-----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, WmhwtffEQNjsjsKl3tR9dP+vxFxX5ezwK3HXhu/j8pn9tNrxOplr0EzYTReS7jQt 20vZFtc4dS1DKg0arfhzow== 0001157523-06-004731.txt : 20060505 0001157523-06-004731.hdr.sgml : 20060505 20060505125809 ACCESSION NUMBER: 0001157523-06-004731 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060505 DATE AS OF CHANGE: 20060505 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: 06811770 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 a5141520.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): May 4, 2006 CAMDEN PROPERTY TRUST (Exact name of registrant as specified in its charter) TEXAS 1-12110 76-6088377 (State or other jurisdiction of (Commission (I.R.S. Employer 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 May 4, 2006, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter ended March 31, 2006. This press release refers to supplemental financial information that is available on the Company's website. A copy of the press release and the 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 May 4, 2006. 99.2 Supplemental Financial Information dated May 4, 2006. 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: May 4, 2006 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 a5141520ex99-1.txt EXHIBIT 99.1 EXHIBIT 99.1 Camden Property Trust Announces First Quarter 2006 Operating Results HOUSTON--(BUSINESS WIRE)--May 4, 2006--Camden Property Trust (NYSE:CPT) announced that its funds from operations ("FFO") for the first quarter of 2006 totaled $0.88 per diluted share or $51.8 million, as compared to $1.10 per diluted share or $54.4 million reported for the same period in 2005. FFO for the three months ended March 31, 2005 included a $0.49 per diluted share impact from the sale of technology investments, and a $0.28 per diluted share charge for transaction compensation and merger expenses. Net Income ("EPS") The Company reported net income ("EPS") of $41.4 million or $0.75 per diluted share for the first quarter of 2006 compared to $166.7 million or $3.40 per diluted share for the same period in 2005. EPS for the three months ended March 31, 2006 included a $0.50 per diluted share impact from gain on sale of properties and discontinued operations. EPS for the three months ended March 31, 2005 included a $2.97 per diluted share impact from gain on sale of properties and discontinued operations, $0.49 per diluted share income from the sale of technology investments, and a $0.28 per diluted share charge for transaction compensation and merger expenses. A reconciliation of net income to FFO is included in the financial tables accompanying this press release. Same-Property Results For the 49,557 apartment homes included in consolidated same-property results, first quarter 2006 same-property net operating income ("NOI") growth was 10.2% compared to the first quarter of 2005, with revenues increasing 8.3% and operating expenses increasing 5.4%. On a sequential basis, first quarter 2006 same-property NOI increased 3.7% compared to fourth quarter 2005, with revenues increasing 2.2% and expenses declining 0.1% compared to the prior quarter. Same-property physical occupancy levels for the combined portfolio averaged 96.0% during the first quarter of 2006, compared to 93.8% in the first quarter of 2005 and 96.2% in the fourth quarter of 2005. The Company defines same-property communities as communities owned by either Camden or Summit Properties Inc. ("Summit") and stabilized as of January 1, 2005, excluding properties held for sale. 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 Camden announced two new development starts during the quarter: Camden City Centre in Houston, TX, with 379 apartment homes; and Camden Dulles Station in Herndon, VA, with 368 apartment homes. Total budgeted costs for those projects are $54.0 million and $77.0 million, respectively, with initial occupancy expected to occur in mid- to late-2007. The Company also announced the start of two new joint venture developments: Camden Main & Jamboree in Irvine, CA, a $107.1 million community with 290 apartment homes; and Camden Plaza in Houston, TX, a $42.9 million community with 271 apartment homes. (See press release dated March 3, 2006 for additional information on these joint venture developments). As of March 31, 2006, Camden had one completed apartment community in lease-up: Camden Farmers Market II in Dallas, TX, a $29.5 million project that is currently 87% leased. The Company's current development pipeline includes 11 wholly-owned communities with 3,958 apartment homes and a total budgeted cost of $719.6 million, and two joint venture communities with 561 apartment homes and a total budgeted cost of $150.0 million. Of those 13 communities, five are currently in lease-up. Camden Dilworth in Charlotte, NC is currently 61% leased; Camden Fairfax Corner in Fairfax, VA is currently 54% leased; Camden Westwind in Ashburn, VA is currently 46% leased; Camden Manor Park in Raleigh, NC is currently 31% leased; and Camden Clearbrook in Frederick, MD is currently 4% leased. Acquisition/Disposition Activity During the quarter, Camden acquired the remaining joint venture membership interest in Camden Westwind, a 464-home apartment community under development in Ashburn, VA. Total budgeted cost for Camden Westwind is projected to be $97.6 million when construction is completed. Dispositions for the quarter included two wholly-owned apartment communities: Camden Highlands, a 160-home apartment community in Plano, TX for $9.7 million, and Camden View, a 365-home apartment community in Tucson, AZ for $31.3 million. Gain on sale of those two properties totaled $27.4 million. The Company also sold two joint venture communities during the quarter for a combined total of $47.5 million. Camden's pro-rata share of those dispositions totaled $11.9 million, and the Company recognized a $1.8 million gain as a result of the sales. Properties and Land Held for Sale At March 31, 2006, Camden had eight operating communities consisting of 3,691 apartment homes classified as held for sale. These properties included: Camden Live Oaks, a 770-home apartment community in Tampa, FL; Camden Trails, a 264-home apartment community in Dallas, TX; Camden Oaks, a 446-home apartment community in Dallas, TX; Camden Pass, a 456-home apartment community in Tucson, AZ; Camden Crossing, a 366-home apartment community in Houston, TX; Camden Wilshire, a 536-home apartment community in Houston, TX; Camden Wyndham, a 448-home apartment community in Houston, TX; and Summit Brickell, a 405-home apartment community in Miami, FL. The Company also had 13.9 acres of undeveloped land in Southeast Florida, Dallas, TX and Long Beach, CA classified as held for sale at quarter-end. Subsequent to quarter-end, the Company disposed of Camden Trails for $8.8 million and Camden Pass for $20.3 million. Earnings Guidance Camden raised its earnings guidance for 2006 FFO by $0.05 per diluted share. Full-year 2006 FFO is now expected to be $3.50 to $3.70 per diluted share. The Company also provided guidance of $0.85 to $0.90 per diluted share for second quarter 2006 FFO. EPS is expected to be $1.35 to $1.55 per diluted share for full-year 2006, and $0.19 to $0.24 per diluted share for the second quarter of 2006, excluding any future gains from property or land sales. The Company's 2006 earnings guidance is based on projections of same-property revenue growth between 5.0% and 6.0%, same-property expense growth between 4.5% and 5.5%, same-property NOI growth between 5.0% and 7.0%, acquisitions of $100 to $200 million, dispositions of $275 to $400 million and future development starts of $200 to $300 million. 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, May 5, 2006 at 10:00 a.m. Central Time to review its first quarter results and discuss its outlook for future performance. To participate in the call, please dial 877-407-0782 (domestic) or 201-689-8567 (international) by 9:50 a.m. Central Time and request the Camden Property Trust First Quarter 2006 Earnings Call, 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 under Earnings Releases or by calling Camden's Investor Relations Department at 800-922-6336. Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. 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 185 properties containing 63,664 apartment homes across the United States. Upon completion of 13 properties under development, the Company's portfolio will increase to 68,183 apartment homes in 198 properties. For additional information, please contact Camden's Investor Relations Department at 800-922-6336 or 713-354-2787 or access our website at www.camdenliving.com. CAMDEN OPERATING RESULTS (In thousands, except per share and property data amounts) - ---------------------------------------------------------------------- (Unaudited) Three Months Ended March 31, ------------------------- OPERATING DATA 2006 2005 (a) - -------------- ------------------------- Property revenues Rental revenues $131,426 $100,687 Other property revenues 12,410 9,162 ------------------------- Total property revenues 143,836 109,849 Property expenses Property operating and maintenance 38,077 31,521 Real estate taxes 15,750 12,219 ------------------------- Total property expenses 53,827 43,740 Non-property income Fee and asset management 2,477 7,306 Sale of technology investments - 24,199 Interest and other income 753 3,223 Income on deferred compensation plans 50 23 ------------------------- Total non-property income 3,280 34,751 Other expenses Property management 4,226 3,220 Fee and asset management 1,366 1,948 General and administrative 7,414 5,276 Transaction compensation and merger expenses - 13,824 Interest 31,037 23,501 Depreciation and amortization 37,053 30,855 Amortization of deferred financing costs 1,047 1,221 Expense on deferred compensation plans 50 23 ------------------------- Total other expenses 82,193 79,868 ------------------------- Income from continuing operations before gain on sale of properties, equity in income of joint ventures and minority interests 11,096 20,992 Gain on sale of properties, including land 499 132,117 Equity in income of joint ventures 2,317 110 Income allocated to minority interests Distributions on perpetual preferred units (1,750) (1,778) Original issuance costs on redeemed perpetual preferred units - (365) Income allocated to common units and other minority interests (1,279) (1,131) ------------------------- Income from continuing operations 10,883 149,945 Income from discontinued operations 3,965 2,342 Gain on sale of discontinued operations 27,392 14,391 Income from discontinued operations allocated to common units (797) (14) ------------------------- Net income $41,443 $166,664 ========================= PER SHARE DATA - -------------- Net income - basic $0.76 $3.63 Net income - diluted 0.75 3.40 Income from continuing operations - basic 0.20 3.27 Income from continuing operations - diluted 0.20 3.06 Weighted average number of common and common equivalent shares outstanding: Basic 54,290 45,900 Diluted 55,474 49,374 PROPERTY DATA - ------------- Total operating properties (end of period)(b) 187 192 Total operating apartment homes in operating properties (end of period)(b) 64,384 66,446 Total operating apartment homes (weighted average) 57,177 50,656 Total operating apartment homes - excluding discontinued operations (weighted average) 53,203 45,987 (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 the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. CAMDEN FUNDS FROM OPERATIONS (In thousands, except per share and property data amounts) - ---------------------------------------------------------------------- (Unaudited) Three Months Ended March 31, ------------------------- FUNDS FROM OPERATIONS 2006 2005 (a) - --------------------- ------------------------- Net income $41,443 $166,664 Real estate depreciation and amortization from continuing operations 36,399 30,229 Real estate depreciation from discontinued operations 346 2,229 Adjustments for unconsolidated joint ventures 781 668 Income from continuing operations allocated to common units 1,228 1,131 Income from discontinued operations allocated to common units 797 14 (Gain) on sale of operating properties - (132,117) (Gain) on sale of discontinued operations (27,392) (14,380) (Gain) on sale of joint venture properties (1,763) - ------------------------- Funds from operations - diluted $51,839 $54,438 ========================= PER SHARE DATA - -------------- Funds from operations - diluted $0.88 $1.10 Cash distributions 0.66 0.64 Weighted average number of common and common equivalent shares outstanding: FFO - diluted 58,988 49,374 PROPERTY DATA - ------------- Total operating properties (end of period) (b) 187 192 Total operating apartment homes in operating properties (end of period)(b) 64,384 66,446 Total operating apartment homes (weighted average) 57,177 50,656 Total operating apartment homes - excluding discontinued operations (weighted average) 53,203 45,987 (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 the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. CAMDEN BALANCE SHEETS (in thousands) - ---------------------------------------------------------------------- (Unaudited) Mar 31, Dec 31, Sep 30, 2006 2005 2005 --------------------------------- ASSETS Real estate assets, at cost Land $664,219 $646,854 $660,748 Buildings and improvements 3,892,700 3,840,969 3,881,682 --------------------------------- 4,556,919 4,487,823 4,542,430 Accumulated depreciation (732,984) (716,650) (713,991) --------------------------------- Net operating real estate assets 3,823,935 3,771,173 3,828,439 Properties under development, including land 419,843 372,976 377,787 Investment in joint ventures 8,199 6,096 6,937 Properties held for sale 188,477 172,112 51,741 --------------------------------- Total real estate assets 4,440,454 4,322,357 4,264,904 Accounts receivable - affiliates 33,361 34,084 35,313 Notes receivable Affiliates 22,531 11,916 11,505 Other 13,264 13,261 24,865 Other assets, net (a) 102,269 99,516 100,080 Cash and cash equivalents 1,256 1,576 1,076 Restricted cash 5,269 5,089 5,829 --------------------------------- Total assets $4,618,404 $4,487,799 $4,443,572 ================================= LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Notes payable Unsecured $2,118,403 $2,007,164 $1,903,094 Secured 623,250 625,927 661,723 Accounts payable and accrued expenses 116,215 108,979 102,231 Accrued real estate taxes 17,818 26,070 39,740 Other liabilities (b) 98,327 88,811 84,835 Distributions payable 40,612 38,922 38,933 --------------------------------- Total liabilities 3,014,625 2,895,873 2,830,556 Commitments and contingencies Minority interests Perpetual preferred units 97,925 97,925 97,925 Common units 113,034 112,637 115,190 Other minority interests 10,512 10,461 10,425 --------------------------------- Total minority interests 221,471 221,023 223,540 Shareholders' equity Common shares of beneficial interest 610 608 607 Additional paid-in capital 1,908,099 1,902,595 1,899,713 Distributions in excess of net income (289,482) (295,074) (273,609) Employee notes receivable (2,046) (2,078) (2,087) Treasury shares, at cost (234,873) (235,148) (235,148) --------------------------------- Total shareholders' equity 1,382,308 1,370,903 1,389,476 --------------------------------- Total liabilities and shareholders' equity $4,618,404 $4,487,799 $4,443,572 ================================= (a) includes: net deferred charges of: $14,079 $13,061 $13,757 value of in place leases of: $1,156 $1,363 $10,561 (b) includes: deferred revenues of: $3,844 $994 $1,120 above/below market leases of: $51 $90 $889 distributions in excess of investments in joint ventures of: $17,692 $17,407 $19,762 (Unaudited) Jun 30, Mar 31, 2005 2005 ---------------------- ASSETS Real estate assets, at cost Land $657,433 $655,321 Buildings and improvements 3,839,732 3,810,003 ---------------------- 4,497,165 4,465,324 Accumulated depreciation (694,120) (658,683) ---------------------- Net operating real estate assets 3,803,045 3,806,641 Properties under development, including land 368,022 348,202 Investment in joint ventures 11,830 11,985 Properties held for sale 39,930 72,338 ---------------------- Total real estate assets 4,222,827 4,239,166 Accounts receivable - affiliates 35,084 33,587 Notes receivable Affiliates 11,108 10,729 Other 32,283 32,274 Other assets, net (a) 101,475 95,941 Cash and cash equivalents 6,432 6,351 Restricted cash 6,375 5,835 ---------------------- Total assets $4,415,584 $4,423,883 ====================== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Notes payable Unsecured $1,860,107 $1,900,710 Secured 672,557 675,473 Accounts payable and accrued expenses 104,216 101,576 Accrued real estate taxes 29,510 17,179 Other liabilities (b) 62,753 58,432 Distributions payable 39,513 15,223 ---------------------- Total liabilities 2,768,656 2,768,593 Commitments and contingencies Minority interests Perpetual preferred units 97,925 97,925 Common units 118,119 121,734 Other minority interests 9,878 9,880 ---------------------- Total minority interests 225,922 229,539 Shareholders' equity Common shares of beneficial interest 606 605 Additional paid-in capital 1,895,018 1,888,356 Distributions in excess of net income (236,954) (224,533) Employee notes receivable (2,084) (3,097) Treasury shares, at cost (235,580) (235,580) ---------------------- Total shareholders' equity 1,421,006 1,425,751 ---------------------- Total liabilities and shareholders' equity $4,415,584 $4,423,883 ====================== (a) includes: net deferred charges of: $14,266 $13,386 value of in place leases of: $18,995 $29,186 (b) includes: deferred revenues of: $1,250 $1,704 above/below market leases of: $1,675 $2,537 distributions in excess of investments in joint ventures of: $8,496 $7,971 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 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 March 31, ------------------------ 2006 2005 ------------------------ Net income $41,443 $166,664 Real estate depreciation and amortization from continuing operations 36,399 30,229 Real estate depreciation from discontinued operations 346 2,229 Adjustments for unconsolidated joint ventures 781 668 Income from continuing operations allocated to common units 1,228 1,131 Income from discontinued operations allocated to common units 797 14 (Gain) on sale of operating properties - (132,117) (Gain) on sale of discontinued operations (27,392) (14,380) (Gain) on sale of joint venture properties (1,763) - ------------------------ Funds from operations - diluted $51,839 $54,438 ======================== Weighted average number of common and common equivalent shares outstanding: EPS diluted 55,474 49,374 FFO diluted 58,988 49,374 Net income per common share - diluted $0.75 $3.40 FFO per common share - diluted $0.88 $1.10 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: 2Q06 Range 2006 Range Low High Low High ------------------ ------------------ Expected net income per share - diluted $0.19 $0.24 $1.35 $1.55 Expected real estate depreciation 0.62 0.62 2.48 2.48 Expected adjustments for unconsolidated joint ventures 0.01 0.01 0.05 0.05 Expected income allocated to common units 0.02 0.02 0.11 0.11 Expected (gain) on sale of properties held in joint ventures 0.00 0.00 (0.03) (0.03) Expected (gain) on sale of properties and properties held for sale 0.00 0.00 (0.46) (0.46) ------------------ ------------------ Expected FFO per share - diluted $0.85 $0.90 $3.50 $3.70 Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document. 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 March 31, ------------------------ 2006 2005 ------------------------ Net income $41,443 $166,664 Fee and asset management (2,477) (7,306) Sale of technology investments - (24,199) Interest and other income (753) (3,223) Income on deferred compensation plans (50) (23) Property management expense 4,226 3,220 Fee and asset management expense 1,366 1,948 General and administrative expense 7,414 5,276 Transaction compensation and merger expenses - 13,824 Interest expense 31,037 23,501 Depreciation and amortization 37,053 30,855 Amortization of deferred financing costs 1,047 1,221 Expense on deferred compensation plans 50 23 Gain on sale of properties, including land (499) (132,117) Equity in income of joint ventures (2,317) (110) Distributions on perpetual preferred units 1,750 1,778 Original issuance costs on redeemed perpetual preferred units - 365 Income allocated to common units and other minority interests 1,279 1,131 Income from discontinued operations (3,965) (2,342) Gain on sale of discontinued operations (27,392) (14,391) Income from discontinued operations allocated to common units 797 14 ------------------------ Net Operating Income (NOI) $90,009 $66,109 "Same Property" Communities $80,451 $56,892 Non-"Same Property" Communities 7,953 3,507 Development and Lease-Up Communities 1,095 - Dispositions / Other 510 5,710 ------------------------ Net Operating Income (NOI) $90,009 $66,109 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 March 31, ------------------------ 2006 2005 ------------------------ Net income $41,443 $166,664 Interest expense 31,037 23,501 Amortization of deferred financing costs 1,047 1,221 Depreciation and amortization 37,053 30,855 Distributions on perpetual preferred units 1,750 1,778 Original issuance costs on redeemed perpetual preferred units - 365 Income allocated to common units and other minority interests 1,279 1,131 Real estate depreciation from discontinued operations 346 2,229 Gain on sale of properties, including land (499) (132,117) Equity in income of joint ventures (2,317) (110) Gain on sale of discontinued operations (27,392) (14,391) Income from discontinued operations allocated to common units 797 14 ------------------------ EBITDA $84,544 $81,140 CONTACT: Camden Property Trust Kim Callahan, 713-354-2549 EX-99.2 3 a5141520ex99-2.txt EXHIBIT 99.2 EXHIBIT 99.2 CAMDEN Living Excellence FIRST QUARTER 2006 - -------------------------------------------------------------------------------- Supplemental Operating and Financial Data - -------------------------------------------------------------------------------- Camden World Gateway - Orlando, FL 408 Apartment Homes - Acquired September 19, 2005 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" First Quarter Comparisons .................................. 12 "Same Property" Sequential Quarter Comparisons ............................. 13 Joint Venture Operations ................................................... 14 Development Pipeline ....................................................... 15 Pre-Development Pipeline & Land Held for Sale .............................. 16 Mezzanine Financing Summary ................................................ 17 Acquisitions & Dispositions ................................................ 18 Debt Analysis .............................................................. 19 Debt Covenant Analysis ..................................................... 20 Capitalized Expenditures & Maintenance Expense ............................. 21 Non-GAAP Financial Measures - Definitions & Reconciliations ................ 22 Other Data ................................................................. 24 Community Table ............................................................ 25 Camden Property Trust Announces First Quarter 2006 Operating Results HOUSTON--(BUSINESS WIRE)--May 4, 2006--Camden Property Trust (NYSE:CPT) announced that its funds from operations ("FFO") for the first quarter of 2006 totaled $0.88 per diluted share or $51.8 million, as compared to $1.10 per diluted share or $54.4 million reported for the same period in 2005. FFO for the three months ended March 31, 2005 included a $0.49 per diluted share impact from the sale of technology investments, and a $0.28 per diluted share charge for transaction compensation and merger expenses. Net Income ("EPS") The Company reported net income ("EPS") of $41.4 million or $0.75 per diluted share for the first quarter of 2006 compared to $166.7 million or $3.40 per diluted share for the same period in 2005. EPS for the three months ended March 31, 2006 included a $0.50 per diluted share impact from gain on sale of properties and discontinued operations. EPS for the three months ended March 31, 2005 included a $2.97 per diluted share impact from gain on sale of properties and discontinued operations, $0.49 per diluted share income from the sale of technology investments, and a $0.28 per diluted share charge for transaction compensation and merger expenses. A reconciliation of net income to FFO is included in the financial tables accompanying this press release. Same-Property Results For the 49,557 apartment homes included in consolidated same-property results, first quarter 2006 same-property net operating income ("NOI") growth was 10.2% compared to the first quarter of 2005, with revenues increasing 8.3% and operating expenses increasing 5.4%. On a sequential basis, first quarter 2006 same-property NOI increased 3.7% compared to fourth quarter 2005, with revenues increasing 2.2% and expenses declining 0.1% compared to the prior quarter. Same-property physical occupancy levels for the combined portfolio averaged 96.0% during the first quarter of 2006, compared to 93.8% in the first quarter of 2005 and 96.2% in the fourth quarter of 2005. The Company defines same-property communities as communities owned by either Camden or Summit Properties Inc. ("Summit") and stabilized as of January 1, 2005, excluding properties held for sale. 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 Camden announced two new development starts during the quarter: Camden City Centre in Houston, TX, with 379 apartment homes; and Camden Dulles Station in Herndon, VA, with 368 apartment homes. Total budgeted costs for those projects are $54.0 million and $77.0 million, respectively, with initial occupancy expected to occur in mid- to late-2007. The Company also announced the start of two new joint venture developments: Camden Main & Jamboree in Irvine, CA, a $107.1 million community with 290 apartment homes; and Camden Plaza in Houston, TX, a $42.9 million community with 271 apartment homes. (See press release dated March 3, 2006 for additional information on these joint venture developments). As of March 31, 2006, Camden had one completed apartment community in lease-up: Camden Farmers Market II in Dallas, TX, a $29.5 million project that is currently 87% leased. The Company's current development pipeline includes 11 wholly-owned communities with 3,958 apartment homes and a total budgeted cost of $719.6 million, and two joint venture communities with 561 apartment homes and a total budgeted cost of $150.0 million. Of those 13 communities, five are currently in lease-up. Camden Dilworth in Charlotte, NC is currently 61% leased; Camden Fairfax Corner in Fairfax, VA is currently 54% leased; Camden Westwind in Ashburn, VA is currently 46% leased; Camden Manor Park in Raleigh, NC is currently 31% leased; and Camden Clearbrook in Frederick, MD is currently 4% leased. Acquisition/Disposition Activity During the quarter, Camden acquired the remaining joint venture membership interest in Camden Westwind, a 464-home apartment community under development in Ashburn, VA. Total budgeted cost for Camden Westwind is projected to be $97.6 million when construction is completed. Dispositions for the quarter included two wholly-owned apartment communities: Camden Highlands, a 160-home apartment community in Plano, TX for $9.7 million, and Camden View, a 365-home apartment community in Tucson, AZ for $31.3 million. Gain on sale of those two properties totaled $27.4 million. The Company also sold two joint venture communities during the quarter for a combined total of $47.5 million. Camden's pro-rata share of those dispositions totaled $11.9 million, and the Company recognized a $1.8 million gain as a result of the sales. Properties and Land Held for Sale At March 31, 2006, Camden had eight operating communities consisting of 3,691 apartment homes classified as held for sale. These properties included: Camden Live Oaks, a 770-home apartment community in Tampa, FL; Camden Trails, a 264-home apartment community in Dallas, TX; Camden Oaks, a 446-home apartment community in Dallas, TX; Camden Pass, a 456-home apartment community in Tucson, AZ; Camden Crossing, a 366-home apartment community in Houston, TX; Camden Wilshire, a 536-home apartment community in Houston, TX; Camden Wyndham, a 448-home apartment community in Houston, TX; and Summit Brickell, a 405-home apartment community in Miami, FL. The Company also had 13.9 acres of undeveloped land in Southeast Florida, Dallas, TX and Long Beach, CA classified as held for sale at quarter-end. Subsequent to quarter-end, the Company disposed of Camden Trails for $8.8 million and Camden Pass for $20.3 million. Earnings Guidance Camden raised its earnings guidance for 2006 FFO by $0.05 per diluted share. Full-year 2006 FFO is now expected to be $3.50 to $3.70 per diluted share. The Company also provided guidance of $0.85 to $0.90 per diluted share for second quarter 2006 FFO. EPS is expected to be $1.35 to $1.55 per diluted share for full-year 2006, and $0.19 to $0.24 per diluted share for the second quarter of 2006, excluding any future gains from property or land sales. The Company's 2006 earnings guidance is based on projections of same-property revenue growth between 5.0% and 6.0%, same-property expense growth between 4.5% and 5.5%, same-property NOI growth between 5.0% and 7.0%, acquisitions of $100 to $200 million, dispositions of $275 to $400 million and future development starts of $200 to $300 million. 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, May 5, 2006 at 10:00 a.m. Central Time to review its first quarter results and discuss its outlook for future performance. To participate in the call, please dial 877-407-0782 (domestic) or 201-689-8567 (international) by 9:50 a.m. Central Time and request the Camden Property Trust First Quarter 2006 Earnings Call, 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 under Earnings Releases or by calling Camden's Investor Relations Department at 800-922-6336. Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. 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 185 properties containing 63,664 apartment homes across the United States. Upon completion of 13 properties under development, the Company's portfolio will increase to 68,183 apartment homes in 198 properties. For additional information, please contact Camden's Investor Relations Department at 800-922-6336 or 713-354-2787 or access our website at www.camdenliving.com. CAMDEN FINANCIAL HIGHLIGHTS (In thousands, except per share, property data amounts and ratios) - -------------------------------------------------------------------------------- (Unaudited) Three Months Ended March 31, -------------------------------- 2006 2005 (a) -------------------------------- Total property revenues (b) $ 143,836 $ 109,849 EBITDA 84,544 81,140 Net income 41,443 166,664 Per share - basic 0.76 3.63 Per share - diluted 0.75 3.40 Income from continuing operations 10,883 149,945 per share - basic 0.20 3.27 per share - diluted 0.20 3.06 Funds from operations 51,839 54,438 Per share - diluted 0.88 1.10 Dividends per share 0.66 0.64 Dividend payout ratio 75.0% 58.2% Interest expensed 31,037 23,501 Interest capitalized 5,199 3,134 ------------- ------------- Total interest incurred 36,236 26,635 Principal amortization 3,622 1,931 Preferred dividends & distributions 1,750 1,778 Interest expense coverage ratio 2.7 x 3.5 x Total interest coverage ratio 2.3 x 3.0 x Fixed charge expense coverage ratio 2.3 x 3.0 x Total fixed charge coverage ratio 2.0 x 2.7 x Same property NOI increase (c) 10.2% 0.0% (# of apartment homes included) 49,557 50,970 Gross turnover of apartment homes (annualized) 61% 54% Net turnover (excludes on-site transfers and transfers to other Camden communities) 54% 49% As of March 31, -------------------------------- 2006 2005 -------------------------------- Total assets $ 4,618,404 $ 4,423,883 Total debt $ 2,741,653 $ 2,576,183 Common and common equivalent shares, outstanding end of period (d) 59,088 58,301 Share price, end of period $ 72.05 $ 47.03 Preferred units, end of period $ 97,925 $ 97,925 Book equity value, end of period (e) $ 1,603,779 $ 1,655,290 Market equity value, end of period (e) $ 4,357,290 $ 2,841,896 Debt to total market capitalization ratio 38.6% 47.5% Unencumbered real estate assets (at cost) to unsecured debt ratio 195% 196% (a) The Company's 2005 financial results include the results of Summit subsequent to February 28, 2005. (b) Excludes discontinued operations. (c) "Same Property" Communities are communities which were owned by Camden or Summit and stabilized as of January 1, 2005, excluding properties held for sale. Results are proforma for both Camden and Summit as if the merger occurred on January 1, 2005. (d) Includes at March 31, 2006: 55,050 common shares (including 654 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (4,038) (e) Includes: common shares, preferred and common units, and common share equivalents Note: Please refer to pages 22 and 23 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
CAMDEN OPERATING RESULTS (In thousands, except per share and property data amounts) - ----------------------------------------------------------------------------------------------------- (Unaudited) Three Months Ended March 31, ---------------------------- OPERATING DATA 2006 2005 (a) - -------------- ---------------------------- Property revenues Rental revenues $ 131,426 $ 100,687 Other property revenues 12,410 9,162 ---------------------------- Total property revenues 143,836 109,849 Property expenses Property operating and maintenance 38,077 31,521 Real estate taxes 15,750 12,219 ---------------------------- Total property expenses 53,827 43,740 Non-property income Fee and asset management 2,477 7,306 Sale of technology investments - 24,199 Interest and other income 753 3,223 Income on deferred compensation plans 50 23 ---------------------------- Total non-property income 3,280 34,751 Other expenses Property management 4,226 3,220 Fee and asset management 1,366 1,948 General and administrative 7,414 5,276 Transaction compensation and merger expenses - 13,824 Interest 31,037 23,501 Depreciation and amortization 37,053 30,855 Amortization of deferred financing costs 1,047 1,221 Expense on deferred compensation plans 50 23 ---------------------------- Total other expenses 82,193 79,868 ---------------------------- Income from continuing operations before gain on sale of properties, 11,096 20,992 equity in income of joint ventures and minority interests Gain on sale of properties, including land 499 132,117 Equity in income of joint ventures 2,317 110 Income allocated to minority interests Distributions on perpetual preferred units (1,750) (1,778) Original issuance costs on redeemed perpetual preferred units - (365) Income allocated to common units and other minority interests (1,279) (1,131) ---------------------------- Income from continuing operations 10,883 149,945 Income from discontinued operations 3,965 2,342 Gain on sale of discontinued operations 27,392 14,391 Income from discontinued operations allocated to common units (797) (14) ---------------------------- Net income $ 41,443 $ 166,664 ============================ PER SHARE DATA - -------------- Net income - basic $ 0.76 $ 3.63 Net income - diluted 0.75 3.40 Income from continuing operations - basic 0.20 3.27 Income from continuing operations - diluted 0.20 3.06 Weighted average number of common and common equivalent shares outstanding: Basic 54,290 45,900 Diluted 55,474 49,374 PROPERTY DATA - ------------- Total operating properties (end of period) (b) 187 192 Total operating apartment homes in operating properties (end of period) (b) 64,384 66,446 Total operating apartment homes (weighted average) 57,177 50,656 Total operating apartment homes - excluding discontinued operations (weighted average) 53,203 45,987
(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 22 and 23 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
CAMDEN FUNDS FROM OPERATIONS (In thousands, except per share and property data amounts) - ----------------------------------------------------------------------------------------------- (Unaudited) Three Months Ended March 31, ------------------------ FUNDS FROM OPERATIONS 2006 2005 (a) - --------------------- ------------------------ Net income $ 41,443 $ 166,664 Real estate depreciation and amortization from continuing operations 36,399 30,229 Real estate depreciation from discontinued operations 346 2,229 Adjustments for unconsolidated joint ventures 781 668 Income from continuing operations allocated to common units 1,228 1,131 Income from discontinued operations allocated to common units 797 14 (Gain) on sale of operating properties - (132,117) (Gain) on sale of discontinued operations (27,392) (14,380) (Gain) on sale of joint venture properties (1,763) - - --------------------- ------------------------ Funds from operations - diluted $ 51,839 $ 54,438 ======================== PER SHARE DATA - -------------- Funds from operations - diluted $ 0.88 $ 1.10 Cash distributions 0.66 0.64 Weighted average number of common and common equivalent shares outstanding: FFO - diluted 58,988 49,374 PROPERTY DATA - ------------- Total operating properties (end of period) (b) 187 192 Total operating apartment homes in operating properties (end of period) (b) 64,384 66,446 Total operating apartment homes (weighted average) 57,177 50,656 Total operating apartment homes - excluding discontinued operations (weighted average) 53,203 45,987
(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 22 and 23 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
CAMDEN BALANCE SHEETS (In thousands) - ------------------------------------------------------------------------------------------------------------------------- (Unaudited) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2006 2005 2005 2005 2005 ------------------------------------------------------------------------- ASSETS Real estate assets, at cost Land $ 664,219 $ 646,854 $ 660,748 $ 657,433 $ 655,321 Buildings and improvements 3,892,700 3,840,969 3,881,682 3,839,732 3,810,003 ------------------------------------------------------------------------- 4,556,919 4,487,823 4,542,430 4,497,165 4,465,324 Accumulated depreciation (732,984) (716,650) (713,991) (694,120) (658,683) ------------------------------------------------------------------------- Net operating real estate assets 3,823,935 3,771,173 3,828,439 3,803,045 3,806,641 Properties under development, including land 419,843 372,976 377,787 368,022 348,202 Investment in joint ventures 8,199 6,096 6,937 11,830 11,985 Properties held for sale 188,477 172,112 51,741 39,930 72,338 ------------------------------------------------------------------------- Total real estate assets 4,440,454 4,322,357 4,264,904 4,222,827 4,239,166 Accounts receivable - affiliates 33,361 34,084 35,313 35,084 33,587 Notes receivable Affiliates 22,531 11,916 11,505 11,108 10,729 Other 13,264 13,261 24,865 32,283 32,274 Other assets, net (a) 102,269 99,516 100,080 101,475 95,941 Cash and cash equivalents 1,256 1,576 1,076 6,432 6,351 Restricted cash 5,269 5,089 5,829 6,375 5,835 ------------------------------------------------------------------------- Total assets $ 4,618,404 $ 4,487,799 $ 4,443,572 $ 4,415,584 $ 4,423,883 ========================================================================= LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Notes payable Unsecured $ 2,118,403 $ 2,007,164 $ 1,903,094 $ 1,860,107 $ 1,900,710 Secured 623,250 625,927 661,723 672,557 675,473 Accounts payable and accrued expenses 116,215 108,979 102,231 104,216 101,576 Accrued real estate taxes 17,818 26,070 39,740 29,510 17,179 Other liabilities (b) 98,327 88,811 84,835 62,753 58,432 Distributions payable 40,612 38,922 38,933 39,513 15,223 ------------------------------------------------------------------------- Total liabilities 3,014,625 2,895,873 2,830,556 2,768,656 2,768,593 Commitments and contingencies Minority interests Perpetual preferred units 97,925 97,925 97,925 97,925 97,925 Common units 113,034 112,637 115,190 118,119 121,734 Other minority interests 10,512 10,461 10,425 9,878 9,880 ------------------------------------------------------------------------- Total minority interests 221,471 221,023 223,540 225,922 229,539 Shareholders' equity Common shares of beneficial interest 610 608 607 606 605 Additional paid-in capital 1,908,099 1,902,595 1,899,713 1,895,018 1,888,356 Distributions in excess of net income (289,482) (295,074) (273,609) (236,954) (224,533) Employee notes receivable (2,046) (2,078) (2,087) (2,084) (3,097) Treasury shares, at cost (234,873) (235,148) (235,148) (235,580) (235,580) ------------------------------------------------------------------------- Total shareholders' equity 1,382,308 1,370,903 1,389,476 1,421,006 1,425,751 ------------------------------------------------------------------------- Total liabilities and shareholders' equity $ 4,618,404 $ 4,487,799 $ 4,443,572 $ 4,415,584 $ 4,423,883 ========================================================================= (a) includes: net deferred charges of: $ 14,079 $ 13,061 $ 13,757 $ 14,266 $ 13,386 value of in place leases of: $ 1,156 $ 1,363 $ 10,561 $ 18,995 $ 29,186 (b) includes: deferred revenues of: $ 3,844 $ 994 $ 1,120 $ 1,250 $ 1,704 above/below market leases of: $ 51 $ 90 $ 889 $ 1,675 $ 2,537 distributions in excess of investments in joint ventures of: $ 17,692 $ 17,407 $ 19,762 $ 8,496 $ 7,971
CAMDEN PORTFOLIO STATISTICS - ------------------------------------------------------------------------------------------------------------------------------- (Unaudited) COMMUNITY PORTFOLIO AT MARCH 31, 2006 (in apartment homes) "Same Non-"Same Wholly - Joint Stabilized Completed in Total Under Property" Property" (a) Owned Venture Operating Lease-up Operating Development Total ---------------------------------------------------------------------------------------------------------- D.C. Metro (b) 2,614 268 2,882 - 2,882 - 2,882 2,364 5,246 Las Vegas, NV 4,017 - 4,017 4,047 8,064 - 8,064 - 8,064 Los Angeles/Orange County, CA (c) 1,232 538 1,770 421 2,191 - 2,191 290 2,481 San Diego/Inland Empire, CA 846 - 846 - 846 - 846 350 1,196 Tampa, FL 4,865 770 5,635 - 5,635 - 5,635 - 5,635 Dallas, TX 7,033 710 7,743 456 8,199 284 8,483 - 8,483 Houston, TX (d) 4,244 1,350 5,594 1,216 6,810 - 6,810 886 7,696 SE Florida 1,695 825 2,520 - 2,520 - 2,520 - 2,520 Charlotte, NC 4,001 - 4,001 232 4,233 - 4,233 145 4,378 Orlando, FL 2,522 774 3,296 - 3,296 - 3,296 - 3,296 Atlanta, GA 3,202 - 3,202 - 3,202 - 3,202 - 3,202 Denver, CO 2,209 - 2,209 320 2,529 - 2,529 - 2,529 Raleigh, NC 2,220 - 2,220 - 2,220 - 2,220 484 2,704 Phoenix, AZ 1,441 - 1,441 992 2,433 - 2,433 - 2,433 St. Louis, MO 2,123 - 2,123 - 2,123 - 2,123 - 2,123 Austin, TX 1,745 390 2,135 - 2,135 - 2,135 - 2,135 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 Other 1,468 456 1,924 - 1,924 - 1,924 - 1,924 ---------------------------------------------------------------------------------------------------------- Total Portfolio 49,557 6,859 56,416 7,684 64,100 284 64,384 4,519 68,903
(a) Includes the following eight properties (3,691 apartment homes) held for sale and reported in discontinued operations: Camden Trails (264 apartment homes) and Camden Oaks (446 apartment homes) in Dallas, TX; Camden Live Oaks (770 apartments homes) in Tampa, FL; Camden Crossing (366 apartment homes), Camden Wilshire (536 apartment homes), and Camden Wyndham (448 apartment homes) in Houston, TX; Summit Brickell (405 apartment homes) in Miami, FL; and Camden Pass (456 apartment homes) in Tucson, AZ. (b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia. (c) 290 units under development in Los Angeles/Orange County, CA are held through a joint venture investment. (d) 271 units under development in Houston, TX are held through a joint venture investment.
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (h) "Same Property" Operating Incl. JVs at Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Communities (e) Communities (f) Pro Rata % (g) 2006 2005 2005 2005 2005 -------------------------------------------------- ---------------------------------------------- D.C. Metro 10.0% 9.6% 9.4% 96.0% 96.8% 96.5% 95.2% 93.5% Las Vegas, NV 9.3% 8.0% 9.2% 96.7% 97.6% 97.2% 97.2% 97.2% Los Angeles/Orange County, CA 4.5% 6.4% 6.4% 95.4% 95.9% 94.9% 92.7% 94.7% San Diego/Inland Empire, CA 2.8% 2.5% 2.4% 94.1% 92.9% 95.6% 93.4% 90.7% Tampa, FL 8.9% 8.8% 8.6% 96.7% 97.2% 96.4% 96.0% 96.3% Dallas, TX 8.5% 8.2% 8.1% 95.5% 95.9% 95.5% 94.7% 91.6% Houston, TX 7.6% 7.8% 8.0% 95.8% 96.6% 95.6% 94.4% 91.9% SE Florida 5.9% 7.6% 7.3% 98.4% 98.2% 97.0% 96.8% 96.1% Charlotte, NC 7.3% 6.5% 6.4% 96.2% 96.1% 96.2% 95.4% 93.8% Orlando, FL 5.4% 6.3% 6.1% 97.3% 97.4% 97.1% 97.7% 98.5% Atlanta, GA 6.5% 5.7% 5.5% 95.0% 94.9% 95.2% 93.0% 90.8% Denver, CO 4.5% 3.9% 4.2% 94.0% 92.7% 94.8% 93.6% 91.4% Raleigh, NC 4.2% 3.7% 3.5% 96.9% 94.5% 94.7% 94.5% 91.2% Phoenix, AZ 3.3% 2.8% 3.1% 97.9% 97.4% 96.6% 95.1% 95.8% St. Louis, MO 3.4% 2.9% 2.8% 94.2% 94.7% 95.5% 95.4% 91.7% Austin, TX 2.1% 2.4% 2.3% 95.1% 94.7% 95.8% 94.4% 94.2% Corpus Christi, TX 1.1% 2.4% 2.3% 94.5% 96.6% 94.5% 94.8% 96.1% Louisville, KY 2.2% 1.9% 1.9% 95.3% 95.9% 96.9% 93.7% 90.5% Other 2.5% 2.6% 2.5% 94.2% 93.8% 95.2% 94.0% 94.0% ---- ---- ---- ----- ----- ----- ----- ----- Total Portfolio 100.0% 100.0% 100.0% 96.0% 96.2% 96.0% 95.2% 93.9%
(e) Camden and Summit "same property" communities (f) Operating communities include wholly-owned communities and completed communities in lease-up at quarter end and exclude communities sold during the quarter. (g) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities. (h) Occupancy figures include apartment homes held through joint venture investments and communities acquired from Summit but exclude communities in lease-up or under development.
CAMDEN COMPONENTS OF PROPERTY NET OPERATING INCOME (In thousands, except property data amounts) - -------------------------------------------------------------------------------------------- (Unaudited) Apartment Three Months Ended March 31, Property Revenues Homes 2006 2005 (a) Change ---------- ------------------------------------ "Same Property" Communities (b) 49,557 $ 129,144 $ 94,983 $ 34,161 Non-"Same Property" Communities (c) 3,168 11,818 5,420 6,398 Development and Lease-Up Communities (d) 4,242 1,902 - 1,902 Dispositions / Other (e) - 972 9,446 (8,474) ---------- ---------- ---------- ---------- Total Property Revenues 56,967 $ 143,836 $ 109,849 $ 33,987 Property Expenses "Same Property" Communities (b) 49,557 $ 48,693 $ 38,091 $ 10,602 Non-"Same Property" Communities (c) 3,168 3,865 1,913 1,952 Development and Lease-Up Communities (d) 4,242 807 - 807 Dispositions / Other (e) - 462 3,736 (3,274) ---------- ---------- ---------- ---------- Total Property Expenses 56,967 $ 53,827 $ 43,740 $ 10,087 Property Net Operating Income "Same Property" Communities (b) 49,557 $ 80,451 $ 56,892 $ 23,559 Non-"Same Property" Communities (c) 3,168 7,953 3,507 4,446 Development and Lease-Up Communities (d) 4,242 1,095 - 1,095 Dispositions / Other (e) - 510 5,710 (5,200) ---------- ---------- ---------- ---------- Total Property Net Operating Income 56,967 $ 90,009 $ 66,109 $ 23,900 Income from Discontinued Operations (f) Three Months Ended March 31, 2006 2005 ----------------------- Property Revenues $ 8,577 $ 9,140 Property Expenses 4,266 4,569 ---------- ---------- Property Net Operating Income 4,311 4,571 Depreciation and Amortization (346) (2,229) Income from discontinued operations allocated to common units (797) (14) Gain on sale of discontinued operations 27,392 14,391 ---------- ---------- Income from Discontinued Operations $ 30,560 $ 16,719
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, 2005, excluding properties held for sale. (c) Non-"Same Property" Communities are stabilized communities acquired or developed by Camden or Summit after January 1, 2005, 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, 2005, 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 includes the amortization of above and below market leases acquired in our merger with Summit. (f) Represents operating results for communities, totaling 5,533 apartment homes, disposed of during 2005 and the quarter ended March 31, 2006 or held for sale at March 31, 2006.
CAMDEN "SAME PROPERTY" FIRST QUARTER COMPARISONS March 31, 2006 (In thousands, except property data amounts) - --------------------------------------------------------------------------------------------------------------------------- (Unaudited) Revenues Expenses NOI Quarterly Results (a) 1Q06 1Q05 Growth 1Q06 1Q05 Growth 1Q06 1Q05 Growth - --------------------------------------------------------------------------------------------------------------------------- D.C. Metro $ 11,100 $ 10,183 9.0% $ 3,026 $ 2,849 6.2% $ 8,074 $ 7,334 10.1% Las Vegas, NV 10,973 10,058 9.1% 3,526 3,301 6.8% 7,447 6,757 10.2% Los Angeles/Orange County, CA 5,005 4,645 7.8% 1,390 1,345 3.3% 3,615 3,300 9.5% San Diego/Inland Empire, CA 3,669 3,455 6.2% 1,376 1,381 (0.4%) 2,293 2,074 10.6% Tampa, FL 12,113 10,874 11.4% 4,977 4,782 4.1% 7,136 6,092 17.1% Dallas, TX 14,015 13,064 7.3% 7,151 6,655 7.5% 6,864 6,409 7.1% Houston, TX 10,533 9,780 7.7% 4,380 4,216 3.9% 6,153 5,564 10.6% SE Florida 7,096 6,420 10.5% 2,352 2,321 1.3% 4,744 4,099 15.7% Charlotte, NC 9,628 8,795 9.5% 3,719 3,493 6.5% 5,909 5,302 11.4% Orlando, FL 6,696 6,141 9.0% 2,387 2,290 4.2% 4,309 3,851 11.9% Atlanta, GA 8,412 7,768 8.3% 3,188 2,871 11.0% 5,224 4,897 6.7% Denver, CO 5,558 5,452 1.9% 1,915 1,865 2.7% 3,643 3,587 1.6% Raleigh, NC 5,090 4,580 11.1% 1,713 1,576 8.7% 3,377 3,004 12.4% Phoenix, AZ 3,842 3,420 12.3% 1,220 1,137 7.3% 2,622 2,283 14.8% St. Louis, MO 4,439 4,268 4.0% 1,732 1,661 4.3% 2,707 2,607 3.8% Austin, TX 3,338 3,139 6.3% 1,683 1,619 4.0% 1,655 1,520 8.9% Corpus Christi, TX 1,542 1,486 3.8% 686 572 19.9% 856 914 (6.3%) Louisville, KY 2,820 2,587 9.0% 1,033 1,031 0.2% 1,787 1,556 14.8% Other 3,275 3,127 4.7% 1,239 1,247 (0.6%) 2,036 1,880 8.3% ----- ----- ---- ----- ----- ------ ----- ----- ---- Total Same Property $129,144 $119,242 8.3% $ 48,693 $ 46,212 5.4% $ 80,451 $ 73,030 10.2%
Apartment Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b) Quarterly Results (a) Included Contribution (a) 1Q06 1Q05 Change 1Q06 1Q05 Change - --------------------------------------------------------------------------------------------------------------------------- D.C. Metro 2,614 10.0% 95.9% 93.5% 2.4% $ 1,397 $ 1,324 5.5% Las Vegas, NV 4,017 9.3% 97.2% 97.5% (0.3%) 854 797 7.2% Los Angeles/Orange County, CA 1,232 4.5% 96.0% 94.7% 1.3% 1,376 1,301 5.7% San Diego/Inland Empire, CA 846 2.8% 94.1% 90.7% 3.4% 1,440 1,441 (0.0%) Tampa, FL 4,865 8.9% 96.7% 96.4% 0.3% 783 707 10.9% Dallas, TX 7,033 8.5% 95.6% 92.0% 3.6% 649 645 0.6% Houston, TX 4,244 7.6% 96.2% 92.6% 3.6% 800 784 2.0% SE Florida 1,695 5.9% 98.2% 96.3% 1.9% 1,319 1,228 7.4% Charlotte, NC 4,001 7.3% 96.2% 93.9% 2.3% 778 746 4.3% Orlando, FL 2,522 5.4% 97.1% 98.5% (1.4%) 849 763 11.3% Atlanta, GA 3,202 6.5% 95.0% 90.8% 4.2% 864 855 1.0% Denver, CO 2,209 4.5% 93.7% 91.7% 2.0% 817 844 (3.1%) Raleigh, NC 2,220 4.2% 97.0% 91.6% 5.4% 728 728 (0.0%) Phoenix, AZ 1,441 3.3% 97.8% 95.9% 1.9% 845 777 8.7% St. Louis, MO 2,123 3.4% 94.2% 91.7% 2.5% 693 690 0.4% Austin, TX 1,745 2.1% 96.0% 94.2% 1.8% 614 600 2.2% Corpus Christi, TX 632 1.1% 94.5% 96.1% (1.6%) 740 723 2.3% Louisville, KY 1,448 2.2% 95.3% 90.5% 4.8% 631 621 1.6% Other 1,468 2.5% 93.1% 92.9% 0.2% 749 738 1.5% ----- ---- ----- ----- ---- --- --- ---- Total Same Property 49,557 100.0% 96.0% 93.8% 2.2% $ 841 $ 808 4.0%
(a) "Same Property" Communities are communities which were owned by Camden or Summit and stabilized as of January 1, 2005, excluding properties held for sale. Results are proforma for both Camden and Summit as if the merger occurred on January 1, 2005. (b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.
CAMDEN "SAME PROPERTY" SEQUENTIAL QUARTER COMPARISONS March 31, 2006 (In thousands, except property data amounts) - ------------------------------------------------------------------------------------------------------------------------ (Unaudited) Revenues Expenses NOI Quarterly Results (a) 1Q06 4Q05 Growth 1Q06 4Q05 Growth 1Q06 4Q05 Growth - ------------------------------------------------------------------------------------------------------------------------ D.C. Metro $ 11,100 $ 11,057 0.4% $ 3,026 $ 3,007 0.6% $ 8,074 $ 8,050 0.3% Las Vegas, NV 10,973 10,642 3.1% 3,526 3,625 (2.7%) 7,447 7,017 6.1% Los Angeles/Orange County, CA 5,005 5,001 0.1% 1,390 1,410 (1.4%) 3,615 3,591 0.7% San Diego/Inland Empire, CA 3,669 3,581 2.5% 1,376 1,043 31.9% 2,293 2,538 (9.7%) Tampa, FL 12,113 11,639 4.1% 4,977 5,317 (6.4%) 7,136 6,322 12.9% Dallas, TX 14,015 13,782 1.7% 7,151 7,117 0.5% 6,864 6,665 3.0% Houston, TX 10,533 10,379 1.5% 4,380 4,244 3.2% 6,153 6,135 0.3% SE Florida 7,096 6,855 3.5% 2,352 2,362 (0.4%) 4,744 4,493 5.6% Charlotte, NC 9,628 9,338 3.1% 3,719 3,593 3.5% 5,909 5,745 2.9% Orlando, FL 6,696 6,572 1.9% 2,387 2,500 (4.5%) 4,309 4,072 5.8% Atlanta, GA 8,412 8,239 2.1% 3,188 3,197 (0.3%) 5,224 5,042 3.6% Denver, CO 5,558 5,489 1.3% 1,915 1,914 0.1% 3,643 3,575 1.9% Raleigh, NC 5,090 4,862 4.7% 1,713 1,708 0.3% 3,377 3,154 7.1% Phoenix, AZ 3,842 3,607 6.5% 1,220 1,184 3.0% 2,622 2,423 8.2% St. Louis, MO 4,439 4,428 0.2% 1,732 1,675 3.4% 2,707 2,753 (1.7%) Austin, TX 3,338 3,312 0.8% 1,683 1,782 (5.6%) 1,655 1,530 8.2% Corpus Christi, TX 1,542 1,526 1.0% 686 672 2.1% 856 854 0.2% Louisville, KY 2,820 2,813 0.2% 1,033 1,086 (4.9%) 1,787 1,727 3.5% Other 3,275 3,207 2.1% 1,239 1,289 (3.9%) 2,036 1,918 6.2% ----- ----- ---- ----- ----- ------ ----- ----- ---- Total Same Property $129,144 $126,329 2.2% $ 48,693 $ 48,725 (0.1%) $ 80,451 $ 77,604 3.7% Apartment Homes % of NOI Average Occupancy (a) Weighted Average Rental Rate (b) Quarterly Results (a) Included Contribution (a) 1Q06 4Q05 Change 1Q06 4Q05 Change - ------------------------------------------------------------------------------------------------------------------------ D.C. Metro 2,614 10.0% 95.9% 96.7% (0.8%) $ 1,397 $ 1,378 1.4% Las Vegas, NV 4,017 9.3% 97.2% 97.7% (0.5%) 854 837 2.0% Los Angeles/Orange County, CA 1,232 4.5% 96.0% 97.5% (1.5%) 1,376 1,353 1.7% San Diego/Inland Empire, CA 846 2.8% 94.1% 92.9% 1.2% 1,440 1,445 (0.3%) Tampa, FL 4,865 8.9% 96.7% 97.1% (0.4%) 783 753 4.0% Dallas, TX 7,033 8.5% 95.6% 96.0% (0.4%) 649 643 1.0% Houston, TX 4,244 7.6% 96.2% 97.1% (0.9%) 800 786 1.7% SE Florida 1,695 5.9% 98.2% 98.1% 0.1% 1,319 1,283 2.8% Charlotte, NC 4,001 7.3% 96.2% 96.0% 0.2% 778 767 1.5% Orlando, FL 2,522 5.4% 97.1% 97.9% (0.8%) 849 825 3.0% Atlanta, GA 3,202 6.5% 95.0% 94.9% 0.1% 864 855 1.0% Denver, CO 2,209 4.5% 93.7% 92.3% 1.4% 817 839 (2.6%) Raleigh, NC 2,220 4.2% 97.0% 94.7% 2.3% 728 728 0.1% Phoenix, AZ 1,441 3.3% 97.8% 97.5% 0.3% 845 807 4.8% St. Louis, MO 2,123 3.4% 94.2% 94.7% (0.5%) 693 704 (1.5%) Austin, TX 1,745 2.1% 96.0% 96.6% (0.6%) 614 607 1.2% Corpus Christi, TX 632 1.1% 94.5% 96.6% (2.1%) 740 730 1.5% Louisville, KY 1,448 2.2% 95.3% 95.9% (0.6%) 631 631 (0.1%) Other 1,468 2.5% 93.1% 93.3% (0.2%) 749 749 (0.0%) ----- ---- ----- ----- ------ --- --- ------ Total Same Property 49,557 100.0% 96.0% 96.2% (0.2%) $ 841 $ 829 1.5%
(a) "Same Property" Communities are communities which were owned by Camden or Summit and stabilized as of January 1, 2005, excluding properties held for sale. Results are proforma for both Camden and Summit as if the merger occurred on January 1, 2005. (b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.
CAMDEN JOINT VENTURE OPERATIONS (In thousands, except per share and property data amounts) - ------------------------------------------------------------------------------------------------------------- (Unaudited) Three Months Ended March 31, ------------------------ OPERATING DATA (a) 2006 2005 (b) - ------------------ ------------------------ Property Revenues Rental revenues $ 4,042 $ 2,523 Other property revenues 402 213 ------------------------ Total property revenues 4,444 2,736 Property Expenses Property operating and maintenance 1,234 803 Real estate taxes 396 185 ------------------------ Total property expenses 1,630 988 Net Operating Income (NOI) 2,814 1,748 Other expenses Interest 1,440 881 Depreciation and amortization 800 750 Other 20 7 ------------------------ Total other expenses 2,260 1,638 Gain on sale of properties, net 1,763 - ------------------------ Equity in income of joint ventures $ 2,317 $ 110 ======================== Mar 31, Dec 31, Sept 30, Jun 30, Mar 31, 2006 2005 2005 2005 2005 --------------------------------------------------------------- BALANCE SHEET DATA (c) - ---------------------- Real estate assets, net $ 640,591 $ 659,834 $ 708,864 $ 708,611 $ 707,342 Cash and other assets, net 15,011 14,146 16,300 21,475 15,267 --------------------------------------------------------------- Total assets $ 655,602 $ 673,980 $ 725,164 $ 730,086 $ 722,609 Notes payable $ 531,266 $ 559,323 $ 618,656 $ 538,279 $ 533,702 Notes payable due to Camden 22,531 11,916 11,505 11,108 10,729 Other liabilities 7,902 10,149 10,617 9,736 5,880 --------------------------------------------------------------- Total liabilities $ 561,699 $ 581,388 $ 640,778 $ 559,123 $ 550,311 Members' equity 93,903 92,592 84,386 170,963 172,298 --------------------------------------------------------------- Total liabilities and members' equity $ 655,602 $ 673,980 $ 725,164 $ 730,086 $ 722,609 Company's equity investment $ 8,199 $ 6,096 $ 6,937 $ 11,830 $ 11,985 Distributions in excess of investment in joint ventures ($17,692) ($17,407) ($19,762) ($8,496) ($7,971) Company's pro-rata share of debt $ 123,879 $ 121,526 $ 134,057 $ 117,934 $ 116,974 PROPERTY DATA (end of period) (c) - --------------------------------- Total operating properties 28 30 33 33 33 Total operating apartment homes 7,684 8,355 9,784 9,784 9,784 Pro rata share of operating apartment homes 1,644 1,812 2,113 2,113 2,113 Total development properties 2 1 1 1 1 Total development apartment homes 561 464 464 464 464 Pro rata share of development apartment homes 168 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%.
CAMDEN DEVELOPMENT PIPELINE - ----------------------------------------------------------------------------------------------------------------------------------- (Unaudited) DEVELOPMENT PIPELINE AS OF MARCH 31, 2006 ($ in millions) Estimated/Actual Dates for Total Total Cost Construction Initial Construction Stabilized As of 04/30/06 Completed Communities Homes Budget to Date Start Occupancy Completion Operations %Leased %Occupied - ----------------------------------------------------------------------------------------------------------------------------------- 1. Camden Farmers Market II 284 $31.7 $29.5 1Q04 2Q05 3Q05 2Q06 87% 83% Dallas, TX Estimated/Actual Dates for Total Total Cost Amount Construction Initial Construction Stabilized As of 04/30/06 Development Communities Homes Budget to Date in CIP Start Occupancy Completion Operations %Leased %Occupied - ----------------------------------------------------------------------------------------------------------------------------------- IN LEASE-UP - ----------- 2. Camden Fairfax Corner 488 $82.0 $75.5 $42.4 4Q03 3Q05 4Q06 2Q07 54% 50% Fairfax, VA 3. Camden Manor Park 484 52.0 46.2 25.7 2Q04 4Q05 4Q06 3Q07 31% 23% Raleigh, NC 4. Camden Westwind 464 97.6 92.9 28.1 1Q04 1Q05 2Q06 2Q07 46% 48% Ashburn, VA 5. Camden Dilworth 145 18.0 15.9 3.6 4Q04 1Q06 2Q06 4Q06 61% 36% Charlotte, NC 6. Camden Clearbrook 297 45.0 30.4 30.4 4Q04 2Q06 4Q06 3Q07 4% 2% Frederick, MD UNDER CONSTRUCTION - ------------------ 7. Camden Royal Oaks 236 22.0 14.0 14.0 2Q05 2Q06 3Q06 3Q07 Houston, TX 8. Camden Old Creek 350 98.0 66.4 66.4 1Q05 3Q06 2Q07 4Q07 San Marcos, CA 9. Camden Monument Place 368 64.0 29.3 29.3 1Q05 3Q06 2Q07 1Q08 Fairfax, VA 10. Camden Potomac Yards 379 110.0 35.9 35.9 1Q05 4Q06 3Q07 2Q08 Arlington County, VA 11. Camden City Centre 379 54.0 13.8 13.8 1Q06 2Q07 3Q07 3Q08 Houston, TX 12. Camden Dulles Station 368 77.0 15.3 15.3 1Q06 3Q07 2Q08 1Q09 --- ---- ---- ---- Herndon, VA Total Development Communities 3,958 $719.6 $435.6 $304.9 Additional land held for development (a) 114.9 ----- Total Properties Under Development (per Balance Sheet) $419.8 ====== NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions) Total Cost 1Q06 NOI ---------- -------- Completed Communities in lease-up $29.5 $0.2 Development Communities 435.6 0.9 ----- ---- Total Development NOI Contribution $465.1 $1.1 (a) Please refer to the pre-development pipeline summary on page 16. JOINT VENTURE DEVELOPMENT PIPELINE AS OF MARCH 31, 2006 ($ in millions) Estimated/Actual Dates for Joint Venture Development Total Total Cost Amount Construction Initial Construction Stabilized Communities Homes Budget to Date in CIP Start Occupancy Completion Operations - ------------------------------------------------------------------------------------------------------------------- UNDER CONSTRUCTION - ------------------ 1. Camden Main & Jamboree 290 $107.1 $74.2 $74.2 3Q04 4Q06 1Q07 3Q07 Irvine, CA 2. Camden Plaza 271 42.9 13.9 13.9 1Q06 2Q07 3Q07 2Q08 --- ---- ---- ---- Houston, TX Total Joint Venture Development Communities 561 $150.0 $88.1 $88.1
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.
CAMDEN PRE-DEVELOPMENT PIPELINE & LAND HELD FOR SALE - ----------------------------------------------------------------------------------------------------- (Unaudited) PRE-DEVELOPMENT PIPELINE AS OF MARCH 31, 2006 ($ in millions) Potential Apartment Total Location Acres Homes Cost to Date Estimated Cost -------------------------------------------------------------------------------------------------- D.C. Metro 30.9 1,256 $ 70.9 $ 360.0 Orlando 4.5 261 9.1 50.0 Dallas 4.6 306 8.3 50.0 Houston 47.3 1,470 26.6 170.0 -------------- -------------- -------------- -------------- Total Pre-Development: (a) 87.3 3,293 $ 114.9 $ 630.0 (a) Pre-development pipeline includes some acreage which may be developed or sold for non- multifamily uses. LAND HELD FOR SALE AS OF MARCH 31, 2006 ($ in millions) Current Location Acres Book Value ------------------------------------------------------------------ Southeast Florida 4.8 $ 13.9 Los Angeles/Orange County 2.1 9.7 Dallas 7.0 8.2 -------------- -------------- Total Land Parcels Held For Sale: 13.9 $ 31.8
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.
CAMDEN MEZZANINE FINANCING SUMMARY - -------------------------------------------------------------------------------------------------------------------- (Unaudited) MEZZANINE FINANCING AS OF MARCH 31, 2006 ($ in thousands) 03/31/06 12/31/05 Total Note Note Location Current Property Type Current Status Homes Balance Balance ------------------------------------------------------------------------------------------------------------------- Irvine, CA Multifamily Development 290 $ 15,933 $ - Houston, TX Multifamily Development/Predevelopment 271 10,453 3,855 Dallas/Fort Worth, TX Multifamily Stabilized 618 6,924 6,922 Austin, TX Multifamily Stabilized 296 2,485 2,484 Ashburn, VA Multifamily Development 464 - 11,916 ---------- ---------- ---------- Total Mezzanine Financing Volume: 1,939 $ 35,795 $ 25,177 Weighted Average Interest Rate Recognized: 12.0% 11.1%
CAMDEN ACQUISITIONS & DISPOSITIONS - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) 2006 ACQUISITION/DISPOSITION ACTIVITY Apartment Acquisitions Location Property Type Homes Year Built Closing Date - ------------ -------- ------------- ----- ---------- ------------ 1. Camden Westwind Ashburn, VA Multifamily 464 2006 01/31/06 TOTAL ACQUISITION VOLUME: $78.2 million(a) 464 apartment homes Apartment Dispositions Location Property Type Homes Year Built Closing Date Price - ------------ -------- ------------- ----- ---------- ------------ ----- 1. Camden Highlands Plano, TX Multifamily 160 1985 01/12/06 $9.7 2. Camden Plaza (b) Houston, TX Undeveloped Land 3.6 Acres N/A 01/20/06 $6.9 2. Camden View Tucson, AZ Multifamily 365 1974 03/06/06 $31.3 Total Disposition Volume: $47.8 million(b) 525 apartment homes 3.6 acres of undeveloped land 2006 JOINT VENTURE DISPOSITION ACTIVITY Apartment Dispositions Location Property Type Homes/Acreage Year Built Closing Date - ------------ -------- ------------- ------------- ---------- ------------ 1. Summit Creek Charlotte, NC Multifamily 260 1982 01/06/06 2. Summit Hill Raleigh, NC Multifamily 411 1991 01/31/06 Total Disposition Volume: $47.5 million 671 apartment homes Pro-Rata Share of Disposition Volume: $11.9 million 168 apartment homes TOTAL PRO RATA DISPOSITION VOLUME: $59.7 million 693 apartment homes 3.6 acres of undeveloped land
(a) Represents value of remaining 80% partnership interests purchased on January 31, 2006. Total book value at January 31, 2006 of $91.6 million for Camden Westwind includes Camden's original 20% ownership interest at cost. (b) Includes value of partnership interests for undeveloped land parcel contributed on January 20, 2006.
CAMDEN DEBT ANALYSIS (In thousands, except property data amounts) - -------------------------------------------------------------------------------------------------------------------- (Unaudited) DEBT MATURITIES AS OF MARCH 31, 2006: (a) Future Scheduled Repayments Weighted Average ------------------------------------------------- Percent Interest Rate on Year Amortization Maturities Total of Total Maturing Debt ---------------------------------------------------------------------------------------------------------------- 2006 $10,105 $150,000 $160,105 5.8% 6.7% 2007 13,260 219,711 232,970 8.5% 5.7% 2008 11,777 188,879 200,656 7.3% 4.8% 2009 7,860 190,324 198,184 7.2% 5.0% 2010 7,119 445,677 452,796 16.5% 5.1% 2011 4,314 244,233 248,547 9.1% 6.5% 2012 3,307 269,541 272,848 10.0% 5.7% Thereafter 60,814 501,733 562,547 20.5% 5.0% ------ ------- ------- ----- ---- Total Maturing Debt $118,555 $2,210,098 $2,328,653 84.9% 5.4% Unsecured Line of Credit 0 413,000 413,000 15.1% 5.2% - ------- ------- ----- ---- Total Debt $118,555 $2,623,098 $2,741,653 100.0% 5.4% Weighted Average Maturity of Debt 6.0 Years (excluding line of credit) Weighted Average FLOATING vs. FIXED RATE DEBT: Balance % of Total Interest Rate ------------------------------------------------- Floating rate debt $509,690 18.6% 4.9% Fixed rate debt 2,231,963 81.4% 5.5% --------- ----- ---- Total $2,741,653 100.0% 5.4% Weighted Average SECURED vs. UNSECURED DEBT: Balance % of Total Interest Rate ------------------------------------------------- Unsecured debt $2,118,403 77.3% 5.6% Secured debt 623,250 22.7% 4.8% ------- ----- ---- Total $2,741,653 100.0% 5.4% Weighted Average SECURED DEBT DETAIL: Balance % of Total Interest Rate ------------------------------------------------- Coventional fixed-rate mortgage debt $519,912 83.4% 4.9% Coventional floating-rate mortgage debt 6,900 1.1% 5.9% Tax exempt fixed rate debt 6,648 1.1% 7.3% Tax exempt variable rate debt 89,790 14.4% 3.6% ------ ----- ---- Total $623,250 100.0% 4.8% REAL ESTATE ASSETS: (b) Total Homes % of Total Total Cost % of Total ------------------------------------------------------------------ Unencumbered real estate assets 50,469 83.2% $4,135,841 79.3% Encumbered real estate assets 10,189 16.8% 1,082,358 20.7% ------ ----- --------- ----- Total 60,658 100.0% $5,218,199 100.0% ------------------------------------------------------------------- Ratio of unencumbered assets at cost to unsecured debt is 2.0 times ------------------------------------------------------------------- UNCONSOLIDATED, NON-RECOURSE DEBT: Pro-Rata Share of Debt $123,879 Weighted Average Interest Rate 5.9%
(a) Debt maturities exclude unsecured line of credit, which after all extensions matures in January 2011. In January 2006, Camden amended and extended its existing unsecured line of credit. (b) Real estate assets include communities under development and exclude communities held through joint ventures.
CAMDEN DEBT COVENANT ANALYSIS March 31, 2006 - ------------------------------------------------------------------------------------------------------------------------ (Unaudited) UNSECURED LINE OF CREDIT (a) Covenant (b) Required Actual (c) Compliance - ------------ ------------------ ------------------ ------------------ Total Consolidated Debt to Gross Asset Value <= 60% 51% Yes Secured Debt to Gross Asset Value <= 40% 12% Yes Consolidated EBITDA to Total Fixed Charges => 150% 193% Yes Unencumbered Adjusted NOI to Unsecured Interest Expense greater than 200% 237% Yes SENIOR UNSECURED NOTES Covenant (b) Required Actual (c) Compliance - ------------ ------------------ ------------------ ------------------ Total Consolidated Debt to Total Asset Value <= 60% 52% Yes Total Secured Debt to Total Asset Value <= 40% 12% Yes Total Unencumbered Asset Value to Total Unsecured Debt => 150% 200% Yes Consolidated Income Available for Debt Service to Total greater than 150% 232% Yes Annual Service Charges
(a) In January 2006, Camden amended and extended its existing unsecured line of credit. The above covenants reflect the amended line of credit. (b) 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. (c) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.
CAMDEN CAPITALIZED EXPENDITURES & MAINTENANCE EXPENSE (In thousands, except unit data) - -------------------------------------------------------------------------------------------------------- (Unaudited) First Quarter 2006 (a) ------------------------------------------------------------------ Capitalized Expensed ------------------------------------------ -------------------- Weighted Average Item Useful Life (b) Total Per Unit Total Per Unit ------------------------------ ------------------------------------------ -------------------- Interiors Floor coverings 5.3 years $2,345 $41 $761 $13 Appliances 9.2 years 440 8 154 $3 Painting - - - 1,412 $25 Cabinetry/Countertops 10.0 years 202 4 - $0 Other 9.3 years 287 5 380 $7 Exteriors Painting 5.0 years 352 6 - $0 Carpentry 10.0 years 265 5 - $0 Landscaping 6.0 years 457 8 2,712 $47 Roofing 20.0 years 199 3 35 $1 Site Drainage 10.0 years 23 0 - $0 Fencing/Stair 10.0 years 643 11 - $0 Other (c) 6.6 years 2,294 40 3,064 $53 Common Areas Mech., Elec., Plumbing 9.7 years 459 8 571 $10 Parking/Paving 5.0 years 20 0 - $0 Pool/Exercise/Facility 8.5 years 674 12 231 $4 -------------------- -------------------- $8,660 $151 $9,320 $163 Weighted Average Apartment Homes 57,177 57,177
(a) Includes discontinued operations. Capitalized expenditures for discontinued operations were $469 for the three months ended March 31, 2006. Maintenance expenses for discontinued operations were $592 for the same period. (b) of capitalized expenses for the three months ended March 31, 2006 (c) Includes in part the following items: site/building repair, masonry/plaster, and general conditions
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 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 March 31, ------------------------ 2006 2005 ------------------------ Net income $ 41,443 $ 166,664 Real estate depreciation and amortization from continuing operations 36,399 30,229 Real estate depreciation from discontinued operations 346 2,229 Adjustments for unconsolidated joint ventures 781 668 Income from continuing operations allocated to common units 1,228 1,131 Income from discontinued operations allocated to common units 797 14 (Gain) on sale of operating properties - (132,117) (Gain) on sale of discontinued operations (27,392) (14,380) (Gain) on sale of joint venture properties (1,763) - ------------------------ Funds from operations - diluted $ 51,839 $ 54,438 ======================== Weighted average number of common and common equivalent shares outstanding: EPS diluted 55,474 49,374 FFO diluted 58,988 49,374 Net income per common share - diluted $ 0.75 $ 3.40 FFO per common share - diluted $ 0.88 $ 1.10 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: 2Q06 Range 2006 Range Low High Low High ------------------------- ------------------------ Expected net income per share - diluted $ 0.19 $ 0.24 $ 1.35 $ 1.55 Expected real estate depreciation 0.62 0.62 2.48 2.48 Expected adjustments for unconsolidated joint ventures 0.01 0.01 0.05 0.05 Expected income allocated to common units 0.02 0.02 0.11 0.11 Expected (gain) on sale of properties held in joint ventures 0.00 0.00 (0.03) (0.03) Expected (gain) on sale of properties and properties held for sale 0.00 0.00 (0.46) (0.46) ------------------------- ------------------------ Expected FFO per share - diluted $ 0.85 $ 0.90 $ 3.50 $ 3.70
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.
CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) - ---------------------------------------------------------------------------------------------- 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 March 31, ------------------------ 2006 2005 ----------- ----------- Net income $ 41,443 $ 166,664 Fee and asset management (2,477) (7,306) Sale of technology investments - (24,199) Interest and other income (753) (3,223) Income on deferred compensation plans (50) (23) Property management expense 4,226 3,220 Fee and asset management expense 1,366 1,948 General and administrative expense 7,414 5,276 Transaction compensation and merger expenses - 13,824 Interest expense 31,037 23,501 Depreciation and amortization 37,053 30,855 Amortization of deferred financing costs 1,047 1,221 Expense on deferred compensation plans 50 23 Gain on sale of properties, including land (499) (132,117) Equity in income of joint ventures (2,317) (110) Distributions on perpetual preferred units 1,750 1,778 Original issuance costs on redeemed perpetual preferred units - 365 Income allocated to common units and other minority interests 1,279 1,131 Income from discontinued operations (3,965) (2,342) Gain on sale of discontinued operations (27,392) (14,391) Income from discontinued operations allocated to common units 797 14 ----------- ----------- Net Operating Income (NOI) $ 90,009 $ 66,109 "Same Property" Communities $ 80,451 $ 56,892 Non-"Same Property" Communities 7,953 3,507 Development and Lease-Up Communities 1,095 - Dispositions / Other 510 5,710 ----------- ----------- Net Operating Income (NOI) $ 90,009 $ 66,109 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 March 31, ------------------------ 2006 2005 ----------- ----------- Net income $ 41,443 $ 166,664 Interest expense 31,037 23,501 Amortization of deferred financing costs 1,047 1,221 Depreciation and amortization 37,053 30,855 Distributions on perpetual preferred units 1,750 1,778 Original issuance costs on redeemed perpetual preferred units - 365 Income allocated to common units and other minority interests 1,279 1,131 Real estate depreciation from discontinued operations 346 2,229 Gain on sale of properties, including land (499) (132,117) Equity in income of joint ventures (2,317) (110) Gain on sale of discontinued operations (27,392) (14,391) Income from discontinued operations allocated to common units 797 14 ----------- ----------- EBITDA $ 84,544 $ 81,140
CAMDEN OTHER DATA - -------------------------------------------------------------------------------------- (Unaudited) Stock Symbol: CPT Exchange Traded: NYSE Senior Unsecured Debt Ratings: Rating Outlook --------- --------- Moody's Baa2 Stable Standard & Poors BBB Positive Fitch BBB Positive Important Future Dates: (Estimated) Q2 '06 Q3 '06 Q4 '06 Q1 '07 --------- --------- --------- --------- Earnings release & Analyst conference Early Aug Early Nov Early Feb Early May call Dividend Information - Common Shares: Q1 '06 --------- Declaration Date 03/15/06 Record Date 03/31/06 Payment Date 04/17/06 Distributions Per Share $0.66
Investor Relations Data: Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases and Supplemental Data upon request. For Investor Relations: recent press releases, 10-Q's, 10-K's and other information, call 1-800-9CAMDEN or (713) 354-2787. 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 & Asset Management
CAMDEN COMMUNITY TABLE Community Statistics as of 03/31/06 - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) 1Q06 Avg Market Rental Rates Year Placed Average Apartment 1Q06 Avg ----------------------- Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------------------- Camden Copper Square Phoenix AZ 2000 786 332 98% 763 0.97 Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 98% 765 0.73 Camden Legacy Scottsdale AZ 1996 1,067 428 98% 934 0.88 Camden Pecos Ranch (1) Chandler AZ 2001 924 272 98% 790 0.86 Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 99% 985 0.95 Camden Sierra (1) Peoria AZ 1997 925 288 98% 754 0.81 Camden Towne Center (1) Glendale AZ 1998 871 240 98% 775 0.89 Camden Vista Valley Mesa AZ 1986 923 357 97% 687 0.74 ------------------------------------------------------------------------------------------- Total Phoenix 8 Properties 951 2,433 98% 815 0.86 Camden Pass (2) Tucson AZ 1984 559 456 96% 458 0.82 ------------------------------------------------------------------------------------------- Total Tucson 1 Property 559 456 96% 458 0.82 ================================================================================================================================== TOTAL ARIZONA 9 Properties 889 2,889 98% 759 0.85 Camden Crown Valley Mission ViejoCA 2001 1,009 380 97% 1,555 1.54 Camden Harbor View Long Beach CA 2004 976 538 94% 2,011 2.06 Camden Martinique Costa Mesa CA 1986 795 714 95% 1,272 1.60 Camden Parkside (1) Fullerton CA 1972 836 421 96% 1,246 1.49 Camden Sea Palms Costa Mesa CA 1990 891 138 95% 1,419 1.59 ------------------------------------------------------------------------------------------- Total Los Angeles/Orange County 5 Properties 890 2,191 95% 1,507 1.69 Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 93% 1,370 1.42 Camden Tuscany San Diego CA 2003 891 160 97% 1,830 2.05 Camden Vineyards Murrieta CA 2002 1,053 264 94% 1,316 1.25 ------------------------------------------------------------------------------------------- Total San Diego/Inland Empire 3 Properties 977 846 94% 1,440 1.47 ================================================================================================================================== TOTAL CALIFORNIA 8 Properties 915 3,037 95% 1,488 1.63 Camden Arbors Westminster CO 1986 792 358 94% 663 0.84 Camden Caley Englewood CO 2000 925 218 98% 800 0.87 Camden Centennial Littleton CO 1985 744 276 96% 659 0.89 Camden Denver West (1) Golden CO 1997 1,015 320 96% 957 0.94 Camden Highlands Ridge Highlands Ranch CO 1996 1,149 342 93% 978 0.85 Camden Interlocken Broomfield CO 1999 1,022 340 93% 1,023 1.00 Camden Lakeway Littleton CO 1997 932 451 93% 868 0.93 Camden Pinnacle Westminster CO 1985 748 224 89% 616 0.82 ================================================================================================================================== TOTAL COLORADO 8 Properties 927 2,529 94% 835 0.90 Camden Ashburn Farms Ashburn VA 2000 1,061 162 96% 1,255 1.18 Camden Fair Lakes Fairfax VA 1999 996 530 95% 1,406 1.41 Camden Fallsgrove Rockville MD 2004 996 268 97% 1,431 1.44 Camden Grand Parc Washington DC 2002 904 105 97% 1,993 2.20 Camden Lansdowne Leesburg VA 2002 1,006 690 96% 1,265 1.26 Camden Largo Town Center Largo MD 2000 1,042 219 98% 1,524 1.46 Camden Roosevelt Washington DC 2003 856 198 100% 1,971 2.30 Camden Russett Laurel MD 2000 1,025 426 94% 1,280 1.25 Camden Silo Creek Washington DC 2004 971 284 96% 1,236 1.27 ================================================================================================================================== TOTAL DC METRO 9 Properties 994 2,882 96% 1,400 1.41 Camden Aventura Aventura FL 1995 1,106 379 97% 1,371 1.24 Camden Doral Miami FL 1999 1,172 260 98% 1,364 1.16 Camden Doral Villas Miami FL 2000 1,253 232 98% 1,458 1.16 Camden Las Olas Ft. Lauderdale FL 2004 1,043 420 99% 1,593 1.53 Camden Plantation Plantation FL 1997 1,152 502 98% 1,246 1.08 Camden Portofino Pembroke Pines FL 1995 1,307 322 99% 1,235 0.94 Summit Brickell Miami FL 2003 937 405 99% 1,367 1.46 ------------------------------------------------------------------------------------------- Total Southeast Florida 7 Properties 1,124 2,520 98% 1,372 1.22 Camden Club Longwood FL 1986 1,077 436 97% 903 0.84 Camden Hunter's Creek Orlando FL 2000 1,082 270 98% 947 0.87 Camden Lago Vista Orlando FL 2005 954 366 98% 965 1.01 Camden Landings Orlando FL 1983 748 220 99% 701 0.94 Camden Lee Vista Orlando FL 2000 937 492 97% 868 0.93 Camden Renaissance Altamonte Springs FL 1996/1998 899 578 96% 876 0.97 Camden Reserve Orlando FL 1990/1991 824 526 97% 768 0.93 Camden World Gateway Orlando FL 2000 979 408 98% 983 1.00 ------------------------------------------------------------------------------------------- Total Orlando 8 Properties 937 3,296 97% 878 0.94
CAMDEN COMMUNITY TABLE Community Statistics as of 03/31/06 - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) 1Q06 Avg Market Rental Rates Year Placed Average Apartment 1Q06 Avg ----------------------- Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------------------- Camden Bay Tampa FL 1997/2001 943 760 95% 901 0.96 Camden Bay Pointe Tampa FL 1984 771 368 98% 722 0.94 Camden Bayside Tampa FL 1987/1989 748 832 97% 749 1.00 Camden Citrus Park Tampa FL 1985 704 247 97% 680 0.97 Camden Isles Tampa FL 1983/1985 722 484 98% 678 0.94 Camden Lakes St. Petersburg FL 1982/1983 728 688 95% 700 0.96 Camden Lakeside Brandon FL 1986 728 228 99% 728 1.00 Camden Live Oaks Tampa FL 1990 1,093 770 96% 763 0.70 Camden Preserve Tampa FL 1996 942 276 97% 986 1.05 Camden Providence Lakes Brandon FL 1996 1,024 260 98% 866 0.85 Camden Westshore Tampa FL 1986 728 278 97% 763 1.05 Camden Woods Tampa FL 1986 1,223 444 96% 865 0.71 ------------------------------------------------------------------------------------------- Total Tampa/St. Petersburg 12 Properties 874 5,635 97% 781 0.89 ================================================================================================================================== TOTAL FLORIDA 27 Properties 947 11,451 97% 939 0.99 Camden Brookwood Atlanta GA 2002 906 359 92% 978 1.08 Camden Dunwoody Atlanta GA 1997 1,007 324 97% 873 0.87 Camden Deerfield Alpharetta GA 2000 1,187 292 93% 892 0.75 Camden Midtown Atlanta Atlanta GA 2001 953 296 95% 1,023 1.07 Camden River Duluth GA 1997 1,103 352 95% 825 0.75 Camden Peachtree City Peachtree City GA 2001 1,026 399 96% 805 0.78 Camden Shiloh Kennesaw GA 1999/2002 1,151 232 97% 805 0.70 Camden St. Clair Atlanta GA 1997 969 336 95% 905 0.93 Camden Stockbridge Stockbridge GA 2003 1,009 304 94% 750 0.74 Camden Sweetwater LawrencevilleGA 2000 1,151 308 96% 773 0.67 ================================================================================================================================== TOTAL GEORGIA 10 Properties 1,041 3,202 95% 864 0.83 Camden Brookside Louisville KY 1987 732 224 96% 580 0.79 Camden Downs Louisville KY 1975 682 254 94% 523 0.77 Camden Meadows Louisville KY 1987/1990 746 400 94% 596 0.80 Camden Oxmoor Louisville KY 2000 903 432 97% 732 0.81 Camden Prospect Park Louisville KY 1990 916 138 96% 694 0.76 ================================================================================================================================== TOTAL KENTUCKY 5 Properties 795 1,448 95% 631 0.79 Camden Passage Kansas City MO 1989/1997 832 596 93% 638 0.77 ------------------------------------------------------------------------------------------- Total Kansas City 1 Property 832 596 93% 638 0.77 Camden Cedar Lakes Lake St. Louis MO 1986 852 420 97% 626 0.73 Camden Cove West Creve Coeur MO 1990 828 276 90% 807 0.98 Camden Cross Creek St. Louis MO 1973/1980 947 591 95% 715 0.75 Camden Taravue St. Louis MO 1975 676 304 89% 552 0.82 Camden Trace Maryland Heights MO 1972 1,158 372 96% 719 0.62 Camden Westchase St. Louis MO 1986 945 160 97% 797 0.84 ------------------------------------------------------------------------------------------- Total St. Louis 6 Properties 910 2,123 94% 693 0.76 ================================================================================================================================== TOTAL MISSOURI 7 Properties 893 2,719 94% 681 0.76 Camden Bel Air Las Vegas NV 1988/1995 943 528 97% 856 0.91 Camden Breeze Las Vegas NV 1989 846 320 98% 796 0.94 Camden Canyon Las Vegas NV 1995 987 200 98% 875 0.89 Camden Commons Henderson NV 1988 936 376 96% 876 0.94 Camden Cove Las Vegas NV 1990 898 124 96% 809 0.90 Camden Del Mar Las Vegas NV 1995 986 560 97% 934 0.95 Camden Fairways Henderson NV 1989 896 320 98% 878 0.98 Camden Hills Las Vegas NV 1991 579 184 97% 616 1.06 Camden Legends Henderson NV 1994 792 113 98% 817 1.03 Camden Palisades Las Vegas NV 1991 905 624 98% 859 0.95 Camden Pines (1) Las Vegas NV 1997 1,005 315 97% 897 0.89 Camden Pointe Las Vegas NV 1996 985 252 98% 859 0.87 Camden Summit (1) Henderson NV 1995 1,187 234 98% 1,165 0.98 Camden Tiara (1) Las Vegas NV 1996 1,043 400 97% 943 0.90 Camden Vintage Las Vegas NV 1994 978 368 96% 855 0.87 Oasis Bay (1) Las Vegas NV 1990 876 128 95% 831 0.95 Oasis Crossings (1) Las Vegas NV 1996 983 72 96% 834 0.85
CAMDEN COMMUNITY TABLE Community Statistics as of 03/31/06 - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) 1Q06 Avg Market Rental Rates Year Placed Average Apartment 1Q06 Avg ----------------------- Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------------------- Oasis Emerald (1) Las Vegas NV 1988 873 132 98% 723 0.83 Oasis Gateway (1) Las Vegas NV 1997 1,146 360 95% 933 0.81 Oasis Island (1) Las Vegas NV 1990 901 118 94% 732 0.81 Oasis Landing (1) Las Vegas NV 1990 938 144 98% 798 0.85 Oasis Meadows (1) Las Vegas NV 1996 1,031 383 97% 826 0.80 Oasis Palms (1) Las Vegas NV 1989 880 208 96% 787 0.89 Oasis Pearl (1) Las Vegas NV 1989 930 90 98% 757 0.81 Oasis Place (1) Las Vegas NV 1992 440 240 97% 584 1.33 Oasis Ridge (1) Las Vegas NV 1984 391 477 95% 490 1.25 Oasis Sands Las Vegas NV 1994 1,125 48 94% 861 0.76 Oasis Sierra (1) Las Vegas NV 1998 922 208 96% 884 0.96 Oasis Springs (1) Las Vegas NV 1988 838 304 96% 718 0.86 Oasis Vinings (1) Las Vegas NV 1994 1,152 234 95% 876 0.76 ================================================================================================================================== TOTAL NEVADA 30 Properties 908 8,064 97% 830 0.91 Camden Ballantyne Charlotte NC 1998 1,053 400 96% 806 0.77 Camden Cotton Mills Charlotte NC 2002 906 180 99% 1,165 1.29 Camden Eastchase Charlotte NC 1986 698 220 92% 549 0.79 Camden Fairview Charlotte NC 1983 1,036 135 98% 709 0.68 Camden Forest Charlotte NC 1989 703 208 94% 575 0.82 Camden Foxcroft Charlotte NC 1979 940 156 98% 659 0.70 Camden Grandview Charlotte NC 2000 1,145 266 97% 1,268 1.11 Camden Habersham Charlotte NC 1986 773 240 97% 619 0.80 Camden Park Commons Charlotte NC 1997 859 232 95% 683 0.79 Camden Pinehurst Charlotte NC 1967 1,147 407 96% 726 0.63 Camden Sedgebrook Charlotte NC 1999 1,017 368 97% 746 0.73 Camden Simsbury Charlotte NC 1985 874 100 96% 720 0.82 Camden South End Charlotte NC 2003 883 299 97% 1,043 1.18 Camden Stonecrest Charlotte NC 2001 1,169 306 97% 852 0.73 Camden Timber Creek Charlotte NC 1984 706 352 95% 560 0.79 Camden Touchstone Charlotte NC 1986 899 132 96% 649 0.72 Summit Hollow (1) Charlotte NC 1979 1,039 232 97% 645 0.62 ------------------------------------------------------------------------------------------- Total Charlotte 17 Properties 949 4,233 96% 771 0.81 Camden Glen Greensboro NC 1980 662 304 92% 555 0.84 Camden Wendover Greensboro NC 1985 795 216 95% 595 0.75 ------------------------------------------------------------------------------------------- Total Greensboro 2 Properties 717 520 93% 571 0.80 Camden Crest Raleigh NC 2001 1,129 438 96% 752 0.67 Camden Governor's Village Chapel Hill NC 1999 1,134 242 97% 811 0.72 Camden Lake Pine Apex NC 1999 1,075 446 98% 739 0.69 Camden Overlook Raleigh NC 2001 1,056 320 97% 812 0.77 Camden Reunion Park Apex NC 2000/2004 972 420 97% 607 0.62 Camden Westwood Morrisville NC 1999 1,112 354 97% 696 0.63 ------------------------------------------------------------------------------------------- Total Raleigh 6 Properties 1,076 2,220 97% 728 0.68 ================================================================================================================================== TOTAL NORTH CAROLINA 25 Properties 972 6,973 96% 742 0.76 Summit Valleybrook Chadds Ford PA 2002 992 352 93% 1,198 1.21 ================================================================================================================================== TOTAL PENNSYLVANIA 1 Property 992 352 93% 1,198 1.21 Camden Briar Oaks Austin TX 1980 711 430 96% 567 0.80 Camden Gaines Ranch Austin TX 1997 955 390 91% 998 1.04 Camden Huntingdon Austin TX 1995 903 398 96% 701 0.78 Camden Laurel Ridge Austin TX 1986 702 183 97% 558 0.80 Camden Ridge View Austin TX 1984 859 167 96% 598 0.70 Camden Ridgecrest Austin TX 1995 851 284 96% 649 0.76 Camden Woodview Austin TX 1984 644 283 95% 572 0.89 ------------------------------------------------------------------------------------------- Total Austin 7 Properties 812 2,135 95% 684 0.84 Camden Breakers Corpus Christi TX 1996 868 288 93% 857 0.99 Camden Copper Ridge Corpus Christi TX 1986 775 344 96% 643 0.83 Camden Miramar (3) Corpus Christi TX 1994-2004 468 778 96% 752 1.61 ------------------------------------------------------------------------------------------- Total Corpus Christi 3 Properties 625 1,410 94% 747 1.20
CAMDEN COMMUNITY TABLE Community Statistics as of 03/31/06 - ---------------------------------------------------------------------------------------------------------------------------------- (Unaudited) 1Q06 Avg Market Rental Rates Year Placed Average Apartment 1Q06 Avg ----------------------- Community Name City State in Service Size Homes Occupancy Per Home Per Sq. Ft. - ---------------------------------------------------------------------------------------------------------------------------------- Camden Addison (1) Addison TX 1996 942 456 96% 798 0.85 Camden Buckingham Richardson TX 1997 919 464 97% 760 0.83 Camden Centreport Ft. Worth TX 1997 910 268 96% 751 0.83 Camden Cimarron Irving TX 1992 772 286 96% 730 0.95 Camden Farmers Market Dallas TX 2001 916 620 95% 914 1.00 Camden Farmers Market II (4) Dallas TX 2005 970 284 Lease-Up 1,018 1.05 Camden Gardens Dallas TX 1983 652 256 97% 537 0.82 Camden Glen Lakes Dallas TX 1979 877 424 96% 663 0.76 Camden Lakeview Irving TX 1985 853 476 94% 606 0.71 Camden Legacy Creek Plano TX 1995 831 240 98% 764 0.92 Camden Legacy Park Plano TX 1996 871 276 99% 765 0.88 Camden Oaks Dallas TX 1985 730 446 97% 553 0.76 Camden Oasis Euless TX 1986 548 602 91% 541 0.99 Camden Place Mesquite TX 1984 772 442 96% 555 0.72 Camden Ridge Ft. Worth TX 1985 829 208 96% 591 0.71 Camden Springs Dallas TX 1987 713 304 96% 523 0.73 Camden Terrace Ft. Worth TX 1984 848 340 96% 585 0.69 Camden Towne Village Mesquite TX 1983 735 188 98% 576 0.78 Camden Trails (2) Dallas TX 1984 733 264 89% 528 0.72 Camden Valley Creek Irving TX 1984 855 380 96% 630 0.74 Camden Valley Park Irving TX 1986 743 516 97% 607 0.82 Camden Valley Ridge Irving TX 1987 773 408 94% 573 0.74 Camden Westview Lewisville TX 1983 697 335 95% 565 0.81 ------------------------------------------------------------------------------------------- Total Dallas/Ft. Worth 23 Properties 803 8,483 95% 661 0.82 Camden Baytown Baytown TX 1999 844 272 98% 744 0.88 Camden Creek Houston TX 1984 639 456 93% 585 0.92 Camden Crossing Houston TX 1982 762 366 94% 548 0.72 Camden Greenway Houston TX 1999 861 756 97% 938 1.09 Camden Holly Springs (1) Houston TX 1999 934 548 96% 865 0.93 Camden Midtown Houston TX 1999 843 337 98% 986 1.17 Camden Oak Crest Houston TX 2003 870 364 94% 821 0.94 Camden Park (1) Houston TX 1995 866 288 97% 764 0.88 Camden Steeplechase Houston TX 1982 748 290 97% 595 0.80 Camden Stonebridge Houston TX 1993 845 204 98% 759 0.90 Camden Sugar Grove (1) Stafford TX 1997 917 380 97% 828 0.90 Camden Vanderbilt Houston TX 1996/1997 863 894 99% 989 1.15 Camden West Oaks Houston TX 1982 726 671 93% 556 0.77 Camden Wilshire Houston TX 1982 761 536 93% 576 0.76 Camden Wyndham Houston TX 1978/1981 797 448 94% 570 0.72 ------------------------------------------------------------------------------------------- Total Houston 15 Properties 818 6,810 96% 759 0.93 ================================================================================================================================== TOTAL TEXAS 48 Properties 796 18,838 96% 705 0.89 ================================================================================================================================== TOTAL PROPERTIES 187 Properties 897 64,384 96% 850 0.95 ==================================================================================================================================
(1) Communities owned through investment in joint venture. (2) Communities disposed of subsequent to quarter end. Miramar is a student housing community which is excluded (3) from total occupancy numbers. Communities in lease-up as of March 31, 2006 are excluded (4) from total occupancy numbers. -----END PRIVACY-ENHANCED MESSAGE-----