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 October 27, 2016. |
99.2 | Supplemental Financial Information dated October 27, 2016. |
Number | Title |
99.1 | Press Release issued by Camden Property Trust dated October 27, 2016. |
99.2 | Supplemental Financial Information dated October 27, 2016. |
Three Months Ended | Nine Months Ended | ||||
September 30 | September 30 | ||||
Per Diluted Share | 2016 | 2015 | 2016 | 2015 | |
EPS | $3.21 | $0.41 | $8.60 | $2.09 | |
FFO | $1.13 | $1.14 | $3.49 | $3.34 | |
AFFO | $0.92 | $0.94 | $3.01 | $2.83 |
Quarterly Growth | Sequential Growth | Year to Date Growth | ||||
Same Property Results | 3Q16 vs. 3Q15 | 3Q16 vs. 2Q16 | 2016 vs. 2015 | |||
Revenues | 3.7 | % | 1.6 | % | 4.2 | % |
Expenses | 2.2 | % | 1.4 | % | 3.2 | % |
Net Operating Income ("NOI") | 4.5 | % | 1.7 | % | 4.7 | % |
Same Property Results | 3Q16 | 3Q15 | 2Q16 | |||
Occupancy | 95.8 | % | 96.2 | % | 95.5 | % |
Total | Total | % Leased | |||
Community Name | Location | Units | Cost | as of 10/26/2016 | |
Camden Chandler | Chandler, AZ | 380 | $67.8 | 87 | % |
Camden Victory Park | Dallas, TX | 423 | 84.8 | 67 | % |
TOTAL | 803 | $152.6 |
Total | Total | % Leased | |||
Community Name | Location | Units | Budget | as of 10/26/2016 | |
Camden Gallery | Charlotte, NC | 323 | $58.0 | 69 | % |
The Camden | Los Angeles, CA | 287 | 145.0 | 70 | % |
Camden Lincoln Station | Denver, CO | 267 | 56.0 | ||
Camden NoMa II | Washington, DC | 405 | 115.0 | ||
Camden Shady Grove | Rockville, MD | 457 | 116.0 | ||
Camden McGowen Station | Houston, TX | 315 | 90.0 | ||
Camden Washingtonian | Gaithersburg, MD | 365 | 90.0 | ||
TOTAL | 2,419 | $670.0 |
Per Diluted Share | 4Q16 | 2016 |
EPS | $0.40 - $0.44 | $9.00 - $9.04 |
FFO | $1.12 - $1.16 | $4.61 - $4.65 |
Same Property Growth | 2016 Range | 2016 Midpoint |
Revenues | 3.9% - 4.1% | 4.0% |
Expenses | 2.3% - 2.5% | 2.4% |
NOI | 4.8% - 5.0% | 4.9% |
CAMDEN | OPERATING RESULTS | |
(In thousands, except per share amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
OPERATING DATA | |||||||||||||
Property revenues | |||||||||||||
Rental revenues | $187,771 | $182,650 | $564,136 | $536,183 | |||||||||
Other property revenues | 32,464 | 29,943 | 95,172 | 84,450 | |||||||||
Total property revenues | 220,235 | 212,593 | 659,308 | 620,633 | |||||||||
Property expenses | |||||||||||||
Property operating and maintenance | 53,679 | 53,380 | 156,804 | 151,400 | |||||||||
Real estate taxes | 26,695 | 25,284 | 80,875 | 74,542 | |||||||||
Total property expenses | 80,374 | 78,664 | 237,679 | 225,942 | |||||||||
Non-property income | |||||||||||||
Fee and asset management | 1,667 | 1,902 | 5,223 | 5,083 | |||||||||
Interest and other income | 927 | 107 | 1,366 | 308 | |||||||||
Income/(loss) on deferred compensation plans | 3,494 | (3,438 | ) | 4,781 | (1,871 | ) | |||||||
Total non-property income | 6,088 | (1,429 | ) | 11,370 | 3,520 | ||||||||
Other expenses | |||||||||||||
Property management | 5,590 | 5,700 | 19,147 | 17,423 | |||||||||
Fee and asset management | 911 | 1,227 | 2,861 | 3,424 | |||||||||
General and administrative | 10,810 | 11,790 | 34,836 | 33,120 | |||||||||
Interest (a) | 23,076 | 23,674 | 69,936 | 73,572 | |||||||||
Depreciation and amortization | 62,832 | 61,336 | 187,379 | 179,260 | |||||||||
Expense/(benefit) on deferred compensation plans | 3,494 | (3,438 | ) | 4,781 | (1,871 | ) | |||||||
Total other expenses | 106,713 | 100,289 | 318,940 | 304,928 | |||||||||
Gain on sale of operating properties, including land | 262,719 | — | 295,397 | 85,192 | |||||||||
Equity in income of joint ventures | 1,866 | 1,574 | 5,052 | 4,487 | |||||||||
Income from continuing operations before income taxes | 303,821 | 33,785 | 414,508 | 182,962 | |||||||||
Income tax expense | (400 | ) | (498 | ) | (1,204 | ) | (1,334 | ) | |||||
Income from continuing operations | 303,421 | 33,287 | 413,304 | 181,628 | |||||||||
Income from discontinued operations | — | 4,907 | 7,605 | 14,832 | |||||||||
Gain on sale of discontinued operations, net of tax | — | — | 375,237 | — | |||||||||
Net income | 303,421 | 38,194 | 796,146 | 196,460 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (12,523 | ) | (1,150 | ) | (17,216 | ) | (7,738 | ) | |||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
Net income | $303,421 | $38,194 | $796,146 | $196,460 | |||||||||
Other comprehensive income | |||||||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 32 | 38 | 97 | 112 | |||||||||
Comprehensive income | 303,453 | 38,232 | 796,243 | 196,572 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (12,523 | ) | (1,150 | ) | (17,216 | ) | (7,738 | ) | |||||
Comprehensive income attributable to common shareholders | $290,930 | $37,082 | $779,027 | $188,834 | |||||||||
PER SHARE DATA | |||||||||||||
Total earnings per common share - basic | $3.23 | $0.41 | $8.63 | $2.10 | |||||||||
Total earnings per common share - diluted | 3.21 | 0.41 | 8.60 | 2.09 | |||||||||
Earnings per share from continuing operations - basic | 3.23 | 0.36 | 4.35 | 1.93 | |||||||||
Earnings per share from continuing operations - diluted | 3.21 | 0.36 | 4.34 | 1.93 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
Basic | 89,669 | 89,164 | 89,524 | 89,102 | |||||||||
Diluted | 90,012 | 89,530 | 89,858 | 89,450 |
CAMDEN | FUNDS FROM OPERATIONS | |
(In thousands, except per share and property data amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
FUNDS FROM OPERATIONS | |||||||||||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
Real estate depreciation and amortization | 61,264 | 59,793 | 182,694 | 174,882 | |||||||||
Real estate depreciation from discontinued operations | — | 4,059 | 4,327 | 11,936 | |||||||||
Adjustments for unconsolidated joint ventures | 2,266 | 2,300 | 6,944 | 6,782 | |||||||||
Income allocated to non-controlling interests | 12,523 | 1,150 | 17,216 | 7,738 | |||||||||
Gain on sale of operating properties, net of tax | (262,719 | ) | — | (294,954 | ) | (85,145 | ) | ||||||
Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Funds from operations | $104,232 | $104,346 | $319,920 | $304,915 | |||||||||
Less: recurring capitalized expenditures (a) | (19,246 | ) | (18,202 | ) | (43,609 | ) | (46,740 | ) | |||||
Adjusted funds from operations - diluted | $84,986 | $86,144 | $276,311 | $258,175 | |||||||||
PER SHARE DATA | |||||||||||||
Funds from operations - diluted | $1.13 | $1.14 | $3.49 | $3.34 | |||||||||
Adjusted funds from operations - diluted | 0.92 | 0.94 | 3.01 | 2.83 | |||||||||
Distributions declared per common share | 0.75 | 0.70 | 2.25 | 2.10 | |||||||||
Special Distributions declared per common share | 4.25 | — | 4.25 | — | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
FFO/AFFO - diluted | 91,901 | 91,426 | 91,749 | 91,347 | |||||||||
PROPERTY DATA | |||||||||||||
Total operating properties (end of period) (b) | 151 | 171 | 151 | 171 | |||||||||
Total operating apartment homes in operating properties (end of period) (b) | 52,506 | 59,407 | 52,506 | 59,407 | |||||||||
Total operating apartment homes (weighted average) | 46,702 | 52,323 | 49,521 | 51,881 | |||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 46,702 | 47,405 | 47,426 | 46,963 |
CAMDEN | BALANCE SHEET | |
(In thousands) | ||
Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | ||||||||||||
ASSETS | ||||||||||||||||
Real estate assets, at cost | ||||||||||||||||
Land | $962,507 | $989,097 | $998,519 | $989,247 | $990,035 | |||||||||||
Buildings and improvements | 5,910,347 | 5,956,361 | 5,978,843 | 5,911,432 | 5,890,751 | |||||||||||
6,872,854 | 6,945,458 | 6,977,362 | 6,900,679 | 6,880,786 | ||||||||||||
Accumulated depreciation | (1,829,563 | ) | (1,855,678 | ) | (1,841,107 | ) | (1,780,694 | ) | (1,730,929 | ) | ||||||
Net operating real estate assets | 5,043,291 | 5,089,780 | 5,136,255 | 5,119,985 | 5,149,857 | |||||||||||
Properties under development, including land | 425,452 | 446,740 | 489,730 | 486,918 | 439,777 | |||||||||||
Investments in joint ventures | 30,046 | 31,142 | 32,568 | 33,698 | 34,705 | |||||||||||
Properties held for sale, including land | ||||||||||||||||
Operating properties held for sale (a) | — | 105,254 | — | — | — | |||||||||||
Discontinued operations held for sale (b) | — | — | 238,417 | 239,063 | 237,635 | |||||||||||
Total real estate assets | 5,498,789 | 5,672,916 | 5,896,970 | 5,879,664 | 5,861,974 | |||||||||||
Short-term investments (c) | 100,000 | — | — | — | — | |||||||||||
Accounts receivable – affiliates | 23,998 | 24,008 | 24,011 | 25,100 | 25,053 | |||||||||||
Other assets, net (d) | 143,059 | 139,263 | 107,161 | 116,260 | 118,985 | |||||||||||
Cash and cash equivalents | 313,742 | 341,726 | 6,935 | 10,617 | 10,375 | |||||||||||
Restricted cash | 8,691 | 21,561 | 5,378 | 5,971 | 6,126 | |||||||||||
Total assets | $6,088,279 | $6,199,474 | $6,040,455 | $6,037,612 | $6,022,513 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Liabilities | ||||||||||||||||
Notes payable | ||||||||||||||||
Unsecured | $1,582,655 | $1,582,077 | $1,866,502 | $1,824,930 | $1,803,360 | |||||||||||
Secured | 897,971 | 898,723 | 899,315 | 899,757 | 900,472 | |||||||||||
Accounts payable and accrued expenses | 143,193 | 140,864 | 140,991 | 133,353 | 131,532 | |||||||||||
Accrued real estate taxes | 66,079 | 46,801 | 25,499 | 45,223 | 57,642 | |||||||||||
Distributions payable | 82,861 | 69,116 | 69,020 | 64,275 | 64,276 | |||||||||||
Other liabilities (e) | 122,270 | 117,023 | 86,423 | 97,814 | 96,679 | |||||||||||
Total liabilities | 2,895,029 | 2,854,604 | 3,087,750 | 3,065,352 | 3,053,961 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Non-qualified deferred compensation share awards | 72,222 | 72,480 | 88,550 | 79,364 | 72,316 | |||||||||||
Equity | ||||||||||||||||
Common shares of beneficial interest | 978 | 978 | 975 | 976 | 976 | |||||||||||
Additional paid-in capital | 3,675,806 | 3,673,237 | 3,658,372 | 3,662,864 | 3,660,482 | |||||||||||
Distributions in excess of net income attributable to common shareholders | (261,324 | ) | (104,004 | ) | (491,275 | ) | (458,577 | ) | (452,257 | ) | ||||||
Treasury shares, at cost | (373,597 | ) | (373,914 | ) | (378,032 | ) | (386,793 | ) | (387,114 | ) | ||||||
Accumulated other comprehensive loss (f) | (1,816 | ) | (1,848 | ) | (1,881 | ) | (1,913 | ) | (2,307 | ) | ||||||
Total common equity | 3,040,047 | 3,194,449 | 2,788,159 | 2,816,557 | 2,819,780 | |||||||||||
Non-controlling interests | 80,981 | 77,941 | 75,996 | 76,339 | 76,456 | |||||||||||
Total equity | 3,121,028 | 3,272,390 | 2,864,155 | 2,892,896 | 2,896,236 | |||||||||||
Total liabilities and equity | $6,088,279 | $6,199,474 | $6,040,455 | $6,037,612 | $6,022,513 | |||||||||||
(a) Operating properties held for sale includes one dual-phase property and one operating property as of June 30, 2016 which were each subsequently sold in July. | ||||||||||||||||
(b) All prior periods presented have been changed to present the 15 operating properties, 19.6 acres of land, and retail center located in Las Vegas, Nevada, which were classified as held for sale at March 31, 2016 and subsequently sold on April 26, 2016. (See page 19 for additional information relating to this sale). | ||||||||||||||||
(c) At September 30, 2016, our short-term investments consist wholly of a certificate of deposit that has a maturity date of January 4, 2017. | ||||||||||||||||
(d) Includes net deferred charges of: | $2,140 | $2,353 | $2,600 | $2,851 | $3,077 | |||||||||||
(e) Includes deferred revenues of: | $1,598 | $831 | $1,797 | $1,768 | $1,918 | |||||||||||
(f) Represents the unrealized net loss and unamortized prior service costs on post retirement obligation, and unrealized loss on cash flow hedging activities. |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
Real estate depreciation and amortization | 61,264 | 59,793 | 182,694 | 174,882 | |||||||||
Real estate depreciation from discontinued operations | — | 4,059 | 4,327 | 11,936 | |||||||||
Adjustments for unconsolidated joint ventures | 2,266 | 2,300 | 6,944 | 6,782 | |||||||||
Income allocated to non-controlling interests | 12,523 | 1,150 | 17,216 | 7,738 | |||||||||
Gain on sale of operating properties, net of tax | (262,719 | ) | — | (294,954 | ) | (85,145 | ) | ||||||
Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Funds from operations | $104,232 | $104,346 | $319,920 | $304,915 | |||||||||
Less: recurring capitalized expenditures | (19,246 | ) | (18,202 | ) | (43,609 | ) | (46,740 | ) | |||||
Adjusted funds from operations | $84,986 | $86,144 | $276,311 | $258,175 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
EPS diluted | 90,012 | 89,530 | 89,858 | 89,450 | |||||||||
FFO/AFFO diluted | 91,901 | 91,426 | 91,749 | 91,347 | |||||||||
Total earnings per common share - diluted | $3.21 | $0.41 | $8.60 | $2.09 | |||||||||
FFO per common share - diluted | $1.13 | $1.14 | $3.49 | $3.34 | |||||||||
AFFO per common share - diluted | $0.92 | $0.94 | $3.01 | $2.83 |
4Q16 | Range | 2016 | Range | ||||||||||
Low | High | Low | High | ||||||||||
Expected earnings per common share - diluted | $0.40 | $0.44 | $9.00 | $9.04 | |||||||||
Expected real estate depreciation and amortization | 0.68 | 0.68 | 2.75 | 2.75 | |||||||||
Expected adjustments for unconsolidated joint ventures | 0.03 | 0.03 | 0.10 | 0.10 | |||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.21 | 0.21 | |||||||||
Reported (gain) on sale of operating properties | — | — | (3.28 | ) | (3.28 | ) | |||||||
Reported (gain) on sale of discontinued operations | — | — | (4.17 | ) | (4.17 | ) | |||||||
Expected FFO per share - diluted | $1.12 | $1.16 | $4.61 | $4.65 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Net income | $303,421 | $38,194 | $796,146 | $196,460 | |||||||||
Less: Fee and asset management income | (1,667 | ) | (1,902 | ) | (5,223 | ) | (5,083 | ) | |||||
Less: Interest and other income | (927 | ) | (107 | ) | (1,366 | ) | (308 | ) | |||||
Less: Income/(loss) on deferred compensation plans | (3,494 | ) | 3,438 | (4,781 | ) | 1,871 | |||||||
Plus: Property management expense | 5,590 | 5,700 | 19,147 | 17,423 | |||||||||
Plus: Fee and asset management expense | 911 | 1,227 | 2,861 | 3,424 | |||||||||
Plus: General and administrative expense | 10,810 | 11,790 | 34,836 | 33,120 | |||||||||
Plus: Interest expense | 23,076 | 23,674 | 69,936 | 73,572 | |||||||||
Plus: Depreciation and amortization expense | 62,832 | 61,336 | 187,379 | 179,260 | |||||||||
Plus: Expense/(benefit) on deferred compensation plans | 3,494 | (3,438 | ) | 4,781 | (1,871 | ) | |||||||
Less: Gain on sale of operating properties, including land | (262,719 | ) | — | (295,397 | ) | (85,192 | ) | ||||||
Less: Equity in income of joint ventures | (1,866 | ) | (1,574 | ) | (5,052 | ) | (4,487 | ) | |||||
Plus: Income tax expense | 400 | 498 | 1,204 | 1,334 | |||||||||
Less: Income from discontinued operations | — | (4,907 | ) | (7,605 | ) | (14,832 | ) | ||||||
Less: Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Net Operating Income (NOI) | $139,861 | $133,929 | $421,629 | $394,691 | |||||||||
"Same Property" Communities | $120,966 | $115,739 | $357,919 | $341,910 | |||||||||
Non-"Same Property" Communities | 11,801 | 8,545 | 35,898 | 24,160 | |||||||||
Development and Lease-Up Communities | 2,525 | 359 | 4,745 | 576 | |||||||||
Dispositions/Other | 4,569 | 9,286 | 23,067 | 28,045 | |||||||||
Net Operating Income (NOI) | $139,861 | $133,929 | $421,629 | $394,691 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
Plus: Interest expense | 23,076 | 23,674 | 69,936 | 73,572 | |||||||||
Plus: Depreciation and amortization expense | 62,832 | 61,336 | 187,379 | 179,260 | |||||||||
Plus: Income allocated to non-controlling interests from continuing operations | 12,523 | 1,150 | 17,216 | 7,738 | |||||||||
Plus: Income tax expense | 400 | 498 | 1,204 | 1,334 | |||||||||
Plus: Real estate depreciation from discontinued operations | — | 4,059 | 4,327 | 11,936 | |||||||||
Less: Gain on sale of operating properties, including land | (262,719 | ) | — | (295,397 | ) | (85,192 | ) | ||||||
Less: Equity in income of joint ventures | (1,866 | ) | (1,574 | ) | (5,052 | ) | (4,487 | ) | |||||
Less: Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Adjusted EBITDA | $125,144 | $126,187 | $383,306 | $372,883 |
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" Third 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 | |
Non-GAAP Financial Measures - Definitions & Reconciliations | |
Other Data | |
Community Table |
Three Months Ended | Nine Months Ended | ||||
September 30 | September 30 | ||||
Per Diluted Share | 2016 | 2015 | 2016 | 2015 | |
EPS | $3.21 | $0.41 | $8.60 | $2.09 | |
FFO | $1.13 | $1.14 | $3.49 | $3.34 | |
AFFO | $0.92 | $0.94 | $3.01 | $2.83 |
Quarterly Growth | Sequential Growth | Year to Date Growth | ||||
Same Property Results | 3Q16 vs. 3Q15 | 3Q16 vs. 2Q16 | 2016 vs. 2015 | |||
Revenues | 3.7 | % | 1.6 | % | 4.2 | % |
Expenses | 2.2 | % | 1.4 | % | 3.2 | % |
Net Operating Income ("NOI") | 4.5 | % | 1.7 | % | 4.7 | % |
Same Property Results | 3Q16 | 3Q15 | 2Q16 | |||
Occupancy | 95.8 | % | 96.2 | % | 95.5 | % |
Total | Total | % Leased | |||
Community Name | Location | Units | Cost | as of 10/26/2016 | |
Camden Chandler | Chandler, AZ | 380 | $67.8 | 87 | % |
Camden Victory Park | Dallas, TX | 423 | 84.8 | 67 | % |
TOTAL | 803 | $152.6 |
Total | Total | % Leased | |||
Community Name | Location | Units | Budget | as of 10/26/2016 | |
Camden Gallery | Charlotte, NC | 323 | $58.0 | 69 | % |
The Camden | Los Angeles, CA | 287 | 145.0 | 70 | % |
Camden Lincoln Station | Denver, CO | 267 | 56.0 | ||
Camden NoMa II | Washington, DC | 405 | 115.0 | ||
Camden Shady Grove | Rockville, MD | 457 | 116.0 | ||
Camden McGowen Station | Houston, TX | 315 | 90.0 | ||
Camden Washingtonian | Gaithersburg, MD | 365 | 90.0 | ||
TOTAL | 2,419 | $670.0 |
Per Diluted Share | 4Q16 | 2016 |
EPS | $0.40 - $0.44 | $9.00 - $9.04 |
FFO | $1.12 - $1.16 | $4.61 - $4.65 |
Same Property Growth | 2016 Range | 2016 Midpoint |
Revenues | 3.9% - 4.1% | 4.0% |
Expenses | 2.3% - 2.5% | 2.4% |
NOI | 4.8% - 5.0% | 4.9% |
CAMDEN | FINANCIAL HIGHLIGHTS | |
(In thousands, except per share, property data amounts and ratios) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Total property revenues (a) | $220,235 | $212,593 | $659,308 | $620,633 | |||||||||
Adjusted EBITDA | 125,144 | 126,187 | 383,306 | 372,883 | |||||||||
Net income attributable to common shareholders | 290,898 | 37,044 | 778,930 | 188,722 | |||||||||
Per share - basic | 3.23 | 0.41 | 8.63 | 2.10 | |||||||||
Per share - diluted | 3.21 | 0.41 | 8.60 | 2.09 | |||||||||
Income from continuing operations attributable to common shareholders | 290,898 | 32,137 | 396,088 | 173,890 | |||||||||
Per share - basic | 3.23 | 0.36 | 4.35 | 1.93 | |||||||||
Per share - diluted | 3.21 | 0.36 | 4.34 | 1.93 | |||||||||
Funds from operations | 104,232 | 104,346 | 319,920 | 304,915 | |||||||||
Per share - diluted | 1.13 | 1.14 | 3.49 | 3.34 | |||||||||
Adjusted funds from operations | 84,986 | 86,144 | 276,311 | 258,175 | |||||||||
Per share - diluted | 0.92 | 0.94 | 3.01 | 2.83 | |||||||||
Dividends per share (b) | 0.75 | 0.70 | 2.25 | 2.10 | |||||||||
Dividend payout ratio (FFO) (b) | 66.4 | % | 61.4 | % | 64.5 | % | 62.9 | % | |||||
Special Dividend Per Share | 4.25 | — | 4.25 | — | |||||||||
Interest expensed (c) | 23,076 | 23,674 | 69,936 | 73,572 | |||||||||
Interest capitalized (c) | 4,514 | 4,319 | 13,809 | 14,920 | |||||||||
Total interest incurred (c) | 27,590 | 27,993 | 83,745 | 88,492 | |||||||||
Principal amortization (c) | 752 | 560 | 1,786 | 1,656 | |||||||||
Net Debt to Annualized Adjusted EBITDA (c)(d) | 4.2x | 5.4x | 4.7x | 5.3x | |||||||||
Interest expense coverage ratio (c) | 5.4x | 5.3x | 5.5x | 5.1x | |||||||||
Total interest coverage ratio (c) | 4.5x | 4.5x | 4.6x | 4.2x | |||||||||
Fixed charge expense coverage ratio (c) | 5.3x | 5.2x | 5.3x | 5.0x | |||||||||
Total fixed charge coverage ratio (c) | 4.4x | 4.4x | 4.5x | 4.1x | |||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio (c) | 3.6x | 3.4x | 3.6x | 3.4x | |||||||||
Same property NOI increase (e) | 4.5 | % | 5.5 | % | 4.7 | % | 5.0 | % | |||||
(# of apartment homes included) | 40,221 | 47,618 | 40,221 | 47,618 | |||||||||
Gross turnover of apartment homes (annualized) | 68 | % | 74 | % | 60 | % | 64 | % | |||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 57 | % | 64 | % | 51 | % | 53 | % | |||||
As of September 30, | |||||||||||||
2016 | 2015 | ||||||||||||
Total assets | $6,088,279 | $6,022,513 | |||||||||||
Total debt | $2,480,626 | $2,703,832 | |||||||||||
Common and common equivalent shares, outstanding end of period (f) | 91,936 | 91,413 | |||||||||||
Share price, end of period | $83.74 | $73.90 | |||||||||||
Book equity value, end of period (g) | $3,193,250 | $2,968,552 | |||||||||||
Market equity value, end of period (h) | $7,698,721 | $6,755,421 |
CAMDEN | OPERATING RESULTS | |
(In thousands, except per share amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
OPERATING DATA | |||||||||||||
Property revenues | |||||||||||||
Rental revenues | $187,771 | $182,650 | $564,136 | $536,183 | |||||||||
Other property revenues | 32,464 | 29,943 | 95,172 | 84,450 | |||||||||
Total property revenues | 220,235 | 212,593 | 659,308 | 620,633 | |||||||||
Property expenses | |||||||||||||
Property operating and maintenance | 53,679 | 53,380 | 156,804 | 151,400 | |||||||||
Real estate taxes | 26,695 | 25,284 | 80,875 | 74,542 | |||||||||
Total property expenses | 80,374 | 78,664 | 237,679 | 225,942 | |||||||||
Non-property income | |||||||||||||
Fee and asset management | 1,667 | 1,902 | 5,223 | 5,083 | |||||||||
Interest and other income | 927 | 107 | 1,366 | 308 | |||||||||
Income/(loss) on deferred compensation plans | 3,494 | (3,438 | ) | 4,781 | (1,871 | ) | |||||||
Total non-property income | 6,088 | (1,429 | ) | 11,370 | 3,520 | ||||||||
Other expenses | |||||||||||||
Property management | 5,590 | 5,700 | 19,147 | 17,423 | |||||||||
Fee and asset management | 911 | 1,227 | 2,861 | 3,424 | |||||||||
General and administrative | 10,810 | 11,790 | 34,836 | 33,120 | |||||||||
Interest (a) | 23,076 | 23,674 | 69,936 | 73,572 | |||||||||
Depreciation and amortization | 62,832 | 61,336 | 187,379 | 179,260 | |||||||||
Expense/(benefit) on deferred compensation plans | 3,494 | (3,438 | ) | 4,781 | (1,871 | ) | |||||||
Total other expenses | 106,713 | 100,289 | 318,940 | 304,928 | |||||||||
Gain on sale of operating properties, including land | 262,719 | — | 295,397 | 85,192 | |||||||||
Equity in income of joint ventures | 1,866 | 1,574 | 5,052 | 4,487 | |||||||||
Income from continuing operations before income taxes | 303,821 | 33,785 | 414,508 | 182,962 | |||||||||
Income tax expense | (400 | ) | (498 | ) | (1,204 | ) | (1,334 | ) | |||||
Income from continuing operations | 303,421 | 33,287 | 413,304 | 181,628 | |||||||||
Income from discontinued operations | — | 4,907 | 7,605 | 14,832 | |||||||||
Gain on sale of discontinued operations, net of tax | — | — | 375,237 | — | |||||||||
Net income | 303,421 | 38,194 | 796,146 | 196,460 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (12,523 | ) | (1,150 | ) | (17,216 | ) | (7,738 | ) | |||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
Net income | $303,421 | $38,194 | $796,146 | $196,460 | |||||||||
Other comprehensive income | |||||||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 32 | 38 | 97 | 112 | |||||||||
Comprehensive income | 303,453 | 38,232 | 796,243 | 196,572 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (12,523 | ) | (1,150 | ) | (17,216 | ) | (7,738 | ) | |||||
Comprehensive income attributable to common shareholders | $290,930 | $37,082 | $779,027 | $188,834 | |||||||||
PER SHARE DATA | |||||||||||||
Total earnings per common share - basic | $3.23 | $0.41 | $8.63 | $2.10 | |||||||||
Total earnings per common share - diluted | 3.21 | 0.41 | 8.60 | 2.09 | |||||||||
Earnings per share from continuing operations - basic | 3.23 | 0.36 | 4.35 | 1.93 | |||||||||
Earnings per share from continuing operations - diluted | 3.21 | 0.36 | 4.34 | 1.93 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
Basic | 89,669 | 89,164 | 89,524 | 89,102 | |||||||||
Diluted | 90,012 | 89,530 | 89,858 | 89,450 |
CAMDEN | FUNDS FROM OPERATIONS | |
(In thousands, except per share and property data amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
FUNDS FROM OPERATIONS | |||||||||||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
Real estate depreciation and amortization | 61,264 | 59,793 | 182,694 | 174,882 | |||||||||
Real estate depreciation from discontinued operations | — | 4,059 | 4,327 | 11,936 | |||||||||
Adjustments for unconsolidated joint ventures | 2,266 | 2,300 | 6,944 | 6,782 | |||||||||
Income allocated to non-controlling interests | 12,523 | 1,150 | 17,216 | 7,738 | |||||||||
Gain on sale of operating properties, net of tax | (262,719 | ) | — | (294,954 | ) | (85,145 | ) | ||||||
Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Funds from operations | $104,232 | $104,346 | $319,920 | $304,915 | |||||||||
Less: recurring capitalized expenditures (a) | (19,246 | ) | (18,202 | ) | (43,609 | ) | (46,740 | ) | |||||
Adjusted funds from operations - diluted | $84,986 | $86,144 | $276,311 | $258,175 | |||||||||
PER SHARE DATA | |||||||||||||
Funds from operations - diluted | $1.13 | $1.14 | $3.49 | $3.34 | |||||||||
Adjusted funds from operations - diluted | 0.92 | 0.94 | 3.01 | 2.83 | |||||||||
Distributions declared per common share | 0.75 | 0.70 | 2.25 | 2.10 | |||||||||
Special Distributions declared per common share | 4.25 | — | 4.25 | — | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
FFO/AFFO - diluted | 91,901 | 91,426 | 91,749 | 91,347 | |||||||||
PROPERTY DATA | |||||||||||||
Total operating properties (end of period) (b) | 151 | 171 | 151 | 171 | |||||||||
Total operating apartment homes in operating properties (end of period) (b) | 52,506 | 59,407 | 52,506 | 59,407 | |||||||||
Total operating apartment homes (weighted average) | 46,702 | 52,323 | 49,521 | 51,881 | |||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 46,702 | 47,405 | 47,426 | 46,963 |
CAMDEN | BALANCE SHEET | |
(In thousands) | ||
Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | ||||||||||||
ASSETS | ||||||||||||||||
Real estate assets, at cost | ||||||||||||||||
Land | $962,507 | $989,097 | $998,519 | $989,247 | $990,035 | |||||||||||
Buildings and improvements | 5,910,347 | 5,956,361 | 5,978,843 | 5,911,432 | 5,890,751 | |||||||||||
6,872,854 | 6,945,458 | 6,977,362 | 6,900,679 | 6,880,786 | ||||||||||||
Accumulated depreciation | (1,829,563 | ) | (1,855,678 | ) | (1,841,107 | ) | (1,780,694 | ) | (1,730,929 | ) | ||||||
Net operating real estate assets | 5,043,291 | 5,089,780 | 5,136,255 | 5,119,985 | 5,149,857 | |||||||||||
Properties under development, including land | 425,452 | 446,740 | 489,730 | 486,918 | 439,777 | |||||||||||
Investments in joint ventures | 30,046 | 31,142 | 32,568 | 33,698 | 34,705 | |||||||||||
Properties held for sale, including land | ||||||||||||||||
Operating properties held for sale (a) | — | 105,254 | — | — | — | |||||||||||
Discontinued operations held for sale (b) | — | — | 238,417 | 239,063 | 237,635 | |||||||||||
Total real estate assets | 5,498,789 | 5,672,916 | 5,896,970 | 5,879,664 | 5,861,974 | |||||||||||
Short-term investments (c) | 100,000 | — | — | — | — | |||||||||||
Accounts receivable – affiliates | 23,998 | 24,008 | 24,011 | 25,100 | 25,053 | |||||||||||
Other assets, net (d) | 143,059 | 139,263 | 107,161 | 116,260 | 118,985 | |||||||||||
Cash and cash equivalents | 313,742 | 341,726 | 6,935 | 10,617 | 10,375 | |||||||||||
Restricted cash | 8,691 | 21,561 | 5,378 | 5,971 | 6,126 | |||||||||||
Total assets | $6,088,279 | $6,199,474 | $6,040,455 | $6,037,612 | $6,022,513 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Liabilities | ||||||||||||||||
Notes payable | ||||||||||||||||
Unsecured | $1,582,655 | $1,582,077 | $1,866,502 | $1,824,930 | $1,803,360 | |||||||||||
Secured | 897,971 | 898,723 | 899,315 | 899,757 | 900,472 | |||||||||||
Accounts payable and accrued expenses | 143,193 | 140,864 | 140,991 | 133,353 | 131,532 | |||||||||||
Accrued real estate taxes | 66,079 | 46,801 | 25,499 | 45,223 | 57,642 | |||||||||||
Distributions payable | 82,861 | 69,116 | 69,020 | 64,275 | 64,276 | |||||||||||
Other liabilities (e) | 122,270 | 117,023 | 86,423 | 97,814 | 96,679 | |||||||||||
Total liabilities | 2,895,029 | 2,854,604 | 3,087,750 | 3,065,352 | 3,053,961 | |||||||||||
Commitments and contingencies | ||||||||||||||||
Non-qualified deferred compensation share awards | 72,222 | 72,480 | 88,550 | 79,364 | 72,316 | |||||||||||
Equity | ||||||||||||||||
Common shares of beneficial interest | 978 | 978 | 975 | 976 | 976 | |||||||||||
Additional paid-in capital | 3,675,806 | 3,673,237 | 3,658,372 | 3,662,864 | 3,660,482 | |||||||||||
Distributions in excess of net income attributable to common shareholders | (261,324 | ) | (104,004 | ) | (491,275 | ) | (458,577 | ) | (452,257 | ) | ||||||
Treasury shares, at cost | (373,597 | ) | (373,914 | ) | (378,032 | ) | (386,793 | ) | (387,114 | ) | ||||||
Accumulated other comprehensive loss (f) | (1,816 | ) | (1,848 | ) | (1,881 | ) | (1,913 | ) | (2,307 | ) | ||||||
Total common equity | 3,040,047 | 3,194,449 | 2,788,159 | 2,816,557 | 2,819,780 | |||||||||||
Non-controlling interests | 80,981 | 77,941 | 75,996 | 76,339 | 76,456 | |||||||||||
Total equity | 3,121,028 | 3,272,390 | 2,864,155 | 2,892,896 | 2,896,236 | |||||||||||
Total liabilities and equity | $6,088,279 | $6,199,474 | $6,040,455 | $6,037,612 | $6,022,513 | |||||||||||
(a) Operating properties held for sale includes one dual-phase property and one operating property as of June 30, 2016 which were each subsequently sold in July. | ||||||||||||||||
(b) All prior periods presented have been changed to present the 15 operating properties, 19.6 acres of land, and retail center located in Las Vegas, Nevada, which were classified as held for sale at March 31, 2016 and subsequently sold on April 26, 2016. (See page 19 for additional information relating to this sale). | ||||||||||||||||
(c) At September 30, 2016, our short-term investments consist wholly of a certificate of deposit that has a maturity date of January 4, 2017. | ||||||||||||||||
(d) Includes net deferred charges of: | $2,140 | $2,353 | $2,600 | $2,851 | $3,077 | |||||||||||
(e) Includes deferred revenues of: | $1,598 | $831 | $1,797 | $1,768 | $1,918 | |||||||||||
(f) Represents the unrealized net 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 | Grand Total | ||||||||||
D.C. Metro (a) | 5,033 | 321 | — | 1,227 | 6,581 | 281 | 6,862 | |||||||||
Houston, TX | 5,912 | — | — | 315 | 6,227 | 2,522 | 8,749 | |||||||||
SE Florida | 2,520 | 261 | — | — | 2,781 | — | 2,781 | |||||||||
Dallas, TX | 3,993 | — | 423 | — | 4,416 | 1,250 | 5,666 | |||||||||
Los Angeles/Orange County, CA | 2,068 | 303 | — | 287 | 2,658 | — | 2,658 | |||||||||
Atlanta, GA | 3,633 | 379 | — | — | 4,012 | 234 | 4,246 | |||||||||
Tampa, FL | 1,928 | — | — | — | 1,928 | 450 | 2,378 | |||||||||
Orlando, FL | 2,662 | — | — | — | 2,662 | 300 | 2,962 | |||||||||
Charlotte, NC | 2,487 | — | — | 323 | 2,810 | 266 | 3,076 | |||||||||
Denver, CO | 1,941 | 424 | — | 267 | 2,632 | — | 2,632 | |||||||||
San Diego/Inland Empire, CA | 1,665 | — | — | — | 1,665 | — | 1,665 | |||||||||
Phoenix, AZ | 2,095 | 454 | 380 | — | 2,929 | — | 2,929 | |||||||||
Raleigh, NC | 2,266 | 438 | — | — | 2,704 | 350 | 3,054 | |||||||||
Austin, TX | 1,386 | 614 | — | — | 2,000 | 1,360 | 3,360 | |||||||||
Corpus Christi, TX | 632 | 1,005 | — | — | 1,637 | 270 | 1,907 | |||||||||
Total Portfolio | 40,221 | 4,199 | 803 | 2,419 | 47,642 | 7,283 | 54,925 |
THIRD 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) | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | ||||||||||
D.C. Metro | 15.5 | % | 15.5 | % | 15.2 | % | 96.1 | % | 95.4 | % | 94.8 | % | 94.8 | % | 96.1 | % | |
Houston, TX | 13.1 | % | 11.5 | % | 12.3 | % | 94.4 | % | 94.1 | % | 93.9 | % | 94.7 | % | 95.6 | % | |
SE Florida | 8.7 | % | 8.4 | % | 8.1 | % | 96.3 | % | 96.3 | % | 96.9 | % | 96.8 | % | 96.9 | % | |
Dallas, TX | 7.7 | % | 7.0 | % | 7.3 | % | 96.5 | % | 96.0 | % | 96.1 | % | 95.9 | % | 96.3 | % | |
Los Angeles/Orange County, CA | 7.4 | % | 8.0 | % | 7.7 | % | 95.5 | % | 95.5 | % | 95.4 | % | 95.6 | % | 95.5 | % | |
Atlanta, GA | 8.1 | % | 8.2 | % | 8.0 | % | 95.9 | % | 95.8 | % | 95.4 | % | 95.6 | % | 95.9 | % | |
Tampa, FL | 4.1 | % | 4.9 | % | 5.0 | % | 96.2 | % | 95.6 | % | 95.9 | % | 96.3 | % | 95.9 | % | |
Orlando, FL | 5.8 | % | 5.5 | % | 5.5 | % | 96.3 | % | 96.3 | % | 95.7 | % | 95.4 | % | 96.4 | % | |
Charlotte, NC | 6.2 | % | 5.5 | % | 5.5 | % | 96.6 | % | 96.3 | % | 96.0 | % | 96.2 | % | 97.1 | % | |
Denver, CO | 5.6 | % | 5.9 | % | 5.7 | % | 96.0 | % | 95.7 | % | 94.3 | % | 95.0 | % | 96.6 | % | |
San Diego/Inland Empire, CA | 5.1 | % | 4.5 | % | 4.3 | % | 95.6 | % | 95.5 | % | 95.2 | % | 95.9 | % | 96.4 | % | |
Phoenix, AZ | 4.6 | % | 5.7 | % | 5.4 | % | 94.4 | % | 93.7 | % | 95.2 | % | 95.5 | % | 95.5 | % | |
Raleigh, NC | 4.3 | % | 4.4 | % | 4.4 | % | 95.9 | % | 95.1 | % | 94.8 | % | 94.7 | % | 95.8 | % | |
Austin, TX | 2.7 | % | 3.5 | % | 4.0 | % | 96.1 | % | 95.3 | % | 95.7 | % | 95.3 | % | 96.3 | % | |
Corpus Christi, TX | 1.1 | % | 1.5 | % | 1.6 | % | 93.9 | % | 93.1 | % | 93.0 | % | 94.4 | % | 95.3 | % | |
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 95.7 | % | 95.3 | % | 95.2 | % | 95.4 | % | 96.1 | % | |
CAMDEN | COMPONENTS OF PROPERTY | |
NET OPERATING INCOME | ||
(In thousands, except property data amounts) | ||
Apartment | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Property Revenues | Homes | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||||
"Same Property" Communities (a) | 40,221 | $189,104 | $182,415 | $6,689 | $558,394 | $536,093 | $22,301 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 4,199 | 19,368 | 15,251 | 4,117 | 57,682 | 40,436 | 17,246 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 3,222 | 4,435 | 566 | 3,869 | 8,220 | 871 | 7,349 | |||||||||||||||||||
Disposition/Other (d) | — | 7,328 | 14,361 | (7,033 | ) | 35,012 | 43,233 | (8,221 | ) | |||||||||||||||||
Total Property Revenues | 47,642 | $220,235 | $212,593 | $7,642 | $659,308 | $620,633 | $38,675 | |||||||||||||||||||
Property Expenses | ||||||||||||||||||||||||||
"Same Property" Communities (a) | 40,221 | $68,138 | $66,676 | $1,462 | $200,475 | $194,183 | $6,292 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 4,199 | 7,567 | 6,706 | 861 | 21,784 | 16,276 | 5,508 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 3,222 | 1,910 | 207 | 1,703 | 3,475 | 295 | 3,180 | |||||||||||||||||||
Disposition/Other (d) | — | 2,759 | 5,075 | (2,316 | ) | 11,945 | 15,188 | (3,243 | ) | |||||||||||||||||
Total Property Expenses | 47,642 | $80,374 | $78,664 | $1,710 | $237,679 | $225,942 | $11,737 | |||||||||||||||||||
Property Net Operating Income | ||||||||||||||||||||||||||
"Same Property" Communities (a) | 40,221 | $120,966 | $115,739 | $5,227 | $357,919 | $341,910 | $16,009 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 4,199 | 11,801 | 8,545 | 3,256 | 35,898 | 24,160 | 11,738 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 3,222 | 2,525 | 359 | 2,166 | 4,745 | 576 | 4,169 | |||||||||||||||||||
Disposition/Other (d) | — | 4,569 | 9,286 | (4,717 | ) | 23,067 | 28,045 | (4,978 | ) | |||||||||||||||||
Total Property Net Operating Income | 47,642 | $139,861 | $133,929 | $5,932 | $421,629 | $394,691 | $26,938 | |||||||||||||||||||
Income from Discontinued Operations (e) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
Property Revenues | $— | $14,592 | $19,184 | $42,637 | ||||||||||||||||||||||
Property Expenses | — | (5,442 | ) | (6,898 | ) | (15,364 | ) | |||||||||||||||||||
Property Net Operating Income | — | 9,150 | 12,286 | 27,273 | ||||||||||||||||||||||
Property management expense | — | (184 | ) | (242 | ) | (505 | ) | |||||||||||||||||||
Depreciation and amortization | — | (4,059 | ) | (4,327 | ) | (11,936 | ) | |||||||||||||||||||
Other taxes | — | — | (112 | ) | — | |||||||||||||||||||||
Gain on Sale of Discontinued Operations | — | — | 375,237 | — | ||||||||||||||||||||||
Income from Discontinued Operations | $— | $4,907 | $382,842 | $14,832 |
CAMDEN | "SAME PROPERTY" | |
THIRD QUARTER COMPARISONS | ||
September 30, 2016 | ||
(In thousands, except property data amounts) | ||
Apartment | |||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||
Quarterly Results (a) | Included | 3Q16 | 3Q15 | Growth | 3Q16 | 3Q15 | Growth | 3Q16 | 3Q15 | Growth | |||||||||||||||||||
D.C. Metro | 5,033 | $27,860 | $27,591 | 1.0 | % | $9,084 | $8,424 | 7.8 | % | $18,776 | $19,167 | (2.0 | )% | ||||||||||||||||
Houston, TX | 5,912 | 27,616 | 27,936 | (1.1 | )% | 11,752 | 11,667 | 0.7 | % | 15,864 | 16,269 | (2.5 | )% | ||||||||||||||||
SE Florida | 2,520 | 15,488 | 14,709 | 5.3 | % | 5,012 | 5,023 | (0.2 | )% | 10,476 | 9,686 | 8.2 | % | ||||||||||||||||
Dallas, TX | 3,993 | 16,312 | 15,216 | 7.2 | % | 7,053 | 6,354 | 11.0 | % | 9,259 | 8,862 | 4.5 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 2,068 | 12,914 | 12,415 | 4.0 | % | 3,908 | 4,009 | (2.5 | )% | 9,006 | 8,406 | 7.1 | % | ||||||||||||||||
Atlanta, GA | 3,633 | 15,405 | 14,764 | 4.3 | % | 5,579 | 5,867 | (4.9 | )% | 9,826 | 8,897 | 10.4 | % | ||||||||||||||||
Tampa, FL | 1,928 | 8,054 | 7,522 | 7.1 | % | 3,035 | 2,988 | 1.6 | % | 5,019 | 4,534 | 10.7 | % | ||||||||||||||||
Orlando, FL | 2,662 | 10,968 | 10,214 | 7.4 | % | 3,969 | 3,926 | 1.1 | % | 6,999 | 6,288 | 11.3 | % | ||||||||||||||||
Charlotte, NC | 2,487 | 10,629 | 10,414 | 2.1 | % | 3,173 | 3,464 | (8.4 | )% | 7,456 | 6,950 | 7.3 | % | ||||||||||||||||
Denver, CO | 1,941 | 9,465 | 9,023 | 4.9 | % | 2,737 | 2,673 | 2.4 | % | 6,728 | 6,350 | 6.0 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 9,591 | 8,959 | 7.1 | % | 3,388 | 3,241 | 4.5 | % | 6,203 | 5,718 | 8.5 | % | ||||||||||||||||
Phoenix, AZ | 2,095 | 8,518 | 8,061 | 5.7 | % | 2,947 | 2,864 | 2.9 | % | 5,571 | 5,197 | 7.2 | % | ||||||||||||||||
Raleigh, NC | 2,266 | 8,195 | 7,766 | 5.5 | % | 2,972 | 2,771 | 7.3 | % | 5,223 | 4,995 | 4.6 | % | ||||||||||||||||
Austin, TX | 1,386 | 5,892 | 5,579 | 5.6 | % | 2,606 | 2,570 | 1.4 | % | 3,286 | 3,009 | 9.2 | % | ||||||||||||||||
Corpus Christi, TX | 632 | 2,197 | 2,246 | (2.2 | )% | 923 | 835 | 10.5 | % | 1,274 | 1,411 | (9.7 | )% | ||||||||||||||||
Total Same Property | 40,221 | $189,104 | $182,415 | 3.7 | % | $68,138 | $66,676 | 2.2 | % | $120,966 | $115,739 | 4.5 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 3Q16 | 3Q15 | Growth | 3Q16 | 3Q15 | Growth | 3Q16 | 3Q15 | Growth | |||||||||||||||||
D.C. Metro | 15.5 | % | 96.0 | % | 96.4 | % | (0.4 | )% | $1,682 | $1,670 | 0.7 | % | $1,921 | $1,895 | 1.4 | % | |||||||||||
Houston, TX | 13.1 | % | 94.3 | % | 95.7 | % | (1.4 | )% | 1,449 | 1,471 | (1.5 | )% | 1,652 | 1,647 | 0.3 | % | |||||||||||
SE Florida | 8.7 | % | 96.4 | % | 97.0 | % | (0.6 | )% | 1,874 | 1,788 | 4.8 | % | 2,125 | 2,006 | 5.9 | % | |||||||||||
Dallas, TX | 7.7 | % | 96.7 | % | 96.3 | % | 0.4 | % | 1,206 | 1,142 | 5.6 | % | 1,409 | 1,318 | 6.8 | % | |||||||||||
Los Angeles/Orange County, CA | 7.4 | % | 95.5 | % | 95.4 | % | 0.1 | % | 1,979 | 1,888 | 4.8 | % | 2,180 | 2,098 | 3.9 | % | |||||||||||
Atlanta, GA | 8.1 | % | 96.0 | % | 95.9 | % | 0.1 | % | 1,265 | 1,213 | 4.3 | % | 1,472 | 1,413 | 4.2 | % | |||||||||||
Tampa, FL | 4.1 | % | 96.1 | % | 95.8 | % | 0.3 | % | 1,185 | 1,121 | 5.7 | % | 1,449 | 1,356 | 6.8 | % | |||||||||||
Orlando, FL | 5.8 | % | 96.7 | % | 96.5 | % | 0.2 | % | 1,195 | 1,121 | 6.6 | % | 1,420 | 1,325 | 7.2 | % | |||||||||||
Charlotte, NC | 6.2 | % | 96.6 | % | 97.1 | % | (0.5 | )% | 1,259 | 1,234 | 2.0 | % | 1,475 | 1,438 | 2.6 | % | |||||||||||
Denver, CO | 5.6 | % | 96.2 | % | 96.6 | % | (0.4 | )% | 1,471 | 1,412 | 4.2 | % | 1,689 | 1,605 | 5.3 | % | |||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 95.6 | % | 96.4 | % | (0.8 | )% | 1,770 | 1,677 | 5.5 | % | 2,008 | 1,861 | 7.9 | % | |||||||||||
Phoenix, AZ | 4.6 | % | 95.1 | % | 95.7 | % | (0.6 | )% | 1,162 | 1,120 | 3.8 | % | 1,425 | 1,341 | 6.3 | % | |||||||||||
Raleigh, NC | 4.3 | % | 95.8 | % | 95.9 | % | (0.1 | )% | 1,025 | 987 | 3.9 | % | 1,258 | 1,192 | 5.6 | % | |||||||||||
Austin, TX | 2.7 | % | 96.3 | % | 96.2 | % | 0.1 | % | 1,221 | 1,172 | 4.2 | % | 1,471 | 1,395 | 5.5 | % | |||||||||||
Corpus Christi, TX | 1.1 | % | 93.8 | % | 94.8 | % | (1.0 | )% | 1,001 | 1,013 | (1.2 | )% | 1,236 | 1,250 | (1.2 | )% | |||||||||||
Total Same Property | 100.0 | % | 95.8 | % | 96.2 | % | (0.4 | )% | $1,411 | $1,369 | 3.1 | % | $1,636 | $1,572 | 4.1 | % |
CAMDEN | "SAME PROPERTY" | |
SEQUENTIAL QUARTER COMPARISONS | ||
September 30, 2016 | ||
(In thousands, except property data amounts) | ||
Apartment | |||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||
Quarterly Results (a) | Included | 3Q16 | 2Q16 | Growth | 3Q16 | 2Q16 | Growth | 3Q16 | 2Q16 | Growth | |||||||||||||||||||
D.C. Metro | 5,033 | $27,860 | $27,361 | 1.8 | % | $9,084 | $8,711 | 4.3 | % | $18,776 | $18,650 | 0.7 | % | ||||||||||||||||
Houston, TX | 5,912 | 27,616 | 27,486 | 0.5 | % | 11,752 | 11,988 | (2.0 | )% | 15,864 | 15,498 | 2.4 | % | ||||||||||||||||
SE Florida | 2,520 | 15,488 | 15,257 | 1.5 | % | 5,012 | 4,974 | 0.8 | % | 10,476 | 10,283 | 1.9 | % | ||||||||||||||||
Dallas, TX | 3,993 | 16,312 | 15,982 | 2.1 | % | 7,053 | 6,633 | 6.3 | % | 9,259 | 9,349 | (1.0 | )% | ||||||||||||||||
Los Angeles/Orange County, CA | 2,068 | 12,914 | 12,702 | 1.7 | % | 3,908 | 3,923 | (0.4 | )% | 9,006 | 8,779 | 2.6 | % | ||||||||||||||||
Atlanta, GA | 3,633 | 15,405 | 15,182 | 1.5 | % | 5,579 | 5,666 | (1.5 | )% | 9,826 | 9,516 | 3.3 | % | ||||||||||||||||
Tampa, FL | 1,928 | 8,054 | 7,970 | 1.1 | % | 3,035 | 3,041 | (0.2 | )% | 5,019 | 4,929 | 1.8 | % | ||||||||||||||||
Orlando, FL | 2,662 | 10,968 | 10,754 | 2.0 | % | 3,969 | 3,871 | 2.5 | % | 6,999 | 6,883 | 1.7 | % | ||||||||||||||||
Charlotte, NC | 2,487 | 10,629 | 10,453 | 1.7 | % | 3,173 | 3,401 | (6.7 | )% | 7,456 | 7,052 | 5.7 | % | ||||||||||||||||
Denver, CO | 1,941 | 9,465 | 9,258 | 2.2 | % | 2,737 | 2,678 | 2.2 | % | 6,728 | 6,580 | 2.2 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 9,591 | 9,356 | 2.5 | % | 3,388 | 3,269 | 3.6 | % | 6,203 | 6,087 | 1.9 | % | ||||||||||||||||
Phoenix, AZ | 2,095 | 8,518 | 8,397 | 1.4 | % | 2,947 | 2,880 | 2.3 | % | 5,571 | 5,517 | 1.0 | % | ||||||||||||||||
Raleigh, NC | 2,266 | 8,195 | 8,002 | 2.4 | % | 2,972 | 2,803 | 6.0 | % | 5,223 | 5,199 | 0.5 | % | ||||||||||||||||
Austin, TX | 1,386 | 5,892 | 5,775 | 2.0 | % | 2,606 | 2,522 | 3.3 | % | 3,286 | 3,253 | 1.0 | % | ||||||||||||||||
Corpus Christi, TX | 632 | 2,197 | 2,175 | 1.0 | % | 923 | 843 | 9.5 | % | 1,274 | 1,332 | (4.4 | )% | ||||||||||||||||
Total Same Property | 40,221 | $189,104 | $186,110 | 1.6 | % | $68,138 | $67,203 | 1.4 | % | $120,966 | $118,907 | 1.7 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 3Q16 | 2Q16 | Growth | 3Q16 | 2Q16 | Growth | 3Q16 | 2Q16 | Growth | |||||||||||||||||
D.C. Metro | 15.5 | % | 96.0 | % | 95.5 | % | 0.5 | % | $1,682 | $1,668 | 0.8 | % | $1,921 | $1,898 | 1.3 | % | |||||||||||
Houston, TX | 13.1 | % | 94.3 | % | 93.9 | % | 0.4 | % | 1,449 | 1,460 | (0.8 | )% | 1,652 | 1,650 | 0.1 | % | |||||||||||
SE Florida | 8.7 | % | 96.4 | % | 96.5 | % | (0.1 | )% | 1,874 | 1,851 | 1.2 | % | 2,125 | 2,092 | 1.6 | % | |||||||||||
Dallas, TX | 7.7 | % | 96.7 | % | 96.2 | % | 0.5 | % | 1,206 | 1,186 | 1.7 | % | 1,409 | 1,387 | 1.6 | % | |||||||||||
Los Angeles/Orange County, CA | 7.4 | % | 95.5 | % | 95.4 | % | 0.1 | % | 1,979 | 1,952 | 1.4 | % | 2,180 | 2,147 | 1.6 | % | |||||||||||
Atlanta, GA | 8.1 | % | 96.0 | % | 95.9 | % | 0.1 | % | 1,265 | 1,243 | 1.8 | % | 1,472 | 1,453 | 1.4 | % | |||||||||||
Tampa, FL | 4.1 | % | 96.1 | % | 96.0 | % | 0.1 | % | 1,185 | 1,167 | 1.5 | % | 1,449 | 1,435 | 1.0 | % | |||||||||||
Orlando, FL | 5.8 | % | 96.7 | % | 96.7 | % | 0.0 | % | 1,195 | 1,176 | 1.6 | % | 1,420 | 1,393 | 2.0 | % | |||||||||||
Charlotte, NC | 6.2 | % | 96.6 | % | 96.3 | % | 0.3 | % | 1,259 | 1,244 | 1.2 | % | 1,475 | 1,455 | 1.4 | % | |||||||||||
Denver, CO | 5.6 | % | 96.2 | % | 95.6 | % | 0.6 | % | 1,471 | 1,451 | 1.4 | % | 1,689 | 1,664 | 1.6 | % | |||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 95.6 | % | 95.5 | % | 0.1 | % | 1,770 | 1,736 | 2.0 | % | 2,008 | 1,961 | 2.4 | % | |||||||||||
Phoenix, AZ | 4.6 | % | 95.1 | % | 94.7 | % | 0.4 | % | 1,162 | 1,154 | 0.7 | % | 1,425 | 1,410 | 1.0 | % | |||||||||||
Raleigh, NC | 4.3 | % | 95.8 | % | 95.3 | % | 0.5 | % | 1,025 | 1,006 | 1.9 | % | 1,258 | 1,235 | 1.9 | % | |||||||||||
Austin, TX | 2.7 | % | 96.3 | % | 95.7 | % | 0.6 | % | 1,221 | 1,202 | 1.6 | % | 1,471 | 1,451 | 1.4 | % | |||||||||||
Corpus Christi, TX | 1.1 | % | 93.8 | % | 92.7 | % | 1.1 | % | 1,001 | 1,006 | (0.5 | )% | 1,236 | 1,237 | (0.1 | )% | |||||||||||
Total Same Property | 100.0 | % | 95.8 | % | 95.5 | % | 0.3 | % | $1,411 | $1,396 | 1.1 | % | $1,636 | $1,616 | 1.3 | % |
CAMDEN | "SAME PROPERTY" | |
YEAR TO DATE COMPARISONS | ||
September 30, 2016 | ||
(In thousands, except property data amounts) | ||
Apartment | |||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||
Year to Date Results (a) | Included | 2016 | 2015 | Growth | 2016 | 2015 | Growth | 2016 | 2015 | Growth | |||||||||||||||||||
D.C. Metro | 5,033 | $82,208 | $81,785 | 0.5 | % | $26,570 | $25,792 | 3.0 | % | $55,638 | $55,993 | (0.6 | )% | ||||||||||||||||
Houston, TX | 5,912 | 82,415 | 82,898 | (0.6 | )% | 35,422 | 34,531 | 2.6 | % | 46,993 | 48,367 | (2.8 | )% | ||||||||||||||||
SE Florida | 2,520 | 45,837 | 43,406 | 5.6 | % | 14,809 | 14,764 | 0.3 | % | 31,028 | 28,642 | 8.3 | % | ||||||||||||||||
Dallas, TX | 3,993 | 47,999 | 44,391 | 8.1 | % | 20,037 | 17,986 | 11.4 | % | 27,962 | 26,405 | 5.9 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 2,068 | 38,199 | 36,539 | 4.5 | % | 11,671 | 11,591 | 0.7 | % | 26,528 | 24,948 | 6.3 | % | ||||||||||||||||
Atlanta, GA | 3,633 | 45,390 | 43,083 | 5.4 | % | 16,659 | 16,580 | 0.5 | % | 28,731 | 26,503 | 8.4 | % | ||||||||||||||||
Tampa, FL | 1,928 | 23,803 | 21,945 | 8.5 | % | 8,991 | 8,594 | 4.6 | % | 14,812 | 13,351 | 10.9 | % | ||||||||||||||||
Orlando, FL | 2,662 | 32,211 | 29,818 | 8.0 | % | 11,675 | 11,230 | 4.0 | % | 20,536 | 18,588 | 10.5 | % | ||||||||||||||||
Charlotte, NC | 2,487 | 31,410 | 30,682 | 2.4 | % | 9,786 | 10,029 | (2.4 | )% | 21,624 | 20,653 | 4.7 | % | ||||||||||||||||
Denver, CO | 1,941 | 27,612 | 26,146 | 5.6 | % | 7,654 | 7,705 | (0.7 | )% | 19,958 | 18,441 | 8.2 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 28,145 | 26,118 | 7.8 | % | 9,944 | 9,510 | 4.6 | % | 18,201 | 16,608 | 9.6 | % | ||||||||||||||||
Phoenix, AZ | 2,095 | 25,207 | 23,510 | 7.2 | % | 8,608 | 8,068 | 6.7 | % | 16,599 | 15,442 | 7.5 | % | ||||||||||||||||
Raleigh, NC | 2,266 | 24,073 | 22,730 | 5.9 | % | 8,470 | 7,881 | 7.5 | % | 15,603 | 14,849 | 5.1 | % | ||||||||||||||||
Austin, TX | 1,386 | 17,351 | 16,387 | 5.9 | % | 7,595 | 7,385 | 2.8 | % | 9,756 | 9,002 | 8.4 | % | ||||||||||||||||
Corpus Christi, TX | 632 | 6,534 | 6,655 | (1.8 | )% | 2,584 | 2,537 | 1.9 | % | 3,950 | 4,118 | (4.1 | )% | ||||||||||||||||
Total Same Property | 40,221 | $558,394 | $536,093 | 4.2 | % | $200,475 | $194,183 | 3.2 | % | $357,919 | $341,910 | 4.7 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||
Year to Date Results (a) | Contribution | 2016 | 2015 | Growth | 2016 | 2015 | Growth | 2016 | 2015 | Growth | |||||||||||||||||
D.C. Metro | 15.6 | % | 95.5 | % | 96.0 | % | (0.5 | )% | $1,669 | $1,662 | 0.4 | % | $1,901 | $1,881 | 1.0 | % | |||||||||||
Houston, TX | 13.1 | % | 94.1 | % | 95.6 | % | (1.5 | )% | 1,459 | 1,461 | (0.1 | )% | 1,645 | 1,629 | 0.9 | % | |||||||||||
SE Florida | 8.7 | % | 96.6 | % | 96.7 | % | (0.1 | )% | 1,853 | 1,768 | 4.8 | % | 2,092 | 1,979 | 5.7 | % | |||||||||||
Dallas, TX | 7.8 | % | 96.4 | % | 96.2 | % | 0.2 | % | 1,187 | 1,118 | 6.2 | % | 1,386 | 1,284 | 7.9 | % | |||||||||||
Los Angeles/Orange County, CA | 7.4 | % | 95.4 | % | 95.3 | % | 0.1 | % | 1,952 | 1,858 | 5.1 | % | 2,151 | 2,060 | 4.4 | % | |||||||||||
Atlanta, GA | 8.0 | % | 95.8 | % | 95.6 | % | 0.2 | % | 1,247 | 1,191 | 4.7 | % | 1,449 | 1,378 | 5.2 | % | |||||||||||
Tampa, FL | 4.2 | % | 96.0 | % | 95.4 | % | 0.6 | % | 1,167 | 1,104 | 5.7 | % | 1,430 | 1,325 | 7.9 | % | |||||||||||
Orlando, FL | 5.7 | % | 96.4 | % | 96.1 | % | 0.3 | % | 1,177 | 1,102 | 6.8 | % | 1,395 | 1,295 | 7.7 | % | |||||||||||
Charlotte, NC | 6.0 | % | 96.3 | % | 96.8 | % | (0.5 | )% | 1,246 | 1,218 | 2.3 | % | 1,457 | 1,416 | 2.9 | % | |||||||||||
Denver, CO | 5.6 | % | 95.4 | % | 96.2 | % | (0.8 | )% | 1,453 | 1,369 | 6.1 | % | 1,656 | 1,556 | 6.4 | % | |||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 95.4 | % | 96.0 | % | (0.6 | )% | 1,740 | 1,641 | 6.0 | % | 1,968 | 1,815 | 8.4 | % | |||||||||||
Phoenix, AZ | 4.6 | % | 95.2 | % | 95.5 | % | (0.3 | )% | 1,154 | 1,109 | 4.1 | % | 1,404 | 1,306 | 7.5 | % | |||||||||||
Raleigh, NC | 4.4 | % | 95.5 | % | 95.5 | % | 0.0 | % | 1,009 | 967 | 4.3 | % | 1,236 | 1,167 | 5.9 | % | |||||||||||
Austin, TX | 2.7 | % | 96.1 | % | 95.8 | % | 0.3 | % | 1,203 | 1,155 | 4.2 | % | 1,448 | 1,372 | 5.6 | % | |||||||||||
Corpus Christi, TX | 1.1 | % | 93.0 | % | 93.8 | % | (0.8 | )% | 1,007 | 1,009 | (0.2 | )% | 1,236 | 1,248 | (1.0 | )% | |||||||||||
Total Same Property | 100.0 | % | 95.6 | % | 95.9 | % | (0.3 | )% | $1,398 | $1,351 | 3.5 | % | $1,614 | $1,544 | 4.5 | % |
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |
DETAIL AND COMPARISONS | ||
September 30, 2016 | ||
(In thousands) | ||
% of Actual | |||||||||||||
3Q16 Operating | |||||||||||||
Quarterly Comparison (a) | 3Q16 | 3Q15 | $ Change | % Change | Expenses | ||||||||
Property taxes | $23,510 | $22,493 | $1,017 | 4.5 | % | 34.5 | % | ||||||
Salaries and Benefits for On-site Employees | 14,218 | 14,755 | (537 | ) | (3.6 | )% | 20.9 | % | |||||
Utilities | 15,025 | 13,807 | 1,218 | 8.8 | % | 22.1 | % | ||||||
Repairs and Maintenance | 9,176 | 9,621 | (445 | ) | (4.6 | )% | 13.5 | % | |||||
Property Insurance | 2,252 | 2,468 | (216 | ) | (8.7 | )% | 3.3 | % | |||||
General and Administrative | 2,282 | 2,139 | 143 | 6.7 | % | 3.3 | % | ||||||
Marketing and Leasing | 1,122 | 1,235 | (113 | ) | (9.2 | )% | 1.6 | % | |||||
Other | 553 | 158 | 395 | 251.0 | % | 0.8 | % | ||||||
Total Same Property | $68,138 | $66,676 | $1,462 | 2.2 | % | 100.0 | % |
% of Actual | |||||||||||||
3Q16 Operating | |||||||||||||
Sequential Comparison (a) | 3Q16 | 2Q16 | $ Change | % Change | Expenses | ||||||||
Property taxes | $23,510 | $23,568 | ($58 | ) | (0.2 | )% | 34.5 | % | |||||
Salaries and Benefits for On-site Employees | 14,218 | 14,553 | (335 | ) | (2.3 | )% | 20.9 | % | |||||
Utilities | 15,025 | 14,001 | 1,024 | 7.3 | % | 22.1 | % | ||||||
Repairs and Maintenance | 9,176 | 8,996 | 180 | 2.0 | % | 13.5 | % | ||||||
Property Insurance | 2,252 | 2,164 | 89 | 4.1 | % | 3.3 | % | ||||||
General and Administrative | 2,282 | 2,248 | 34 | 1.5 | % | 3.3 | % | ||||||
Marketing and Leasing | 1,122 | 1,117 | 5 | 0.4 | % | 1.6 | % | ||||||
Other | 553 | 556 | (3 | ) | (0.5 | )% | 0.8 | % | |||||
Total Same Property | $68,138 | $67,203 | $935 | 1.4 | % | 100.0 | % |
% of Actual | ||||||||||||||
2016 Operating | ||||||||||||||
Year to Date Comparison (a) | 2016 | 2015 | $ Change | % Change | Expenses | |||||||||
Property taxes | $70,411 | $66,886 | $3,525 | 5.3 | % | 35.1 | % | |||||||
Salaries and Benefits for On-site Employees | 42,966 | 42,305 | 661 | 1.6 | % | 21.4 | % | |||||||
Utilities | 42,743 | 38,995 | 3,748 | 9.6 | % | 21.4 | % | |||||||
Repairs and Maintenance | 26,586 | 26,419 | 167 | 0.6 | % | 13.3 | % | |||||||
Property Insurance | 5,978 | 8,304 | (2,326 | ) | (28.0 | )% | 3.0 | % | ||||||
General and Administrative | 6,845 | 6,432 | 413 | 6.4 | % | 3.4 | % | |||||||
Marketing and Leasing | 3,284 | 3,514 | (230 | ) | (6.5 | )% | 1.6 | % | ||||||
Other | 1,662 | 1,328 | 334 | 25.2 | % | 0.8 | % | |||||||
Total Same Property | $200,475 | $194,183 | $6,292 | 3.2 | % | 100.0 | % | |||||||
CAMDEN | JOINT VENTURE OPERATIONS | |
(In thousands, except property data amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
OPERATING DATA (a) | 2016 | 2015 | 2016 | 2015 | |||||||||
Property Revenues | |||||||||||||
Rental revenues | $8,252 | $7,985 | $24,426 | $23,294 | |||||||||
Other property revenues | 1,279 | 1,205 | 3,723 | 3,369 | |||||||||
Total property revenues | 9,531 | 9,190 | 28,149 | 26,663 | |||||||||
Property expenses | |||||||||||||
Property operating and maintenance | 2,399 | 2,283 | 6,825 | 6,434 | |||||||||
Real estate taxes | 1,503 | 1,492 | 4,677 | 4,389 | |||||||||
3,902 | 3,775 | 11,502 | 10,823 | ||||||||||
Net Operating Income | 5,629 | 5,415 | 16,647 | 15,840 | |||||||||
Other expenses | |||||||||||||
Interest (b) | 1,428 | 1,482 | 4,432 | 4,395 | |||||||||
Depreciation and amortization | 2,247 | 2,276 | 6,902 | 6,643 | |||||||||
Other (including debt prepayment penalties) | 88 | 83 | 261 | 315 | |||||||||
Total other expenses | 3,763 | 3,841 | 11,595 | 11,353 | |||||||||
Equity in income of joint ventures | $1,866 | $1,574 | $5,052 | $4,487 |
Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | |||||||||||
BALANCE SHEET DATA(c) | |||||||||||||||
Land | $109,912 | $109,912 | $109,912 | $109,912 | $108,157 | ||||||||||
Building & Improvements | 737,460 | 734,947 | 731,896 | 730,867 | 714,631 | ||||||||||
847,372 | 844,859 | 841,808 | 840,779 | 822,788 | |||||||||||
Accumulated Depreciation | (136,671 | ) | (129,364 | ) | (121,865 | ) | (114,277 | ) | (106,669 | ) | |||||
Net operating real estate assets | 710,701 | 715,495 | 719,943 | 726,502 | 716,119 | ||||||||||
Properties under development and land | 1,265 | 1,265 | 2,347 | 1,711 | 16,177 | ||||||||||
Cash and other assets, net | 17,334 | 14,873 | 13,863 | 19,768 | 20,880 | ||||||||||
Total assets | $729,300 | $731,633 | $736,153 | $747,981 | $753,176 | ||||||||||
Notes payable | $520,976 | $524,155 | $528,193 | $526,950 | $528,702 | ||||||||||
Other liabilities | 24,871 | 20,457 | 16,347 | 25,765 | 26,011 | ||||||||||
Total liabilities | 545,847 | 544,612 | 544,540 | 552,715 | 554,713 | ||||||||||
Member's equity | 183,453 | 187,021 | 191,613 | 195,266 | 198,463 | ||||||||||
Total liabilities and members' equity | $729,300 | $731,633 | $736,153 | $747,981 | $753,176 | ||||||||||
Company's equity investment | $30,046 | $31,142 | $32,568 | $33,698 | $34,705 | ||||||||||
Company's pro-rata share of debt | $163,065 | $164,061 | $165,325 | $164,935 | $165,484 | ||||||||||
PROPERTY DATA (end of period) | |||||||||||||||
Total operating properties | 22 | 22 | 22 | 22 | 21 | ||||||||||
Total operating apartment homes (d) | 7,283 | 7,278 | 7,278 | 7,278 | 7,012 | ||||||||||
Pro rata share of operating apartment homes | 2,280 | 2,278 | 2,278 | 2,278 | 2,195 | ||||||||||
Total development properties | — | — | — | — | 1 | ||||||||||
Total development apartment homes | — | — | — | — | 266 | ||||||||||
Pro rata share of development apartment homes | — | — | — | — | 83 |
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |
Estimated/Actual Dates for | |||||||||||||||
Completed Communities in Lease-Up | Total | Total | Construction | Initial | Construction | Stabilized | As of 10/26/2016 | ||||||||
Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||
1. | Camden Chandler | 380 | $67.8 | 1Q14 | 1Q15 | 1Q16 | 4Q16 | 87% | 86% | ||||||
Chandler, AZ | |||||||||||||||
2. | Camden Victory Park | 423 | 84.8 | 4Q13 | 1Q16 | 3Q16 | 1Q18 | 67% | 58% | ||||||
Dallas, TX | |||||||||||||||
Total Completed Communities in Lease-Up | 803 | $152.6 | 76% | 71% | |||||||||||
Estimated/Actual Dates for | |||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 10/26/2016 | |||||||
Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||
UNDER CONSTRUCTION | |||||||||||||||
1. | Camden Gallery | 323 | $58.0 | $57.7 | $14.2 | 3Q13 | 1Q16 | 4Q16 | 1Q17 | 69% | 67% | ||||
Charlotte, NC | |||||||||||||||
2. | The Camden | 287 | 145.0 | 131.8 | 1.5 | 4Q13 | 2Q16 | 4Q16 | 2Q17 | 70% | 66% | ||||
Los Angeles, CA | |||||||||||||||
3. | Camden Lincoln Station | 267 | 56.0 | 43.7 | 43.6 | 4Q14 | 4Q16 | 2Q17 | 1Q18 | ||||||
Denver, CO | |||||||||||||||
4. | Camden NoMa II | 405 | 115.0 | 91.7 | 91.7 | 1Q15 | 2Q17 | 4Q17 | 4Q19 | ||||||
Washington, DC | |||||||||||||||
5. | Camden Shady Grove | 457 | 116.0 | 78.7 | 78.7 | 2Q15 | 1Q17 | 1Q18 | 4Q19 | ||||||
Rockville, MD | |||||||||||||||
6. | Camden McGowen Station | 315 | 90.0 | 27.8 | 27.8 | 4Q14 | 4Q17 | 2Q18 | 3Q19 | ||||||
Houston, TX | |||||||||||||||
7. | Camden Washingtonian | 365 | 90.0 | 26.0 | 26.0 | 3Q16 | 2Q18 | 4Q18 | 4Q19 | ||||||
Gaithersburg, MD | |||||||||||||||
Total Development Communities | 2,419 | $670.0 | $457.4 | $283.5 | 69% | 67% | |||||||||
Additional Development Pipeline & Land (a) | 142.0 | ||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $425.5 | ||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 3Q16 NOI | |||||||||||||
Communities that Stabilized During Quarter | $113.9 | $1.1 | |||||||||||||
Completed Communities in Lease-Up | 152.6 | 1.2 | |||||||||||||
Development Communities in Lease-Up | 189.5 | 1.3 | |||||||||||||
Total Development Communities NOI Contribution | $456.0 | $3.6 | |||||||||||||
CAMDEN | DEVELOPMENT PIPELINE & LAND | |
Projected | Total | ||||||||
PIPELINE COMMUNITIES | Homes | Estimated Cost (a) | Cost to Date | ||||||
1. | Camden North End (b) | 1,069 | $225.0 | $42.5 | |||||
Scottsdale, AZ | |||||||||
2. | Camden Grandview II | 28 | 17.0 | 5.9 | |||||
Charlotte, NC | |||||||||
3. | Camden Buckhead | 336 | 80.0 | 24.7 | |||||
Atlanta, GA | |||||||||
4. | Camden Arts District | 354 | 150.0 | 15.8 | |||||
Los Angeles, CA | |||||||||
5. | Camden Conte (c) | 519 | 170.0 | 22.2 | |||||
Houston, TX | |||||||||
6. | Camden Atlantic | 286 | 62.0 | 14.0 | |||||
Plantation, FL | |||||||||
7. | Camden Gallery II | 5 | 3.0 | 1.0 | |||||
Charlotte, NC | |||||||||
8. | Camden RiNo | 230 | 70.0 | 15.9 | |||||
Denver, CO | |||||||||
Development Pipeline | 2,827 | $777.0 | $142.0 | ||||||
CAMDEN | ACQUISITIONS & DISPOSITIONS | |
Apartment | Weighted Average | Community | ||||||
Dispositions | Location | Sales Price | Homes | Monthly Rental Rate | Age | Closing Date | ||
1. | Las Vegas Portfolio (a) | Las Vegas, NV | $630.0 | 4,918 Homes | $1,060 | 23 years | 4/26/2016 | |
2. | Camden Westshore | Tampa, FL | 39.0 | 278 Homes | 1,026 | 30 years | 6/28/2016 | |
3. | Camden Clearbrook | Frederick, MD | 61.0 | 297 Homes | 1,373 | 9 years | 7/11/2016 | |
4. | Camden Summerfield | Landover, MD | 67.0 | 291 Homes | 1,648 | 8 years | 7/11/2016 | |
5. | Camden Summerfield II | Landover, MD | 43.0 | 187 Homes | 1,627 | 4 years | 7/11/2016 | |
6. | Camden Woods | Tampa, FL | 58.0 | 444 Homes | 1,030 | 30 years | 8/9/2016 | |
7. | Camden Renaissance | Altamonte Springs, FL | 78.9 | 578 Homes | 979 | 19 years | 8/22/2016 | |
8. | Camden Parkside | Fullerton, CA | 95.6 | 421 Homes | 1,496 | 44 years | 8/31/2016 | |
9. | Camden Lakes | St. Petersburg, FL | 80.9 | 688 Homes | 899 | 34 years | 9/27/2016 | |
Total/Average Dispositions | $1,153.4 | 8,102 Homes | $1,147 | 23 years | ||||
Land Acquisitions | Location | Purchase Price | Acres | Closing Date | ||||
1. | Camden Grandview II | Charlotte, NC | $4.1 | 2.0 | 2/23/2016 | |||
2. | Camden Gallery (b) | Charlotte, NC | 0.8 | 0.2 | 6/15/2016 | |||
3. | Camden RiNo | Denver, CO | 15.0 | 2.4 | 9/8/2016 | |||
Total/Average Land Acquisitions | $19.9 | 4.6 Acres | ||||||
CAMDEN | DEBT ANALYSIS | |
(In thousands, except property data amounts) | ||
Future Scheduled Repayments | ||||||||||||||||||
Year (a) | Amortization | Secured Maturities | Unsecured Maturities | Total | % of Total | Weighted Average Interest Rate on Maturing Debt | ||||||||||||
2016 (b) | ($113 | ) | $— | $— | ($113 | ) | — | % | N/A | |||||||||
2017 | 436 | — | 246,750 | 247,186 | 10.0 | % | 5.8 | % | ||||||||||
2018 | 799 | 175,000 | — | 175,799 | 7.1 | % | 1.3 | % | ||||||||||
2019 | 1,139 | 644,107 | — | 645,246 | 26.0 | % | 5.4 | % | ||||||||||
2020 | 1,110 | — | — | 1,110 | — | % | N/A | |||||||||||
2021 | 1,480 | — | 250,000 | 251,480 | 10.1 | % | 4.8 | % | ||||||||||
2022 | 1,860 | — | 350,000 | 351,860 | 14.2 | % | 3.2 | % | ||||||||||
2023 | 2,991 | — | 250,000 | 252,991 | 10.2 | % | 5.1 | % | ||||||||||
2024 | 3,832 | — | 500,000 | 503,832 | 20.3 | % | 4.0 | % | ||||||||||
Thereafter | 51,235 | — | — | 51,235 | 2.1 | % | 3.6 | % | ||||||||||
Total Maturing Debt | $64,769 | $819,107 | $1,596,750 | $2,480,626 | 100.0 | % | 4.4 | % | ||||||||||
Unsecured Line of Credit | — | — | — | — | — | % | — | % | ||||||||||
Total Debt | $64,769 | $819,107 | $1,596,750 | $2,480,626 | 100.0 | % | 4.4 | % | ||||||||||
Weighted Average Maturity of Debt | 5.1 Years | |||||||||||||||||
Weighted Average | ||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Floating rate debt | $206,131 | 8.3 | % | 1.4 | % | 3.5 Years | ||||||||||||
Fixed rate debt | 2,274,495 | 91.7 | % | 4.7 | % | 5.3 Years | ||||||||||||
Total | $2,480,626 | 100.0 | % | 4.4 | % | 5.1 Years | ||||||||||||
Weighted Average | ||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Unsecured debt | $1,582,655 | 63.8 | % | 4.4 | % | 5.6 Years | ||||||||||||
Secured debt | 897,971 | 36.2 | % | 4.4 | % | 4.3 Years | ||||||||||||
Total | $2,480,626 | 100.0 | % | 4.4 | % | 5.1 Years | ||||||||||||
Weighted Average | ||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Conventional fixed-rate mortgage debt | $691,840 | 77.0 | % | 5.3 | % | 4.5 Years | ||||||||||||
Conventional variable-rate mortgage debt | 175,000 | 19.5 | % | 1.3 | % | 2.0 Years | ||||||||||||
Tax exempt variable rate debt | 31,131 | 3.5 | % | 2.3 | % | 11.7 Years | ||||||||||||
Total | $897,971 | 100.0 | % | 4.4 | % | 4.3 Years | ||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | % of Total | Total Cost | % of Total | 3Q16 NOI | % of Total | ||||||||||||
Unencumbered real estate assets | 35,221 | 73.9 | % | $5,709,148 | 78.2 | % | $103,714 | 74.2 | % | |||||||||
Encumbered real estate assets | 12,421 | 26.1 | % | 1,589,158 | 21.8 | % | 36,147 | 25.8 | % | |||||||||
Total | 47,642 | 100.0 | % | $7,298,306 | 100.0 | % | $139,861 | 100.0 | % | |||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 3.6x |
CAMDEN | DEBT MATURITY ANALYSIS | |
(In thousands) | ||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | ||||||||||||||
Quarter | Amortization | Secured Maturities | Unsecured Maturities | Total | |||||||||||
4Q 2016 (a) | ($113 | ) | $— | $— | ($113 | ) | N/A | ||||||||
2016 | ($113 | ) | $— | $— | ($113 | ) | N/A | ||||||||
1Q 2017 | $47 | $— | $— | $47 | N/A | ||||||||||
2Q 2017 | 99 | — | 246,750 | 246,849 | 5.8 | % | |||||||||
3Q 2017 | 139 | — | — | 139 | N/A | ||||||||||
4Q 2017 | 151 | — | — | 151 | N/A | ||||||||||
2017 | $436 | $— | $246,750 | $247,186 | 5.8 | % | |||||||||
CAMDEN | DEBT COVENANT ANALYSIS | |
UNSECURED LINE OF CREDIT | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Gross Asset Value | < | 60% | 24% | Yes | |||
Secured Debt to Gross Asset Value | < | 40% | 9% | Yes | |||
Consolidated Adjusted EBITDA to Total Fixed Charges | > | 150% | 421% | Yes | |||
Unsecured Debt to Gross Asset Value | < | 60% | 21% | Yes | |||
SENIOR UNSECURED NOTES | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Total Asset Value | < | 60% | 32% | Yes | |||
Total Secured Debt to Total Asset Value | < | 40% | 11% | Yes | |||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 395% | Yes | |||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 393% | Yes | |||
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |
DEBT ANALYSIS | ||
(In thousands, except property data amounts) | ||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||||
Year (a) | Amortization | Secured Maturities | Total | % of Total | ||||||||||
2016 | $432 | $— | $432 | 0.3 | % | N/A | ||||||||
2017 | 1,576 | 44,153 | 45,729 | 28.0 | % | 3.2 | % | |||||||
2018 | 630 | 50,818 | 51,448 | 31.5 | % | 4.0 | % | |||||||
2019 | 282 | 7,383 | 7,665 | 4.7 | % | 4.2 | % | |||||||
2020 | 92 | — | 92 | 0.1 | % | N/A | ||||||||
2021 | (43 | ) | 5,160 | 5,117 | 3.1 | % | 4.8 | % | ||||||
2022 | (55 | ) | — | (55 | ) | — | % | N/A | ||||||
2023 | (56 | ) | — | (56 | ) | — | % | N/A | ||||||
2024 | (57 | ) | — | (57 | ) | — | % | N/A | ||||||
Thereafter | (87 | ) | 52,235 | 52,148 | 31.9 | % | 2.5 | % | ||||||
Total Debt | $2,714 | $159,749 | $162,463 | 99.6 | % | 3.5 | % | |||||||
Unsecured lines of credit (b) | $— | $602 | $602 | 0.4 | % | 3.3 | % | |||||||
$2,714 | $160,351 | $163,065 | 100.0 | % | 3.4 | % | ||||||||
Weighted Average Maturity of Debt | 4.1 Years | |||||||||||||
Weighted Average | ||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||
Floating rate debt | $87,608 | 53.7 | % | 2.5 | % | 6.2 Years | ||||||||
Fixed rate debt | 75,457 | 46.3 | % | 4.3 | % | 1.6 Years | ||||||||
Total | $163,065 | 100.0 | % | 3.4 | % | 4.1 Years | ||||||||
Weighted Average | ||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||
Conventional fixed-rate mortgage debt | $75,457 | 46.3 | % | 4.3 | % | 1.6 Years | ||||||||
Conventional variable-rate mortgage debt | 68,182 | 41.8 | % | 2.6 | % | 7.5 Years | ||||||||
Variable-rate construction loans | 18,824 | 11.5 | % | 2.2 | % | 1.5 Years | ||||||||
Unsecured lines of credit | 602 | 0.4 | % | 3.3 | % | 0.4 Years | ||||||||
Total | $163,065 | 100.0 | % | 3.4 | % | 4.1 Years | ||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | ||||||||||||
Operating real estate assets | 7,283 | $847,372 | ||||||||||||
Land | 0 | 1,265 | ||||||||||||
Total | 7,283 | $848,637 | ||||||||||||
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 | |||||||||
4Q 2016 | $432 | $— | $432 | N/A | ||||||||
2016 | $432 | $— | $432 | N/A | ||||||||
1Q 2017 (b) | $429 | $9,727 | $10,156 | 3.7 | % | |||||||
2Q 2017 | 386 | 16,467 | 16,853 | 2.8 | % | |||||||
3Q 2017 | 383 | 4,992 | 5,375 | 4.8 | % | |||||||
4Q 2017 | 378 | 13,569 | 13,947 | 2.9 | % | |||||||
2017 | $1,576 | $44,755 | $46,331 | 3.2 | % | |||||||
CAMDEN | CAPITALIZED EXPENDITURES | |
& MAINTENANCE EXPENSE | ||
(In thousands, except unit data) | ||
Third Quarter 2016 (a) | ||||||||||||||||||
Recurring Capitalized | Expensed | |||||||||||||||||
Item | Weighted Average Useful Life (b) | Total | Per Unit | Total | Per Unit | |||||||||||||
Interiors | ||||||||||||||||||
Floor Coverings | 5.5 | years | $2,924 | $63 | $631 | $14 | ||||||||||||
Appliances | 9.5 | years | 564 | 12 | 273 | 6 | ||||||||||||
Painting | — | — | — | 1,808 | 39 | |||||||||||||
Cabinetry/Countertops | 10.0 | years | 226 | 5 | — | — | ||||||||||||
Other | 9.0 | years | 1,272 | 27 | 479 | 10 | ||||||||||||
Exteriors | ||||||||||||||||||
Painting | 5.0 | years | 1,901 | 41 | — | — | ||||||||||||
Carpentry | 10.0 | years | 209 | 4 | — | — | ||||||||||||
Landscaping | 5.5 | years | 520 | 11 | 2,257 | 48 | ||||||||||||
Roofing | 18.5 | years | 850 | 18 | 77 | 2 | ||||||||||||
Site Drainage | 10.0 | years | 90 | 2 | — | — | ||||||||||||
Fencing/Stair | 10.0 | years | 523 | 11 | — | — | ||||||||||||
Other (c) | 6.9 | years | 2,981 | 64 | 3,495 | 75 | ||||||||||||
Common Areas | ||||||||||||||||||
Mech., Elec., Plumbing | 9.3 | years | 3,153 | 68 | 1,687 | 36 | ||||||||||||
Parking/Paving | 4.7 | years | 1,275 | 27 | — | — | ||||||||||||
Pool/Exercise/Facility | 8.1 | years | 2,758 | 59 | 378 | 8 | ||||||||||||
Total Recurring (d) | $19,246 | $412 | $11,085 | $238 | ||||||||||||||
Weighted Average Apartment Homes | 46,702 | 46,702 | ||||||||||||||||
Non-recurring capitalized expenditures (e) | $2,567 | |||||||||||||||||
Revenue Enhancing Expenditures (f) | 10.0 | years | $4,747 | $9,042 | ||||||||||||||
Revenue Enhanced Apartment Homes | 525 | |||||||||||||||||
Year to date 2016 (a) | ||||||||||||||||||
Recurring Capitalized | Expensed | |||||||||||||||||
Item | Weighted Average Useful Life (b) | Total | Per Unit | Total | Per Unit | |||||||||||||
Interiors | ||||||||||||||||||
Floor Coverings | 5.5 | years | $7,030 | $142 | $2,564 | $52 | ||||||||||||
Appliances | 9.5 | years | 1,866 | 38 | 782 | 16 | ||||||||||||
Painting | — | — | — | 4,739 | 96 | |||||||||||||
Cabinetry/Countertops | 10.0 | years | 728 | 15 | — | — | ||||||||||||
Other | 9.0 | years | 3,418 | 69 | 1,485 | 30 | ||||||||||||
Exteriors | ||||||||||||||||||
Painting | 5.0 | years | 2,777 | 56 | — | — | ||||||||||||
Carpentry | 10.0 | years | 695 | 14 | — | — | ||||||||||||
Landscaping | 5.5 | years | 1,390 | 28 | 8,007 | 162 | ||||||||||||
Roofing | 18.5 | years | 2,124 | 43 | 246 | 5 | ||||||||||||
Site Drainage | 10.0 | years | 156 | 3 | — | — | ||||||||||||
Fencing/Stair | 10.0 | years | 1,043 | 21 | — | — | ||||||||||||
Other (c) | 6.9 | years | 7,074 | 143 | 9,471 | 191 | ||||||||||||
Common Areas | ||||||||||||||||||
Mech., Elec., Plumbing | 9.3 | years | 7,507 | 152 | 4,471 | 90 | ||||||||||||
Parking/Paving | 4.7 | years | 1,866 | 38 | — | — | ||||||||||||
Pool/Exercise/Facility | 8.1 | years | 5,935 | 120 | 1,081 | 22 | ||||||||||||
Total Recurring (d) | $43,609 | $882 | $32,846 | $664 | ||||||||||||||
Weighted Average Apartment Homes | 49,521 | 49,521 | ||||||||||||||||
Non-recurring capitalized expenditures (e) | $5,988 | |||||||||||||||||
Revenue Enhancing Expenditures (f) | 10.0 | years | $13,233 | $10,637 | ||||||||||||||
Revenue Enhanced Apartment Homes | 1,244 | |||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
Real estate depreciation and amortization | 61,264 | 59,793 | 182,694 | 174,882 | |||||||||
Real estate depreciation from discontinued operations | — | 4,059 | 4,327 | 11,936 | |||||||||
Adjustments for unconsolidated joint ventures | 2,266 | 2,300 | 6,944 | 6,782 | |||||||||
Income allocated to non-controlling interests | 12,523 | 1,150 | 17,216 | 7,738 | |||||||||
Gain on sale of operating properties, net of tax | (262,719 | ) | — | (294,954 | ) | (85,145 | ) | ||||||
Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Funds from operations | $104,232 | $104,346 | $319,920 | $304,915 | |||||||||
Less: recurring capitalized expenditures | (19,246 | ) | (18,202 | ) | (43,609 | ) | (46,740 | ) | |||||
Adjusted funds from operations | $84,986 | $86,144 | $276,311 | $258,175 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
EPS diluted | 90,012 | 89,530 | 89,858 | 89,450 | |||||||||
FFO/AFFO diluted | 91,901 | 91,426 | 91,749 | 91,347 | |||||||||
Total earnings per common share - diluted | $3.21 | $0.41 | $8.60 | $2.09 | |||||||||
FFO per common share - diluted | $1.13 | $1.14 | $3.49 | $3.34 | |||||||||
AFFO per common share - diluted | $0.92 | $0.94 | $3.01 | $2.83 |
4Q16 | Range | 2016 | Range | ||||||||||
Low | High | Low | High | ||||||||||
Expected earnings per common share - diluted | $0.40 | $0.44 | $9.00 | $9.04 | |||||||||
Expected real estate depreciation and amortization | 0.68 | 0.68 | 2.75 | 2.75 | |||||||||
Expected adjustments for unconsolidated joint ventures | 0.03 | 0.03 | 0.10 | 0.10 | |||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.21 | 0.21 | |||||||||
Reported (gain) on sale of operating properties | — | — | (3.28 | ) | (3.28 | ) | |||||||
Reported (gain) on sale of discontinued operations | — | — | (4.17 | ) | (4.17 | ) | |||||||
Expected FFO per share - diluted | $1.12 | $1.16 | $4.61 | $4.65 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Net income | $303,421 | $38,194 | $796,146 | $196,460 | |||||||||
Less: Fee and asset management income | (1,667 | ) | (1,902 | ) | (5,223 | ) | (5,083 | ) | |||||
Less: Interest and other income | (927 | ) | (107 | ) | (1,366 | ) | (308 | ) | |||||
Less: Income/(loss) on deferred compensation plans | (3,494 | ) | 3,438 | (4,781 | ) | 1,871 | |||||||
Plus: Property management expense | 5,590 | 5,700 | 19,147 | 17,423 | |||||||||
Plus: Fee and asset management expense | 911 | 1,227 | 2,861 | 3,424 | |||||||||
Plus: General and administrative expense | 10,810 | 11,790 | 34,836 | 33,120 | |||||||||
Plus: Interest expense | 23,076 | 23,674 | 69,936 | 73,572 | |||||||||
Plus: Depreciation and amortization expense | 62,832 | 61,336 | 187,379 | 179,260 | |||||||||
Plus: Expense/(benefit) on deferred compensation plans | 3,494 | (3,438 | ) | 4,781 | (1,871 | ) | |||||||
Less: Gain on sale of operating properties, including land | (262,719 | ) | — | (295,397 | ) | (85,192 | ) | ||||||
Less: Equity in income of joint ventures | (1,866 | ) | (1,574 | ) | (5,052 | ) | (4,487 | ) | |||||
Plus: Income tax expense | 400 | 498 | 1,204 | 1,334 | |||||||||
Less: Income from discontinued operations | — | (4,907 | ) | (7,605 | ) | (14,832 | ) | ||||||
Less: Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Net Operating Income (NOI) | $139,861 | $133,929 | $421,629 | $394,691 | |||||||||
"Same Property" Communities | $120,966 | $115,739 | $357,919 | $341,910 | |||||||||
Non-"Same Property" Communities | 11,801 | 8,545 | 35,898 | 24,160 | |||||||||
Development and Lease-Up Communities | 2,525 | 359 | 4,745 | 576 | |||||||||
Dispositions/Other | 4,569 | 9,286 | 23,067 | 28,045 | |||||||||
Net Operating Income (NOI) | $139,861 | $133,929 | $421,629 | $394,691 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Net income attributable to common shareholders | $290,898 | $37,044 | $778,930 | $188,722 | |||||||||
Plus: Interest expense | 23,076 | 23,674 | 69,936 | 73,572 | |||||||||
Plus: Depreciation and amortization expense | 62,832 | 61,336 | 187,379 | 179,260 | |||||||||
Plus: Income allocated to non-controlling interests from continuing operations | 12,523 | 1,150 | 17,216 | 7,738 | |||||||||
Plus: Income tax expense | 400 | 498 | 1,204 | 1,334 | |||||||||
Plus: Real estate depreciation from discontinued operations | — | 4,059 | 4,327 | 11,936 | |||||||||
Less: Gain on sale of operating properties, including land | (262,719 | ) | — | (295,397 | ) | (85,192 | ) | ||||||
Less: Equity in income of joint ventures | (1,866 | ) | (1,574 | ) | (5,052 | ) | (4,487 | ) | |||||
Less: Gain on sale of discontinued operations, net of tax | — | — | (375,237 | ) | — | ||||||||
Adjusted EBITDA | $125,144 | $126,187 | $383,306 | $372,883 |
CAMDEN | OTHER DATA | |
Stock Symbol: | CPT | ||||||
Exchange Traded: | NYSE | ||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | |||||
Fitch | A- | Stable | |||||
Moody's | Baa1 | Positive | |||||
Standard & Poor's | BBB+ | Stable | |||||
Estimated Future Dates: | Q4 '16 | Q1 '17 | Q2 '17 | Q3 '17 | |||
Earnings Release & Conference Call | Early February | Early May | Late July | Late October | |||
Dividend Information - Common Shares: | Q1 '16 | Q2 '16 | Q3 '16 | Special Q3 '16 | |||
Declaration Date | 1/28/2016 | 6/15/2016 | 9/12/2016 | 9/12/2016 | |||
Record Date | 3/31/2016 | 6/30/2016 | 9/30/2016 | 9/23/2016 | |||
Payment Date | 4/18/2016 | 7/18/2016 | 10/17/2017 | 9/30/2016 | |||
Distributions Per Share | $0.75 | $0.75 | $0.75 | $4.25 |
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 9/30/2016 |
(Unaudited) | 3Q16 Avg Monthly | 3Q16 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 3Q16 Avg | Rental Rates per | Revenue per Occupied | ||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | |||||||||||
Camden Chandler (1) | Chandler | AZ | 2015 | 1,146 | 380 | Lease-Up | $1,297 | $1.13 | $1,468 | $1.28 | |||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 96% | 1,094 | 1.39 | 1,389 | 1.77 | |||||||||||
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 | 220 | 91% | 1,519 | 1.47 | 1,858 | 1.80 | |||||||||||
Camden Hayden | Tempe | AZ | 2015 | 1,043 | 234 | 91% | 1,381 | 1.32 | 1,661 | 1.59 | |||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 95% | 1,149 | 1.08 | 1,404 | 1.32 | |||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 96% | 1,269 | 1.19 | 1,515 | 1.41 | |||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 924 | 272 | 95% | 1,011 | 1.09 | 1,254 | 1.36 | |||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 95% | 1,148 | 1.17 | 1,398 | 1.42 | |||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 95% | 1,155 | 1.11 | 1,437 | 1.38 | |||||||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 93% | 1,452 | 1.11 | 1,725 | 1.32 | |||||||||||
TOTAL ARIZONA | 10 | Properties | 1,030 | 2,929 | 94% | 1,224 | 1.19 | 1,480 | 1.44 | ||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 97% | 1,929 | 1.91 | 2,144 | 2.13 | |||||||||||
Camden Glendale | Glendale | CA | 2015 | 882 | 303 | 94% | 2,215 | 2.51 | 2,355 | 2.67 | |||||||||||
Camden Harbor View | Long Beach | CA | 2004 | 981 | 546 | 96% | 2,438 | 2.48 | 2,608 | 2.66 | |||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96% | 2,035 | 2.01 | 2,237 | 2.21 | |||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 794 | 714 | 94% | 1,656 | 2.08 | 1,875 | 2.36 | |||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 97% | 1,856 | 2.08 | 2,004 | 2.25 | |||||||||||
Total Los Angeles/Orange County | 6 | Properties | 915 | 2,371 | 95% | 2,009 | 2.20 | 2,201 | 2.40 | ||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 95% | 1,496 | 1.52 | 1,675 | 1.71 | |||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 95% | 1,933 | 1.86 | 2,188 | 2.11 | |||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 96% | 1,816 | 1.89 | 2,070 | 2.15 | |||||||||||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 97% | 2,501 | 2.79 | 2,786 | 3.11 | |||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 95% | 1,524 | 1.45 | 1,789 | 1.70 | |||||||||||
Total San Diego/Inland Empire | 5 | Properties | 992 | 1,665 | 96% | 1,770 | 1.78 | 2,009 | 2.03 | ||||||||||||
TOTAL CALIFORNIA | 11 | Properties | 947 | 4,036 | 96% | 1,910 | 2.02 | 2,121 | 2.24 | ||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 95% | 1,379 | 1.56 | 1,547 | 1.75 | |||||||||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 96% | 1,336 | 1.44 | 1,566 | 1.69 | |||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 96% | 1,581 | 1.56 | 1,804 | 1.78 | |||||||||||
Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 95% | 1,481 | 1.54 | 1,739 | 1.81 | |||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 97% | 1,595 | 1.39 | 1,812 | 1.58 | |||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,010 | 340 | 97% | 1,479 | 1.46 | 1,715 | 1.70 | |||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 96% | 1,411 | 1.51 | 1,637 | 1.76 | |||||||||||
TOTAL COLORADO | 7 | Properties | 985 | 2,365 | 96% | 1,473 | 1.50 | 1,698 | 1.72 | ||||||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 96% | 1,551 | 1.46 | 1,819 | 1.71 | |||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 93% | 1,530 | 1.62 | 1,720 | 1.83 | |||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 978 | 382 | 97% | 1,633 | 1.67 | 1,886 | 1.93 | |||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 97% | 1,723 | 1.63 | 2,004 | 1.90 | |||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 96% | 1,786 | 1.91 | 2,036 | 2.18 | |||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 97% | 1,737 | 1.74 | 1,938 | 1.95 | |||||||||||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 99% | 2,431 | 3.62 | 2,710 | 4.03 | |||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 97% | 1,494 | 1.49 | 1,713 | 1.70 | |||||||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 93% | 1,620 | 1.58 | 1,841 | 1.79 | |||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 96% | 1,531 | 1.79 | 1,781 | 2.08 | |||||||||||
Camden NoMa | Washington | DC | 2014 | 770 | 321 | 95% | 2,196 | 2.85 | 2,488 | 3.23 | |||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 835 | 378 | 96% | 1,981 | 2.37 | 2,247 | 2.69 | |||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 98% | 2,635 | 3.08 | 2,927 | 3.42 | |||||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 95% | 1,460 | 1.47 | 1,656 | 1.67 | |||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 97% | 1,484 | 1.52 | 1,717 | 1.76 | |||||||||||
Camden South Capitol (2) | Washington | DC | 2013 | 821 | 281 | 95% | 2,160 | 2.68 | 2,513 | 3.12 | |||||||||||
TOTAL DC METRO | 16 | Properties | 940 | 5,635 | 96% | 1,735 | 1.85 | 1,982 | 2.11 | ||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 96% | 1,964 | 1.77 | 2,308 | 2.08 | |||||||||||
Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 95% | 1,942 | 2.30 | 2,158 | 2.56 | |||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 96% | 2,076 | 2.22 | 2,270 | 2.42 | |||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 97% | 1,878 | 1.68 | 2,145 | 1.91 | |||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 96% | 2,010 | 1.60 | 2,209 | 1.76 | |||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 96% | 2,036 | 1.95 | 2,270 | 2.18 | |||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 97% | 1,609 | 1.34 | 1,859 | 1.55 | |||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 96% | 1,611 | 1.45 | 1,879 | 1.69 | |||||||||||
Total Southeast Florida | 8 | Properties | 1,079 | 2,781 | 96% | $1,880 | $1.74 | $2,128 | $1.97 | ||||||||||||
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 9/30/2016 |
(Unaudited) | 3Q16 Avg Monthly | 3Q16 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 3Q16 Avg | Rental Rates per | Revenue per Occupied | ||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | |||||||||||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 97% | $1,292 | $1.20 | $1,540 | $1.43 | |||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 97% | 1,146 | 1.20 | 1,386 | 1.45 | |||||||||||
Camden LaVina | Orlando | FL | 2012 | 970 | 420 | 97% | 1,187 | 1.23 | 1,398 | 1.44 | |||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 98% | 1,094 | 1.17 | 1,318 | 1.41 | |||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 96% | 1,293 | 1.58 | 1,552 | 1.90 | |||||||||||
Camden Town Square | Orlando | FL | 2012 | 986 | 438 | 97% | 1,248 | 1.27 | 1,453 | 1.48 | |||||||||||
Camden Waterford Lakes (2) | Orlando | FL | 2013 | 971 | 300 | 95% | 1,317 | 1.36 | 1,573 | 1.62 | |||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 97% | 1,185 | 1.21 | 1,397 | 1.43 | |||||||||||
Total Orlando | 8 | Properties | 962 | 2,962 | 97% | 1,208 | 1.26 | 1,435 | 1.49 | ||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 96% | 1,086 | 1.15 | 1,361 | 1.44 | |||||||||||
Camden Montague | Tampa | FL | 2012 | 975 | 192 | 95% | 1,223 | 1.25 | 1,476 | 1.51 | |||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 96% | 1,306 | 1.39 | 1,535 | 1.63 | |||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 97% | 1,120 | 1.10 | 1,363 | 1.34 | |||||||||||
Camden Visconti (2) | Tampa | FL | 2007 | 1,125 | 450 | 96% | 1,270 | 1.13 | 1,525 | 1.36 | |||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 96% | 1,352 | 1.36 | 1,643 | 1.66 | |||||||||||
Total Tampa | 6 | Properties | 998 | 2,378 | 96% | 1,201 | 1.20 | 1,463 | 1.47 | ||||||||||||
TOTAL FLORIDA | 22 | Properties | 1,012 | 8,121 | 96% | 1,436 | 1.42 | 1,681 | 1.66 | ||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 95% | 1,295 | 1.41 | 1,498 | 1.63 | |||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 96% | 1,210 | 1.22 | 1,333 | 1.35 | |||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 95% | 1,327 | 1.12 | 1,568 | 1.32 | |||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 97% | 1,231 | 1.22 | 1,446 | 1.44 | |||||||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 847 | 276 | 97% | 1,606 | 1.90 | 1,831 | 2.16 | |||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 94% | 1,364 | 1.46 | 1,578 | 1.69 | |||||||||||
Camden Paces | Atlanta | GA | 2015 | 1,407 | 379 | 95% | 2,487 | 1.77 | 2,650 | 1.88 | |||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 96% | 1,210 | 1.18 | 1,464 | 1.43 | |||||||||||
Camden Phipps (2) | Atlanta | GA | 1996 | 1,018 | 234 | 96% | 1,470 | 1.45 | 1,675 | 1.65 | |||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 97% | 1,189 | 1.04 | 1,434 | 1.25 | |||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 96% | 1,246 | 1.25 | 1,466 | 1.47 | |||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 96% | 938 | 0.93 | 1,118 | 1.11 | |||||||||||
Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 97% | 1,291 | 1.43 | 1,462 | 1.62 | |||||||||||
TOTAL GEORGIA | 13 | Properties | 1,026 | 4,246 | 96% | 1,385 | 1.35 | 1,587 | 1.55 | ||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,045 | 400 | 97% | 1,221 | 1.17 | 1,458 | 1.39 | |||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 97% | 1,452 | 1.60 | 1,670 | 1.85 | |||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 97% | 1,446 | 1.69 | 1,659 | 1.94 | |||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 96% | 1,144 | 1.10 | 1,357 | 1.31 | |||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 96% | 1,007 | 1.07 | 1,250 | 1.33 | |||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,057 | 266 | 96% | 1,612 | 1.52 | 1,782 | 1.68 | |||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 97% | 1,080 | 1.11 | 1,309 | 1.35 | |||||||||||
Camden Simsbury | Charlotte | NC | 1985 | 874 | 100 | 98% | 1,103 | 1.26 | 1,338 | 1.53 | |||||||||||
Camden South End Square | Charlotte | NC | 2003 | 882 | 299 | 97% | 1,349 | 1.53 | 1,557 | 1.77 | |||||||||||
Camden Southline (2) | Charlotte | NC | 2015 | 831 | 266 | 97% | 1,439 | 1.73 | 1,626 | 1.96 | |||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 97% | 1,272 | 1.16 | 1,501 | 1.37 | |||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 97% | 985 | 1.10 | 1,155 | 1.28 | |||||||||||
Total Charlotte | 12 | Properties | 966 | 2,753 | 97% | 1,276 | 1.32 | 1,490 | 1.54 | ||||||||||||
Camden Asbury Village (2) | Raleigh | NC | 2009 | 1,009 | 350 | 97% | 1,123 | 1.11 | 1,249 | 1.24 | |||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 96% | 982 | 0.97 | 1,206 | 1.19 | |||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 97% | 1,013 | 0.97 | 1,280 | 1.22 | |||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 96% | 1,049 | 0.98 | 1,297 | 1.22 | |||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 97% | 1,020 | 1.06 | 1,237 | 1.28 | |||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 96% | 1,165 | 1.10 | 1,426 | 1.34 | |||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 95% | 931 | 0.96 | 1,126 | 1.16 | |||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 95% | 993 | 0.97 | 1,227 | 1.19 | |||||||||||
Total Raleigh | 8 | Properties | 1,016 | 3,054 | 96% | 1,030 | 1.01 | 1,250 | 1.23 | ||||||||||||
TOTAL NORTH CAROLINA | 20 | Properties | 992 | 5,807 | 96% | 1,147 | 1.16 | 1,364 | 1.37 | ||||||||||||
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 9/30/2016 |
(Unaudited) | 3Q16 Avg Monthly | 3Q16 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 3Q16 Avg | Rental Rates per | Revenue per Occupied | ||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | |||||||||||
Camden Amber Oaks (2) | Austin | TX | 2009 | 862 | 348 | 97% | $1,056 | $1.22 | $1,313 | $1.52 | |||||||||||
Camden Amber Oaks II (2) | Austin | TX | 2012 | 910 | 244 | 95% | 1,119 | 1.23 | 1,387 | 1.52 | |||||||||||
Camden Brushy Creek (2) | Cedar Park | TX | 2008 | 882 | 272 | 96% | 1,104 | 1.25 | 1,265 | 1.43 | |||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 96% | 1,231 | 1.35 | 1,465 | 1.61 | |||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 97% | 1,356 | 1.42 | 1,616 | 1.69 | |||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 96% | 1,085 | 1.20 | 1,339 | 1.48 | |||||||||||
Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 96% | 1,206 | 1.34 | 1,467 | 1.63 | |||||||||||
Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 95% | 1,465 | 1.75 | 1,690 | 2.02 | |||||||||||
Camden Shadow Brook (2) | Austin | TX | 2009 | 909 | 496 | 97% | 1,125 | 1.24 | 1,296 | 1.43 | |||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 96% | 1,219 | 1.34 | 1,463 | 1.61 | |||||||||||
Total Austin | 10 | Properties | 899 | 3,360 | 96% | 1,194 | 1.33 | 1,426 | 1.59 | ||||||||||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 94% | 1,154 | 1.33 | 1,416 | 1.63 | |||||||||||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 93% | 873 | 1.13 | 1,083 | 1.40 | |||||||||||
Camden Miramar (3) | Corpus Christi | TX | 1994-2014 | 494 | 1,005 | 51% | 1,154 | 2.33 | 1,309 | 2.65 | |||||||||||
Camden South Bay (2) | Corpus Christi | TX | 2007 | 1,055 | 270 | 94% | 1,276 | 1.21 | 1,484 | 1.41 | |||||||||||
Total Corpus Christi | 4 | Properties | 681 | 1,907 | 94% | 1,121 | 1.65 | 1,307 | 1.92 | ||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 97% | 1,139 | 1.21 | 1,336 | 1.42 | |||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 945 | 477 | 96% | 1,437 | 1.52 | 1,587 | 1.68 | |||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 97% | 1,161 | 1.26 | 1,394 | 1.52 | |||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 97% | 1,066 | 1.17 | 1,275 | 1.40 | |||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 96% | 1,123 | 1.45 | 1,345 | 1.74 | |||||||||||
Camden Design District (2) | Dallas | TX | 2009 | 939 | 355 | 97% | 1,358 | 1.45 | 1,490 | 1.59 | |||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 96% | 1,272 | 1.36 | 1,487 | 1.59 | |||||||||||
Camden Henderson | Dallas | TX | 2012 | 967 | 106 | 96% | 1,551 | 1.60 | 1,760 | 1.82 | |||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 98% | 1,194 | 1.44 | 1,384 | 1.66 | |||||||||||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 98% | 1,187 | 1.36 | 1,396 | 1.60 | |||||||||||
Camden Panther Creek (2) | Frisco | TX | 2009 | 946 | 295 | 96% | 1,174 | 1.24 | 1,341 | 1.42 | |||||||||||
Camden Riverwalk (2) | Grapevine | TX | 2008 | 982 | 600 | 95% | 1,363 | 1.39 | 1,486 | 1.51 | |||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 97% | 1,042 | 1.40 | 1,241 | 1.67 | |||||||||||
Camden Victory Park (1) | Dallas | TX | 2016 | 861 | 423 | Lease-Up | 1,684 | 2.01 | 1,772 | 2.12 | |||||||||||
Total Dallas/Ft. Worth | 14 | Properties | 901 | 5,666 | 97% | 1,266 | 1.40 | 1,431 | 1.59 | ||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 94% | 1,588 | 1.70 | 1,842 | 1.98 | |||||||||||
Camden City Centre II | Houston | TX | 2013 | 868 | 268 | 95% | 1,646 | 1.90 | 1,886 | 2.17 | |||||||||||
Camden Cypress Creek (2) | Cypress | TX | 2009 | 993 | 310 | 95% | 1,245 | 1.25 | 1,406 | 1.42 | |||||||||||
Camden Downs at Cinco Ranch (2) | Katy | TX | 2004 | 1,075 | 318 | 95% | 1,240 | 1.15 | 1,375 | 1.28 | |||||||||||
Camden Grand Harbor (2) | Katy | TX | 2008 | 959 | 300 | 94% | 1,165 | 1.21 | 1,327 | 1.38 | |||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96% | 1,405 | 1.63 | 1,646 | 1.91 | |||||||||||
Camden Heights (2) | Houston | TX | 2004 | 927 | 352 | 96% | 1,513 | 1.63 | 1,644 | 1.77 | |||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 93% | 1,249 | 1.34 | 1,460 | 1.56 | |||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 95% | 1,646 | 1.95 | 1,830 | 2.17 | |||||||||||
Camden Northpointe (2) | Tomball | TX | 2008 | 940 | 384 | 96% | 1,103 | 1.17 | 1,327 | 1.41 | |||||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 95% | 1,133 | 1.30 | 1,313 | 1.51 | |||||||||||
Camden Park | Houston | TX | 1995 | 866 | 288 | 94% | 1,100 | 1.27 | 1,318 | 1.52 | |||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 96% | 1,565 | 1.71 | 1,766 | 1.93 | |||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 94% | 2,519 | 2.10 | 2,631 | 2.19 | |||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 91% | 1,305 | 1.41 | 1,396 | 1.51 | |||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 88% | 1,509 | 1.43 | 1,615 | 1.53 | |||||||||||
Camden Spring Creek (2) | Spring | TX | 2004 | 1,080 | 304 | 93% | 1,222 | 1.13 | 1,355 | 1.26 | |||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 94% | 1,122 | 1.33 | 1,342 | 1.59 | |||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 93% | 1,164 | 1.26 | 1,359 | 1.48 | |||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 95% | 1,554 | 1.90 | 1,766 | 2.16 | |||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 95% | 1,458 | 1.69 | 1,682 | 1.95 | |||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 934 | 274 | 92% | 1,230 | 1.31 | 1,399 | 1.49 | |||||||||||
Camden Woodson Park (2) | Houston | TX | 2008 | 916 | 248 | 94% | 1,168 | 1.28 | 1,306 | 1.43 | |||||||||||
Camden Yorktown (2) | Houston | TX | 2008 | 995 | 306 | 94% | 1,158 | 1.16 | 1,355 | 1.36 | |||||||||||
Total Houston | 24 | Properties | 930 | 8,434 | 94% | 1,383 | 1.49 | 1,574 | 1.69 | ||||||||||||
TOTAL TEXAS | 52 | Properties | 892 | 19,367 | 95% | 1,290 | 1.45 | 1,485 | 1.66 | ||||||||||||
TOTAL PROPERTIES | 151 | Properties | 954 | 52,506 | 96% | $1,405 | $1.47 | $1,624 | $1.70 |
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