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Camden Property Trust Announces Third Quarter 2013 Operating Results



  Camden Property Trust Announces Third Quarter 2013 Operating Results

Business Wire

HOUSTON -- October 31, 2013

Camden Property Trust (NYSE: CPT) today announced operating results for the
three and nine months ended September 30, 2013.

Funds From Operations (“FFO”)

FFO for the third quarter of 2013 totaled $1.04 per diluted share or $93.3
million, as compared to $0.93 per diluted share or $82.1 million for the same
period in 2012. FFO for the three months ended September 30, 2013 included: a
$1.2 million or $0.01 per diluted share impact from additional promoted equity
interest related to the sale of 14 joint venture properties during the second
quarter of 2013.

FFO for the nine months ended September 30, 2013 totaled $3.03 per diluted
share or $271.4 million, as compared to $2.65 per diluted share or $227.4
million for the same period in 2012. FFO for the nine months ended September
30, 2013 included: a $5.0 million or $0.06 per diluted share impact from a
promoted equity interest recognized in conjunction with the sale of joint
venture properties; a $1.0 million or $0.01 per diluted share impact from
non-recurring fee income; a $0.6 million or $0.01 per diluted share charge
related to executive separation costs; and a $0.7 million or $0.01 per diluted
share gain on sale of undeveloped land. FFO for the nine months ended
September 30, 2012 included a $2.1 million or $0.02 per diluted share charge
related to the redemption of perpetual preferred operating partnership units.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $70.7 million or $0.80 per diluted share for the
third quarter of 2013, as compared to $30.7 million or $0.35 per diluted share
for the same period in 2012. EPS for the three months ended September 30, 2013
included a $34.4 million or $0.39 per diluted share gain on sale of
discontinued operations, and a $1.2 million or $0.01 per diluted share impact
from additional promoted equity interest related to the sale of 14 joint
venture properties during the second quarter of 2013. EPS for the three months
ended September 30, 2012 included a $2.9 million or $0.03 per diluted share
impact related to the gain on sale of an unconsolidated joint venture
property.

For the nine months ended September 30, 2013, the Company reported EPS of
$206.4 million or $2.34 per diluted share, as compared to $141.2 million or
$1.67 per diluted share for the same period in 2012. EPS for the nine months
ended September 30, 2013 included: a $91.1 million or $1.03 per diluted share
gain on sale of discontinued operations; a $13.0 million or $0.15 per diluted
share gain on sale of unconsolidated joint venture properties; a $5.0 million
or $0.06 per diluted share impact from a promoted equity interest recognized
in conjunction with the sale of joint venture properties; a $1.0 million or
$0.01 per diluted share impact from non-recurring fee income; a $0.6 million
or $0.01 per diluted share charge related to executive separation costs; and a
$0.7 million or $0.01 per diluted share gain on sale of undeveloped land. EPS
for the nine months ended September 30, 2012 included: a $40.2 million or
$0.47 per diluted share impact related to the gain on acquisition of the
controlling interest in twelve joint ventures; a $32.5 million or $0.38 per
diluted share impact related to the gain on sale of discontinued operations; a
$2.9 million or $0.03 per diluted share impact related to the gain on sale of
an unconsolidated joint venture property; and, a $2.1 million or $0.02 per
diluted share charge related to the redemption of perpetual preferred
operating partnership units.

A reconciliation of net income attributable to common shareholders to FFO is
included in the financial tables accompanying this press release.

Same Property Results

For the 42,005 apartment homes included in consolidated same property results,
third quarter 2013 same property NOI increased 5.6% compared to the third
quarter of 2012, with revenues increasing 4.3% and expenses increasing 2.1%.
On a sequential basis, third quarter 2013 same property NOI increased 2.2%
compared to the second quarter of 2013, with revenues increasing 1.7% and
expenses increasing 0.7% compared to the prior quarter. On a year-to-date
basis, 2013 same property NOI increased 6.2%, with revenues increasing 5.2%
and expenses increasing 3.5% compared to the same period in 2012. Same
property physical occupancy levels for the portfolio averaged 95.4% during the
third quarter of 2013, compared to 95.6% in the third quarter of 2012 and
95.4% in the second quarter of 2013.

The Company defines same property communities as communities owned and
stabilized since January 1, 2012, excluding properties held for sale. A
reconciliation of net income attributable to common shareholders to net
operating income and same property net operating income is included in the
financial tables accompanying this press release.

Acquisition Activity

The Company completed two acquisitions during the quarter for a total of
$116.5 million: Camden Sotelo, a 170-home apartment community in Tempe, AZ,
and Camden Vantage, a 592-home apartment community in Atlanta, GA.

Disposition Activity

The Company completed two dispositions during the quarter for a total of $54.9
million: Camden Pinnacle, a 224-home apartment community, and Camden
Centennial, a 276-home apartment community, both located in Denver, CO.
Subsequent to quarter-end, the Company disposed of two additional communities
which had been held for sale for $34.6 million: Camden Gardens, a 256-home
apartment community, and Camden Springs, a 304-home apartment community, both
located in Dallas, TX.

Development Activity

Lease-up was completed during the quarter at Camden City Centre II, a 268-home
project in Houston, TX, which is currently 96% occupied. In addition, both
construction and lease-up were completed at Camden Miramar Phase IX in Corpus
Christi, TX, a 75-unit expansion of an existing community.

Construction began during the quarter at three communities: Camden Foothills
in Scottsdale, AZ, a $50 million project with 220 apartment homes; Camden
Hayden in Tempe, AZ, a $48 million project with 234 apartment homes; and
Camden Gallery in Charlotte, NC, a $58 million project with 323 apartment
homes.

Construction continued at seven additional wholly-owned development
communities: Camden NOMA in Washington, DC, a $110 million project with 320
apartment homes; Camden Lamar Heights in Austin, TX, a $47 million project
with 314 apartment homes; Camden Flatirons in Denver, CO, a $78 million
project with 424 apartment homes; Camden Glendale in Glendale, CA, a $115
million project with 303 apartment homes; Camden Boca Raton in Boca Raton, FL,
a $54 million project with 261 apartment homes; Camden Paces in Atlanta, GA, a
$110 million project with 379 apartment homes; and Camden La Frontera in Round
Rock, TX, a $36 million project with 300 apartment homes.

The Company also completed construction during the quarter at Camden South
Capitol in Washington, DC, an $88 million joint venture project with 276
apartment homes which is currently 54% leased. Construction continued at two
other joint venture development communities: Camden Waterford Lakes in
Orlando, FL, a $40 million project with 300 apartment homes which is currently
16% leased; and Camden Southline in Charlotte, NC, a $48 million project with
266 apartment homes.

Earnings Guidance

Camden updated its earnings guidance for 2013 based on its current and
expected views of the apartment market and general economic conditions.
Full-year 2013 FFO is expected to be $4.05 to $4.09 per diluted share, and
full-year 2013 EPS is expected to be $2.75 to $2.79 per diluted share. Fourth
quarter 2013 earnings guidance is $1.02 to $1.06 per diluted share for FFO and
$0.41 to $0.45 per diluted share for EPS. Guidance for EPS excludes potential
future gains on real estate transactions. Camden intends to update its
earnings guidance to the market on a quarterly basis.

The Company’s 2013 earnings guidance is based on projections of same property
revenue growth between 5.0% and 6.0%, expense growth between 3.25% and 4.25%,
and NOI growth between 6.0% and 7.0%. Additional information on the Company’s
2013 financial outlook and a reconciliation of expected net income
attributable to common shareholders to expected FFO are included in the
financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Friday, November 1, 2013 at 11:00
a.m. Central Time to review its third quarter 2013 results and discuss its
outlook for future performance. To participate in the call, please dial (888)
317-6003 (Domestic) or (412) 317-6061 (International) by 10:50 a.m. Central
Time and enter passcode: 7044032, or join the live webcast of the conference
call by accessing the Investor Relations section of the Company’s website at
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. Factors which may cause the Company’s actual results or
performance to differ materially from those contemplated by forward-looking
statements are described under the heading “Risk Factors” in Camden’s Annual
Report on Form 10-K and in other filings with the Securities and Exchange
Commission (SEC). Forward-looking statements made in today’s press release
represent management’s current opinions, and the Company assumes no obligation
to update or supplement these statements because of subsequent events.

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in
the ownership, development, acquisition, management and disposition of
multifamily apartment communities. Camden owns interests in and operates 178
properties containing 62,074 apartment homes across the United States. Upon
completion of 12 properties under development, the Company's portfolio will
increase to 65,718 apartment homes in 190 properties. Camden was recently
named by FORTUNE® Magazine for the sixth consecutive year as one of the “100
Best Companies to Work For” in America, ranking #10.

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         2013          2012            2013          2012
Property revenues
Rental revenues        $ 174,303     $ 155,984       $ 510,772     $ 447,728
Other property           27,653        25,779          80,264        72,957   
revenues
Total property           201,956       181,763         591,036       520,685  
revenues
                                                                    
Property expenses
Property operating       52,109        49,531          151,711       140,662
and maintenance
Real estate taxes        21,618        17,932          64,919        53,085   
Total property           73,727        67,463          216,630       193,747  
expenses
                                                                    
Non-property income
Fee and asset            3,096         3,041           8,817         9,572
management
Interest and other       86            3               1,176         (750    )
income (loss)
Income (loss) on
deferred                 2,315         (1,781  )       5,212         3,820    
compensation plans
Total non-property       5,497         1,263           15,205        12,642   
income
                                                                    
Other expenses
Property management      5,353         5,509           16,578        15,644
Fee and asset            1,505         1,864           4,468         5,051
management
General and              9,993         9,303           31,377        27,712
administrative
Interest                 24,275        25,865          73,967        78,759
Depreciation and         54,880        49,409          160,272       145,709
amortization
Amortization of
deferred financing       875           909             2,689         2,721
costs
Expense (benefit) on
deferred                 2,315         (1,781  )       5,212         3,820    
compensation plans
Total other expenses     99,196        91,078          294,563       279,416  
                                                                    
                                                                    
Gain on sale of land     -             -               698           -
Gain on acquisition
of controlling           -             -               -             40,191
interest in joint
ventures
Equity in income of      1,926         3,688           20,658        4,686    
joint ventures
Income from
continuing               36,456        28,173          116,404       105,041
operations before
income taxes
Income tax expense -     (720    )     (334    )       (1,587  )     (992    )
current
Income from
continuing               35,736        27,839          114,817       104,049
operations
Income from
discontinued             1,656         3,964           5,296         11,164
operations
Gain on sale of
discontinued             34,410        -               91,059        32,541   
operations, net of
tax
Net income               71,802        31,803          211,172       147,754
Less income
allocated to
non-controlling          (1,074  )     (1,025  )       (3,026  )     (2,807  )
interests from
continuing
operations
Less income,
including gain on
sale, allocated to
non-controlling          (8      )     (75     )       (1,778  )     (872    )
interests from
discontinued
operations
Less income
allocated to             -             -               -             (776    )
perpetual preferred
units
Less write off of
original issuance
costs of redeemed        -             -               -             (2,075  )
perpetual preferred
units
Net income
attributable to        $ 70,720      $ 30,703        $ 206,368     $ 141,224  
common shareholders
                                                                    
                                                                    
CONDENSED
CONSOLIDATED
STATEMENTS OF
COMPREHENSIVE INCOME
Net income             $ 71,802      $ 31,803        $ 211,172     $ 147,754
Other comprehensive
income
Reclassification of
prior service cost
and net loss on post     14            7               41            23       
retirement
obligations
Comprehensive income     71,816        31,810          211,213       147,777
Less income
allocated to
non-controlling          (1,074  )     (1,025  )       (3,026  )     (2,807  )
interests from
continuing
operations
Less income,
including gain on
sale, allocated to
non-controlling          (8      )     (75     )       (1,778  )     (872    )
interests from
discontinued
operations
Less income
allocated to             -             -               -             (776    )
perpetual preferred
units
Less write off of
original issuance
costs of redeemed        -             -               -             (2,075  )
perpetual preferred
units
Comprehensive income
attributable to        $ 70,734      $ 30,710        $ 206,409     $ 141,247  
common shareholders
                                                                    
                                                                    
PER SHARE DATA
Net income
attributable to        $ 0.80        $ 0.36          $ 2.35        $ 1.69
common shareholders
- basic
Net income
attributable to          0.80          0.35            2.34          1.67
common shareholders
- diluted
Income from
continuing
operations               0.39          0.31            1.26          1.17
attributable to
common shareholders
- basic
Income from
continuing
operations               0.39          0.31            1.25          1.16
attributable to
common shareholders
- diluted
                                                                    
Weighted average
number of common and
common equivalent
shares outstanding:
Basic                    87,449        85,631          87,117        82,923
Diluted                  87,902        86,293          88,429        84,694
                                                                    
                                                                    
                                                                    
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   2013          2012           2013          2012
                                                                    
Net income
attributable to         $ 70,720      $ 30,703       $ 206,368     $ 141,224
common shareholders
Real estate
depreciation from         53,635        48,298         156,709       142,376
continuing operations
Real estate
depreciation and
amortization from         908           3,400          3,301         10,714
discontinued
operations
Adjustments for
unconsolidated joint      1,395         1,885          4,316         6,198
ventures
Income allocated to
noncontrolling            1,082         702            4,804         2,504
interests
(Gain) on sale of
unconsolidated joint      -             (2,875 )       (13,032 )     (2,875  )
venture properties
(Gain) on acquisition
of controlling            -             -              -             (40,191 )
interests in joint
ventures
(Gain) on sale of
discontinued              (34,410 )     -              (91,059 )     (32,541 )
operations, net of
tax
Funds from operations   $ 93,330      $ 82,113       $ 271,407     $ 227,409  
- diluted
                                                                    
PER SHARE DATA
Funds from operations   $ 1.04        $ 0.93         $ 3.03        $ 2.65
- diluted
Cash distributions        0.63          0.56           1.89          1.68
                                                                    
Weighted average
number of common and
common equivalent
shares outstanding:
FFO - diluted             89,802        88,514         89,515        85,822
                                                                    
PROPERTY DATA
Total operating
properties (end of        180           203            180           203
period) ^(a)
Total operating
apartment homes in        62,634        68,831         62,634        68,831
operating properties
(end of period) ^(a)
Total operating
apartment homes           54,517        54,934         54,338        53,870
(weighted average)
Total operating
apartment homes -
excluding                 52,743        49,678         52,324        48,483
discontinued
operations (weighted
average)
                                                                    
                                                                    
^(a) Includes joint ventures and properties held for sale.

                                                                                    
CAMDEN           BALANCE SHEETS
                 (In thousands)
                                                                                      
                                                                                      
(Unaudited)      Sep 30,          Jun 30,          Mar 31,          Dec 31,          Sept 30,
                 2013             2013             2013             2012             2012
ASSETS
Real estate
assets, at
cost
Land             $ 967,121        $ 965,257        $ 949,244        $ 949,777        $ 929,289
Buildings and      5,596,754        5,552,095        5,404,616        5,389,674        5,359,707   
improvements
                   6,563,875        6,517,352        6,353,860        6,339,451        6,288,996
Accumulated        (1,619,325 )     (1,604,402 )     (1,552,499 )     (1,518,896 )     (1,542,530 )
depreciation
Net operating
real estate        4,944,550        4,912,950        4,801,361        4,820,555        4,746,466
assets
Properties
under              438,968          393,694          339,848          334,463          280,948
development,
including land
Investments in     43,338           44,630           45,260           45,092           46,566
joint ventures
Properties         58,765           -                14,986           30,517           6,373       
held for sale
Total real         5,485,621        5,351,274        5,201,455        5,230,627        5,080,353
estate assets
Accounts
receivable -       27,474           27,274           26,948           33,625           28,874
affiliates
Other assets,      112,520          94,847           89,233           88,260           96,401
net ^(a)
Cash and cash      4,707            6,506            59,642           26,669           5,590
equivalents
Restricted         60,889           6,381            5,578            5,991            6,742       
cash
Total assets     $ 5,691,211      $ 5,486,282      $ 5,382,856      $ 5,385,172      $ 5,217,960   
                                                                                      
                                                                                      
                                                                                      
LIABILITIES
AND EQUITY
Liabilities
Notes payable
Unsecured        $ 1,721,998      $ 1,579,733      $ 1,538,471      $ 1,538,212      $ 1,415,354
Secured            943,039          944,090          945,134          972,256          978,371
Accounts
payable and        124,336          100,279          102,307          101,896          118,879
accrued
expenses
Accrued real       50,247           36,863           20,683           28,452           43,757
estate taxes
Distributions      56,793           56,821           56,559           49,969           49,940
payable
Other
liabilities ^      69,716           63,366           69,679           67,679           78,551      
(b)
Total              2,966,129        2,781,152        2,732,833        2,758,464        2,684,852
liabilities
                                                                                      
Commitments
and
contingencies
Non-Qualified
deferred           47,092           -                -                -                -
compensation
share awards
                                                                                      
Equity
Common shares
of beneficial      967              967              962              962              959
interest
Additional
paid-in            3,595,536        3,625,283        3,590,261        3,587,505        3,580,528
capital
Distributions
in excess of
net income         (571,935   )     (574,286   )     (590,831   )     (598,951   )     (692,235   )
attributable
to common
shareholders
Treasury
shares, at         (410,309   )     (410,665   )     (412,643   )     (425,355   )     (425,756   )
cost
Accumulated
other              (1,021     )     (1,035     )     (1,048     )     (1,062     )     (660       )
comprehensive
loss ^(c)
Total common       2,613,238        2,640,264        2,586,701        2,563,099        2,462,836
equity
Noncontrolling     64,752           64,866           63,322           63,609           70,272      
interests
Total equity       2,677,990        2,705,130        2,650,023        2,626,708        2,533,108   
Total
liabilities      $ 5,691,211      $ 5,486,282      $ 5,382,856      $ 5,385,172      $ 5,217,960   
and equity
                                                                                      
                                                                                      
                                                                                      
(a) Includes:
net deferred     $ 13,243         $ 14,008         $ 14,861         $ 15,635         $ 13,695
charges of:
                                                                                      
(b) Includes:
deferred         $ 1,979          $ 1,336          $ 2,158          $ 2,521          $ 1,746
revenues of:
distributions
in excess of
investments in   $ -              $ -              $ 9,718          $ 9,509          $ 16,708
joint ventures
of:
fair value
adjustment of    $ -              $ -                ($2        )     ($1        )   $ 185
derivative
instruments:
                                                                                      
(c) Represents the unrealized loss and unamortized prior service costs on post retirement
obligations.

                                                                  
                                                                    
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 attributable to common shares 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 attributable to common shareholders to FFO is
provided below:
                                                                    
                    Three Months Ended               Nine Months Ended
                    September 30,                    September 30,
                    2013           2012              2013          2012
Net income
attributable to     $  70,720      $ 30,703          $ 206,368     $ 141,224
common
shareholders
Real estate
depreciation           53,635        48,298            156,709       142,376
from continuing
operations
Real estate
depreciation and
amortization           908           3,400             3,301         10,714
from
discontinued
operations
Adjustments for
unconsolidated         1,395         1,885             4,316         6,198
joint ventures
Income allocated
to                     1,082         702               4,804         2,504
noncontrolling
interests
(Gain) on sale
of
unconsolidated         -             (2,875  )         (13,032 )     (2,875  )
joint venture
properties
(Gain) on
acquisition of
controlling            -             -                 -             (40,191 )
interest in
joint ventures
(Gain) on sale
of discontinued        (34,410 )     -                 (91,059 )     (32,541 )
operations, net
of tax
Funds from
operations -        $  93,330      $ 82,113          $ 271,407     $ 227,409  
diluted
                                                                    
Weighted average
number of common
and
common
equivalent
shares
outstanding:
EPS diluted            87,902        86,293            88,429        84,694
FFO diluted            89,802        88,514            89,515        85,822
                                                                    
Net income
attributable to
common              $  0.80        $ 0.35            $ 2.34        $ 1.67
shareholders -
diluted
FFO per common      $  1.04        $ 0.93            $ 3.03        $ 2.65
share - diluted
                                                                    
                                                                    
                                                                    
                                                                    
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 attributable to common
shareholders (EPS). A reconciliation of the ranges provided for expected net
income attributable to common shareholders per diluted share to expected FFO
per diluted share is provided below:
                                                                    
                    4Q13 Range                       2013 Range
                    Low            High              Low           High
                                                                    
Expected net
income
attributable to     $  0.41        $ 0.45            $ 2.75        $ 2.79
common
shareholders per
share - diluted
Expected real
estate                 0.58          0.58              2.34          2.34
depreciation
Expected
adjustments for        0.02          0.02              0.06          0.06
unconsolidated
joint ventures
Expected income
allocated to           0.01          0.01              0.07          0.07
non-controlling
interests
(Gain) on sale
of
unconsolidated         0.00          0.00              (0.15   )     (0.15   )
joint venture
property
Realized (gain)
on sale of             0.00          0.00              (1.02   )     (1.02   )
discontinued
operations
Expected FFO per    $  1.02        $ 1.06            $ 4.05        $ 4.09
share - diluted
                                                                    
                                                                    
                                                                    
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
attributable to common shareholders 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 attributable to common shareholders to net
operating income is provided below:
                                                                    
                    Three Months Ended               Nine Months Ended
                    September 30,                    September 30,
                    2013           2012              2013          2012
Net income
attributable to     $  70,720      $ 30,703          $ 206,368     $ 141,224
common
shareholders
Less: Fee and
asset management       (3,096  )     (3,041  )         (8,817  )     (9,572  )
income
Less: Interest
and other              (86     )     (3      )         (1,176  )     750
(income) loss
Less: Income
(loss) on
deferred               (2,315  )     1,781             (5,212  )     (3,820  )
compensation
plans
Plus: Property
management             5,353         5,509             16,578        15,644
expense
Plus: Fee and
asset management       1,505         1,864             4,468         5,051
expense
Plus: General
and                    9,993         9,303             31,377        27,712
administrative
expense
Plus: Interest         24,275        25,865            73,967        78,759
expense
Plus:
Depreciation and       54,880        49,409            160,272       145,709
amortization
Plus:
Amortization of        875           909               2,689         2,721
deferred
financing costs
Plus: Expense
(benefit) on
deferred               2,315         (1,781  )         5,212         3,820
compensation
plans
Less: Gain on          -             -                 (698    )     -
sale of land
Less: Gain on
acquisition of
controlling            -             -                 -             (40,191 )
interests in
joint ventures
Less: Equity in
income of joint        (1,926  )     (3,688  )         (20,658 )     (4,686  )
ventures
Plus: Income tax
expense -              720           334               1,587         992
current
Less: Income
from                   (1,656  )     (3,964  )         (5,296  )     (11,164 )
discontinued
operations
Less: Gain on
sale of
discontinued           (34,410 )     -                 (91,059 )     (32,541 )
operations, net
of tax
Plus: Income
allocated to
non-controlling        1,074         1,025             3,026         2,807
interests from
continuing
operations
Plus: Income,
including gain
on sale,
allocated to           8             75                1,778         872
non-controlling
interests from
discontinued
operations
Plus: Income
allocated to           -             -                 -             776
perpetual
preferred units
Plus: Write off
of original
issuance costs         -             -                 -             2,075    
of redeemed
perpetual
preferred units
Net Operating       $  128,229     $ 114,300         $ 374,406     $ 326,938
Income (NOI)
                                                                    
"Same Property"     $  102,260     $ 96,849          $ 300,433     $ 282,959
Communities
Non-"Same
Property"              25,211        16,761            71,829        41,601
Communities
Development and
Lease-Up               -             -                 -             -
Communities
Other                  758           690               2,144         2,378    
Net Operating       $  128,229     $ 114,300         $ 374,406     $ 326,938
Income (NOI)
                                                                    
                                                                    
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) loss of joint ventures,
(gain) loss on sale of unconsolidated joint venture interests, gain on
acquisition of controlling interest in joint ventures, gain on sale of
discontinued operations, net of tax, and income (loss) allocated to
non-controlling interests.
The Company considers EBITDA to be an appropriate supplemental measure of
operating performance to net income attributable to common shareholders
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 attributable to common shareholders to EBITDA
is provided below:
                                                                    
                    Three Months Ended               Nine Months Ended
                    September 30,                    September 30,
                    2013           2012              2013          2012
Net income
attributable to     $  70,720      $ 30,703          $ 206,368     $ 141,224
common
shareholders
Plus: Interest         24,275        25,865            73,967        78,759
expense
Plus:
Amortization of        875           909               2,689         2,721
deferred
financing costs
Plus:
Depreciation and       54,880        49,409            160,272       145,709
amortization
Plus: Income
allocated to           -             -                 -             776
perpetual
preferred units
Plus: Write off
of original
issuance costs         -             -                 -             2,075
of redeemed
perpetual
preferred units
Plus: Income
allocated to
non-controlling        1,074         1,025             3,026         2,807
interests from
continuing
operations
Plus: Income,
including gain
on sale,
allocated to           8             75                1,778         872
non-controlling
interests from
discontinued
operations
Plus: Interest
expense from           -             -                 -             36
discontinued
operations
Plus: Income tax
expense -              720           334               1,587         992
current
Plus: Real
estate
depreciation and
amortization           908           3,400             3,301         10,714
from
discontinued
operations
Less: Gain on
acquisition of
controlling            -             -                 -             (40,191 )
interests in
joint ventures
Less: Gain on          -             -                 (698    )     -
sale of land
Less: Equity in
income of joint        (1,926  )     (3,688  )         (20,658 )     (4,686  )
ventures
Less: Gain on
sale of
discontinued           (34,410 )     -                 (91,059 )     (32,541 )
operations, net
of tax
EBITDA              $  117,124     $ 108,032         $ 340,573     $ 309,267

Contact:

Camden Property Trust
Kim Callahan, 713-354-2549
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