Texas | 1-12110 | 76-6088377 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Emerging Growth Company | ¨ |
Three Months Ended | ||
March 31 | ||
Per Diluted Share | 2018 | 2017 |
EPS | $0.41 | $0.39 |
FFO | $1.15 | $1.09 |
AFFO | $1.04 | $0.99 |
Quarterly Growth | Sequential Growth | |
Same Property Results | 1Q18 vs. 1Q17 | 1Q18 vs. 4Q17 |
Revenues | 3.3% | 0.3% |
Expenses | 2.1% | 3.7% |
Net Operating Income ("NOI") | 4.0% | (1.5)% |
Same Property Results | 1Q18 | 1Q17 | 4Q17 | |||
Occupancy | 95.4 | % | 94.7 | % | 95.7 | % |
Total | Total | % Leased | ||||
Community Name | Location | Units | Cost | as of 5/1/2018 | ||
Camden NoMa II | Washington, DC | 405 | $107.6 | 78 | % | |
Camden Shady Grove | Rockville, MD | 457 | 113.0 | 70 | % | |
Total | 862 | $220.6 |
Total | Total | % Leased | |||
Community Name | Location | Units | Budget | as of 5/1/2018 | |
Camden McGowen Station | Houston, TX | 315 | $90.0 | 6 | % |
Camden North End I | Phoenix, AZ | 441 | 105.0 | 9 | % |
Camden Washingtonian | Gaithersburg, MD | 365 | 90.0 | ||
Camden Grandview II | Charlotte, NC | 28 | 21.0 | ||
Camden RiNo | Denver, CO | 233 | 75.0 | ||
Camden Downtown I | Houston, TX | 271 | 132.0 | ||
Total | 1,653 | $513.0 |
2Q18 | 2018 | 2018 Midpoint | |||
Per Diluted Share | Range | Range | Current | Prior | Change |
EPS | $0.45 - $0.49 | $1.68 - $1.88 | $1.78 | $1.78 | $0.00 |
FFO | $1.16 - $1.20 | $4.62 - $4.82 | $4.72 | $4.72 | $0.00 |
2018 | 2018 Midpoint | |||
Same Property Growth | Range | Current | Prior | Change |
Revenues | 2.5% - 3.5% | 3.0% | 3.0% | 0.0% |
Expenses | 3.0% - 4.0% | 3.5% | 4.0% | (0.5)% |
NOI | 1.7% - 3.7% | 2.7% | 2.5% | 0.2% |
CAMDEN | OPERATING RESULTS | |
(In thousands, except per share amounts) | ||
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
OPERATING DATA | ||||||
Property revenues | ||||||
Rental revenues (a) | $203,505 | $188,102 | ||||
Other property revenues (a) | 27,178 | 31,419 | ||||
Total property revenues | 230,683 | 219,521 | ||||
Property expenses | ||||||
Property operating and maintenance | 53,916 | 51,548 | ||||
Real estate taxes | 30,049 | 27,920 | ||||
Total property expenses | 83,965 | 79,468 | ||||
Non-property income | ||||||
Fee and asset management | 1,998 | 1,748 | ||||
Interest and other income | 793 | 634 | ||||
Income/(loss) on deferred compensation plans | (205 | ) | 4,617 | |||
Total non-property income | 2,586 | 6,999 | ||||
Other expenses | ||||||
Property management | 6,639 | 7,027 | ||||
Fee and asset management | 965 | 884 | ||||
General and administrative | 12,223 | 12,868 | ||||
Interest | 20,374 | 22,956 | ||||
Depreciation and amortization | 70,224 | 63,734 | ||||
Expense/(benefit) on deferred compensation plans | (205 | ) | 4,617 | |||
Total other expenses | 110,220 | 112,086 | ||||
Loss on early retirement of debt | — | (323 | ) | |||
Equity in income of joint ventures | 1,829 | 1,817 | ||||
Income from continuing operations before income taxes | 40,913 | 36,460 | ||||
Income tax expense | (388 | ) | (471 | ) | ||
Net income | 40,525 | 35,989 | ||||
Less income allocated to non-controlling interests from continuing operations | (1,130 | ) | (1,128 | ) | ||
Net income attributable to common shareholders | $39,395 | $34,861 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||
Net income | $40,525 | $35,989 | ||||
Other comprehensive income | ||||||
Unrealized gain on cash flow hedging activities | 3,601 | — | ||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 35 | 34 | ||||
Comprehensive income | 44,161 | 36,023 | ||||
Less income allocated to non-controlling interests from continuing operations | (1,130 | ) | (1,128 | ) | ||
Comprehensive income attributable to common shareholders | $43,031 | $34,895 | ||||
PER SHARE DATA | ||||||
Total earnings per common share - basic | $0.41 | $0.39 | ||||
Total earnings per common share - diluted | 0.41 | 0.39 | ||||
Weighted average number of common shares outstanding: | ||||||
Basic | 95,067 | 89,925 | ||||
Diluted | 96,046 | 90,949 |
CAMDEN | FUNDS FROM OPERATIONS | |
(In thousands, except per share and property data amounts) | ||
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
FUNDS FROM OPERATIONS | ||||||
Net income attributable to common shareholders | $39,395 | $34,861 | ||||
Real estate depreciation and amortization | 68,595 | 62,153 | ||||
Adjustments for unconsolidated joint ventures | 2,247 | 2,213 | ||||
Income allocated to non-controlling interests | 1,130 | 1,128 | ||||
Funds from operations | $111,367 | $100,355 | ||||
Less: recurring capitalized expenditures (a) | (9,999 | ) | (9,694 | ) | ||
Adjusted funds from operations - diluted | $101,368 | $90,661 | ||||
PER SHARE DATA | ||||||
Funds from operations - diluted | $1.15 | $1.09 | ||||
Adjusted funds from operations - diluted | 1.04 | 0.99 | ||||
Distributions declared per common share | 0.77 | 0.75 | ||||
Weighted average number of common shares outstanding: | ||||||
FFO/AFFO - diluted | 97,124 | 92,029 | ||||
PROPERTY DATA | ||||||
Total operating properties (end of period) (b) | 158 | 153 | ||||
Total operating apartment homes in operating properties (end of period) (b) | 54,181 | 53,116 | ||||
Total operating apartment homes (weighted average) | 46,353 | 45,710 |
CAMDEN | BALANCE SHEETS | |
(In thousands) | ||
Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||||||
ASSETS | |||||||||||||||
Real estate assets, at cost | |||||||||||||||
Land | $1,053,578 | $1,021,031 | $1,016,097 | $1,008,459 | $984,523 | ||||||||||
Buildings and improvements | 6,494,229 | 6,269,481 | 6,269,561 | 6,199,435 | 6,071,203 | ||||||||||
7,547,807 | 7,290,512 | 7,285,658 | 7,207,894 | 7,055,726 | |||||||||||
Accumulated depreciation | (2,185,452 | ) | (2,118,839 | ) | (2,080,989 | ) | (2,016,259 | ) | (1,952,809 | ) | |||||
Net operating real estate assets | 5,362,355 | 5,171,673 | 5,204,669 | 5,191,635 | 5,102,917 | ||||||||||
Properties under development, including land | 399,903 | 377,231 | 363,481 | 373,294 | 377,107 | ||||||||||
Investments in joint ventures | 26,863 | 27,237 | 28,420 | 29,665 | 30,062 | ||||||||||
Total real estate assets | 5,789,121 | 5,576,141 | 5,596,570 | 5,594,594 | 5,510,086 | ||||||||||
Accounts receivable – affiliates | 23,397 | 24,038 | 23,620 | 23,592 | 23,634 | ||||||||||
Other assets, net (a) | 199,420 | 195,764 | 189,253 | 155,784 | 147,922 | ||||||||||
Cash and cash equivalents | 101,401 | 368,492 | 350,274 | 16,318 | 245,529 | ||||||||||
Restricted cash | 15,036 | 9,313 | 9,178 | 8,312 | 8,175 | ||||||||||
Total assets | $6,128,375 | $6,173,748 | $6,168,895 | $5,798,600 | $5,935,346 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Liabilities | |||||||||||||||
Notes payable | |||||||||||||||
Unsecured | $1,339,142 | $1,338,628 | $1,338,117 | $1,437,608 | $1,583,819 | ||||||||||
Secured | 865,798 | 865,970 | 866,134 | 866,292 | 866,476 | ||||||||||
Accounts payable and accrued expenses | 123,706 | 128,313 | 127,557 | 116,754 | 120,086 | ||||||||||
Accrued real estate taxes | 29,061 | 51,383 | 70,027 | 48,559 | 24,682 | ||||||||||
Distributions payable | 75,083 | 72,943 | 72,962 | 69,347 | 69,326 | ||||||||||
Other liabilities (b) | 157,002 | 154,567 | 154,506 | 134,851 | 123,654 | ||||||||||
Total liabilities | 2,589,792 | 2,611,804 | 2,629,303 | 2,673,411 | 2,788,043 | ||||||||||
Commitments and contingencies | |||||||||||||||
Non-qualified deferred compensation share awards | 76,174 | 77,230 | 73,015 | 84,050 | 75,704 | ||||||||||
Equity | |||||||||||||||
Common shares of beneficial interest | 1,026 | 1,028 | 1,028 | 978 | 978 | ||||||||||
Additional paid-in capital | 4,132,056 | 4,137,161 | 4,134,206 | 3,678,660 | 3,675,737 | ||||||||||
Distributions in excess of net income attributable to common shareholders | (396,596 | ) | (368,703 | ) | (383,584 | ) | (351,910 | ) | (317,642 | ) | |||||
Treasury shares, at cost | (356,687 | ) | (364,066 | ) | (364,736 | ) | (364,785 | ) | (365,923 | ) | |||||
Accumulated other comprehensive loss (c) | 3,579 | (57 | ) | (7 | ) | (1,795 | ) | (1,829 | ) | ||||||
Total common equity | 3,383,378 | 3,405,363 | 3,386,907 | 2,961,148 | 2,991,321 | ||||||||||
Non-controlling interests | 79,031 | 79,351 | 79,670 | 79,991 | 80,278 | ||||||||||
Total equity | 3,462,409 | 3,484,714 | 3,466,577 | 3,041,139 | 3,071,599 | ||||||||||
Total liabilities and equity | $6,128,375 | $6,173,748 | $6,168,895 | $5,798,600 | $5,935,346 | ||||||||||
(a) Includes: | |||||||||||||||
net deferred charges of: | $929 | $1,125 | $1,312 | $1,487 | $1,683 | ||||||||||
net fair value adjustment of derivative instruments: | $5,291 | $1,690 | $1,754 | $— | $— | ||||||||||
(b) Includes deferred revenues of: | $536 | $426 | $1,463 | $513 | $1,455 | ||||||||||
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities. |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
Net income attributable to common shareholders | $39,395 | $34,861 | ||||
Real estate depreciation and amortization | 68,595 | 62,153 | ||||
Adjustments for unconsolidated joint ventures | 2,247 | 2,213 | ||||
Income allocated to non-controlling interests | 1,130 | 1,128 | ||||
Funds from operations | $111,367 | $100,355 | ||||
Less: recurring capitalized expenditures | (9,999 | ) | (9,694 | ) | ||
Adjusted funds from operations | $101,368 | $90,661 | ||||
Weighted average number of common shares outstanding: | ||||||
EPS diluted | 96,046 | 90,949 | ||||
FFO/AFFO diluted | 97,124 | 92,029 | ||||
Total earnings per common share - diluted | $0.41 | $0.39 | ||||
FFO per common share - diluted | $1.15 | $1.09 | ||||
AFFO per common share - diluted | $1.04 | $0.99 |
2Q18 | Range | 2018 | Range | ||||||||||
Low | High | Low | High | ||||||||||
Expected earnings per common share - diluted | $0.45 | $0.49 | $1.68 | $1.88 | |||||||||
Expected real estate depreciation and amortization | 0.68 | 0.68 | 2.81 | 2.81 | |||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.09 | 0.09 | |||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.04 | 0.04 | |||||||||
Expected FFO per share - diluted | $1.16 | $1.20 | $4.62 | $4.82 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three months ended March 31, | ||||||
2018 | 2017 | |||||
Net income | $40,525 | $35,989 | ||||
Less: Fee and asset management income | (1,998 | ) | (1,748 | ) | ||
Less: Interest and other income | (793 | ) | (634 | ) | ||
Less: Income/(loss) on deferred compensation plans | 205 | (4,617 | ) | |||
Plus: Property management expense | 6,639 | 7,027 | ||||
Plus: Fee and asset management expense | 965 | 884 | ||||
Plus: General and administrative expense | 12,223 | 12,868 | ||||
Plus: Interest expense | 20,374 | 22,956 | ||||
Plus: Depreciation and amortization expense | 70,224 | 63,734 | ||||
Plus: Expense/(benefit) on deferred compensation plans | (205 | ) | 4,617 | |||
Plus: Loss on Early Retirement of Debt | — | 323 | ||||
Less: Equity in income of joint ventures | (1,829 | ) | (1,817 | ) | ||
Plus: Income tax expense | 388 | 471 | ||||
Net Operating Income (NOI) | $146,718 | $140,053 | ||||
"Same Property" Communities | $128,604 | $123,681 | ||||
Non-"Same Property" Communities | 14,665 | 11,424 | ||||
Development and Lease-Up Communities | 2,048 | 42 | ||||
Dispositions/Other | 1,401 | 4,906 | ||||
Net Operating Income (NOI) | $146,718 | $140,053 |
Three months ended March 31, | ||||||
2018 | 2017 | |||||
Net income attributable to common shareholders | $39,395 | $34,861 | ||||
Plus: Interest expense | 20,374 | 22,956 | ||||
Plus: Depreciation and amortization expense | 70,224 | 63,734 | ||||
Plus: Income allocated to non-controlling interests from continuing operations | 1,130 | 1,128 | ||||
Plus: Income tax expense | 388 | 471 | ||||
Plus: Loss on Early Retirement of Debt | — | 323 | ||||
Less: Equity in income of joint ventures | (1,829 | ) | (1,817 | ) | ||
Adjusted EBITDA | $129,682 | $121,656 |
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" First Quarter Comparisons | |
"Same Property" Sequential Quarter Comparisons | |
"Same Property" Operating Expense Detail & Comparisons | |
Joint Venture Operations | |
Current Development Communities | |
Development Pipeline & Land | |
Redevelopment Summary | |
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 | ||
March 31 | ||
Per Diluted Share | 2018 | 2017 |
EPS | $0.41 | $0.39 |
FFO | $1.15 | $1.09 |
AFFO | $1.04 | $0.99 |
Quarterly Growth | Sequential Growth | |
Same Property Results | 1Q18 vs. 1Q17 | 1Q18 vs. 4Q17 |
Revenues | 3.3% | 0.3% |
Expenses | 2.1% | 3.7% |
Net Operating Income ("NOI") | 4.0% | (1.5)% |
Same Property Results | 1Q18 | 1Q17 | 4Q17 | |||
Occupancy | 95.4 | % | 94.7 | % | 95.7 | % |
Total | Total | % Leased | ||||
Community Name | Location | Units | Cost | as of 5/1/2018 | ||
Camden NoMa II | Washington, DC | 405 | $107.6 | 78 | % | |
Camden Shady Grove | Rockville, MD | 457 | 113.0 | 70 | % | |
Total | 862 | $220.6 |
Total | Total | % Leased | |||
Community Name | Location | Units | Budget | as of 5/1/2018 | |
Camden McGowen Station | Houston, TX | 315 | $90.0 | 6 | % |
Camden North End I | Phoenix, AZ | 441 | 105.0 | 9 | % |
Camden Washingtonian | Gaithersburg, MD | 365 | 90.0 | ||
Camden Grandview II | Charlotte, NC | 28 | 21.0 | ||
Camden RiNo | Denver, CO | 233 | 75.0 | ||
Camden Downtown I | Houston, TX | 271 | 132.0 | ||
Total | 1,653 | $513.0 |
2Q18 | 2018 | 2018 Midpoint | |||
Per Diluted Share | Range | Range | Current | Prior | Change |
EPS | $0.45 - $0.49 | $1.68 - $1.88 | $1.78 | $1.78 | $0.00 |
FFO | $1.16 - $1.20 | $4.62 - $4.82 | $4.72 | $4.72 | $0.00 |
2018 | 2018 Midpoint | |||
Same Property Growth | Range | Current | Prior | Change |
Revenues | 2.5% - 3.5% | 3.0% | 3.0% | 0.0% |
Expenses | 3.0% - 4.0% | 3.5% | 4.0% | (0.5)% |
NOI | 1.7% - 3.7% | 2.7% | 2.5% | 0.2% |
CAMDEN | FINANCIAL HIGHLIGHTS | |
(In thousands, except per share, property data amounts and ratios) | ||
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
Total property revenues | $230,683 | $219,521 | ||||
Adjusted EBITDA | 129,682 | 121,656 | ||||
Net income attributable to common shareholders | 39,395 | 34,861 | ||||
Per share - basic | 0.41 | 0.39 | ||||
Per share - diluted | 0.41 | 0.39 | ||||
Funds from operations | 111,367 | 100,355 | ||||
Per share - diluted | 1.15 | 1.09 | ||||
Adjusted funds from operations | 101,368 | 90,661 | ||||
Per share - diluted | 1.04 | 0.99 | ||||
Dividends per share | 0.77 | 0.75 | ||||
Dividend payout ratio (FFO) | 67.0 | % | 68.8 | % | ||
Interest expensed | 20,374 | 22,956 | ||||
Interest capitalized | 3,693 | 4,449 | ||||
Total interest incurred | 24,067 | 27,405 | ||||
Principal amortization | 172 | 186 | ||||
Net Debt to Annualized Adjusted EBITDA (a) | 4.0x | 4.6x | ||||
Interest expense coverage ratio | 6.4x | 5.3x | ||||
Total interest coverage ratio | 5.4x | 4.4x | ||||
Fixed charge expense coverage ratio | 6.3x | 5.3x | ||||
Total fixed charge coverage ratio | 5.4x | 4.4x | ||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 4.8x | 3.7x | ||||
Same property NOI increase (b) | 4.0 | % | 1.7 | % | ||
(# of apartment homes included) | 41,968 | 41,988 | ||||
Gross turnover of apartment homes (annualized) | 49 | % | 50 | % | ||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 39 | % | 40 | % | ||
As of March 31, | ||||||
2018 | 2017 | |||||
Total assets | $6,128,375 | $5,935,346 | ||||
Total debt | $2,204,940 | $2,450,295 | ||||
Common and common equivalent shares, outstanding end of period (c) | 97,144 | 92,067 | ||||
Share price, end of period | $84.18 | $80.46 | ||||
Book equity value, end of period (d) | $3,538,583 | $3,147,303 | ||||
Market equity value, end of period (e) | $8,177,582 | $7,407,710 |
CAMDEN | OPERATING RESULTS | |
(In thousands, except per share amounts) | ||
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
OPERATING DATA | ||||||
Property revenues | ||||||
Rental revenues (a) | $203,505 | $188,102 | ||||
Other property revenues (a) | 27,178 | 31,419 | ||||
Total property revenues | 230,683 | 219,521 | ||||
Property expenses | ||||||
Property operating and maintenance | 53,916 | 51,548 | ||||
Real estate taxes | 30,049 | 27,920 | ||||
Total property expenses | 83,965 | 79,468 | ||||
Non-property income | ||||||
Fee and asset management | 1,998 | 1,748 | ||||
Interest and other income | 793 | 634 | ||||
Income/(loss) on deferred compensation plans | (205 | ) | 4,617 | |||
Total non-property income | 2,586 | 6,999 | ||||
Other expenses | ||||||
Property management | 6,639 | 7,027 | ||||
Fee and asset management | 965 | 884 | ||||
General and administrative | 12,223 | 12,868 | ||||
Interest | 20,374 | 22,956 | ||||
Depreciation and amortization | 70,224 | 63,734 | ||||
Expense/(benefit) on deferred compensation plans | (205 | ) | 4,617 | |||
Total other expenses | 110,220 | 112,086 | ||||
Loss on early retirement of debt | — | (323 | ) | |||
Equity in income of joint ventures | 1,829 | 1,817 | ||||
Income from continuing operations before income taxes | 40,913 | 36,460 | ||||
Income tax expense | (388 | ) | (471 | ) | ||
Net income | 40,525 | 35,989 | ||||
Less income allocated to non-controlling interests from continuing operations | (1,130 | ) | (1,128 | ) | ||
Net income attributable to common shareholders | $39,395 | $34,861 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||
Net income | $40,525 | $35,989 | ||||
Other comprehensive income | ||||||
Unrealized gain on cash flow hedging activities | 3,601 | — | ||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 35 | 34 | ||||
Comprehensive income | 44,161 | 36,023 | ||||
Less income allocated to non-controlling interests from continuing operations | (1,130 | ) | (1,128 | ) | ||
Comprehensive income attributable to common shareholders | $43,031 | $34,895 | ||||
PER SHARE DATA | ||||||
Total earnings per common share - basic | $0.41 | $0.39 | ||||
Total earnings per common share - diluted | 0.41 | 0.39 | ||||
Weighted average number of common shares outstanding: | ||||||
Basic | 95,067 | 89,925 | ||||
Diluted | 96,046 | 90,949 |
CAMDEN | FUNDS FROM OPERATIONS | |
(In thousands, except per share and property data amounts) | ||
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
FUNDS FROM OPERATIONS | ||||||
Net income attributable to common shareholders | $39,395 | $34,861 | ||||
Real estate depreciation and amortization | 68,595 | 62,153 | ||||
Adjustments for unconsolidated joint ventures | 2,247 | 2,213 | ||||
Income allocated to non-controlling interests | 1,130 | 1,128 | ||||
Funds from operations | $111,367 | $100,355 | ||||
Less: recurring capitalized expenditures (a) | (9,999 | ) | (9,694 | ) | ||
Adjusted funds from operations - diluted | $101,368 | $90,661 | ||||
PER SHARE DATA | ||||||
Funds from operations - diluted | $1.15 | $1.09 | ||||
Adjusted funds from operations - diluted | 1.04 | 0.99 | ||||
Distributions declared per common share | 0.77 | 0.75 | ||||
Weighted average number of common shares outstanding: | ||||||
FFO/AFFO - diluted | 97,124 | 92,029 | ||||
PROPERTY DATA | ||||||
Total operating properties (end of period) (b) | 158 | 153 | ||||
Total operating apartment homes in operating properties (end of period) (b) | 54,181 | 53,116 | ||||
Total operating apartment homes (weighted average) | 46,353 | 45,710 |
CAMDEN | BALANCE SHEETS | |
(In thousands) | ||
Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||||||
ASSETS | |||||||||||||||
Real estate assets, at cost | |||||||||||||||
Land | $1,053,578 | $1,021,031 | $1,016,097 | $1,008,459 | $984,523 | ||||||||||
Buildings and improvements | 6,494,229 | 6,269,481 | 6,269,561 | 6,199,435 | 6,071,203 | ||||||||||
7,547,807 | 7,290,512 | 7,285,658 | 7,207,894 | 7,055,726 | |||||||||||
Accumulated depreciation | (2,185,452 | ) | (2,118,839 | ) | (2,080,989 | ) | (2,016,259 | ) | (1,952,809 | ) | |||||
Net operating real estate assets | 5,362,355 | 5,171,673 | 5,204,669 | 5,191,635 | 5,102,917 | ||||||||||
Properties under development, including land | 399,903 | 377,231 | 363,481 | 373,294 | 377,107 | ||||||||||
Investments in joint ventures | 26,863 | 27,237 | 28,420 | 29,665 | 30,062 | ||||||||||
Total real estate assets | 5,789,121 | 5,576,141 | 5,596,570 | 5,594,594 | 5,510,086 | ||||||||||
Accounts receivable – affiliates | 23,397 | 24,038 | 23,620 | 23,592 | 23,634 | ||||||||||
Other assets, net (a) | 199,420 | 195,764 | 189,253 | 155,784 | 147,922 | ||||||||||
Cash and cash equivalents | 101,401 | 368,492 | 350,274 | 16,318 | 245,529 | ||||||||||
Restricted cash | 15,036 | 9,313 | 9,178 | 8,312 | 8,175 | ||||||||||
Total assets | $6,128,375 | $6,173,748 | $6,168,895 | $5,798,600 | $5,935,346 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Liabilities | |||||||||||||||
Notes payable | |||||||||||||||
Unsecured | $1,339,142 | $1,338,628 | $1,338,117 | $1,437,608 | $1,583,819 | ||||||||||
Secured | 865,798 | 865,970 | 866,134 | 866,292 | 866,476 | ||||||||||
Accounts payable and accrued expenses | 123,706 | 128,313 | 127,557 | 116,754 | 120,086 | ||||||||||
Accrued real estate taxes | 29,061 | 51,383 | 70,027 | 48,559 | 24,682 | ||||||||||
Distributions payable | 75,083 | 72,943 | 72,962 | 69,347 | 69,326 | ||||||||||
Other liabilities (b) | 157,002 | 154,567 | 154,506 | 134,851 | 123,654 | ||||||||||
Total liabilities | 2,589,792 | 2,611,804 | 2,629,303 | 2,673,411 | 2,788,043 | ||||||||||
Commitments and contingencies | |||||||||||||||
Non-qualified deferred compensation share awards | 76,174 | 77,230 | 73,015 | 84,050 | 75,704 | ||||||||||
Equity | |||||||||||||||
Common shares of beneficial interest | 1,026 | 1,028 | 1,028 | 978 | 978 | ||||||||||
Additional paid-in capital | 4,132,056 | 4,137,161 | 4,134,206 | 3,678,660 | 3,675,737 | ||||||||||
Distributions in excess of net income attributable to common shareholders | (396,596 | ) | (368,703 | ) | (383,584 | ) | (351,910 | ) | (317,642 | ) | |||||
Treasury shares, at cost | (356,687 | ) | (364,066 | ) | (364,736 | ) | (364,785 | ) | (365,923 | ) | |||||
Accumulated other comprehensive loss (c) | 3,579 | (57 | ) | (7 | ) | (1,795 | ) | (1,829 | ) | ||||||
Total common equity | 3,383,378 | 3,405,363 | 3,386,907 | 2,961,148 | 2,991,321 | ||||||||||
Non-controlling interests | 79,031 | 79,351 | 79,670 | 79,991 | 80,278 | ||||||||||
Total equity | 3,462,409 | 3,484,714 | 3,466,577 | 3,041,139 | 3,071,599 | ||||||||||
Total liabilities and equity | $6,128,375 | $6,173,748 | $6,168,895 | $5,798,600 | $5,935,346 | ||||||||||
(a) Includes: | |||||||||||||||
net deferred charges of: | $929 | $1,125 | $1,312 | $1,487 | $1,683 | ||||||||||
net fair value adjustment of derivative instruments: | $5,291 | $1,690 | $1,754 | $— | $— | ||||||||||
(b) Includes deferred revenues of: | $536 | $426 | $1,463 | $513 | $1,455 | ||||||||||
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities. |
CAMDEN | PORTFOLIO STATISTICS | |
Fully Consolidated | Non-Consolidated | |||||||||||||||
"Same Property" | Non-"Same Property" (a) | Completed in Lease-up | Under Construction | Total | Operating | Grand Total | ||||||||||
D.C. Metro (b) | 4,655 | 699 | 862 | 365 | 6,581 | 281 | 6,862 | |||||||||
Houston, TX | 5,912 | — | — | 586 | 6,498 | 2,522 | 9,020 | |||||||||
Atlanta, GA | 4,012 | 250 | — | — | 4,262 | 234 | 4,496 | |||||||||
Los Angeles/Orange County, CA | 2,068 | 590 | — | — | 2,658 | — | 2,658 | |||||||||
SE Florida | 1,956 | 825 | — | — | 2,781 | — | 2,781 | |||||||||
Dallas, TX | 3,993 | 423 | — | — | 4,416 | 1,250 | 5,666 | |||||||||
Denver, CO | 2,365 | 267 | — | 233 | 2,865 | — | 2,865 | |||||||||
Charlotte, NC | 2,487 | 323 | — | 28 | 2,838 | 266 | 3,104 | |||||||||
Phoenix, AZ | 2,929 | — | — | 441 | 3,370 | — | 3,370 | |||||||||
Orlando, FL | 2,662 | 333 | — | — | 2,995 | 300 | 3,295 | |||||||||
Raleigh, NC | 2,704 | — | — | — | 2,704 | 350 | 3,054 | |||||||||
Tampa, FL | 1,928 | 358 | — | — | 2,286 | 450 | 2,736 | |||||||||
San Diego/Inland Empire, CA | 1,665 | — | — | — | 1,665 | — | 1,665 | |||||||||
Austin, TX | 2,000 | — | — | — | 2,000 | 1,360 | 3,360 | |||||||||
Corpus Christi, TX | 632 | — | — | — | 632 | 270 | 902 | |||||||||
Total Portfolio | 41,968 | 4,068 | 862 | 1,653 | 48,551 | 7,283 | 55,834 |
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (e) | ||||||||||||||||
"Same Property" Communities | Operating Communities (c) | Incl. JVs at Pro Rata % (d) | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||||
D.C. Metro | 13.4 | % | 15.5 | % | 15.2 | % | 95.1 | % | 94.8 | % | 95.9 | % | 96.0 | % | 95.6 | % | |
Houston, TX | 11.8 | % | 10.3 | % | 11.1 | % | 95.5 | % | 96.8 | % | 94.9 | % | 93.3 | % | 92.6 | % | |
Atlanta, GA | 9.7 | % | 8.9 | % | 8.7 | % | 95.4 | % | 95.7 | % | 96.2 | % | 95.8 | % | 95.5 | % | |
Los Angeles/Orange County, CA | 7.5 | % | 8.6 | % | 8.3 | % | 95.1 | % | 94.8 | % | 95.7 | % | 95.1 | % | 95.5 | % | |
SE Florida | 6.2 | % | 8.0 | % | 7.7 | % | 96.5 | % | 96.0 | % | 96.3 | % | 95.9 | % | 95.5 | % | |
Dallas, TX | 7.3 | % | 7.1 | % | 7.5 | % | 94.8 | % | 95.3 | % | 95.9 | % | 95.8 | % | 95.4 | % | |
Denver, CO | 6.8 | % | 6.5 | % | 6.2 | % | 94.5 | % | 95.1 | % | 95.9 | % | 95.9 | % | 95.3 | % | |
Charlotte, NC | 5.7 | % | 6.0 | % | 6.0 | % | 94.6 | % | 95.6 | % | 96.5 | % | 95.9 | % | 95.0 | % | |
Phoenix, AZ | 6.8 | % | 6.0 | % | 5.7 | % | 96.0 | % | 95.7 | % | 95.7 | % | 94.0 | % | 95.0 | % | |
Orlando, FL | 5.7 | % | 5.3 | % | 5.3 | % | 97.1 | % | 97.1 | % | 97.0 | % | 96.6 | % | 95.3 | % | |
Raleigh, NC | 5.2 | % | 4.6 | % | 4.6 | % | 94.6 | % | 94.6 | % | 95.5 | % | 95.0 | % | 93.2 | % | |
Tampa, FL | 4.1 | % | 4.5 | % | 4.6 | % | 95.9 | % | 96.1 | % | 96.2 | % | 95.8 | % | 94.9 | % | |
San Diego/Inland Empire, CA | 5.1 | % | 4.5 | % | 4.4 | % | 94.7 | % | 95.5 | % | 96.6 | % | 95.5 | % | 94.1 | % | |
Austin, TX | 3.8 | % | 3.4 | % | 3.8 | % | 95.6 | % | 95.5 | % | 96.2 | % | 95.8 | % | 95.6 | % | |
Corpus Christi, TX | 0.9 | % | 0.8 | % | 0.9 | % | 91.3 | % | 93.3 | % | 92.9 | % | 92.2 | % | 91.1 | % | |
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 95.3 | % | 95.6 | % | 95.8 | % | 95.2 | % | 94.7 | % | |
CAMDEN | COMPONENTS OF PROPERTY | |
NET OPERATING INCOME | ||
(In thousands, except property data amounts) | ||
Apartment | Three Months Ended March 31, | |||||||||||||
Property Revenues | Homes | 2018 | 2017 | Change | ||||||||||
"Same Property" Communities (a) | 41,968 | $201,475 | $195,044 | $6,431 | ||||||||||
Non-"Same Property" Communities (b) | 4,068 | 23,553 | 18,031 | 5,522 | ||||||||||
Development and Lease-Up Communities (c) | 2,515 | 3,488 | 100 | 3,388 | ||||||||||
Disposition/Other (d) | — | 2,167 | 6,346 | (4,179 | ) | |||||||||
Total Property Revenues | 48,551 | $230,683 | $219,521 | $11,162 | ||||||||||
Property Expenses | ||||||||||||||
"Same Property" Communities (a) | 41,968 | $72,871 | $71,363 | $1,508 | ||||||||||
Non-"Same Property" Communities (b) | 4,068 | 8,888 | 6,607 | 2,281 | ||||||||||
Development and Lease-Up Communities (c) | 2,515 | 1,440 | 58 | 1,382 | ||||||||||
Disposition/Other (d) | — | 766 | 1,440 | (674 | ) | |||||||||
Total Property Expenses | 48,551 | $83,965 | $79,468 | $4,497 | ||||||||||
Property Net Operating Income | ||||||||||||||
"Same Property" Communities (a) | 41,968 | $128,604 | $123,681 | $4,923 | ||||||||||
Non-"Same Property" Communities (b) | 4,068 | 14,665 | 11,424 | 3,241 | ||||||||||
Development and Lease-Up Communities (c) | 2,515 | 2,048 | 42 | 2,006 | ||||||||||
Disposition/Other (d) | — | 1,401 | 4,906 | (3,505 | ) | |||||||||
Total Property Net Operating Income | 48,551 | $146,718 | $140,053 | $6,665 | ||||||||||
CAMDEN | "SAME PROPERTY" | |
FIRST QUARTER COMPARISONS | ||
March 31, 2018 | ||
(In thousands, except property data amounts) | ||
Apartment | |||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||
Quarterly Results (a) | Included | 1Q18 | 1Q17 | Growth | 1Q18 | 1Q17 | Growth | 1Q18 | 1Q17 | Growth | |||||||||||||||||||
D.C. Metro | 4,655 | $25,977 | $25,566 | 1.6 | % | $8,758 | $8,189 | 6.9 | % | $17,219 | $17,377 | (0.9 | )% | ||||||||||||||||
Houston, TX | 5,912 | 26,849 | 26,345 | 1.9 | % | 11,734 | 12,213 | (3.9 | )% | 15,115 | 14,132 | 7.0 | % | ||||||||||||||||
Atlanta, GA | 4,012 | 19,464 | 18,575 | 4.8 | % | 7,032 | 6,980 | 0.7 | % | 12,432 | 11,595 | 7.2 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 2,068 | 13,581 | 13,040 | 4.1 | % | 4,003 | 3,929 | 1.9 | % | 9,578 | 9,111 | 5.1 | % | ||||||||||||||||
Dallas, TX | 3,993 | 16,882 | 16,495 | 2.3 | % | 7,528 | 7,095 | 6.1 | % | 9,354 | 9,400 | (0.5 | )% | ||||||||||||||||
Denver, CO | 2,365 | 12,086 | 11,650 | 3.7 | % | 3,370 | 3,391 | (0.6 | )% | 8,716 | 8,259 | 5.5 | % | ||||||||||||||||
Phoenix, AZ | 2,929 | 12,970 | 12,407 | 4.5 | % | 4,256 | 4,160 | 2.3 | % | 8,714 | 8,247 | 5.7 | % | ||||||||||||||||
SE Florida | 1,956 | 12,023 | 11,762 | 2.2 | % | 3,996 | 3,990 | 0.2 | % | 8,027 | 7,772 | 3.3 | % | ||||||||||||||||
Orlando, FL | 2,662 | 11,621 | 10,947 | 6.2 | % | 4,232 | 3,996 | 5.9 | % | 7,389 | 6,951 | 6.3 | % | ||||||||||||||||
Charlotte, NC | 2,487 | 10,676 | 10,462 | 2.0 | % | 3,302 | 3,178 | 3.9 | % | 7,374 | 7,284 | 1.2 | % | ||||||||||||||||
Raleigh, NC | 2,704 | 10,062 | 9,562 | 5.2 | % | 3,337 | 3,172 | 5.2 | % | 6,725 | 6,390 | 5.2 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 10,057 | 9,556 | 5.2 | % | 3,447 | 3,398 | 1.4 | % | 6,610 | 6,158 | 7.3 | % | ||||||||||||||||
Tampa, FL | 1,928 | 8,421 | 8,004 | 5.2 | % | 3,192 | 3,039 | 5.0 | % | 5,229 | 4,965 | 5.3 | % | ||||||||||||||||
Austin, TX | 2,000 | 8,779 | 8,642 | 1.6 | % | 3,848 | 3,764 | 2.2 | % | 4,931 | 4,878 | 1.1 | % | ||||||||||||||||
Corpus Christi, TX | 632 | 2,027 | 2,031 | (0.2 | )% | 836 | 869 | (3.8 | )% | 1,191 | 1,162 | 2.5 | % | ||||||||||||||||
Total Same Property | 41,968 | $201,475 | $195,044 | 3.3 | % | $72,871 | $71,363 | 2.1 | % | $128,604 | $123,681 | 4.0 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 1Q18 | 1Q17 | Growth | 1Q18 | 1Q17 | Growth | 1Q18 | 1Q17 | Growth | |||||||||||||||||
D.C. Metro | 13.4 | % | 95.2 | % | 95.8 | % | (0.6 | )% | $1,708 | $1,667 | 2.5 | % | $1,954 | $1,911 | 2.2 | % | |||||||||||
Houston, TX | 11.8 | % | 95.8 | % | 92.3 | % | 3.5 | % | 1,386 | 1,416 | (2.1 | )% | 1,585 | 1,612 | (1.6 | )% | |||||||||||
Atlanta, GA | 9.7 | % | 95.6 | % | 95.6 | % | 0.0 | % | 1,458 | 1,402 | 4.0 | % | 1,691 | 1,613 | 4.8 | % | |||||||||||
Los Angeles/Orange County, CA | 7.5 | % | 95.6 | % | 95.4 | % | 0.2 | % | 2,089 | 2,018 | 3.5 | % | 2,289 | 2,203 | 3.9 | % | |||||||||||
Dallas, TX | 7.3 | % | 94.7 | % | 95.6 | % | (0.9 | )% | 1,259 | 1,228 | 2.5 | % | 1,487 | 1,440 | 3.2 | % | |||||||||||
Denver, CO | 6.8 | % | 94.5 | % | 95.3 | % | (0.8 | )% | 1,561 | 1,489 | 4.8 | % | 1,802 | 1,724 | 4.5 | % | |||||||||||
Phoenix, AZ | 6.8 | % | 96.0 | % | 95.0 | % | 1.0 | % | 1,284 | 1,238 | 3.7 | % | 1,537 | 1,497 | 2.7 | % | |||||||||||
SE Florida | 6.2 | % | 97.1 | % | 95.2 | % | 1.9 | % | 1,825 | 1,823 | 0.1 | % | 2,110 | 2,105 | 0.3 | % | |||||||||||
Orlando, FL | 5.7 | % | 97.1 | % | 95.4 | % | 1.7 | % | 1,277 | 1,217 | 4.9 | % | 1,500 | 1,437 | 4.5 | % | |||||||||||
Charlotte, NC | 5.7 | % | 94.6 | % | 95.0 | % | (0.4 | )% | 1,284 | 1,263 | 1.7 | % | 1,511 | 1,475 | 2.4 | % | |||||||||||
Raleigh, NC | 5.2 | % | 94.5 | % | 93.0 | % | 1.5 | % | 1,079 | 1,035 | 4.3 | % | 1,313 | 1,267 | 3.7 | % | |||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 94.7 | % | 94.1 | % | 0.6 | % | 1,885 | 1,804 | 4.5 | % | 2,126 | 2,032 | 4.6 | % | |||||||||||
Tampa, FL | 4.1 | % | 95.9 | % | 94.7 | % | 1.2 | % | 1,252 | 1,205 | 3.9 | % | 1,518 | 1,461 | 4.0 | % | |||||||||||
Austin, TX | 3.8 | % | 95.8 | % | 95.7 | % | 0.1 | % | 1,276 | 1,265 | 0.9 | % | 1,528 | 1,505 | 1.5 | % | |||||||||||
Corpus Christi, TX | 0.9 | % | 90.5 | % | 90.2 | % | 0.3 | % | 961 | 971 | (1.0 | )% | 1,180 | 1,186 | (0.5 | )% | |||||||||||
Total Same Property | 100.0 | % | 95.4 | % | 94.7 | % | 0.7 | % | $1,444 | $1,411 | 2.3 | % | $1,677 | $1,636 | 2.5 | % |
CAMDEN | "SAME PROPERTY" | |
SEQUENTIAL QUARTER COMPARISONS | ||
March 31, 2018 | ||
(In thousands, except property data amounts) | ||
Apartment | |||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||
Quarterly Results (a) | Included | 1Q18 | 4Q17 | Growth | 1Q18 | 4Q17 | Growth | 1Q18 | 4Q17 | Growth | |||||||||||||||||||
D.C. Metro | 4,655 | $25,977 | $25,869 | 0.4 | % | $8,758 | $8,496 | 3.1 | % | $17,219 | $17,373 | (0.9 | )% | ||||||||||||||||
Houston, TX | 5,912 | 26,849 | 27,049 | (0.7 | )% | 11,734 | 10,313 | 13.8 | % | 15,115 | 16,736 | (9.7 | )% | ||||||||||||||||
Atlanta, GA | 4,012 | 19,464 | 19,269 | 1.0 | % | 7,032 | 6,980 | 0.7 | % | 12,432 | 12,289 | 1.2 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 2,068 | 13,581 | 13,526 | 0.4 | % | 4,003 | 4,120 | (2.8 | )% | 9,578 | 9,406 | 1.8 | % | ||||||||||||||||
Dallas, TX | 3,993 | 16,882 | 16,963 | (0.5 | )% | 7,528 | 7,257 | 3.7 | % | 9,354 | 9,706 | (3.6 | )% | ||||||||||||||||
Denver, CO | 2,365 | 12,086 | 12,024 | 0.5 | % | 3,370 | 3,472 | (2.9 | )% | 8,716 | 8,552 | 1.9 | % | ||||||||||||||||
Phoenix, AZ | 2,929 | 12,970 | 12,870 | 0.8 | % | 4,256 | 4,043 | 5.3 | % | 8,714 | 8,827 | (1.3 | )% | ||||||||||||||||
SE Florida | 1,956 | 12,023 | 11,861 | 1.4 | % | 3,996 | 3,932 | 1.6 | % | 8,027 | 7,929 | 1.2 | % | ||||||||||||||||
Orlando, FL | 2,662 | 11,621 | 11,451 | 1.5 | % | 4,232 | 4,204 | 0.7 | % | 7,389 | 7,247 | 2.0 | % | ||||||||||||||||
Charlotte, NC | 2,487 | 10,676 | 10,680 | 0.0 | % | 3,302 | 3,126 | 5.6 | % | 7,374 | 7,554 | (2.4 | )% | ||||||||||||||||
Raleigh, NC | 2,704 | 10,062 | 9,995 | 0.7 | % | 3,337 | 3,183 | 4.8 | % | 6,725 | 6,812 | (1.3 | )% | ||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 10,057 | 10,017 | 0.4 | % | 3,447 | 3,420 | 0.8 | % | 6,610 | 6,597 | 0.2 | % | ||||||||||||||||
Tampa, FL | 1,928 | 8,421 | 8,417 | 0.0 | % | 3,192 | 3,083 | 3.5 | % | 5,229 | 5,334 | (2.0 | )% | ||||||||||||||||
Austin, TX | 2,000 | 8,779 | 8,721 | 0.7 | % | 3,848 | 3,804 | 1.2 | % | 4,931 | 4,917 | 0.3 | % | ||||||||||||||||
Corpus Christi, TX | 632 | 2,027 | 2,094 | (3.2 | )% | 836 | 839 | (0.4 | )% | 1,191 | 1,255 | (5.1 | )% | ||||||||||||||||
Total Same Property | 41,968 | $201,475 | $200,806 | 0.3 | % | $72,871 | $70,272 | 3.7 | % | $128,604 | $130,534 | (1.5 | )% |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 1Q18 | 4Q17 | Growth | 1Q18 | 4Q17 | Growth | 1Q18 | 4Q17 | Growth | |||||||||||||||||
D.C. Metro | 13.4 | % | 95.2 | % | 94.8 | % | 0.4 | % | $1,708 | $1,708 | 0.0 | % | $1,954 | $1,954 | 0.0 | % | |||||||||||
Houston, TX | 11.8 | % | 95.8 | % | 97.3 | % | (1.5 | )% | 1,386 | 1,381 | 0.4 | % | 1,585 | 1,571 | 0.8 | % | |||||||||||
Atlanta, GA | 9.7 | % | 95.6 | % | 95.8 | % | (0.2 | )% | 1,458 | 1,450 | 0.6 | % | 1,691 | 1,672 | 1.2 | % | |||||||||||
Los Angeles/Orange County, CA | 7.5 | % | 95.6 | % | 95.4 | % | 0.2 | % | 2,089 | 2,083 | 0.3 | % | 2,289 | 2,285 | 0.2 | % | |||||||||||
Dallas, TX | 7.3 | % | 94.7 | % | 95.5 | % | (0.8 | )% | 1,259 | 1,258 | 0.1 | % | 1,487 | 1,482 | 0.3 | % | |||||||||||
Denver, CO | 6.8 | % | 94.5 | % | 95.1 | % | (0.6 | )% | 1,561 | 1,550 | 0.7 | % | 1,802 | 1,782 | 1.1 | % | |||||||||||
Phoenix, AZ | 6.8 | % | 96.0 | % | 95.7 | % | 0.3 | % | 1,284 | 1,272 | 0.9 | % | 1,537 | 1,542 | (0.3 | )% | |||||||||||
SE Florida | 6.2 | % | 97.1 | % | 96.2 | % | 0.9 | % | 1,825 | 1,822 | 0.2 | % | 2,110 | 2,101 | 0.5 | % | |||||||||||
Orlando, FL | 5.7 | % | 97.1 | % | 97.2 | % | (0.1 | )% | 1,277 | 1,262 | 1.2 | % | 1,500 | 1,475 | 1.6 | % | |||||||||||
Charlotte, NC | 5.7 | % | 94.6 | % | 95.4 | % | (0.8 | )% | 1,284 | 1,285 | (0.1 | )% | 1,511 | 1,500 | 0.8 | % | |||||||||||
Raleigh, NC | 5.2 | % | 94.5 | % | 94.5 | % | 0.0 | % | 1,079 | 1,078 | 0.1 | % | 1,313 | 1,304 | 0.7 | % | |||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 94.7 | % | 95.5 | % | (0.8 | )% | 1,885 | 1,873 | 0.6 | % | 2,126 | 2,099 | 1.2 | % | |||||||||||
Tampa, FL | 4.1 | % | 95.9 | % | 96.3 | % | (0.4 | )% | 1,252 | 1,244 | 0.6 | % | 1,518 | 1,512 | 0.4 | % | |||||||||||
Austin, TX | 3.8 | % | 95.8 | % | 95.3 | % | 0.5 | % | 1,276 | 1,276 | 0.0 | % | 1,528 | 1,525 | 0.2 | % | |||||||||||
Corpus Christi, TX | 0.9 | % | 90.5 | % | 92.8 | % | (2.3 | )% | 961 | 966 | (0.5 | )% | 1,180 | 1,190 | (0.9 | )% | |||||||||||
Total Same Property | 100.0 | % | 95.4 | % | 95.7 | % | (0.3 | )% | $1,444 | $1,438 | 0.4 | % | $1,677 | $1,667 | 0.6 | % |
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |
DETAIL AND COMPARISONS | ||
March 31, 2018 | ||
(In thousands) | ||
% of Actual | |||||||||||||
1Q18 Operating | |||||||||||||
Quarterly Comparison (a) | 1Q18 | 1Q17 | $ Change | % Change | Expenses | ||||||||
Property taxes | $25,866 | $25,176 | $690 | 2.7 | % | 35.5 | % | ||||||
Salaries and Benefits for On-site Employees | 15,375 | 14,478 | 897 | 6.2 | % | 21.1 | % | ||||||
Utilities | 16,313 | 15,797 | 516 | 3.3 | % | 22.4 | % | ||||||
Repairs and Maintenance | 8,745 | 9,598 | (853 | ) | (8.9 | )% | 12.0 | % | |||||
Property Insurance | 1,998 | 2,120 | (122 | ) | (5.8 | )% | 2.7 | % | |||||
General and Administrative | 2,839 | 2,551 | 288 | 11.3 | % | 3.9 | % | ||||||
Marketing and Leasing | 1,100 | 1,076 | 24 | 2.2 | % | 1.5 | % | ||||||
Other | 635 | 567 | 68 | 12.0 | % | 0.9 | % | ||||||
Total Same Property | $72,871 | $71,363 | $1,508 | 2.1 | % | 100.0 | % |
% of Actual | |||||||||||||
1Q18 Operating | |||||||||||||
Sequential Comparison (a) | 1Q18 | 4Q17 | $ Change | % Change | Expenses | ||||||||
Property taxes | $25,866 | $23,628 | $2,238 | 9.5 | % | 35.5 | % | ||||||
Salaries and Benefits for On-site Employees | 15,375 | 14,646 | 729 | 5.0 | % | 21.1 | % | ||||||
Utilities | 16,313 | 16,347 | (34 | ) | (0.2 | )% | 22.4 | % | |||||
Repairs and Maintenance | 8,745 | 8,877 | (132 | ) | (1.5 | )% | 12.0 | % | |||||
Property Insurance | 1,998 | 2,423 | (425 | ) | (17.5 | )% | 2.7 | % | |||||
General and Administrative | 2,839 | 2,547 | 292 | 11.5 | % | 3.9 | % | ||||||
Marketing and Leasing | 1,100 | 1,205 | (105 | ) | (8.7 | )% | 1.5 | % | |||||
Other | 635 | 599 | 36 | 6.0 | % | 0.9 | % | ||||||
Total Same Property | $72,871 | $70,272 | $2,599 | 3.7 | % | 100.0 | % |
CAMDEN | JOINT VENTURE OPERATIONS | |
(In thousands, except property data amounts) | ||
Three Months Ended March 31, | ||||||
OPERATING DATA (a) | 2018 | 2017 | ||||
Property Revenues | ||||||
Rental revenues | $8,598 | $8,174 | ||||
Other property revenues | 1,135 | 1,211 | ||||
Total property revenues | 9,733 | 9,385 | ||||
Property expenses | ||||||
Property operating and maintenance | 2,369 | 2,895 | ||||
Real estate taxes | 1,621 | 977 | ||||
3,990 | 3,872 | |||||
Net Operating Income | 5,743 | 5,513 | ||||
Other expenses | ||||||
Interest | 1,583 | 1,437 | ||||
Depreciation and amortization | 2,235 | 2,197 | ||||
Other (including debt prepayment penalties) | 96 | 62 | ||||
Total other expenses | 3,914 | 3,696 | ||||
Equity in income of joint ventures | $1,829 | $1,817 |
Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||||||
BALANCE SHEET DATA(b) | |||||||||||||||
Land | $109,912 | $109,912 | $109,912 | $109,912 | $109,912 | ||||||||||
Building & Improvements | 751,636 | 750,164 | 746,460 | 744,446 | 741,621 | ||||||||||
861,548 | 860,076 | 856,372 | 854,358 | 851,533 | |||||||||||
Accumulated Depreciation | (179,847 | ) | (172,554 | ) | (165,285 | ) | (158,214 | ) | (151,073 | ) | |||||
Net operating real estate assets | 681,701 | 687,522 | 691,087 | 696,144 | 700,460 | ||||||||||
Properties under development and land | 1,265 | 1,265 | 1,265 | 1,265 | 1,265 | ||||||||||
Cash and other assets, net | 20,015 | 27,097 | 27,089 | 22,918 | 15,607 | ||||||||||
Total assets | $702,981 | $715,884 | $719,441 | $720,327 | $717,332 | ||||||||||
Notes payable | $513,377 | $514,457 | $515,592 | $517,387 | $519,189 | ||||||||||
Other liabilities | 16,409 | 26,928 | 25,873 | 20,916 | 14,781 | ||||||||||
Total liabilities | 529,786 | 541,385 | 541,465 | 538,303 | 533,970 | ||||||||||
Member's equity | 173,195 | 174,499 | 177,976 | 182,024 | 183,362 | ||||||||||
Total liabilities and members' equity | $702,981 | $715,884 | $719,441 | $720,327 | $717,332 | ||||||||||
Company's equity investment | $26,863 | $27,237 | $28,420 | $29,665 | $30,062 | ||||||||||
Company's pro-rata share of debt | $160,687 | $161,025 | $161,380 | $161,942 | $162,506 | ||||||||||
PROPERTY DATA (end of period) | |||||||||||||||
Total operating properties | 22 | 22 | 22 | 22 | 22 | ||||||||||
Total operating apartment homes | 7,283 | 7,283 | 7,283 | 7,283 | 7,283 | ||||||||||
Pro-rata share of operating apartment homes | 2,280 | 2,280 | 2,280 | 2,280 | 2,280 |
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |
Estimated/Actual Dates for | |||||||||||||||
Completed Communities in Lease-Up | Total | Total | Construction | Initial | Construction | Stabilized | As of 5/1/2018 | ||||||||
Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||
1 | Camden NoMa II | 405 | $107.6 | 1Q15 | 1Q17 | 2Q17 | 2Q19 | 78% | 75% | ||||||
Washington, DC | |||||||||||||||
2 | Camden Shady Grove | 457 | 113.0 | 2Q15 | 1Q17 | 1Q18 | 3Q19 | 70% | 66% | ||||||
Rockville, MD | |||||||||||||||
Total Completed Communities in Lease-Up | 862 | $220.6 | 74% | 70% | |||||||||||
Estimated/Actual Dates for | |||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 5/1/2018 | |||||||
Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||
UNDER CONSTRUCTION | |||||||||||||||
1. | Camden McGowen Station | 315 | $90.0 | $78.4 | $65.4 | 4Q14 | 2Q18 | 3Q18 | 4Q19 | 6% | 2% | ||||
Houston, TX | |||||||||||||||
2. | Camden North End I | 441 | 105.0 | 65.7 | 65.6 | 4Q16 | 2Q18 | 2Q19 | 2Q20 | 9% | 3% | ||||
Phoenix, AZ | |||||||||||||||
3. | Camden Washingtonian | 365 | 90.0 | 75.0 | 75.0 | 3Q16 | 2Q18 | 1Q19 | 4Q19 | ||||||
Gaithersburg, MD | |||||||||||||||
4. | Camden Grandview II | 28 | 21.0 | 13.7 | 13.7 | 2Q17 | 4Q18 | 4Q18 | 2Q19 | ||||||
Charlotte, NC | |||||||||||||||
5. | Camden RiNo | 233 | 75.0 | 28.2 | 28.2 | 3Q17 | 4Q19 | 2Q20 | 4Q20 | ||||||
Denver, CO | |||||||||||||||
6. | Camden Downtown I | 271 | 132.0 | 23.3 | 23.3 | 4Q17 | 1Q20 | 3Q20 | 1Q21 | ||||||
Houston, TX | |||||||||||||||
Total Development Communities | 1,653 | $513.0 | $284.3 | $271.2 | 8% | 3% | |||||||||
Additional Development Pipeline & Land (a) | 128.7 | ||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $399.9 | ||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 1Q18 NOI | |||||||||||||
Completed Communities in Lease-Up | $220.6 | $2.0 | |||||||||||||
Development Communities in Lease-Up | 144.1 | 0.0 | |||||||||||||
Total Development Communities NOI Contribution | $364.7 | $2.0 | |||||||||||||
CAMDEN | DEVELOPMENT PIPELINE & LAND | |
Projected | Total | ||||||||
PIPELINE COMMUNITIES | Homes | Estimated Cost (a) | Cost to Date | ||||||
1. | Camden Buckhead | 375 | $104.0 | $18.4 | |||||
Atlanta, GA | |||||||||
2. | Camden Atlantic | 269 | 90.0 | 15.8 | |||||
Plantation, FL | |||||||||
3. | Camden Arts District | 354 | 150.0 | 19.9 | |||||
Los Angeles, CA | |||||||||
4. | Camden Hillcrest | 125 | 75.0 | 25.0 | |||||
San Diego, CA | |||||||||
5. | Camden North End II | 326 | 73.0 | 12.7 | |||||
Phoenix, AZ | |||||||||
6. | Camden Paces III | 350 | 100.0 | 14.0 | |||||
Atlanta, GA | |||||||||
7. | Camden Downtown II | 271 | 145.0 | 10.3 | |||||
Houston, TX | |||||||||
Development Pipeline | 2,070 | $737.0 | $116.1 | ||||||
LAND HOLDINGS/OTHER | Acreage (b) | Cost to Date | |||||||
Phoenix, AZ | 14.0 | $11.1 | |||||||
Charlotte, NC | 0.2 | 1.5 | |||||||
Land Holdings/Other | 14.2 | $12.6 | |||||||
Total Development Pipeline and Land | $128.7 | ||||||||
CAMDEN | REDEVELOPMENT SUMMARY | |
Homes | Estimated | |||||||||||
Total | Redeveloped | Budget | Cost to Date | Dates for | ||||||||
COMMUNITIES | Homes | To Date | Interior | Exterior | Total | Interior | Exterior | Total | Start | Completion | ||
1. | Camden Brickell | 405 | 72 | $12.4 | $7.8 | $20.2 | $1.3 | $0.7 | $2.0 | 1Q18 | 1Q20 | |
Miami, FL | ||||||||||||
2. | Camden Las Olas | 420 | 74 | 13.0 | 5.9 | 18.9 | 1.7 | 0.7 | 2.4 | 1Q18 | 1Q20 | |
Ft. Lauderdale, FL | ||||||||||||
3. | Camden Potomac Yard | 378 | 44 | 9.7 | 2.6 | 12.3 | 0.7 | 0.4 | 1.1 | 1Q18 | 3Q20 | |
Arlington, VA | ||||||||||||
Total | 1,203 | 190 | $35.1 | $16.3 | $51.4 | $3.7 | $1.8 | $5.5 | ||||
CAMDEN | ACQUISITIONS & DISPOSITIONS | |
Apartment | Weighted Average | |||||||
Acquisitions | Location | Purchase Price | Homes | Monthly Rental Rate | Year Built | Closing Date | ||
1. | Camden Pier District | St. Petersburg, FL | $126.9 | 358 Homes | $2,390 | 2016 | 1/11/2018 | |
2. | Camden North Quarter | Orlando, FL | 81.4 | 333 Homes | 1,610 | 2016 | 2/15/2018 | |
Total/Average Acquisitions | $208.3 | 691 Homes | $2,033 | |||||
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 | ||||||||||||
2018 | ($935 | ) | $175,000 | $— | $174,065 | 7.9 | % | 2.2 | % | |||||||||
2019 | (1,075 | ) | 644,107 | — | 643,032 | 29.2 | % | 5.4 | % | |||||||||
2020 | (1,218 | ) | — | — | (1,218 | ) | (0.1 | )% | N/A | |||||||||
2021 | (907 | ) | — | 250,000 | 249,093 | 11.3 | % | 4.8 | % | |||||||||
2022 | (696 | ) | — | 350,000 | 349,304 | 15.8 | % | 3.2 | % | |||||||||
Thereafter | 40,664 | — | 750,000 | 790,664 | 35.9 | % | 4.4 | % | ||||||||||
Total Maturing Debt | $35,833 | $819,107 | $1,350,000 | $2,204,940 | 100.0 | % | 4.3 | % | ||||||||||
Unsecured Line of Credit | $— | $— | $— | $— | — | % | N/A | |||||||||||
Other Short Term Borrowing | — | — | — | — | — | % | N/A | |||||||||||
Total Debt | $35,833 | $819,107 | $1,350,000 | $2,204,940 | 100.0 | % | 4.3 | % | ||||||||||
Weighted Average Maturity of Debt | 4.0 Years | |||||||||||||||||
Weighted Average | ||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Floating rate debt | $175,000 | 7.9 | % | 2.2 | % | 0.5 Years | ||||||||||||
Fixed rate debt | 2,029,940 | 92.1 | % | 4.5 | % | 4.3 Years | ||||||||||||
Total | $2,204,940 | 100.0 | % | 4.3 | % | 4.0 Years | ||||||||||||
Weighted Average | ||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Unsecured debt | $1,339,142 | 60.7 | % | 4.1 | % | 5.1 Years | ||||||||||||
Secured debt | 865,798 | 39.3 | % | 4.7 | % | 2.5 Years | ||||||||||||
Total | $2,204,940 | 100.0 | % | 4.3 | % | 4.0 Years | ||||||||||||
Weighted Average | ||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Conventional fixed-rate mortgage debt | $690,798 | 79.8 | % | 5.3 | % | 3.0 Years | ||||||||||||
Conventional variable-rate mortgage debt | 175,000 | 20.2 | % | 2.2 | % | 0.5 Years | ||||||||||||
Total | $865,798 | 100.0 | % | 4.7 | % | 2.5 Years | ||||||||||||
REAL ESTATE ASSETS: (b) | Total Homes | % of Total | Total Cost | % of Total | 1Q18 NOI | % of Total | ||||||||||||
Unencumbered real estate assets | 36,844 | 75.9 | % | $6,406,303 | 80.6 | % | $112,540 | 76.7 | % | |||||||||
Encumbered real estate assets | 11,707 | 24.1 | % | 1,541,407 | 19.4 | % | 34,178 | 23.3 | % | |||||||||
Total | 48,551 | 100.0 | % | $7,947,710 | 100.0 | % | $146,718 | 100.0 | % | |||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 4.8x |
CAMDEN | DEBT MATURITY ANALYSIS | |
(In thousands) | ||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | ||||||||||||||
Quarter (a) | Amortization | Secured Maturities | Unsecured Maturities | Total | |||||||||||
2Q 2018 | ($348 | ) | $— | $— | ($348 | ) | N/A | ||||||||
3Q 2018 | (321 | ) | — | — | (321 | ) | N/A | ||||||||
4Q 2018 | (266 | ) | 175,000 | — | 174,734 | 2.2 | % | ||||||||
2018 | ($935 | ) | $175,000 | $— | $174,065 | 2.2 | % | ||||||||
1Q 2019 | ($262 | ) | $— | $— | ($262 | ) | N/A | ||||||||
2Q 2019 | (189 | ) | 439,107 | — | 438,918 | 5.2 | % | ||||||||
3Q 2019 | (312 | ) | — | — | (312 | ) | N/A | ||||||||
4Q 2019 | (312 | ) | 205,000 | — | 204,688 | 5.8 | % | ||||||||
2019 | ($1,075 | ) | $644,107 | $— | $643,032 | 5.4 | % | ||||||||
CAMDEN | DEBT COVENANT ANALYSIS | |
UNSECURED LINE OF CREDIT | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Gross Asset Value | < | 60% | 22% | Yes | |||
Secured Debt to Gross Asset Value | < | 40% | 8% | Yes | |||
Consolidated Adjusted EBITDA to Total Fixed Charges | > | 150% | 504% | Yes | |||
Unsecured Debt to Gross Asset Value | < | 60% | 18% | Yes | |||
SENIOR UNSECURED NOTES | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Total Asset Value | < | 60% | 27% | Yes | |||
Total Secured Debt to Total Asset Value | < | 40% | 11% | Yes | |||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 500% | Yes | |||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 523% | 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 | ||||||||||
2018 | $204 | $— | $204 | 0.1 | % | N/A | ||||||||
2019 | 177 | 7,383 | 7,560 | 4.7 | % | 4.2 | % | |||||||
2020 | (15 | ) | — | (15 | ) | — | % | N/A | ||||||
2021 | (135 | ) | 5,160 | 5,025 | 3.1 | % | 4.8 | % | ||||||
2022 | (151 | ) | 5,008 | 4,857 | 3.0 | % | 3.3 | % | ||||||
Thereafter | (716 | ) | 143,138 | 142,422 | 88.7 | % | 3.9 | % | ||||||
Total Maturing Debt | ($636 | ) | $160,689 | $160,053 | 99.6 | % | 3.9 | % | ||||||
Unsecured lines of credit (b) | $— | $634 | $634 | 0.4 | % | 5.0 | % | |||||||
Total Debt | ($636 | ) | $161,323 | $160,687 | 100.0 | % | 3.9 | % | ||||||
Weighted Average Maturity of Debt | 8.3 Years | |||||||||||||
Weighted Average | ||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||
Floating rate debt | $57,377 | 35.7 | % | 3.7 | % | 7.9 Years | ||||||||
Fixed rate debt | 103,310 | 64.3 | % | 4.1 | % | 8.5 Years | ||||||||
Total | $160,687 | 100.0 | % | 3.9 | % | 8.3 Years | ||||||||
Weighted Average | ||||||||||||||
DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||
Conventional fixed-rate mortgage debt | $103,310 | 64.3 | % | 4.1 | % | 8.5 Years | ||||||||
Conventional variable-rate mortgage debt | 56,743 | 35.3 | % | 3.7 | % | 8.0 Years | ||||||||
Unsecured lines of credit | 634 | 0.4 | % | 5.0 | % | 0.9 Years | ||||||||
Total | $160,687 | 100.0 | % | 3.9 | % | 8.3 Years | ||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | ||||||||||||
Operating real estate assets | 7,283 | $861,548 | ||||||||||||
Land | 0 | 1,265 | ||||||||||||
Total | 7,283 | $862,813 | ||||||||||||
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 | |||||||||
2Q 2018 | $67 | $— | $67 | N/A | ||||||||
3Q 2018 | 67 | — | 67 | N/A | ||||||||
4Q 2018 | 70 | — | 70 | N/A | ||||||||
2018 | $204 | $— | $204 | N/A | ||||||||
1Q 2019 | $73 | $634 | $707 | 5.0 | % | |||||||
2Q 2019 | 66 | 3,654 | 3,720 | 4.4 | % | |||||||
3Q 2019 | 35 | — | 35 | N/A | ||||||||
4Q 2019 | 3 | 3,729 | 3,732 | 4.0 | % | |||||||
2019 | $177 | $8,017 | $8,194 | 4.3 | % | |||||||
CAMDEN | CAPITALIZED EXPENDITURES | |
& MAINTENANCE EXPENSE | ||
(In thousands, except unit data) | ||
First Quarter 2018 | ||||||||||||||||||
Recurring Capitalized | Expensed | |||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | |||||||||||||
Interiors | ||||||||||||||||||
Floor Coverings | 5.4 | years | $1,987 | $43 | $397 | $9 | ||||||||||||
Appliances | 9.4 | years | 543 | 12 | 200 | 4 | ||||||||||||
Painting | — | — | — | 1,281 | 28 | |||||||||||||
Cabinetry/Countertops | 10.0 | years | 111 | 2 | — | — | ||||||||||||
Other | 9.3 | years | 848 | 18 | 594 | 13 | ||||||||||||
Exteriors | ||||||||||||||||||
Painting | 5.0 | years | 33 | 1 | — | — | ||||||||||||
Carpentry | 10.0 | years | 105 | 2 | — | — | ||||||||||||
Landscaping | 6.7 | years | 285 | 6 | 2,657 | 57 | ||||||||||||
Roofing | 19.5 | years | 1,695 | 37 | 90 | 2 | ||||||||||||
Site Drainage | 10.0 | years | 54 | 1 | — | — | ||||||||||||
Fencing/Stair | 10.0 | years | 143 | 3 | — | — | ||||||||||||
Other (b) | 7.9 | years | 1,463 | 32 | 3,052 | 66 | ||||||||||||
Common Areas | ||||||||||||||||||
Mech., Elec., Plumbing | 9.4 | years | 1,915 | 41 | 1,414 | 31 | ||||||||||||
Parking/Paving | 4.8 | years | 31 | 1 | — | — | ||||||||||||
Pool/Exercise/Facility | 7.5 | years | 786 | 17 | 341 | 7 | ||||||||||||
Total Recurring (c) | $9,999 | $216 | $10,026 | $217 | ||||||||||||||
Weighted Average Apartment Homes | 46,353 | 46,353 | ||||||||||||||||
Non-recurring capitalized expenditures (d) | $1,234 | |||||||||||||||||
Revenue Enhancing Expenditures (e) | 10.0 | years | $9,515 | $16,321 | ||||||||||||||
Revenue Enhanced Apartment Homes | 583 | |||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
Net income attributable to common shareholders | $39,395 | $34,861 | ||||
Real estate depreciation and amortization | 68,595 | 62,153 | ||||
Adjustments for unconsolidated joint ventures | 2,247 | 2,213 | ||||
Income allocated to non-controlling interests | 1,130 | 1,128 | ||||
Funds from operations | $111,367 | $100,355 | ||||
Less: recurring capitalized expenditures | (9,999 | ) | (9,694 | ) | ||
Adjusted funds from operations | $101,368 | $90,661 | ||||
Weighted average number of common shares outstanding: | ||||||
EPS diluted | 96,046 | 90,949 | ||||
FFO/AFFO diluted | 97,124 | 92,029 | ||||
Total earnings per common share - diluted | $0.41 | $0.39 | ||||
FFO per common share - diluted | $1.15 | $1.09 | ||||
AFFO per common share - diluted | $1.04 | $0.99 |
2Q18 | Range | 2018 | Range | ||||||||||
Low | High | Low | High | ||||||||||
Expected earnings per common share - diluted | $0.45 | $0.49 | $1.68 | $1.88 | |||||||||
Expected real estate depreciation and amortization | 0.68 | 0.68 | 2.81 | 2.81 | |||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.09 | 0.09 | |||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.04 | 0.04 | |||||||||
Expected FFO per share - diluted | $1.16 | $1.20 | $4.62 | $4.82 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three months ended March 31, | ||||||
2018 | 2017 | |||||
Net income | $40,525 | $35,989 | ||||
Less: Fee and asset management income | (1,998 | ) | (1,748 | ) | ||
Less: Interest and other income | (793 | ) | (634 | ) | ||
Less: Income/(loss) on deferred compensation plans | 205 | (4,617 | ) | |||
Plus: Property management expense | 6,639 | 7,027 | ||||
Plus: Fee and asset management expense | 965 | 884 | ||||
Plus: General and administrative expense | 12,223 | 12,868 | ||||
Plus: Interest expense | 20,374 | 22,956 | ||||
Plus: Depreciation and amortization expense | 70,224 | 63,734 | ||||
Plus: Expense/(benefit) on deferred compensation plans | (205 | ) | 4,617 | |||
Plus: Loss on Early Retirement of Debt | — | 323 | ||||
Less: Equity in income of joint ventures | (1,829 | ) | (1,817 | ) | ||
Plus: Income tax expense | 388 | 471 | ||||
Net Operating Income (NOI) | $146,718 | $140,053 | ||||
"Same Property" Communities | $128,604 | $123,681 | ||||
Non-"Same Property" Communities | 14,665 | 11,424 | ||||
Development and Lease-Up Communities | 2,048 | 42 | ||||
Dispositions/Other | 1,401 | 4,906 | ||||
Net Operating Income (NOI) | $146,718 | $140,053 |
Three months ended March 31, | ||||||
2018 | 2017 | |||||
Net income attributable to common shareholders | $39,395 | $34,861 | ||||
Plus: Interest expense | 20,374 | 22,956 | ||||
Plus: Depreciation and amortization expense | 70,224 | 63,734 | ||||
Plus: Income allocated to non-controlling interests from continuing operations | 1,130 | 1,128 | ||||
Plus: Income tax expense | 388 | 471 | ||||
Plus: Loss on Early Retirement of Debt | — | 323 | ||||
Less: Equity in income of joint ventures | (1,829 | ) | (1,817 | ) | ||
Adjusted EBITDA | $129,682 | $121,656 |
CAMDEN | OTHER DATA | |
Stock Symbol: | CPT | |||||
Exchange Traded: | NYSE | |||||
Senior Unsecured Debt Ratings: | Rating | Outlook | ||||
Fitch | A- | Stable | ||||
Moody's | A3 | Stable | ||||
Standard & Poor's | BBB+ | Stable | ||||
Estimated Future Dates: | Q2 '18 | Q3 '18 | Q4 '18 | Q1 '19 | ||
Earnings Release & Conference Call | Early August | Late October | Early February | Early May | ||
Dividend Information - Common Shares: | Q1 '18 | |||||
Declaration Date | 2/1/2018 | |||||
Record Date | 3/30/2018 | |||||
Payment Date | 4/17/2018 | |||||
Distributions Per Share | $0.77 |
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 (713) 354-2787. | ||||
To access Camden's Quarterly Conference Call, please visit our website 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 3/31/2018 |
(Unaudited) | 1Q18 Avg Monthly | 1Q18 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 1Q18 Avg | Rental Rates per | Revenue per Occupied | ||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | |||||||||||
Camden Chandler | Chandler | AZ | 2016 | 1,146 | 380 | 95% | $1,344 | $1.17 | $1,588 | $1.38 | |||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 95% | 1,126 | 1.43 | 1,379 | 1.76 | |||||||||||
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 | 220 | 96% | 1,573 | 1.52 | 1,873 | 1.82 | |||||||||||
Camden Hayden | Tempe | AZ | 2015 | 1,043 | 234 | 95% | 1,453 | 1.39 | 1,714 | 1.64 | |||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 96% | 1,237 | 1.16 | 1,484 | 1.39 | |||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 98% | 1,309 | 1.22 | 1,561 | 1.46 | |||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 924 | 272 | 95% | 1,089 | 1.18 | 1,334 | 1.44 | |||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 97% | 1,212 | 1.23 | 1,434 | 1.46 | |||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 97% | 1,224 | 1.18 | 1,478 | 1.42 | |||||||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 96% | 1,503 | 1.15 | 1,787 | 1.37 | |||||||||||
TOTAL ARIZONA | 10 | Properties | 1,030 | 2,929 | 96% | 1,284 | 1.25 | 1,537 | 1.49 | ||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 96% | 2,035 | 2.02 | 2,233 | 2.21 | |||||||||||
Camden Glendale | Glendale | CA | 2015 | 882 | 303 | 92% | 2,120 | 2.40 | 2,261 | 2.56 | |||||||||||
Camden Harbor View | Long Beach | CA | 2004 | 981 | 546 | 95% | 2,581 | 2.63 | 2,738 | 2.79 | |||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 95% | 2,108 | 2.09 | 2,354 | 2.33 | |||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 795 | 714 | 96% | 1,742 | 2.19 | 1,967 | 2.47 | |||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 95% | 2,048 | 2.30 | 2,211 | 2.48 | |||||||||||
The Camden | Hollywood | CA | 2016 | 768 | 287 | 94% | 3,148 | 4.10 | 3,139 | 4.09 | |||||||||||
Total Los Angeles/Orange County | 7 | Properties | 899 | 2,658 | 95% | 2,207 | 2.45 | 2,376 | 2.64 | ||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 95% | 1,595 | 1.62 | 1,770 | 1.80 | |||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 95% | 2,078 | 2.00 | 2,326 | 2.24 | |||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 95% | 1,911 | 1.99 | 2,182 | 2.27 | |||||||||||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 96% | 2,591 | 2.89 | 2,858 | 3.19 | |||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 94% | 1,676 | 1.59 | 1,955 | 1.86 | |||||||||||
Total San Diego/Inland Empire | 5 | Properties | 992 | 1,665 | 95% | 1,885 | 1.90 | 2,126 | 2.14 | ||||||||||||
TOTAL CALIFORNIA | 12 | Properties | 935 | 4,323 | 95% | 2,083 | 2.23 | 2,280 | 2.44 | ||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 95% | 1,428 | 1.61 | 1,648 | 1.86 | |||||||||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 95% | 1,446 | 1.56 | 1,688 | 1.83 | |||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 96% | 1,677 | 1.65 | 1,916 | 1.89 | |||||||||||
Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 95% | 1,563 | 1.63 | 1,823 | 1.90 | |||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 92% | 1,702 | 1.48 | 1,953 | 1.70 | |||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,010 | 340 | 95% | 1,558 | 1.54 | 1,793 | 1.78 | |||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 95% | 1,508 | 1.62 | 1,743 | 1.87 | |||||||||||
Camden Lincoln Station | Lone Tree | CO | 2017 | 844 | 267 | 95% | 1,515 | 1.79 | 1,739 | 2.06 | |||||||||||
TOTAL COLORADO | 8 | Properties | 971 | 2,632 | 95% | 1,556 | 1.60 | 1,796 | 1.85 | ||||||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 95% | 1,661 | 1.56 | 1,951 | 1.84 | |||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 95% | 1,547 | 1.64 | 1,786 | 1.90 | |||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 978 | 382 | 97% | 1,690 | 1.73 | 1,928 | 1.97 | |||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 97% | 1,784 | 1.69 | 2,042 | 1.93 | |||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 96% | 1,847 | 1.98 | 2,108 | 2.26 | |||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 96% | 1,753 | 1.76 | 1,986 | 1.99 | |||||||||||
Camden Grand Parc | Washington | DC | 2002 | 672 | 105 | 97% | 2,471 | 3.68 | 2,786 | 4.15 | |||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 94% | 1,580 | 1.57 | 1,827 | 1.82 | |||||||||||
Camden Largo Towne Center | Largo | MD | 2000/2007 | 1,027 | 245 | 92% | 1,663 | 1.62 | 1,841 | 1.79 | |||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 97% | 1,572 | 1.84 | 1,819 | 2.12 | |||||||||||
Camden Noma | Washington | DC | 2014 | 770 | 321 | 95% | 2,208 | 2.87 | 2,505 | 3.26 | |||||||||||
Camden Noma II (1) | Washington | DC | 2017 | 759 | 405 | Lease-Up | 2,321 | 3.06 | 2,516 | 3.31 | |||||||||||
Camden Potomac Yard (2) | Arlington | VA | 2008 | 835 | 378 | 94% | 1,950 | 2.34 | 2,259 | 2.71 | |||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 89% | 2,694 | 3.15 | 3,015 | 3.52 | |||||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 95% | 1,456 | 1.47 | 1,685 | 1.70 | |||||||||||
Camden Shady Grove (1) | Rockville | MD | 2018 | 877 | 457 | Lease-Up | 1,748 | 1.99 | 1,857 | 2.12 | |||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 96% | 1,565 | 1.60 | 1,804 | 1.85 | |||||||||||
Camden South Capitol (3) | Washington | DC | 2013 | 821 | 281 | 95% | 2,224 | 2.71 | 2,543 | 3.10 | |||||||||||
TOTAL DC METRO | 18 | Properties | 925 | 6,497 | 95% | 1,810 | 1.96 | 2,050 | 2.22 | ||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 97% | 1,928 | 1.74 | 2,267 | 2.05 | |||||||||||
Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 97% | 1,931 | 2.29 | 2,188 | 2.60 | |||||||||||
Camden Brickell (2) | Miami | FL | 2003 | 937 | 405 | 95% | 2,074 | 2.21 | 2,265 | 2.42 | |||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 98% | 1,883 | 1.68 | 2,126 | 1.90 | |||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 98% | 2,008 | 1.60 | 2,259 | 1.80 | |||||||||||
Camden Las Olas (2) | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 95% | 2,059 | 1.97 | 2,336 | 2.24 | |||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 97% | 1,653 | 1.38 | 1,942 | 1.62 | |||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 97% | 1,710 | 1.54 | 2,001 | 1.80 | |||||||||||
Total Southeast Florida | 8 | Properties | 1,079 | 2,781 | 97% | 1,897 | 1.76 | 2,166 | 2.01 | ||||||||||||
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 3/31/2018 |
(Unaudited) | 1Q18 Avg Monthly | 1Q18 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 1Q18 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 | 98% | $1,359 | $1.26 | $1,584 | $1.47 | |||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 97% | 1,258 | 1.32 | 1,493 | 1.56 | |||||||||||
Camden LaVina | Orlando | FL | 2012 | 970 | 420 | 97% | 1,270 | 1.31 | 1,500 | 1.55 | |||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 97% | 1,196 | 1.28 | 1,430 | 1.53 | |||||||||||
Camden North Quarter (4) | Orlando | FL | 2016 | 806 | 333 | Lease-Up | 1,610 | 2.00 | 1,706 | 2.12 | |||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 96% | 1,350 | 1.65 | 1,608 | 1.97 | |||||||||||
Camden Town Square | Orlando | FL | 2012 | 983 | 438 | 98% | 1,313 | 1.33 | 1,494 | 1.52 | |||||||||||
Camden Waterford Lakes (3) | Orlando | FL | 2014 | 971 | 300 | 97% | 1,377 | 1.42 | 1,625 | 1.67 | |||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 97% | 1,258 | 1.29 | 1,464 | 1.50 | |||||||||||
Total Orlando | 9 | Properties | 946 | 3,295 | 97% | 1,320 | 1.40 | 1,530 | 1.62 | ||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 96% | 1,158 | 1.23 | 1,428 | 1.51 | |||||||||||
Camden Montague | Tampa | FL | 2012 | 975 | 192 | 98% | 1,313 | 1.35 | 1,562 | 1.60 | |||||||||||
Camden Pier District (4) | St. Petersburg | FL | 2016 | 989 | 358 | Lease-Up | 2,390 | 2.42 | 2,604 | 2.63 | |||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 95% | 1,378 | 1.46 | 1,613 | 1.71 | |||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 96% | 1,174 | 1.15 | 1,454 | 1.43 | |||||||||||
Camden Visconti (3) | Tampa | FL | 2007 | 1,125 | 450 | 96% | 1,327 | 1.18 | 1,584 | 1.41 | |||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 96% | 1,403 | 1.41 | 1,679 | 1.69 | |||||||||||
Total Tampa | 7 | Properties | 997 | 2,736 | 96% | 1,402 | 1.41 | 1,659 | 1.66 | ||||||||||||
TOTAL FLORIDA | 24 | Properties | 1,004 | 8,812 | 97% | 1,528 | 1.52 | 1,771 | 1.76 | ||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 96% | 1,340 | 1.46 | 1,591 | 1.74 | |||||||||||
Camden Buckhead Square | Atlanta | GA | 2015 | 827 | 250 | 92% | 1,566 | 1.89 | 1,607 | 1.94 | |||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 96% | 1,308 | 1.32 | 1,441 | 1.46 | |||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 95% | 1,413 | 1.19 | 1,658 | 1.40 | |||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 97% | 1,308 | 1.30 | 1,546 | 1.54 | |||||||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 847 | 276 | 97% | 1,656 | 1.96 | 1,892 | 2.23 | |||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 96% | 1,453 | 1.55 | 1,680 | 1.80 | |||||||||||
Camden Paces | Atlanta | GA | 2015 | 1,407 | 379 | 95% | 2,605 | 1.85 | 2,886 | 2.05 | |||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 94% | 1,268 | 1.23 | 1,572 | 1.53 | |||||||||||
Camden Phipps (3) | Atlanta | GA | 1996 | 1,018 | 234 | 96% | 1,515 | 1.49 | 1,666 | 1.64 | |||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 97% | 1,237 | 1.08 | 1,474 | 1.29 | |||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 95% | 1,300 | 1.30 | 1,537 | 1.54 | |||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 95% | 1,041 | 1.03 | 1,285 | 1.27 | |||||||||||
Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 96% | 1,383 | 1.54 | 1,549 | 1.72 | |||||||||||
TOTAL GEORGIA | 14 | Properties | 1,015 | 4,496 | 95% | 1,467 | 1.45 | 1,685 | 1.66 | ||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,048 | 400 | 94% | 1,276 | 1.22 | 1,523 | 1.45 | |||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 94% | 1,447 | 1.60 | 1,674 | 1.85 | |||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 96% | 1,416 | 1.65 | 1,635 | 1.91 | |||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 96% | 1,153 | 1.11 | 1,372 | 1.32 | |||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 97% | 1,041 | 1.11 | 1,274 | 1.36 | |||||||||||
Camden Foxcroft II | Charlotte | NC | 1985 | 874 | 100 | 97% | 1,146 | 1.31 | 1,343 | 1.54 | |||||||||||
Camden Gallery | Charlotte | NC | 2017 | 743 | 323 | 95% | 1,464 | 1.97 | 1,676 | 2.26 | |||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,059 | 266 | 92% | 1,645 | 1.55 | 1,856 | 1.75 | |||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 94% | 1,096 | 1.13 | 1,350 | 1.39 | |||||||||||
Camden South End | Charlotte | NC | 2003 | 882 | 299 | 95% | 1,382 | 1.57 | 1,621 | 1.84 | |||||||||||
Camden Southline (3) | Charlotte | NC | 2015 | 831 | 266 | 95% | 1,493 | 1.80 | 1,725 | 2.08 | |||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 94% | 1,284 | 1.17 | 1,509 | 1.37 | |||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 98% | 1,045 | 1.16 | 1,237 | 1.37 | |||||||||||
Total Charlotte | 13 | Properties | 942 | 3,076 | 95% | 1,321 | 1.40 | 1,548 | 1.64 | ||||||||||||
Camden Asbury Village (3) | Raleigh | NC | 2009 | 1,009 | 350 | 96% | 1,161 | 1.15 | 1,359 | 1.35 | |||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 95% | 1,021 | 1.01 | 1,250 | 1.23 | |||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 94% | 1,078 | 1.03 | 1,337 | 1.28 | |||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 96% | 1,124 | 1.05 | 1,359 | 1.28 | |||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 93% | 1,074 | 1.11 | 1,300 | 1.35 | |||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 95% | 1,221 | 1.15 | 1,463 | 1.38 | |||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 94% | 1,009 | 1.04 | 1,240 | 1.28 | |||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 94% | 1,057 | 1.03 | 1,285 | 1.25 | |||||||||||
Total Raleigh | 8 | Properties | 1,016 | 3,054 | 95% | 1,088 | 1.07 | 1,319 | 1.30 | ||||||||||||
TOTAL NORTH CAROLINA | 21 | Properties | 979 | 6,130 | 95% | 1,205 | 1.23 | 1,434 | 1.46 | ||||||||||||
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 3/31/2018 |
(Unaudited) | 1Q18 Avg Monthly | 1Q18 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 1Q18 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 (3) | Austin | TX | 2009 | 862 | 348 | 95% | $1,075 | $1.25 | $1,348 | $1.56 | |||||||||||
Camden Amber Oaks II (3) | Austin | TX | 2012 | 910 | 244 | 95% | 1,137 | 1.25 | 1,427 | 1.57 | |||||||||||
Camden Brushy Creek (3) | Cedar Park | TX | 2008 | 882 | 272 | 96% | 1,144 | 1.30 | 1,278 | 1.45 | |||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 97% | 1,253 | 1.37 | 1,502 | 1.65 | |||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 96% | 1,375 | 1.44 | 1,636 | 1.71 | |||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 95% | 1,130 | 1.25 | 1,386 | 1.53 | |||||||||||
Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 94% | 1,216 | 1.35 | 1,473 | 1.63 | |||||||||||
Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 95% | 1,462 | 1.74 | 1,706 | 2.04 | |||||||||||
Camden Shadow Brook (3) | Austin | TX | 2009 | 909 | 496 | 95% | 1,135 | 1.25 | 1,305 | 1.44 | |||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 97% | 1,233 | 1.36 | 1,477 | 1.63 | |||||||||||
Total Austin | 10 | Properties | 899 | 3,360 | 96% | 1,213 | 1.35 | 1,449 | 1.61 | ||||||||||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 92% | 1,096 | 1.26 | 1,356 | 1.56 | |||||||||||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 90% | 847 | 1.09 | 1,032 | 1.33 | |||||||||||
Camden South Bay (3) | Corpus Christi | TX | 2007 | 1,055 | 270 | 93% | 1,208 | 1.15 | 1,379 | 1.31 | |||||||||||
Total Corpus Christi | 3 | Properties | 888 | 902 | 91% | 1,035 | 1.16 | 1,241 | 1.40 | ||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 93% | 1,206 | 1.28 | 1,423 | 1.51 | |||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 945 | 477 | 95% | 1,431 | 1.51 | 1,667 | 1.76 | |||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 94% | 1,203 | 1.31 | 1,463 | 1.59 | |||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 95% | 1,170 | 1.28 | 1,399 | 1.53 | |||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 97% | 1,193 | 1.55 | 1,409 | 1.83 | |||||||||||
Camden Design District (3) | Dallas | TX | 2009 | 939 | 355 | 95% | 1,372 | 1.46 | 1,494 | 1.59 | |||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 95% | 1,341 | 1.44 | 1,557 | 1.67 | |||||||||||
Camden Henderson | Dallas | TX | 2012 | 967 | 106 | 96% | 1,538 | 1.59 | 1,794 | 1.85 | |||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 96% | 1,256 | 1.51 | 1,477 | 1.78 | |||||||||||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 95% | 1,256 | 1.44 | 1,499 | 1.72 | |||||||||||
Camden Panther Creek (3) | Frisco | TX | 2009 | 946 | 295 | 95% | 1,209 | 1.28 | 1,395 | 1.48 | |||||||||||
Camden Riverwalk (3) | Grapevine | TX | 2008 | 982 | 600 | 96% | 1,435 | 1.46 | 1,621 | 1.65 | |||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 94% | 1,083 | 1.46 | 1,309 | 1.76 | |||||||||||
Camden Victory Park | Dallas | TX | 2016 | 861 | 423 | 94% | 1,583 | 1.84 | 1,799 | 2.09 | |||||||||||
Total Dallas/Ft. Worth | 14 | Properties | 901 | 5,666 | 95% | 1,306 | 1.45 | 1,521 | 1.69 | ||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 96% | 1,438 | 1.54 | 1,664 | 1.79 | |||||||||||
Camden City Centre II | Houston | TX | 2013 | 868 | 268 | 94% | 1,496 | 1.72 | 1,726 | 1.99 | |||||||||||
Camden Cypress Creek (3) | Cypress | TX | 2009 | 993 | 310 | 96% | 1,250 | 1.26 | 1,389 | 1.40 | |||||||||||
Camden Downs at Cinco Ranch (3) | Katy | TX | 2004 | 1,075 | 318 | 96% | 1,232 | 1.15 | 1,486 | 1.38 | |||||||||||
Camden Grand Harbor (3) | Katy | TX | 2008 | 959 | 300 | 96% | 1,167 | 1.22 | 1,328 | 1.38 | |||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96% | 1,356 | 1.58 | 1,560 | 1.81 | |||||||||||
Camden Heights (3) | Houston | TX | 2004 | 927 | 352 | 96% | 1,440 | 1.55 | 1,636 | 1.76 | |||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 96% | 1,190 | 1.27 | 1,412 | 1.51 | |||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 94% | 1,513 | 1.79 | 1,686 | 2.00 | |||||||||||
Camden Northpointe (3) | Tomball | TX | 2008 | 940 | 384 | 96% | 1,085 | 1.16 | 1,323 | 1.41 | |||||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 97% | 1,102 | 1.27 | 1,271 | 1.46 | |||||||||||
Camden Park | Houston | TX | 1995 | 866 | 288 | 96% | 1,070 | 1.24 | 1,286 | 1.49 | |||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 97% | 1,524 | 1.67 | 1,721 | 1.88 | |||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 96% | 2,428 | 2.02 | 2,542 | 2.12 | |||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 97% | 1,314 | 1.42 | 1,385 | 1.50 | |||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 97% | 1,506 | 1.43 | 1,591 | 1.51 | |||||||||||
Camden Spring Creek (3) | Spring | TX | 2004 | 1,080 | 304 | 88% | 1,171 | 1.08 | 1,396 | 1.29 | |||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 96% | 1,077 | 1.27 | 1,287 | 1.52 | |||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 95% | 1,159 | 1.26 | 1,370 | 1.49 | |||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 94% | 1,443 | 1.76 | 1,639 | 2.00 | |||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 97% | 1,403 | 1.63 | 1,630 | 1.89 | |||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 934 | 274 | 95% | 1,202 | 1.28 | 1,387 | 1.48 | |||||||||||
Camden Woodson Park (3) | Houston | TX | 2008 | 916 | 248 | 97% | 1,175 | 1.28 | 1,316 | 1.44 | |||||||||||
Camden Yorktown (3) | Houston | TX | 2008 | 995 | 306 | 96% | 1,151 | 1.16 | 1,364 | 1.37 | |||||||||||
Total Houston | 24 | Properties | 930 | 8,434 | 96% | 1,334 | 1.43 | 1,529 | 1.64 | ||||||||||||
TOTAL TEXAS | 51 | Properties | 914 | 18,362 | 95% | 1,289 | 1.41 | 1,498 | 1.64 | ||||||||||||
TOTAL PROPERTIES | 158 | Properties | 956 | 54,181 | 95% | $1,472 | $1.54 | $1,694 | $1.77 |
+=$U[
M6/#V@VEGIX\ZSEBDF5I!_!CC]*J$DU%ONP:9G^)--F\,>)/#FJ6>I7LDUY=K
M#
IP!TX[TN6P7.HHKC9[[7/#7A41ZE 6&7_ .M4+"Q4N87LXG*:=JTB64,=
MW,$G ^[TS5.37GL)PHD5FQD8!93^5='>_#W3KA2L-S><#A'P0/Y5F7'@:9(P
MEO?#"_=5\J*S^J7E>3#V;;W)I/$"- XNH@"Z*Q7IM/;%4KG48TB,@95+]$/I
M5.]\(:T(B%\J3N,2=_YU'_8_B)HB6TV;><*C",%0/7/7-9RPCOHR91E?R-.S
MN99WV8 +. W3V%;B0SVD\>Y!Y9/S9/0GTKCD\):Y--'YLIYI>:)=Z
M_ .L\AVMH\C!RY;] /ZT*@NQ4:5S*NM7O8F1II)?E(&TCM]*T
M+K7[R0_9)KB>XM,!QY2 %0>F?\!GI6@GP\O&D#2ZBB@#[H0M@^O)K1TWP'!8
M7,DS7