Texas | 1-12110 | 76-6088377 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Number | Title |
99.1 | Press Release issued by Camden Property Trust dated January 28, 2015. |
99.2 | Supplemental Financial Information dated January 28, 2015. |
Number | Title |
99.1 | Press Release issued by Camden Property Trust dated January 28, 2015. |
99.2 | Supplemental Financial Information dated January 28, 2015. |
CAMDEN | OPERATING RESULTS | |
(In thousands, except per share amounts) | ||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
OPERATING DATA | |||||||||||||
Property revenues | |||||||||||||
Rental revenues | $188,225 | $177,795 | $731,874 | $683,362 | |||||||||
Other property revenues | 28,234 | 26,522 | 112,104 | 105,489 | |||||||||
Total property revenues | 216,459 | 204,317 | 843,978 | 788,851 | |||||||||
Property expenses | |||||||||||||
Property operating and maintenance | 53,014 | 50,297 | 211,253 | 199,650 | |||||||||
Real estate taxes | 23,415 | 21,582 | 94,055 | 86,041 | |||||||||
Total property expenses | 76,429 | 71,879 | 305,308 | 285,691 | |||||||||
Non-property income | |||||||||||||
Fee and asset management | 2,531 | 2,873 | 9,832 | 11,690 | |||||||||
Interest and other income | 80 | 41 | 842 | 1,217 | |||||||||
Income on deferred compensation plans | 2,003 | 3,078 | 3,937 | 8,290 | |||||||||
Total non-property income | 4,614 | 5,992 | 14,611 | 21,197 | |||||||||
Other expenses | |||||||||||||
Property management | 5,581 | 5,196 | 22,689 | 21,774 | |||||||||
Fee and asset management | 1,595 | 1,288 | 5,341 | 5,756 | |||||||||
General and administrative | 20,595 | 9,209 | 51,005 | 40,586 | |||||||||
Interest | 24,417 | 24,162 | 93,263 | 98,129 | |||||||||
Depreciation and amortization | 61,106 | 55,878 | 235,634 | 214,395 | |||||||||
Amortization of deferred financing costs | 862 | 859 | 3,355 | 3,548 | |||||||||
Expense on deferred compensation plans | 2,003 | 3,078 | 3,937 | 8,290 | |||||||||
Total other expenses | 116,159 | 99,670 | 415,224 | 392,478 | |||||||||
Gain on sale of operating properties, including land | 155,680 | — | 159,289 | 698 | |||||||||
Impairment associated with land holdings | — | — | (1,152 | ) | — | ||||||||
Equity in income of joint ventures | 1,134 | 4,207 | 7,023 | 24,865 | |||||||||
Income from continuing operations before income taxes | 185,299 | 42,967 | 303,217 | 157,442 | |||||||||
Income tax expense – current | (675 | ) | (239 | ) | (1,903 | ) | (1,826 | ) | |||||
Income from continuing operations | 184,624 | 42,728 | 301,314 | 155,616 | |||||||||
Income from discontinued operations | — | 1,290 | — | 8,515 | |||||||||
Gain on sale of discontinued operations, net of tax | — | 91,101 | — | 182,160 | |||||||||
Net income | 184,624 | 135,119 | 301,314 | 346,291 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (6,126 | ) | (1,128 | ) | (9,225 | ) | (4,022 | ) | |||||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | — | (3,995 | ) | — | (5,905 | ) | |||||||
Net income attributable to common shareholders | $178,498 | $129,996 | $292,089 | $336,364 | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
Net income | $184,624 | $135,119 | $301,314 | $346,291 | |||||||||
Other comprehensive income | |||||||||||||
Unrealized loss on cash flow hedging activities | — | — | (417 | ) | — | ||||||||
Unrealized loss and unamortized prior service cost on post retirement obligation | (970 | ) | (99 | ) | (970 | ) | (99 | ) | |||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 25 | 13 | 74 | 54 | |||||||||
Comprehensive income | 183,679 | 135,033 | 300,001 | 346,246 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (6,126 | ) | (1,128 | ) | (9,225 | ) | (4,022 | ) | |||||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | — | (3,995 | ) | — | (5,905 | ) | |||||||
Comprehensive income attributable to common shareholders | $177,553 | $129,910 | $290,776 | $336,319 | |||||||||
PER SHARE DATA | |||||||||||||
Total earnings per common share -- basic | $1.99 | $1.47 | $3.29 | $3.82 | |||||||||
Total earnings per common share -- diluted | 1.98 | 1.46 | 3.27 | 3.78 | |||||||||
Earnings per common share from continuing operations -- basic | 1.99 | 0.46 | 3.29 | 1.70 | |||||||||
Earnings per common share from continuing operations -- diluted | 1.98 | 0.46 | 3.27 | 1.69 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
Basic | 88,683 | 87,459 | 88,084 | 87,204 | |||||||||
Diluted | 90,233 | 88,686 | 88,468 | 88,494 |
CAMDEN | FUNDS FROM OPERATIONS | |
(In thousands, except per share and property data amounts) | ||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
FUNDS FROM OPERATIONS | |||||||||||||
Net income attributable to common shareholders | $178,498 | $129,996 | $292,089 | $336,364 | |||||||||
Real estate depreciation from continuing operations | 60,032 | 54,520 | 230,638 | 209,474 | |||||||||
Real estate depreciation from discontinued operations | — | 199 | — | 5,255 | |||||||||
Adjustments for unconsolidated joint ventures | 1,357 | 1,422 | 5,337 | 5,738 | |||||||||
Income allocated to non-controlling interests | 6,126 | 5,123 | 9,225 | 9,927 | |||||||||
Gain on sale of unconsolidated joint venture properties | — | (3,245 | ) | (3,566 | ) | (16,277 | ) | ||||||
Gain on sale of operating properties, net of tax | (155,680 | ) | — | (155,680 | ) | — | |||||||
Gain on sale of discontinued operations, net of tax | — | (91,101 | ) | — | (182,160 | ) | |||||||
Funds from operations | $90,333 | $96,914 | $378,043 | $368,321 | |||||||||
PER SHARE DATA | |||||||||||||
Funds from operations - diluted | $0.99 | $1.08 | $4.18 | $4.11 | |||||||||
Distributions declared per common share | 0.66 | 0.63 | 2.64 | 2.52 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
FFO - diluted | 91,045 | 89,772 | 90,366 | 89,580 | |||||||||
PROPERTY DATA | |||||||||||||
Total operating properties (end of period) (a) | 168 | 170 | 168 | 170 | |||||||||
Total operating apartment homes in operating properties (end of period) (a) | 58,948 | 59,899 | 58,948 | 59,899 | |||||||||
Total operating apartment homes (weighted average) | 52,998 | 53,710 | 52,833 | 54,181 | |||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 52,998 | 52,629 | 52,833 | 51,759 |
CAMDEN | BALANCE SHEET | |
(In thousands) | ||
Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | |||||||||||
ASSETS | |||||||||||||||
Real estate assets, at cost | |||||||||||||||
Land | $1,003,422 | $997,349 | $985,444 | $978,770 | $969,711 | ||||||||||
Buildings and improvements | 5,890,498 | 5,894,453 | 5,762,428 | 5,691,619 | 5,629,904 | ||||||||||
6,893,920 | 6,891,802 | 6,747,872 | 6,670,389 | 6,599,615 | |||||||||||
Accumulated depreciation | (1,738,862 | ) | (1,813,124 | ) | (1,755,086 | ) | (1,698,724 | ) | (1,643,713 | ) | |||||
Net operating real estate assets | 5,155,058 | 5,078,678 | 4,992,786 | 4,971,665 | 4,955,902 | ||||||||||
Properties under development, including land | 527,596 | 576,269 | 599,139 | 515,141 | 472,566 | ||||||||||
Investments in joint ventures | 36,429 | 35,180 | 36,167 | 36,719 | 42,155 | ||||||||||
Properties held for sale | 27,143 | — | — | — | — | ||||||||||
Total real estate assets | 5,746,226 | 5,690,127 | 5,628,092 | 5,523,525 | 5,470,623 | ||||||||||
Accounts receivable – affiliates | 25,977 | 25,954 | 26,501 | 26,145 | 27,724 | ||||||||||
Other assets, net (a) | 124,888 | 123,999 | 114,002 | 107,862 | 109,401 | ||||||||||
Cash and cash equivalents | 153,918 | 66,127 | 16,069 | 16,768 | 17,794 | ||||||||||
Restricted cash | 5,898 | 5,769 | 5,424 | 5,549 | 6,599 | ||||||||||
Total assets | $6,056,907 | $5,911,976 | $5,790,088 | $5,679,849 | $5,632,141 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Liabilities | |||||||||||||||
Notes payable | |||||||||||||||
Unsecured | $1,837,911 | $1,837,621 | $1,769,287 | $1,649,041 | $1,588,798 | ||||||||||
Secured | 905,628 | 906,328 | 930,952 | 940,881 | 941,968 | ||||||||||
Accounts payable and accrued expenses | 157,232 | 147,255 | 122,307 | 124,981 | 113,307 | ||||||||||
Accrued real estate taxes | 39,149 | 54,369 | 40,232 | 21,922 | 35,648 | ||||||||||
Distributions payable | 60,386 | 60,265 | 59,770 | 59,728 | 56,787 | ||||||||||
Other liabilities (b) | 100,058 | 94,230 | 90,944 | 88,693 | 88,272 | ||||||||||
Total liabilities | 3,100,364 | 3,100,068 | 3,013,492 | 2,885,246 | 2,824,780 | ||||||||||
Commitments and contingencies | |||||||||||||||
Non-qualified deferred compensation share awards | 68,134 | 60,363 | 61,727 | 55,498 | 47,180 | ||||||||||
Equity | |||||||||||||||
Common shares of beneficial interest | 976 | 974 | 967 | 966 | 967 | ||||||||||
Additional paid-in capital | 3,667,448 | 3,649,750 | 3,595,315 | 3,593,633 | 3,596,069 | ||||||||||
Distributions in excess of net income attributable to common shareholders | (453,777 | ) | (568,142 | ) | (550,050 | ) | (523,321 | ) | (494,167 | ) | |||||
Treasury shares, at cost | (396,626 | ) | (397,497 | ) | (398,474 | ) | (399,510 | ) | (410,227 | ) | |||||
Accumulated other comprehensive loss (c) | (2,419 | ) | (1,474 | ) | (1,077 | ) | (1,091 | ) | (1,106 | ) | |||||
Total common equity | 2,815,602 | 2,683,611 | 2,646,681 | 2,670,677 | 2,691,536 | ||||||||||
Non-controlling interests | 72,807 | 67,934 | 68,188 | 68,428 | 68,645 | ||||||||||
Total equity | 2,888,409 | 2,751,545 | 2,714,869 | 2,739,105 | 2,760,181 | ||||||||||
Total liabilities and equity | $6,056,907 | $5,911,976 | $5,790,088 | $5,679,849 | $5,632,141 | ||||||||||
(a) Includes: | |||||||||||||||
net deferred charges of: | $13,219 | $14,361 | $12,747 | $13,615 | $14,497 | ||||||||||
(b) Includes: | |||||||||||||||
deferred revenues of: | $1,848 | $1,734 | $1,070 | $1,786 | $1,886 | ||||||||||
(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligation, and unrealized loss on cash flow hedging activities. |
CAMDEN | 2015 FINANCIAL OUTLOOK | |
AS OF JANUARY 30, 2015 | ||
2014 Reported FFO, Adjusted for Non-Routine Items and Year End Shares Outstanding | ||||||
($'s and shares in thousands) | ||||||
Total | Per Share | |||||
2014 Reported FFO | $378,043 | $4.18 | ||||
Adjustments for 2014 non-routine items: | ||||||
Less: Gain on sale of land, net | (2,457 | ) | (0.03 | ) | ||
Plus: Fund Modification Incentive Compensation | 10,000 | 0.11 | ||||
2014 FFO adjusted for non-routine items | $385,586 | $4.27 | ||||
2014 Fully Diluted Weighted Average Shares Outstanding - FFO | 90,366 | |||||
December 31, 2014 Fully Diluted Weighted Average Shares Outstanding - FFO | 91,210 | |||||
2014 FFO Adjusted for Non-Routine Items and December 31, 2014 Fully Diluted Shares Outstanding - FFO | $4.23 | |||||
2015 Financial Outlook | ||||||
Earnings Guidance - Per Diluted Share | ||||||
Expected FFO per share - diluted | $4.36 - $4.56 | |||||
"Same Property" Communities | ||||||
Number of Units | 47,878 | |||||
2014 Base Net Operating Income | $496 million | |||||
Total Revenue Growth | 3.75% - 4.75% | |||||
Total Expense Growth | 4.50% - 5.00% | |||||
Net Operating Income Growth | 3.00% - 5.00% | |||||
Impact from 1% change in NOI Growth is approximately $0.054 / share | ||||||
Physical Occupancy | 95.2% | |||||
Capitalized Expenditures | ||||||
Recurring | $61 - $65 million | |||||
Revenue Enhancing Repositions (a) | $21 - $25 million | |||||
Acquisitions/Dispositions | ||||||
Disposition Volume (consolidated on balance sheet) | $100 - $300 million | |||||
Acquisition Volume (consolidated on balance sheet) | $100 - $300 million | |||||
Development | ||||||
Development Starts (consolidated on balance sheet) | $100 - $300 million | |||||
Development Spend (consolidated on balance sheet) | $300 - $400 million | |||||
Equity in Income of Joint Ventures (FFO) | $13 - $15 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 (b) | $41 - $43 million | |||||
Property management expense | $23 - $25 million | |||||
Capital | ||||||
Expected Capital Transactions | $0 - $300 million | |||||
Expensed Interest | $96 - $100 million | |||||
Capitalized Interest | $16 - $18 million |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net income attributable to common shareholders | $178,498 | $129,996 | $292,089 | $336,364 | |||||||||
Real estate depreciation from continuing operations | 60,032 | 54,520 | 230,638 | 209,474 | |||||||||
Real estate depreciation from discontinued operations | — | 199 | — | 5,255 | |||||||||
Adjustments for unconsolidated joint ventures | 1,357 | 1,422 | 5,337 | 5,738 | |||||||||
Income allocated to non-controlling interests | 6,126 | 5,123 | 9,225 | 9,927 | |||||||||
Gain on sale of unconsolidated joint venture properties | — | (3,245 | ) | (3,566 | ) | (16,277 | ) | ||||||
Gain on sale of operating properties, net of tax | (155,680 | ) | — | (155,680 | ) | — | |||||||
Gain on sale of discontinued operations, net of tax | — | (91,101 | ) | — | (182,160 | ) | |||||||
Funds from operations | $90,333 | $96,914 | $378,043 | $368,321 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
EPS diluted | 90,233 | 88,686 | 88,468 | 88,494 | |||||||||
FFO diluted | 91,045 | 89,772 | 90,366 | 89,580 | |||||||||
Total earnings per common share -- diluted | $1.98 | $1.46 | $3.27 | $3.78 | |||||||||
FFO per common share - diluted | $0.99 | $1.08 | $4.18 | $4.11 |
1Q15 | Range | 2015 | Range | ||||||||||
Low | High | Low | High | ||||||||||
Expected earnings per common share - diluted | $0.34 | $0.38 | $1.47 | $1.67 | |||||||||
Expected real estate depreciation | 0.67 | 0.67 | 2.74 | 2.74 | |||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.10 | 0.10 | |||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.05 | 0.05 | |||||||||
Expected FFO per share - diluted | $1.04 | $1.08 | $4.36 | $4.56 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net income attributable to common shareholders | $178,498 | $129,996 | $292,089 | $336,364 | |||||||||
Less: Fee and asset management | (2,531 | ) | (2,873 | ) | (9,832 | ) | (11,690 | ) | |||||
Less: Interest and other income | (80 | ) | (41 | ) | (842 | ) | (1,217 | ) | |||||
Less: Income on deferred compensation plans | (2,003 | ) | (3,078 | ) | (3,937 | ) | (8,290 | ) | |||||
Plus: Property management | 5,581 | 5,196 | 22,689 | 21,774 | |||||||||
Plus: Fee and asset management | 1,595 | 1,288 | 5,341 | 5,756 | |||||||||
Plus: General and administrative | 20,595 | 9,209 | 51,005 | 40,586 | |||||||||
Plus: Interest | 24,417 | 24,162 | 93,263 | 98,129 | |||||||||
Plus: Depreciation and amortization | 61,106 | 55,878 | 235,634 | 214,395 | |||||||||
Plus: Amortization of deferred financing costs | 862 | 859 | 3,355 | 3,548 | |||||||||
Plus: Expense on deferred compensation plans | 2,003 | 3,078 | 3,937 | 8,290 | |||||||||
Less: Gain on sale of operating properties, including land | (155,680 | ) | — | (159,289 | ) | (698 | ) | ||||||
Less: Impairment associated with land holdings | — | — | 1,152 | — | |||||||||
Less: Equity in income of joint ventures | (1,134 | ) | (4,207 | ) | (7,023 | ) | (24,865 | ) | |||||
Plus: Income tax expense | 675 | 239 | 1,903 | 1,826 | |||||||||
Less: Income from discontinued operations | — | (1,290 | ) | — | (8,515 | ) | |||||||
Less: Gain on sale of discontinued operations, net of tax | — | (91,101 | ) | — | (182,160 | ) | |||||||
Plus: Income allocated to non-controlling interests from continuing operations | 6,126 | 1,128 | 9,225 | 4,022 | |||||||||
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations | — | 3,995 | — | 5,905 | |||||||||
Net Operating Income (NOI) | $140,030 | $132,438 | $538,670 | $503,160 | |||||||||
"Same Property" Communities | $120,271 | $115,469 | $469,488 | $447,696 | |||||||||
Non-"Same Property" Communities | 15,362 | 12,648 | 52,138 | 38,972 | |||||||||
Development and Lease-Up Communities | 1,809 | (12 | ) | 2,355 | (12 | ) | |||||||
Dispositions/Other | 2,588 | 4,333 | 14,689 | 16,504 | |||||||||
Net Operating Income (NOI) | $140,030 | $132,438 | $538,670 | $503,160 |
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net income attributable to common shareholders | $178,498 | $129,996 | $292,089 | $336,364 | |||||||||
Plus: Fund Modification Incentive Compensation | 10,000 | — | 10,000 | — | |||||||||
Plus: Interest | 24,417 | 24,162 | 93,263 | 98,129 | |||||||||
Plus: Amortization of deferred financing costs | 862 | 859 | 3,355 | 3,548 | |||||||||
Plus: Depreciation and amortization | 61,106 | 55,878 | 235,634 | 214,395 | |||||||||
Plus: Income allocated to non-controlling interests from continuing operations | 6,126 | 1,128 | 9,225 | 4,022 | |||||||||
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations | — | 3,995 | — | 5,905 | |||||||||
Plus: Income tax expense | 675 | 239 | 1,903 | 1,826 | |||||||||
Plus: Real estate depreciation from discontinued operations | — | 199 | — | 5,255 | |||||||||
Less: Gain on sale of operating properties, including land | (155,680 | ) | — | (159,289 | ) | (698 | ) | ||||||
Less: Impairment associated with land holdings | — | — | 1,152 | — | |||||||||
Less: Equity in income of joint ventures | (1,134 | ) | (4,207 | ) | (7,023 | ) | (24,865 | ) | |||||
Less: Gain on sale of discontinued operations, net of tax | — | (91,101 | ) | — | (182,160 | ) | |||||||
EBITDA | $124,870 | $121,148 | $480,309 | $461,721 |
CAMDEN | TABLE OF CONTENTS | |
Page | |
Press Release Text | |
Financial Highlights | |
Operating Results | |
Funds from Operations | |
Balance Sheets | |
Portfolio Statistics | |
Components of Property Net Operating Income | |
"Same Property" Fourth Quarter Comparisons | |
"Same Property" Sequential Quarter Comparisons | |
"Same Property" Year to Date Comparisons | |
"Same Property" Operating Expense Detail & Comparisons | |
Joint Venture Operations | |
Current Development Communities | |
Development Pipeline & Land | |
Acquisitions and Dispositions | |
Debt Analysis | |
Debt Maturity Analysis | |
Debt Covenant Analysis | |
Unconsolidated Real Estate Investments Debt Analysis | |
Unconsolidated Real Estate Investments Debt Maturity Analysis | |
Capitalized Expenditures & Maintenance Expense | |
2015 Financial Outlook | |
Non-GAAP Financial Measures - Definitions & Reconciliations | |
Other Data | |
Community Table |
CAMDEN | FINANCIAL HIGHLIGHTS | |
(In thousands, except per share, property data amounts and ratios) | ||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Total property revenues (a) | $216,459 | $204,317 | $843,978 | $788,851 | |||||||||
EBITDA (b) | 124,870 | 121,148 | 480,309 | 461,721 | |||||||||
Net income attributable to common shareholders | 178,498 | 129,996 | 292,089 | 336,364 | |||||||||
Per share - basic | 1.99 | 1.47 | 3.29 | 3.82 | |||||||||
Per share - diluted | 1.98 | 1.46 | 3.27 | 3.78 | |||||||||
Income from continuing operations attributable to common shareholders | 178,498 | 41,600 | 292,089 | 151,594 | |||||||||
Per share - basic | 1.99 | 0.46 | 3.29 | 1.70 | |||||||||
Per share - diluted | 1.98 | 0.46 | 3.27 | 1.69 | |||||||||
Funds from operations | 90,333 | 96,914 | 378,043 | 368,321 | |||||||||
Per share - diluted | 0.99 | 1.08 | 4.18 | 4.11 | |||||||||
Dividends per share | 0.66 | 0.63 | 2.64 | 2.52 | |||||||||
Dividend payout ratio | 66.7 | % | 58.3 | % | 63.2 | % | 61.3 | % | |||||
Interest expensed | 24,417 | 24,162 | 93,263 | 98,129 | |||||||||
Interest capitalized | 5,689 | 4,610 | 21,796 | 15,439 | |||||||||
Total interest incurred | 30,106 | 28,772 | 115,059 | 113,568 | |||||||||
Principal amortization | 700 | 1,071 | 3,924 | 4,261 | |||||||||
Net Debt to Annualized EBITDA (c) | 5.2x | 5.2x | 5.4 | x | 5.4 | x | |||||||
Interest expense coverage ratio | 5.1x | 5.0x | 5.2x | 4.7x | |||||||||
Total interest coverage ratio | 4.1x | 4.2x | 4.2x | 4.1x | |||||||||
Fixed charge expense coverage ratio | 5.0x | 4.8x | 4.9x | 4.5x | |||||||||
Total fixed charge coverage ratio | 4.1x | 4.1x | 4.0x | 3.9x | |||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.3x | 3.5x | 3.3x | 3.5x | |||||||||
Same property NOI increase (d) | 4.2 | % | 6.4 | % | 4.9 | % | 6.2 | % | |||||
(# of apartment homes included) | 46,069 | 41,150 | 46,069 | 41,150 | |||||||||
Gross turnover of apartment homes (annualized) | 54% | 57% | 63% | 65% | |||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 46% | 49% | 53% | 56% | |||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Total assets | $6,056,907 | $5,632,141 | |||||||||||
Total debt | $2,743,539 | $2,530,766 | |||||||||||
Common and common equivalent shares, outstanding end of period (e) | 91,210 | 89,750 | |||||||||||
Share price, end of period | $73.84 | $56.88 | |||||||||||
Book equity value, end of period (f) | $2,956,543 | $2,807,361 | |||||||||||
Market equity value, end of period (g) | $6,734,946 | $5,104,980 |
CAMDEN | OPERATING RESULTS | |
(In thousands, except per share amounts) | ||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
OPERATING DATA | |||||||||||||
Property revenues | |||||||||||||
Rental revenues | $188,225 | $177,795 | $731,874 | $683,362 | |||||||||
Other property revenues | 28,234 | 26,522 | 112,104 | 105,489 | |||||||||
Total property revenues | 216,459 | 204,317 | 843,978 | 788,851 | |||||||||
Property expenses | |||||||||||||
Property operating and maintenance | 53,014 | 50,297 | 211,253 | 199,650 | |||||||||
Real estate taxes | 23,415 | 21,582 | 94,055 | 86,041 | |||||||||
Total property expenses | 76,429 | 71,879 | 305,308 | 285,691 | |||||||||
Non-property income | |||||||||||||
Fee and asset management | 2,531 | 2,873 | 9,832 | 11,690 | |||||||||
Interest and other income | 80 | 41 | 842 | 1,217 | |||||||||
Income on deferred compensation plans | 2,003 | 3,078 | 3,937 | 8,290 | |||||||||
Total non-property income | 4,614 | 5,992 | 14,611 | 21,197 | |||||||||
Other expenses | |||||||||||||
Property management | 5,581 | 5,196 | 22,689 | 21,774 | |||||||||
Fee and asset management | 1,595 | 1,288 | 5,341 | 5,756 | |||||||||
General and administrative | 20,595 | 9,209 | 51,005 | 40,586 | |||||||||
Interest | 24,417 | 24,162 | 93,263 | 98,129 | |||||||||
Depreciation and amortization | 61,106 | 55,878 | 235,634 | 214,395 | |||||||||
Amortization of deferred financing costs | 862 | 859 | 3,355 | 3,548 | |||||||||
Expense on deferred compensation plans | 2,003 | 3,078 | 3,937 | 8,290 | |||||||||
Total other expenses | 116,159 | 99,670 | 415,224 | 392,478 | |||||||||
Gain on sale of operating properties, including land | 155,680 | — | 159,289 | 698 | |||||||||
Impairment associated with land holdings | — | — | (1,152 | ) | — | ||||||||
Equity in income of joint ventures | 1,134 | 4,207 | 7,023 | 24,865 | |||||||||
Income from continuing operations before income taxes | 185,299 | 42,967 | 303,217 | 157,442 | |||||||||
Income tax expense – current | (675 | ) | (239 | ) | (1,903 | ) | (1,826 | ) | |||||
Income from continuing operations | 184,624 | 42,728 | 301,314 | 155,616 | |||||||||
Income from discontinued operations | — | 1,290 | — | 8,515 | |||||||||
Gain on sale of discontinued operations, net of tax | — | 91,101 | — | 182,160 | |||||||||
Net income | 184,624 | 135,119 | 301,314 | 346,291 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (6,126 | ) | (1,128 | ) | (9,225 | ) | (4,022 | ) | |||||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | — | (3,995 | ) | — | (5,905 | ) | |||||||
Net income attributable to common shareholders | $178,498 | $129,996 | $292,089 | $336,364 | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
Net income | $184,624 | $135,119 | $301,314 | $346,291 | |||||||||
Other comprehensive income | |||||||||||||
Unrealized loss on cash flow hedging activities | — | — | (417 | ) | — | ||||||||
Unrealized loss and unamortized prior service cost on post retirement obligation | (970 | ) | (99 | ) | (970 | ) | (99 | ) | |||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 25 | 13 | 74 | 54 | |||||||||
Comprehensive income | 183,679 | 135,033 | 300,001 | 346,246 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (6,126 | ) | (1,128 | ) | (9,225 | ) | (4,022 | ) | |||||
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations | — | (3,995 | ) | — | (5,905 | ) | |||||||
Comprehensive income attributable to common shareholders | $177,553 | $129,910 | $290,776 | $336,319 | |||||||||
PER SHARE DATA | |||||||||||||
Total earnings per common share -- basic | $1.99 | $1.47 | $3.29 | $3.82 | |||||||||
Total earnings per common share -- diluted | 1.98 | 1.46 | 3.27 | 3.78 | |||||||||
Earnings per common share from continuing operations -- basic | 1.99 | 0.46 | 3.29 | 1.70 | |||||||||
Earnings per common share from continuing operations -- diluted | 1.98 | 0.46 | 3.27 | 1.69 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
Basic | 88,683 | 87,459 | 88,084 | 87,204 | |||||||||
Diluted | 90,233 | 88,686 | 88,468 | 88,494 |
CAMDEN | FUNDS FROM OPERATIONS | |
(In thousands, except per share and property data amounts) | ||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
FUNDS FROM OPERATIONS | |||||||||||||
Net income attributable to common shareholders | $178,498 | $129,996 | $292,089 | $336,364 | |||||||||
Real estate depreciation from continuing operations | 60,032 | 54,520 | 230,638 | 209,474 | |||||||||
Real estate depreciation from discontinued operations | — | 199 | — | 5,255 | |||||||||
Adjustments for unconsolidated joint ventures | 1,357 | 1,422 | 5,337 | 5,738 | |||||||||
Income allocated to non-controlling interests | 6,126 | 5,123 | 9,225 | 9,927 | |||||||||
Gain on sale of unconsolidated joint venture properties | — | (3,245 | ) | (3,566 | ) | (16,277 | ) | ||||||
Gain on sale of operating properties, net of tax | (155,680 | ) | — | (155,680 | ) | — | |||||||
Gain on sale of discontinued operations, net of tax | — | (91,101 | ) | — | (182,160 | ) | |||||||
Funds from operations | $90,333 | $96,914 | $378,043 | $368,321 | |||||||||
PER SHARE DATA | |||||||||||||
Funds from operations - diluted | $0.99 | $1.08 | $4.18 | $4.11 | |||||||||
Distributions declared per common share | 0.66 | 0.63 | 2.64 | 2.52 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
FFO - diluted | 91,045 | 89,772 | 90,366 | 89,580 | |||||||||
PROPERTY DATA | |||||||||||||
Total operating properties (end of period) (a) | 168 | 170 | 168 | 170 | |||||||||
Total operating apartment homes in operating properties (end of period) (a) | 58,948 | 59,899 | 58,948 | 59,899 | |||||||||
Total operating apartment homes (weighted average) | 52,998 | 53,710 | 52,833 | 54,181 | |||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 52,998 | 52,629 | 52,833 | 51,759 |
CAMDEN | BALANCE SHEET | |
(In thousands) | ||
Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | |||||||||||
ASSETS | |||||||||||||||
Real estate assets, at cost | |||||||||||||||
Land | $1,003,422 | $997,349 | $985,444 | $978,770 | $969,711 | ||||||||||
Buildings and improvements | 5,890,498 | 5,894,453 | 5,762,428 | 5,691,619 | 5,629,904 | ||||||||||
6,893,920 | 6,891,802 | 6,747,872 | 6,670,389 | 6,599,615 | |||||||||||
Accumulated depreciation | (1,738,862 | ) | (1,813,124 | ) | (1,755,086 | ) | (1,698,724 | ) | (1,643,713 | ) | |||||
Net operating real estate assets | 5,155,058 | 5,078,678 | 4,992,786 | 4,971,665 | 4,955,902 | ||||||||||
Properties under development, including land | 527,596 | 576,269 | 599,139 | 515,141 | 472,566 | ||||||||||
Investments in joint ventures | 36,429 | 35,180 | 36,167 | 36,719 | 42,155 | ||||||||||
Properties held for sale | 27,143 | — | — | — | — | ||||||||||
Total real estate assets | 5,746,226 | 5,690,127 | 5,628,092 | 5,523,525 | 5,470,623 | ||||||||||
Accounts receivable – affiliates | 25,977 | 25,954 | 26,501 | 26,145 | 27,724 | ||||||||||
Other assets, net (a) | 124,888 | 123,999 | 114,002 | 107,862 | 109,401 | ||||||||||
Cash and cash equivalents | 153,918 | 66,127 | 16,069 | 16,768 | 17,794 | ||||||||||
Restricted cash | 5,898 | 5,769 | 5,424 | 5,549 | 6,599 | ||||||||||
Total assets | $6,056,907 | $5,911,976 | $5,790,088 | $5,679,849 | $5,632,141 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Liabilities | |||||||||||||||
Notes payable | |||||||||||||||
Unsecured | $1,837,911 | $1,837,621 | $1,769,287 | $1,649,041 | $1,588,798 | ||||||||||
Secured | 905,628 | 906,328 | 930,952 | 940,881 | 941,968 | ||||||||||
Accounts payable and accrued expenses | 157,232 | 147,255 | 122,307 | 124,981 | 113,307 | ||||||||||
Accrued real estate taxes | 39,149 | 54,369 | 40,232 | 21,922 | 35,648 | ||||||||||
Distributions payable | 60,386 | 60,265 | 59,770 | 59,728 | 56,787 | ||||||||||
Other liabilities (b) | 100,058 | 94,230 | 90,944 | 88,693 | 88,272 | ||||||||||
Total liabilities | 3,100,364 | 3,100,068 | 3,013,492 | 2,885,246 | 2,824,780 | ||||||||||
Commitments and contingencies | |||||||||||||||
Non-qualified deferred compensation share awards | 68,134 | 60,363 | 61,727 | 55,498 | 47,180 | ||||||||||
Equity | |||||||||||||||
Common shares of beneficial interest | 976 | 974 | 967 | 966 | 967 | ||||||||||
Additional paid-in capital | 3,667,448 | 3,649,750 | 3,595,315 | 3,593,633 | 3,596,069 | ||||||||||
Distributions in excess of net income attributable to common shareholders | (453,777 | ) | (568,142 | ) | (550,050 | ) | (523,321 | ) | (494,167 | ) | |||||
Treasury shares, at cost | (396,626 | ) | (397,497 | ) | (398,474 | ) | (399,510 | ) | (410,227 | ) | |||||
Accumulated other comprehensive loss (c) | (2,419 | ) | (1,474 | ) | (1,077 | ) | (1,091 | ) | (1,106 | ) | |||||
Total common equity | 2,815,602 | 2,683,611 | 2,646,681 | 2,670,677 | 2,691,536 | ||||||||||
Non-controlling interests | 72,807 | 67,934 | 68,188 | 68,428 | 68,645 | ||||||||||
Total equity | 2,888,409 | 2,751,545 | 2,714,869 | 2,739,105 | 2,760,181 | ||||||||||
Total liabilities and equity | $6,056,907 | $5,911,976 | $5,790,088 | $5,679,849 | $5,632,141 | ||||||||||
(a) Includes: | |||||||||||||||
net deferred charges of: | $13,219 | $14,361 | $12,747 | $13,615 | $14,497 | ||||||||||
(b) Includes: | |||||||||||||||
deferred revenues of: | $1,848 | $1,734 | $1,070 | $1,786 | $1,886 | ||||||||||
(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligation, and unrealized loss on cash flow hedging activities. |
CAMDEN | PORTFOLIO STATISTICS | |
Fully Consolidated | Non-Consolidated | |||||||||||||||||||
"Same Property" | Non-"Same Property" | Completed in Lease-up | Under Construction | Total | Operating | Under Construction | Total | Grand Total | ||||||||||||
D.C. Metro (a) | 5,426 | 703 | — | — | 6,129 | 276 | — | 276 | 6,405 | |||||||||||
Houston, TX | 4,569 | 1,343 | — | 315 | 6,227 | 2,522 | — | 2,522 | 8,749 | |||||||||||
Los Angeles/Orange County, CA | 2,060 | 421 | — | 590 | 3,071 | — | — | — | 3,071 | |||||||||||
Dallas, TX | 3,993 | — | — | 423 | 4,416 | 1,250 | — | 1,250 | 5,666 | |||||||||||
Tampa, FL | 4,430 | — | — | — | 4,430 | 450 | — | 450 | 4,880 | |||||||||||
SE Florida | 2,520 | — | 261 | — | 2,781 | — | — | — | 2,781 | |||||||||||
Las Vegas, NV | 4,918 | — | — | — | 4,918 | — | — | — | 4,918 | |||||||||||
Atlanta, GA | 2,765 | 868 | — | 379 | 4,012 | 234 | — | 234 | 4,246 | |||||||||||
Orlando, FL | 2,802 | 438 | — | — | 3,240 | 300 | — | 300 | 3,540 | |||||||||||
Charlotte, NC | 2,487 | — | — | 323 | 2,810 | — | 266 | 266 | 3,076 | |||||||||||
Raleigh, NC | 2,266 | 438 | — | — | 2,704 | 350 | — | 350 | 3,054 | |||||||||||
Denver, CO | 1,941 | — | — | 691 | 2,632 | — | — | — | 2,632 | |||||||||||
San Diego/Inland Empire, CA | 1,665 | — | — | — | 1,665 | — | — | — | 1,665 | |||||||||||
Phoenix, AZ | 1,925 | 170 | 220 | 614 | 2,929 | — | — | — | 2,929 | |||||||||||
Austin, TX | 1,670 | — | — | 614 | 2,284 | 1,360 | — | 1,360 | 3,644 | |||||||||||
Corpus Christi, TX | 632 | 1,005 | — | — | 1,637 | 270 | — | 270 | 1,907 | |||||||||||
Total Portfolio | 46,069 | 5,386 | 481 | 3,949 | 55,885 | 7,012 | 266 | 7,278 | 63,163 |
FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d) | ||||||||||||||||
"Same Property" Communities | Operating Communities (b) | Incl. JVs at Pro Rata % (c) | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | ||||||||||
D.C. Metro | 16.6 | % | 16.6 | % | 16.5 | % | 95.2 | % | 96.1 | % | 95.8 | % | 95.3 | % | 95.2 | % | |
Houston, TX | 10.5 | % | 12.6 | % | 13.1 | % | 95.7 | % | 96.2 | % | 95.9 | % | 96.1 | % | 96.4 | % | |
Los Angeles/Orange County, CA | 6.7 | % | 6.8 | % | 6.6 | % | 96.4 | % | 96.5 | % | 95.3 | % | 95.9 | % | 95.7 | % | |
Dallas, TX | 6.9 | % | 6.1 | % | 6.3 | % | 95.1 | % | 95.6 | % | 95.3 | % | 95.1 | % | 95.7 | % | |
Tampa, FL | 7.5 | % | 6.6 | % | 6.6 | % | 95.8 | % | 95.8 | % | 95.4 | % | 95.6 | % | 95.6 | % | |
SE Florida | 7.6 | % | 7.1 | % | 7.0 | % | 95.9 | % | 96.6 | % | 96.4 | % | 96.9 | % | 96.3 | % | |
Las Vegas, NV | 7.2 | % | 6.3 | % | 6.2 | % | 95.9 | % | 95.6 | % | 95.8 | % | 95.0 | % | 95.3 | % | |
Atlanta, GA | 5.2 | % | 5.9 | % | 5.8 | % | 95.9 | % | 96.2 | % | 95.4 | % | 95.4 | % | 95.6 | % | |
Orlando, FL | 4.9 | % | 5.1 | % | 5.1 | % | 95.6 | % | 96.0 | % | 95.7 | % | 96.0 | % | 95.6 | % | |
Charlotte, NC | 5.6 | % | 5.0 | % | 4.9 | % | 97.2 | % | 97.7 | % | 96.8 | % | 97.3 | % | 96.5 | % | |
Raleigh, NC | 4.1 | % | 4.2 | % | 4.2 | % | 95.0 | % | 96.2 | % | 95.9 | % | 95.1 | % | 96.0 | % | |
Denver, CO | 4.9 | % | 4.3 | % | 4.2 | % | 95.9 | % | 96.3 | % | 96.0 | % | 94.1 | % | 94.5 | % | |
San Diego/Inland Empire, CA | 4.4 | % | 3.9 | % | 3.8 | % | 95.9 | % | 95.4 | % | 95.2 | % | 95.1 | % | 95.8 | % | |
Phoenix, AZ | 3.7 | % | 3.8 | % | 3.7 | % | 95.2 | % | 95.7 | % | 93.8 | % | 94.9 | % | 95.5 | % | |
Austin, TX | 3.0 | % | 2.6 | % | 2.9 | % | 95.2 | % | 96.3 | % | 95.3 | % | 95.9 | % | 96.2 | % | |
Corpus Christi, TX | 1.2 | % | 3.1 | % | 3.1 | % | 94.7 | % | 96.2 | % | 95.3 | % | 94.7 | % | 95.1 | % | |
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 95.6 | % | 96.1 | % | 95.6 | % | 95.6 | % | 95.7 | % | |
CAMDEN | COMPONENTS OF PROPERTY | |
NET OPERATING INCOME | ||
(In thousands, except property data amounts) | ||
Apartment | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||
Property Revenues | Homes | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||||
"Same Property" Communities (a) | 46,069 | $185,146 | $177,699 | $7,447 | $730,488 | $699,027 | $31,461 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 5,386 | 23,675 | 19,632 | 4,043 | 84,440 | 61,761 | 22,679 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 4,430 | 2,736 | — | 2,736 | 3,546 | — | 3,546 | |||||||||||||||||||
Disposition/Other (d) | — | 4,902 | 6,986 | (2,084 | ) | 25,504 | 28,063 | (2,559 | ) | |||||||||||||||||
Total Property Revenues | 55,885 | $216,459 | $204,317 | $12,142 | $843,978 | $788,851 | $55,127 | |||||||||||||||||||
Property Expenses | ||||||||||||||||||||||||||
"Same Property" Communities (a) | 46,069 | $64,875 | $62,230 | $2,645 | $261,000 | $251,331 | $9,669 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 5,386 | 8,313 | 6,984 | 1,329 | 32,302 | 22,789 | 9,513 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 4,430 | 927 | 12 | 915 | 1,191 | 12 | 1,179 | |||||||||||||||||||
Disposition/Other (d) | — | 2,314 | 2,653 | (339 | ) | 10,815 | 11,559 | (744 | ) | |||||||||||||||||
Total Property Expenses | 55,885 | $76,429 | $71,879 | $4,550 | $305,308 | $285,691 | $19,617 | |||||||||||||||||||
Property Net Operating Income | ||||||||||||||||||||||||||
"Same Property" Communities (a) | 46,069 | $120,271 | $115,469 | $4,802 | $469,488 | $447,696 | $21,792 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 5,386 | 15,362 | 12,648 | 2,714 | 52,138 | 38,972 | 13,166 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 4,430 | 1,809 | (12 | ) | 1,821 | 2,355 | (12 | ) | 2,367 | |||||||||||||||||
Disposition/Other (d) | — | 2,588 | 4,333 | (1,745 | ) | 14,689 | 16,504 | (1,815 | ) | |||||||||||||||||
Total Property Net Operating Income | 55,885 | $140,030 | $132,438 | $7,592 | $538,670 | $503,160 | $35,510 |
Income from Discontinued Operations (e) | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Property revenues | $— | $2,832 | $— | $24,322 | |||||||||||
Property expenses | — | (1,343 | ) | — | (10,552 | ) | |||||||||
Property net operating income | $— | $1,489 | $— | $13,770 | |||||||||||
Depreciation and amortization | — | (199 | ) | — | (5,255 | ) | |||||||||
Gain on sale of discontinued operations, net of tax | — | 91,101 | — | 182,160 | |||||||||||
Income, including gain on sale, allocated to non-controlling interests | — | (3,995 | ) | — | (5,905 | ) | |||||||||
Income attributable to common shareholders | $— | $88,396 | $— | $184,770 |
CAMDEN | "SAME PROPERTY" | |
FOURTH QUARTER COMPARISONS | ||
December 31, 2014 | ||
(In thousands, except property data amounts) | ||
Revenues | Expenses | NOI | ||||||||||||||||||||||||
Quarterly Results (a) | 4Q14 | 4Q13 | Growth | 4Q14 | 4Q13 | Growth | 4Q14 | 4Q13 | Growth | |||||||||||||||||
D.C. Metro | $28,794 | $28,609 | 0.6 | % | $8,849 | $8,464 | 4.5 | % | $19,945 | $20,145 | (1.0 | )% | ||||||||||||||
Houston, TX | 19,553 | 18,718 | 4.5 | % | 6,879 | 7,019 | (2.0 | )% | 12,674 | 11,699 | 8.3 | % | ||||||||||||||
Los Angeles/Orange County, CA | 11,819 | 11,149 | 6.0 | % | 3,793 | 3,733 | 1.6 | % | 8,026 | 7,416 | 8.2 | % | ||||||||||||||
Dallas, TX | 14,155 | 13,653 | 3.7 | % | 5,830 | 5,565 | 4.8 | % | 8,325 | 8,088 | 2.9 | % | ||||||||||||||
Tampa, FL | 14,589 | 14,052 | 3.8 | % | 5,524 | 5,542 | (0.3 | )% | 9,065 | 8,510 | 6.5 | % | ||||||||||||||
SE Florida | 13,972 | 13,323 | 4.9 | % | 4,841 | 4,643 | 4.3 | % | 9,131 | 8,680 | 5.2 | % | ||||||||||||||
Las Vegas, NV | 13,574 | 13,078 | 3.8 | % | 4,886 | 4,803 | 1.7 | % | 8,688 | 8,275 | 5.0 | % | ||||||||||||||
Atlanta, GA | 10,243 | 9,448 | 8.4 | % | 3,949 | 3,483 | 13.4 | % | 6,294 | 5,965 | 5.5 | % | ||||||||||||||
Orlando, FL | 9,541 | 9,242 | 3.2 | % | 3,682 | 3,530 | 4.3 | % | 5,859 | 5,712 | 2.6 | % | ||||||||||||||
Charlotte, NC | 9,888 | 9,373 | 5.5 | % | 3,206 | 3,014 | 6.4 | % | 6,682 | 6,359 | 5.1 | % | ||||||||||||||
Raleigh, NC | 7,294 | 7,053 | 3.4 | % | 2,397 | 2,296 | 4.4 | % | 4,897 | 4,757 | 2.9 | % | ||||||||||||||
Denver, CO | 8,352 | 7,730 | 8.0 | % | 2,458 | 2,238 | 9.8 | % | 5,894 | 5,492 | 7.3 | % | ||||||||||||||
San Diego/Inland Empire, CA | 8,401 | 8,090 | 3.8 | % | 3,109 | 3,074 | 1.1 | % | 5,292 | 5,016 | 5.5 | % | ||||||||||||||
Phoenix, AZ | 6,642 | 6,317 | 5.1 | % | 2,135 | 1,533 | 39.3 | % | 4,507 | 4,784 | (5.8 | )% | ||||||||||||||
Austin, TX | 6,127 | 5,732 | 6.9 | % | 2,567 | 2,584 | (0.7 | )% | 3,560 | 3,148 | 13.1 | % | ||||||||||||||
Corpus Christi, TX | 2,202 | 2,132 | 3.3 | % | 770 | 709 | 8.6 | % | 1,432 | 1,423 | 0.6 | % | ||||||||||||||
Total Same Property | $185,146 | $177,699 | 4.2 | % | $64,875 | $62,230 | 4.3 | % | $120,271 | $115,469 | 4.2 | % |
Apartment | |||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | ||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 4Q14 | 4Q13 | Growth | 4Q14 | 4Q13 | Growth | |||||||||||||
D.C. Metro | 5,426 | 16.6 | % | 95.4 | % | 95.1 | % | 0.3 | % | $1,648 | $1,644 | 0.2 | % | ||||||||
Houston, TX | 4,569 | 10.5 | % | 95.5 | % | 96.3 | % | (0.8 | )% | 1,332 | 1,263 | 5.5 | % | ||||||||
Los Angeles/Orange County, CA | 2,060 | 6.7 | % | 95.6 | % | 95.8 | % | (0.2 | )% | 1,818 | 1,723 | 5.5 | % | ||||||||
Dallas, TX | 3,993 | 6.9 | % | 95.5 | % | 96.0 | % | (0.5 | )% | 1,088 | 1,045 | 4.1 | % | ||||||||
Tampa, FL | 4,430 | 7.5 | % | 95.8 | % | 95.6 | % | 0.2 | % | 960 | 928 | 3.4 | % | ||||||||
SE Florida | 2,520 | 7.6 | % | 95.9 | % | 96.4 | % | (0.5 | )% | 1,729 | 1,639 | 5.5 | % | ||||||||
Las Vegas, NV | 4,918 | 7.2 | % | 95.9 | % | 95.3 | % | 0.6 | % | 820 | 790 | 3.8 | % | ||||||||
Atlanta, GA | 2,765 | 5.2 | % | 95.9 | % | 95.8 | % | 0.1 | % | 1,118 | 1,030 | 8.5 | % | ||||||||
Orlando, FL | 2,802 | 4.9 | % | 95.4 | % | 95.7 | % | (0.3 | )% | 1,023 | 990 | 3.3 | % | ||||||||
Charlotte, NC | 2,487 | 5.6 | % | 97.1 | % | 96.6 | % | 0.5 | % | 1,197 | 1,148 | 4.3 | % | ||||||||
Raleigh, NC | 2,266 | 4.1 | % | 95.6 | % | 95.9 | % | (0.3 | )% | 946 | 922 | 2.6 | % | ||||||||
Denver, CO | 1,941 | 4.9 | % | 95.9 | % | 94.5 | % | 1.4 | % | 1,321 | 1,236 | 6.9 | % | ||||||||
San Diego/Inland Empire, CA | 1,665 | 4.4 | % | 95.9 | % | 95.8 | % | 0.1 | % | 1,593 | 1,535 | 3.8 | % | ||||||||
Phoenix, AZ | 1,925 | 3.7 | % | 95.2 | % | 95.7 | % | (0.5 | )% | 1,051 | 1,002 | 4.9 | % | ||||||||
Austin, TX | 1,670 | 3.0 | % | 95.1 | % | 95.8 | % | (0.7 | )% | 1,088 | 1,022 | 6.5 | % | ||||||||
Corpus Christi, TX | 632 | 1.2 | % | 94.1 | % | 95.6 | % | (1.5 | )% | 1,009 | 976 | 3.4 | % | ||||||||
Total Same Property | 46,069 | 100.0 | % | 95.7 | % | 95.7 | % | — | % | $1,227 | $1,179 | 4.1 | % |
CAMDEN | "SAME PROPERTY" | |
SEQUENTIAL QUARTER COMPARISONS | ||
December 31, 2014 | ||
(In thousands, except property data amounts) | ||
Revenues | Expenses | NOI | ||||||||||||||||||||||||
Quarterly Results (a) | 4Q14 | 3Q14 | Growth | 4Q14 | 3Q14 | Growth | 4Q14 | 3Q14 | Growth | |||||||||||||||||
D.C. Metro | $28,794 | $29,122 | (1.1 | )% | $8,849 | $9,139 | (3.2 | )% | $19,945 | $19,983 | (0.2 | )% | ||||||||||||||
Houston, TX | 19,553 | 19,706 | (0.8 | )% | 6,879 | 7,295 | (5.7 | )% | 12,674 | 12,411 | 2.1 | % | ||||||||||||||
Los Angeles/Orange County, CA | 11,819 | 11,706 | 1.0 | % | 3,793 | 3,937 | (3.7 | )% | 8,026 | 7,769 | 3.3 | % | ||||||||||||||
Dallas, TX | 14,155 | 14,065 | 0.6 | % | 5,830 | 5,785 | 0.8 | % | 8,325 | 8,280 | 0.5 | % | ||||||||||||||
Tampa, FL | 14,589 | 14,489 | 0.7 | % | 5,524 | 5,823 | (5.1 | )% | 9,065 | 8,666 | 4.6 | % | ||||||||||||||
SE Florida | 13,972 | 13,845 | 0.9 | % | 4,841 | 4,742 | 2.1 | % | 9,131 | 9,103 | 0.3 | % | ||||||||||||||
Las Vegas, NV | 13,574 | 13,577 | 0.0 | % | 4,886 | 5,089 | (4.0 | )% | 8,688 | 8,488 | 2.4 | % | ||||||||||||||
Atlanta, GA | 10,243 | 10,105 | 1.4 | % | 3,949 | 3,962 | (0.3 | )% | 6,294 | 6,143 | 2.5 | % | ||||||||||||||
Orlando, FL | 9,541 | 9,586 | (0.5 | )% | 3,682 | 3,822 | (3.7 | )% | 5,859 | 5,764 | 1.6 | % | ||||||||||||||
Charlotte, NC | 9,888 | 9,918 | (0.3 | )% | 3,206 | 3,221 | (0.5 | )% | 6,682 | 6,697 | (0.2 | )% | ||||||||||||||
Raleigh, NC | 7,294 | 7,254 | 0.6 | % | 2,397 | 2,624 | (8.7 | )% | 4,897 | 4,630 | 5.8 | % | ||||||||||||||
Denver, CO | 8,352 | 8,257 | 1.2 | % | 2,458 | 2,611 | (5.9 | )% | 5,894 | 5,646 | 4.4 | % | ||||||||||||||
San Diego/Inland Empire, CA | 8,401 | 8,274 | 1.5 | % | 3,109 | 3,235 | (3.9 | )% | 5,292 | 5,039 | 5.0 | % | ||||||||||||||
Phoenix, AZ | 6,642 | 6,659 | (0.3 | )% | 2,135 | 2,411 | (11.4 | )% | 4,507 | 4,248 | 6.1 | % | ||||||||||||||
Austin, TX | 6,127 | 6,094 | 0.5 | % | 2,567 | 2,844 | (9.7 | )% | 3,560 | 3,250 | 9.5 | % | ||||||||||||||
Corpus Christi, TX | 2,202 | 2,244 | (1.9 | )% | 770 | 813 | (5.3 | )% | 1,432 | 1,431 | 0.1 | % | ||||||||||||||
Total Same Property | $185,146 | $184,901 | 0.1 | % | $64,875 | $67,353 | (3.7 | )% | $120,271 | $117,548 | 2.3 | % |
Apartment | |||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | ||||||||||||||||||
Quarterly Results (a) | Included | Contribution (a) | 4Q14 | 3Q14 | Growth | 4Q14 | 3Q14 | Growth | |||||||||||||
D.C. Metro | 5,426 | 16.5 | % | 95.4 | % | 96.2 | % | (0.8 | )% | $1,648 | $1,651 | (0.2 | )% | ||||||||
Houston, TX | 4,569 | 10.2 | % | 95.5 | % | 96.0 | % | (0.5 | )% | 1,332 | 1,321 | 0.8 | % | ||||||||
Los Angeles/Orange County, CA | 2,060 | 6.4 | % | 95.6 | % | 96.3 | % | (0.7 | )% | 1,818 | 1,788 | 1.7 | % | ||||||||
Dallas, TX | 3,993 | 7.5 | % | 95.5 | % | 95.7 | % | (0.2 | )% | 1,088 | 1,074 | 1.3 | % | ||||||||
Tampa, FL | 4,430 | 7.5 | % | 95.8 | % | 95.7 | % | 0.1 | % | 960 | 951 | 0.9 | % | ||||||||
SE Florida | 2,520 | 7.5 | % | 95.9 | % | 96.6 | % | (0.7 | )% | 1,729 | 1,708 | 1.2 | % | ||||||||
Las Vegas, NV | 4,918 | 7.0 | % | 95.9 | % | 95.6 | % | 0.3 | % | 820 | 812 | 1.0 | % | ||||||||
Atlanta, GA | 2,765 | 5.7 | % | 95.9 | % | 96.3 | % | (0.4 | )% | 1,118 | 1,099 | 1.7 | % | ||||||||
Orlando, FL | 2,802 | 5.4 | % | 95.4 | % | 96.1 | % | (0.7 | )% | 1,023 | 1,012 | 1.1 | % | ||||||||
Charlotte, NC | 2,487 | 6.2 | % | 97.1 | % | 97.7 | % | (0.6 | )% | 1,197 | 1,192 | 0.4 | % | ||||||||
Raleigh, NC | 2,266 | 3.8 | % | 95.6 | % | 96.0 | % | (0.4 | )% | 946 | 941 | 0.5 | % | ||||||||
Denver, CO | 1,941 | 4.7 | % | 95.9 | % | 96.3 | % | (0.4 | )% | 1,321 | 1,298 | 1.8 | % | ||||||||
San Diego/Inland Empire, CA | 1,665 | 4.2 | % | 95.9 | % | 95.4 | % | 0.5 | % | 1,593 | 1,577 | 1.0 | % | ||||||||
Phoenix, AZ | 1,925 | 3.5 | % | 95.2 | % | 95.6 | % | (0.4 | )% | 1,051 | 1,036 | 1.4 | % | ||||||||
Austin, TX | 1,670 | 2.7 | % | 95.1 | % | 96.0 | % | (0.9 | )% | 1,088 | 1,071 | 1.6 | % | ||||||||
Corpus Christi, TX | 632 | 1.2 | % | 94.1 | % | 96.7 | % | (2.6 | )% | 1,009 | 1,002 | 0.7 | % | ||||||||
Total Same Property | 46,069 | 100.0 | % | 95.7 | % | 96.1 | % | (0.4 | )% | $1,227 | $1,216 | 0.9 | % |
CAMDEN | "SAME PROPERTY" | |
YEAR TO DATE COMPARISONS | ||
December 31, 2014 | ||
(In thousands, except property data amounts) | ||
Revenues | Expenses | NOI | ||||||||||||||||||||||||
Year to Date Results (a) | 2014 | 2013 | Growth | 2014 | 2013 | Growth | 2014 | 2013 | Growth | |||||||||||||||||
D.C. Metro | $115,269 | $114,290 | 0.9 | % | $35,578 | $33,827 | 5.2 | % | $79,691 | $80,463 | (1.0 | )% | ||||||||||||||
Houston, TX | 77,456 | 73,219 | 5.8 | % | 28,787 | 27,603 | 4.3 | % | 48,669 | 45,616 | 6.7 | % | ||||||||||||||
Los Angeles/Orange County, CA | 46,344 | 44,130 | 5.0 | % | 14,936 | 14,659 | 1.9 | % | 31,408 | 29,471 | 6.6 | % | ||||||||||||||
Dallas, TX | 55,708 | 53,223 | 4.7 | % | 23,191 | 22,750 | 1.9 | % | 32,517 | 30,473 | 6.7 | % | ||||||||||||||
Tampa, FL | 57,612 | 55,451 | 3.9 | % | 22,639 | 22,305 | 1.5 | % | 34,973 | 33,146 | 5.5 | % | ||||||||||||||
SE Florida | 55,004 | 52,311 | 5.1 | % | 18,926 | 18,642 | 1.5 | % | 36,078 | 33,669 | 7.2 | % | ||||||||||||||
Las Vegas, NV | 53,552 | 51,650 | 3.7 | % | 19,493 | 19,190 | 1.6 | % | 34,059 | 32,460 | 4.9 | % | ||||||||||||||
Atlanta, GA | 39,673 | 36,606 | 8.4 | % | 15,255 | 14,064 | 8.5 | % | 24,418 | 22,542 | 8.3 | % | ||||||||||||||
Orlando, FL | 37,928 | 36,531 | 3.8 | % | 14,746 | 14,220 | 3.7 | % | 23,182 | 22,311 | 3.9 | % | ||||||||||||||
Charlotte, NC | 38,918 | 36,724 | 6.0 | % | 12,556 | 11,955 | 5.0 | % | 26,362 | 24,769 | 6.4 | % | ||||||||||||||
Raleigh, NC | 28,706 | 27,639 | 3.9 | % | 9,790 | 9,250 | 5.8 | % | 18,916 | 18,389 | 2.9 | % | ||||||||||||||
Denver, CO | 32,421 | 30,328 | 6.9 | % | 9,837 | 9,118 | 7.9 | % | 22,584 | 21,210 | 6.5 | % | ||||||||||||||
San Diego/Inland Empire, CA | 32,919 | 31,451 | 4.7 | % | 12,489 | 12,312 | 1.4 | % | 20,430 | 19,139 | 6.7 | % | ||||||||||||||
Phoenix, AZ | 26,320 | 24,825 | 6.0 | % | 9,035 | 8,118 | 11.3 | % | 17,285 | 16,707 | 3.5 | % | ||||||||||||||
Austin, TX | 23,873 | 22,364 | 6.7 | % | 10,592 | 10,301 | 2.8 | % | 13,281 | 12,063 | 10.1 | % | ||||||||||||||
Corpus Christi, TX | 8,785 | 8,285 | 6.0 | % | 3,150 | 3,017 | 4.4 | % | 5,635 | 5,268 | 7.0 | % | ||||||||||||||
Total Same Property | $730,488 | $699,027 | 4.5 | % | $261,000 | $251,331 | 3.8 | % | $469,488 | $447,696 | 4.9 | % |
Apartment | |||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | ||||||||||||||||||
Year to Date Results (a) | Included | Contribution (a) | 2014 | 2013 | Growth | 2014 | 2013 | Growth | |||||||||||||
D.C. Metro | 5,426 | 17.0 | % | 95.6 | % | 95.4 | % | 0.2 | % | $1,645 | $1,641 | 0.2 | % | ||||||||
Houston, TX | 4,569 | 10.4 | % | 95.8 | % | 96.1 | % | (0.3 | )% | 1,307 | 1,229 | 6.3 | % | ||||||||
Los Angeles/Orange County, CA | 2,060 | 6.7 | % | 96.0 | % | 95.7 | % | 0.3 | % | 1,775 | 1,697 | 4.6 | % | ||||||||
Dallas, TX | 3,993 | 6.9 | % | 95.5 | % | 95.2 | % | 0.3 | % | 1,068 | 1,024 | 4.3 | % | ||||||||
Tampa, FL | 4,430 | 7.4 | % | 95.7 | % | 95.3 | % | 0.4 | % | 946 | 915 | 3.4 | % | ||||||||
SE Florida | 2,520 | 7.7 | % | 96.4 | % | 95.4 | % | 1.0 | % | 1,694 | 1,620 | 4.6 | % | ||||||||
Las Vegas, NV | 4,918 | 7.3 | % | 95.6 | % | 94.6 | % | 1.0 | % | 807 | 785 | 2.8 | % | ||||||||
Atlanta, GA | 2,765 | 5.2 | % | 95.8 | % | 95.3 | % | 0.5 | % | 1,080 | 997 | 8.3 | % | ||||||||
Orlando, FL | 2,802 | 4.9 | % | 95.8 | % | 95.7 | % | 0.1 | % | 1,009 | 975 | 3.5 | % | ||||||||
Charlotte, NC | 2,487 | 5.6 | % | 97.2 | % | 96.6 | % | 0.6 | % | 1,178 | 1,125 | 4.7 | % | ||||||||
Raleigh, NC | 2,266 | 4.0 | % | 95.6 | % | 95.3 | % | 0.3 | % | 935 | 905 | 3.3 | % | ||||||||
Denver, CO | 1,941 | 4.8 | % | 95.6 | % | 94.7 | % | 0.9 | % | 1,281 | 1,207 | 6.1 | % | ||||||||
San Diego/Inland Empire, CA | 1,665 | 4.4 | % | 95.4 | % | 94.3 | % | 1.1 | % | 1,567 | 1,515 | 3.4 | % | ||||||||
Phoenix, AZ | 1,925 | 3.7 | % | 95.1 | % | 93.4 | % | 1.7 | % | 1,031 | 1,001 | 3.0 | % | ||||||||
Austin, TX | 1,670 | 2.8 | % | 95.3 | % | 95.0 | % | 0.3 | % | 1,061 | 1,000 | 6.1 | % | ||||||||
Corpus Christi, TX | 632 | 1.2 | % | 95.3 | % | 95.9 | % | (0.6 | )% | 998 | 940 | 6.2 | % | ||||||||
Total Same Property | 46,069 | 100.0 | % | 95.8 | % | 95.3 | % | 0.5 | % | $1,207 | $1,161 | 4.0 | % |
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |
DETAIL AND COMPARISONS | ||
December 31, 2014 | ||
(In thousands) | ||
% of Actual | |||||||||||||
4Q14 Operating | |||||||||||||
Quarterly Comparison (a) | 4Q14 | 4Q13 | $ Change | % Change | Expenses | ||||||||
Property taxes | $19,960 | $18,718 | $1,242 | 6.6 | % | 30.8 | % | ||||||
Salaries and Benefits for On-site Employees | 15,009 | 14,528 | 481 | 3.3 | % | 23.1 | % | ||||||
Utilities | 13,935 | 13,254 | 681 | 5.1 | % | 21.5 | % | ||||||
Repairs and Maintenance | 8,782 | 8,503 | 279 | 3.3 | % | 13.5 | % | ||||||
Property Insurance | 3,104 | 3,395 | (291 | ) | (8.6 | )% | 4.8 | % | |||||
Other | 4,085 | 3,832 | 253 | 6.6 | % | 6.3 | % | ||||||
Total Same Property | $64,875 | $62,230 | $2,645 | 4.3 | % | 100.0 | % |
% of Actual | |||||||||||||
4Q14 Operating | |||||||||||||
Sequential Comparison (a) | 4Q14 | 3Q14 | $ Change | % Change | Expenses | ||||||||
Property taxes | $19,960 | $20,058 | ($98 | ) | (0.5 | )% | 30.8 | % | |||||
Salaries and Benefits for On-site Employees | 15,009 | 15,410 | (401 | ) | (2.6 | )% | 23.1 | % | |||||
Utilities | 13,935 | 14,535 | (600 | ) | (4.1 | )% | 21.5 | % | |||||
Repairs and Maintenance | 8,782 | 10,060 | (1,278 | ) | (12.7 | )% | 13.5 | % | |||||
Property Insurance | 3,104 | 3,322 | (218 | ) | (6.6 | )% | 4.8 | % | |||||
Other | 4,085 | 3,968 | 117 | 2.9 | % | 6.3 | % | ||||||
Total Same Property | $64,875 | $67,353 | ($2,478 | ) | (3.7 | )% | 100.0 | % |
% of Actual | |||||||||||||
2014 Operating | |||||||||||||
Year to Date Comparison (a) | 2014 | 2013 | $ Change | % Change | Expenses | ||||||||
Property taxes | $80,433 | $76,092 | $4,341 | 5.7 | % | 30.8 | % | ||||||
Salaries and Benefits for On-site Employees | 60,343 | 58,123 | 2,220 | 3.8 | % | 23.1 | % | ||||||
Utilities | 55,099 | 53,305 | 1,794 | 3.4 | % | 21.1 | % | ||||||
Repairs and Maintenance | 36,629 | 34,485 | 2,144 | 6.2 | % | 14.1 | % | ||||||
Property Insurance | 12,845 | 13,950 | (1,105 | ) | (7.9 | )% | 4.9 | % | |||||
Other | 15,651 | 15,376 | 275 | 1.8 | % | 6.0 | % | ||||||
Total Same Property | $261,000 | $251,331 | $9,669 | 3.8 | % | 100.0 | % |
CAMDEN | JOINT VENTURE OPERATIONS | |
(In thousands, except property data amounts) | ||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
OPERATING DATA (b) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Property Revenues | |||||||||||||||
Rental revenues | $5,067 | $4,956 | $19,027 | $20,834 | |||||||||||
Other property revenues | 684 | 736 | 2,603 | 3,009 | |||||||||||
Total property revenues | 5,751 | 5,692 | 21,630 | 23,843 | |||||||||||
Property expenses | |||||||||||||||
Property operating and maintenance | 1,364 | 1,429 | 5,398 | 6,493 | |||||||||||
Real estate taxes | 901 | 845 | 3,464 | 3,522 | |||||||||||
2,265 | 2,274 | 8,862 | 10,015 | ||||||||||||
Net Operating Income | 3,486 | 3,418 | 12,768 | 13,828 | |||||||||||
Other expenses | |||||||||||||||
Interest | 972 | 1,019 | 3,773 | 4,379 | |||||||||||
Depreciation and amortization | 1,390 | 1,435 | 5,420 | 5,754 | |||||||||||
Other (including debt prepayment penalties) | (10 | ) | 102 | 118 | 227 | ||||||||||
Total other expenses | 2,352 | 2,556 | 9,311 | 10,360 | |||||||||||
Promoted equity interests | — | 100 | — | 5,120 | |||||||||||
Gain on sale of properties, net | — | 3,245 | 3,566 | 16,277 | |||||||||||
Equity in income of joint ventures | $1,134 | $4,207 | $7,023 | $24,865 | |||||||||||
Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | |||||||||||
BALANCE SHEET DATA(c) | |||||||||||||||
Land | $104,662 | $104,101 | $104,101 | $104,101 | $110,496 | ||||||||||
Building & Improvements | 679,862 | 676,126 | 673,204 | 669,943 | 695,290 | ||||||||||
784,524 | 780,227 | 777,305 | 774,044 | 805,786 | |||||||||||
Accumulated Depreciation | (85,091 | ) | (78,242 | ) | (71,474 | ) | (64,780 | ) | (61,493 | ) | |||||
Net operating real estate assets | 699,433 | 701,985 | 705,831 | 709,264 | 744,293 | ||||||||||
Properties under development and land | 37,677 | 31,139 | 25,426 | 19,299 | 25,999 | ||||||||||
Cash and other assets, net | 20,655 | 14,788 | 13,033 | 10,685 | 19,882 | ||||||||||
Total assets | $757,765 | $747,912 | $744,290 | $739,248 | $790,174 | ||||||||||
Notes payable | $523,636 | $524,511 | $519,864 | $516,992 | $530,701 | ||||||||||
Other liabilities | 30,836 | 26,639 | 23,102 | 18,571 | 29,856 | ||||||||||
Total liabilities | 554,472 | 551,150 | 542,966 | 535,563 | 560,557 | ||||||||||
Member's equity | 203,293 | 196,762 | 201,324 | 203,685 | 229,617 | ||||||||||
Total liabilities and members' equity | $757,765 | $747,912 | $744,290 | $739,248 | $790,174 | ||||||||||
Company's equity investment | $36,429 | $35,180 | $36,167 | $36,719 | $42,155 | ||||||||||
Camden's pro-rata share of debt | $163,898 | $104,902 | $103,973 | $103,399 | $106,140 | ||||||||||
PROPERTY DATA (end of period) | |||||||||||||||
Total operating properties | 21 | 21 | 21 | 21 | 22 | ||||||||||
Total operating apartment homes | 7,012 | 7,012 | 7,012 | 7,012 | 7,270 | ||||||||||
Pro rata share of operating apartment homes | 2,195 | 1,402 | 1,402 | 1,402 | 1,454 | ||||||||||
Total development properties | 1 | 1 | 1 | 1 | 2 | ||||||||||
Total development apartment homes | 266 | 266 | 266 | 266 | 566 | ||||||||||
Pro rata share of development apartment homes | 83 | 53 | 53 | 53 | 113 |
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |
Estimated/Actual Dates for | |||||||||||||||
Completed Communities in Lease-Up | Total | Total | Construction | Initial | Construction | Stabilized | As of 01/25/2015 | ||||||||
Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||
1. | Camden Boca Raton | 261 | $51.7 | 4Q12 | 3Q14 | 4Q14 | 3Q15 | 77% | 70% | ||||||
Boca Raton, FL | |||||||||||||||
2. | Camden Foothills | 220 | 44.3 | 3Q13 | 3Q14 | 4Q14 | 3Q15 | 51% | 45% | ||||||
Scottsdale, AZ | |||||||||||||||
Total Completed Communities in Lease-Up | 481 | $96.0 | 65% | 59% | |||||||||||
Estimated/Actual Dates for | |||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 01/25/2015 | |||||||
Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||
UNDER CONSTRUCTION | |||||||||||||||
1. | Camden La Frontera | 300 | $36.0 | $35.0 | $6.7 | 2Q13 | 2Q14 | 1Q15 | 4Q15 | 64% | 57% | ||||
Round Rock, TX | |||||||||||||||
2. | Camden Lamar Heights | 314 | 47.0 | 45.6 | 16.8 | 2Q12 | 2Q14 | 1Q15 | 4Q15 | 51% | 45% | ||||
Austin, TX | |||||||||||||||
3. | Camden Flatirons | 424 | 78.0 | 74.2 | 37.6 | 3Q12 | 2Q14 | 2Q15 | 3Q16 | 40% | 37% | ||||
Denver, CO | |||||||||||||||
4. | Camden Paces | 379 | 110.0 | 98.3 | 47.7 | 4Q12 | 2Q14 | 3Q15 | 4Q16 | 24% | 19% | ||||
Atlanta, GA | |||||||||||||||
5. | Camden Hayden | 234 | 48.0 | 41.1 | 27.9 | 3Q13 | 4Q14 | 2Q15 | 3Q15 | 12% | 10% | ||||
Tempe, AZ | |||||||||||||||
6. | Camden Glendale | 303 | 115.0 | 94.8 | 94.8 | 4Q12 | 1Q15 | 3Q15 | 1Q16 | ||||||
Glendale, CA | |||||||||||||||
7. | Camden Gallery | 323 | 58.0 | 28.9 | 28.9 | 3Q13 | 3Q15 | 1Q16 | 3Q16 | ||||||
Charlotte, NC | |||||||||||||||
8. | Camden Chandler | 380 | 75.0 | 36.4 | 36.4 | 1Q14 | 1Q15 | 1Q16 | 1Q17 | ||||||
Chandler, AZ | |||||||||||||||
9. | Camden Victory Park | 423 | 82.0 | 33.2 | 33.2 | 4Q13 | 3Q15 | 1Q16 | 1Q18 | ||||||
Dallas, TX | |||||||||||||||
10. | The Camden | 287 | 145.0 | 61.7 | 61.7 | 4Q13 | 2Q16 | 4Q16 | 2Q17 | ||||||
Los Angeles, CA | |||||||||||||||
11. | Camden Lincoln Station | 267 | 56.0 | 8.4 | 8.4 | 4Q14 | 4Q16 | 2Q17 | 1Q18 | ||||||
Denver, CO | |||||||||||||||
12. | Camden McGowen Station | 315 | 90.0 | 11.2 | 11.2 | 4Q14 | 2Q17 | 4Q17 | 1Q19 | ||||||
Houston, TX | |||||||||||||||
Total Development Communities | 3,949 | $940.0 | $568.8 | $411.3 | 39% | 34% | |||||||||
Additional Development Pipeline & Land (a) | 116.3 | ||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $527.6 | ||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 4Q14 NOI | |||||||||||||
Communities that Stabilized During Quarter | $101.6 | $1.4 | |||||||||||||
Completed Communities in Lease-Up | 96.0 | 0.6 | |||||||||||||
Development Communities in Lease-Up | 294.2 | 1.2 | |||||||||||||
Total Development Communities NOI Contribution | $491.8 | $3.2 | |||||||||||||
Estimated/Actual Dates for | |||||||||||||||
Joint Venture Development Communities | Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | |||||||
Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | ||||||||
UNDER CONSTRUCTION | |||||||||||||||
1. | Camden Southline | 266 | $48.0 | $36.5 | $36.4 | 2Q13 | 1Q15 | 3Q15 | 4Q15 | ||||||
Charlotte, NC | |||||||||||||||
Total Joint Venture | |||||||||||||||
Development Communities | 266 | $48.0 | $36.5 | $36.4 |
CAMDEN | DEVELOPMENT PIPELINE & LAND | |
Projected | Total | ||||||||
PIPELINE COMMUNITIES (a) | Homes | Estimated Cost (b) | Cost to Date | ||||||
1. | Camden NoMa II | 405 | $116.0 | $22.1 | |||||
Washington, DC | |||||||||
2. | Camden Shady Grove | 457 | 115.0 | 31.6 | |||||
Rockville, MD | |||||||||
3. | Camden Buckhead | 336 | 80.0 | 20.9 | |||||
Atlanta, GA | |||||||||
4. | Camden Conte (c) | 519 | 170.0 | 18.3 | |||||
Houston, TX | |||||||||
5. | Camden Atlantic | 286 | 62.0 | 12.8 | |||||
Plantation, FL | |||||||||
Development Pipeline | 2,003 | $543.0 | $105.7 | ||||||
LAND HOLDINGS | Acreage | Cost to Date | |||||||
Las Vegas, NV | 19.6 | $4.2 | |||||||
Other | 4.8 | 6.4 | |||||||
Land Holdings | 24.4 | $10.6 | |||||||
Total Development Pipeline and Land | $116.3 | ||||||||
CAMDEN | ACQUISITIONS & DISPOSITIONS | |
Acquisitions | Location | Apartment Homes | Year Built | Closing Date | ||
1. | Camden Fourth Ward | Atlanta, GA | 276 | 2014 | 10/29/14 | |
Total/Average Acquisitions | $62.6 | 276 Apartment Homes | 2014 | |||
Dispositions | Location | Apartment Homes | Year Built | Closing Date | ||
1. | Camden River | Atlanta, GA | 352 | 1997 | 11/10/14 | |
2. | Camden Glen Lakes | Dallas, TX | 424 | 1979 | 11/18/14 | |
3. | Camden Club | Orlando, FL | 436 | 1986 | 12/04/14 | |
4. | Camden Lakeside | Tampa, FL | 228 | 1986 | 12/09/14 | |
5. | Camden Pinehurst | Charlotte, NC | 407 | 1967 | 12/18/14 | |
Total/Average Dispositions | $218.3 | 1,847 Apartment Homes | 1983 | |||
Land Dispositions | Location | Acres | Year Built | Closing Date | ||
1. | Paces Land | Atlanta, GA | 3.0 | N/A | 03/03/14 | |
2. | Farmers Market Land | Dallas, TX | 4.7 | N/A | 04/11/14 | |
3. | Farmers Market Land | Dallas, TX | 2.4 | N/A | 07/28/14 | |
4. | Andrau Land | Houston, TX | 19.2 | N/A | 08/19/14 | |
Total/Average Land Dispositions | $23.7 | 29.3 Acres | N/A | |||
Joint Venture Dispositions | Location | Apartment Homes | Year Built | Closing Date | ||
1. | Camden Braun Station | San Antonio, TX | 240 | 2006 | 02/12/14 | |
2. | Camden Piney Point | Houston, TX | 318 | 2004 | 02/27/14 | |
Total/Average Joint Venture Dispositions | $65.6 | 558 Apartment Homes | 2005 | |||
Pro Rata Joint Venture Dispositions | $13.1 | |||||
CAMDEN | DEBT ANALYSIS | |
(In thousands, except property data amounts) | ||
Future Scheduled Repayments | ||||||||||||||||||
Year | Amortization | Secured Maturities | Unsecured Maturities | Total | % of Total | Weighted Average Interest Rate on Maturing Debt | ||||||||||||
2015 | $1,821 | $— | $250,000 | $251,821 | 9.2 | % | 5.1 | % | ||||||||||
2016 | 2,036 | — | — | 2,036 | 0.1 | % | N/A | |||||||||||
2017 | 2,246 | — | 246,750 | 248,996 | 9.1 | % | 5.7 | % | ||||||||||
2018 | 2,439 | 175,000 | — | 177,439 | 6.5 | % | N/A | |||||||||||
2019 | 2,346 | 644,107 | — | 646,453 | 23.5 | % | 5.3 | % | ||||||||||
Thereafter | 66,794 | — | 1,350,000 | 1,416,794 | 51.6 | % | 4.0 | % | ||||||||||
Total Maturing Debt | $77,682 | $819,107 | $1,846,750 | $2,743,539 | 100.0 | % | 4.4 | % | ||||||||||
Unsecured Line of Credit | $— | $— | $— | $— | — | % | N/A | |||||||||||
Other Short Term Borrowings | — | — | — | — | — | % | N/A | |||||||||||
Total Debt | $77,682 | $819,107 | $1,846,750 | $2,743,539 | 100.0 | % | 4.4 | % | ||||||||||
Weighted Average Maturity of Debt | 6.3 Years | |||||||||||||||||
Weighted Average | ||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Floating rate debt | $209,751 | 7.6 | % | 1.0 | % | 5.4 Years | ||||||||||||
Fixed rate debt | 2,533,788 | 92.4 | % | 4.6 | % | 6.4 Years | ||||||||||||
Total | $2,743,539 | 100.0 | % | 4.4 | % | 6.3 Years | ||||||||||||
Weighted Average | ||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Unsecured debt | $1,837,911 | 67.0 | % | 4.4 | % | 6.4 Years | ||||||||||||
Secured debt | 905,628 | 33.0 | % | 4.2 | % | 6.1 Years | ||||||||||||
Total | $2,743,539 | 100.0 | % | 4.4 | % | 6.3 Years | ||||||||||||
Weighted Average | ||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Conventional fixed-rate mortgage debt | $695,877 | 76.8 | % | 5.2 | % | 6.3 Years | ||||||||||||
Conventional variable-rate mortgage debt | 175,000 | 19.3 | % | 0.9 | % | 3.8 Years | ||||||||||||
Tax exempt variable rate debt | 34,751 | 3.9 | % | 1.3 | % | 13.5 Years | ||||||||||||
Total | $905,628 | 100.0 | % | 4.2 | % | 6.1 Years | ||||||||||||
REAL ESTATE ASSETS: (a) | Total Homes | % of Total | Total Cost | % of Total | 4Q14 NOI | % of Total | ||||||||||||
Unencumbered real estate assets | 43,472 | 77.8 | % | $5,987,447 | 79.5 | % | $105,788 | 75.5 | % | |||||||||
Encumbered real estate assets | 12,413 | 22.2 | % | 1,541,340 | 20.5 | % | 34,242 | 24.5 | % | |||||||||
Total | 55,885 | 100.0 | % | $7,528,787 | 100.0 | % | $140,030 | 100.0 | % | |||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 3.3x |
CAMDEN | DEBT MATURITY ANALYSIS | |
(In thousands) | ||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | ||||||||||||||
Quarter | Amortization | Secured Maturities | Unsecured Maturities | Total | |||||||||||
1Q 2015 | $421 | $— | $— | $421 | N/A | ||||||||||
2Q 2015 | 430 | — | 250,000 | 250,430 | 5.1 | % | |||||||||
3Q 2015 | 480 | — | — | 480 | N/A | ||||||||||
4Q 2015 | 490 | — | — | 490 | N/A | ||||||||||
2015 | $1,821 | $— | $250,000 | $251,821 | 5.1 | % | |||||||||
1Q 2016 | $498 | $— | $— | $498 | N/A | ||||||||||
2Q 2016 | 503 | — | — | 503 | N/A | ||||||||||
3Q 2016 | 512 | — | — | 512 | N/A | ||||||||||
4Q 2016 | 523 | — | — | 523 | N/A | ||||||||||
2016 | $2,036 | $— | $— | $2,036 | N/A | ||||||||||
CAMDEN | DEBT COVENANT ANALYSIS | |
UNSECURED LINE OF CREDIT | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Gross Asset Value | < | 60% | 29% | Yes | |||
Secured Debt to Gross Asset Value | < | 35% | 9% | Yes | |||
Consolidated EBITDA to Total Fixed Charges | > | 150% | 375% | Yes | |||
Unencumbered Adjusted NOI to Total Unsecured Debt | > | 10.5% | 21% | Yes | |||
SENIOR UNSECURED NOTES | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Total Asset Value | < | 60% | 35% | Yes | |||
Total Secured Debt to Total Asset Value | < | 40% | 12% | Yes | |||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 339% | Yes | |||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 375% | Yes | |||
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |
DEBT ANALYSIS | ||
(In thousands, except property data amounts) | ||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||||
Year (b) | Amortization | Secured Maturities | Total | % of Total | ||||||||||
2015 | $2,752 | $— | $2,752 | 1.7 | % | N/A | ||||||||
2016 | 2,631 | 51,625 | 54,256 | 33.1 | % | 3.3 | % | |||||||
2017 | 1,659 | 45,536 | 47,195 | 28.8 | % | 2.8 | % | |||||||
2018 | 688 | 45,975 | 46,663 | 28.5 | % | 4.1 | % | |||||||
2019 | 334 | 7,383 | 7,717 | 4.7 | % | 4.2 | % | |||||||
Thereafter | 155 | 5,160 | 5,315 | 3.2 | % | 4.7 | % | |||||||
Total Debt | $8,219 | $155,679 | $163,898 | 100.0 | % | 3.5 | % | |||||||
Weighted Average Maturity of Debt | 2.7 Years | |||||||||||||
Weighted Average | ||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||
Floating rate debt | $44,712 | 27.3 | % | 2.0 | % | 2.3 Years | ||||||||
Fixed rate debt | 119,186 | 72.7 | % | 4.1 | % | 2.8 Years | ||||||||
Total | $163,898 | 100.0 | % | 3.5 | % | 2.7 Years | ||||||||
Weighted Average | ||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||
Conventional fixed-rate mortgage debt | $119,186 | 72.7 | % | 4.1 | % | 2.8 Years | ||||||||
Conventional variable-rate mortgage debt | 30,732 | 18.8 | % | 2.1 | % | 1.9 Years | ||||||||
Variable-rate construction loans | 13,980 | 8.5 | % | 1.8 | % | 3.2 Years | ||||||||
Total | $163,898 | 100.0 | % | 3.5 | % | 2.7 Years | ||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | ||||||||||||
Operating real estate assets | 7,012 | $784,524 | ||||||||||||
Properties under development and land | 266 | 37,677 | ||||||||||||
Total | 7,278 | $822,201 | ||||||||||||
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |
DEBT MATURITY ANALYSIS | ||
(In thousands) | ||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||
Quarter | (a) | Amortization | Secured Maturities | Total | ||||||||
1Q 2015 | $661 | $— | $661 | N/A | ||||||||
2Q 2015 | 653 | — | 653 | N/A | ||||||||
3Q 2015 | 711 | — | 711 | N/A | ||||||||
4Q 2015 | 727 | — | 727 | N/A | ||||||||
2015 | $2,752 | $— | $2,752 | N/A | ||||||||
1Q 2016 | $733 | $— | $733 | N/A | ||||||||
2Q 2016 | 705 | 26,910 | 27,615 | 3.2 | % | |||||||
3Q 2016 | 642 | — | 642 | N/A | ||||||||
4Q 2016 | 551 | 24,715 | 25,266 | 3.4 | % | |||||||
2016 | $2,631 | $51,625 | $54,256 | 3.3 | % | |||||||
CAMDEN | CAPITALIZED EXPENDITURES | |
& MAINTENANCE EXPENSE | ||
(In thousands, except unit data) | ||
Fourth quarter 2014 | ||||||||||||||||||
Capitalized | Expensed | |||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | |||||||||||||
Interiors | ||||||||||||||||||
Floor Coverings | 5.5 | years | $2,362 | $45 | $877 | $17 | ||||||||||||
Appliances | 9.6 | years | 937 | 18 | 216 | 4 | ||||||||||||
Painting | — | — | — | 1,481 | 28 | |||||||||||||
Cabinetry/Countertops | 10.0 | years | 439 | 8 | — | — | ||||||||||||
Other | 9.3 | years | 1,466 | 28 | 513 | 10 | ||||||||||||
Exteriors | ||||||||||||||||||
Painting | 5.0 | years | 1,293 | 24 | — | — | ||||||||||||
Carpentry | 10.0 | years | 353 | 7 | — | — | ||||||||||||
Landscaping | 5.6 | years | 1,213 | 23 | 2,526 | 48 | ||||||||||||
Roofing | 20.0 | years | 845 | 16 | 74 | 1 | ||||||||||||
Site Drainage | 10.0 | years | 533 | 10 | — | — | ||||||||||||
Fencing/Stair | 10.0 | years | 653 | 12 | — | — | ||||||||||||
Other (b) | 8.0 | years | 3,435 | 64 | 3,176 | 60 | ||||||||||||
Common Areas | ||||||||||||||||||
Mech., Elec., Plumbing | 9.7 | years | 1,980 | 37 | 1,045 | 20 | ||||||||||||
Parking/Paving | 5.0 | years | 920 | 17 | — | — | ||||||||||||
Pool/Exercise/Facility | 8.1 | years | 3,108 | 59 | 326 | 6 | ||||||||||||
Total | $19,537 | $368 | $10,234 | $194 | ||||||||||||||
Weighted Average Apartment Homes | 52,998 | 52,998 | ||||||||||||||||
Revenue Enhancing Expenditures (c) | 10.0 | years | $6,740 | $12,693 | ||||||||||||||
Revenue Enhanced Apartment Homes | 531 | |||||||||||||||||
Year to date 2014 | ||||||||||||||||||
Capitalized | Expensed | |||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | |||||||||||||
Interiors | ||||||||||||||||||
Floor Coverings | 5.5 | years | $10,128 | $192 | $3,297 | $62 | ||||||||||||
Appliances | 9.6 | years | 3,888 | 74 | 874 | 17 | ||||||||||||
Painting | — | — | — | 5,953 | 113 | |||||||||||||
Cabinetry/Countertops | 10.0 | years | 1,519 | 29 | — | — | ||||||||||||
Other | 9.3 | years | 5,756 | 109 | 2,137 | 40 | ||||||||||||
Exteriors | ||||||||||||||||||
Painting | 5.0 | years | 4,294 | 81 | — | — | ||||||||||||
Carpentry | 10.0 | years | 1,290 | 24 | — | — | ||||||||||||
Landscaping | 5.6 | years | 2,297 | 43 | 11,189 | 212 | ||||||||||||
Roofing | 20.0 | years | 3,591 | 68 | 261 | 5 | ||||||||||||
Site Drainage | 10.0 | years | 1,536 | 29 | — | — | ||||||||||||
Fencing/Stair | 10.0 | years | 1,488 | 28 | — | — | ||||||||||||
Other (b) | 8.0 | years | 9,112 | 172 | 13,097 | 248 | ||||||||||||
Common Areas | ||||||||||||||||||
Mech., Elec., Plumbing | 9.7 | years | 7,210 | 136 | 4,414 | 84 | ||||||||||||
Parking/Paving | 5.0 | years | 1,761 | 33 | — | — | ||||||||||||
Pool/Exercise/Facility | 8.1 | years | 9,151 | 173 | 1,472 | 28 | ||||||||||||
Total | $63,021 | $1,191 | $42,694 | $809 | ||||||||||||||
Weighted Average Apartment Homes | 52,833 | 52,833 | ||||||||||||||||
Revenue Enhancing Expenditures (c) | 10.0 | years | $54,739 | $11,485 | ||||||||||||||
Revenue Enhanced Apartment Homes | 4,766 | |||||||||||||||||
CAMDEN | 2015 FINANCIAL OUTLOOK | |
AS OF JANUARY 30, 2015 | ||
2014 Reported FFO, Adjusted for Non-Routine Items and Year End Shares Outstanding | ||||||
($'s and shares in thousands) | ||||||
Total | Per Share | |||||
2014 Reported FFO | $378,043 | $4.18 | ||||
Adjustments for 2014 non-routine items: | ||||||
Less: Gain on sale of land, net | (2,457 | ) | (0.03 | ) | ||
Plus: Fund Modification Incentive Compensation | 10,000 | 0.11 | ||||
2014 FFO adjusted for non-routine items | $385,586 | $4.27 | ||||
2014 Fully Diluted Weighted Average Shares Outstanding - FFO | 90,366 | |||||
December 31, 2014 Fully Diluted Weighted Average Shares Outstanding - FFO | 91,210 | |||||
2014 FFO Adjusted for Non-Routine Items and December 31, 2014 Fully Diluted Shares Outstanding - FFO | $4.23 | |||||
2015 Financial Outlook | ||||||
Earnings Guidance - Per Diluted Share | ||||||
Expected FFO per share - diluted | $4.36 - $4.56 | |||||
"Same Property" Communities | ||||||
Number of Units | 47,878 | |||||
2014 Base Net Operating Income | $496 million | |||||
Total Revenue Growth | 3.75% - 4.75% | |||||
Total Expense Growth | 4.50% - 5.00% | |||||
Net Operating Income Growth | 3.00% - 5.00% | |||||
Impact from 1% change in NOI Growth is approximately $0.054 / share | ||||||
Physical Occupancy | 95.2% | |||||
Capitalized Expenditures | ||||||
Recurring | $61 - $65 million | |||||
Revenue Enhancing Repositions (a) | $21 - $25 million | |||||
Acquisitions/Dispositions | ||||||
Disposition Volume (consolidated on balance sheet) | $100 - $300 million | |||||
Acquisition Volume (consolidated on balance sheet) | $100 - $300 million | |||||
Development | ||||||
Development Starts (consolidated on balance sheet) | $100 - $300 million | |||||
Development Spend (consolidated on balance sheet) | $300 - $400 million | |||||
Equity in Income of Joint Ventures (FFO) | $13 - $15 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 (b) | $41 - $43 million | |||||
Property management expense | $23 - $25 million | |||||
Capital | ||||||
Expected Capital Transactions | $0 - $300 million | |||||
Expensed Interest | $96 - $100 million | |||||
Capitalized Interest | $16 - $18 million |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net income attributable to common shareholders | $178,498 | $129,996 | $292,089 | $336,364 | |||||||||
Real estate depreciation from continuing operations | 60,032 | 54,520 | 230,638 | 209,474 | |||||||||
Real estate depreciation from discontinued operations | — | 199 | — | 5,255 | |||||||||
Adjustments for unconsolidated joint ventures | 1,357 | 1,422 | 5,337 | 5,738 | |||||||||
Income allocated to non-controlling interests | 6,126 | 5,123 | 9,225 | 9,927 | |||||||||
Gain on sale of unconsolidated joint venture properties | — | (3,245 | ) | (3,566 | ) | (16,277 | ) | ||||||
Gain on sale of operating properties, net of tax | (155,680 | ) | — | (155,680 | ) | — | |||||||
Gain on sale of discontinued operations, net of tax | — | (91,101 | ) | — | (182,160 | ) | |||||||
Funds from operations | $90,333 | $96,914 | $378,043 | $368,321 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
EPS diluted | 90,233 | 88,686 | 88,468 | 88,494 | |||||||||
FFO diluted | 91,045 | 89,772 | 90,366 | 89,580 | |||||||||
Total earnings per common share -- diluted | $1.98 | $1.46 | $3.27 | $3.78 | |||||||||
FFO per common share - diluted | $0.99 | $1.08 | $4.18 | $4.11 |
1Q15 | Range | 2015 | Range | ||||||||||
Low | High | Low | High | ||||||||||
Expected earnings per common share - diluted | $0.34 | $0.38 | $1.47 | $1.67 | |||||||||
Expected real estate depreciation | 0.67 | 0.67 | 2.74 | 2.74 | |||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.10 | 0.10 | |||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.05 | 0.05 | |||||||||
Expected FFO per share - diluted | $1.04 | $1.08 | $4.36 | $4.56 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net income attributable to common shareholders | $178,498 | $129,996 | $292,089 | $336,364 | |||||||||
Less: Fee and asset management | (2,531 | ) | (2,873 | ) | (9,832 | ) | (11,690 | ) | |||||
Less: Interest and other income | (80 | ) | (41 | ) | (842 | ) | (1,217 | ) | |||||
Less: Income on deferred compensation plans | (2,003 | ) | (3,078 | ) | (3,937 | ) | (8,290 | ) | |||||
Plus: Property management | 5,581 | 5,196 | 22,689 | 21,774 | |||||||||
Plus: Fee and asset management | 1,595 | 1,288 | 5,341 | 5,756 | |||||||||
Plus: General and administrative | 20,595 | 9,209 | 51,005 | 40,586 | |||||||||
Plus: Interest | 24,417 | 24,162 | 93,263 | 98,129 | |||||||||
Plus: Depreciation and amortization | 61,106 | 55,878 | 235,634 | 214,395 | |||||||||
Plus: Amortization of deferred financing costs | 862 | 859 | 3,355 | 3,548 | |||||||||
Plus: Expense on deferred compensation plans | 2,003 | 3,078 | 3,937 | 8,290 | |||||||||
Less: Gain on sale of operating properties, including land | (155,680 | ) | — | (159,289 | ) | (698 | ) | ||||||
Less: Impairment associated with land holdings | — | — | 1,152 | — | |||||||||
Less: Equity in income of joint ventures | (1,134 | ) | (4,207 | ) | (7,023 | ) | (24,865 | ) | |||||
Plus: Income tax expense | 675 | 239 | 1,903 | 1,826 | |||||||||
Less: Income from discontinued operations | — | (1,290 | ) | — | (8,515 | ) | |||||||
Less: Gain on sale of discontinued operations, net of tax | — | (91,101 | ) | — | (182,160 | ) | |||||||
Plus: Income allocated to non-controlling interests from continuing operations | 6,126 | 1,128 | 9,225 | 4,022 | |||||||||
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations | — | 3,995 | — | 5,905 | |||||||||
Net Operating Income (NOI) | $140,030 | $132,438 | $538,670 | $503,160 | |||||||||
"Same Property" Communities | $120,271 | $115,469 | $469,488 | $447,696 | |||||||||
Non-"Same Property" Communities | 15,362 | 12,648 | 52,138 | 38,972 | |||||||||
Development and Lease-Up Communities | 1,809 | (12 | ) | 2,355 | (12 | ) | |||||||
Dispositions/Other | 2,588 | 4,333 | 14,689 | 16,504 | |||||||||
Net Operating Income (NOI) | $140,030 | $132,438 | $538,670 | $503,160 |
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Net income attributable to common shareholders | $178,498 | $129,996 | $292,089 | $336,364 | |||||||||
Plus: Fund Modification Incentive Compensation | 10,000 | — | 10,000 | — | |||||||||
Plus: Interest | 24,417 | 24,162 | 93,263 | 98,129 | |||||||||
Plus: Amortization of deferred financing costs | 862 | 859 | 3,355 | 3,548 | |||||||||
Plus: Depreciation and amortization | 61,106 | 55,878 | 235,634 | 214,395 | |||||||||
Plus: Income allocated to non-controlling interests from continuing operations | 6,126 | 1,128 | 9,225 | 4,022 | |||||||||
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations | — | 3,995 | — | 5,905 | |||||||||
Plus: Income tax expense | 675 | 239 | 1,903 | 1,826 | |||||||||
Plus: Real estate depreciation from discontinued operations | — | 199 | — | 5,255 | |||||||||
Less: Gain on sale of operating properties, including land | (155,680 | ) | — | (159,289 | ) | (698 | ) | ||||||
Less: Impairment associated with land holdings | — | — | 1,152 | — | |||||||||
Less: Equity in income of joint ventures | (1,134 | ) | (4,207 | ) | (7,023 | ) | (24,865 | ) | |||||
Less: Gain on sale of discontinued operations, net of tax | — | (91,101 | ) | — | (182,160 | ) | |||||||
EBITDA | $124,870 | $121,148 | $480,309 | $461,721 |
CAMDEN | OTHER DATA | |
Stock Symbol: | CPT | ||||||
Exchange Traded: | NYSE | ||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | |||||
Moody's | Baa1 | Stable | |||||
Fitch | BBB+ | Positive | |||||
Standard & Poor's | BBB+ | Stable | |||||
Estimated Future Dates: | Q1 '15 | Q2 '15 | Q3 '15 | Q4 '15 | |||
Earnings release & conference call | Late Apr | Late July | Early Nov | Early Feb | |||
Dividend Information - Common Shares: | Q1 '14 | Q2 '14 | Q3 '14 | Q4 '14 | |||
Declaration Date | 1/30/2014 | 6/16/2014 | 9/15/2014 | 12/03/2014 | |||
Record Date | 3/31/2014 | 6/30/2014 | 9/30/2014 | 12/17/2014 | |||
Payment Date | 4/17/2014 | 7/17/2014 | 10/17/2014 | 01/16/2015 | |||
Distributions Per Share | $0.66 | $0.66 | $0.66 | $0.66 |
Investor Relations Data: | ||||
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request. | ||||
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call 1-800-9CAMDEN or (713) 354-2787. | ||||
To access Camden's Quarterly Conference Call, please visit our web site at camdenliving.com. | ||||
For questions contact: | ||||
Richard J. Campo | Chairman & Chief Executive Officer | |||
D. Keith Oden | President | |||
H. Malcolm Stewart | Chief Operating Officer | |||
Alexander J. Jessett | Chief Financial Officer | |||
Kimberly A. Callahan | Senior Vice President - Investor Relations |
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 12/31/2014 |
(Unaudited) | 4Q14 Avg | ||||||||||||||
Year Placed | Average | Apartment | 4Q14 Avg | Monthly Rental Rates | |||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | |||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 97% | $978 | $1.24 | |||||||
Camden Foothills (1) | Scottsdale | AZ | 2014 | 1,032 | 220 | Lease-Up | 1,554 | 1.51 | |||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 95% | 1,067 | 1.00 | |||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 96% | 1,195 | 1.12 | |||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 924 | 272 | 95% | 923 | 1.00 | |||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 93% | 1,080 | 1.10 | |||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 95% | 1,076 | 1.03 | |||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 95% | 1,459 | 1.12 | |||||||
TOTAL ARIZONA | 8 | Properties | 1,009 | 2,315 | 95% | 1,129 | 1.12 | ||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 96% | 1,808 | 1.79 | |||||||
Camden Harbor View | Long Beach | CA | 2004 | 975 | 538 | 96% | 2,175 | 2.23 | |||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96% | 1,930 | 1.91 | |||||||
Camden Martinique | Costa Mesa | CA | 1986 | 794 | 714 | 95% | 1,533 | 1.93 | |||||||
Camden Parkside | Fullerton | CA | 1972 | 836 | 421 | 95% | 1,355 | 1.62 | |||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 96% | 1,683 | 1.89 | |||||||
Total Los Angeles/Orange County | 6 | Properties | 904 | 2,481 | 96% | 1,739 | 1.92 | ||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 96% | 1,401 | 1.43 | |||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 95% | 1,743 | 1.68 | |||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 97% | 1,632 | 1.70 | |||||||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 97% | 2,249 | 2.51 | |||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 96% | 1,306 | 1.24 | |||||||
Total San Diego/Inland Empire | 5 | Properties | 991 | 1,665 | 96% | 1,598 | 1.61 | ||||||||
TOTAL CALIFORNIA | 11 | Properties | 939 | 4,146 | 96% | 1,683 | 1.79 | ||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 94% | 1,274 | 1.44 | |||||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 96% | 1,199 | 1.30 | |||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 96% | 1,413 | 1.39 | |||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 96% | 1,437 | 1.25 | |||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,010 | 340 | 96% | 1,355 | 1.34 | |||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 96% | 1,230 | 1.32 | |||||||
TOTAL COLORADO | 6 | Properties | 991 | 1,941 | 96% | 1,321 | 1.33 | ||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 94% | 1,503 | 1.42 | |||||||
Camden Clearbrook | Frederick | MD | 2007 | 1,048 | 297 | 95% | 1,391 | 1.33 | |||||||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 94% | 1,582 | 1.68 | |||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 978 | 382 | 94% | 1,608 | 1.64 | |||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 96% | 1,677 | 1.59 | |||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 96% | 1,749 | 1.87 | |||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 95% | 1,727 | 1.73 | |||||||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 96% | 2,442 | 3.63 | |||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 96% | 1,452 | 1.44 | |||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 96% | 1,595 | 1.55 | |||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 96% | 1,521 | 1.78 | |||||||
Camden NoMa | Washington | DC | 2014 | 770 | 321 | 95% | 2,091 | 2.72 | |||||||
Camden Potomac Yard | Arlington | VA | 2008 | 835 | 378 | 95% | 2,018 | 2.42 | |||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 97% | 2,564 | 2.99 | |||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 95% | 1,428 | 1.44 | |||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 96% | 1,481 | 1.52 | |||||||
Camden South Capitol (2) | Washington | DC | 2013 | 821 | 276 | 93% | 2,143 | 2.61 | |||||||
Camden Summerfield | Landover | MD | 2008 | 957 | 291 | 95% | 1,612 | 1.69 | |||||||
Camden Summerfield II | Landover | MD | 2012 | 936 | 187 | 93% | 1,606 | 1.72 | |||||||
TOTAL DC METRO | 19 | Properties | 946 | 6,405 | 95% | 1,690 | 1.79 | ||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 94% | 1,817 | 1.64 | |||||||
Camden Boca Raton (1) | Boca Raton | FL | 2014 | 843 | 261 | Lease-Up | 1,813 | 2.15 | |||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 97% | 1,923 | 2.05 | |||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 97% | 1,708 | 1.52 | |||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 97% | 1,818 | 1.45 | |||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 95% | 1,951 | 1.87 | |||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 96% | 1,462 | 1.22 | |||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 95% | 1,458 | 1.31 | |||||||
Total Southeast Florida | 8 | Properties | 1,079 | 2,781 | 96% | 1,737 | 1.61 | ||||||||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 96% | 1,131 | 1.05 | |||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 96% | 998 | 1.05 | |||||||
Camden LaVina | Orlando | FL | 2012 | 970 | 420 | 95% | 1,089 | 1.12 | |||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 96% | 958 | 1.02 | |||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 96% | 1,197 | 1.47 | |||||||
Camden Renaissance | Altamonte Springs | FL | 1996/1998 | 899 | 578 | 94% | 885 | 0.98 | |||||||
Camden Town Square | Orlando | FL | 2012 | 986 | 438 | 95% | 1,158 | 1.18 | |||||||
Camden Waterford Lakes (2) | Orlando | FL | 2013 | 971 | 300 | 98% | 1,174 | 1.21 | |||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 96% | 1,065 | 1.09 | |||||||
Total Orlando | 9 | Properties | 951 | 3,540 | 96% | $1,053 | $1.11 |
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 12/31/2014 |
(Unaudited) | 4Q14 Avg | |||||||||||||
Year Placed | Average | Apartment | 4Q14 Avg | Monthly Rental Rates | ||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | ||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 95% | $962 | $1.02 | ||||||
Camden Bayside | Tampa | FL | 1987/1989 | 748 | 832 | 96% | 853 | 1.14 | ||||||
Camden Lakes | St. Petersburg | FL | 1982/1983 | 732 | 688 | 95% | 802 | 1.10 | ||||||
Camden Montague | Tampa | FL | 2012 | 975 | 192 | 96% | 1,152 | 1.18 | ||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 95% | 1,173 | 1.25 | ||||||
Camden Providence Lakes | Brandon | FL | 1996 | 1,024 | 260 | 96% | 945 | 0.92 | ||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 96% | 1,009 | 0.99 | ||||||
Camden Visconti (2) | Tampa | FL | 2007 | 1,125 | 450 | 96% | 1,169 | 1.04 | ||||||
Camden Westchase Park | Tampa | FL | 2012 | 993 | 348 | 98% | 1,259 | 1.27 | ||||||
Camden Westshore | Tampa | FL | 1986 | 728 | 278 | 97% | 930 | 1.28 | ||||||
Camden Woods | Tampa | FL | 1986 | 1,223 | 444 | 96% | 935 | 0.76 | ||||||
Total Tampa/St. Petersburg | 11 | Properties | 924 | 4,880 | 96% | 979 | 1.06 | |||||||
TOTAL FLORIDA | 28 | Properties | 971 | 11,201 | 96% | 1,190 | 1.23 | |||||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 97% | 1,209 | 1.32 | ||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 96% | 1,090 | 1.10 | ||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 95% | 1,197 | 1.01 | ||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 96% | 1,131 | 1.12 | ||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 847 | 276 | 89% | 1,061 | 1.25 | ||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 97% | 1,253 | 1.34 | ||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 95% | 1,107 | 1.08 | ||||||
Camden Phipps (2) | Atlanta | GA | 1996 | 1,018 | 234 | 96% | 1,444 | 1.42 | ||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 98% | 1,050 | 0.92 | ||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 96% | 1,162 | 1.16 | ||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 94% | 824 | 0.82 | ||||||
Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 96% | 1,197 | 1.33 | ||||||
TOTAL GEORGIA | 12 | Properties | 988 | 3,867 | 96% | 1,146 | 1.16 | |||||||
Camden Bel Air | Las Vegas | NV | 1988/1995 | 943 | 528 | 96% | 745 | 0.79 | ||||||
Camden Breeze | Las Vegas | NV | 1989 | 846 | 320 | 96% | 753 | 0.89 | ||||||
Camden Canyon | Las Vegas | NV | 1995 | 987 | 200 | 97% | 902 | 0.91 | ||||||
Camden Commons | Henderson | NV | 1988 | 936 | 376 | 96% | 781 | 0.83 | ||||||
Camden Cove | Las Vegas | NV | 1990 | 898 | 124 | 98% | 757 | 0.84 | ||||||
Camden Del Mar | Las Vegas | NV | 1995 | 986 | 560 | 96% | 968 | 0.98 | ||||||
Camden Fairways | Henderson | NV | 1989 | 896 | 320 | 97% | 911 | 1.02 | ||||||
Camden Hills | Las Vegas | NV | 1991 | 439 | 184 | 96% | 523 | 1.19 | ||||||
Camden Legends | Henderson | NV | 1994 | 792 | 113 | 96% | 849 | 1.07 | ||||||
Camden Palisades | Las Vegas | NV | 1991 | 905 | 624 | 95% | 751 | 0.83 | ||||||
Camden Pines | Las Vegas | NV | 1997 | 982 | 315 | 95% | 832 | 0.85 | ||||||
Camden Pointe | Las Vegas | NV | 1996 | 983 | 252 | 97% | 768 | 0.78 | ||||||
Camden Summit | Henderson | NV | 1995 | 1,187 | 234 | 95% | 1,111 | 0.94 | ||||||
Camden Tiara | Las Vegas | NV | 1996 | 1,043 | 400 | 96% | 884 | 0.85 | ||||||
Camden Vintage | Las Vegas | NV | 1994 | 978 | 368 | 95% | 719 | 0.74 | ||||||
TOTAL NEVADA | 15 | Properties | 938 | 4,918 | 96% | 820 | 0.87 | |||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,045 | 400 | 96% | 1,174 | 1.12 | ||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 97% | 1,420 | 1.57 | ||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 98% | 1,361 | 1.59 | ||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 97% | 1,077 | 1.04 | ||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 99% | 924 | 0.98 | ||||||
Camden Grandview | Charlotte | NC | 2000 | 1,057 | 266 | 98% | 1,539 | 1.45 | ||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96% | 1,012 | 1.04 | ||||||
Camden Simsbury | Charlotte | NC | 1985 | 874 | 100 | 97% | 1,072 | 1.23 | ||||||
Camden South End Square | Charlotte | NC | 2003 | 882 | 299 | 98% | 1,298 | 1.47 | ||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 96% | 1,205 | 1.10 | ||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 98% | 896 | 1.00 | ||||||
Total Charlotte | 11 | Properties | 980 | 2,487 | 97% | 1,197 | 1.22 | |||||||
Camden Asbury Village (2) | Raleigh | NC | 2009 | 1,009 | 350 | 96% | 1,053 | 1.04 | ||||||
Camden Crest | Raleigh | NC | 2001 | 1.013 | 438 | 90% | 903 | 0.89 | ||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 97% | 940 | 0.90 | ||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 96% | 960 | 0.90 | ||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 96% | 966 | 1.00 | ||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 95% | 1,101 | 1.04 | ||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 95% | 831 | 0.85 | ||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 96% | 905 | 0.88 | ||||||
Total Raleigh | 8 | Properties | 1,016 | 3,054 | 95% | 952 | 0.94 | |||||||
TOTAL NORTH CAROLINA | 19 | Properties | 1,000 | 5,541 | 96% | $1,062 | $1.06 |
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 12/31/2014 |
(Unaudited) | 4Q14 Avg | ||||||||||||||
Year Placed | Average | Apartment | 4Q14 Avg | Monthly Rental Rates | |||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Per Home | Per Sq. Ft. | |||||||
Camden Amber Oaks (2) | Austin | TX | 2009 | 862 | 348 | 96% | $963 | $1.12 | |||||||
Camden Amber Oaks II (2) | Austin | TX | 2012 | 910 | 244 | 95% | 1,055 | 1.16 | |||||||
Camden Brushy Creek (2) | Cedar Park | TX | 2008 | 882 | 272 | 96% | 1,003 | 1.14 | |||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 96% | 1,135 | 1.25 | |||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 95% | 1,285 | 1.35 | |||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 95% | 973 | 1.08 | |||||||
Camden Ridgecrest (3) | Austin | TX | 1995 | 855 | 284 | 96% | 866 | 1.01 | |||||||
Camden Shadow Brook (2) | Austin | TX | 2009 | 909 | 496 | 95% | 1,026 | 1.13 | |||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 95% | 1,144 | 1.26 | |||||||
Total Austin | 9 | Properties | 901 | 3,030 | 95% | 1,053 | 1.17 | ||||||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 95% | 1,170 | 1.35 | |||||||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 94% | 876 | 1.13 | |||||||
Camden Miramar (4) | Corpus Christi | TX | 1994-2014 | 494 | 1,005 | 98% | 1,148 | 2.32 | |||||||
Camden South Bay (2) | Corpus Christi | TX | 2007 | 1,055 | 270 | 96% | 1,254 | 1.19 | |||||||
Total Corpus Christi | 4 | Properties | 687 | 1,907 | 95% | 1,117 | 1.80 | ||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 96% | 1,001 | 1.06 | |||||||
Camden Belmont | Dallas | TX | 2010/2012 | 945 | 477 | 95% | 1,338 | 1.42 | |||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 96% | 1,039 | 1.13 | |||||||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 96% | 984 | 1.08 | |||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 95% | 998 | 1.29 | |||||||
Camden Design District (2) | Dallas | TX | 2009 | 939 | 355 | 95% | 1,278 | 1.36 | |||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 95% | 1,146 | 1.23 | |||||||
Camden Henderson | Dallas | TX | 2012 | 967 | 106 | 97% | 1,464 | 1.51 | |||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 96% | 1,057 | 1.27 | |||||||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 96% | 1,083 | 1.24 | |||||||
Camden Panther Creek (2) | Frisco | TX | 2009 | 946 | 295 | 96% | 1,088 | 1.15 | |||||||
Camden Riverwalk (2) | Grapevine | TX | 2008 | 982 | 600 | 94% | 1,286 | 1.31 | |||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 96% | 916 | 1.23 | |||||||
Total Dallas/Ft. Worth | 13 | Properties | 905 | 5,243 | 95% | 1,123 | 1.24 | ||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 96% | 1,632 | 1.75 | |||||||
Camden City Centre II | Houston | TX | 2013 | 868 | 268 | 96% | 1,714 | 1.97 | |||||||
Camden Cypress Creek (2) | Cypress | TX | 2009 | 993 | 310 | 95% | 1,232 | 1.24 | |||||||
Camden Downs at Cinco Ranch (2) | Katy | TX | 2004 | 1,075 | 318 | 96% | 1,244 | 1.16 | |||||||
Camden Grand Harbor (2) | Katy | TX | 2008 | 959 | 300 | 96% | 1,179 | 1.23 | |||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 95% | 1,400 | 1.63 | |||||||
Camden Heights (2) | Houston | TX | 2004 | 927 | 352 | 96% | 1,534 | 1.65 | |||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 95% | 1,232 | 1.32 | |||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 95% | 1,695 | 2.01 | |||||||
Camden Northpointe (2) | Tomball | TX | 2008 | 940 | 384 | 97% | 1,059 | 1.13 | |||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 97% | 1,087 | 1.25 | |||||||
Camden Park | Houston | TX | 1995 | 866 | 288 | 95% | 1,059 | 1.22 | |||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 96% | 1,557 | 1.70 | |||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 94% | 2,625 | 2.19 | |||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 98% | 1,251 | 1.36 | |||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 99% | 1,444 | 1.37 | |||||||
Camden Spring Creek (2) | Spring | TX | 2004 | 1,080 | 304 | 95% | 1,196 | 1.11 | |||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 95% | 1,051 | 1.24 | |||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 95% | 1,095 | 1.19 | |||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 96% | 1,619 | 1.98 | |||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 95% | 1,433 | 1.66 | |||||||
Camden Whispering Oaks | Houston | TX | 2008 | 934 | 274 | 98% | 1,241 | 1.33 | |||||||
Camden Woodson Park (2) | Houston | TX | 2008 | 916 | 248 | 96% | 1,104 | 1.21 | |||||||
Camden Yorktown (2) | Houston | TX | 2008 | 995 | 306 | 96% | 1,155 | 1.16 | |||||||
Total Houston | 24 | Properties | 930 | 8,434 | 96% | 1,377 | 1.48 | ||||||||
TOTAL TEXAS | 50 | Properties | 893 | 18,614 | 95% | 1,226 | 1.37 | ||||||||
TOTAL PROPERTIES | 168 | Properties | 945 | 58,948 | 96% | $1,247 | $1.32 |
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