-----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, KeI6quioru5ULsJQvutcCL3iQeDPZubOUVRCETB06Tauk5ms9MZjjIuKByPdk3jU MRVnF7YzpZ20jpZlVQUnTg== 0001157523-08-003655.txt : 20080502 0001157523-08-003655.hdr.sgml : 20080502 20080502164121 ACCESSION NUMBER: 0001157523-08-003655 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20080501 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080502 DATE AS OF CHANGE: 20080502 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: 08799596 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 a5674720.htm 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 1, 2008


CAMDEN PROPERTY TRUST
(Exact name of registrant as specified in its charter)


TEXAS

1-12110

76-6088377

(State or other jurisdiction of

incorporation or organization)

(Commission file number)

(I.R.S. Employer

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 1, 2008, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter ended March 31, 2008. This press release refers to supplemental financial information available on the Company’s website. Copies of the press release and the supplemental information are 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 1, 2008.
99.2  Supplemental Financial Information dated May 1, 2008.

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 1, 2008

 

 

CAMDEN PROPERTY TRUST

 

 

 

 

By:

/s/ Michael P. Gallagher

Michael P. Gallagher

Vice President - Chief Accounting Officer

3

EX-99.1 2 a5674720-ex991.htm EXHIBIT 99.1

EXHIBIT 99.1

Camden Property Trust Announces First Quarter 2008 Operating Results

HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) announced that its funds from operations (“FFO”) for the first quarter of 2008 totaled $0.89 per diluted share or $52.3 million, as compared to $0.89 per diluted share or $55.9 million for the same period in 2007. The Company reported net income (“EPS”) of $14.9 million or $0.27 per diluted share for the first quarter of 2008, as compared to $13.0 million or $0.22 per diluted share for the same period in 2007. EPS for the three months ended March 31, 2008 included a $0.13 per diluted share impact from gain on sale of properties, including discontinued operations. A reconciliation of net income to FFO is included in the financial tables accompanying this press release.

Same-Property Results

For the 43,480 apartment homes included in consolidated same-property results, first quarter 2008 same-property net operating income (“NOI”) increased 1.4% compared to the first quarter of 2007, with revenues increasing 1.5% and expenses increasing 1.6%. On a sequential basis, first quarter 2008 same-property NOI declined 1.2% compared to the fourth quarter of 2007, with revenues increasing 0.5% and expenses increasing 3.5% compared to the prior quarter. Same-property physical occupancy levels for the portfolio averaged 93.8% during the first quarter of 2008, compared to 94.5% in the first quarter of 2007 and 93.6% in the fourth quarter of 2007.

The Company defines same-property communities as communities owned and stabilized as of January 1, 2007, excluding properties held for sale and communities under redevelopment. 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

During the first quarter, lease-up was completed at Camden Old Creek in San Marcos, CA, a $92.2 million project that is currently 94% occupied. As of March 31, 2008, Camden had three wholly-owned apartment communities which were completed and in lease-up: Camden Royal Oaks in Houston, TX, a $21.0 million project that is currently 86% leased; Camden Monument Place in Fairfax, VA, a $62.4 million project that is currently 88% leased; and Camden City Centre in Houston, TX, a $51.6 million project that is currently 77% leased. The Company also had one joint venture community which was completed and in lease-up: Camden Plaza in Houston, TX, a $40.8 million project that is currently 80% leased.

The Company has eight additional communities currently under construction and in lease-up: Camden Potomac Yard in Arlington, VA, a $110.0 million project that is currently 34% leased; Camden Summerfield in Landover, MD, a $68.0 million project that is currently 36% leased; Camden Orange Court in Orlando, FL, a $49.0 million project that is currently 14% leased; Camden Dulles Station in Oak Hill, VA, a $77.0 million project that is currently 9% leased; Camden Cedar Hills in Austin, TX, a $27.0 million project that is currently 3% leased; Camden Whispering Oaks in Houston, TX, a $30.0 million project that is currently 3% leased; Camden College Park in College Park, MD, a $139.9 million joint venture project that is currently 32% leased; and Camden Main & Jamboree in Irvine, CA, a $115.0 million joint venture project that is currently 27% leased.


Camden’s current development pipeline under construction includes six wholly-owned communities comprising 1,778 apartment homes with a total budgeted cost of $361.0 million. The Company also has five joint venture communities under construction comprising 1,605 apartment homes with a total budgeted cost of $376.7 million.

Camden’s future development pipeline currently consists of 18 potential developments comprising 5,855 apartment homes and a total estimated cost of $1.5 billion. The future pipeline represents projects in the early phase of the development process for which Camden either owns the land, has an option to acquire the land or enter into a leasehold interest, or is the buyer under a long-term conditional contract.

Disposition Activity

During the quarter, the Company disposed of Camden Ridgeview, a 167-home apartment community in Austin, TX for $10.6 million, resulting in a gain on sale of $6.1 million. The Company also sold 4,100 square feet of retail space adjacent to its regional office in Las Vegas for $1.4 million, resulting in a gain on sale of $1.1 million.

Properties and Land Held for Sale

At March 31, 2008, Camden had two operating communities consisting of 272 apartment homes held for sale: Camden Pinnacle, a 224-home apartment community in Denver, CO; and Oasis Sands, a 48-home apartment community in Las Vegas, NV.

The Company also had 4.6 acres of undeveloped land in Boca Raton, FL and Dallas, TX classified as held for sale at quarter-end.

Stock Repurchase

During the first quarter of 2008, Camden repurchased 690,400 common shares at an average price per share of $43.41, for a total of $30.0 million. The Company completed a total of $230.1 million of common share repurchases during 2007 and early 2008.

Earnings Guidance

Camden’s earnings guidance for 2008 is based on its current and expected views of the apartment market and general economic conditions. Full-year 2008 FFO is expected to be $3.60 to $3.80 per diluted share, and full-year 2008 EPS is expected to be $0.57 to $0.77 per diluted share. Second quarter 2008 earnings guidance is $0.87 to $0.91 per diluted share for FFO and $0.08 to $0.12 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update 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 2, 2008 at 10:00 a.m. Central Time to review its first quarter 2008 results and discuss its outlook for future performance. To participate in the call, please dial (800) 860-2442 (domestic) or (412) 858-4600 (international) by 9:50 a.m. Central Time and request the Camden Property Trust First Quarter 2008 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.


Annual Meeting of Shareholders

Camden’s Annual Meeting of Shareholders will be held on May 6, 2008 at the Renaissance Hotel, 6 East Greenway Plaza, Houston, Texas, at 1:30 p.m., Central Standard Time. The Company’s proxy statement, 10-K, and Annual Report to Shareholders are available in the Investor Relations section of the company’s website at www.camdenliving.com. If you wish to receive hard copies of these documents, please contact Camden’s Investor Relations Department at ir@camdenliving.com.

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, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 181 properties containing 62,918 apartment homes across the United States. Upon completion of 11 properties under development, the Company’s portfolio will increase to 66,301 apartment homes in 192 properties. Camden was recently named to FORTUNE® Magazine’s list of the “100 Best Companies to Work For.”

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

2008   2007
Property revenues
Rental revenues $ 138,793 $ 133,036
Other property revenues   17,930       14,640  
Total property revenues 156,723 147,676
 
Property expenses
Property operating and maintenance 40,985 38,589
Real estate taxes   17,917       16,049  
Total property expenses 58,902 54,638
 
Non-property income
Fee and asset management income 2,412 2,386
Interest and other income 1,333 1,562
Income on deferred compensation plans   (8,541 )     2,306  
Total non-property income (4,796 ) 6,254
 
Other expenses
Property management 4,900 4,728
Fee and asset management 1,725 1,620
General and administrative 7,960 8,054
Interest 32,661 27,790
Depreciation and amortization 42,785 39,053
Amortization of deferred financing costs 742 913
Expense on deferred compensation plans   (8,541 )     2,306  
Total other expenses   82,232       84,464  
 

Income from continuing operations before gain on sale of properties, equity in income of joint ventures, minority interests and income taxes

10,793 14,828
Gain on sale of properties, including land 1,106 -
Equity in income (loss) of joint ventures (47 ) 735
Minority interests
Distributions on perpetual preferred units (1,750 ) (1,750 )
Income allocated to common units and other minority interests   (1,269 )     (787 )
Income from continuing operations before income taxes 8,833 13,026
Income tax expense   (273 )     (1,905 )
Income from continuing operations 8,560 11,121
Income from discontinued operations 228 2,186
Gain on sale of discontinued operations 6,127 -
Income from discontinued operations allocated to common units   -       (270 )
Net income $ 14,915     $ 13,037  
 

PER SHARE DATA

Net income - basic $ 0.27 $ 0.22
Net income - diluted 0.27 0.22
Income from continuing operations - basic 0.16 0.19
Income from continuing operations - diluted 0.16 0.19
 

 

Weighted average number of common and common equivalent shares outstanding:

Basic 54,965 58,813
Diluted 55,625 59,994
 

PROPERTY DATA

Total operating properties (end of period) (a) 181 187
Total operating apartment homes in operating properties (end of period) (a) 62,918 64,516
Total operating apartment homes (weighted average) 51,763 53,097
Total operating apartment homes - excluding discontinued operations (weighted average) 51,380 49,604
 

(a) 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

2008   2007
 
Net income $ 14,915 $ 13,037
Real estate depreciation and amortization from continuing operations 41,921 38,338
Real estate depreciation from discontinued operations 17 1,268
Adjustments for unconsolidated joint ventures 1,539 1,086
Income from continuing operations allocated to common units 1,156 736
Income from discontinued operations allocated to common units - 270
(Gain) loss on sale of operating properties, net of taxes (1,106 ) 1,184
(Gain) on sale of discontinued operations   (6,112 )     -
Funds from operations - diluted $ 52,330     $ 55,919
 

PER SHARE DATA

Funds from operations - diluted $ 0.89 $ 0.89
Cash distributions 0.70 0.69
 

Weighted average number of common and common equivalent shares outstanding:

FFO - diluted 58,544 63,021
 

PROPERTY DATA

Total operating properties (end of period) (a) 181 187
Total operating apartment homes in operating properties (end of period) (a) 62,918 64,516
Total operating apartment homes (weighted average) 51,763 53,097
Total operating apartment homes - excluding discontinued operations (weighted average) 51,380 49,604
 
(a) 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, Jun 30, Mar 31,
2008 2007 2007   2007   2007
ASSETS
Real estate assets, at cost
Land $ 749,664 $ 730,548 $ 714,044 $ 713,084 $ 703,850
Buildings and improvements   4,435,787     4,316,472     4,215,662       4,144,075       4,108,955  
5,185,451 5,047,020 4,929,706 4,857,159 4,812,805
Accumulated depreciation   (907,643 )   (868,074 )   (827,944 )     (788,318 )     (799,624 )
Net operating real estate assets 4,277,808 4,178,946 4,101,762 4,068,841 4,013,181
Properties under development, including land 358,994 446,664 488,620 454,617 410,002
Investments in joint ventures 12,526 8,466 12,243 12,722 8,321
Properties held for sale, including land   23,299     25,253     73,325       72,577       32,879  
Total real estate assets 4,672,627 4,659,329 4,675,950 4,608,757 4,464,383
Accounts receivable - affiliates 36,166 35,940 36,171 35,341 34,854
Notes receivable
Affiliates 52,331 50,358 48,172 45,560 43,507
Other 8,710 11,565 11,565 11,565 11,565
Other assets, net (a) 116,010 126,996 129,810 136,524 118,329
Cash and cash equivalents 947 897 1,207 3,058 1,470
Restricted cash   5,325     5,675     5,904       20,053       5,772  
Total assets $ 4,892,116   $ 4,890,760   $ 4,908,779     $ 4,860,858     $ 4,679,880  
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $ 2,351,006 $ 2,265,319 $ 2,198,628 $ 2,065,175 $ 1,897,865
Secured 559,952 562,776 565,564 566,001 568,731
Accounts payable and accrued expenses 90,779 107,403 110,643 128,892 110,486
Accrued real estate taxes 17,769 24,943 42,151 29,785 16,036
Other liabilities (b) 146,817 136,365 117,317 115,547 110,684
Distributions payable   42,942     42,689     44,180       44,982       45,137  
Total liabilities 3,209,265 3,139,495 3,078,483 2,950,382 2,748,939
 
Commitments and contingencies
 
Minority interests
Perpetual preferred units 97,925 97,925 97,925 97,925 97,925
Common units 97,416 111,624 104,176 105,353 102,217
Other minority interests   8,537     10,403     10,740       10,916       10,335  
Total minority interests 203,878 219,952 212,841 214,194 210,477
 
Shareholders' equity
Common shares of beneficial interest 660 654 654 654 654
Additional paid-in capital 2,227,256 2,209,631 2,207,333 2,204,525 2,199,713
Distributions in excess of net income (250,845 ) (227,025 ) (269,667 ) (241,711 ) (243,786 )
Employee notes receivable (306 ) (1,950 ) (1,963 ) (1,976 ) (2,025 )
Treasury shares, at cost (463,574 ) (433,874 ) (318,902 ) (265,210 ) (234,092 )
Other comprehensive loss (c)   (34,218 )   (16,123 )   -       -       -  
Total shareholders' equity   1,478,973     1,531,313     1,617,455       1,696,282       1,720,464  
Total liabilities and shareholders' equity $ 4,892,116   $ 4,890,760   $ 4,908,779     $ 4,860,858     $ 4,679,880  
 
 
 
(a) includes:
net deferred charges of: $ 10,287 $ 10,811 $ 10,308 $ 11,565 $ 9,724
value of in place leases of: $ 62 $ 258 $ 703 $ 1,091 $ 61
 
(b) includes:
deferred revenues of: $ 2,575 $ 2,459 $ 2,738 $ 2,937 $ 3,321
above/below market leases of: ($6 ) ($13 ) $ 25 $ 43 $ 8
distributions in excess of investments in joint ventures of: $ 25,065 $ 23,653 $ 20,867 $ 19,549 $ 18,805
fair value adjustment of derivative instrument: $ 34,218 $ 16,123 - - -
 
(c) Represents the fair value adjustment of the derivative instrument.

       
 
 

CAMDEN

NON-GAAP FINANCIAL MEASURES

 

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)
                 
 
 
(Unaudited)
 

This document contains certain non-GAAP financial measures 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,
2008   2007
Net income $ 14,915 $ 13,037
Real estate depreciation and amortization from continuing operations 41,921 38,338
Real estate depreciation from discontinued operations 17 1,268
Adjustments for unconsolidated joint ventures 1,539 1,086
Income from continuing operations allocated to common units 1,156 736
Income from discontinued operations allocated to common units - 270
(Gain) loss on sale of operating properties, net of taxes (1,106 ) 1,184
(Gain) on sale of discontinued operations   (6,112 )     -  
Funds from operations - diluted $ 52,330     $ 55,919  
 

Weighted average number of common and common equivalent shares outstanding:

EPS diluted 55,625 59,994
FFO diluted 58,544 63,021
 
Net income per common share - diluted $ 0.27 $ 0.22
FFO per common share - diluted $ 0.89 $ 0.89
 

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:

 

2Q08 Range 2008 Range
Low   High Low   High
 
Expected net income per share - diluted $ 0.08 $ 0.12 $ 0.57 $ 0.77
Expected difference between EPS and fully diluted FFO shares (0.01 ) (0.01 ) ($0.03 ) ($0.03 )
Expected real estate depreciation 0.73 0.73 $ 2.94 $ 2.94
Expected adjustments for unconsolidated joint ventures 0.04 0.04 $ 0.13 $ 0.13
Expected income allocated to common units 0.03 0.03 $ 0.11 $ 0.11
Expected (gain) on sale of properties and properties held for sale   0.00       0.00     ($0.12 )     ($0.12 )
Expected FFO per share - diluted $ 0.87 $ 0.91 $ 3.60 $ 3.80
 
 
 
 
 
 
 
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document.
 

CAMDEN   NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

                   
         
 
(Unaudited)
 
 
 

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,
  2008       2007  
Net income $ 14,915 $ 13,037
Fee and asset management income (2,412 ) (2,386 )
Interest and other income (1,333 ) (1,562 )
Income on deferred compensation plans 8,541 (2,306 )
Property management expense 4,900 4,728
Fee and asset management expense 1,725 1,620
General and administrative expense 7,960 8,054
Interest expense 32,661 27,790
Depreciation and amortization 42,785 39,053
Amortization of deferred financing costs 742 913
Expense on deferred compensation plans (8,541 ) 2,306
(Gain) loss on sale of properties, including land (1,106 ) -
Equity in income of joint ventures 47 (735 )
Distributions on perpetual preferred units 1,750 1,750
Income allocated to common units and other minority interests 1,269 787
Income tax expense 273 1,905
Income tax expense on sale of depreciable operating properties - -
Income from discontinued operations (228 ) (2,186 )
Gain on sale of discontinued operations (6,127 ) -
Income from discontinued operations allocated to common units   -     270  
Net Operating Income (NOI) $ 97,821 $ 93,038
 
"Same Property" Communities $ 81,328 $ 80,232
Non-"Same Property" Communities 8,990 6,395
Development and Lease-Up Communities 978 (90 )
Redevelopment Communities 5,886 5,969
Dispositions / Other   639     532  
Net Operating Income (NOI) $ 97,821 $ 93,038
 
 

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,
  2008       2007  
Net income $ 14,915 $ 13,037
Interest expense 32,775 27,911
Amortization of deferred financing costs including discontinued operations 742 913
Depreciation and amortization 42,785 39,053
Distributions on perpetual preferred units 1,750 1,750
Income allocated to common units and other minority interests 1,269 787
Income tax expense 273 1,905

Real estate depreciation from discontinued operations

17 1,268
(Gain) loss on sale of properties, including land (1,106 ) -
Equity in income of joint ventures 47 (735 )
Gain on sale of discontinued operations (6,127 ) -
Income from discontinued operations allocated to common units   -     270  
EBITDA $ 87,340 $ 86,159

CONTACT:
Camden Property Trust, Houston
Kim Callahan, 713-354-2549

EX-99.2 3 a5674720-ex992.htm EXHIBIT 99.2

EXHIBIT 99.2

GRAPHIC

FIRST QUARTER 2008

   
Supplemental Operating and Financial Data

GRAPHIC

Camden City Centre - Houston, TX
379 Apartment Homes
Currently in Lease-Up
 
 
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

8

Funds from Operations

10

Balance Sheets

11

Portfolio Statistics

13

Components of Property Net Operating Income

15

"Same Property" First Quarter Comparisons

17

"Same Property" Sequential Quarter Comparisons

17

Joint Venture Operations

19

Current Development Pipeline

21

Joint Venture Development Pipeline

23

Future Development Pipeline & Land Held for Sale

25

Redevelopment Summary

27

Notes Receivable Summary

28

Acquisitions & Dispositions

29

Debt Analysis

30

Debt Covenant Analysis

32

Capitalized Expenditures & Maintenance Expense

33

Non-GAAP Financial Measures - Definitions & Reconciliations

34

Other Data

38

Community Table

39


Camden Property Trust Announces First Quarter 2008 Operating Results

HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) announced that its funds from operations (“FFO”) for the first quarter of 2008 totaled $0.89 per diluted share or $52.3 million, as compared to $0.89 per diluted share or $55.9 million for the same period in 2007. The Company reported net income (“EPS”) of $14.9 million or $0.27 per diluted share for the first quarter of 2008, as compared to $13.0 million or $0.22 per diluted share for the same period in 2007. EPS for the three months ended March 31, 2008 included a $0.13 per diluted share impact from gain on sale of properties, including discontinued operations. A reconciliation of net income to FFO is included in the financial tables accompanying this press release.

Same-Property Results

For the 43,480 apartment homes included in consolidated same-property results, first quarter 2008 same-property net operating income (“NOI”) increased 1.4% compared to the first quarter of 2007, with revenues increasing 1.5% and expenses increasing 1.6%. On a sequential basis, first quarter 2008 same-property NOI declined 1.2% compared to the fourth quarter of 2007, with revenues increasing 0.5% and expenses increasing 3.5% compared to the prior quarter. Same-property physical occupancy levels for the portfolio averaged 93.8% during the first quarter of 2008, compared to 94.5% in the first quarter of 2007 and 93.6% in the fourth quarter of 2007.

The Company defines same-property communities as communities owned and stabilized as of January 1, 2007, excluding properties held for sale and communities under redevelopment. 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

During the first quarter, lease-up was completed at Camden Old Creek in San Marcos, CA, a $92.2 million project that is currently 94% occupied. As of March 31, 2008, Camden had three wholly-owned apartment communities which were completed and in lease-up: Camden Royal Oaks in Houston, TX, a $21.0 million project that is currently 86% leased; Camden Monument Place in Fairfax, VA, a $62.4 million project that is currently 88% leased; and Camden City Centre in Houston, TX, a $51.6 million project that is currently 77% leased. The Company also had one joint venture community which was completed and in lease-up: Camden Plaza in Houston, TX, a $40.8 million project that is currently 80% leased.

The Company has eight additional communities currently under construction and in lease-up: Camden Potomac Yard in Arlington, VA, a $110.0 million project that is currently 34% leased; Camden Summerfield in Landover, MD, a $68.0 million project that is currently 36% leased; Camden Orange Court in Orlando, FL, a $49.0 million project that is currently 14% leased; Camden Dulles Station in Oak Hill, VA, a $77.0 million project that is currently 9% leased; Camden Cedar Hills in Austin, TX, a $27.0 million project that is currently 3% leased; Camden Whispering Oaks in Houston, TX, a $30.0 million project that is currently 3% leased; Camden College Park in College Park, MD, a $139.9 million joint venture project that is currently 32% leased; and Camden Main & Jamboree in Irvine, CA, a $115.0 million joint venture project that is currently 27% leased.


Camden’s current development pipeline under construction includes six wholly-owned communities comprising 1,778 apartment homes with a total budgeted cost of $361.0 million. The Company also has five joint venture communities under construction comprising 1,605 apartment homes with a total budgeted cost of $376.7 million.

Camden’s future development pipeline currently consists of 18 potential developments comprising 5,855 apartment homes and a total estimated cost of $1.5 billion. The future pipeline represents projects in the early phase of the development process for which Camden either owns the land, has an option to acquire the land or enter into a leasehold interest, or is the buyer under a long-term conditional contract.

Disposition Activity

During the quarter, the Company disposed of Camden Ridgeview, a 167-home apartment community in Austin, TX for $10.6 million, resulting in a gain on sale of $6.1 million. The Company also sold 4,100 square feet of retail space adjacent to its regional office in Las Vegas for $1.4 million, resulting in a gain on sale of $1.1 million.

Properties and Land Held for Sale

At March 31, 2008, Camden had two operating communities consisting of 272 apartment homes held for sale: Camden Pinnacle, a 224-home apartment community in Denver, CO; and Oasis Sands, a 48-home apartment community in Las Vegas, NV.

The Company also had 4.6 acres of undeveloped land in Boca Raton, FL and Dallas, TX classified as held for sale at quarter-end.

Stock Repurchase

During the first quarter of 2008, Camden repurchased 690,400 common shares at an average price per share of $43.41, for a total of $30.0 million. The Company completed a total of $230.1 million of common share repurchases during 2007 and early 2008.

Earnings Guidance

Camden’s earnings guidance for 2008 is based on its current and expected views of the apartment market and general economic conditions. Full-year 2008 FFO is expected to be $3.60 to $3.80 per diluted share, and full-year 2008 EPS is expected to be $0.57 to $0.77 per diluted share. Second quarter 2008 earnings guidance is $0.87 to $0.91 per diluted share for FFO and $0.08 to $0.12 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update 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 2, 2008 at 10:00 a.m. Central Time to review its first quarter 2008 results and discuss its outlook for future performance. To participate in the call, please dial (800) 860-2442 (domestic) or (412) 858-4600 (international) by 9:50 a.m. Central Time and request the Camden Property Trust First Quarter 2008 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.


Annual Meeting of Shareholders

Camden’s Annual Meeting of Shareholders will be held on May 6, 2008 at the Renaissance Hotel, 6 East Greenway Plaza, Houston, Texas, at 1:30 p.m., Central Standard Time. The Company’s proxy statement, 10-K, and Annual Report to Shareholders are available in the Investor Relations section of the company’s website at www.camdenliving.com. If you wish to receive hard copies of these documents, please contact Camden’s Investor Relations Department at ir@camdenliving.com.

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, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 181 properties containing 62,918 apartment homes across the United States. Upon completion of 11 properties under development, the Company’s portfolio will increase to 66,301 apartment homes in 192 properties. Camden was recently named to FORTUNE® Magazine’s list of the “100 Best Companies to Work For.”

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,
 

2008

      2007  
Total property revenues (a) $ 156,723 $ 147,676
 
EBITDA 87,340 86,159
 
Net income 14,915 13,037
Per share - basic 0.27 0.22
Per share - diluted 0.27 0.22
 
Income from continuing operations 8,560 11,121
per share - basic 0.16 0.19
per share - diluted 0.16 0.19
 
Funds from operations 52,330 55,919
Per share - diluted 0.89 0.89
 
Dividends per share 0.70 0.69
Dividend payout ratio 78.7 % 77.5 %
 
Interest expensed (including discontinued operations) 32,775 27,911
Interest capitalized   5,360     5,136  
Total interest incurred 38,135 33,047
 
Principal amortization 3,280 3,535
Preferred dividends & distributions 1,750 1,750
 
Interest expense coverage ratio 2.7 x 3.1

x

Total interest coverage ratio 2.3 x 2.6

x

Fixed charge expense coverage ratio 2.3 x 2.6

x

Total fixed charge coverage ratio 2.0 x 2.2

x

 
Same property NOI increase (b) 1.4 % 5.5 %
(# of apartment homes included) 43,480 44,604
 
Gross turnover of apartment homes (annualized) 60 % 59 %
Net turnover (excludes on-site transfers and transfers to other Camden communities) 53 % 52 %
 
 
As of March 31,
  2008       2007  
Total assets $ 4,892,116 $ 4,679,880
Total debt $ 2,910,958 $ 2,466,596
Common and common equivalent shares, outstanding end of period (c) 58,611 63,000
Share price, end of period $ 50.20 $ 70.31
Preferred units, end of period $ 97,925 $ 97,925
Book equity value, end of period (d) $ 1,682,851 $ 1,930,941
Market equity value, end of period (d) $ 3,042,272 $ 4,529,530
 
Debt to total market capitalization ratio 48.9 % 35.3 %
 
Unencumbered real estate assets (at cost)
to unsecured debt ratio 194 % 225 %
 
 
 
(a) Excludes discontinued operations.
 
(b) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale and communities under redevelopment.
 

(c) Includes at March 31, 2008: 55,525 common shares (including 184 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (3,086)

 
(d) Includes: common shares, preferred and common units, and common share equivalents
 
Note: Please refer to pages 24 and 25 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 2008   2007
Property revenues
Rental revenues $ 138,793 $ 133,036
Other property revenues   17,930       14,640  
Total property revenues 156,723 147,676
 
Property expenses
Property operating and maintenance 40,985 38,589
Real estate taxes   17,917       16,049  
Total property expenses 58,902 54,638
 
Non-property income
Fee and asset management income 2,412 2,386
Interest and other income 1,333 1,562
Income on deferred compensation plans   (8,541 )     2,306  
Total non-property income (4,796 ) 6,254
 
Other expenses
Property management 4,900 4,728
Fee and asset management 1,725 1,620
General and administrative 7,960 8,054
Interest 32,661 27,790
Depreciation and amortization 42,785 39,053
Amortization of deferred financing costs 742 913
Expense on deferred compensation plans   (8,541 )     2,306  
Total other expenses   82,232       84,464  
 
Income from continuing operations before gain on sale of properties,
equity in income of joint ventures, minority interests and income taxes 10,793 14,828
Gain on sale of properties, including land 1,106 -
Equity in income (loss) of joint ventures (47 ) 735
Minority interests
Distributions on perpetual preferred units (1,750 ) (1,750 )
Income allocated to common units and other minority interests   (1,269 )     (787 )
Income from continuing operations before income taxes 8,833 13,026

Income tax expense

  (273 )     (1,905 )
Income from continuing operations 8,560 11,121
Income from discontinued operations 228 2,186
Gain on sale of discontinued operations 6,127 -
Income from discontinued operations allocated to common units   -       (270 )
Net income $ 14,915     $ 13,037  
 
PER SHARE DATA
Net income - basic $ 0.27 $ 0.22
Net income - diluted 0.27 0.22
Income from continuing operations - basic 0.16 0.19
Income from continuing operations - diluted 0.16 0.19
 
Weighted average number of common and
common equivalent shares outstanding:
Basic 54,965 58,813
Diluted 55,625 59,994
 
PROPERTY DATA
Total operating properties (end of period) (a) 181 187
Total operating apartment homes in operating properties (end of period) (a) 62,918 64,516
Total operating apartment homes (weighted average) 51,763 53,097
Total operating apartment homes - excluding discontinued operations (weighted average) 51,380 49,604
 
 
(a) Includes joint ventures and properties held for sale.
 
Note: Please refer to pages 24 and 25 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

2008   2007
 
Net income $ 14,915 $ 13,037
Real estate depreciation and amortization from continuing operations 41,921 38,338
Real estate depreciation from discontinued operations 17 1,268
Adjustments for unconsolidated joint ventures 1,539 1,086
Income from continuing operations allocated to common units 1,156 736
Income from discontinued operations allocated to common units - 270
(Gain) loss on sale of operating properties, net of taxes (1,106 ) 1,184
(Gain) on sale of discontinued operations   (6,112 )     -
Funds from operations - diluted $ 52,330     $ 55,919
 

PER SHARE DATA

Funds from operations - diluted $ 0.89 $ 0.89
Cash distributions 0.70 0.69
 
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted 58,544 63,021
 

PROPERTY DATA

Total operating properties (end of period) (a) 181 187
Total operating apartment homes in operating properties (end of period) (a) 62,918 64,516
Total operating apartment homes (weighted average) 51,763 53,097
Total operating apartment homes - excluding discontinued operations (weighted average) 51,380 49,604
 
 
(a) Includes joint ventures and properties held for sale.
 

Note:  Please refer to pages 24 and 25 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,
2008   2007   2007   2007   2007
ASSETS
Real estate assets, at cost
Land $ 749,664 $ 730,548 $ 714,044 $ 713,084 $ 703,850
Buildings and improvements   4,435,787       4,316,472       4,215,662       4,144,075       4,108,955  
5,185,451 5,047,020 4,929,706 4,857,159 4,812,805
Accumulated depreciation   (907,643 )     (868,074 )     (827,944 )     (788,318 )     (799,624 )
Net operating real estate assets 4,277,808 4,178,946 4,101,762 4,068,841 4,013,181
Properties under development, including land 358,994 446,664 488,620 454,617 410,002
Investments in joint ventures 12,526 8,466 12,243 12,722 8,321
Properties held for sale, including land   23,299       25,253       73,325       72,577       32,879  
Total real estate assets 4,672,627 4,659,329 4,675,950 4,608,757 4,464,383
Accounts receivable - affiliates 36,166 35,940 36,171 35,341 34,854
Notes receivable
Affiliates 52,331 50,358 48,172 45,560 43,507
Other 8,710 11,565 11,565 11,565 11,565
Other assets, net (a) 116,010 126,996 129,810 136,524 118,329
Cash and cash equivalents 947 897 1,207 3,058 1,470
Restricted cash   5,325       5,675       5,904       20,053       5,772  
Total assets $ 4,892,116     $ 4,890,760     $ 4,908,779     $ 4,860,858     $ 4,679,880  
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured $ 2,351,006 $ 2,265,319 $ 2,198,628 $ 2,065,175 $ 1,897,865
Secured 559,952 562,776 565,564 566,001 568,731
Accounts payable and accrued expenses 90,779 107,403 110,643 128,892 110,486
Accrued real estate taxes 17,769 24,943 42,151 29,785 16,036
Other liabilities (b) 146,817 136,365 117,317 115,547 110,684
Distributions payable   42,942       42,689       44,180       44,982       45,137  
Total liabilities 3,209,265 3,139,495 3,078,483 2,950,382 2,748,939
 
Commitments and contingencies
 
Minority interests
Perpetual preferred units 97,925 97,925 97,925 97,925 97,925
Common units 97,416 111,624 104,176 105,353 102,217
Other minority interests   8,537       10,403       10,740       10,916       10,335  
Total minority interests 203,878 219,952 212,841 214,194 210,477
 
Shareholders' equity
Common shares of beneficial interest 660 654 654 654 654
Additional paid-in capital 2,227,256 2,209,631 2,207,333 2,204,525 2,199,713
Distributions in excess of net income (250,845 ) (227,025 ) (269,667 ) (241,711 ) (243,786 )
Employee notes receivable (306 ) (1,950 ) (1,963 ) (1,976 ) (2,025 )
Treasury shares, at cost (463,574 ) (433,874 ) (318,902 ) (265,210 ) (234,092 )
Other comprehensive loss (c)   (34,218 )     (16,123 )     -       -       -  
Total shareholders' equity   1,478,973       1,531,313       1,617,455       1,696,282       1,720,464  
Total liabilities and shareholders' equity $ 4,892,116     $ 4,890,760     $ 4,908,779     $ 4,860,858     $ 4,679,880  
 
 
 
(a) includes:
net deferred charges of: $ 10,287 $ 10,811 $ 10,308 $ 11,565 $ 9,724
value of in place leases of: $ 62 $ 258 $ 703 $ 1,091 $ 61
 
(b) includes:
deferred revenues of: $ 2,575 $ 2,459 $ 2,738 $ 2,937 $ 3,321
above/below market leases of: ($6 ) ($13 ) $ 25 $ 43 $ 8
distributions in excess of investments in joint ventures of: $ 25,065 $ 23,653 $ 20,867 $ 19,549 $ 18,805
fair value adjustment of derivative instrument: $ 34,218 $ 16,123 - - -
 
(c) Represents the fair value adjustment of the derivative instrument.

CAMDEN              

PORTFOLIO STATISTICS

       
                                         
 
(Unaudited)
 
COMMUNITY PORTFOLIO AT MARCH 31, 2008 (in apartment homes)
 
"Same Property"   Non-"Same Property" (a)   Wholly - Owned   Joint Venture   Stabilized Operating   Completed in Lease-up   Total Operating   Under

Development

  Total
D.C. Metro (b)(c) 2,663 1,494 4,157 - 4,157 368 4,525 1,543 6,068
Las Vegas, NV 2,889 1,128 4,017 4,047 8,064 - 8,064 - 8,064
Los Angeles/Orange County, CA (d) 1,770 - 1,770 421 2,191 - 2,191 290 2,481
San Diego/Inland Empire, CA 846 350 1,196 - 1,196 - 1,196 - 1,196
Tampa, FL 4,613 890 5,503 - 5,503 - 5,503 - 5,503
Dallas, TX 6,345 424 6,769 456 7,225 - 7,225 - 7,225
Houston, TX (e) 3,350 894 4,244 1,216 5,460 886 6,346 733 7,079
SE Florida 2,520 - 2,520 - 2,520 - 2,520 - 2,520
Charlotte, NC 3,286 288 3,574 - 3,574 - 3,574 - 3,574
Orlando, FL 3,296 - 3,296 - 3,296 - 3,296 261 3,557
Atlanta, GA 3,202 - 3,202 - 3,202 - 3,202 - 3,202
Denver, CO 1,985 224 2,209 320 2,529 - 2,529 - 2,529
Raleigh, NC 2,220 484 2,704 - 2,704 - 2,704 - 2,704
Phoenix, AZ 1,441 - 1,441 992 2,433 - 2,433 - 2,433
Austin, TX (f) 2,358 253 2,611 - 2,611 - 2,611 556 3,167
Other 696     1,066     1,762     3,237   4,999     -     4,999     -     4,999  
 
Total Portfolio 43,480 7,495 50,975 10,689 61,664 1,254 62,918 3,383 66,301
 
(a) Includes ten redevelopment properties (3,512 apartment homes) and two properties held for sale and reported in discontinued operations (272 apartment homes).
(b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
(c) 508 units under development in College Park, MD are held through a joint venture investment.
(d) 290 units under development in Irvine, CA are held through a joint venture investment.
(e) 459 units under development and 271 units completed in lease-up in Houston, TX are held through joint venture investments.
(f) 348 units under development in Austin, 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   Communities (f)   Pro Rata % (g)   2008     2007     2007     2007     2007  
D.C. Metro 10.4 % 14.3 % 13.8 % 94.4 % 94.2 % 95.6 % 95.8 % 95.5 %
Las Vegas, NV 6.5 % 7.6 % 8.7 % 93.9 % 93.7 % 94.6 % 95.3 % 95.5 %
Los Angeles/Orange County, CA 7.9 % 6.6 % 6.6 % 93.5 % 93.9 % 94.5 % 93.3 % 92.7 %
San Diego/Inland Empire, CA 3.1 % 3.5 % 3.4 % 94.5 % 95.1 % 94.3 % 93.1 % 93.8 %
Tampa, FL 8.3 % 8.1 % 7.8 % 93.8 % 92.6 % 93.3 % 94.2 % 94.5 %
Dallas, TX 9.1 % 8.1 % 7.9 % 92.7 % 92.5 % 93.5 % 94.6 % 94.4 %
Houston, TX 6.1 % 7.1 % 7.3 % 95.2 % 94.6 % 95.2 % 95.2 % 95.0 %
SE Florida 8.9 % 7.5 % 7.3 % 94.3 % 94.3 % 95.4 % 95.4 % 96.2 %
Charlotte, NC 7.5 % 6.7 % 6.5 % 92.9 % 93.8 % 95.2 % 95.7 % 95.1 %
Orlando, FL 7.0 % 5.8 % 5.6 % 93.9 % 92.9 % 93.6 % 93.5 % 92.6 %
Atlanta, GA 6.9 % 5.9 % 5.6 % 93.5 % 94.1 % 95.6 % 94.7 % 93.5 %
Denver, CO 4.9 % 4.4 % 4.6 % 94.5 % 95.5 % 96.1 % 96.0 % 94.5 %
Raleigh, NC 4.6 % 4.6 % 4.5 % 94.1 % 92.5 % 93.8 % 95.0 % 93.4 %
Phoenix, AZ 3.3 % 2.7 % 2.9 % 93.2 % 93.4 % 94.5 % 94.2 % 95.1 %
Austin, TX 3.9 % 3.9 % 3.7 % 94.1 % 93.8 % 94.3 % 94.7 % 93.8 %
Other 1.6 % 3.2 % 3.8 % 94.8 % 94.3 % 95.0 % 95.5 % 94.9 %
 
Total Portfolio 100.0 % 100.0 % 100.0 % 93.9 % 93.7 % 94.5 % 94.9 % 94.6 %
 
 
(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 but exclude communities in lease-up, under development, or under redevelopment.

CAMDEN     COMPONENTS OF
PROPERTY NET OPERATING INCOME
(In thousands, except property data amounts)
                           
       
(Unaudited)
 
 
Apartment Three Months Ended March 31,
Property Revenues Homes 2008       2007   Change
"Same Property" Communities (a) 43,480 $ 129,340 $ 127,479 $ 1,861
Non-"Same Property" Communities (b) 3,711 13,286 9,307 3,979
Development and Lease-Up Communities (c) 2,761 3,053 265 2,788
Redevelopment Communities (d) 3,512 9,829 9,495 334
Dispositions / Other (e) -   1,215     1,130     85  
Total Property Revenues 53,464 $ 156,723 $ 147,676 $ 9,047
 
Property Expenses
"Same Property" Communities (a) 43,480 $ 48,012 $ 47,247 $ 765
Non-"Same Property" Communities (b) 3,711 4,296 2,912 1,384
Development and Lease-Up Communities (c) 2,761 2,075 355 1,720
Redevelopment Communities (d) 3,512 3,943 3,526 417
Dispositions / Other (e) -   576     598     (22 )
Total Property Expenses 53,464 $ 58,902 $ 54,638 $ 4,264
 
Property Net Operating Income
"Same Property" Communities (a) 43,480 $ 81,328 $ 80,232 $ 1,096
Non-"Same Property" Communities (b) 3,711 8,990 6,395 2,595
Development and Lease-Up Communities (c) 2,761 978 (90 ) 1,068
Redevelopment Communities (d) 3,512 5,886 5,969 (83 )
Dispositions / Other (e) -   639     532     107  
Total Property Net Operating Income 53,464 $ 97,821 $ 93,038 $ 4,783
 
 
 
 
 
Income from Discontinued Operations (f) Three Months Ended March 31,
2008       2007
Property Revenues $ 841 $ 6,806
Property Expenses   482     3,231  
Property Net Operating Income 359 3,575
Interest (114 ) (121 )
Depreciation and Amortization (17 ) (1,268 )
Minority Interest - (270 )
Gain on sale of discontinued operations   6,127     -  
Income from Discontinued Operations $ 6,355 $ 1,916
 
 
Notes:
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale.
(b) Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2007, excluding properties held for sale.
(c)

Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2007, excluding properties held for sale.

(d) Redevelopment Communities are non-stabilized communities redeveloped by the Company after January 1, 2007, excluding properties held for sale.
(e) Disposition Communities include those communities disposed of by the Company which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental properties. "Other" property revenues includes the amortization of above and below market leases of communities acquired during 2007.
(f) Represents operating results for communities disposed of during 2007 and 2008 or held for sale at March 31, 2008, of which Camden has, or expects to have, no continuing involvement.

      "SAME PROPERTY"
CAMDEN         FIRST QUARTER COMPARISONS
March 31, 2008
(In thousands, except property data amounts)
                                     
   
 
(Unaudited)
 
Revenues Expenses NOI
Quarterly Results (a)   1Q08   1Q07   Growth   1Q08   1Q07   Growth   1Q08   1Q07   Growth
 
D.C. Metro $ 11,769 $ 11,757 0.1 % $ 3,313 $ 3,183 4.1 % $ 8,456 $ 8,574 (1.4 %)
Las Vegas, NV 7,897 7,968 (0.9 %) 2,614 2,524 3.6 % 5,283 5,444 (3.0 %)
Los Angeles/Orange County, CA 8,960 8,428 6.3 % 2,529 2,407 5.1 % 6,431 6,021 6.8 %
San Diego/Inland Empire, CA 3,960 3,803 4.1 % 1,420 1,381 2.8 % 2,540 2,422 4.9 %
Tampa, FL 11,822 12,145 (2.7 %) 5,094 5,194 (1.9 %) 6,728 6,951 (3.2 %)
Dallas, TX 14,095 13,773 2.3 % 6,680 6,546 2.0 % 7,415 7,227 2.6 %
Houston, TX 8,470 8,170 3.7 % 3,488 3,394 2.8 % 4,982 4,776 4.3 %
SE Florida 11,506 11,696 (1.6 %) 4,273 4,456 (4.1 %) 7,233 7,240 (0.1 %)
Charlotte, NC 9,499 9,203 3.2 % 3,397 3,235 5.0 % 6,102 5,968 2.2 %
Orlando, FL 9,094 9,291 (2.1 %) 3,388 3,418 (0.9 %) 5,706 5,873 (2.8 %)
Atlanta, GA 8,993 8,833 1.8 % 3,353 3,177 5.5 % 5,640 5,656 (0.3 %)
Denver, CO 5,670 5,338 6.2 % 1,680 1,715 (2.0 %) 3,990 3,623 10.1 %
Raleigh, NC 5,695 5,375 6.0 % 2,004 1,943 3.1 % 3,691 3,432 7.5 %
Phoenix, AZ 4,041 4,223 (4.3 %) 1,378 1,321 4.3 % 2,663 2,902 (8.2 %)
Austin, TX 5,796 5,388 7.6 % 2,640 2,590 1.9 % 3,156 2,798 12.8 %
Other   2,073   2,088 (0.7 %)   761     763   (0.3 %)   1,312   1,325 (1.0 %)
 
Total Same Property $ 129,340 $ 127,479 1.5 % $ 48,012 $ 47,247 1.6 % $ 81,328 $ 80,232 1.4 %
 

 

Apartment Homes

% of NOI Average Occupancy (a) Weighted Average Rental Rate (b)
Quarterly Results (a)   Included       Contribution (a)   1Q08   1Q07   Change   1Q08   1Q07   Change
 
D.C. Metro 2,663 10.4 % 94.6 % 95.5 % (0.9 %) $ 1,446 $ 1,454 (0.6 %)
Las Vegas, NV 2,889 6.5 % 93.6 % 95.8 % (2.2 %) 869 872 (0.4 %)
Los Angeles/Orange County, CA 1,770 7.9 % 93.7 % 92.5 % 1.2 % 1,659 1,634 1.5 %
San Diego/Inland Empire, CA 846 3.1 % 94.5 % 93.8 % 0.7 % 1,528 1,525 0.2 %
Tampa, FL 4,613 8.3 % 94.3 % 94.8 % (0.5 %) 796 834 (4.5 %)
Dallas, TX 6,345 9.1 % 92.7 % 94.4 % (1.7 %) 692 682 1.5 %
Houston, TX 3,350 6.1 % 95.1 % 95.1 % (0.0 %) 797 777 2.5 %
SE Florida 2,520 8.9 % 94.3 % 96.2 % (1.9 %) 1,473 1,471 0.2 %
Charlotte, NC 3,286 7.5 % 92.9 % 95.4 % (2.5 %) 926 894 3.5 %
Orlando, FL 3,296 7.0 % 93.9 % 92.6 % 1.3 % 891 932 (4.4 %)
Atlanta, GA 3,202 6.9 % 93.5 % 93.5 % 0.0 % 910 900 1.1 %
Denver, CO 1,985 4.9 % 94.7 % 94.4 % 0.3 % 893 849 5.2 %
Raleigh, NC 2,220 4.6 % 94.0 % 93.4 % 0.6 % 779 763 2.1 %
Phoenix, AZ 1,441 3.3 % 93.0 % 94.9 % (1.9 %) 920 933 (1.4 %)
Austin, TX 2,358 3.9 % 94.1 % 93.6 % 0.5 % 755 734 2.8 %
Other   696 1.6 %   93.3 %   94.5 % (1.2 %)   962   957 0.5 %
 
Total Same Property 43,480 100.0 % 93.8 % 94.5 % (0.7 %) $ 948 $ 945 0.3 %
 
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale and communities under redevelopment.
(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)
                               
   
Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
Three Months Ended
March 31,
OPERATING DATA (a) 2008   2007
Property Revenues
Rental revenues $ 5,568 $ 4,855
Other property revenues   710       538  
Total property revenues 6,278 5,393
 
Property Expenses
Property operating and maintenance 1,860 1,442
Real estate taxes   620       440  
Total property expenses 2,480 1,882
 
Net Operating Income (NOI) 3,798 3,511
 
Other expenses
Interest 2,146 1,682
Depreciation and amortization 1,559 1,072
Other   140       22  
Total other expenses 3,845 2,776
 
Equity in income (loss) of joint ventures   ($47 )   $ 735  
 
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2008   2007   2007   2007   2007
BALANCE SHEET DATA (b)
Real estate assets, net $ 1,086,732 $ 1,075,437 $ 1,063,675 $ 1,045,006 $ 995,189
Cash and other assets, net   26,440       23,762       26,621       25,816       26,109  
Total assets $ 1,113,172 $ 1,099,199 $ 1,090,296 $ 1,070,822 $ 1,021,298
 
Notes payable $ 895,471 $ 883,972 $ 859,786 $ 838,937 $ 795,329
Notes payable due to Camden 51,086 50,358 47,406 45,043 43,412
Other liabilities   15,616       15,144       17,013       18,782       10,463  
Total liabilities $ 962,173 $ 949,474 $ 924,205 $ 902,762 $ 849,204
 
Members' equity   150,999       149,725       166,091       168,060       172,094  
Total liabilities and members' equity $ 1,113,172 $ 1,099,199 $ 1,090,296 $ 1,070,822 $ 1,021,298
 
Camden's equity investment $ 12,526 $ 8,466 $ 12,243 $ 12,722 $ 8,321
Distributions in excess of investment in joint ventures ($25,065 ) ($23,653 ) ($20,867 ) ($19,549 ) ($18,805 )
 
Camden's pro-rata share of debt $ 226,828 $ 222,278 $ 210,476 $ 204,480 $ 184,778
 
PROPERTY DATA (end of period)
Total operating properties 37 37 37 36 36
Total operating apartment homes 10,960 10,960 10,960 10,689 10,689
Pro rata share of operating apartment homes 2,153 2,153 2,153 2,072 2,072
Total development properties 5 4 4 5 5
Total development apartment homes 1,605 1,257 1,257 1,528 1,528
Pro rata share of development apartment homes 447 377 377 458 458
 
 
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) Balance sheet and property data reported at 100%.

CAMDEN               CURRENT DEVELOPMENT PIPELINE
     
                                             
 
(Unaudited)
 
DEVELOPMENT PIPELINE AS OF MARCH 31, 2008 ($ in millions)
 
Estimated/Actual Dates for
Total Total Cost Construction Initial Construction Stabilized As of 4/27/08
Completed Communities   Homes   Budget   to Date       Start   Occupancy   Completion   Operations   % Leased   % Occupied
1. Camden Royal Oaks 236 $ 22.0 $ 21.0 2Q05 2Q06 3Q06 3Q08 86 % 68 %
Houston, TX
2. Camden Monument Place 368 64.0 $ 62.4 1Q05 2Q07 4Q07 2Q08 88 % 82 %
Fairfax, VA
3. Camden City Centre 379   54.0 $ 51.6 1Q06 2Q07 4Q07 3Q08 77 % 72 %
Houston, TX
 
Total Completed Communities 983 $ 140.0 $ 135.0 83 % 75 %
 
Estimated/Actual Dates for
Total Total Cost Amount Construction Initial Construction Stabilized As of 4/27/08
Development Communities   Homes   Budget   to Date   in CIP   Start   Occupancy   Completion   Operations   % Leased   % Occupied
 
UNDER CONSTRUCTION
4. Camden Potomac Yard 378 $ 110.0 $ 103.8 $ 0.9 1Q05 3Q07 2Q08 1Q09 34 % 30 %
Arlington, VA
5. Camden Summerfield 291 68.0 61.2 5.9 2Q06 4Q07 4Q08 1Q09 36 % 27 %
Landover, MD
6. Camden Orange Court 261 49.0 44.1 15.5 2Q06 1Q08 3Q08 1Q09 14 % 7 %
Orlando, FL
7. Camden Dulles Station 366 77.0 59.5 49.1 1Q06 2Q08 1Q09 3Q09 9 % 7 %
Oak Hill, VA
8. Camden Cedar Hills (a) 208 27.0 15.1 14.5 2Q07 2Q08 4Q08 1Q09 3 % 1 %
Austin, TX
9. Camden Whispering Oaks 274 30.0 14.4 13.9 3Q07 2Q08 1Q09 3Q09 3 % 2 %
Houston, TX
 
Total Development Communities 1,778 $ 361.0 $ 298.1 $ 99.8
 
Additional land held for development (b)   259.2
 
Total Properties Under Development (per Balance Sheet) $ 359.0
 
 
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
Total Cost 1Q08 NOI
Development Communities stabilized at quarter end $ 92.2 $ 0.8
Completed Communities in lease-up 135.0 1.1
Development Communities   298.1   (0.1 )
Total Development NOI Contribution $ 525.3 $ 1.8
 
 
(a) Formerly known as Camden Circle C.
(b) Please refer to the future development pipeline summary on page 17.
 
 
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.

CAMDEN          

JOINT VENTURE DEVELOPMENT PIPELINE

         
                                             
 
(Unaudited)
 
 
JOINT VENTURE DEVELOPMENT PIPELINE AS OF MARCH 31, 2008 ($ in millions)
 
Estimated/Actual Dates for
Total Total Cost Amount Construction Initial Construction Stabilized As of 4/27/08
Joint Venture Camden Developed Communities   Homes   Budget   to Date   in CIP   Start   Occupancy   Completion   Operations   % Leased   % Occupied
 
COMPLETED AND IN LEASE-UP
1. Camden Plaza 271 $ 42.9 $ 40.8 $ 0.0 1Q06 2Q07 3Q07 3Q08 80 % 71 %
Houston, TX
 
UNDER CONSTRUCTION
2. Camden College Park 508 139.9 122.4 61.2 3Q06 4Q07 4Q08 4Q09 32 % 27 %
College Park, MD
3. Camden Main & Jamboree 290 115.0 109.1 40.1 3Q04 4Q07 2Q08 1Q09 27 % 21 %
Irvine, CA
4. Camden Amber Oaks 348   40.0   11.4   11.4 4Q07 4Q08 2Q09 3Q10
Austin, TX
 
 
Total Joint Venture Camden Developed Communities 1,417 $ 337.8 $ 283.7 $ 112.7
 
 
Camden Camden Estimated/Actual Dates for
Total Total Cost Equity Mezzanine Construction Stabilized
Joint Venture Third Party Developed Communities   Homes   Budget   to Date   Invested   Invested   Start   Operations
 
UNDER CONSTRUCTION
1. Braeswood Place 340 $ 48.6 $ 24.3 $ 1.4

 

$ 8.1

1Q07 4Q09
Houston, TX
2. Belle Meade 119   33.2   11.0   1.0  

$ 5.4

2Q07 3Q09
Houston, TX
 
Total Joint Venture Third Party Developed Communities 459 $ 81.8 $ 35.2 $ 2.4

 

$ 13.5

 
 
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.

CAMDEN   FUTURE DEVELOPMENT PIPELINE
& LAND HELD FOR SALE
                 
   
(Unaudited)
 
DEVELOPMENT PIPELINE AS OF MARCH 31, 2008 ($ in millions)
 
Projected Estimated Cost
PIPELINE COMMUNITIES (a)   Homes   Budget   to Date
 
PRE CONSTRUCTION
1. Camden Montague 192 $ 33.0 $ 7.2
Tampa, FL
2. Camden South Capitol 276 110.0 24.4
Washington, DC
3. Camden Lake Nona 432 70.0 19.4
Orlando, FL
4. Camden Noma I 313 150.0 23.2
Washington, DC
5. Camden Lincoln Station 271 60.0 6.9
Denver, CO
6. Camden Deer Springs 428 85.0 18.3
Las Vegas, NV
7. Camden North Lamar 290 55.0 9.0
Austin, TX
8. Camden McGowen Station 237 48.0 10.2
Houston, TX
9. Camden Highlands 400 80.0 12.7
Broomfield, CO
 
PRE DEVELOPMENT
10. Camden Summerfield II 187 55.0 17.9
Landover, MD
11. Camden Selma and Vine 306 250.0 35.6
Hollywood, CA
12. Camden Sutherland (b) 253 45.0 2.8
Houston, TX
13. Camden City Centre II 239 40.0 7.4
Houston, TX
14. Camden Amber Oaks II 244 30.0 3.6
Austin, TX
15. Camden Noma II 400 192.0 28.4
Washington, DC
16. Camden Andrau 601 57.0 8.2
Houston, TX
17. Camden Countryway 348 60.0 14.6
Tampa, FL
 
UNDER CONTRACT
18. Camden Celebration 438   75.0   0.0
Orlando, FL
 
Subtotal Development Pipeline 5,855 $ 1,495.0 $ 249.8
 
Other (c) 9.4
 
Total Development Pipeline $ 259.2
 
Current
LAND HELD FOR SALE AS OF MARCH 31, 2008 ($ in millions)   Acres   Book Value
1. Southeast Florida 2.2 $ 7.3
2. Dallas   2.4   1.8
 
Total Land Parcels Held For Sale: 4.6 $ 9.1
 
(a) Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community.
(b) Camden Sutherland is owned in a fully consolidated joint venture, of which Camden retains a 25% ownership.
(c) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments for which future development is probable.
 
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.

CAMDEN             REDEVELOPMENT SUMMARY
     
                                       
 
(Unaudited)
 
REDEVELOPMENT SUMMARY AS OF MARCH 31, 2008 ($ in millions)
 
Homes Estimated/Actual Dates for
Total Redeveloped Total Cost Redevelopment Redevelopment Project 1Q08 Average
Communities     Homes   To Date   Budget   to Date   Start   Completion   Restabilization     % Occupied
1. Camden Breakers 288 284 $1.2 $0.9 4Q06 2Q08 2Q08 89%
Corpus Christi, TX
2. Camden Canyon 200 177 2.9 2.7 1Q07 2Q08 3Q08 95%
Las Vegas, NV
3. Camden Del Mar 560 500 8.7 8.0 1Q07 2Q08 3Q08 87%
Las Vegas, NV
4. Camden Fairways 320 270 5.3 4.8 1Q07 2Q08 3Q08 86%
Henderson, NV
5. Camden Foxcroft 156 60 1.4 0.5 4Q07 1Q09 2Q09 92%
Charlotte, NC
6. Camden Glen Lakes 424 424 7.0 7.0 4Q06 1Q08 2Q08 90%
Dallas, TX
7. Camden Providence Lakes 260 260 2.3 2.3 4Q06 1Q08 2Q08 89%
Brandon, FL
8. Camden Touchstone 132 132 1.3 1.1 4Q06 1Q08 2Q08 93%
Charlotte, NC
9. Camden Vanderbilt 894 883 8.2 7.3 4Q06 2Q08 3Q08 85%
Houston, TX
10. Camden Westshore 278 278 1.8 1.8 4Q06 1Q08 2Q08 89%
Tampa, FL
 
Total 3,512 3,268 $40.0 $36.4 88%
 
 

Note:  This table contains forward-looking statements.  Please see the paragraph regarding forward-looking statements on page 1 of this document.


CAMDEN     NOTES RECEIVABLE SUMMARY
       
 
                         
 
(Unaudited)
 
 
NOTES RECEIVABLE AS OF MARCH 31, 2008 ($ in thousands)
 
03/31/08 03/31/08 12/31/07
Total Note Note
Location   Current Property Type   Current Status   Homes   Balance   Balance
Irvine, CA Multifamily Development 290 $ 21,055 $ 20,338
Houston, TX Multifamily Development/Predevelopment 831 30,897 33,034
College Park, MD Multifamily Development 508 8,477 8,186
Charlotte, NC Multifamily Land Under Contract -   612     365  
 
Total Notes Receivable: 1,629 $ 61,041 $ 61,923
 
Weighted Average Interest Rate Recognized: 10.3 % 11.5 %

CAMDEN     ACQUISITIONS & DISPOSITIONS
       
                           
 
(Unaudited)
 
 
2008 ACQUISITION/DISPOSITION ACTIVITY
Apartment Homes/
Dispositions Location Property Type Retail Square Feet Year Built Closing Date
1. Retail Center Las Vegas, NV Retail 4,100 Square Feet NA 02/05/08
2. Camden Ridgeview Austin, TX Multifamily 167 1984 02/28/08
 
Total Disposition Volume:

$12.0 million

167 apartment homes
4,100 Square Feet
 
Dispositions to Joint Ventures Location Property Type Acreage Year Built Closing Date
1. Camden Amber Oaks (a) Austin, TX Undeveloped Land 14.3 Acres N/A 03/07/08
 
 
Total Disposition to Joint Ventures Volume:

$4.8 million (a)

14.3 Acres
 
(a) Represents value of partnership interests for undeveloped land parcel sold on March 7, 2008.

CAMDEN           DEBT ANALYSIS
  (In thousands, except property data amounts)
                       
 
(Unaudited)
 
DEBT MATURITIES AS OF MARCH 31, 2008: (a)
Weighted Average
Future Scheduled Repayments Percent Interest Rate on
Year   Amortization   Maturities   Total   of Total   Maturing Debt
2008 $ 8,557 $ 188,879 $ 197,435 6.8 %

4.8%

 

2009 7,772 190,324 198,096 6.8 %

5.0%

 

2010 7,026 445,677 452,703 15.6 %

5.1%

 

2011 4,033 244,233 248,266 8.5 %

6.5%

 

2012 2,913 769,541 772,454 26.5 %

5.4%

 

2013 1,624 225,831 227,455 7.8 %

5.4%

 

Thereafter   45,920   567,629     613,549     21.1 %

5.3%

 

Total Maturing Debt $ 77,845 $ 2,632,113 $ 2,709,958 93.1 %

5.4%

 

 
Unsecured Line of Credit   0   201,000     201,000     6.9 %

3.4%

 

Total Debt $ 77,845 $ 2,833,113 $ 2,910,958 100.0 %

5.2%

 

 
Weighted Average Maturity of Debt 4.6 Years (excluding line of credit)
 
 
Weighted Average
FLOATING vs. FIXED RATE DEBT: Balance   % of Total   Interest Rate
Floating rate debt $ 258,374 8.9 %

3.5%

 

Fixed rate debt   2,652,584     91.1 %  

5.4%

 

Total $ 2,910,958 100.0 %

5.2%

 

 
Weighted Average
SECURED vs. UNSECURED DEBT: Balance   % of Total   Interest Rate
Unsecured debt $ 2,351,006 80.8 %

5.3%

 

Secured debt   559,952     19.2 %  

4.8%

 

Total $ 2,910,958 100.0 %

5.2%

 

 
Weighted Average
SECURED DEBT DETAIL: Balance   % of Total   Interest Rate
Conventional fixed-rate mortgage debt $ 496,257 88.6 %

4.9%

 

Tax exempt fixed rate debt 6,321 1.1 %

7.3%

 

Tax exempt variable rate debt   57,374     10.3 %  

3.7%

 

Total $ 559,952 100.0 %

4.8%

 

 
REAL ESTATE ASSETS: (b) Total Homes   % of Total   Total Cost   % of Total
Unencumbered real estate assets 45,383 83.9 % $ 4,553,507 81.7 %
Encumbered real estate assets   8,701     16.1 %   1,019,806   18.3 %
Total 54,084 100.0 % $ 5,573,313 100.0 %
                 

Ratio of unencumbered assets at cost to unsecured debt is 1.9 times

 
 
 
UNCONSOLIDATED, NON-RECOURSE DEBT:
Pro-Rata Share of Debt $ 226,828
Weighted Average Interest Rate 5.3 %
 
 
(a) Debt maturities exclude unsecured line of credit, which after all extensions matures in January 2011.
(b) Real estate assets include communities under development and exclude communities held through joint ventures.

CAMDEN   DEBT COVENANT ANALYSIS
  March 31, 2008
                   
   
(Unaudited)
 
 
UNSECURED LINE OF CREDIT
 
 
Covenant (a) Required Actual (b) Compliance
Total Consolidated Debt to Gross Asset Value 60% 50% Yes
 
Secured Debt to Gross Asset Value 40% 9% Yes
 
Consolidated EBITDA to Total Fixed Charges 150% 199% Yes
 
Unencumbered Adjusted NOI to Unsecured Interest Expense > 200% 231% Yes
 
 
SENIOR UNSECURED NOTES
 
Covenant (a) Required Actual (b) Compliance
Total Consolidated Debt to Total Asset Value 60% 51% Yes
 
Total Secured Debt to Total Asset Value 40% 10% Yes
 
Total Unencumbered Asset Value to Total Unsecured Debt 150% 199% Yes
 
Consolidated Income Available for Debt Service to Total > 150% 229% Yes
Annual Service Charges
 
 
(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.
 
(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.

CAMDEN       CAPITALIZED EXPENDITURES
  & MAINTENANCE EXPENSE
(In thousands, except unit data)
                       
   
 

First Quarter 2008 (a)

       
Capitalized Expensed
Weighted Average
Item Useful Life (b)   Total Per Unit Total Per Unit
Interiors
Floor coverings 5.5 years $ 2,320 $ 45 $ 686 $ 13
Appliances 9.1 years 512 10 147 3
Painting - - - 1,275 25
Cabinetry/Countertops 10.0 years 272 5 - -
Other 8.7 years 809 16 347 7
Exteriors
Painting 5.0 years 160 3 - -
Carpentry 10.0 years 191 4 - -
Landscaping 6.0 years 491 9 2,715 52
Roofing 20.0 years 313 6 71 1
Site Drainage 10.0 years 77 1 - -
Fencing/Stair 10.0 years 81 2 - -
Other (c) 8.1 years 631 12 1,790 35
Common Areas
Mech., Elec., Plumbing 9.6 years 698 13 671 13
Parking/Paving 5.0 years 45 1 - -
Pool/Exercise/Facility 7.8 years   602   12   230   4
$ 7,202 $ 139 $ 7,932 $ 153
 
Weighted Average Apartment Homes 51,763 51,763
 
 
(a) Includes discontinued operations. Capitalized expenditures for discontinued operations were $49 for the three months ended March 31, 2008. Maintenance expenses for discontinued operations were $63 for the same period.
(b) of capitalized expenses for the three months ended March 31, 2008
(c) Includes in part the following items: site/building repair, masonry/plaster, and general conditions. Costs recorded as repairs and maintenance exclude costs related to our trash removal rebilling program which were included as a component of repairs and maintenance in prior periods but are now included in utility costs during the period.

CAMDEN

 

 

NON-GAAP FINANCIAL MEASURES

 

 

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)
                         
       
 
(Unaudited)
 
This document contains certain non-GAAP financial measures 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,
2008 2007
Net income $ 14,915 $ 13,037
Real estate depreciation and amortization from continuing operations 41,921 38,338
Real estate depreciation from discontinued operations 17 1,268
Adjustments for unconsolidated joint ventures 1,539 1,086
Income from continuing operations allocated to common units 1,156 736
Income from discontinued operations allocated to common units - 270
(Gain) loss on sale of operating properties, net of taxes (1,106 ) 1,184
(Gain) on sale of discontinued operations   (6,112 )   -  
Funds from operations - diluted $ 52,330   $ 55,919  
 
Weighted average number of common and common equivalent shares outstanding:
 
EPS diluted 55,625 59,994
FFO diluted 58,544 63,021
 
Net income per common share - diluted $ 0.27 $ 0.22
FFO per common share - diluted $ 0.89 $ 0.89
 
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:
2Q08 Range 2008 Range
Low High Low High
 
Expected net income per share - diluted $ 0.08 $ 0.12 $ 0.57 $ 0.77
Expected difference between EPS and fully diluted FFO shares (0.01 ) (0.01 ) ($0.03 ) ($0.03 )
Expected real estate depreciation 0.73 0.73 $ 2.94 $ 2.94
Expected adjustments for unconsolidated joint ventures 0.04 0.04 $ 0.13 $ 0.13
Expected income allocated to common units 0.03 0.03 $ 0.11 $ 0.11
Expected (gain) on sale of properties and properties held for sale   0.00     0.00     ($0.12 )   ($0.12 )
Expected FFO per share - diluted $ 0.87 $ 0.91 $ 3.60 $ 3.80
 
 
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)

 

(Unaudited)

 

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,
2008   2007
Net income $ 14,915 $ 13,037
Fee and asset management income (2,412 ) (2,386 )
Interest and other income (1,333 ) (1,562 )
Income on deferred compensation plans 8,541 (2,306 )
Property management expense 4,900 4,728
Fee and asset management expense 1,725 1,620
General and administrative expense 7,960 8,054
Interest expense 32,661 27,790
Depreciation and amortization 42,785 39,053
Amortization of deferred financing costs 742 913
Expense on deferred compensation plans (8,541 ) 2,306
(Gain) loss on sale of properties, including land (1,106 ) -
Equity in income of joint ventures 47 (735 )
Distributions on perpetual preferred units 1,750 1,750
Income allocated to common units and other minority interests 1,269 787
Income tax expense 273 1,905
Income tax expense on sale of depreciable operating properties - -
Income from discontinued operations (228 ) (2,186 )
Gain on sale of discontinued operations (6,127 ) -
Income from discontinued operations allocated to common units   -     270  
Net Operating Income (NOI) $ 97,821 $ 93,038
 
"Same Property" Communities $ 81,328 $ 80,232
Non-"Same Property" Communities 8,990 6,395
Development and Lease-Up Communities 978 (90 )
Redevelopment Communities 5,886 5,969
Dispositions / Other   639     532  
Net Operating Income (NOI) $ 97,821 $ 93,038
 
 

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,
2008   2007
Net income $ 14,915 $ 13,037
Interest expense 32,775 27,911
Amortization of deferred financing costs including discontinued operations 742 913
Depreciation and amortization 42,785 39,053
Distributions on perpetual preferred units 1,750 1,750
Income allocated to common units and other minority interests 1,269 787
Income tax expense 273 1,905
Real estate depreciation from discontinued operations 17 1,268
(Gain) loss on sale of properties, including land (1,106 ) -
Equity in income of joint ventures 47 (735 )
Gain on sale of discontinued operations (6,127 ) -
Income from discontinued operations allocated to common units   -     270  
EBITDA $ 87,340 $ 86,159

CAMDEN         OTHER DATA
       
                                 
 
(Unaudited)
 
Stock Symbol: CPT
 
Exchange Traded: NYSE
 
Senior Unsecured Debt Ratings: Rating Outlook
Standard & Poors BBB+ Stable
Fitch BBB+ Stable
Moody's Baa1 Stable
 
 
Estimated Future Dates: Q2 '08 Q3 '08 Q4 '08 Q1 '09
Earnings release & conference call Early Aug Early Nov Early Feb Early May
 
Dividend Information - Common Shares: Q1 '08
Declaration Date 03/14/08
Record Date 03/31/08
Payment Date 04/17/08
Distributions Per Share $0.70
 
 
Investor Relations Data:
 
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases and
Supplemental Data upon request.
 
For Investor Relations: recent press releases, 10-Q's, 10-K's and other information, call
1-800-9CAMDEN or (713) 354-2787.
 
To access Camden's Quarterly Conference Call, please visit our web site at camdenliving.com
 
For questions contact:
 
Richard J. Campo Chairman & Chief Executive Officer
D. Keith Oden President
H. Malcolm Stewart Chief Operating Officer
Dennis M. Steen Chief Financial Officer
Kimberly A. Callahan Vice President- Investor Relations & Asset Management

CAMDEN           COMMUNITY TABLE
      Community Statistics as of 3/31/08
                                             
         
(Unaudited) 1Q08 Avg
Year Placed Average Apartment 1Q08 Avg Market Rental Rates
Community Name   City   State   in Service   Size     Homes     Occupancy     Per Home   Per Sq. Ft.
 
Camden Copper Square Phoenix AZ 2000 786 332 92% 867 1.10
Camden Fountain Palms (1) Peoria AZ 1986/1996 1,050 192 94% 819 0.78
Camden Legacy Scottsdale AZ 1996 1,067 428 95% 1,008 0.94
Camden Pecos Ranch (1) Chandler AZ 2001 924 272 93% 858 0.93
Camden San Paloma Scottsdale AZ 1993/1994 1,042 324 93% 1,053 1.01
Camden Sierra (1) Peoria AZ 1997 925 288 94% 788 0.85
Camden Towne Center (1) Glendale AZ 1998 871 240 94% 805 0.92
  Camden Vista Valley   Mesa   AZ   1986   923     357     91%     741   0.80
TOTAL ARIZONA 8 Properties 951 2,433 93% 878 0.92
 
Camden Crown Valley Mission Viejo CA 2001 1,009 380 95% 1,654 1.64
Camden Harbor View Long Beach CA 2004 975 538 95% 2,036 2.09
Camden Martinique Costa Mesa CA 1986 794 714 92% 1,391 1.75
Camden Parkside (1) Fullerton CA 1972 836 421 93% 1,299 1.55
Camden Sea Palms Costa Mesa   CA   1990   891     138     96%     1,589   1.78
Total Los Angeles/Orange County 5 Properties 890 2,191 94% 1,590 1.79
 
Camden Old Creek San Marcos CA 2007 1,037 350 96% 1,471 1.42
Camden Sierra at Otay Ranch Chula Vista CA 2003 962 422 96% 1,521 1.58
Camden Tuscany San Diego CA 2003 896 160 97% 1,910 2.13
Camden Vineyards Murrieta   CA   2002   1,053     264     91%     1,306   1.24
Total San Diego/Inland Empire 4 Properties 995 1,196 95% 1,511 1.52
                                             
TOTAL CALIFORNIA 9 Properties 927 3,387 94% 1,562 1.68
 
Camden Arbors Westminster CO 1986 810 358 93% 726 0.90
Camden Caley Englewood CO 2000 925 218 95% 849 0.92
Camden Centennial Littleton CO 1985 744 276 96% 701 0.94
Camden Denver West (1) Golden CO 1997 1,015 320 96% 1,064 1.05
Camden Highlands Ridge Highlands Ranch CO 1996 1,149 342 95% 1,077 0.94
Camden Interlocken Broomfield CO 1999 1,022 340 96% 1,044 1.02
Camden Lakeway Littleton CO 1997 932 451 93% 912 0.98
  Camden Pinnacle (2)   Westminster   CO   1985   748     224     90%     669   0.89
TOTAL COLORADO 8 Properties 929 2,529 95% 895 0.96
 
Camden Ashburn Farms Ashburn VA 2000 1,062 162 96% 1,330 1.25
Camden Clearbrook Frederick MD 2007 1,048 297 94% 1,297 1.24
Camden Fair Lakes Fairfax VA 1999 1,056 530 93% 1,441 1.37
Camden Fairfax Corner Fairfax VA 2006 934 488 95% 1,545 1.65
Camden Fallsgrove Rockville MD 2004 996 268 97% 1,498 1.50
Camden Grand Parc Washington DC 2002 674 105 95% 2,227 3.30
Camden Lansdowne Leesburg VA 2002 1,006 690 95% 1,282 1.27
Camden Largo Town Center Largo MD 2000/2007 1,027 245 93% 1,596 1.55
Camden Monument Place (3) Fairfax VA 2007 856 368 Lease-up 1,388 1.62
Camden Roosevelt Washington DC 2003 856 198 95% 2,186 2.55
Camden Russett Laurel MD 2000 992 426 93% 1,325 1.34
Camden Silo Creek Washington DC 2004 975 284 94% 1,245 1.28
  Camden Westwind   Ashburn   VA   2006   1,036     464     94%     1,268   1.22
TOTAL DC METRO 13 Properties 983 4,525 94% 1,432 1.46
 
Camden Aventura Aventura FL 1995 1,108 379 94% 1,408 1.27
Camden Brickell Miami FL 2003 937 405 97% 1,519 1.62
Camden Doral Miami FL 1999 1,120 260 97% 1,496 1.34
Camden Doral Villas Miami FL 2000 1,253 232 97% 1,572 1.25
Camden Las Olas Ft. Lauderdale FL 2004 1,043 420 92% 1,684 1.61
Camden Plantation Plantation FL 1997 1,201 502 91% 1,346 1.12
Camden Portofino Pembroke Pines   FL   1995   1,112     322     97%     1,327   1.19
Total Southeast Florida 7 Properties 1,103 2,520 94% 1,473 1.34
 
Camden Club Longwood FL 1986 1,077 436 93% 904 0.84
Camden Hunter's Creek Orlando FL 2000 1,075 270 97% 992 0.92
Camden Lago Vista Orlando FL 2005 955 366 96% 962 1.01
Camden Landings Orlando FL 1983 748 220 93% 740 0.99
Camden Lee Vista Orlando FL 2000 937 492 93% 879 0.94
Camden Renaissance Altamonte Springs FL 1996/1998 899 578 92% 873 0.97
Camden Reserve Orlando FL 1990/1991 824 526 92% 791 0.96
Camden World Gateway Orlando   FL   2000   979     408     97%     997   1.02
Total Orlando 8 Properties 937 3,296 94% 891 0.95

CAMDEN             COMMUNITY TABLE
      Community Statistics as of 3/31/08
                                       
   
(Unaudited) 1Q08 Avg
Year Placed Average Apartment 1Q08 Avg Market Rental Rates
Community Name   City   State   in Service   Size   Homes   Occupancy   Per Home   Per Sq. Ft.
 
Camden Bay Tampa FL 1997/2001 943 760 94% 849 0.90
Camden Bay Pointe Tampa FL 1984 771 368 94% 720 0.93
Camden Bayside Tampa FL 1987/1989 748 832 95% 755 1.01
Camden Citrus Park Tampa FL 1985 704 247 94% 704 1.00
Camden Lakes St. Petersburg FL 1982/1983 732 688 93% 723 0.99
Camden Lakeside Brandon FL 1986 729 228 95% 749 1.03
Camden Live Oaks Tampa FL 1990 1,093 770 95% 803 0.73
Camden Preserve Tampa FL 1996 942 276 92% 1,066 1.13

Camden Providence Lakes (4)

Brandon

FL

1996

1,024

260

91%

923

0.90

Camden Royal Palms Brandon FL 2006 1,017 352 87% 976 0.96
Camden Westshore (4) Tampa FL 1986 728 278 91% 841 1.16
Camden Woods Tampa   FL   1986   1,223   444   95%   855   0.70
Total Tampa/St. Petersburg 12 Properties 897 5,503 94% 816 0.91
                                     
TOTAL FLORIDA 27 Properties 955 11,319 94% 984 1.03
 
Camden Brookwood Atlanta GA 2002 912 359 93% 1,001 1.10
Camden Dunwoody Atlanta GA 1997 1,007 324 96% 938 0.93
Camden Deerfield Alpharetta GA 2000 1,187 292 92% 952 0.80
Camden Midtown Atlanta Atlanta GA 2001 935 296 94% 1,032 1.10
Camden Peachtree City Peachtree City GA 2001 1,027 399 94% 877 0.85
Camden River Duluth GA 1997 1,103 352 93% 904 0.82
Camden Shiloh Kennesaw GA 1999/2002 1,143 232 95% 846 0.74
Camden St. Clair Atlanta GA 1997 999 336 93% 961 0.96
Camden Stockbridge Stockbridge GA 2003 1,009 304 90% 765 0.76
Camden Sweetwater   Lawrenceville   GA   2000   1,151   308   94%   807   0.70
TOTAL GEORGIA 10 Properties 1,042 3,202 94% 910 0.87
 
Camden Brookside (1) Louisville KY 1987 732 224 96% 626 0.85
Camden Meadows (1) Louisville KY 1987/1990 746 400 95% 656 0.88
Camden Oxmoor (1) Louisville KY 2000 903 432 95% 792 0.88
Camden Prospect Park (1)   Louisville   KY   1990   916   138   93%   731   0.80
TOTAL KENTUCKY 4 Properties 820 1,194 95% 708 0.86
 
Camden Passage (1) Kansas City   MO   1989/1997   834   596   95%   681   0.82
Total Kansas City 1 Property 834 596 95% 681 0.82
 
Camden Cedar Lakes (1) Lake St. Louis MO 1986 852 420 92% 632 0.74
Camden Cove West (1) Creve Coeur MO 1990 828 276 96% 851 1.03
Camden Cross Creek (1) St. Louis MO 1973/1980 947 591 96% 757 0.80
Camden Westchase (1) St. Louis   MO   1986   945   160   95%   827   0.88
Total St. Louis 4 Properties 896 1,447 95% 746 0.83
                                     
TOTAL MISSOURI 5 Properties 878 2,043 95% 727 0.83
 
Camden Bel Air Las Vegas NV 1988/1995 943 528 92% 870 0.92
Camden Breeze Las Vegas NV 1989 846 320 95% 859 1.02
Camden Canyon (4) Las Vegas NV 1995 987 200 95% 979 0.99
Camden Commons Henderson NV 1988 936 376 90% 913 0.98
Camden Cove Las Vegas NV 1990 898 124 97% 870 0.97
Camden Del Mar (4) Las Vegas NV 1995 986 560 87% 1,034 1.05
Camden Fairways (4) Henderson NV 1989 896 320 86% 1,009 1.13
Camden Hills Las Vegas NV 1991 439 184 98% 635 1.45
Camden Legends Henderson NV 1994 792 113 90% 928 1.17
Camden Palisades Las Vegas NV 1991 905 624 94% 890 0.98
Camden Pines (1) Las Vegas NV 1997 982 315 96% 934 0.95
Camden Pointe Las Vegas NV 1996 983 252 95% 917 0.93
Camden Summit (1) Henderson NV 1995 1,187 234 97% 1,214 1.02
Camden Tiara (1) Las Vegas NV 1996 1,043 400 94% 987 0.95
Camden Vintage Las Vegas NV 1994 978 368 95% 860 0.88
Oasis Bay (1) Las Vegas NV 1990 876 128 93% 858 0.98
Oasis Crossing (1) Las Vegas NV 1996 983 72 96% 886 0.90

CAMDEN           COMMUNITY TABLE
Community Statistics as of 3/31/08
                                 
     
(Unaudited) 1Q08 Avg
Year Placed Average Apartment 1Q08 Avg Market Rental Rates
Community Name   City   State   in Service   Size   Homes   Occupancy   Per Home   Per Sq. Ft.
Oasis Emerald (1) Las Vegas NV 1988 873 132 97% 773 0.89
Oasis Gateway (1) Las Vegas NV 1997 1,146 360 94% 950 0.83
Oasis Island (1) Las Vegas NV 1990 901 118 94% 747 0.83
Oasis Landing (1) Las Vegas NV 1990 938 144 95% 810 0.86
Oasis Meadows (1) Las Vegas NV 1996 1,031 383 93% 887 0.86
Oasis Palms (1) Las Vegas NV 1989 880 208 92% 817 0.93
Oasis Pearl (1) Las Vegas NV 1989 930 90 99% 781 0.84
Oasis Place (1) Las Vegas NV 1992 440 240 96% 590 1.34
Oasis Ridge (1) Las Vegas NV 1984 391 477 92% 538 1.38
Oasis Sands (2) Las Vegas NV 1994 1,125 48 95% 872 0.78
Oasis Sierra (1) Las Vegas NV 1998 923 208 94% 922 1.00
Oasis Springs (1) Las Vegas NV 1988 838 304 93% 757 0.90
Oasis Vinings (1)   Las Vegas   NV   1994   1,152   234   94%   866   0.75
TOTAL NEVADA 30 Properties 904 8,064 94% 874 0.97
 
Camden Ballantyne Charlotte NC 1998 1,045 400 92% 905 0.87
Camden Cotton Mills Charlotte NC 2002 905 180 95% 1,255 1.39
Camden Dilworth Charlotte NC 2006 857 145 95% 1,240 1.45
Camden Fairview Charlotte NC 1983 1,036 135 96% 835 0.81
Camden Forest Charlotte NC 1989 703 208 93% 622 0.88
Camden Foxcroft (4) Charlotte NC 1979 940 156 93% 755 0.80
Camden Grandview Charlotte NC 2000 1,057 266 93% 1,386 1.31
Camden Habersham Charlotte NC 1986 773 240 94% 663 0.86
Camden Park Commons Charlotte NC 1997 861 232 92% 728 0.85
Camden Pinehurst Charlotte NC 1967 1,147 407 93% 802 0.70
Camden Sedgebrook Charlotte NC 1999 972 368 92% 810 0.83
Camden Simsbury Charlotte NC 1985 874 100 94% 769 0.88
Camden South End Square Charlotte NC 2003 882 299 94% 1,146 1.30
Camden Stonecrest Charlotte NC 2001 1,098 306 90% 954 0.87
Camden Touchstone (4) Charlotte   NC   1986   899   132   94%   753   0.84
Total Charlotte 15 Properties 961 3,574 93% 912 0.95
 
Camden Crest Raleigh NC 2001 1,013 438 93% 785 0.78
Camden Governor's Village Chapel Hill NC 1999 1,046 242 91% 863 0.83
Camden Lake Pine Apex NC 1999 1,066 446 95% 797 0.75
Camden Manor Park Raleigh NC 2006 966 484 95% 851 0.88
Camden Overlook Raleigh NC 2001 1,060 320 97% 853 0.80
Camden Reunion Park Apex NC 2000/2004 972 420 93% 674 0.69
Camden Westwood Morrisville   NC   1999   1,027   354   94%   749   0.73
Total Raleigh 7 Properties 1,017 2,704 94% 792 0.78
                                 
TOTAL NORTH CAROLINA 22 Properties 985 6,278 94% 860 0.87
 
Camden Valleybrook   Chadds Ford   PA   2002   992   352   95%   1,275   1.29
TOTAL PENNSYLVANIA 1 Property 992 352 95% 1,275 1.29
 
Camden Briar Oaks Austin TX 1980 711 430 93% 613 0.86
Camden Gaines Ranch Austin TX 1997 955 390 93% 979 1.03
Camden Huntingdon Austin TX 1995 903 398 96% 763 0.85
Camden Laurel Ridge Austin TX 1986 702 183 90% 618 0.88
Camden Ridgecrest Austin TX 1995 855 284 94% 687 0.80
Camden South Congress Austin TX 2001 975 253 95% 1,463 1.50
Camden Stoneleigh Austin TX 2001 908 390 95% 863 0.95
Camden Woodview Austin   TX   1984   644   283   96%   654   1.02
Total Austin 8 Properties 839 2,611 94% 823 0.98
 
Camden Breakers (4) Corpus Christi TX 1996 868 288 89% 874 1.01
Camden Copper Ridge Corpus Christi TX 1986 775 344 92% 641 0.83
Camden Miramar (5) Corpus Christi   TX   1994-2004   482   778   89%   869   1.80
Total Corpus Christi 3 Properties 632 1,410 92% 814 1.29

CAMDEN           COMMUNITY TABLE
    Community Statistics as of 3/31/08
                                       
     
(Unaudited) 1Q08 Avg
Year Placed Average Apartment 1Q08 Avg Market Rental Rates
Community Name   City   State   in Service   Size   Homes   Occupancy   Per Home   Per Sq. Ft.
Camden Addison (1) Addison TX 1996 942 456 94% 830 0.88
Camden Buckingham Richardson TX 1997 919 464 93% 805 0.88
Camden Centreport Ft. Worth TX 1997 911 268 95% 796 0.87
Camden Cimarron Irving TX 1992 772 286 96% 767 0.99
Camden Farmers Market Dallas TX 2001/2005 932 904 96% 918 0.98
Camden Gardens Dallas TX 1983 652 256 94% 541 0.83
Camden Glen Lakes (4) Dallas TX 1979 877 424 90% 772 0.88
Camden Lakeview Irving TX 1985 853 476 94% 626 0.73
Camden Legacy Creek Plano TX 1995 831 240 96% 808 0.97
Camden Legacy Park Plano TX 1996 871 276 96% 841 0.97
Camden Oasis Euless TX 1986 548 602 75% 531 0.97
Camden Place Mesquite TX 1984 772 442 95% 581 0.75
Camden Springs Dallas TX 1987 713 304 93% 575 0.81
Camden Towne Village Mesquite TX 1983 735 188 96% 627 0.85
Camden Valley Creek Irving TX 1984 855 380 93% 652 0.76
Camden Valley Park Irving TX 1986 743 516 93% 637 0.86
Camden Valley Ridge Irving TX 1987 773 408 92% 594 0.77
Camden Westview Lewisville   TX   1983   697   335   95%   603   0.87
Total Dallas/Ft. Worth 18 Properties 807 7,225 93% 705 0.87
 
Camden Baytown Baytown TX 1999 844 272 96% 829 0.98
Camden City Centre (3) Houston TX 2007 932 379 Lease-up 1,381 1.48
Camden Creek Houston TX 1984 639 456 92% 587 0.92
Camden Greenway Houston TX 1999 861 756 96% 987 1.15
Camden Holly Springs (1) Houston TX 1999 934 548 97% 902 0.97
Camden Midtown Houston TX 1999 844 337 98% 1,157 1.37
Camden Oak Crest Houston TX 2003 870 364 96% 830 0.95
Camden Park (1) Houston TX 1995 866 288 94% 782 0.90
Camden Plaza (1)(3) Houston TX 2007 915 271 Lease-up 1,365 1.49
Camden Royal Oaks (3) Houston TX 2006 923 236 Lease-up 1,069 1.16
Camden Steeplechase Houston TX 1982 748 290 93% 625 0.83
Camden Stonebridge Houston TX 1993 845 204 98% 822 0.97
Camden Sugar Grove (1) Stafford TX 1997 921 380 95% 843 0.92
Camden Vanderbilt (4) Houston TX 1996/1997 863 894 85% 1,107 1.28
Camden West Oaks Houston   TX   1982   726   671   95%   578   0.80
Total Houston 15 Properties 843 6,346 95% 921 1.09
                                       
TOTAL TEXAS 44 Properties 811 17,592 94% 809 1.00
                                       
TOTAL PROPERTIES   181   Properties   910   62,918   94%   949   1.04
 
(1) Communities owned through investment in joint venture.
(2) Communities held for sale as of March 31, 2008.
(3) Completed communities in lease-up as of March 31, 2008 are excluded from total occupancy numbers.
(4) Communities under redevelopment as of March 31, 2008 are excluded from total occupancy numbers.
(5) Miramar is a student housing community which is excluded from total occupancy numbers.

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-----END PRIVACY-ENHANCED MESSAGE-----