Camden Property Trust (NYSE:CPT) today announced operating results for
the three months ended March 31, 2015.
Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”),
and Net Income Attributable to Common Shareholders (“EPS”) for the three
months ended March 31, 2015 are detailed below.
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31
|
|
Per Diluted Share
|
|
|
2015
|
|
|
2014
|
|
FFO
|
|
|
$
|
1.08
|
|
|
$
|
1.05
|
|
AFFO
|
|
|
$
|
0.96
|
|
|
$
|
0.96
|
|
EPS
|
|
|
$
|
1.27
|
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
-
EPS for the three months ended March 31, 2015 included an $0.89 per
share net gain on sale of operating properties and land.
-
EPS for the three months ended March 31, 2014 included a $0.04 per
share gain on sale of unconsolidated joint venture properties and
undeveloped land.
A reconciliation of EPS to FFO is included in the financial tables
accompanying this press release.
Same Property Results
|
|
|
|
Quarterly Growth
|
|
|
Sequential Growth
|
|
|
|
|
1Q15 vs. 1Q14
|
|
|
1Q15 vs. 4Q14
|
|
Revenues
|
|
|
4.6
|
%
|
|
|
1.1
|
%
|
|
Expenses
|
|
|
6.2
|
%
|
|
|
4.0
|
%
|
|
Net Operating Income ("NOI")
|
|
|
3.7
|
%
|
|
|
(0.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q15
|
|
|
1Q14
|
|
|
4Q14
|
|
Occupancy
|
|
|
95.5
|
%
|
|
|
95.5
|
%
|
|
|
95.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
“We are pleased to report another strong quarter of earnings,” said
Richard J. Campo, Camden’s Chairman and CEO. “Our first quarter results
were at the top end of our guidance range due to stronger than expected
revenue growth, partially offset by higher than anticipated property tax
assessments in our Houston and Austin markets.”
The Company defines same property communities as communities owned and
stabilized as of January 1, 2014. A reconciliation of net income to NOI
and same property NOI is included in the financial tables accompanying
this press release.
Development Activity
Construction was completed during the first quarter at Camden La
Frontera and Camden Lamar Heights, both located in Austin, TX, and
construction commenced at Camden NoMa II in Washington, DC.
Development Communities - Construction Completed and Projects in
Lease-Up ($ in millions)
|
|
|
|
|
|
|
Total
|
|
|
Total
|
|
|
CPT %
|
|
|
% Leased
|
|
Community Name
|
|
|
Location
|
|
|
Units
|
|
|
Cost
|
|
|
Owned
|
|
|
as of 4/26/15
|
|
Camden La Frontera
|
|
|
Round Rock, TX
|
|
|
300
|
|
|
|
$35.6
|
|
|
100
|
%
|
|
|
96
|
%
|
|
Camden Boca Raton
|
|
|
Boca Raton, FL
|
|
|
261
|
|
|
|
51.5
|
|
|
100
|
%
|
|
|
95
|
%
|
|
Camden Lamar Heights
|
|
|
Austin, TX
|
|
|
314
|
|
|
|
46.5
|
|
|
100
|
%
|
|
|
87
|
%
|
|
Camden Foothills
|
|
|
Scottsdale, AZ
|
|
|
220
|
|
|
|
44.4
|
|
|
100
|
%
|
|
|
71
|
%
|
|
TOTAL
|
|
|
|
|
|
1,095
|
|
|
|
$178.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Communities - Construction Ongoing ($ in millions)
|
|
|
|
|
|
|
Total
|
|
|
Total
|
|
|
CPT %
|
|
|
% Leased
|
|
Community Name
|
|
|
Location
|
|
|
Units
|
|
|
Budget
|
|
|
Owned
|
|
|
as of 4/26/15
|
|
Camden Flatirons
|
|
|
Denver, CO
|
|
|
424
|
|
|
|
$78
|
|
|
100
|
%
|
|
|
55
|
%
|
|
Camden Paces
|
|
|
Atlanta, GA
|
|
|
379
|
|
|
|
110
|
|
|
100
|
%
|
|
|
43
|
%
|
|
Camden Hayden
|
|
|
Tempe, AZ
|
|
|
234
|
|
|
|
48
|
|
|
100
|
%
|
|
|
33
|
%
|
|
Camden Southline
|
|
|
Charlotte, NC
|
|
|
266
|
|
|
|
48
|
|
|
31.3
|
%
|
|
|
22
|
%
|
|
Camden Chandler
|
|
|
Chandler, AZ
|
|
|
380
|
|
|
|
75
|
|
|
100
|
%
|
|
|
15
|
%
|
|
Camden Glendale
|
|
|
Glendale, CA
|
|
|
303
|
|
|
|
115
|
|
|
100
|
%
|
|
|
5
|
%
|
|
Camden Gallery
|
|
|
Charlotte, NC
|
|
|
323
|
|
|
|
58
|
|
|
100
|
%
|
|
|
|
|
Camden Victory Park
|
|
|
Dallas, TX
|
|
|
423
|
|
|
|
82
|
|
|
100
|
%
|
|
|
|
|
The Camden
|
|
|
Los Angeles, CA
|
|
|
287
|
|
|
|
145
|
|
|
100
|
%
|
|
|
|
|
Camden Lincoln Station
|
|
|
Denver, CO
|
|
|
267
|
|
|
|
56
|
|
|
100
|
%
|
|
|
|
|
Camden McGowen Station
|
|
|
Houston, TX
|
|
|
315
|
|
|
|
90
|
|
|
100
|
%
|
|
|
|
|
Camden NoMa II
|
|
|
Washington, DC
|
|
|
405
|
|
|
|
115
|
|
|
100
|
%
|
|
|
|
|
TOTAL
|
|
|
|
|
|
4,006
|
|
|
|
$1,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition/Disposition Activity
Camden disposed of two communities during the quarter for a total of
$114.4 million: Camden Ridgecrest, a 284-home property in Austin, TX,
and Camden Bayside, an 832-home property in Tampa, FL. The communities
sold had an average age of 24 years and average monthly rent of $856 per
unit.
Earnings Guidance
Camden updated its earnings guidance for 2015 based on its current and
expected views of the apartment market and general economic conditions,
and provided guidance for second quarter 2015 as detailed below.
|
|
|
|
|
|
|
|
|
Per Diluted Share
|
|
|
2Q15
|
|
|
2015
|
|
FFO
|
|
|
$1.08 - $1.12
|
|
|
$4.40 - $4.56
|
|
EPS
|
|
|
$0.36 - $0.40
|
|
|
$2.39 - $2.55
|
|
Same Property Growth
|
|
|
2015 Range
|
|
|
2015 Midpoint
|
|
Revenue
|
|
|
4.00% - 5.00%
|
|
|
4.50%
|
|
Expenses
|
|
|
4.75% - 5.25%
|
|
|
5.00%
|
|
NOI
|
|
|
3.50% - 5.00%
|
|
|
4.25%
|
|
|
|
|
|
|
|
|
Camden intends to update its earnings guidance to the market on a
quarterly basis. Additional information on the Company’s 2015 financial
outlook and a reconciliation of expected EPS to expected FFO are
included in the financial tables accompanying this press release.
Conference Call
The Company will hold a conference call on Friday, May 1, 2015 at 11:00
a.m. Central Time to review its first quarter 2015 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: 1020491, 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, management, development, redevelopment,
acquisition, and construction of multifamily apartment communities.
Camden owns interests in and operates 168 properties containing 58,446
apartment homes across the United States. Upon completion of 12
properties under development, the Company’s portfolio will increase to
62,452 apartment homes in 180 properties. Camden was recently named by
FORTUNE® Magazine for the eighth 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 camdenliving.com.
|
|
|
|
|
CAMDEN
|
|
OPERATING RESULTS
|
|
(In thousands, except per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2015
|
|
2014
|
|
OPERATING DATA
|
|
|
|
|
|
Property revenues
|
|
|
|
|
|
Rental revenues
|
|
$
|
186,857
|
|
|
$
|
178,964
|
|
|
Other property revenues
|
|
|
28,577
|
|
|
|
26,965
|
|
|
Total property revenues
|
|
|
215,434
|
|
|
|
205,929
|
|
|
|
|
|
|
|
|
Property expenses
|
|
|
|
|
|
Property operating and maintenance
|
|
|
52,998
|
|
|
|
50,747
|
|
|
Real estate taxes
|
|
|
25,413
|
|
|
|
23,577
|
|
|
Total property expenses
|
|
|
78,411
|
|
|
|
74,324
|
|
|
|
|
|
|
|
|
Non-property income
|
|
|
|
|
|
Fee and asset management
|
|
|
1,563
|
|
|
|
3,023
|
|
|
Interest and other income
|
|
|
60
|
|
|
|
288
|
|
|
Income on deferred compensation plans
|
|
|
1,864
|
|
|
|
681
|
|
|
Total non-property income
|
|
|
3,487
|
|
|
|
3,992
|
|
|
|
|
|
|
|
|
Other expenses
|
|
|
|
|
|
Property management
|
|
|
5,962
|
|
|
|
5,839
|
|
|
Fee and asset management
|
|
|
1,076
|
|
|
|
1,259
|
|
|
General and administrative
|
|
|
9,748
|
|
|
|
9,545
|
|
|
Interest
|
|
|
24,612
|
|
|
|
23,133
|
|
|
Depreciation and amortization
|
|
|
61,530
|
|
|
|
57,396
|
|
|
Amortization of deferred financing costs
|
|
|
798
|
|
|
|
841
|
|
|
Expense on deferred compensation plans
|
|
|
1,864
|
|
|
|
681
|
|
|
Total other expenses
|
|
|
105,590
|
|
|
|
98,694
|
|
|
|
|
|
|
|
|
Gain on sale of operating properties, including land
|
|
|
85,192
|
|
|
|
354
|
|
|
Equity in income of joint ventures
|
|
|
1,382
|
|
|
|
4,290
|
|
|
Income from continuing operations before income taxes
|
|
|
121,494
|
|
|
|
41,547
|
|
|
Income tax expense
|
|
|
(429
|
)
|
|
|
(474
|
)
|
|
Net income
|
|
|
121,065
|
|
|
|
41,073
|
|
|
Less income allocated to non-controlling interests from continuing
operations
|
|
|
(5,466
|
)
|
|
|
(1,037
|
)
|
|
Net income attributable to common shareholders
|
|
$
|
115,599
|
|
|
$
|
40,036
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
|
|
|
|
|
|
Net income
|
|
$121,065
|
|
$41,073
|
|
Other comprehensive income
|
|
|
|
|
|
Reclassification of net loss on cash flow hedging activities, prior
service cost and net loss on post retirement obligation
|
|
|
37
|
|
|
|
15
|
|
|
Comprehensive income
|
|
|
121,102
|
|
|
|
41,088
|
|
|
Less income allocated to non-controlling interests from continuing
operations
|
|
|
(5,466
|
)
|
|
|
(1,037
|
)
|
|
Comprehensive income attributable to common shareholders
|
|
$
|
115,636
|
|
|
$
|
40,051
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
Total earnings per common share – basic
|
|
$
|
1.29
|
|
|
$
|
0.45
|
|
|
Total earnings per common share – diluted
|
|
|
1.27
|
|
|
|
0.45
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
Basic
|
|
|
88,987
|
|
|
|
87,651
|
|
|
Diluted
|
|
|
90,464
|
|
|
|
88,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31,
|
|
|
|
2015
|
|
2014
|
|
FUNDS FROM OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders
|
|
$
|
115,599
|
|
|
$
|
40,036
|
|
|
Real estate depreciation from continuing operations
|
|
|
60,363
|
|
|
|
56,011
|
|
|
Adjustments for unconsolidated joint ventures
|
|
|
2,245
|
|
|
|
1,314
|
|
|
Income allocated to non-controlling interests
|
|
|
5,466
|
|
|
|
1,037
|
|
|
Gain on sale of unconsolidated joint venture properties
|
|
|
-
|
|
|
|
(3,566
|
)
|
|
Gain on sale of operating properties, net of tax
|
|
|
(85,145
|
)
|
|
|
-
|
|
|
Funds from operations
|
|
$
|
98,528
|
|
|
$
|
94,832
|
|
|
|
|
|
|
|
|
Less: recurring capitalized expenditures (a)
|
|
|
(11,261
|
)
|
|
|
(8,399
|
)
|
|
|
|
|
|
|
|
Adjusted funds from operations - diluted
|
|
$
|
87,267
|
|
|
$
|
86,433
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
Funds from operations - diluted
|
|
$
|
1.08
|
|
|
$
|
1.05
|
|
|
Adjusted funds from operations - diluted
|
|
|
0.96
|
|
|
|
0.96
|
|
|
Distributions declared per common share
|
|
|
0.70
|
|
|
|
0.66
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
FFO/AFFO - diluted
|
|
|
91,275
|
|
|
|
89,910
|
|
|
|
|
|
|
|
|
PROPERTY DATA
|
|
|
|
|
|
Total operating properties (end of period) (b)
|
|
|
168
|
|
|
|
169
|
|
|
Total operating apartment homes in operating properties (end of
period) (b)
|
|
|
58,446
|
|
|
|
59,641
|
|
|
Total operating apartment homes (weighted average)
|
|
|
51,558
|
|
|
|
52,659
|
|
|
Total operating apartment homes - excluding operating property sales
(weighted average)
|
|
|
51,558
|
|
|
|
52,659
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Capital expenditures necessary to help preserve the value
of and maintain the functionality at our communities.
|
|
|
|
|
|
|
|
|
|
|
|
(b) Includes joint ventures and properties held for sale.
|
|
|
|
|
|
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in
this document.
|
|
|
|
|
|
CAMDEN
|
|
BALANCE SHEET
|
|
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
2015
|
|
Dec 31,
2014
|
|
Sep 30,
2014
|
|
Jun 30,
2014
|
|
Mar 31,
2014
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Real estate assets, at cost
|
|
|
|
|
|
|
|
|
|
|
|
Land
|
|
$
|
1,012,684
|
|
|
$
|
1,003,422
|
|
|
$
|
997,349
|
|
|
$
|
985,444
|
|
|
$
|
978,770
|
|
|
Buildings and improvements
|
|
|
5,979,985
|
|
|
|
5,890,498
|
|
|
|
5,894,453
|
|
|
|
5,762,428
|
|
|
|
5,691,619
|
|
|
|
|
|
6,992,669
|
|
|
|
6,893,920
|
|
|
|
6,891,802
|
|
|
|
6,747,872
|
|
|
|
6,670,389
|
|
|
Accumulated depreciation
|
|
|
(1,798,955
|
)
|
|
|
(1,738,862
|
)
|
|
|
(1,813,124
|
)
|
|
|
(1,755,086
|
)
|
|
|
(1,698,724
|
)
|
|
Net operating real estate assets
|
|
|
5,193,714
|
|
|
|
5,155,058
|
|
|
|
5,078,678
|
|
|
|
4,992,786
|
|
|
|
4,971,665
|
|
|
Properties under development, including land
|
|
|
519,454
|
|
|
|
527,596
|
|
|
|
576,269
|
|
|
|
599,139
|
|
|
|
515,141
|
|
|
Investments in joint ventures
|
|
|
36,526
|
|
|
|
36,429
|
|
|
|
35,180
|
|
|
|
36,167
|
|
|
|
36,719
|
|
|
Properties held for sale
|
|
|
-
|
|
|
|
27,143
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total real estate assets
|
|
|
5,749,694
|
|
|
|
5,746,226
|
|
|
|
5,690,127
|
|
|
|
5,628,092
|
|
|
|
5,523,525
|
|
|
Accounts receivable – affiliates
|
|
|
25,652
|
|
|
|
25,977
|
|
|
|
25,954
|
|
|
|
26,501
|
|
|
|
26,145
|
|
|
Other assets, net (a)
|
|
|
122,326
|
|
|
|
124,888
|
|
|
|
123,999
|
|
|
|
114,002
|
|
|
|
107,862
|
|
|
Cash and cash equivalents
|
|
|
174,353
|
|
|
|
153,918
|
|
|
|
66,127
|
|
|
|
16,069
|
|
|
|
16,768
|
|
|
Restricted cash
|
|
|
5,034
|
|
|
|
5,898
|
|
|
|
5,769
|
|
|
|
5,424
|
|
|
|
5,549
|
|
|
Total assets
|
|
$6,077,059
|
|
|
$6,056,907
|
|
|
$5,911,976
|
|
|
$5,790,088
|
|
|
$5,679,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured
|
|
$1,838,203
|
|
|
$1,837,911
|
|
|
$1,837,621
|
|
|
$1,769,287
|
|
|
$1,649,041
|
|
|
Secured
|
|
|
904,914
|
|
|
|
905,628
|
|
|
|
906,328
|
|
|
|
930,952
|
|
|
|
940,881
|
|
|
Accounts payable and accrued expenses
|
|
|
134,438
|
|
|
|
157,232
|
|
|
|
147,255
|
|
|
|
122,307
|
|
|
|
124,981
|
|
|
Accrued real estate taxes
|
|
|
23,269
|
|
|
|
39,149
|
|
|
|
54,369
|
|
|
|
40,232
|
|
|
|
21,922
|
|
|
Distributions payable
|
|
|
64,261
|
|
|
|
60,386
|
|
|
|
60,265
|
|
|
|
59,770
|
|
|
|
59,728
|
|
|
Other liabilities (b)
|
|
|
102,163
|
|
|
|
100,058
|
|
|
|
94,230
|
|
|
|
90,944
|
|
|
|
88,693
|
|
|
Total liabilities
|
|
|
3,067,248
|
|
|
|
3,100,364
|
|
|
|
3,100,068
|
|
|
|
3,013,492
|
|
|
|
2,885,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Non-qualified deferred compensation share awards
|
|
|
69,902
|
|
|
|
68,134
|
|
|
|
60,363
|
|
|
|
61,727
|
|
|
|
55,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Common shares of beneficial interest
|
|
|
976
|
|
|
|
976
|
|
|
|
974
|
|
|
|
967
|
|
|
|
966
|
|
|
Additional paid-in capital
|
|
|
3,656,105
|
|
|
|
3,667,448
|
|
|
|
3,649,750
|
|
|
|
3,595,315
|
|
|
|
3,593,633
|
|
|
Distributions in excess of net income attributable to common
shareholders
|
|
|
(403,518
|
)
|
|
|
(453,777
|
)
|
|
|
(568,142
|
)
|
|
|
(550,050
|
)
|
|
|
(523,321
|
)
|
|
Treasury shares, at cost
|
|
|
(388,181
|
)
|
|
|
(396,626
|
)
|
|
|
(397,497
|
)
|
|
|
(398,474
|
)
|
|
|
(399,510
|
)
|
|
Accumulated other comprehensive loss (c)
|
|
|
(2,382
|
)
|
|
|
(2,419
|
)
|
|
|
(1,474
|
)
|
|
|
(1,077
|
)
|
|
|
(1,091
|
)
|
|
Total common equity
|
|
|
2,863,000
|
|
|
|
2,815,602
|
|
|
|
2,683,611
|
|
|
|
2,646,681
|
|
|
|
2,670,677
|
|
|
Non-controlling interests
|
|
|
76,909
|
|
|
|
72,807
|
|
|
|
67,934
|
|
|
|
68,188
|
|
|
|
68,428
|
|
|
Total equity
|
|
|
2,939,909
|
|
|
|
2,888,409
|
|
|
|
2,751,545
|
|
|
|
2,714,869
|
|
|
|
2,739,105
|
|
|
Total liabilities and equity
|
|
$
|
6,077,059
|
|
|
$
|
6,056,907
|
|
|
$
|
5,911,976
|
|
|
$
|
5,790,088
|
|
|
$
|
5,679,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes net deferred charges of:
|
|
$
|
12,432
|
|
|
$
|
13,219
|
|
|
$
|
14,361
|
|
|
$
|
12,747
|
|
|
$
|
13,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Includes deferred revenues of:
|
|
$
|
1,728
|
|
|
$
|
1,848
|
|
|
$
|
1,734
|
|
|
$
|
1,070
|
|
|
$
|
1,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) Represents the unrealized net loss and unamortized prior
service costs on post retirement obligation, and unrealized loss on
cash flow hedging activities.
|
|
|
|
|
|
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
accounting principles generally accepted in the United States of America
("GAAP")), excluding gains (or losses) associated with previously
depreciated operating properties, real estate depreciation and
amortization, impairments of depreciable assets, and adjustments for
unconsolidated joint ventures. Our calculation of diluted FFO also
assumes conversion of all potentially dilutive securities, including
certain non-controlling interests, which are convertible into common
shares. We consider FFO to be an appropriate supplemental measure of
operating performance because, by excluding gains or losses on
dispositions of operating properties, and depreciation, FFO can assist
in the comparison of the operating performance of a company’s real
estate investments between periods or to different companies. A
reconciliation of net income attributable to common shareholders to FFO
is provided below:
Adjusted FFO
In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental
measure of operating performance. AFFO is calculated utilizing FFO less
recurring capital expenditures which are necessary to help preserve the
value of and maintain the functionality at our communities. Definitions
of recurring capital expenditures are subjective. Accordingly, there can
be no assurance our basis for computing this non-GAAP measure is
comparable with that of other REITs. A reconciliation of FFO to AFFO is
provided below:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
Net income attributable to common shareholders
|
|
|
|
$
|
115,599
|
|
|
$
|
40,036
|
|
|
Real estate depreciation from continuing operations
|
|
|
|
|
60,363
|
|
|
|
56,011
|
|
|
Adjustments for unconsolidated joint ventures
|
|
|
|
|
2,245
|
|
|
|
1,314
|
|
|
Income allocated to non-controlling interests
|
|
|
|
|
5,466
|
|
|
|
1,037
|
|
|
Gain on sale of unconsolidated joint venture properties
|
|
|
|
|
-
|
|
|
|
(3,566
|
)
|
|
Gain on sale of operating properties, net of tax
|
|
|
|
|
(85,145
|
)
|
|
|
-
|
|
|
Funds from operations
|
|
|
|
$
|
98,528
|
|
|
$
|
94,832
|
|
|
|
|
|
|
|
|
|
|
Less: recurring capitalized expenditures
|
|
|
|
|
(11,261
|
)
|
|
|
(8,399
|
)
|
|
|
|
|
|
|
|
|
|
Adjusted funds from operations
|
|
|
|
$
|
87,267
|
|
|
$
|
86,433
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
EPS diluted
|
|
|
|
|
90,464
|
|
|
|
88,824
|
|
|
FFO/AFFO diluted
|
|
|
|
|
91,275
|
|
|
|
89,910
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share – diluted
|
|
|
|
$
|
1.27
|
|
|
$
|
0.45
|
|
|
FFO per common share - diluted
|
|
|
|
$
|
1.08
|
|
|
$
|
1.05
|
|
|
AFFO per common share - diluted
|
|
|
|
$
|
0.96
|
|
|
$
|
0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 earnings
per common share (EPS). A reconciliation of the ranges provided
for diluted EPS to expected FFO per diluted share is provided
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q15 Range
|
|
|
2015 Range
|
|
|
|
|
Low
|
|
High
|
|
|
Low
|
|
High
|
|
Expected earnings per common share - diluted
|
|
|
$
|
0.36
|
|
|
$
|
0.40
|
|
|
|
$
|
2.39
|
|
|
$
|
2.55
|
|
|
Expected real estate depreciation
|
|
|
|
0.68
|
|
|
|
0.68
|
|
|
|
|
2.74
|
|
|
|
2.74
|
|
|
Expected adjustments for unconsolidated joint ventures
|
|
|
|
0.03
|
|
|
|
0.03
|
|
|
|
|
0.10
|
|
|
|
0.10
|
|
|
Expected income allocated to non-controlling interests
|
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
|
0.10
|
|
|
|
0.10
|
|
|
(Gain) on sale of unconsolidated joint venture property
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
Realized (gain) on sale of operating properties
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(0.93
|
)
|
|
|
(0.93
|
)
|
|
Expected FFO per share - diluted
|
|
|
$
|
1.08
|
|
|
$
|
1.12
|
|
|
|
$
|
4.40
|
|
|
$
|
4.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: This table contains forward-looking statements. Please see
the paragraph regarding forward-looking statements earlier in 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 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 March 31,
|
|
|
|
|
2015
|
|
2014
|
|
Net income attributable to common shareholders
|
|
|
$
|
115,599
|
|
|
$
|
40,036
|
|
|
Less: Fee and asset management
|
|
|
|
(1,563
|
)
|
|
|
(3,023
|
)
|
|
Less: Interest and other income
|
|
|
|
(60
|
)
|
|
|
(288
|
)
|
|
Less: Income on deferred compensation plans
|
|
|
|
(1,864
|
)
|
|
|
(681
|
)
|
|
Plus: Property management
|
|
|
|
5,962
|
|
|
|
5,839
|
|
|
Plus: Fee and asset management
|
|
|
|
1,076
|
|
|
|
1,259
|
|
|
Plus: General and administrative
|
|
|
|
9,748
|
|
|
|
9,545
|
|
|
Plus: Interest
|
|
|
|
24,612
|
|
|
|
23,133
|
|
|
Plus: Depreciation and amortization
|
|
|
|
61,530
|
|
|
|
57,396
|
|
|
Plus: Amortization of deferred financing costs
|
|
|
|
798
|
|
|
|
841
|
|
|
Plus: Expense on deferred compensation plans
|
|
|
|
1,864
|
|
|
|
681
|
|
|
Less: Gain on sale of operating properties, including land
|
|
|
|
(85,192
|
)
|
|
|
(354
|
)
|
|
Less: Equity in income of joint ventures
|
|
|
|
(1,382
|
)
|
|
|
(4,290
|
)
|
|
Plus: Income tax expense
|
|
|
|
429
|
|
|
|
474
|
|
|
Plus: Income allocated to non-controlling interests from
continuing operations
|
|
|
|
5,466
|
|
|
|
1,037
|
|
|
Net Operating Income (NOI)
|
|
|
$
|
137,023
|
|
|
$
|
131,605
|
|
|
|
|
|
|
|
|
|
"Same Property" Communities
|
|
|
$
|
126,307
|
|
|
$
|
121,748
|
|
|
Non-"Same Property" Communities
|
|
|
|
7,137
|
|
|
|
3,938
|
|
|
Development and Lease-Up Communities
|
|
|
|
2,313
|
|
|
|
(14
|
)
|
|
Dispositions/Other
|
|
|
|
1,266
|
|
|
|
5,933
|
|
|
Net Operating Income (NOI)
|
|
|
$
|
137,023
|
|
|
$
|
131,605
|
|
|
|
|
|
|
|
|
|
EBITDA
EBITDA is defined by the Company as earnings before interest,
taxes, depreciation and amortization, 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 operating properties
including land, 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 March 31,
|
|
|
|
|
2015
|
|
2014
|
|
Net income attributable to common shareholders
|
|
|
$
|
115,599
|
|
|
$
|
40,036
|
|
|
Plus: Interest
|
|
|
|
24,612
|
|
|
|
23,133
|
|
|
Plus: Amortization of deferred financing costs
|
|
|
|
798
|
|
|
|
841
|
|
|
Plus: Depreciation and amortization
|
|
|
|
61,530
|
|
|
|
57,396
|
|
|
Plus: Income allocated to non-controlling interests from continuing
operations
|
|
|
|
5,466
|
|
|
|
1,037
|
|
|
Plus: Income tax expense
|
|
|
|
429
|
|
|
|
474
|
|
|
Less: Gain on sale of operating properties, including land
|
|
|
|
(85,192
|
)
|
|
|
(354
|
)
|
|
Less: Equity in income of joint ventures
|
|
|
|
(1,382
|
)
|
|
|
(4,290
|
)
|
|
EBITDA
|
|
|
$
|
121,860
|
|
|
$
|
118,273
|
|
Copyright Business Wire 2015