-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FO4mSTNlhRKrsR5Oyzk6iqUC1OiFmIqk2uvISsu3WiPJ8Todni5jnp5WGm4D3XYJ SceJTWwO7JT2GJrFSRO72Q== 0001157523-05-009372.txt : 20051028 0001157523-05-009372.hdr.sgml : 20051028 20051028141035 ACCESSION NUMBER: 0001157523-05-009372 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20051027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051028 DATE AS OF CHANGE: 20051028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMDEN PROPERTY TRUST CENTRAL INDEX KEY: 0000906345 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 766088377 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12110 FILM NUMBER: 051162603 BUSINESS ADDRESS: STREET 1: 3 GREENWAY PLAZA STREET 2: SUITE 1300 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7133542500 MAIL ADDRESS: STREET 1: 3 GREENWAY PLAZA STREET 2: SUITE 1300 CITY: HOUSTON STATE: TX ZIP: 77046 8-K 1 a5006755.txt CAMDEN PROPERTY TRUST 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of report (Date of earliest event reported): October 27, 2005 CAMDEN PROPERTY TRUST (Exact name of registrant as specified in its charter) TEXAS 1-12110 76-6088377 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation or organization) file number) Identification Number) Three Greenway Plaza, Suite 1300, Houston, Texas 77046 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (713) 354-2500 Not applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. On October 27, 2005, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter ended September 30, 2005. This Press Release refers to Supplemental financial information that is available on the Company's website. A copy of the Press Release and Supplemental information is furnished as Exhibits 99.1 and 99.2, respectively to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. Item 9.01 Financial Statements and Exhibits. (c) Exhibits. 99.1 Press Release issued by Camden Property Trust dated October 27, 2005. 99.2 Supplemental financial information dated October 27, 2005. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: October 27, 2005 CAMDEN PROPERTY TRUST By: /s/ Dennis M. Steen -------------------------------- Dennis M. Steen Senior Vice President - Finance, Chief Financial Officer and Secretary 3 EX-99.1 2 a5006755ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Camden Property Trust Announces Third Quarter 2005 Operating Results HOUSTON--(BUSINESS WIRE)--Oct. 27, 2005--Camden Property Trust (NYSE:CPT) announced that its Funds from Operations ("FFO") for the third quarter of 2005 totaled $0.76 per diluted share or $44.4 million, as compared to $0.76 per diluted share or $33.6 million reported for the third quarter of 2004. FFO for the nine months ended September 30, 2005 totaled $2.63 per diluted share or $145.8 million, as compared to $2.38 per diluted share or $105.5 million reported for the same period in 2004. FFO for the nine months ended September 30, 2005 included a $0.44 per diluted share impact from the sale of technology investments and a $0.25 per diluted share charge for transaction compensation and merger expenses relating to Camden's merger with Summit Properties Inc. ("Summit"). Net Income ("EPS") The Company reported a net loss of $2.3 million or $0.05 per diluted share for the third quarter of 2005, primarily due to a $0.17 per diluted share charge related to the amortization of acquired in place leases and a $0.04 per diluted share charge for early retirement of joint venture debt. Net income for the third quarter of 2004 was $5.8 million or $0.14 per diluted share. For the nine months ended September 30, 2005, net income totaled $186.2 million or $3.39 per diluted share compared to $22.8 million or $0.54 per diluted share for the same period in 2004. Net income for the nine months ended September 30, 2005 included a $3.03 per diluted share impact from gain on sale of properties and discontinued operations, a $0.44 per diluted share impact from the sale of technology investments, a $0.40 per diluted share charge related to the amortization of acquired in place leases, and a $0.25 per diluted share charge for transaction compensation and merger expenses relating to Camden's merger with Summit Properties Inc. A reconciliation of net income ("EPS") to FFO is included in the financial tables accompanying this press release. Same-Property Results For the 49,936 apartment homes included in consolidated same-property results, third quarter 2005 same-property net operating income ("NOI") growth was 4.4% compared to the third quarter of 2004, with revenues increasing 4.9% and operating expenses increasing 5.6%. On a sequential basis, third quarter 2005 same-property NOI declined 0.5% compared to second quarter 2005, with revenues increasing 2.0% and expenses increasing 6.0% compared to the prior quarter. On a year-to-date basis, 2005 same-property NOI increased 2.7%, with revenue growth of 3.1% and expense growth of 3.7% compared to the same period in 2004. Same-property physical occupancy levels for the combined portfolio averaged 96.0% during the third quarter of 2005, compared to 94.6% in the third quarter of 2004 and 95.2% in the second quarter of 2005. For the 38,853 apartment homes included in Camden's same-property results, third quarter 2005 revenues increased 4.0% while operating expenses increased 3.8%, producing a 4.2% increase in same-property net operating income ("NOI") compared to the third quarter of 2004. On a sequential basis, third quarter 2005 same-property NOI declined 1.5% compared to the second quarter of 2005, with revenues increasing 1.7% and expenses increasing 6.4% compared to the prior quarter. On a year-to-date basis, 2005 same-property NOI increased 2.4%, with revenue growth of 2.4% and expense growth of 2.5% compared to the same period in 2004. For the 11,083 same-property apartment homes acquired from Summit, third quarter 2005 revenues increased 7.2% while operating expenses increased 11.9%, producing a 4.8% increase in same-property net operating income ("NOI") compared to the third quarter of 2004. On a sequential basis, third quarter 2005 same-property NOI increased by 1.9% compared to the second quarter of 2005, with revenues increasing 2.9% and expenses increasing 4.9% compared to the prior quarter. On a year-to-date basis, 2005 same-property NOI increased 3.5%, with revenue growth of 4.9% and expense growth of 7.7% compared to the same period in 2004. A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release. Development Activity The Company completed construction on two apartment communities during the third quarter. Camden Lago Vista in Orlando, FL, was completed during the quarter and is currently 95% leased and occupied. Camden Farmers Market II in Dallas, TX was also completed and is currently 51% leased, with stabilization expected in early 2006. Camden continued construction on nine other development communities, including one joint venture community. Of those projects, two are currently in lease-up: Camden Westwind in Ashburn, VA (joint venture), and Camden Fairfax Corner in Fairfax, VA. Those projects are currently 30% leased and 16% leased, respectively. The remaining seven communities under construction are expected to begin lease-ups in late 2005 or during 2006. Acquisition/Disposition Activity During the quarter, the Company completed the acquisition of Camden World Gateway, a 408-home apartment community in Orlando, FL for $58.5 million. Subsequent to quarter-end, the Company acquired Camden Gaines Ranch, a 390-home apartment community in Austin, TX for $43.0 million. Dispositions for the quarter included Summit Lenox, a 431-home apartment community in Atlanta, GA sold for $30.2 million, and 2.2 acres of undeveloped land in Dallas, TX sold for $2.0 million. At quarter-end, Camden had two additional communities held for sale: Camden Live Oaks, a 770-home apartment community in Tampa, FL, and Camden Trails, a 264-home apartment community in Dallas, TX. Earnings Guidance Camden updated its 2005 earnings guidance and now expects full-year FFO of $3.44 to $3.49 per diluted share, and fourth quarter FFO of $0.82 to $0.86 per diluted share. EPS is expected to be between $0.02 and $0.06 per diluted share for the fourth quarter of 2005, and between $3.32 and $3.37 for full-year 2005, excluding any future gains from potential property or land sales. Camden updates its earnings guidance to the market on a quarterly basis. A reconciliation of expected net income to expected FFO is included in the financial tables accompanying this press release. Conference Call The Company will hold a conference call on Friday, October 28, 2005 at 9:00 a.m. Central Time to review its third quarter results and discuss its outlook for future performance. To participate in the call, please dial 866-831-6224 (domestic) or 617-213-8853 (international) by 8:50 a.m. Central Time and request the Camden Property Trust Third Quarter Earnings Call, Conference Passcode #56482111, or join the live webcast of the conference call by accessing the Investor Relations section of the Company's website at www.camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company's website or by calling Camden's Investor Relations Department at 800-922-6336. Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. About Camden Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 194 properties containing 67,009 apartment homes across the United States. Upon completion of nine properties under development, the Company's portfolio will increase to 70,220 apartment homes in 203 properties. For additional information, please contact Camden's Investor Relations Department at 800-922-6336 or 713-354-2787 or access our website at http://www.camdenliving.com. OPERATING RESULTS (In thousands, except per share and CAMDEN property data amounts) - ---------------------------------------------------------------------- (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, -------------------- -------------------- OPERATING DATA 2005 2004 2005 (a) 2004 - ---------------------------- -------------------- -------------------- Property revenues Rental revenues $129,309 $92,347 $360,761 $275,547 Other property revenues 11,899 8,562 32,769 24,880 -------------------- -------------------- Total property revenues 141,208 100,909 393,530 300,427 Property expenses Property operating and maintenance 40,590 31,680 111,612 90,324 Real estate taxes 15,231 10,958 43,534 33,051 -------------------- -------------------- Total property expenses 55,821 42,638 155,146 123,375 Non-property income Fee and asset management 1,789 1,962 10,929 6,639 Sale of technology investments - - 24,199 863 Interest and other income 1,913 1,917 6,401 7,136 -------------------- -------------------- Total non-property income 3,702 3,879 41,529 14,638 Other expenses Property management 4,208 2,901 11,350 8,512 Fee and asset management 2,008 850 4,999 2,845 General and administrative 6,183 4,074 18,017 12,400 Transaction compensation and merger expenses - - 14,085 - Interest 29,331 19,305 81,416 59,701 Amortization of deferred financing costs 855 767 2,872 2,250 Amortization of acquired in place leases 9,498 - 22,161 - Depreciation and amortization 36,076 25,748 100,923 76,109 -------------------- -------------------- Total other expenses 88,159 53,645 255,823 161,817 -------------------- -------------------- Income from continuing 930 8,505 24,090 29,873 operations before gain on sale of properties, equity in income (losses) of joint ventures and minority interests Gain on sale of properties, including land - - 132,128 1,255 Equity in income (losses) of joint ventures (1,827) 93 (1,472) 259 Income allocated to minority interests Distributions on perpetual preferred units (1,750) (2,664) (5,278) (8,350) Original issuance costs on redeemed perpetual preferred units - (745) (365) (745) Income allocated to common units and other minority interests (373) (515) (2,099) (1,956) -------------------- -------------------- Income (loss) from continuing operations (3,020) 4,674 147,004 20,336 Income from discontinued operations 703 1,171 3,091 3,778 Income from discontinued operations allocated to common units - (38) - (122) Impairment loss on land held for sale - - - (1,143) Gain on sale of discontinued operations - - 36,104 - -------------------- -------------------- Net income (loss) ($2,317) $5,807 $186,199 $22,849 ==================== ==================== PER SHARE DATA - ---------------------------- Net income (loss) - basic ($0.04) $0.14 $3.63 $0.57 Net income (loss) - diluted (0.05) 0.14 3.39 0.54 Income (loss) from continuing operations - basic (0.05) 0.11 2.87 0.51 Income (loss) from continuing operations - diluted (0.06) 0.11 2.68 0.48 Weighted average number of common and common equivalent shares outstanding: Basic 54,018 40,377 51,294 40,234 Diluted 55,671 42,574 55,494 42,381 PROPERTY DATA - ---------------------------- Total operating properties (end of period) (b) 193 145 193 145 Total operating apartment homes in operating properties (end of period) (b) 66,619 52,008 66,619 52,008 Total operating apartment homes (weighted average) 56,150 47,192 53,678 47,039 Total operating apartment homes - excluding discontinued operations (weighted average) 55,056 44,720 52,907 44,567 (a) The Company's 2005 financial results include the results of Summit subsequent to February 28, 2005. (b) Includes joint ventures and properties held for sale. Note: Please refer to following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. FUNDS FROM OPERATIONS (In thousands, except per share and CAMDEN property data amounts) - ---------------------------------------------------------------------- (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, -------------------- -------------------- FUNDS FROM OPERATIONS 2005 2004 2005 (a) 2004 - ---------------------------- -------------------- -------------------- Net income (loss) ($2,317) $5,807 $186,199 $22,849 Real estate depreciation and amortization from continuing operations 44,930 25,340 121,206 74,797 Real estate depreciation from discontinued operations 233 1,401 1,420 4,190 Adjustments for unconsolidated joint ventures 1,284 523 3,249 1,570 Income from continuing operations allocated to common units 241 515 1,969 1,956 Income from discontinued operations allocated to common units - 38 - 122 (Gain) on sale of operating properties - - (132,117) - (Gain) on sale of discontinued operations - - (36,104) - -------------------- -------------------- Funds from operations - diluted $44,371 $33,624 $145,822 $105,484 ==================== ==================== PER SHARE DATA - ---------------------------- Funds from operations - diluted $0.76 $0.76 $2.63 $2.38 Cash distributions 0.64 0.64 1.91 1.91 Weighted average number of common and common equivalent shares outstanding: FFO - diluted 58,600 44,449 55,494 44,257 PROPERTY DATA - ---------------------------- Total operating properties (end of period) (b) 193 145 193 145 Total operating apartment homes in operating properties (end of period) (b) 66,619 52,008 66,619 52,008 Total operating apartment homes (weighted average) 56,150 47,192 53,678 47,039 Total operating apartment homes - excluding discontinued operations (weighted average) 55,056 44,720 52,907 44,567 (a) The Company's 2005 financial results include the results of Summit subsequent to February 28, 2005. (b) Includes joint ventures and properties held for sale. Note: Please refer to following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. CAMDEN BALANCE SHEETS (In thousands) - ---------------------------------------------------------------------- (Unaudited) Sep 30, Jun 30, Mar 31, 2005 2005 2005 ------------ ------------ ------------- ASSETS Real estate assets, at cost Land $660,748 $657,433 $655,321 Buildings and improvements 3,881,682 3,839,732 3,810,003 ------------ ------------ ------------- 4,542,430 4,497,165 4,465,324 Accumulated depreciation (713,991) (694,120) (658,683) ------------ ------------ ------------- Net operating real estate assets 3,828,439 3,803,045 3,806,641 Properties under development, including land 377,787 368,022 348,202 Investment in joint ventures 31,389 37,074 38,107 Properties held for sale 51,741 39,930 72,338 ------------ ------------ ------------- Total real estate assets 4,289,356 4,248,071 4,265,288 Accounts receivable - affiliates 35,313 35,084 33,587 Notes receivable Affiliates 11,505 11,108 10,729 Other 24,865 32,283 32,274 Other assets, net (a) 100,080 101,475 95,941 Cash and cash equivalents 1,076 6,432 6,351 Restricted cash 5,829 6,375 5,835 ------------ ------------ ------------- Total assets $4,468,024 $4,440,828 $4,450,005 ============ ============ ============= LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Notes payable Unsecured $1,903,094 $1,860,107 $1,900,710 Secured 661,723 672,557 675,473 Accounts payable 59,248 61,220 54,975 Accrued real estate taxes 39,740 29,510 17,179 Accrued expenses and other liabilities (b) 152,270 130,993 131,155 Distributions payable 38,933 39,513 15,223 ------------ ------------ ------------- Total liabilities 2,855,008 2,793,900 2,794,715 Commitments and contingencies Minority interests Perpetual preferred units 97,925 97,925 97,925 Common units 115,190 118,119 121,734 Other minority interests 10,425 9,878 9,880 ------------ ------------ ------------- Total minority interests 223,540 225,922 229,539 Shareholders' equity Common shares of beneficial interest 607 606 605 Additional paid-in capital 1,913,930 1,910,750 1,903,541 Distributions in excess of net income (273,609) (236,954) (224,533) Unearned restricted share awards (14,217) (15,732) (15,185) Employee notes receivable (2,087) (2,084) (3,097) Treasury shares, at cost (235,148) (235,580) (235,580) ------------ ------------ ------------- Total shareholders' equity 1,389,476 1,421,006 1,425,751 ------------ ------------ ------------- Total liabilities and shareholders' equity $4,468,024 $4,440,828 $4,450,005 ============ ============ ============= (a) includes: net deferred charges of: $13,757 $14,266 $13,386 value of in place leases of: $10,561 $18,995 $29,186 (b) includes: deferred revenues of: $34,508 $34,990 $35,797 above/below market leases of: $889 $1,675 $2,537 (Unaudited) Dec 31, Sep 30, 2004 2004 ------------- --------------- ASSETS Real estate assets, at cost Land $399,054 $406,760 Buildings and improvements 2,511,195 2,583,555 ------------- --------------- 2,910,249 2,990,315 Accumulated depreciation (688,333) (680,184) ------------- --------------- Net operating real estate assets 2,221,916 2,310,131 Properties under development, including land 176,769 174,351 Investment in joint ventures 9,641 10,076 Properties held for sale 62,418 1,800 ------------- --------------- Total real estate assets 2,470,744 2,496,358 Accounts receivable - affiliates 31,380 30,434 Notes receivable Affiliates 10,367 10,010 Other 44,547 53,599 Other assets, net (a) 66,164 49,804 Cash and cash equivalents 2,253 2,465 Restricted cash 3,909 4,259 ------------- --------------- Total assets $2,629,364 $2,646,929 ============= =============== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Notes payable Unsecured $1,407,208 $1,435,197 Secured 169,197 170,129 Accounts payable 31,904 28,794 Accrued real estate taxes 27,324 32,732 Accrued expenses and other liabilities (b) 65,237 48,192 Distributions payable 30,412 30,331 ------------- --------------- Total liabilities 1,731,282 1,745,375 Commitments and contingencies Minority interests Perpetual preferred units 115,060 115,060 Common units 44,507 43,881 Other minority interests - - ------------- --------------- Total minority interests 159,567 158,941 Shareholders' equity Common shares of beneficial interest 486 486 Additional paid-in capital 1,348,848 1,346,040 Distributions in excess of net income (361,973) (353,996) Unearned restricted share awards (13,023) (14,069) Employee notes receivable - - Treasury shares, at cost (235,823) (235,848) ------------- --------------- Total shareholders' equity 738,515 742,613 ------------- --------------- Total liabilities and shareholders' equity $2,629,364 $2,646,929 ============= =============== (a) includes: net deferred charges of: $11,361 $8,917 value of in place leases of: - - (b) includes: deferred revenues of: $2,280 $1,657 above/below market leases of: - - CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) - ---------------------------------------------------------------------- (Unaudited) This document contains certain non-GAAP financial measures that management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity. FFO - ------------- The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains or losses from of depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Camden's definition of diluted FFO also assumes conversion of all dilutive convertible securities, including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a company's real estate between periods or as compared to different companies. A reconciliation of net income to FFO is provided below: Three Months Ended Nine Months Ended September 30, September 30, -------------------- -------------------- 2005 2004 2005 2004 -------------------- -------------------- Net income (loss) ($2,317) $5,807 $186,199 $22,849 Real estate depreciation and amortization from continuing operations 44,930 25,340 121,206 74,797 Real estate depreciation from discontinued operations 233 1,401 1,420 4,190 Adjustments for unconsolidated joint ventures 1,284 523 3,249 1,570 Income from continuing operations allocated to common units 241 515 1,969 1,956 Income from discontinued operations allocated to common units - 38 - 122 (Gain) on sale of operating properties - - (132,117) - (Gain) on sale of discontinued operations - - (36,104) - -------------------- -------------------- Funds from operations - diluted $44,371 $33,624 $145,822 $105,484 ==================== ==================== Weighted average number of common and common equivalent shares outstanding: EPS diluted 55,671 42,574 55,494 42,381 FFO diluted 58,600 44,449 55,494 44,257 Net income (loss) per common share - diluted $(0.05) $0.14 $3.39 $0.54 FFO per common share - diluted $0.76 $0.76 $2.63 $2.38 Expected FFO - ------------- Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected net income (EPS). A reconciliation of the ranges provided for expected net income per diluted share to expected FFO per diluted share is provided below: 4Q05 Range 2005 Range Low High Low High -------------------- -------------------- Expected net income (loss) per share - diluted $0.02 $0.06 $3.32 $3.37 Expected real estate depreciation 0.77 0.77 2.99 2.99 Expected adjustments for unconsolidated joint ventures 0.02 0.02 0.08 0.08 Expected income allocated to common units 0.01 0.01 0.04 0.04 Expected (gain) on sale of properties and properties held for sale 0.00 0.00 (2.99) (2.99) -------------------- -------------------- Expected FFO per share - diluted $0.82 $0.86 $3.44 $3.49 Note: This table contains forward-looking statements. Net Operating Income (NOI) - ---------------------------- NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income to net operating income is provided below: Three Months Ended Nine Months Ended September 30, September 30, -------------------- -------------------- 2005 2004 2005 2004 -------------------- -------------------- Net income (loss) ($2,317) $5,807 $186,199 $22,849 Fee and asset management (1,789) (1,962) (10,929) (6,639) Sale of technology investments - - (24,199) (863) Interest and other income (1,913) (1,917) (6,401) (7,136) Property management expense 4,208 2,901 11,350 8,512 Fee and asset management expense 2,008 850 4,999 2,845 General and administrative expense 6,183 4,074 18,017 12,400 Transaction compensation and merger expenses - - 14,085 - Interest expense 29,331 19,305 81,416 59,701 Amortization of deferred financing costs 855 767 2,872 2,250 Amortization of acquired in place leases 9,498 - 22,161 - Depreciation and amortization 36,076 25,748 100,923 76,109 Gain on sale of properties, including land - - (132,128) (1,255) Impairment loss on land held for sale - - - 1,143 Equity in (income) losses of joint ventures 1,827 (93) 1,472 (259) Distributions on perpetual preferred units 1,750 2,664 5,278 8,350 Original issuance costs on redeemed perpetual preferred units - 745 365 745 Income allocated to common units and other minority interests 373 515 2,099 1,956 Income from discontinued operations (703) (1,171) (3,091) (3,778) Income from discontinued operations allocated to common units - 38 - 122 Gain on sale of discontinued operations - - (36,104) - -------------------- -------------------- Net Operating Income (NOI) $85,387 $58,271 $238,384 $177,052 CPT-"Same Property" Communities $50,756 $48,723 $152,149 $148,652 Summit-"Same Property" Communities 22,549 - 51,856 - CPT Non-"Same Property" Communities 4,083 3,159 12,414 9,029 Summit Non-"Same Property" Communities 6,054 - 12,700 - Development and Lease-Up Communities 438 - 671 - Dispositions / Other 1,507 6,389 8,594 19,371 -------------------- -------------------- Net Operating Income (NOI) $85,387 $58,271 $238,384 $177,052 EBITDA - ------------- EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in income of joint ventures, gain on sale of real estate assets, and income allocated to minority interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income to EBITDA is provided below: Three Months Ended Nine Months Ended September 30, September 30, -------------------- -------------------- 2005 2004 2005 2004 -------------------- -------------------- Net income (loss) ($2,317) $5,807 $186,199 $22,849 Interest expense 29,331 19,305 81,416 59,701 Amortization of deferred financing costs 855 767 2,872 2,250 Amortization of acquired in place leases 9,498 - 22,161 - Depreciation and amortization 36,076 25,748 100,923 76,109 Distributions on perpetual preferred units 1,750 2,664 5,278 8,350 Original issuance costs on redeemed perpetual preferred units - 745 365 745 Income allocated to common units and other minority interests 373 515 2,099 1,956 Real estate depreciation from discontinued operations 233 1,401 1,420 4,190 Gain on sale of properties, including land - - (132,128) (1,255) Impairment loss on land held for sale - - - 1,143 Equity in income of joint ventures 1,827 (93) 1,472 (259) Gain on sale of discontinued operations - - (36,104) - Income from discontinued operations allocated to common units - 38 - 122 -------------------- -------------------- EBITDA $77,626 $56,897 $235,973 $175,901 CONTACT: Camden Property Trust, Houston Kim Callahan, 713-354-2549 EX-99.2 3 a5006755ex99-2.txt EXHIBIT 99.2 Exhibit 99.2 THIRD QUARTER 2005 ----------------------------------------- Supplemental Operating and Financial Data ----------------------------------------- Summit Grand Parc - Washington D.C. 105 Apartment Homes - Currently 95% Occupied Camden Property Trust Three Greenway Plaza, Suite 1300 Houston, Texas 77046 Phone: 713-354-2500 Fax: 713-354-2700 www.camdenliving.com -------------------- In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. CAMDEN TABLE OF CONTENTS - -------------------------------------------------------------------------------- Page Press Release Text 3 Financial Highlights 6 Operating Results 7 Funds from Operations 8 Balance Sheets 9 Portfolio Statistics 10 Components of Property Net Operating Income 11 "Same Property" Third Quarter Comparisons 12 "Same Property" Sequential Quarter Comparisons 13 "Same Property" Year to Date Comparisons 14 Joint Venture Operations 15 Development Pipeline 16 Pre - Development Pipeline 17 Mezzanine Financing Summary 18 Acquisitions & Dispositions 19 Debt Analysis 20 Debt Covenant Analysis 21 Capitalized Expenditures & Maintenance Expense 22 Non-GAAP Financial Measures - Definitions & Reconciliations 23 Other Data 25 Community Table 26 2 Camden Property Trust Announces Third Quarter 2005 Operating Results HOUSTON--(BUSINESS WIRE)--Oct. 27, 2005--Camden Property Trust (NYSE:CPT) announced that its Funds from Operations ("FFO") for the third quarter of 2005 totaled $0.76 per diluted share or $44.4 million, as compared to $0.76 per diluted share or $33.6 million reported for the third quarter of 2004. FFO for the nine months ended September 30, 2005 totaled $2.63 per diluted share or $145.8 million, as compared to $2.38 per diluted share or $105.5 million reported for the same period in 2004. FFO for the nine months ended September 30, 2005 included a $0.44 per diluted share impact from the sale of technology investments and a $0.25 per diluted share charge for transaction compensation and merger expenses relating to Camden's merger with Summit Properties Inc. ("Summit"). Net Income ("EPS") The Company reported a net loss of $2.3 million or $0.05 per diluted share for the third quarter of 2005, primarily due to a $0.17 per diluted share charge related to the amortization of acquired in place leases and a $0.04 per diluted share charge for early retirement of joint venture debt. Net income for the third quarter of 2004 was $5.8 million or $0.14 per diluted share. For the nine months ended September 30, 2005, net income totaled $186.2 million or $3.39 per diluted share compared to $22.8 million or $0.54 per diluted share for the same period in 2004. Net income for the nine months ended September 30, 2005 included a $3.03 per diluted share impact from gain on sale of properties and discontinued operations, a $0.44 per diluted share impact from the sale of technology investments, a $0.40 per diluted share charge related to the amortization of acquired in place leases, and a $0.25 per diluted share charge for transaction compensation and merger expenses relating to Camden's merger with Summit Properties Inc. A reconciliation of net income ("EPS") to FFO is included in the financial tables accompanying this press release. Same-Property Results For the 49,936 apartment homes included in consolidated same-property results, third quarter 2005 same-property net operating income ("NOI") growth was 4.4% compared to the third quarter of 2004, with revenues increasing 4.9% and operating expenses increasing 5.6%. On a sequential basis, third quarter 2005 same-property NOI declined 0.5% compared to second quarter 2005, with revenues increasing 2.0% and expenses increasing 6.0% compared to the prior quarter. On a year-to-date basis, 2005 same-property NOI increased 2.7%, with revenue growth of 3.1% and expense growth of 3.7% compared to the same period in 2004. Same-property physical occupancy levels for the combined portfolio averaged 96.0% during the third quarter of 2005, compared to 94.6% in the third quarter of 2004 and 95.2% in the second quarter of 2005. For the 38,853 apartment homes included in Camden's same-property results, third quarter 2005 revenues increased 4.0% while operating expenses increased 3.8%, producing a 4.2% increase in same-property net operating income ("NOI") compared to the third quarter of 2004. On a sequential basis, third quarter 2005 same-property NOI declined 1.5% compared to the second quarter of 2005, with revenues increasing 1.7% and expenses increasing 6.4% compared to the prior quarter. On a year-to-date basis, 2005 same-property NOI increased 2.4%, with revenue growth of 2.4% and expense growth of 2.5% compared to the same period in 2004. For the 11,083 same-property apartment homes acquired from Summit, third quarter 2005 revenues increased 7.2% while operating expenses increased 11.9%, producing a 4.8% increase in same-property net operating income ("NOI") compared to the third quarter of 2004. On a sequential basis, third quarter 2005 same-property NOI increased by 1.9% compared to the second quarter of 2005, with revenues increasing 2.9% and expenses increasing 4.9% compared to the prior quarter. On a year-to-date basis, 2005 same-property NOI increased 3.5%, with revenue growth of 4.9% and expense growth of 7.7% compared to the same period in 2004. A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release. Development Activity The Company completed construction on two apartment communities during the third quarter. Camden Lago Vista in Orlando, FL, was completed during the quarter and is currently 95% leased and occupied. Camden Farmers Market II in Dallas, TX was also completed and is currently 51% leased, with stabilization expected in early 2006. Camden continued construction on nine other development communities, including one joint venture community. Of those projects, two are currently in lease-up: Camden Westwind in Ashburn, VA (joint venture), and Camden Fairfax Corner in Fairfax, VA. Those projects are currently 30% leased and 16% leased, respectively. The remaining seven communities under construction are expected to begin lease-ups in late 2005 or during 2006. Acquisition/Disposition Activity During the quarter, the Company completed the acquisition of Camden World Gateway, a 408-home apartment community in Orlando, FL for $58.5 million. Subsequent to quarter-end, the Company acquired Camden Gaines Ranch, a 390-home apartment community in Austin, TX for $43.0 million. Dispositions for the quarter included Summit Lenox, a 431-home apartment community in Atlanta, GA sold for $30.2 million, and 2.2 acres of undeveloped land in Dallas, TX sold for $2.0 million. At quarter-end, Camden had two additional communities held for sale: Camden Live Oaks, a 770-home apartment community in Tampa, FL, and Camden Trails, a 264-home apartment community in Dallas, TX. Earnings Guidance Camden updated its 2005 earnings guidance and now expects full-year FFO of $3.44 to $3.49 per diluted share, and fourth quarter FFO of $0.82 to $0.86 per diluted share. EPS is expected to be between $0.02 and $0.06 per diluted share for the fourth quarter of 2005, and between $3.32 and $3.37 for full-year 2005, excluding any future gains from potential property or land sales. Camden updates its earnings guidance to the market on a quarterly basis. A reconciliation of expected net income to expected FFO is included in the financial tables accompanying this press release. Conference Call The Company will hold a conference call on Friday, October 28, 2005 at 9:00 a.m. Central Time to review its third quarter results and discuss its outlook for future performance. To participate in the call, please dial 866-831-6224 (domestic) or 617-213-8853 (international) by 8:50 a.m. Central Time and request the Camden Property Trust Third Quarter Earnings Call, Conference Passcode #56482111, or join the live webcast of the conference call by accessing the Investor Relations section of the Company's website at www.camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company's website or by calling Camden's Investor Relations Department at 800-922-6336. Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. About Camden Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 194 properties containing 67,009 apartment homes across the United States. Upon completion of nine properties under development, the Company's portfolio will increase to 70,220 apartment homes in 203 properties. For additional information, please contact Camden's Investor Relations Department at 800-922-6336 or 713-354-2787 or access our website at http://www.camdenliving.com.
CAMDEN FINANCIAL HIGHLIGHTS (in thousands, except per share, property data amounts and ratios) - ------------------------------------------------------------------------------------------------------- (Unaudited) Three Months Ended Nine MonthsEnded September 30, September 30, -------------------------------------------- 2005 2004 2005 (a) 2004 -------------------- ----------------------- Total property revenues $141,208 $100,909 $393,530 $300,427 EBITDA 77,626 56,897 235,973 175,901 Net income (loss) (2,317) 5,807 186,199 22,849 Per share - basic (0.04) 0.14 3.63 0.57 Per share - diluted (0.05) 0.14 3.39 0.54 Income (loss) from continuing operations (3,020) 4,674 147,004 20,336 per share - basic (0.05) 0.11 2.87 0.51 per share - diluted (0.06) 0.11 2.68 0.48 Funds from operations 44,371 33,624 145,822 105,484 Per share - diluted 0.76 0.76 2.63 2.38 Dividends per share 0.64 0.64 1.91 1.91 Dividend payout ratio 84.2% 84.2% 72.6% 80.3% Interest expensed 29,331 19,305 81,416 59,701 Interest capitalized 5,015 2,294 12,657 6,966 --------- --------- ----------- ----------- Total interest incurred 34,346 21,599 94,073 66,667 Principal amortization 3,135 1,105 7,590 3,479 Preferred dividends & distributions 1,750 2,664 5,278 8,350 Interest expense coverage ratio 2.6 x 2.9 x 2.9 x 2.9 Total interest coverage ratio 2.3 x 2.6 x 2.5 x 2.6 Fixed charge expense coverage ratio 2.3 x 2.5 x 2.5 x 2.5 Total fixed charge coverage ratio 2.0 x 2.2 x 2.2 x 2.2 Same property NOI increase/(decrease) (b) 4.4% 2.7% (# of apartment homes included) 49,936 49,936 Gross turnover of apartment homes (annualized) 71% 65% Net turnover (excludes on-site transfers and transfers to other Camden communities) 64% 59% As of September 30, ----------------------- 2005 2004 ----------------------- Total assets $4,468,024 $2,646,929 Total debt $2,564,817 $1,605,326 Common and common equivalent shares, outstanding end of period (c) 58,721 44,432 Share price, end of period $ 55.75 $ 46.20 Preferred units, end of period $ 97,925 $ 115,060 Book equity value, end of period (d) $1,613,016 $ 901,554 Market equity value, end of period (d) $3,373,696 $2,170,258 Debt to total market capitalization ratio 43.2% 42.5% Unencumbered real estate assets (at cost) to unsecured debt ratio 201% 196% (a) The Company's 2005 financial results include the results of Summit subsequent to February 28, 2005. (b) "Same Property" Communities are communities which were owned by Camden or Summit and stabilized as of January 1, 2004, excluding properties held for sale. Results are proforma for both Camden and Summit as if the merger occurred on January 1, 2004. (c) Includes at September 30, 2005: 54,641 common shares (including 558 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (4,080) (d) Includes: common shares, preferred and common units, and common share equivalents Note: Please refer to pages 23 and 24 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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CAMDEN OPERATING RESULTS (In thousands, except per data property share and amounts) ------------------------------------------------------------------------------------------------------- (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------ -------------------- OPERATING DATA 2005 2004 2005 (a) 2004 ------------------- ------------------ -------------------- Property revenues Rental revenues $129,309 $92,347 $360,761 $275,547 Other property revenues 11,899 8,562 32,769 24,880 ------------------ -------------------- Total property revenues 141,208 100,909 393,530 300,427 Property expenses Property operating and maintenance 40,590 31,680 111,612 90,324 Real estate taxes 15,231 10,958 43,534 33,051 ------------------ -------------------- Total property expenses 55,821 42,638 155,146 123,375 Non-property income Fee and asset management 1,789 1,962 10,929 6,639 Sale of technology investments - - 24,199 863 Interest and other income 1,913 1,917 6,401 7,136 ------------------ -------------------- Total non-property income 3,702 3,879 41,529 14,638 Other expenses Property management 4,208 2,901 11,350 8,512 Fee and asset management 2,008 850 4,999 2,845 General and administrative 6,183 4,074 18,017 12,400 Transaction compensation and merger expenses - - 14,085 - Interest 29,331 19,305 81,416 59,701 Amortization of deferred financing costs 855 767 2,872 2,250 Amortization of acquired in place leases 9,498 - 22,161 - Depreciation and amortization 36,076 25,748 100,923 76,109 ------------------ -------------------- Total other expenses 88,159 53,645 255,823 161,817 ------------------ -------------------- Income from continuing operations before gain on sale of properties, 930 8,505 24,090 29,873 equity in income (losses) of joint ventures and minority interests Gain on sale of properties, including land - - 132,128 1,255 Equity in income (losses) of joint ventures (1,827) 93 (1,472) 259 Income allocated to minority interests Distributions on perpetual preferred units (1,750) (2,664) (5,278) (8,350) Original issuance costs on redeemed perpetual preferred units - (745) (365) (745) Income allocated to common units and other minority interests (373) (515) (2,099) (1,956) ------------------ -------------------- Income (loss) from continuing operations (3,020) 4,674 147,004 20,336 Income from discontinued operations 703 1,171 3,091 3,778 Income from discontinued operations allocated to common units - (38) - (122) Impairment loss on land held for sale - - - (1,143) Gain on sale of discontinued operations - - 36,104 - ------------------ -------------------- Net income (loss) ($2,317) $5,807 $186,199 $22,849 ================== ==================== PER SHARE DATA ------------------- Net income (loss) - basic ($0.04) $0.14 $3.63 $0.57 Net income (loss) - diluted (0.05) 0.14 3.39 0.54 Income (loss) from continuing operations - basic (0.05) 0.11 2.87 0.51 Income (loss) from continuing operations - diluted (0.06) 0.11 2.68 0.48 Weighted average number of common and common equivalent shares outstanding: Basic 54,018 40,377 51,294 40,234 Diluted 55,671 42,574 55,494 42,381 PROPERTY DATA ------------------- Total operating properties (end of period) (b) 193 145 193 145 Total operating apartment homes in operating properties (end of period) (b) 66,619 52,008 66,619 52,008 Total operating apartment homes (weighted average) 56,150 47,192 53,678 47,039 Total operating apartment homes - excluding discontinued operations (weighted average) 55,056 44,720 52,907 44,567
(a) The Company's 2005 financial results include the results of Summit subsequent to February 28, 2005. (b) Includes joint ventures and properties held for sale. Note: Please refer to pages 23 and 24 for definitions and reconciliations of all non-GAAP financial measures presented in this document. % 7
CAMDEN FUNDS FROM OPERATIONS (In thousands, except per share and property data amounts) - --------------------------------------------------------------------------------------------------------- (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, --------------------- ------------------------ FUNDS FROM OPERATIONS 2005 2004 2005 (a) 2004 - ------------------------------- --------------------- ------------------------ Net income (loss) ($2,317) $ 5,807 $186,199 $ 22,849 Real estate depreciation and amortization from continuing operations 44,930 25,340 121,206 74,797 Real estate depreciation from discontinued operations 233 1,401 1,420 4,190 Adjustments for unconsolidated joint ventures 1,284 523 3,249 1,570 Income from continuing operations allocated to common units 241 515 1,969 1,956 Income from discontinued operations allocated to common units - 38 - 122 (Gain) on sale of operating properties - - (132,117) - (Gain) on sale of discontinued operations - - (36,104) - --------------------- ------------------------ Funds from operations - diluted $44,371 $33,624 $145,822 $105,484 ===================== ======================== PER SHARE DATA - ---------------------- Funds from operations - diluted $ 0.76 $ 0.76 $ 2.63 $ 2.38 Cash distributions 0.64 0.64 1.91 1.91 Weighted average number of common and common equivalent shares outstanding: FFO - diluted 58,600 44,449 55,494 44,257 PROPERTY DATA - ---------------------- Total operating properties (end of period) (b) 193 145 193 145 Total operating apartment homes in operating properties (end of period) (b) 66,619 52,008 66,619 52,008 Total operating apartment homes (weighted average) 56,150 47,192 53,678 47,039 Total operating apartment homes - excluding discontinued operations (weighted average) 55,056 44,720 52,907 44,567
(a) The Company's 2005 financial results include the results of Summit subsequent to February 28, 2005. (b) Includes joint ventures and properties held for sale. Note: Please refer to pages 23 and 24 for definitions and reconciliations of all non-GAAP financial measures presented in this document. 8
CAMDEN BALANCE SHEETS (In thousands) - ----------------------------------------------------------------------------------------------------------- (Unaudited) Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, 2005 2005 2005 2004 2004 -------------------------------------------------------------- ASSETS Real estate assets, at cost Land $ 660,748 $ 657,433 $ 655,321 $ 399,054 $ 406,760 Buildings and improvements 3,881,682 3,839,732 3,810,003 2,511,195 2,583,555 -------------------------------------------------------------- 4,542,430 4,497,165 4,465,324 2,910,249 2,990,315 Accumulated depreciation (713,991) (694,120) (658,683) (688,333) (680,184) -------------------------------------------------------------- Net operating real estate assets 3,828,439 3,803,045 3,806,641 2,221,916 2,310,131 Properties under development, including land 377,787 368,022 348,202 176,769 174,351 Investment in joint ventures 31,389 37,074 38,107 9,641 10,076 Properties held for sale 51,741 39,930 72,338 62,418 1,800 -------------------------------------------------------------- Total real estate assets 4,289,356 4,248,071 4,265,288 2,470,744 2,496,358 Accounts receivable - affiliates 35,313 35,084 33,587 31,380 30,434 Notes receivable Affiliates 11,505 11,108 10,729 10,367 10,010 Other 24,865 32,283 32,274 44,547 53,599 Other assets, net (a) 100,080 101,475 95,941 66,164 49,804 Cash and cash equivalents 1,076 6,432 6,351 2,253 2,465 Restricted cash 5,829 6,375 5,835 3,909 4,259 -------------------------------------------------------------- Total assets $4,468,024 $4,440,828 $4,450,005 $2,629,364 $2,646,929 ============================================================== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Notes payable Unsecured $1,903,094 $1,860,107 $1,900,710 $1,407,208 $1,435,197 Secured 661,723 672,557 675,473 169,197 170,129 Accounts payable 59,248 61,220 54,975 31,904 28,794 Accrued real estate taxes 39,740 29,510 17,179 27,324 32,732 Accrued expenses and other liabilities (b) 152,270 130,993 131,155 65,237 48,192 Distributions payable 38,933 39,513 15,223 30,412 30,331 -------------------------------------------------------------- Total liabilities 2,855,008 2,793,900 2,794,715 1,731,282 1,745,375 Commitments and contingencies Minority interests Perpetual preferred units 97,925 97,925 97,925 115,060 115,060 Common units 115,190 118,119 121,734 44,507 43,881 Other minority interests 10,425 9,878 9,880 - - -------------------------------------------------------------- Total minority interests 223,540 225,922 229,539 159,567 158,941 Shareholders' equity Common shares of beneficial interest 607 606 605 486 486 Additional paid-in capital 1,913,930 1,910,750 1,903,541 1,348,848 1,346,040 Distributions in excess of net income (273,609) (236,954) (224,533) (361,973) (353,996) Unearned restricted share awards (14,217) (15,732) (15,185) (13,023) (14,069) Employee notes receivable (2,087) (2,084) (3,097) - - Treasury shares, at cost (235,148) (235,580) (235,580) (235,823) (235,848) -------------------------------------------------------------- Total shareholders' equity 1,389,476 1,421,006 1,425,751 738,515 742,613 -------------------------------------------------------------- Total liabilities and shareholders' equity $4,468,024 $4,440,828 $4,450,005 $2,629,364 $2,646,929 ============================================================== (a) includes: net deferred charges of: $ 13,757 $ 14,266 $ 13,386 $ 11,361 $ 8,917 value of in place leases of: $ 10,561 $ 18,995 $ 29,186 - - (b) includes: deferred revenues of: $ 34,508 $ 34,990 $ 35,797 $ 2,280 $ 1,657 above/below market leases of: $ 889 $ 1,675 $ 2,537 - -
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CAMDEN PORTFOLIO STATISTICS - --------------------------------------------------------------------------------------------------------------------------------- (Unaudited) COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2005 (in apartment homes) Summit- Non-"Same Completed CPT-"Same "Same Property" Wholly - Joint Stabilized in Total Under Property" Property" (a) Owned Venture Operating Lease-up Operating Development Total ------------------------------------------------------------------------------------------------------------ Las Vegas, NV 4,017 - - 4,017 5,176 9,193 - 9,193 - 9,193 D.C. Metro (b) - 2,330 552 2,882 - 2,882 - 2,882 1,996 4,878 Los Angeles/Orange County, CA 1,232 - 538 1,770 421 2,191 - 2,191 - 2,191 San Diego/Inland Empire, CA 424 - 422 846 - 846 - 846 350 1,196 Dallas, TX 7,639 - 264 7,903 456 8,359 284 8,643 - 8,643 Tampa, FL 4,865 - 770 5,635 - 5,635 - 5,635 - 5,635 Houston, TX 5,230 - 364 5,594 1,216 6,810 - 6,810 236 7,046 Charlotte, NC 1,659 1,557 785 4,001 792 4,793 - 4,793 145 4,938 SE Florida - 1,868 652 2,520 - 2,520 - 2,520 - 2,520 Atlanta, GA - 2,906 296 3,202 - 3,202 - 3,202 - 3,202 Denver, CO 2,209 - - 2,209 320 2,529 - 2,529 - 2,529 Orlando, FL 2,252 270 408 2,930 - 2,930 366 3,296 - 3,296 Raleigh, NC - 1,800 420 2,220 411 2,631 - 2,631 484 3,115 St. Louis, MO 2,123 - - 2,123 - 2,123 - 2,123 - 2,123 Phoenix, AZ 1,441 - - 1,441 992 2,433 - 2,433 - 2,433 Corpus Christi, TX 632 - 778 1,410 - 1,410 - 1,410 - 1,410 Louisville, KY 1,448 - - 1,448 - 1,448 - 1,448 - 1,448 Austin, TX 1,745 - - 1,745 - 1,745 - 1,745 - 1,745 Other 1,937 352 - 2,289 - 2,289 - 2,289 - 2,289 ----------- ----------- ---------- -------- -------- ---------- --------- ---------- ----------- ----------- Total Portfolio 38,853 11,083 6,249 56,185 9,784 65,969 650 66,619 3,211 69,830
(a) Includes the following properties held for sale and reported in discontinued operations: Camden Live Oaks in Tampa, FL (770 apartments homes) and Camden Trails in Dallas, TX (264 apartment homes). (b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. 464 apartment homes under development in Northern Virginia are held through a joint venture investment.
THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (f) Same Property Operating Incl. JVs at Communities Communities Pro Rata % (e) Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 (c) (d) 2005 2005 2005 2004 2004 ------------------------------------------------------------------------------------------------ Las Vegas, NV 9.3% 8.0% 9.4% 97.2% 97.2% 97.2% 97.4% 97.2% D.C. Metro 9.7% 10.4% 10.1% 96.5% 95.2% 93.5% 93.8% 94.3% Los Angeles/Orange County, CA 4.5% 6.1% 6.2% 94.9% 92.7% 94.7% 97.0% 95.8% San Diego/Inland Empire, CA 1.6% 2.5% 2.4% 95.6% 93.4% 90.7% 93.7% 94.6% Dallas, TX 9.4% 8.2% 8.1% 95.5% 94.7% 91.6% 91.5% 93.3% Tampa, FL 8.8% 8.5% 8.2% 96.4% 96.0% 96.3% 96.3% 95.1% Houston, TX 8.4% 7.8% 7.9% 95.6% 94.4% 91.9% 90.3% 92.8% Charlotte, NC 5.7% 6.9% 6.9% 96.2% 95.4% 93.8% 93.6% 94.7% SE Florida 6.2% 7.7% 7.4% 97.0% 96.8% 96.1% 95.1% 95.5% Atlanta, GA 6.2% 6.0% 5.8% 95.2% 93.0% 90.8% 91.2% 92.8% Denver, CO 5.1% 4.4% 4.6% 94.8% 93.6% 91.4% 91.6% 94.5% Orlando, FL 5.3% 5.3% 5.1% 97.1% 97.7% 98.5% 97.5% 96.0% Raleigh, NC 3.6% 3.6% 3.6% 94.7% 94.5% 91.2% 91.4% 92.1% St. Louis, MO 3.7% 3.1% 3.0% 95.5% 95.4% 91.7% 92.9% 94.3% Phoenix, AZ 3.2% 2.7% 2.9% 96.6% 95.1% 95.8% 95.1% 94.2% Corpus Christi, TX 1.0% 1.6% 1.6% 94.5% 94.8% 96.1% 95.7% 95.1% Louisville, KY 2.4% 2.1% 2.0% 96.9% 93.7% 90.5% 90.2% 94.1% Austin, TX 2.1% 1.8% 1.7% 95.8% 94.4% 94.2% 93.1% 95.5% Other 3.8% 3.3% 3.1% 95.2% 94.0% 94.0% 93.9% 95.7% ---- ---- ---- ----- ----- ----- ----- ----- Total Portfolio 100.0% 100.0% 100.0% 96.0% 95.2% 93.9% 93.8% 94.6%
(c) Camden and Summit same property communities (d) Operating communities include wholly-owned communities and completed communities in lease-up at quarter end and exclude communities sold during the quarter as well as communities held for sale. (e) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities. (f) Occupancy figures include apartment homes held through joint venture investments and communities acquired from Summit but exclude communities in lease-up or under development. 10
CAMDEN COMPONENTS OF PROPERTY NET OPERATING INCOME (In thousands, except property data amounts) - -------------------------------- ----------------------------------------------------------------------------- (Unaudited) Three Months Ended Nine Months Ended Apartment September 30, September 30, Property Revenues Homes 2005 2004 Change 2005 (a) 2004 Change ------- ----------------------------- --------------------------------- CPT-"Same Property" Communities (b) 38,853 $ 88,123 $ 84,724 $ 3,399 $259,628 $253,474 $ 6,154 Summit-"Same Property" Communities (b) 11,083 34,469 - 34,469 78,896 - 78,896 CPT Non-"Same Property" Communities (c) 2,510 6,772 5,798 974 20,188 15,870 4,318 Summit Non-"Same Property" Communities (c) 2,705 9,184 - 9,184 20,506 - 20,506 Development and Lease-Up Communities (d) 3,397 878 - 878 1,280 - 1,280 Dispositions / Other (e) - 1,782 10,387 (8,605) 13,032 31,083 (18,051) ------- -------- -------- ------- -------- -------- -------- Total Property Revenues 58,548 $141,208 $100,909 $40,299 $393,530 $300,427 $ 93,103 Property Expenses CPT-"Same Property" Communities (b) 38,853 $ 37,367 $ 36,001 $ 1,366 $107,479 $104,822 $ 2,657 Summit-"Same Property" Communities (b) 11,083 11,920 - 11,920 27,040 - 27,040 CPT Non-"Same Property" Communities (c) 2,510 2,689 2,639 50 7,774 6,841 933 Summit Non-"Same Property" Communities (c) 2,705 3,130 - 3,130 7,806 - 7,806 Development and Lease-Up Communities (d) 3,397 440 - 440 609 - 609 Dispositions / Other (e) - 275 3,998 (3,723) 4,438 11,712 (7,274) ------- -------- -------- ------- -------- -------- -------- Total Property Expenses 58,548 $ 55,821 $ 42,638 $13,183 $155,146 $123,375 $ 31,771 Property Net Operating Income CPT-"Same Property" Communities (b) 38,853 $ 50,756 $ 48,723 $ 2,033 $152,149 $148,652 $ 3,497 Summit-"Same Property" Communities (b) 11,083 22,549 - 22,549 51,856 - 51,856 CPT Non-"Same Property" Communities (c) 2,510 4,083 3,159 924 12,414 9,029 3,385 Summit Non-"Same Property" Communities (c) 2,705 6,054 - 6,054 12,700 - 12,700 Development and Lease-Up Communities (d) 3,397 438 - 438 671 - 671 Dispositions / Other (e) - 1,507 6,389 (4,882) 8,594 19,371 (10,777) ------- -------- -------- ------- -------- -------- -------- Total Property Net Operating Income 58,548 $ 85,387 $ 58,271 $27,116 $238,384 $177,052 $ 61,332
Income from Discontinued Operations (f) Three Months Ended Nine Months Ended - -------------------------------------- September 30, September 30, 2005 2004 2005 2004 ---------------------------- ---------------------------- Property Revenues $ 2,410 $ 5,073 $ 9,871 $ 15,052 Property Expenses 1,474 2,502 5,360 7,084 -------- -------- -------- -------- Property Net Operating Income $ 936 $ 2,571 $ 4,511 $ 7,968 Depreciation and Amortization 233 1,400 1,420 4,190 Minority Interests - 38 - 122 -------- -------- -------- -------- Income from Discontinued Operations $ 703 $ 1,133 $ 3,091 $ 3,656
Notes: (a)The Company's 2005 financial results include the results of Summit subsequent to February 28, 2005. (b)"Same Property" Communities are communities which were owned by Camden or Summit and stabilized as of January 1, 2004, excluding properties held for sale. (c)Non-"Same Property" Communities are stabilized communities acquired or developed by Camden or Summit after January 1, 2004, excluding properties held for sale. (d)Development and Lease-Up Communities are non-stabilized communities developed or acquired by Camden or Summit after January 1, 2004, excluding properties held for sale. (e)Disposition Communities include those communities disposed of by Camden which are not classified as "Discontinued Operations". "Other" property revenues primarily relates to amortization of above and below market leases acquired in our merger with Summit. (f)Represents operating results for communities, totalling 2,903 apartment homes, disposed of during 2004 and YTD 2005 or held for sale at September 30, 2005 11
"SAME PROPERTY" CAMDEN THIRD QUARTER COMPARISONS September 30, 2005 (In thousands, except property data amounts) - ------------------------------------------------------------------------------------------------------------ (Unaudited) Revenues Expenses NOI Quarterly Results (a) 3Q05 3Q04 Growth 3Q05 3Q04 Growth 3Q05 3Q04 Growth - ------------------------------------------------------------------------------------------------------------ Las Vegas, NV $ 10,509 $ 9,621 9.2% $ 3,687 $ 3,517 4.8% $ 6,822 $ 6,104 11.8% D.C. Metro 9,835 9,119 7.9% 2,698 2,420 11.5% 7,137 6,699 6.5% Los Angeles/Orange County, CA 4,804 4,749 1.2% 1,508 1,354 11.4% 3,296 3,395 (2.9%) San Diego/Inland Empire, CA 1,942 1,883 3.1% 754 657 14.8% 1,188 1,226 (3.1%) Dallas, TX 14,541 14,395 1.0% 7,602 7,429 2.3% 6,939 6,966 (0.4%) Tampa, FL 11,383 10,246 11.1% 4,967 4,921 0.9% 6,416 5,325 20.5% Houston, TX 11,477 11,293 1.6% 5,273 5,006 5.3% 6,204 6,287 (1.3%) Charlotte, NC 6,963 6,560 6.1% 2,811 2,671 5.2% 4,152 3,889 6.8% SE Florida 7,385 6,685 10.5% 2,816 2,456 14.7% 4,569 4,229 8.0% Atlanta, GA 7,369 7,051 4.5% 2,834 2,506 13.1% 4,535 4,545 (0.2%) Denver, CO 5,694 5,735 (0.7%) 1,953 1,962 (0.5%) 3,741 3,773 (0.8%) Orlando, FL 6,376 5,933 7.5% 2,506 2,367 5.9% 3,870 3,566 8.5% Raleigh, NC 4,042 3,868 4.5% 1,431 1,313 9.0% 2,611 2,555 2.2% St. Louis, MO 4,465 4,468 (0.1%) 1,775 1,664 6.7% 2,690 2,804 (4.1%) Phoenix, AZ 3,561 3,286 8.4% 1,242 1,221 1.7% 2,319 2,065 12.3% Corpus Christi, TX 1,461 1,445 1.1% 718 600 19.7% 743 845 (12.1%) Louisville, KY 2,859 2,702 5.8% 1,082 1,046 3.4% 1,777 1,656 7.3% Austin, TX 3,252 3,242 0.3% 1,743 1,704 2.3% 1,509 1,538 (1.9%) Other 4,674 4,604 1.5% 1,887 1,839 2.6% 2,787 2,765 0.8% ----- ----- ---- ----- ----- ---- ----- ----- ---- Total Same Property $122,592 $116,885 4.9% $49,287 $46,653 5.6% $73,305 $70,232 4.4%
Apartment % of NOI Quarterly Results (a) Homes Contribution Average Occupancy (a) Weighted Average Rental Rate (b) Included (a) 3Q05 3Q04 Change 3Q05 3Q04 Change - --------------------------------------------------------------------------------------------------------------- Las Vegas, NV 4,017 9.3% 97.3% 96.8% 0.5% $ 825 $ 756 9.2% D.C. Metro 2,330 9.7% 96.4% 94.4% 2.0% 1,377 1,320 4.3% Los Angeles/Orange County, CA 1,232 4.5% 96.5% 95.5% 1.0% 1,306 1,289 1.4% San Diego/Inland Empire, CA 424 1.6% 96.3% 95.0% 1.3% 1,500 1,450 3.4% Dallas, TX 7,639 9.4% 95.7% 93.5% 2.2% 632 635 (0.6%) Tampa, FL 4,865 8.8% 96.6% 95.5% 1.1% 740 674 9.8% Houston, TX 5,230 8.4% 95.5% 92.6% 2.9% 718 726 (1.1%) Charlotte, NC 3,216 5.7% 95.8% 94.8% 1.0% 711 688 3.3% SE Florida 1,868 6.2% 96.8% 95.4% 1.4% 1,253 1,189 5.4% Atlanta, GA 2,906 6.2% 95.4% 92.9% 2.5% 832 820 1.5% Denver, CO 2,209 5.1% 94.9% 94.6% 0.3% 837 839 (0.3%) Orlando, FL 2,522 5.3% 97.1% 96.8% 0.3% 802 745 7.7% Raleigh, NC 1,800 3.6% 94.5% 92.9% 1.6% 748 756 (1.1%) St. Louis, MO 2,123 3.7% 95.5% 94.3% 1.2% 697 696 0.1% Phoenix, AZ 1,441 3.2% 96.8% 94.9% 1.9% 797 753 5.9% Corpus Christi, TX 632 1.0% 94.5% 95.1% (0.6%) 705 681 3.4% Louisville, KY 1,448 2.4% 96.9% 94.1% 2.8% 627 609 2.9% Austin, TX 1,745 2.1% 95.8% 95.5% 0.3% 606 592 2.3% Other 2,289 3.8% 95.2% 95.7% (0.5%) 670 658 1.9% ----- ---- ----- ----- ------ --- --- ---- Total Same Property 49,936 100.0% 96.0% 94.6% 1.4% $ 797 $ 772 3.2%
(a) "Same Property" Communities are communities which were owned by Camden or Summit and stabilized as of January 1, 2004, excluding properties held for sale. Results are proforma for both Camden and Summit as if the merger occurred on January 1, 2004. (b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. 12
"SAME PROPERTY" CAMDEN SEQUENTIAL QUARTER COMPARISONS September 30, 2005 (In thousands, except property data amounts) - ---------------------------------------------------------------------------------------------------------- (Unaudited) Revenues Expenses NOI Quarterly Results (a) 3Q05 2Q05 Growth 3Q05 2Q05 Growth 3Q05 2Q05 Growth - ---------------------------------------------------------------------------------------------------------- Las Vegas, NV $ 10,509 $ 10,351 1.5% $ 3,687 $ 3,417 7.9% $ 6,822 $ 6,934 (1.6%) D.C. Metro 9,835 9,577 2.7% 2,698 2,560 5.4% 7,137 7,017 1.7% Los Angeles/Orange County, CA 4,804 4,580 4.9% 1,508 1,432 5.3% 3,296 3,148 4.7% San Diego/Inland Empire, CA 1,942 1,874 3.6% 754 687 9.8% 1,188 1,187 0.1% Dallas, TX 14,541 14,408 0.9% 7,602 7,046 7.9% 6,939 7,362 (5.7%) Tampa, FL 11,383 11,130 2.3% 4,967 4,756 4.4% 6,416 6,374 0.7% Houston, TX 11,477 11,312 1.5% 5,273 4,961 6.3% 6,204 6,351 (2.3%) Charlotte, NC 6,963 6,711 3.8% 2,811 2,658 5.8% 4,152 4,053 2.4% SE Florida 7,385 7,229 2.2% 2,816 2,683 5.0% 4,569 4,546 0.5% Atlanta, GA 7,369 7,177 2.7% 2,834 2,644 7.2% 4,535 4,533 0.0% Denver, CO 5,694 5,658 0.6% 1,953 1,862 4.9% 3,741 3,796 (1.4%) Orlando, FL 6,376 6,205 2.8% 2,506 2,353 6.5% 3,870 3,852 0.5% Raleigh, NC 4,042 3,935 2.7% 1,431 1,419 0.8% 2,611 2,516 3.8% St. Louis, MO 4,465 4,526 (1.3%) 1,775 1,646 7.8% 2,690 2,880 (6.6%) Phoenix, AZ 3,561 3,458 3.0% 1,242 1,196 3.8% 2,319 2,262 2.5% Corpus Christi, TX 1,461 1,493 (2.1%) 718 603 19.1% 743 890 (16.5%) Louisville, KY 2,859 2,730 4.7% 1,082 1,080 0.2% 1,777 1,650 7.7% Austin, TX 3,252 3,217 1.1% 1,743 1,607 8.5% 1,509 1,610 (6.3%) Other 4,674 4,579 2.1% 1,887 1,878 0.5% 2,787 2,701 3.2% ----- ----- ---- ----- ----- ---- ----- ----- ---- Total Same Property $122,592 $120,150 2.0% $49,287 $46,488 6.0% $73,305 $73,662 (0.5%)
Apartment % of NOI Quarterly Results (a) Homes Contribution Average Occupancy (a) Weighted Average Rental Rate (b) Included (a) 3Q05 3Q04 Change 3Q05 3Q04 Change - --------------------------------------------------------------------------------------------------------------- Las Vegas, NV 4,017 9.3% 97.3% 97.5%(0.2%) $ 825 $ 813 1.6% D.C. Metro 2,330 9.7% 96.4% 95.4% 1.0% 1,377 1,359 1.3% Los Angeles/Orange County, CA 1,232 4.5% 96.5% 93.1% 3.4% 1,306 1,305 0.1% San Diego/Inland Empire, CA 424 1.6% 96.3% 95.0% 1.3% 1,500 1,464 2.4% Dallas, TX 7,639 9.4% 95.7% 94.8% 0.9% 632 634 (0.4%) Tampa, FL 4,865 8.8% 96.6% 96.4% 0.2% 740 723 2.4% Houston, TX 5,230 8.4% 95.5% 94.2% 1.3% 718 719 (0.2%) Charlotte, NC 3,216 5.7% 95.8% 95.2% 0.6% 711 700 1.7% SE Florida 1,868 6.2% 96.8% 96.8% 0.0% 1,253 1,237 1.4% Atlanta, GA 2,906 6.2% 95.4% 93.8% 1.6% 832 831 0.2% Denver, CO 2,209 5.1% 94.9% 93.8% 1.1% 837 835 0.3% Orlando, FL 2,522 5.3% 97.1% 97.7%(0.6%) 802 776 3.4% Raleigh, NC 1,800 3.6% 94.5% 94.3% 0.2% 748 760 (1.6%) St. Louis, MO 2,123 3.7% 95.5% 95.4% 0.1% 697 698 (0.1%) Phoenix, AZ 1,441 3.2% 96.8% 95.8% 1.0% 797 779 2.3% Corpus Christi, TX 632 1.0% 94.5% 94.8%(0.3%) 705 717 (1.6%) Louisville, KY 1,448 2.4% 96.9% 93.7% 3.2% 627 620 1.2% Austin, TX 1,745 2.1% 95.8% 94.4% 1.4% 606 607 (0.1%) Other 2,289 3.8% 95.2% 94.0% 1.2% 670 673 (0.4%) ----- ---- ----- ----- ---- --- --- ------ Total Same Property 49,936 100.0% 96.0% 95.2% 0.8% $ 797 $ 791 0.7%
(a) "Same Property" Communities are communities which were owned by Camden or Summit and stabilized as of January 1, 2004, excluding properties held for sale. Results are proforma for both Camden and Summit as if the merger occurred on January 1, 2004. (b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt 13
"SAME PROPERTY" CAMDEN Year To Date Comparisons September 30, 2005 (In thousands, except property data amounts) - -------------------------------------------------------------------------------------------------------------- (Unaudited) Revenues Expenses NOI Year to Date Results (a) 2005 2004 Growth 2005 2004 Growth 2005 2004 Growth - -------------------------------------------------------------------------------------------------------------- Las Vegas, NV $ 30,918 $ 28,256 9.4% $ 10,401 $ 9,992 4.1% $ 20,517 $ 18,264 12.3% D.C. Metro 28,627 27,076 5.7% 7,834 7,239 8.2% 20,793 19,837 4.8% Los Angeles/Orange County, CA 14,029 14,037 (0.1%) 4,283 3,981 7.6% 9,746 10,056 (3.1%) San Diego/Inland Empire, CA 5,683 5,581 1.8% 2,101 2,002 4.9% 3,582 3,579 0.1% Dallas, TX 42,974 43,315 (0.8%) 21,826 21,682 0.7% 21,148 21,633 (2.2%) Tampa, FL 33,386 30,483 9.5% 14,498 14,146 2.5% 18,888 16,337 15.6% Houston, TX 33,892 34,564 (1.9%) 15,234 14,797 3.0% 18,658 19,767 (5.6%) Charlotte, NC 20,266 19,572 3.5% 8,141 7,918 2.8% 12,125 11,654 4.0% SE Florida 21,582 19,819 8.9% 8,040 7,470 7.6% 13,542 12,349 9.7% Atlanta, GA 21,481 20,913 2.7% 7,951 7,444 6.8% 13,530 13,469 0.5% Denver, CO 16,804 17,029 (1.3%) 5,677 5,544 2.4% 11,127 11,485 (3.1%) Orlando, FL 18,722 17,553 6.7% 7,146 6,922 3.2% 11,576 10,631 8.9% Raleigh, NC 11,818 11,726 0.8% 4,155 3,797 9.4% 7,663 7,929 (3.4%) St. Louis, MO 13,259 13,378 (0.9%) 5,081 4,951 2.6% 8,178 8,427 (3.0%) Phoenix, AZ 10,439 9,951 4.9% 3,575 3,546 0.8% 6,864 6,405 7.2% Corpus Christi, TX 4,439 4,354 2.0% 1,892 1,715 10.3% 2,547 2,639 (3.5%) Louisville, KY 8,176 8,101 0.9% 3,191 3,056 4.4% 4,985 5,045 (1.2%) Austin, TX 9,609 9,667 (0.6%) 4,968 4,864 2.1% 4,641 4,803 (3.4%) Other 13,839 13,762 0.6% 5,657 5,486 3.1% 8,182 8,276 (1.1%) ------ ------ ---- ----- ----- ---- ----- ----- ------ Total Same Property $359,943 $349,137 3.1% $141,651 $136,552 3.7% $218,292 $212,585 2.7%
Apartment Year to Date Results(a) Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate(b) Included Contribution(a) 2005 2004 Change 2005 2004 Change - ---------------------------------------------------------------------------------------------------------------- Las Vegas, NV 4,017 9.4% 97.4% 96.3% 1.1% $ 812 $ 747 8.6% D.C. Metro 2,330 9.6% 95.2% 94.2% 1.0% 1,360 1,310 3.8% Los Angeles/Orange County, CA 1,232 4.5% 94.7% 94.8% (0.1%) 1,304 1,281 1.8% San Diego/Inland Empire, CA 424 1.6% 95.1% 94.3% 0.8% 1,481 1,440 2.9% Dallas, TX 7,639 9.7% 94.1% 93.7% 0.4% 635 638 (0.5%) Tampa, FL 4,865 8.7% 96.5% 93.9% 2.6% 723 682 6.0% Houston, TX 5,230 8.5% 93.8% 93.4% 0.4% 722 733 (1.6%) Charlotte, NC 3,216 5.6% 95.0% 94.5% 0.5% 703 686 2.5% SE Florida 1,868 6.2% 96.6% 96.0% 0.6% 1,237 1,171 5.6% Atlanta, GA 2,906 6.2% 93.5% 92.9% 0.6% 832 815 2.1% Denver, CO 2,209 5.1% 93.5% 93.7% (0.2%) 838 839 (0.1%) Orlando, FL 2,522 5.3% 97.8% 95.4% 2.4% 780 748 4.3% Raleigh, NC 1,800 3.5% 93.3% 92.8% 0.5% 756 759 (0.3%) St. Louis, MO 2,123 3.7% 94.2% 94.8% (0.6%) 695 693 0.3% Phoenix, AZ 1,441 3.1% 96.2% 95.1% 1.1% 785 761 3.1% Corpus Christi, TX 632 1.2% 95.1% 95.1% 0.0% 715 689 3.8% Louisville, KY 1,448 2.3% 93.7% 93.6% 0.1% 622 612 1.7% Austin, TX 1,745 2.1% 94.8% 95.0% (0.2%) 604 597 1.2% Other 2,289 3.7% 94.4% 94.7% (0.3%) 672 662 1.6% ----- ---- ----- ----------- --- --- ---- Total Same Property 49,936 100.0% 95.0% 94.3% 0.7% $ 792 $ 773 2.5%
(a) "Same Property" Communities are communities which were owned by Camden or Summit and stabilized as of January 1, 2004, excluding properties held for sale. Results are proforma for both Camden and Summit as if the merger occurred on January 1, 2004. (b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt. 14
CAMDEN JOINT VENTURE OPERATIONS (In thousands, except per share and property data amounts) - ---------------------------------------------------------------------------------------------------------- Company's Pro-rata Share of Joint Venture Operations: (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ---------------------- -------------------- OPERATING DATA (a) 2005 (b) 2004 2005 (b) 2004 - ------------------ ---------------------- -------------------- Property Revenues Rental revenues $ 4,713 $ 1,988 $ 11,773 $ 5,882 Other property revenues 455 212 1,128 599 ---------------------- ------------------- Total property revenues 5,168 2,200 12,901 6,481 Property Expenses Property operating and maintenance 1,577 722 3,795 2,079 Real estate taxes 444 136 1,046 393 ---------------------- ------------------- Total property expenses 2,021 858 4,841 2,472 Net Operating Income (NOI) 3,147 1,342 8,060 4,009 Other expenses Interest 1,660 703 4,170 2,113 Depreciation and amortization 1,272 541 3,285 1,625 Other (includes debt prepayment penalties) 2,042 5 2,077 12 ---------------------- ------------------- Total other expenses 4,974 1,249 9,532 3,750 Equity in income (losses) of joint ventures ($1,827) $ 93 ($1,472) $ 259 ====================== =================== Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, 2005 2005 2005 2004 2004 ---------------------------------------------------------- BALANCE SHEET DATA (c) - ---------------------- Real estate assets, net $ 708,864 $708,611 $707,342 $241,215 $236,244 Cash and other assets, net 16,300 21,475 15,267 3,475 4,022 ---------------------------------------------------------- Total assets $ 725,164 $730,086 $722,609 $244,690 $240,266 Notes payable $ 618,656 $538,279 $533,702 $199,114 $193,919 Notes payable due to Camden 11,505 11,108 10,729 10,367 10,010 Other liabilities 10,617 9,736 5,880 2,907 2,968 ---------------------------------------------------------- Total liabilities 640,778 559,123 550,311 212,388 206,897 Members' equity 84,386 170,963 172,298 32,302 33,369 ---------------------------------------------------------- Total liabilities and members' equity $ 725,164 $730,086 $722,609 $244,690 $240,266 Company's equity investment $ 31,389 $ 37,074 $ 38,107 $ 9,641 $ 10,076 Distributions in excess of earnings from joint ventures (d) ($10,826) $ 0 $ 0 $ 0 $ 0 Company's pro-rata share of debt $ 134,057 $117,934 $116,974 $ 47,170 $ 46,079 PROPERTY DATA (c) - ----------------- Total operating properties (end of period) 33 33 33 17 17 Total operating apartment homes (end of period) 9,784 9,784 9,784 4,547 4,547 Pro rata share of operating apartment homes (end of period) 2,113 2,113 2,113 1,005 1,005 Total development properties (end of period) 1 1 1 1 1 Total development apartment homes (end of period) 464 464 464 464 464 Pro rata share of development apartment homes (end of period) 93 93 93 93 93
(a) Operating data represents Camden's pro-rata share of revenues and expenses. (b) The Company's 2005 financial results include the results of Summit subsequent to February 28, 2005. (c) Balance sheet and property data reported at 100%. (d) Proceeds from debt refinancing from one of our joint ventures. 15
CAMDEN DEVELOPMENT PIPELINE - ----------------------------------------------------------------------------------------------------------------------------- (Unaudited) DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2005 ($ in millions) Estimated/Actual Dates for Total Total Cost Construction Initial Construction Stabilized As of 10/23/05 Completed Communities Homes Budget to Date Start Occupancy Completion Operations %Leased %Occupied - ----------------------------------------------------------------------------------------------------------------------------- 1. Camden Lago Vista 366 $34.8 $32.4 1Q04 1Q05 3Q05 4Q05 95% 95% Orlando, FL 1Q04 2Q05 3Q05 1Q06 2. Camden Farmers Market II 284 31.7 29.1 51% 40% Dallas, TX --- ---- ---- --- --- Total Completed Communities 650 $66.5 $61.5 76% 71% Estimated/Actual Dates for Total Total Cost Amount Construction Initial Construction Stabilized As of 10/23/05 Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations %Leased %Occupied - ----------------------------------------------------------------------------------------------------------------------------- IN LEASE-UP - ----------- 3. Camden Fairfax Corner 488 82.0 64.9 58.8 4Q03 3Q05 3Q06 1Q07 16% 10% Fairfax, VA UNDER CONSTRUCTION - ------------------ 4. Camden Dilworth 145 18.0 10.6 10.6 4Q04 4Q05 2Q06 3Q06 Charlotte, NC 5. Camden Clearbrook 297 45.0 20.5 20.5 4Q04 4Q05 3Q06 1Q07 Frederick, MD 6. Camden Royal Oaks 236 22.0 4.7 4.7 2Q05 1Q06 3Q06 2Q07 Houston, TX 7. Camden Manor Park 484 52.0 37.6 37.6 2Q04 4Q05 4Q06 3Q07 Raleigh, NC 8. Camden Old Creek 350 98.0 48.5 48.5 1Q05 2Q06 1Q07 3Q07 San Marcos, CA 9. Camden Monument Place 368 64.0 23.6 23.6 1Q05 2Q06 2Q07 1Q08 Fairfax, VA 10. Camden Potomac Yards 379 110.0 25.5 25.5 1Q05 4Q06 3Q07 2Q08 --- ----- ---- ---- Arlington County, VA Total Development Communities 2,747 $491.0 $235.9 $229.8 Additional land held for development (a) 148.0 ------- Total Properties Under Development (per Balance Sheet) $377.8 ======= NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions) Total Cost 3Q05 NOI ------------ ---------- Completed Communities in lease-up $61.5 $0.4 Development Communities under construction 235.9 0.0 ------------ ---------- Total Development NOI Contribution $297.5 $0.4 (a) Please refer to the pre-development pipeline summary on page 17. JOINT VENTURE DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2005 ($ in millions) Estimated/Actual Dates for Joint Venture Development Total Total Cost Amount Construction Initial Construction Stabilized As of 10/23/05 Communities($ in millions) Homes Budget to Date in CIP Start Occupancy Completion Operations %Leased %Occupied - ----------------------------------------------------------------------------------------------------------------------------- IN LEASE-UP - ----------- 1. Camden Westwind 464 $69.1 $61.1 $39.1 1Q04 1Q05 1Q06 4Q06 30% 30% --- ----- ----- ----- Ashburn, VA Total Joint Venture Development Communities 464 $69.1 $61.1 $39.1
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. 16
CAMDEN PRE - DEVELOPMENT PIPELINE - ----------------------------------------------------------------------------------------------------- (Unaudited) PRE - DEVELOPMENT PIPELINE AS OF SEPTEMBER 30, 2005 ($ in millions) Potential Apartment Total Location Acres Homes Cost to Date Estimated Cost ------------------------------------------------------------------------------------------------ D.C. Metro 35.5 1,381 $59.4 $240.0 Los Angeles/Orange County, CA 2.1 216 8.9 60.0 Orlando 9.4 253 7.9 40.0 Southeast Florida 4.8 863 13.3 210.0 Dallas 13.6 306 11.0 50.0 Houston 65.9 2,120 47.4 250.0 ------------------------------------------------------------------ Total Pre-Development: (a) 131.3 5,139 $148.0 $850.0 (a) Pre-development pipeline includes some acreage which may be developed or sold for non- multifamily uses. Note: This table contains forward-looking statements. Please see the paragraph regarding forward- looking statements on page 1 of this document.
17
CAMDEN MEZZANINE FINANCING SUMMARY ------------------------------------------------------------------------------------------------------------------ (Unaudited) MEZZANINE FINANCING AS OF SEPTEMBER 30, 2005 ($ in thousands) 09/30/05 06/30/05 Total Note Note Location Current Property Type Current Status Homes Balance Balance ---------------------------------------------------------------------------------------------------------------- Dallas/Fort Worth, TX Multifamily Stabilized 930 $10,520 $17,940 Ashburn, VA Multifamily Development 464 11,505 11,108 Tampa, FL Multifamily Stabilized 370 5,008 5,007 Houston, TX Multifamily Predevelopment - 3,855 3,855 Atlanta, GA Multifamily Stabilized 360 3,000 3,000 Austin, TX Multifamily Stabilized 296 2,482 2,481 ------- --------- ------------------ Total Mezzanine Financing Volume: 2,420 $36,370 $43,391 Weighted Average Interest Rate Recognized: 11.4% 11.1%
18
CAMDEN ACQUISITIONS & DISPOSITIONS ------------------------------------------------------------------------------------------------------------------ (Unaudited) 2005 ACQUISITION/DISPOSITION ACTIVITY Apartment Acquisitions Location Property Type Homes Year Built Closing Date ------------------------------ -------------- -------------------------------------------------------------- 1. Camden World Gateway Orlando, FL Multifamily 408 2000 09/21/05 Total Acquisition Volume: $58.5 million 408 apartment homes Apartment Dispositions Location Property Type Homes/Acreage Year Built Closing Date ------------------------------ -------------- -------------------------------------------------------------- 1. Camden Greens Henderson, NV Multifamily 432 1990 01/27/05 2. Camden Ybor City Tampa, FL Multifamily 454 2002 04/13/05 4. Farmers Market Acreage Dallas, TX Undeveloped Land 1.1 Acres N/A 07/01/05 3. Summit Lenox Atlanta, GA Multifamily 431 1965 07/13/05 5. Farmers Market Acreage Dallas, TX Undeveloped Land 1.1 Acres N/A 09/06/05 Total Disposition Volume: $130.2 million 1,317 apartment homes 2.2 acres of undeveloped land Apartment Dispositions to Joint Ventures Location Property Type Homes Year Built Closing Date ------------------------------ -------------- -------------------------------------------------------------- 1. Camden Addison Addison, TX Multifamily 456 1996 03/18/05 2. Camden Holly Springs Houston, TX Multifamily 548 1999 03/18/05 3. Camden Park Houston, TX Multifamily 288 1995 03/18/05 4. Camden Sugar Grove Stafford, TX Multifamily 380 1997 03/18/05 5. Camden Fountain Palms Peoria, AZ Multifamily 192 1986/1996 03/18/05 6. Camden Pecos Ranch Chandler, AZ Multifamily 272 2001 03/18/05 7. Camden Sierra Peoria, AZ Multifamily 288 1997 03/18/05 8. Camden Towne Center Glendale, AZ Multifamily 240 1998 03/18/05 9. Camden Parkside Fullerton, CA Multifamily 421 1972 03/18/05 10. Camden Pines Las Vegas, NV Multifamily 315 1997 03/18/05 11. Camden Summit Henderson, NV Multifamily 234 1995 03/18/05 12. Camden Tiara Las Vegas, NV Multifamily 400 1996 03/18/05 Total Cash Proceeds to Camden: $369.3 million 4,034 apartment homes
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CAMDEN DEBT ANALYSIS (In thousands, except property data amounts) - ---------------------------------------------------------------------------------------------------- (Unaudited) DEBT MATURITIES AS OF SEPTEMBER 30, 2005(a): Future Scheduled Repayments Weighted Average --------------------------------------------- Percent Interest Rate on Year Amortization Maturities Total of Total Maturing Debt ---------------------------------------------------------------------------------------------- 2005 $3,823 $25,000 $28,823 1.1% 3.6% 2006 $13,584 $232,906 246,490 9.6% 7.0% 2007 $13,356 $219,572 232,928 9.1% 5.7% 2008 $11,777 $188,879 200,656 7.8% 4.8% 2009 $7,860 $190,324 198,184 7.7% 5.0% 2010 $7,119 $445,677 452,796 17.7% 5.1% 2011 $4,314 $244,233 248,547 9.7% 6.5% 2012 $3,307 $269,541 272,848 10.7% 5.7% Thereafter $60,812 $501,733 562,545 21.9% 5.0% ------------------------------------------------------------------------- Total Maturing Debt $125,952 $2,317,865 $2,443,817 95.3% 5.5% Unsecured Line of Credit 0 121,000 121,000 4.7% 4.2% ------------------------------------------------------------------------- Total Debt $125,952 $2,438,865 $2,564,817 100.0% 5.4% Weighted Average Maturity of Debt 6.1 Years(excluding line of credit) Weighted Average FLOATING vs. FIXED RATE DEBT: Balance % of Total Interest Rate ------------------------------------------- Floating rate debt $218,124 8.5% 4.0% Fixed rate debt 2,346,693 91.5% 5.5% ------------------------------------------- Total $2,564,817 100.0% 5.4% Weighted Average SECURED vs. UNSECURED DEBT: Balance % of Total Interest Rate ------------------------------------------- Unsecured debt $1,903,094 74.2% 5.6% Secured debt 661,723 25.8% 4.9% ------------------------------------------- Total $2,564,817 100.0% 5.4% Weighted Average SECURED DEBT DETAIL: Balance % of Total Interest Rate ------------------------------------------- Coventional fixed-rate mortgage debt $557,939 84.3% 5.1% Coventional floating-rate mortgage debt 6,900 1.0% 5.4% Tax exempt fixed rate debt 6,660 1.0% 7.3% Tax exempt variable rate debt 90,224 13.7% 3.5% ------------------------------------------- Total $661,723 100.0% 4.9% REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total ---------------------------------------------------------- Unencumbered real estate assets 48,369 81.2% $3,827,998 77.0% Encumbered real estate assets 11,213 18.8% 1,143,960 23.0% ---------------------------------------------------------- Total 59,582 100.0% $4,971,958 100.0% ------------------------------------------------------------------------- Ratio of unencumbered assets at cost to unsecured debt is 2.0 times ------------------------------------------------------------------------- UNCONSOLIDATED, NON-RECOURSE DEBT: Pro-Rata Share of Debt $134,057 Weighted Average Interest Rate 5.5% (a) Debt maturities exclude unsecured line of credit, which after all extensions matures in January 2009. (b) Real estate assets include communities under development and exclude communities held through joint ventures.
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CAMDEN DEBT COVENANT ANALYSIS September 30, 2005 - -------------------------------------------------------------------------------------------------------------- (Unaudited) UNSECURED LINE OF CREDIT Covenant (a) Required Actual (b) Compliance - ------------------------------------------- ---------------- ------------ ------------------- Total Consolidated Debt to Gross Asset Value Less than 60% 52% Yes or Equal to Secured Debt to Gross Asset Value Less than 40% 13% Yes or Equal to Consolidated EBITDA to Consolidated Interest Expense Greater 200% 230% Yes than or Equal to Consolidated EBITDA to Total Fixed Charges Greater 175% 185% Yes than or Equal to Dividend Distributions to Funds From Operations Less than 95% 84% Yes or Equal to Occupancy of Pool (excluding Development Projects) Greater 85% 95% Yes than or Equal to Total Unsecured Debt to Gross Asset Value of Pool Less than 60% 51% Yes or Equal to Unencumbered Adjusted NOI to Unsecured Interest Expense Greater 200% 227% Yes than SENIOR UNSECURED NOTES Covenant (a) Required Actual (b) Compliance - ------------------------------------------- ---------------- ------------ ------------------- Total Consolidated Debt to Total Asset Value Less than 60% 50% Yes or Equal to Total Secured Debt to Total Asset Value Less than 40% 13% Yes or Equal to Total Unencumbered Asset Value to Total Unsecured Debt Greater 150% 208% Yes than or Equal to Consolidated Income Available for Debt Service to Total Greater 150% 226% Yes Annual Service Charges than (a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission. (b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.
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CAMDEN CAPITALIZED EXPENDITURES & MAINTENANCE EXPENSE (in thousands except unit data) - ------------------------------------------------------------------------------------------- (Unaudited) Third Quarter 2005 (a)(b) ------------------------------------------------------------- Capitalized Expensed ------------------------------------ ---------------------- Weighted Average Item Useful Life (c) Total Per Unit Total Per Unit ------------------------- ------------------------------------ ---------------------- Interiors Floor coverings 5.3 years $3,089 $55 $1,015 $18 Appliances 9.3 years 504 9 168 3 Painting - - - 1,793 32 Cabinetry/Countertops 10.0 years 239 4 - - Other 8.8 years 441 8 256 5 Exteriors Painting 5.0 years 1,046 19 - - Carpentry 10.0 years 1,077 19 - - Landscaping 6.2 years 517 9 2,404 43 Roofing 20.0 years 674 12 75 1 Site Drainage 10.0 years 85 2 - - Fencing/Stair 10.0 years 171 3 - - Other (d) 8.6 years 846 15 3,143 56 Common Areas Mech., Elec., Plumbing 9.8 years 708 13 768 14 Parking/Paving 5.0 years 435 8 - - Pool/Exercise/Facility 7.9 years 718 13 382 7 ------------------ ---------------------- $10,550 $188 $10,004 $178 Weighted Average Apartment Homes 56,150 56,150 Year-to-Date 2005 (a)(b)(e) ------------------------------------------------------------- Capitalized Expensed ------------------------------------ ---------------------- Weighted Average Item Useful Life (c) Total Per Unit Total Per Unit ------------------------- ------------------------------------ ---------------------- Interiors Floor coverings 5.3 years $7,676 $143 $2,440 $45 Appliances 9.3 years 1,474 27 434 8 Painting - - - 4,394 82 Cabinetry/Countertops 10.0 years 650 12 - - Other 8.8 years 1,147 21 531 10 Exteriors Painting 5.0 years 1,844 34 - - Carpentry 10.0 years 2,595 48 - - Landscaping 6.2 years 1,034 19 7,467 139 Roofing 20.0 years 2,668 50 138 3 Site Drainage 10.0 years 257 5 - - Fencing/Stair 10.0 years 530 10 - - Other (d) 8.6 years 3,033 57 8,382 156 Common Areas Mech., Elec., Plumbing 9.8 years 1,756 33 1,937 36 Parking/Paving 5.0 years 1,143 21 - - Pool/Exercise/Facility 7.9 years 2,122 40 934 17 ------------------ ---------------------- $27,929 $520 $26,657 $497 Weighted Average Apartment Homes 53,678 53,678 (a) Includes discontinued operations. Capitalized expenditures for discontinued operations were $87 and $809 for the three and nine months ended September 30, 2005. Maintenance expenses for discontinued operations were $274 and $942 for the same periods. (b) Excludes non-recurring capitalized expenses totaling $741 for the three and nine months ended September 30, 2005 related to technology upgrades for the OneSite property management system rollout for the Summit portfolio. (c) of capitalized expenses for the three and nine months ended September 30, 2005 (d) Includes in part the following items: site/building repair, masonry/plaster, and general conditions (e) The Company's 2005 financial results include the results of Summit subsequent to February 28, 2005.
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CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) - -------------------------------------------------------------------------------------------------------------- (Unaudited) This document contains certain non-GAAP financial measures that management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity. FFO - --- The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains or losses from of depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Camden's definition of diluted FFO also assumes conversion of all dilutive convertible securities, including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a company's real estate between periods or as compared to different companies. A reconciliation of net income to FFO is provided below: Three Months Ended Nine Months Ended September 30, September 30, -------------------- ----------------------- 2005 2004 2005 2004 -------------------- ----------------------- Net income (loss) ($2,317) $5,807 $186,199 $22,849 Real estate depreciation and amortization from continuing operations 44,930 25,340 121,206 74,797 Real estate depreciation from discontinued operations 233 1,401 1,420 4,190 Adjustments for unconsolidated joint ventures 1,284 523 3,249 1,570 Income from continuing operations allocated to common units 241 515 1,969 1,956 Income from discontinued operations allocated to common units - 38 - 122 (Gain) on sale of operating properties - - (132,117) - (Gain) on sale of discontinued operations - - (36,104) - -------------------- ----------------------- Funds from operations - diluted $44,371 $33,624 $145,822 $105,484 ==================== ======================= Weighted average number of common and common equivalent shares outstanding: EPS diluted 55,671 42,574 55,494 42,381 FFO diluted 58,600 44,449 55,494 44,257 Net income (loss) per common share - diluted ($0.05) $0.14 $3.39 $0.54 FFO per common share - diluted $0.76 $0.76 $2.63 $2.38 Expected FFO - ------------ Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected net income (EPS). A reconciliation of the ranges provided for expected net income per diluted share to expected FFO per diluted share is provided below: 4Q05 Range 2005 Range Low High Low High -------------------- ----------------------- Expected net income (loss) per share - diluted $0.02 $0.06 $3.32 $3.37 Expected real estate depreciation 0.77 0.77 2.99 2.99 Expected adjustments for unconsolidated joint ventures 0.02 0.02 0.08 0.08 Expected income allocated to common units 0.01 0.01 0.04 0.04 Expected (gain) on sale of properties and properties held for sale 0.00 0.00 (2.99) (2.99) -------------------- ----------------------- Expected FFO per share - diluted $0.82 $0.86 $3.44 $3.49
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document. 23
Net Operating Income (NOI) - -------------------------- NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income to net operating income is provided below: Three Months Ended Nine Months Ended September 30, September 30, -------------------- ----------------------- 2005 2004 2005 2004 -------------------- ----------------------- Net income (loss) ($2,317) $5,807 $186,199 $22,849 Fee and asset management (1,789) (1,962) (10,929) (6,639) Sale of technology investments - - (24,199) (863) Interest and other income (1,913) (1,917) (6,401) (7,136) Property management expense 4,208 2,901 11,350 8,512 Fee and asset management expense 2,008 850 4,999 2,845 General and administrative expense 6,183 4,074 18,017 12,400 Transaction compensation and merger expenses - - 14,085 - Interest expense 29,331 19,305 81,416 59,701 Amortization of deferred financing costs 855 767 2,872 2,250 Amortization of acquired in place leases 9,498 - 22,161 - Depreciation and amortization 36,076 25,748 100,923 76,109 Gain on sale of properties, including land - - (132,128) (1,255) Impairment loss on land held for sale - - - 1,143 Equity in (income) losses of joint ventures 1,827 (93) 1,472 (259) Distributions on perpetual preferred units 1,750 2,664 5,278 8,350 Original issuance costs on redeemed perpetual preferred units - 745 365 745 Income allocated to common units and other minority interests 373 515 2,099 1,956 Income from discontinued operations (703) (1,171) (3,091) (3,778) Income from discontinued operations allocated to common units - 38 - 122 Gain on sale of discontinued operations - - (36,104) - -------------------- ----------------------- Net Operating Income (NOI) $85,387 $58,271 $238,384 $177,052 CPT-"Same Property" Communities $50,756 $48,723 $152,149 $148,652 Summit-"Same Property" Communities 22,549 - 51,856 - CPT Non-"Same Property" Communities 4,083 3,159 12,414 9,029 Summit Non-"Same Property" Communities 6,054 - 12,700 - Development and Lease-Up Communities 438 - 671 - Dispositions / Other 1,507 6,389 8,594 19,371 -------------------- ----------------------- Net Operating Income (NOI) $85,387 $58,271 $238,384 $177,052 EBITDA - ------ EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in income of joint ventures, gain on sale of real estate assets, and income allocated to minority interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income to EBITDA is provided below: Three Months Ended Nine Months Ended September 30, September 30, -------------------- ----------------------- 2005 2004 2005 2004 -------------------- ----------------------- Net income (loss) ($2,317) $5,807 $186,199 $22,849 Interest expense 29,331 19,305 81,416 59,701 Amortization of deferred financing costs 855 767 2,872 2,250 Amortization of acquired in place leases 9,498 - 22,161 - Depreciation and amortization 36,076 25,748 100,923 76,109 Distributions on perpetual preferred units 1,750 2,664 5,278 8,350 Original issuance costs on redeemed perpetual preferred units - 745 365 745 Income allocated to common units and other minority interests 373 515 2,099 1,956 Real estate depreciation from discontinued operations 233 1,401 1,420 4,190 Gain on sale of properties, including land - - (132,128) (1,255) Impairment loss on land held for sale - - - 1,143 Equity in income of joint ventures 1,827 (93) 1,472 (259) Gain on sale of discontinued operations - - (36,104) - Income from discontinued operations allocated to common units - 38 - 122 -------------------- ----------------------- EBITDA $77,626 $56,897 $235,973 $175,901
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CAMDEN OTHER DATA - ------------------------------------------------------------------------------------------------------- (Unaudited) Stock Symbol: CPT Exchange Traded: NYSE Senior Unsecured Debt Rating Outlook Ratings: --------- --------- Moody's Baa2 Stable Standard & Poors BBB Positive Fitch BBB Positive Important Future Dates: (Estimated) Q4 '05 Q1 '06 Q2 '06 Q3 '06 --------- --------- ------------ --------- Earnings release & Analyst conference Early Feb Early May Early Aug Early Nov call Dividend Information - Common Shares: Q1 '05 Q1 '05 Q2 '05 Q3 '05 --------- --------- ------------ --------- Declaration Date 02/10/05 03/15/05 06/15/05 09/15/05 Record Date 02/25/05 03/31/05 06/30/05 09/30/05 Payment Date 03/04/05 04/15/05 07/15/05 10/17/05 Distributions Per Share $0.416 $0.219 $0.635 $0.635 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. For an audio download of Camden's Quarterly Conference Call, please see our web site at www.camdenliving.com For questions contact: Richard J. Campo Chairman & Chief Executive Officer D. Keith Oden President & Chief Operating Officer Dennis M. Steen Chief Financial Officer Kimberly A. Callahan Vice President- Investor Relations & Strategic Planning
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CAMDEN COMMUNITY TABLE Community Statistics as of 9/30/05 - ---------------------------------------------------------------------------------------------------------------------- (Unaudited) 3Q05 Avg Year Placed Average Apartment 3Q05 Avg Market Rental Rates Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------- Camden Copper Square Phoenix AZ 2000 786 332 96% 722 0.92 Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 96% 749 0.71 Camden Legacy Scottsdale AZ 1996 1,067 428 97% 892 0.84 Camden Pecos Ranch (1) Chandler AZ 2001 924 272 97% 736 0.80 Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 98% 913 0.88 Camden Sierra (1) Peoria AZ 1997 925 288 97% 715 0.77 Camden Towne Center (1) Glendale AZ 1998 871 240 95% 677 0.78 Camden Vista Valley Mesa AZ 1986 923 357 95% 649 0.70 ---------------------------------------------------------------------------------------- Total Phoenix 8 Properties 951 2,433 97% 765 0.80 Camden Pass Tucson AZ 1984 559 456 94% 441 0.79 Camden View Tucson AZ 1974 1,026 365 95% 687 0.67 ---------------------------------------------------------------------------------------- Total Tucson 2 Properties 766 821 95% 550 0.72 ====================================================================================================================== TOTAL ARIZONA 10 Properties 904 3,254 96% 711 0.79 Camden Crown Valley Mission Viejo CA 2001 1,009 380 97% 1,451 1.44 Camden Harbor View Long Beach CA 2004 976 538 90% 1,895 1.94 Camden Martinique Costa Mesa CA 1986 795 714 96% 1,222 1.54 Camden Parkside (1) Fullerton CA 1972 835 421 96% 1,209 1.45 Camden Sea Palms Costa Mesa CA 1990 891 138 97% 1,345 1.51 ---------------------------------------------------------------------------------------- Total Los Angeles/Orange 5 Properties County 890 2,191 95% 1,432 1.61 Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 95% 1,344 1.40 Camden Tuscany San Diego CA 2003 891 160 98% 1,910 2.14 Camden Vineyards Murrieta CA 2002 1,053 264 95% 1,252 1.19 ---------------------------------------------------------------------------------------- Total San Diego/Inland 3 Properties Empire 977 846 96% 1,422 1.46 ====================================================================================================================== TOTAL CALIFORNIA 8 Properties 914 3,037 95% 1,429 1.56 Camden Arbors Westminster CO 1986 810 358 94% 686 0.85 Camden Caley Englewood CO 2000 925 218 97% 801 0.87 Camden Centennial Littleton CO 1985 744 276 97% 656 0.88 Camden Denver West (1) Golden CO 1997 1,015 320 94% 972 0.96 Camden Highlands Ridge Highlands Ranch CO 1996 1,141 342 95% 1,026 0.90 Camden Interlocken Broomfield CO 1999 1,022 340 95% 1,026 1.00 Camden Lakeway Littleton CO 1997 919 451 95% 885 0.96 Camden Pinnacle Westminster CO 1985 748 224 91% 662 0.89 ====================================================================================================================== TOTAL COLORADO 8 Properties 926 2,529 95% 854 0.92 Summit Ashburn Farm Ashburn VA 2000 1,061 162 96% 1,231 1.16 Summit Fair Lakes Fairfax VA 1999 996 530 97% 1,384 1.39 Summit Fallsgrove Rockville MD 2004 996 268 98% 1,390 1.40 Summit Grand Parc Washington DC 2002 904 105 95% 1,943 2.15 Summit Lansdowne Leesburg VA 2002 1,006 690 97% 1,225 1.22 Summit Largo Largo MD 2000 1,042 219 97% 1,441 1.38 Summit Roosevelt Washington DC 2003 856 198 98% 1,896 2.21 Summit Russett Laurel MD 2000 1,025 426 94% 1,254 1.22 Summit Silo Creek Washington DC 2004 971 284 96% 1,195 1.23 ====================================================================================================================== TOTAL DC METRO 9 Properties 994 2,882 97% 1,360 1.37 Summit Aventura Aventura FL 1995 1,106 379 96% 1,306 1.18 Summit Brickell Miami FL 2003 937 405 96% 1,326 1.42 Summit Doral Miami FL 1999 1,172 260 98% 1,307 1.12 Summit Doral Villas Miami FL 2000 1,253 232 98% 1,393 1.11 Summit Las Olas Ft. Lauderdale FL 2004 1,043 420 97% 1,502 1.44 Summit Plantation Plantation FL 1997 1,152 502 98% 1,185 1.03 Summit Portofino Pembroke Pines FL 1995 1,307 322 97% 1,158 0.89 ---------------------------------------------------------------------------------------- Total Southeast Florida 7 Properties 1,124 2,520 97% 1,307 1.16 Camden Club Longwood FL 1986 1,077 436 96% 837 0.78 Camden Landings Orlando FL 1983 748 220 98% 676 0.90 Camden Lee Vista Orlando FL 2000 937 492 97% 830 0.89 Camden Lago Vista (2) Orlando FL 2005 954 366 In Lease-Up 947 0.99 Camden Renaissance Altamonte FL 1996/1998 899 578 98% 824 0.92 Springs Camden Reserve Orlando FL 1990/1991 824 526 96% 735 0.89 Camden World Gateway Orlando FL 2000 979 408 95% 916 0.94 Summit Hunter's Creek Orlando FL 2000 1,082 270 99% 885 0.82 ---------------------------------------------------------------------------------------- Total Orlando 8 Properties 937 3,296 97% 833 0.89
CAMDEN COMMUNITY TABLE Community Statistics as of 9/30/05 - ---------------------------------------------------------------------------------------------------------------------- (Unaudited) 3Q05 Avg Year Placed Average Apartment 3Q05 Avg Market Rental Rates Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------- Camden Bay Tampa FL 1997/2001 943 760 94% 849 0.90 Camden Bay Pointe Tampa FL 1984 771 368 97% 680 0.88 Camden Bayside Tampa FL 1987/1989 748 832 98% 700 0.94 Camden Citrus Park Tampa FL 1985 704 247 97% 654 0.93 Camden Isles Tampa FL 1983/1985 722 484 96% 643 0.89 Camden Lakes St. Petersburg FL 1982/1983 728 688 97% 654 0.90 Camden Lakeside Brandon FL 1986 728 228 97% 708 0.97 Camden Live Oaks Tampa FL 1990 1,093 770 95% 748 0.68 Camden Preserve Tampa FL 1996 942 276 98% 930 0.99 Camden Providence Lakes Brandon FL 1996 1,024 260 98% 836 0.82 Camden Westshore Tampa FL 1986 728 278 98% 726 1.00 Camden Woods Tampa FL 1986 1,223 444 95% 820 0.67 ---------------------------------------------------------------------------------------- Total Tampa/St. Petersburg 12 Properties 874 5,635 96% 741 0.85 ====================================================================================================================== TOTAL FLORIDA 27 Properties 947 11,451 97% 892 0.94 Summit Brookwood Atlanta GA 2002 906 359 96% 950 1.05 Summit Club at Dunwoody Atlanta GA 1997 1,007 324 96% 865 0.86 Summit Deer Creek Alpharetta GA 2000 1,187 292 97% 868 0.73 Summit Midtown Atlanta GA 2001 953 296 95% 987 1.04 Summit on the River Duluth GA 1997 1,103 352 98% 812 0.74 Summit Peachtree City Peachtree City GA 2001 1,026 399 96% 780 0.76 Summit Shiloh Kennesaw GA 1999/2002 1,151 232 96% 800 0.70 Summit St. Clair Atlanta GA 1997 969 336 90% 904 0.93 Summit Stockbridge Stockbridge GA 2003 1,009 304 95% 746 0.74 Summit Sweetwater Lawrenceville GA 2000 1,151 308 96% 750 0.65 ====================================================================================================================== TOTAL GEORGIA 10 Properties 1,041 3,202 95% 847 0.81 Camden Brookside Louisville KY 1987 732 224 96% 570 0.78 Camden Downs Louisville KY 1975 682 254 98% 512 0.75 Camden Meadows Louisville KY 1987/1990 746 400 97% 609 0.82 Camden Oxmoor Louisville KY 2000 903 432 97% 719 0.80 Camden Prospect Park Louisville KY 1990 916 138 97% 693 0.76 ====================================================================================================================== TOTAL KENTUCKY 5 Properties 795 1,448 97% 627 0.79 Camden Passage Kansas City MO 1989/1997 832 596 96% 625 0.75 ---------------------------------------------------------------------------------------- Total Kansas City 1 Property 832 596 96% 625 0.75 Camden Cedar Lakes Lake St. Louis MO 1986 852 420 96% 622 0.73 Camden Cove West Creve Coeur MO 1990 828 276 95% 815 0.98 Camden Cross Creek St. Louis MO 1973/1980 947 591 95% 712 0.75 Camden Taravue St. Louis MO 1975 676 304 95% 532 0.79 Camden Trace Maryland HeightsMO 1972 1,158 372 96% 751 0.65 Camden Westchase St. Louis MO 1986 945 160 98% 831 0.88 ---------------------------------------------------------------------------------------- Total St. Louis 6 Properties 910 2,123 96% 697 0.77 ====================================================================================================================== TOTAL MISSOURI 7 Properties 893 2,719 96% 681 0.76 Camden Bel Air Las Vegas NV 1988/1995 943 528 97% 832 0.88 Camden Breeze Las Vegas NV 1989 846 320 98% 762 0.90 Camden Canyon Las Vegas NV 1995 987 200 98% 853 0.86 Camden Commons Henderson NV 1988 936 376 96% 852 0.91 Camden Cove Las Vegas NV 1990 898 124 99% 772 0.86 Camden Del Mar Las Vegas NV 1995 986 560 98% 905 0.92 Camden Fairways Henderson NV 1989 896 320 98% 839 0.94 Camden Hills Las Vegas NV 1991 579 184 98% 590 1.02 Camden Legends Henderson NV 1994 792 113 98% 791 1.00 Camden Palisades Las Vegas NV 1991 905 624 97% 825 0.91 Camden Pines (1) Las Vegas NV 1997 1,005 315 98% 869 0.86 Camden Pointe Las Vegas NV 1996 985 252 98% 830 0.84 Camden Summit (1) Henderson NV 1995 1,187 234 98% 1,140 0.96 Camden Tiara (1) Las Vegas NV 1996 1,043 400 97% 904 0.87 Camden Vintage Las Vegas NV 1994 978 368 96% 837 0.86 Oasis Bay (1) Las Vegas NV 1990 862 128 98% 801 0.93 Oasis Crossings (1) Las Vegas NV 1996 983 72 98% 816 0.83
CAMDEN COMMUNITY TABLE Community Statistics as of 9/30/05 - ---------------------------------------------------------------------------------------------------------------------- (Unaudited) 3Q05 Avg Year Placed Average Apartment 3Q05 Avg Market Rental Rates Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------- Oasis Emerald (1) Las Vegas NV 1988 873 132 99% 691 0.79 Oasis Gateway (1) Las Vegas NV 1997 1,146 360 97% 905 0.79 Oasis Heritage (1) Las Vegas NV 1986 950 720 98% 649 0.68 Oasis Island (1) Las Vegas NV 1990 901 118 99% 701 0.78 Oasis Landing (1) Las Vegas NV 1990 938 144 98% 764 0.81 Oasis Meadows (1) Las Vegas NV 1996 1,031 383 98% 797 0.77 Oasis Palms (1) Las Vegas NV 1989 880 208 98% 746 0.85 Oasis Pearl (1) Las Vegas NV 1989 930 90 95% 727 0.78 Oasis Place (1) Las Vegas NV 1992 440 240 96% 565 1.28 Oasis Ridge (1) Las Vegas NV 1984 391 477 95% 465 1.19 Oasis Sands Las Vegas NV 1994 1,125 48 99% 834 0.74 Oasis Sierra (1) Las Vegas NV 1998 922 208 97% 866 0.94 Oasis Springs (1) Las Vegas NV 1988 838 304 98% 678 0.81 Oasis Suites (1) Las Vegas NV 1988 404 409 95% 539 1.33 Oasis Vinings (1) Las Vegas NV 1994 1,152 234 95% 804 0.70 ====================================================================================================================== TOTAL NEVADA 32 Properties 889 9,193 97% 776 0.87 Camden Eastchase Charlotte NC 1986 698 220 93% 534 0.77 Camden Forest Charlotte NC 1989 703 208 95% 564 0.80 Camden Habersham Charlotte NC 1986 773 240 96% 660 0.85 Camden Park Commons Charlotte NC 1997 859 232 94% 679 0.79 Camden Pinehurst Charlotte NC 1967 1,147 407 97% 712 0.62 Camden Timber Creek Charlotte NC 1984 706 352 93% 570 0.81 Summit Ballantyne Charlotte NC 1998 1,053 400 96% 784 0.74 Summit Cotton Mills Charlotte NC 2002 906 180 99% 1,147 1.27 Summit Creek (1) Charlotte NC 1982 895 260 96% 585 0.65 Summit Fairview Charlotte NC 1983 1,036 135 97% 691 0.67 Summit Foxcroft Charlotte NC 1979 940 156 95% 638 0.68 Summit Grandview Charlotte NC 2000 1,145 266 99% 1,191 1.04 Summit Green (1) Charlotte NC 1995 939 300 97% 725 0.77 Summit Hollow (1) Charlotte NC 1979 1,039 232 95% 635 0.61 Summit Sedgebrook Charlotte NC 1999 1,017 368 98% 726 0.71 Summit Simsbury Charlotte NC 1985 874 100 98% 699 0.80 Summit South End Square Charlotte NC 2003 883 299 99% 998 1.13 Summit Stonecrest Charlotte NC 2001 1,169 306 97% 832 0.71 Summit Touchstone Charlotte NC 1986 899 132 95% 648 0.72 ---------------------------------------------------------------------------------------- Total Charlotte 19 Properties 946 4,793 96% 743 0.79 Camden Glen Greensboro NC 1980 662 304 93% 547 0.83 Camden Wendover Greensboro NC 1985 795 216 96% 602 0.76 ---------------------------------------------------------------------------------------- Total Greensboro 2 Properties 717 520 94% 570 0.80 Reunion Park by Summit Apex NC 2000/2004 972 420 96% 601 0.62 Summit Crest Raleigh NC 2001 1,129 438 95% 722 0.64 Summit Governor's Village Chapel Hill NC 1999 1,134 242 95% 812 0.72 Summit Hill (1) Chapel Hill NC 1991 1,036 411 94% 705 0.68 Summit Lake Apex NC 1999 1,075 446 92% 742 0.69 Summit Overlook Raleigh NC 2001 1,056 320 96% 786 0.74 Summit Westwood Morrisville NC 1999 1,112 354 97% 708 0.64 ---------------------------------------------------------------------------------------- Total Raleigh 7 Properties 1,070 2,631 95% 718 0.67 ====================================================================================================================== TOTAL NORTH CAROLINA 28 Properties 972 7,944 96% 724 0.74 Summit Valleybrook Chadds Ford PA 2002 992 352 96% 1,176 1.19 ====================================================================================================================== TOTAL PENNSYLVANIA 1 Property 992 352 96% 1,176 1.19 Camden Briar Oaks Austin TX 1980 711 430 95% 556 0.78 Camden Huntingdon Austin TX 1995 903 398 95% 699 0.77 Camden Laurel Ridge Austin TX 1986 702 183 97% 549 0.78 Camden Ridge View Austin TX 1984 859 167 97% 611 0.71 Camden Ridgecrest Austin TX 1995 851 284 98% 634 0.74 Camden Woodview Austin TX 1984 644 283 95% 555 0.86 ---------------------------------------------------------------------------------------- Total Austin 6 Properties 780 1,745 96% 606 0.78 Camden Breakers Corpus Christi TX 1996 868 288 95% 799 0.92 Camden Copper Ridge Corpus Christi TX 1986 775 344 95% 626 0.81 Camden Miramar (3) Corpus Christi TX 1994-2004 468 778 63% 764 1.63 ---------------------------------------------------------------------------------------- Total Corpus Christi 3 Properties 625 1,410 95% 737 1.18
CAMDEN COMMUNITY TABLE Community Statistics as of 9/30/05 - ---------------------------------------------------------------------------------------------------------------------- (Unaudited) 3Q05 Avg Year Placed Average Apartment 3Q05 Avg Market Rental Rates Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------- Camden Addison (1) Addison TX 1996 942 456 94% 797 0.85 Camden Buckingham Richardson TX 1997 919 464 97% 741 0.81 Camden Centreport Ft. Worth TX 1997 910 268 97% 738 0.81 Camden Cimarron Irving TX 1992 772 286 98% 727 0.94 Camden Farmers Market Dallas TX 2001 916 620 92% 912 0.99 Camden Farmers Market II Dallas TX In Lease-Up (2) 2005 970 284 1,152 1.19 Camden Gardens Dallas TX 1983 652 256 94% 529 0.81 Camden Glen Lakes Dallas TX 1979 877 424 96% 672 0.77 Camden Highlands Plano TX 1985 816 160 97% 604 0.74 Camden Lakeview Irving TX 1985 853 476 96% 565 0.66 Camden Legacy Creek Plano TX 1995 831 240 98% 754 0.91 Camden Legacy Park Plano TX 1996 871 276 98% 754 0.87 Camden Oaks Dallas TX 1985 730 446 95% 523 0.72 Camden Oasis Euless TX 1986 548 602 95% 492 0.90 Camden Place Mesquite TX 1984 772 442 96% 559 0.72 Camden Ridge Ft. Worth TX 1985 829 208 95% 583 0.70 Camden Springs Dallas TX 1987 713 304 95% 526 0.74 Camden Terrace Ft. Worth TX 1984 848 340 96% 612 0.72 Camden Towne Village Mesquite TX 1983 735 188 98% 564 0.77 Camden Trails Dallas TX 1984 733 264 95% 511 0.70 Camden Valley Creek Irving TX 1984 855 380 96% 630 0.74 Camden Valley Park Irving TX 1986 743 516 96% 596 0.80 Camden Valley Ridge Irving TX 1987 773 408 96% 543 0.70 Camden Westview Lewisville TX 1983 697 335 95% 580 0.83 ---------------------------------------------------------------------------------------- Total Dallas/Ft. Worth 24 Properties 803 8,643 96% 654 0.81 Camden Baytown Baytown TX 1999 844 272 93% 724 0.86 Camden Creek Houston TX 1984 639 456 93% 577 0.90 Camden Crossing Houston TX 1982 762 366 94% 551 0.72 Camden Greenway Houston TX 1999 861 756 98% 887 1.03 Camden Holly Springs (1) Houston TX 1999 934 548 97% 853 0.91 Camden Midtown Houston TX 1999 843 337 98% 962 1.14 Camden Oak Crest Houston TX 2003 870 364 94% 793 0.91 Camden Park (1) Houston TX 1995 866 288 95% 739 0.85 Camden Steeplechase Houston TX 1982 748 290 94% 594 0.79 Camden Stonebridge Houston TX 1993 845 204 98% 732 0.87 Camden Sugar Grove (1) Stafford TX 1997 917 380 97% 791 0.86 Camden Vanderbilt Houston TX 1996/1997 863 894 99% 966 1.12 Camden West Oaks Houston TX 1982 726 671 94% 551 0.76 Camden Wilshire Houston TX 1982 761 536 93% 561 0.74 Camden Wyndham Houston TX 1978/1981 797 448 95% 543 0.68 ---------------------------------------------------------------------------------------- Total Houston 15 Properties 818 6,810 96% 738 0.90 ====================================================================================================================== TOTAL TEXAS 48 Properties 793 18,608 96% 686 0.87 ====================================================================================================================== TOTAL PROPERTIES 193 Properties 896 66,619 96% 818 0.91 ====================================================================================================================== (1)Communities owned through investment in joint venture. (2)Communities in lease-up as of September 30, 2005 are excluded from total occupancy numbers. (3)Miramar is a student housing community which is excluded from total occupancy numbers.
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