Camden Property Trust (NYSE:CPT) today announced operating results for
the three and twelve months ended December 31, 2015.
Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”),
and Net Income Attributable to Common Shareholders (“EPS”) for the three
and twelve months ended December 31, 2015 are detailed below.
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Three Months Ended
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Twelve Months Ended
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December 31
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December 31
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Per Diluted Share
|
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|
2015
|
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2014
|
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2015
|
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2014
|
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FFO
|
|
|
$1.20
|
|
$0.99
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$4.54
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$4.18
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AFFO
|
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$1.01
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$0.79
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$3.83
|
|
$3.52
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EPS
|
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|
$0.67
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$1.98
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$2.76
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|
$3.27
|
A reconciliation of EPS to FFO is included in the financial tables
accompanying this press release.
Same Property Results
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Quarterly Growth
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Sequential Growth
|
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Year to Date Growth
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4Q15 vs. 4Q14
|
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4Q15 vs. 3Q15
|
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2015 vs. 2014
|
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Revenues
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|
|
|
5.4%
|
|
0.0%
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5.2%
|
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Expenses
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|
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4.8%
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(4.0)%
|
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5.1%
|
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Net Operating Income ("NOI")
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5.7%
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2.3%
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5.2%
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4Q15
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4Q14
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3Q15
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Occupancy
|
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95.5%
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95.6%
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96.0%
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“We are pleased to report another solid quarter of results for our
company,” said Richard J. Campo, Camden’s Chairman and CEO. “Our 2015
FFO totaled $4.54 per share, the highest level achieved in our 23 years
of operations, driven by strong revenue and NOI growth at our
communities. We expect 2016 to be another very good year for Camden and
the multifamily industry.”
The Company defines same property communities as communities owned and
stabilized as of January 1, 2014. A reconciliation of net income to NOI
and same property NOI is included in the financial tables accompanying
this press release.
Development Activity
Construction was completed during the quarter at Camden Paces located in
Atlanta, GA and Camden Southline in Charlotte, NC. Lease-up was
completed at Camden Hayden in Tempe, AZ.
Development Communities - Construction Completed and Projects in
Lease-Up ($ in millions)
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Total
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Total
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CPT %
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% Leased
|
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Community Name
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Location
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Units
|
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Cost
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Owned
|
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as of 1/24/2016
|
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Camden Southline
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Charlotte, NC
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266
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|
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$47.2
|
|
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31.3
|
%
|
|
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91%
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Camden Flatirons
|
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Denver, CO
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424
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|
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79.2
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100
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%
|
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88%
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Camden Paces
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Atlanta, GA
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379
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|
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117.5
|
|
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100
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%
|
|
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77%
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Camden Glendale
|
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Glendale, CA
|
|
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303
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113.2
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|
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100
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%
|
|
|
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69%
|
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TOTAL
|
|
|
|
|
|
|
|
1,372
|
|
|
|
$357.1
|
|
|
|
|
|
|
|
|
|
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|
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Development Communities - Construction Ongoing ($ in millions)
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Total
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Total
|
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|
CPT %
|
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|
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% Leased
|
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Community Name
|
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Location
|
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|
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Units
|
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Budget
|
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Owned
|
|
|
|
as of 1/24/2016
|
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Camden Chandler
|
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Chandler, AZ
|
|
|
|
380
|
|
|
|
$73.0
|
|
|
|
100%
|
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|
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62%
|
|
Camden Gallery
|
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Charlotte, NC
|
|
|
|
323
|
|
|
|
58.0
|
|
|
|
100%
|
|
|
|
|
|
Camden Victory Park
|
|
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Dallas, TX
|
|
|
|
423
|
|
|
|
82.0
|
|
|
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100%
|
|
|
|
|
|
The Camden
|
|
|
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Los Angeles, CA
|
|
|
|
287
|
|
|
|
145.0
|
|
|
|
100%
|
|
|
|
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Camden Lincoln Station
|
|
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Denver, CO
|
|
|
|
267
|
|
|
|
56.0
|
|
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|
100%
|
|
|
|
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Camden NoMa II
|
|
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Washington, DC
|
|
|
|
405
|
|
|
|
115.0
|
|
|
|
100%
|
|
|
|
|
|
Camden Shady Grove
|
|
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|
Rockville, MD
|
|
|
|
457
|
|
|
|
116.0
|
|
|
|
100%
|
|
|
|
|
|
Camden McGowen Station
|
|
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|
Houston, TX
|
|
|
|
315
|
|
|
|
90.0
|
|
|
|
100%
|
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|
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TOTAL
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|
|
|
|
|
|
2,857
|
|
|
|
$735.0
|
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|
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Acquisition/Disposition Activity
During the quarter the Company acquired a 5.8-acre land parcel in
Gaithersburg, MD for $13.3 million for the future development of
approximately 365 apartment homes. The Company also disposed of Camden
Providence Lakes, a 260-home community in Brandon, FL for $33.0 million.
Quarterly Dividend Declaration
Camden’s Board of Trust Managers declared a first quarter 2016 dividend
of $0.75 per common share, which is a 7.1% increase over the Company’s
prior quarterly dividend of $0.70 per share. The dividend is payable on
April 18, 2016 to holders of record as of March 31, 2016. In declaring
the dividend, the Board of Trust Managers considered a number of
factors, including the Company’s past performance and future prospects,
as described in this press release.
Earnings Guidance
Camden provided initial earnings guidance for 2016 based on its current
and expected views of the apartment market and general economic
conditions, and provided guidance for first quarter 2016 as detailed
below.
|
Per Diluted Share
|
|
|
|
1Q16
|
|
|
|
2016
|
|
FFO
|
|
|
|
$1.16 - $1.20
|
|
|
|
$4.75 - $4.95
|
|
EPS
|
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|
|
$0.41 - $0.45
|
|
|
|
$1.71 - $1.91
|
|
|
|
|
|
|
|
|
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|
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Same Property Growth
|
|
|
|
2016 Range
|
|
|
|
2016 Midpoint
|
|
Revenues
|
|
|
|
4.10% - 5.10%
|
|
|
|
4.6%
|
|
Expenses
|
|
|
|
4.30% - 5.30%
|
|
|
|
4.8%
|
|
NOI
|
|
|
|
3.50% - 5.50%
|
|
|
|
4.5%
|
Camden intends to update its earnings guidance to the market on a
quarterly basis. Additional information on the Company’s 2016 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, January 29, 2016 at
11:00 a.m. Central Time to review its fourth quarter and full-year 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: 9020765,
or join the live webcast of the conference call by accessing the
Investors section of the Company’s website at camdenliving.com.
Supplemental financial information is available in the Investors 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 172 properties containing 59,792
apartment homes across the United States. Upon completion of 8
properties under development, the Company’s portfolio will increase to
62,649 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.
|
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|
CAMDEN
|
|
|
|
OPERATING RESULTS
|
|
|
|
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
|
|
|
2015
|
2014
|
|
2015
|
2014
|
|
OPERATING DATA
|
|
|
|
|
|
|
|
|
|
Property revenues
|
|
|
|
|
|
|
|
|
|
Rental revenues
|
|
|
|
$
|
197,647
|
|
$
|
188,225
|
|
|
$
|
769,108
|
|
$
|
731,874
|
|
|
Other property revenues
|
|
|
|
|
32,011
|
|
|
28,234
|
|
|
|
123,820
|
|
|
112,104
|
|
|
Total property revenues
|
|
|
|
|
229,658
|
|
|
216,459
|
|
|
|
892,928
|
|
|
843,978
|
|
|
|
|
|
|
|
|
|
|
|
|
Property expenses
|
|
|
|
|
|
|
|
|
|
Property operating and maintenance
|
|
|
|
|
55,299
|
|
|
53,014
|
|
|
|
219,831
|
|
|
211,253
|
|
|
Real estate taxes
|
|
|
|
|
25,111
|
|
|
23,415
|
|
|
|
101,885
|
|
|
94,055
|
|
|
Total property expenses
|
|
|
|
|
80,410
|
|
|
76,429
|
|
|
|
321,716
|
|
|
305,308
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-property income
|
|
|
|
|
|
|
|
|
|
Fee and asset management
|
|
|
|
|
1,916
|
|
|
2,531
|
|
|
|
6,999
|
|
|
9,832
|
|
|
Interest and other income
|
|
|
|
|
289
|
|
|
80
|
|
|
|
597
|
|
|
842
|
|
|
Income/(loss) on deferred compensation plans
|
|
|
|
|
1,607
|
|
|
2,003
|
|
|
|
(264
|
)
|
|
3,937
|
|
|
Total non-property income
|
|
|
|
|
3,812
|
|
|
4,614
|
|
|
|
7,332
|
|
|
14,611
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses
|
|
|
|
|
|
|
|
|
|
Property management
|
|
|
|
|
5,833
|
|
|
5,581
|
|
|
|
23,761
|
|
|
22,689
|
|
|
Fee and asset management
|
|
|
|
|
1,318
|
|
|
1,595
|
|
|
|
4,742
|
|
|
5,341
|
|
|
General and administrative
|
|
|
|
|
13,113
|
|
|
20,595
|
|
|
|
46,233
|
|
|
51,005
|
|
|
Interest (a)
|
|
|
|
|
23,740
|
|
|
24,846
|
|
|
|
97,312
|
|
|
94,906
|
|
|
Depreciation and amortization
|
|
|
|
|
65,886
|
|
|
61,539
|
|
|
|
257,082
|
|
|
237,346
|
|
|
Expense/(benefit) on deferred compensation plans
|
|
|
|
|
1,607
|
|
|
2,003
|
|
|
|
(264
|
)
|
|
3,937
|
|
|
Total other expenses
|
|
|
|
|
111,497
|
|
|
116,159
|
|
|
|
428,866
|
|
|
415,224
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of operating properties, including land
|
|
|
|
|
19,096
|
|
|
155,680
|
|
|
|
104,288
|
|
|
159,289
|
|
|
Impairment associated with land holdings
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
(1,152
|
)
|
|
Equity in income of joint ventures
|
|
|
|
|
1,681
|
|
|
1,134
|
|
|
|
6,168
|
|
|
7,023
|
|
|
Income from continuing operations before income taxes
|
|
|
|
|
62,340
|
|
|
185,299
|
|
|
|
260,134
|
|
|
303,217
|
|
|
Income tax expense
|
|
|
|
|
(538
|
)
|
|
(675
|
)
|
|
|
(1,872
|
)
|
|
(1,903
|
)
|
|
Net income
|
|
|
|
|
61,802
|
|
|
184,624
|
|
|
|
258,262
|
|
|
301,314
|
|
|
Less income allocated to non-controlling interests from continuing
operations
|
|
|
|
|
(1,209
|
)
|
|
(6,126
|
)
|
|
|
(8,947
|
)
|
|
(9,225
|
)
|
|
Net income attributable to common shareholders
|
|
|
|
$
|
60,593
|
|
$
|
178,498
|
|
|
$
|
249,315
|
|
$
|
292,089
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$61,802
|
$184,624
|
|
$258,262
|
$301,314
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
Unrealized loss on cash flow hedging activities
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
(417
|
)
|
|
Unrealized gain (loss) and unamortized prior service cost on post
retirement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
obligation
|
|
|
|
|
357
|
|
|
(970
|
)
|
|
|
357
|
|
|
(970
|
)
|
|
Reclassification of net loss on cash flow hedging activities, prior
service cost and net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loss on post retirement obligation
|
|
|
|
|
37
|
|
|
25
|
|
|
|
149
|
|
|
74
|
|
|
Comprehensive income
|
|
|
|
|
62,196
|
|
|
183,679
|
|
|
|
258,768
|
|
|
300,001
|
|
|
Less income allocated to non-controlling interests from continuing
operations
|
|
|
|
|
(1,209
|
)
|
|
(6,126
|
)
|
|
|
(8,947
|
)
|
|
(9,225
|
)
|
|
Comprehensive income attributable to common shareholders
|
|
|
|
$
|
60,987
|
|
$
|
177,553
|
|
|
$
|
249,821
|
|
$
|
290,776
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
Total earnings per common share – basic
|
|
|
|
$
|
0.67
|
|
$
|
1.99
|
|
|
$
|
2.77
|
|
$
|
3.29
|
|
|
Total earnings per common share – diluted
|
|
|
|
|
0.67
|
|
|
1.98
|
|
|
|
2.76
|
|
|
3.27
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
89,175
|
|
|
88,683
|
|
|
|
89,120
|
|
|
88,084
|
|
|
Diluted
|
|
|
|
|
90,418
|
|
|
90,233
|
|
|
|
89,490
|
|
|
88,468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) All periods presented have been changed to reflect the adoption
of ASU 2015-03 (as supplemented by ASU 2015-15) at December 31, 2015,
which required retrospective application.
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
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
|
|
|
2015
|
2014
|
|
2015
|
2014
|
|
FUNDS FROM OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders
|
|
|
|
$
|
60,593
|
|
$
|
178,498
|
|
|
$
|
249,315
|
|
$
|
292,089
|
|
|
Real estate depreciation and amortization
|
|
|
|
|
64,286
|
|
|
60,032
|
|
|
|
251,104
|
|
|
230,638
|
|
|
Adjustments for unconsolidated joint ventures
|
|
|
|
|
2,364
|
|
|
1,357
|
|
|
|
9,146
|
|
|
5,337
|
|
|
Income allocated to non-controlling interests
|
|
|
|
|
1,209
|
|
|
6,126
|
|
|
|
8,947
|
|
|
9,225
|
|
|
Gain on sale of unconsolidated joint venture properties
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
(3,566
|
)
|
|
Gain on sale of operating properties, net of tax
|
|
|
|
|
(18,870
|
)
|
|
(155,680
|
)
|
|
|
(104,015
|
)
|
|
(155,680
|
)
|
|
Funds from operations
|
|
|
|
$
|
109,582
|
|
$
|
90,333
|
|
|
$
|
414,497
|
|
$
|
378,043
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: recurring capitalized expenditures (a)
|
|
|
|
|
(17,429
|
)
|
|
(18,397
|
)
|
|
|
(64,169
|
)
|
|
(59,854
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted funds from operations - diluted
|
|
|
|
$
|
92,153
|
|
$
|
71,936
|
|
|
$
|
350,328
|
|
$
|
318,189
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
Funds from operations - diluted
|
|
|
|
$
|
1.20
|
|
$
|
0.99
|
|
|
$
|
4.54
|
|
$
|
4.18
|
|
|
Adjusted funds from operations - diluted
|
|
|
|
|
1.01
|
|
|
0.79
|
|
|
|
3.83
|
|
|
3.52
|
|
|
Distributions declared per common share
|
|
|
|
|
0.70
|
|
|
0.66
|
|
|
|
2.80
|
|
|
2.64
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
FFO/AFFO - diluted
|
|
|
|
|
91,502
|
|
|
91,045
|
|
|
|
91,386
|
|
|
90,366
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY DATA
|
|
|
|
|
|
|
|
|
|
Total operating properties (end of period)(b)
|
|
|
|
|
172
|
|
|
168
|
|
|
|
172
|
|
|
168
|
|
|
Total operating apartment homes in operating properties (end of
period)(b)
|
|
|
|
|
59,792
|
|
|
58,948
|
|
|
|
59,792
|
|
|
58,948
|
|
|
Total operating apartment homes (weighted average)
|
|
|
|
|
52,379
|
|
|
52,998
|
|
|
|
52,006
|
|
|
52,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31,
2015
|
Sep 30,
2015
|
Jun 30,
2015
|
Mar 31,
2015
|
Dec 31,
2014
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Real estate assets, at cost
|
|
|
|
|
|
|
|
|
|
Land
|
|
|
|
$
|
1,048,685
|
|
$
|
1,047,453
|
|
$
|
1,034,649
|
|
$
|
1,012,684
|
|
$
|
1,003,422
|
|
|
Buildings and improvements
|
|
|
|
|
6,284,851
|
|
|
6,237,648
|
|
|
6,134,510
|
|
|
5,979,985
|
|
|
5,890,498
|
|
|
|
|
|
|
|
7,333,536
|
|
|
7,285,101
|
|
|
7,169,159
|
|
|
6,992,669
|
|
|
6,893,920
|
|
|
Accumulated depreciation
|
|
|
|
|
(1,978,690
|
)
|
|
(1,914,469
|
)
|
|
(1,860,923
|
)
|
|
(1,798,955
|
)
|
|
(1,738,862
|
)
|
|
Net operating real estate assets
|
|
|
|
|
5,354,846
|
|
|
5,370,632
|
|
|
5,308,236
|
|
|
5,193,714
|
|
|
5,155,058
|
|
|
Properties under development, including land
|
|
|
|
|
491,120
|
|
|
443,469
|
|
|
488,565
|
|
|
519,454
|
|
|
527,596
|
|
|
Investments in joint ventures
|
|
|
|
|
33,698
|
|
|
34,705
|
|
|
35,731
|
|
|
36,526
|
|
|
36,429
|
|
|
Properties held for sale
|
|
|
|
|
-
|
|
|
13,168
|
|
|
-
|
|
|
-
|
|
|
27,143
|
|
|
Total real estate assets
|
|
|
|
|
5,879,664
|
|
|
5,861,974
|
|
|
5,832,532
|
|
|
5,749,694
|
|
|
5,746,226
|
|
|
Accounts receivable – affiliates
|
|
|
|
|
25,100
|
|
|
25,053
|
|
|
25,855
|
|
|
25,652
|
|
|
25,977
|
|
|
Other assets, net (a)(b)
|
|
|
|
|
116,260
|
|
|
118,985
|
|
|
108,220
|
|
|
109,937
|
|
|
111,962
|
|
|
Cash and cash equivalents
|
|
|
|
|
10,617
|
|
|
10,375
|
|
|
16,508
|
|
|
174,353
|
|
|
153,918
|
|
|
Restricted cash
|
|
|
|
|
5,971
|
|
|
6,126
|
|
|
5,791
|
|
|
5,034
|
|
|
5,898
|
|
|
Total assets
|
|
|
|
$6,037,612
|
$6,022,513
|
$5,988,906
|
$6,064,670
|
$6,043,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Notes payable
|
|
|
|
|
|
|
|
|
|
Unsecured (b)
|
|
|
|
$1,824,930
|
$1,803,360
|
$1,761,793
|
$1,829,146
|
$1,828,485
|
|
Secured (b)
|
|
|
|
|
899,757
|
|
|
900,472
|
|
|
901,032
|
|
|
901,582
|
|
|
902,128
|
|
|
Accounts payable and accrued expenses
|
|
|
|
|
133,353
|
|
|
131,532
|
|
|
128,532
|
|
|
134,438
|
|
|
157,232
|
|
|
Accrued real estate taxes
|
|
|
|
|
45,223
|
|
|
57,642
|
|
|
43,905
|
|
|
23,269
|
|
|
39,149
|
|
|
Distributions payable
|
|
|
|
|
64,275
|
|
|
64,276
|
|
|
64,253
|
|
|
64,261
|
|
|
60,386
|
|
|
Other liabilities (c)
|
|
|
|
|
97,814
|
|
|
96,679
|
|
|
100,515
|
|
|
102,163
|
|
|
100,058
|
|
|
Total liabilities
|
|
|
|
|
3,065,352
|
|
|
3,053,961
|
|
|
3,000,030
|
|
|
3,054,859
|
|
|
3,087,438
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
Non-qualified deferred compensation share awards
|
|
|
|
|
78,593
|
|
|
72,316
|
|
|
69,791
|
|
|
69,902
|
|
|
68,134
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
Common shares of beneficial interest
|
|
|
|
|
976
|
|
|
976
|
|
|
976
|
|
|
976
|
|
|
976
|
|
|
Additional paid-in capital
|
|
|
|
|
3,662,696
|
|
|
3,660,482
|
|
|
3,657,537
|
|
|
3,656,105
|
|
|
3,667,448
|
|
|
Distributions in excess of net income attributable to common
shareholders
|
|
|
|
|
(457,638
|
)
|
|
(452,257
|
)
|
|
(426,614
|
)
|
|
(403,518
|
)
|
|
(453,777
|
)
|
|
Treasury shares, at cost
|
|
|
|
|
(386,793
|
)
|
|
(387,114
|
)
|
|
(387,172
|
)
|
|
(388,181
|
)
|
|
(396,626
|
)
|
|
Accumulated other comprehensive loss (d)
|
|
|
|
|
(1,913
|
)
|
|
(2,307
|
)
|
|
(2,345
|
)
|
|
(2,382
|
)
|
|
(2,419
|
)
|
|
Total common equity
|
|
|
|
|
2,817,328
|
|
|
2,819,780
|
|
|
2,842,382
|
|
|
2,863,000
|
|
|
2,815,602
|
|
|
Non-controlling interests
|
|
|
|
|
76,339
|
|
|
76,456
|
|
|
76,703
|
|
|
76,909
|
|
|
72,807
|
|
|
Total equity
|
|
|
|
|
2,893,667
|
|
|
2,896,236
|
|
|
2,919,085
|
|
|
2,939,909
|
|
|
2,888,409
|
|
|
Total liabilities and equity
|
|
|
|
$
|
6,037,612
|
|
$
|
6,022,513
|
|
$
|
5,988,906
|
|
$
|
6,064,670
|
|
$
|
6,043,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes net deferred charges of:
|
|
|
|
$
|
2,851
|
|
$
|
3,077
|
|
$
|
59
|
|
$
|
43
|
|
$
|
293
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) All periods presented have been changed to reflect the
adoption of ASU 2015-03 (as supplemented by ASU 2015-15) at December
31, 2015, which required
retrospective application.
|
|
|
|
|
|
|
|
|
|
|
|
(c) Includes deferred revenues of:
|
|
|
|
$
|
1,768
|
|
$
|
1,918
|
|
$
|
843
|
|
$
|
1,728
|
|
$
|
1,848
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) Represents the unrealized net loss and unamortized prior
service costs on post retirement obligation, and unrealized loss on
cash flow hedging activities.
|
|
|
|
|
CAMDEN
|
2016 FINANCIAL OUTLOOK
|
|
|
AS OF JANUARY 28, 2016
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Earnings Guidance - Per Diluted Share
|
|
|
|
Expected FFO per share - diluted
|
|
$4.75 - $4.95
|
|
|
|
|
|
"Same Property" Communities
|
|
|
|
Number of Units
|
|
47,894
|
|
2015 Base Net Operating Income
|
|
$523 million
|
|
Total Revenue Growth
|
|
4.10% - 5.10%
|
|
Total Expense Growth
|
|
4.30% - 5.30%
|
|
Net Operating Income Growth
|
|
3.50% - 5.50%
|
|
Impact from 1% change in NOI Growth is approximately $0.057 /
share
|
|
|
|
|
|
|
|
Physical Occupancy
|
|
95.4%
|
|
|
|
|
|
Capitalized Expenditures
|
|
|
|
Recurring
|
|
$62 - $66 million
|
|
Revenue Enhancing Repositions (a)
|
|
$19 - $23 million
|
|
|
|
|
|
Acquisitions/Dispositions
|
|
|
|
Disposition Volume (consolidated on balance sheet)
|
|
$150 - $350 million
|
|
Acquisition Volume (consolidated on balance sheet)
|
|
$0 million
|
|
|
|
|
|
Development
|
|
|
|
Development Starts (consolidated on balance sheet)
|
|
$0 - $200 million
|
|
Development Spend (consolidated on balance sheet)
|
|
$200 - $300 million
|
|
|
|
|
|
Equity in Income of Joint Ventures (FFO)
|
|
$15 - $17 million
|
|
|
|
|
|
Non-Property Income
|
|
|
|
Non-Property Income, Net
|
|
$2 - $4 million
|
|
Includes: Fee and asset management income (including fees from joint
ventures), net of expenses,
|
|
|
|
and interest and other income
|
|
|
|
|
|
|
|
Corporate Expenses
|
|
|
|
General and administrative expense
|
|
$45 - $49 million
|
|
Property management expense
|
|
$24 - $26 million
|
|
|
|
|
|
Capital
|
|
|
|
Expected Capital Transactions
|
|
$250 million
|
|
Expensed Interest
|
|
$100 - $104 million
|
|
Capitalized Interest
|
|
$17 - $19 million
|
(a) Revenue Enhancing Repositions are capital expenditures
that improve a community's competitive position, typically kitchen and
bath upgrades or other new amenities.
Note: This table contains forward-looking statements. Please see the
paragraph regarding forward-looking statements earlier in this document.
Additionally, please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
|
|
|
|
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. Our definition of recurring
capital expenditures may differ from other REITs, and there can be
no assurance our basis for computing this measure is comparable to
other REITs. A reconciliation of FFO to AFFO is provided below:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
Net income attributable to common shareholders
|
|
$
|
60,593
|
|
|
$
|
178,498
|
|
|
|
$
|
249,315
|
|
|
$
|
292,089
|
|
|
Real estate depreciation and amortization
|
|
|
64,286
|
|
|
|
60,032
|
|
|
|
|
251,104
|
|
|
|
230,638
|
|
|
Adjustments for unconsolidated joint ventures
|
|
|
2,364
|
|
|
|
1,357
|
|
|
|
|
9,146
|
|
|
|
5,337
|
|
|
Income allocated to non-controlling interests
|
|
|
1,209
|
|
|
|
6,126
|
|
|
|
|
8,947
|
|
|
|
9,225
|
|
|
Gain on sale of unconsolidated joint venture properties
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(3,566
|
)
|
|
Gain on sale of operating properties, net of tax
|
|
|
(18,870
|
)
|
|
|
(155,680
|
)
|
|
|
|
(104,015
|
)
|
|
|
(155,680
|
)
|
|
Funds from operations
|
|
$
|
109,582
|
|
|
$
|
90,333
|
|
|
|
$
|
414,497
|
|
|
$
|
378,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: recurring capitalized expenditures
|
|
|
(17,429
|
)
|
|
|
(18,397
|
)
|
|
|
|
(64,169
|
)
|
|
|
(59,854
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted funds from operations
|
|
$
|
92,153
|
|
|
$
|
71,936
|
|
|
|
$
|
350,328
|
|
|
$
|
318,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
EPS diluted
|
|
|
90,418
|
|
|
|
90,233
|
|
|
|
|
89,490
|
|
|
|
88,468
|
|
|
FFO/AFFO diluted
|
|
|
91,502
|
|
|
|
91,045
|
|
|
|
|
91,386
|
|
|
|
90,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share - diluted
|
|
$
|
0.67
|
|
|
$
|
1.98
|
|
|
|
$
|
2.76
|
|
|
$
|
3.27
|
|
|
FFO per common share - diluted
|
|
$
|
1.20
|
|
|
$
|
0.99
|
|
|
|
$
|
4.54
|
|
|
$
|
4.18
|
|
|
AFFO per common share - diluted
|
|
$
|
1.01
|
|
|
$
|
0.79
|
|
|
|
$
|
3.83
|
|
|
$
|
3.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q16 Range
|
|
|
2016 Range
|
|
|
|
Low
|
|
High
|
|
|
Low
|
|
High
|
|
Expected earnings per common share - diluted
|
|
$
|
0.41
|
|
|
$
|
0.45
|
|
|
|
$
|
1.71
|
|
|
$
|
1.91
|
|
|
Expected real estate depreciation and amortization
|
|
|
0.72
|
|
|
|
0.72
|
|
|
|
|
2.90
|
|
|
|
2.90
|
|
|
Expected adjustments for unconsolidated joint ventures
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
|
0.09
|
|
|
|
0.09
|
|
|
Expected income allocated to non-controlling interests
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
|
0.05
|
|
|
|
0.05
|
|
|
Expected FFO per share - diluted
|
|
$
|
1.16
|
|
|
$
|
1.20
|
|
|
|
$
|
4.75
|
|
|
$
|
4.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
Net income attributable to common shareholders
|
|
$
|
60,593
|
|
|
$
|
178,498
|
|
|
|
$
|
249,315
|
|
|
$
|
292,089
|
|
|
Less: Fee and asset management
|
|
|
(1,916
|
)
|
|
|
(2,531
|
)
|
|
|
|
(6,999
|
)
|
|
|
(9,832
|
)
|
|
Less: Interest and other income
|
|
|
(289
|
)
|
|
|
(80
|
)
|
|
|
|
(597
|
)
|
|
|
(842
|
)
|
|
Less: Income/(loss) on deferred compensation plans
|
|
|
(1,607
|
)
|
|
|
(2,003
|
)
|
|
|
|
264
|
|
|
|
(3,937
|
)
|
|
Plus: Property management
|
|
|
5,833
|
|
|
|
5,581
|
|
|
|
|
23,761
|
|
|
|
22,689
|
|
|
Plus: Fee and asset management
|
|
|
1,318
|
|
|
|
1,595
|
|
|
|
|
4,742
|
|
|
|
5,341
|
|
|
Plus: General and administrative
|
|
|
13,113
|
|
|
|
20,595
|
|
|
|
|
46,233
|
|
|
|
51,005
|
|
|
Plus: Interest
|
|
|
23,740
|
|
|
|
24,846
|
|
|
|
|
97,312
|
|
|
|
94,906
|
|
|
Plus: Depreciation and amortization
|
|
|
65,886
|
|
|
|
61,539
|
|
|
|
|
257,082
|
|
|
|
237,346
|
|
|
Plus: Expense/(benefit) on deferred compensation plans
|
|
|
1,607
|
|
|
|
2,003
|
|
|
|
|
(264
|
)
|
|
|
3,937
|
|
|
Less: Gain on sale of operating properties, including land
|
|
|
(19,096
|
)
|
|
|
(155,680
|
)
|
|
|
|
(104,288
|
)
|
|
|
(159,289
|
)
|
|
Less: Impairment associated with land holdings
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
1,152
|
|
|
Less: Equity in income of joint ventures
|
|
|
(1,681
|
)
|
|
|
(1,134
|
)
|
|
|
|
(6,168
|
)
|
|
|
(7,023
|
)
|
|
Plus: Income tax expense
|
|
|
538
|
|
|
|
675
|
|
|
|
|
1,872
|
|
|
|
1,903
|
|
|
Plus: Income allocated to non-controlling interests from continuing
operations
|
|
|
1,209
|
|
|
|
6,126
|
|
|
|
|
8,947
|
|
|
|
9,225
|
|
|
Net Operating Income (NOI)
|
|
$
|
149,248
|
|
|
$
|
140,030
|
|
|
|
$
|
571,212
|
|
|
$
|
538,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"Same Property" Communities
|
|
$
|
133,716
|
|
|
$
|
126,462
|
|
|
|
$
|
520,132
|
|
|
$
|
494,325
|
|
|
Non-"Same Property" Communities
|
|
|
11,364
|
|
|
|
7,855
|
|
|
|
|
37,375
|
|
|
|
19,280
|
|
|
Development and Lease-Up Communities
|
|
|
3,438
|
|
|
|
697
|
|
|
|
|
8,479
|
|
|
|
994
|
|
|
Dispositions/Other
|
|
|
730
|
|
|
|
5,016
|
|
|
|
|
5,226
|
|
|
|
24,071
|
|
|
Net Operating Income (NOI)
|
|
$
|
149,248
|
|
|
$
|
140,030
|
|
|
|
$
|
571,212
|
|
|
$
|
538,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
Net income attributable to common shareholders
|
|
$
|
60,593
|
|
|
$
|
178,498
|
|
|
|
$
|
249,315
|
|
|
$
|
292,089
|
|
|
Plus: Interest
|
|
|
23,740
|
|
|
|
24,846
|
|
|
|
|
97,312
|
|
|
|
94,906
|
|
|
Plus: Depreciation and amortization
|
|
|
65,886
|
|
|
|
61,539
|
|
|
|
|
257,082
|
|
|
|
237,346
|
|
|
Plus: Income allocated to non-controlling interests from continuing
operations
|
|
|
1,209
|
|
|
|
6,126
|
|
|
|
|
8,947
|
|
|
|
9,225
|
|
|
Plus: Income tax expense
|
|
|
538
|
|
|
|
675
|
|
|
|
|
1,872
|
|
|
|
1,903
|
|
|
Less: Gain on sale of operating properties, including land
|
|
|
(19,096
|
)
|
|
|
(155,680
|
)
|
|
|
|
(104,288
|
)
|
|
|
(159,289
|
)
|
|
Less: Impairment associated with land holdings
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
1,152
|
|
|
Less: Equity in income of joint ventures
|
|
|
(1,681
|
)
|
|
|
(1,134
|
)
|
|
|
|
(6,168
|
)
|
|
|
(7,023
|
)
|
|
EBITDA
|
|
$
|
131,189
|
|
|
$
|
114,870
|
|
|
|
$
|
504,072
|
|
|
$
|
470,309
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160128006430/en/
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