96% 904 0.97
Camden Midtown Houston TX 1999 843 337 98% 1,143 1.35
Camden Oak Crest Houston TX 2003 870 364 97% 825 0.95
Camden Park (1) Houston TX 1995 866 288 96% 786 0.91
Camden Plaza (1)(2) Houston TX 2007 915 271 Lease-up 1,313 1.44
Camden Royal Oaks (2) Houston TX 2006 923 236 Lease-up 1,036 1.12
Camden Steeplechase Houston TX 1982 748 290 94% 631 0.84
Camden Stonebridge Houston TX 1993 845 204 97% 789 0.93
Camden Sugar Grove (1) Stafford TX 1997 917 380 96% 884 0.96
Camden Vanderbilt (4) Houston TX 1996/1997 863 894 83% 1,115 1.29
Camden West Oaks Houston TX 1982 726 671 93% 577 0.79
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Total Houston 14 Properties 837 5,967 95% 888 1.06
==================================================================================================================================
TOTAL TEXAS 46 Properties 809 17,928 94% 785 0.97
==================================================================================================================================
TOTAL PROPERTIES 187 Properties 908 64,462 95% 935 1.03
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(1)Communities owned through investment in joint venture.
(2)Completed communities in lease-up as of September 30, 2007 are excluded from total occupancy numbers.
(3)Communities held for sale as of September 30, 2007.
(4)Communities under redevelopment as of September 30, 2007 are excluded from total occupancy numbers.
(5)Miramar is a student housing community which is excluded from total occupancy numbers.