Attached files
file | filename |
---|---|
EX-99.1 - EXHIBIT 99.1 - CAMDEN PROPERTY TRUST | a6597913ex99_1.htm |
8-K - CAMDEN PROPERTY TRUST 8-K - CAMDEN PROPERTY TRUST | a6597913.htm |
EXHIBIT 99.2
FOURTH QUARTER 2010
Supplemental Operating and Financial Data
Camden College Park - College Park, MD
|
508 Apartment Homes
|
Currently 96% Occupied
|
Camden Property Trust
|
Three Greenway Plaza, Suite 1300
|
Houston, Texas 77046
|
Phone: 713-354-2500 Fax: 713-354-2700
|
www.camdenliving.com
|
CAMDEN | TABLE OF CONTENTS |
Page
|
|
Press Release Text
|
3
|
Financial Highlights
|
6
|
Operating Results
|
7
|
Funds from Operations
|
8
|
Balance Sheets
|
9
|
Portfolio Statistics
|
10
|
Components of Property Net Operating Income
|
11
|
"Same Property" Fourth Quarter Comparisons
|
12
|
"Same Property" Sequential Quarter Comparisons
|
13
|
"Same Property" Year to Date Comparisons
|
14
|
"Same Property" Operating Expense Detail & Comparisons
|
15
|
Joint Venture Operations
|
16
|
Current Development Communities
|
17
|
Joint Venture Development Communities
|
18
|
Development Pipeline & Land
|
19
|
Acquisitions and Dispositions
|
20
|
Debt Analysis
|
21
|
Debt Maturity Analysis
|
22
|
Debt Covenant Analysis
|
23
|
Unconsolidated Real Estate Investments Debt Analysis
|
24
|
Unconsolidated Real Estate Investments Debt Maturity Analysis
|
25
|
Capitalized Expenditures & Maintenance Expense
|
26
|
2011 Financial Outlook
|
27
|
Non-GAAP Financial Measures - Definitions & Reconciliations
|
28
|
Other Data
|
30
|
Community Table
|
31
|
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. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
CAMDEN PROPERTY TRUST ANNOUNCES FOURTH QUARTER
AND FULL YEAR 2010 OPERATING RESULTS
Houston, TEXAS (February 3, 2011) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and twelve months ended December 31, 2010.
Funds from Operations (“FFO”)
FFO for the fourth quarter of 2010 totaled $0.73 per diluted share or $53.9 million, as compared to ($0.53) per diluted share or ($36.3) million for the same period in 2009. FFO for the three months ended December 31, 2010 included a net $0.04 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, offset by an impairment associated with a technology investment. FFO for the three months ended December 31, 2009 included a $1.24 per diluted share impact from impairment losses on land held for development and predevelopment investments.
FFO for the twelve months ended December 31, 2010 totaled $2.72 per diluted share or $194.3 million, as compared to $1.68 per diluted share or $109.9 million for the same period in 2009. FFO for the twelve months ended December 31, 2010 included a net $0.04 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, offset by an impairment associated with a technology investment. FFO for the twelve months ended December 31, 2009 included a $1.31 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.04 per diluted share impact from losses related to early retirement of debt.
Net Income Attributable to Common Shareholders (“EPS”)
The Company reported net income attributable to common shareholders (“EPS”) of $17.1 million or $0.24 per diluted share for the fourth quarter of 2010, as compared to a net loss of $79.3 million or $1.19 per diluted share for the same period in 2009. EPS for the three months ended December 31, 2010 included a $0.13 per diluted share impact from the gain on sale of discontinued operations, and a net $0.04 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, offset by an impairment associated with a technology investment. EPS for the three months ended December 31, 2009 included a $1.24 per diluted share impact from impairment losses on land held for development and predevelopment investments.
For the twelve months ended December 31, 2010, Camden reported net income attributable to common shareholders of $23.2 million or $0.33 per diluted share, as compared to a net loss of $50.8 million or $0.80 per diluted share for the same period in 2009. EPS for the twelve months ended December 31, 2010 included a $0.14 per diluted share impact from the gain on sale of discontinued operations, and a net $0.05 per diluted share impact from other income recognized as a result of the dissolution of a development joint venture, offset by an impairment associated with a technology investment. EPS for the twelve months ended December 31, 2009 included a $1.31 per diluted share impact from impairment losses on land held for development and predevelopment investments, a $0.27 per diluted share impact from gain on sale of discontinued operations, and a $0.04 per diluted share impact from losses related to early retirement of debt.
A reconciliation of net income attributable to common shareholders to FFO is included in the financial tables accompanying this press release.
Same-Property Results
For the 46,293 apartment homes included in consolidated same-property results, fourth quarter 2010 same-property net operating income (“NOI”) increased 0.1% compared to the fourth quarter of 2009, with revenues increasing 1.3% and expenses increasing 3.3%. On a sequential basis, fourth quarter 2010 same-property NOI increased 3.4% compared to the third quarter of 2010, with revenues declining 0.3% and expenses declining 5.8% compared to the prior quarter. On a full-year basis, 2010 same-property NOI declined 3.5%, with a revenue decline of 2.0% and expense growth of 0.4% compared to the same period in 2009. Same-property physical occupancy levels for the combined portfolio averaged 93.5% during the fourth quarter of 2010, compared to 93.1% in the fourth quarter of 2009 and 94.3% in the third quarter of 2010.
The Company defines same-property communities as communities owned and stabilized as of January 1, 2009, 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.
Acquisition Activity
Camden completed one acquisition during the quarter for approximately $23 million through its Multifamily Value Add Fund, in which it owns a 20% interest. The Fund acquired Camden South Bay, a 270-home stabilized apartment community located in Corpus Christi, TX.
In addition, on December 21, 2010, the Company acquired substantially all of the ownership of Camden Plaza and Camden College Park, two of the Company’s joint ventures, resulting in Camden’s ownership interest in each joint venture increasing from 30.0% to 99.9%. The two communities had a combined value of $146 million, and the joint ventures were consolidated for financial reporting purposes on the acquisition date. The Company did not record a gain or loss on these transactions, as the net consideration approximated the fair market value of the net assets received.
Disposition Activity
The Company disposed of two properties during the fourth quarter for a total of $104.0 million and a gain of $9.6 million: Camden Westwind, a 464-home community in Ashburn, VA, and Camden Oasis, a 602-home apartment community in Euless, TX.
Development Activity
Construction was completed during the fourth quarter at Camden Ivy Hall, a $17 million joint venture community which is currently 68% leased. Construction continued during the quarter on two wholly-owned development communities: Camden Lake Nona, a $61 million project in Orlando, FL; and Camden Summerfield II, a $32 million project in Landover, MD. Initial occupancy at these communities is scheduled for mid- to late 2011, with construction completions expected by early to mid-2012. Subsequent to quarter-end, the Company began construction on Camden Royal Oaks II, a $14 million project in Houston, TX scheduled for initial occupancy in late 2011 with construction completion expected by mid-2012.
Camden has two additional joint venture communities which recently completed lease-up: Belle Meade, a $38 million project that is currently 98% leased; and Braeswood Place, a $50 million project that is currently 91% leased.
The Company has eight additional development communities which may begin construction in 2011 or 2012.
Equity Issuance
During the fourth quarter, Camden issued 1,949,070 common shares through its at-the-market (“ATM”) share offering program at an average price of $50.55 per share, for total net consideration of approximately $97.0 million. During full-year 2010, Camden issued a total of 4,867,705 common shares through its ATM program at an average price of $48.37 per share, for total net consideration of approximately $231.7 million. Subsequent to quarter-end, Camden issued an additional 71,343 common shares at an average price of $54.06 per share, for total net consideration of approximately $3.8 million, relating to trades executed in December 2010 but settled in January 2011.
Earnings Guidance
Camden provided initial earnings guidance for 2011 based on its current and expected views of the apartment market and general economic conditions. Full-year 2011 FFO is expected to be $2.70 to $3.00 per diluted share, and full-year 2011 EPS is expected to be $0.20 to $0.50 per diluted share. First quarter 2011 earnings guidance is $0.65 to $0.69 per diluted share for FFO and $0.01 to $0.05 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.
The Company’s initial 2011 earnings guidance is based on projections of same-property revenue growth between 3.25% and 5.0%, expense growth between 2.5% and 3.5%, and NOI growth between 4.0% and 6.0%. Additional information on the Company’s 2011 financial outlook and a reconciliation of expected net income attributable to common shareholders to expected FFO are included in the financial tables accompanying this press release.
Conference Call
The Company will hold a conference call on Friday, February 4, 2011 at 11:00 a.m. Central Time to review its fourth quarter and full-year 2010 results and discuss its outlook for future performance. To participate in the call, please dial (866) 843-0890 (Domestic) or (412) 317-9250 (International) by 10:50 a.m. Central Time and enter passcode: 5729208, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
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 186 properties containing 63,316 apartment homes across the United States. Upon completion of two properties under development, the Company’s portfolio will increase to 63,923 apartment homes in 188 properties. Camden was recently named by FORTUNE® Magazine for the fourth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #7.
For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at camdenliving.com.
CAMDEN | FINANCIAL HIGHLIGHTS | ||||||||||||
(In thousands, except per share, property data amounts and ratios) | |||||||||||||
(Unaudited)
|
|||||||||||||
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||
Total property revenues (a)
|
$155,387 | $150,161 | $610,404 | $612,010 | |||||||||
EBITDA
|
88,581 | 82,739 | 330,267 | 334,249 | |||||||||
Net income attributable to common shareholders
|
17,147 | (79,286 | ) | 23,216 | (50,800 | ) | |||||||
Per share - basic
|
0.24 | (1.19 | ) | 0.33 | (0.80 | ) | |||||||
Per share - diluted
|
0.24 | (1.19 | ) | 0.33 | (0.80 | ) | |||||||
Income from continuing operations attributable to common shareholders
|
6,795 | (80,150 | ) | 10,121 | (72,788 | ) | |||||||
Per share - basic
|
0.09 | (1.20 | ) | 0.14 | (1.15 | ) | |||||||
Per share - diluted
|
0.09 | (1.20 | ) | 0.14 | (1.15 | ) | |||||||
Funds from operations
|
53,948 | (36,319 | ) | 194,309 | 109,947 | ||||||||
Per share - diluted
|
0.73 | (0.53 | ) | 2.72 | 1.68 | ||||||||
Dividends per share
|
0.45 | 0.45 | 1.80 | 2.05 | |||||||||
Dividend payout ratio (b)
|
60.5 | % | 63.4 | % | 65.8 | % | 68.6 | % | |||||
Interest expensed (including discontinued operations)
|
30,815 | 30,932 | 125,893 | 128,296 | |||||||||
Interest capitalized
|
1,721 | 2,720 | 5,687 | 10,298 | |||||||||
Total interest incurred
|
32,536 | 33,652 | 131,580 | 138,594 | |||||||||
Principal amortization
|
1,273 | 1,125 | 4,674 | 6,445 | |||||||||
Preferred distributions
|
1,750 | 1,750 | 7,000 | 7,000 | |||||||||
Interest expense coverage ratio
|
2.9 | x | 2.7 | x | 2.6 | x | 2.6 | x | |||||
Total interest coverage ratio
|
2.7 | x | 2.5 | x | 2.5 | x | 2.4 | x | |||||
Fixed charge expense coverage ratio
|
2.6 | x | 2.4 | x | 2.4 | x | 2.4 | x | |||||
Total fixed charge coverage ratio
|
2.5 | x | 2.3 | x | 2.3 | x | 2.2 | x | |||||
Unencumbered real estate assets (at cost) to unsecured debt ratio
|
2.7 | x | 2.4 | x | 2.7 | x | 2.4 | x | |||||
Same property NOI increase (decrease) (c)
|
0.1 | % | (5.5 | %) | (3.5 | %) | (6.0 | %) | |||||
(# of apartment homes included)
|
46,293 | 42,670 | 46,293 | 42,670 | |||||||||
Gross turnover of apartment homes (annualized)
|
58 | % | 62 | % | 64 | % | 69 | % | |||||
Net turnover (excludes on-site transfers and transfers to other Camden communities)
|
50 | % | 52 | % | 55 | % | 58 | % | |||||
As of December 31,
|
|||||||||||||
2010 | 2009 | ||||||||||||
Total assets
|
$4,699,737 | $4,607,999 | |||||||||||
Total debt
|
$2,563,754 | $2,625,199 | |||||||||||
Common and common equivalent shares, outstanding end of period (d) | 74,795 | 69,190 | |||||||||||
Share price, end of period
|
$53.98 | $42.37 | |||||||||||
Preferred units, end of period
|
$97,925 | $97,925 | |||||||||||
Book equity value, end of period (e)
|
$1,855,298 | $1,706,938 | |||||||||||
Market equity value, end of period (e)
|
$4,137,434 | $3,031,580 | |||||||||||
(a) Excludes discontinued operations.
|
|||||||||||||
(b) Excludes ($0.01) and ($0.01) per diluted share in the fourth quarter 2010 and year to date 2010, respectively, for non-cash impairments related to technology investments. Excludes ($1.24) and ($1.31) per diluted share in the fourth quarter 2009 and year to date 2009, respectively, for non-cash impairments on land held for development and pre-development activities.
|
|||||||||||||
|
|||||||||||||
(c) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major redevelopment.
|
|||||||||||||
(d) Includes at December 31, 2010: 72,269 common shares (including 643 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (2,526).
|
|||||||||||||
|
|||||||||||||
(e) Includes: common shares, preferred and common units, and common share equivalents.
|
Note: Please refer to pages 28 and 29 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
|
Twelve Months Ended
|
||||||||||
December 31, |
December 31,
|
|||||||||||
OPERATING DATA
|
2010
|
2009
|
2010
|
2009
|
||||||||
Property revenues
|
||||||||||||
Rental revenues
|
$133,929 | $128,995 | $524,305 | $527,429 | ||||||||
Other property revenues
|
21,458 | 21,166 | 86,099 | 84,581 | ||||||||
Total property revenues
|
155,387 | 150,161 | 610,404 | 612,010 | ||||||||
Property expenses
|
||||||||||||
Property operating and maintenance
|
44,989 | 41,213 | 179,644 | 172,397 | ||||||||
Real estate taxes
|
15,089 | 15,631 | 67,856 | 69,674 | ||||||||
Total property expenses
|
60,078 | 56,844 | 247,500 | 242,071 | ||||||||
Non-property income
|
||||||||||||
Fee and asset management income
|
2,144 | 1,915 | 8,172 | 8,008 | ||||||||
Interest and other income
|
4,596 | 412 | 8,584 | 2,826 | ||||||||
Income on deferred compensation plans
|
4,763 | 2,907 | 11,581 | 14,609 | ||||||||
Total non-property income
|
11,503 | 5,234 | 28,337 | 25,443 | ||||||||
Other expenses
|
||||||||||||
Property management
|
4,988 | 5,016 | 19,982 | 18,864 | ||||||||
Fee and asset management
|
1,230 | 1,366 | 4,841 | 4,878 | ||||||||
General and administrative
|
8,423 | 8,233 | 30,762 | 31,243 | ||||||||
Interest
|
30,815 | 30,932 | 125,893 | 128,296 | ||||||||
Depreciation and amortization
|
44,837 | 43,073 | 172,849 | 171,322 | ||||||||
Amortization of deferred financing costs
|
1,478 | 1,569 | 4,102 | 3,925 | ||||||||
Expense on deferred compensation plans
|
4,763 | 2,907 | 11,581 | 14,609 | ||||||||
Total other expenses
|
96,534 | 93,096 | 370,010 | 373,137 | ||||||||
Gain on sale of properties, including land
|
- | - | 236 | - | ||||||||
Loss on early retirement of debt
|
- | - | - | (2,550 | ) | |||||||
Impairment associated with land development activities
|
- | (85,614 | ) | - | (85,614 | ) | ||||||
Impairment provision for technology investments
|
(1,000 | ) | - | (1,000 | ) | - | ||||||
Equity in income (loss) of joint ventures
|
(54 | ) | 103 | (839 | ) | 695 | ||||||
Income from continuing operations before income taxes
|
9,224 | (80,056 | ) | 19,628 | (65,224 | ) | ||||||
Income tax expense - current
|
(295 | ) | (195 | ) | (1,581 | ) | (967 | ) | ||||
Income from continuing operations
|
8,929 | (80,251 | ) | 18,047 | (66,191 | ) | ||||||
Income from discontinued operations
|
738 | 864 | 3,481 | 5,101 | ||||||||
Gain on sale of discontinued operations
|
9,614 | - | 9,614 | 16,887 | ||||||||
Net income
|
19,281 | (79,387 | ) | 31,142 | (44,203 | ) | ||||||
Less (income) loss allocated to noncontrolling interests from continuing operations
|
(384 | ) | 1,851 | (926 | ) | 403 | ||||||
Less income allocated to perpetual preferred units
|
(1,750 | ) | (1,750 | ) | (7,000 | ) | (7,000 | ) | ||||
Net income attributable to common shareholders
|
$17,147 | ($79,286 | ) | $23,216 | ($50,800 | ) | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME | ||||||||||||
Net income
|
$19,281 | ($79,387 | ) | $31,142 | ($44,203 | ) | ||||||
Other comprehensive income (loss)
|
||||||||||||
Unrealized gain (loss) on cash flow hedging activities
|
490 | (1,984 | ) | (19,059 | ) | (12,291 | ) | |||||
Reclassification of net losses on cash flow hedging activities
|
5,897 | 5,750 | 23,385 | 22,192 | ||||||||
Unrealized gain on available-for-sale securities, net of tax
|
1,392 | - | 3,306 | - | ||||||||
Unrealized gain on postretirement obligations
|
65 | - | 65 | - | ||||||||
Comprehensive income (loss)
|
27,125 | (75,621 | ) | 38,839 | (34,302 | ) | ||||||
Less (income) loss allocated to noncontrolling interests from continuing operations
|
(384 | ) | 1,851 | (926 | ) | 403 | ||||||
Less income allocated to perpetual preferred units
|
(1,750 | ) | (1,750 | ) | (7,000 | ) | (7,000 | ) | ||||
Comprehensive income (loss) attributable to common shareholders
|
$24,991 | ($75,520 | ) | $30,913 | ($40,899 | ) | ||||||
PER SHARE DATA
|
||||||||||||
Net income (loss) attributable to common shareholders - basic
|
$0.24 | ($1.19 | ) | $0.33 | ($0.80 | ) | ||||||
Net income (loss) attributable to common shareholders - diluted
|
0.24 | (1.19 | ) | 0.33 | (0.80 | ) | ||||||
Income (loss) from continuing operations attributable to common shareholders - basic
|
0.09 | (1.20 | ) | 0.14 | (1.15 | ) | ||||||
Income (loss) from continuing operations attributable to common shareholders - diluted
|
0.09 | (1.20 | ) | 0.14 | (1.15 | ) | ||||||
Weighted average number of common and
|
||||||||||||
common equivalent shares outstanding:
|
||||||||||||
Basic
|
70,716 | 66,134 | 68,608 | 62,359 | ||||||||
Diluted
|
71,587 | 66,134 | 68,957 | 62,359 |
Note: Please refer to pages 28 and 29 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
|
Twelve Months Ended
|
||||||||||
December 31,
|
December 31,
|
|||||||||||
FUNDS FROM OPERATIONS
|
2010
|
2009
|
2010
|
2009
|
||||||||
Net income (loss) attributable to common shareholders
|
$17,147 | ($79,286 | ) | $23,216 | ($50,800 | ) | ||||||
Real estate depreciation from continuing operations
|
43,550 | 41,927 | 167,949 | 167,120 | ||||||||
Real estate depreciation from discontinued operations
|
435 | 846 | 2,711 | 3,360 | ||||||||
Adjustments for unconsolidated joint ventures
|
2,190 | 1,988 | 8,943 | 7,800 | ||||||||
Income (loss) allocated to noncontrolling interests
|
240 | (1,794 | ) | 1,104 | (646 | ) | ||||||
Gain on sale of discontinued operations
|
(9,614 | ) | - | (9,614 | ) | (16,887 | ) | |||||
Funds from operations - diluted
|
$53,948 | ($36,319 | ) | $194,309 | $109,947 | |||||||
PER SHARE DATA
|
||||||||||||
Funds from operations - diluted
|
$0.73 | ($0.53 | ) | $2.72 | $1.68 | |||||||
Cash distributions
|
0.45 | 0.45 | 1.80 | 2.05 | ||||||||
Weighted average number of common and
|
||||||||||||
common equivalent shares outstanding:
|
||||||||||||
FFO - diluted
|
73,847 | 69,119 | 71,552 | 65,266 | ||||||||
PROPERTY DATA
|
||||||||||||
Total operating properties (end of period) (a)
|
186 | 183 | 186 | 183 | ||||||||
Total operating apartment homes in operating properties (end of period) (a)
|
63,316 | 63,286 | 63,316 | 63,286 | ||||||||
Total operating apartment homes (weighted average)
|
50,970 | 50,515 | 50,794 | 50,608 | ||||||||
Total operating apartment homes - excluding discontinued operations (weighted average)
|
50,194 | 49,449 | 49,801 | 49,206 |
(a) Includes joint ventures and properties held for sale.
Note: Please refer to pages 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
CAMDEN
|
BALANCE SHEETS | ||||||||||||||
(In thousands) | |||||||||||||||
(Unaudited)
|
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
||||||||||
2010
|
2010
|
2010
|
2010
|
2009
|
|||||||||||
ASSETS
|
|||||||||||||||
Real estate assets, at cost
|
|||||||||||||||
Land
|
$760,397 | $763,559 | $746,195 | $748,604 | $747,921 | ||||||||||
Buildings and improvements
|
4,680,361 | 4,613,036 | 4,521,376 | 4,527,523 | 4,512,124 | ||||||||||
5,440,758 | 5,376,595 | 5,267,571 | 5,276,127 | 5,260,045 | |||||||||||
Accumulated depreciation
|
(1,292,924 | ) | (1,263,173 | ) | (1,221,422 | ) | (1,191,604 | ) | (1,149,056 | ) | |||||
Net operating real estate assets
|
4,147,834 | 4,113,422 | 4,046,149 | 4,084,523 | 4,110,989 | ||||||||||
Properties under development and land
|
206,919 | 198,377 | 199,012 | 196,371 | 201,581 | ||||||||||
Investments in joint ventures
|
27,632 | 33,226 | 50,392 | 42,994 | 43,542 | ||||||||||
Properties held for sale, including land
|
- | 9,737 | 9,692 | - | - | ||||||||||
Total real estate assets
|
4,382,385 | 4,354,762 | 4,305,245 | 4,323,888 | 4,356,112 | ||||||||||
Accounts receivable - affiliates
|
31,895 | 32,269 | 31,993 | 32,657 | 36,112 | ||||||||||
Notes receivable - affiliates
|
3,194 | 17,509 | 38,478 | 46,118 | 45,847 | ||||||||||
Other assets, net (a)
|
106,175 | 105,950 | 87,371 | 92,983 | 102,114 | ||||||||||
Cash and cash equivalents
|
170,575 | 91,071 | 128,155 | 28,553 | 64,156 | ||||||||||
Restricted cash
|
5,513 | 5,174 | 3,738 | 3,680 | 3,658 | ||||||||||
Total assets
|
$4,699,737 | $4,606,735 | $4,594,980 | $4,527,879 | $4,607,999 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||||||||||
Liabilities
|
|||||||||||||||
Notes payable
|
|||||||||||||||
Unsecured
|
$1,507,757 | $1,507,858 | $1,590,287 | $1,590,473 | $1,645,926 | ||||||||||
Secured
|
1,055,997 | 1,034,354 | 981,816 | 980,188 | 979,273 | ||||||||||
Accounts payable and accrued expenses
|
81,556 | 82,598 | 63,663 | 69,858 | 74,420 | ||||||||||
Accrued real estate taxes
|
22,338 | 40,340 | 28,416 | 17,005 | 23,241 | ||||||||||
Other liabilities (b)
|
141,496 | 144,146 | 137,020 | 138,136 | 145,176 | ||||||||||
Distributions payable
|
35,295 | 34,548 | 34,275 | 33,403 | 33,025 | ||||||||||
Total liabilities
|
2,844,439 | 2,843,844 | 2,835,477 | 2,829,063 | 2,901,061 | ||||||||||
Commitments and contingencies
|
|||||||||||||||
Perpetual preferred units
|
97,925 | 97,925 | 97,925 | 97,925 | 97,925 | ||||||||||
Shareholders' equity
|
|||||||||||||||
Common shares of beneficial interest
|
824 | 804 | 798 | 778 | 770 | ||||||||||
Additional paid-in capital
|
2,775,625 | 2,673,606 | 2,641,354 | 2,548,722 | 2,525,656 | ||||||||||
Distributions in excess of net income attributable to common shareholders
|
(595,317 | ) | (580,046 | ) | (550,039 | ) | (520,798 | ) | (492,571 | ) | |||||
Notes receivable secured by common shares
|
- | - | (102 | ) | (101 | ) | (101 | ) | |||||||
Treasury shares, at cost
|
(461,255 | ) | (461,255 | ) | (461,517 | ) | (461,517 | ) | (462,188 | ) | |||||
Accumulated other comprehensive loss (c)
|
(33,458 | ) | (41,302 | ) | (43,718 | ) | (42,093 | ) | (41,155 | ) | |||||
Total common shareholders' equity
|
1,686,419 | 1,591,807 | 1,586,776 | 1,524,991 | 1,530,411 | ||||||||||
Noncontrolling interest
|
70,954 | 73,159 | 74,802 | 75,900 | 78,602 | ||||||||||
Total shareholders' equity
|
1,757,373 | 1,664,966 | 1,661,578 | 1,600,891 | 1,609,013 | ||||||||||
Total liabilities and shareholders' equity
|
$4,699,737 | $4,606,735 | $4,594,980 | $4,527,879 | $4,607,999 | ||||||||||
(a) includes:
|
|||||||||||||||
net deferred charges of:
|
$13,336 | $14,892 | $10,193 | $10,704 | $11,113 | ||||||||||
(b) includes:
|
|||||||||||||||
deferred revenues of:
|
$2,332 | $2,347 | $2,467 | $2,467 | $2,664 | ||||||||||
distributions in excess of investments in joint ventures of:
|
$32,288 | $34,045 | $33,074 | $32,195 | $31,410 | ||||||||||
fair value adjustment of derivative instruments:
|
$36,898 | $43,267 | $43,757 | $42,119 | $41,083 | ||||||||||
(c) Represents the fair value adjustment of derivative instruments, gain on post retirement obligations and unrealized gain on available-for-sale securities, net of tax.
|
CAMDEN
|
PORTFOLIO STATISTICS
|
(Unaudited)
|
||||||||||||||||||||||||||||||||||||
COMMUNITY PORTFOLIO AT DECEMBER 31, 2010 (in apartment homes)
|
||||||||||||||||||||||||||||||||||||
"Same Property"
|
Non-"Same Property"
|
Fully Consolidated
|
Joint
Venture
|
Stabilized Operating
|
Completed in Lease-up
|
Total Operating
|
Under
Construction
|
Total
|
||||||||||||||||||||||||||||
D.C. Metro (a)
|
4,061 | 1,543 | 5,604 | - | 5,604 | - | 5,604 | 187 | 5,791 | |||||||||||||||||||||||||||
Houston, TX (b)
|
4,188 | 798 | 4,986 | 1,641 | 6,627 | 340 | 6,967 | - | 6,967 | |||||||||||||||||||||||||||
Tampa, FL
|
5,503 | - | 5,503 | - | 5,503 | - | 5,503 | - | 5,503 | |||||||||||||||||||||||||||
Las Vegas, NV
|
3,969 | - | 3,969 | 4,047 | 8,016 | - | 8,016 | - | 8,016 | |||||||||||||||||||||||||||
SE Florida
|
2,520 | - | 2,520 | - | 2,520 | - | 2,520 | - | 2,520 | |||||||||||||||||||||||||||
Dallas, TX
|
4,545 | 516 | 5,061 | 456 | 5,517 | - | 5,517 | - | 5,517 | |||||||||||||||||||||||||||
Los Angeles/Orange County, CA
|
1,770 | 290 | 2,060 | 421 | 2,481 | - | 2,481 | - | 2,481 | |||||||||||||||||||||||||||
Charlotte, NC
|
3,418 | 156 | 3,574 | - | 3,574 | - | 3,574 | - | 3,574 | |||||||||||||||||||||||||||
Orlando, FL
|
3,296 | 261 | 3,557 | - | 3,557 | - | 3,557 | 420 | 3,977 | |||||||||||||||||||||||||||
Atlanta, GA (b)
|
3,202 | - | 3,202 | - | 3,202 | 110 | 3,312 | - | 3,312 | |||||||||||||||||||||||||||
Raleigh, NC
|
2,704 | - | 2,704 | - | 2,704 | - | 2,704 | - | 2,704 | |||||||||||||||||||||||||||
Denver, CO
|
1,851 | - | 1,851 | 320 | 2,171 | - | 2,171 | - | 2,171 | |||||||||||||||||||||||||||
San Diego/Inland Empire, CA
|
1,196 | - | 1,196 | - | 1,196 | - | 1,196 | - | 1,196 | |||||||||||||||||||||||||||
Austin, TX
|
1,645 | 208 | 1,853 | 601 | 2,454 | - | 2,454 | - | 2,454 | |||||||||||||||||||||||||||
Phoenix, AZ
|
1,441 | - | 1,441 | 992 | 2,433 | - | 2,433 | - | 2,433 | |||||||||||||||||||||||||||
Other
|
984 | 816 | 1,800 | 3,507 | 5,307 | - | 5,307 | - | 5,307 | |||||||||||||||||||||||||||
Total Portfolio
|
46,293 | 4,588 | 50,881 | 11,985 | 62,866 | 450 | 63,316 | 607 | 63,923 |
(a)
|
D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
|
(b)
|
340 units completed in lease-up in Houston, TX and 110 units completed in lease-up in Atlanta, GA are held through joint venture investments.
|
FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION
|
WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (e)
|
|||||||||||||||||||||||||||||||
"Same | ||||||||||||||||||||||||||||||||
Property"
|
Operating |
Incl. JVs at
|
Dec 31
|
Sep 30
|
Jun 30
|
Mar 31
|
Dec 31
|
|||||||||||||||||||||||||
Communities
|
Communities (c)
|
Pro Rata % (d)
|
2010
|
2010
|
2010
|
2010
|
2009
|
|||||||||||||||||||||||||
D.C. Metro
|
15.7 | % | 18.2 | % | 17.7 | % | 95.2 | % | 96.4 | % | 95.8 | % | 94.1 | % | 94.1 | % | ||||||||||||||||
Houston, TX
|
8.9 | % | 9.2 | % | 10.3 | % | 91.8 | % | 93.4 | % | 93.8 | % | 93.7 | % | 93.3 | % | ||||||||||||||||
Tampa, FL
|
9.5 | % | 8.5 | % | 8.1 | % | 93.9 | % | 93.8 | % | 93.5 | % | 92.7 | % | 92.6 | % | ||||||||||||||||
Las Vegas, NV
|
6.9 | % | 6.2 | % | 6.9 | % | 90.9 | % | 92.3 | % | 92.3 | % | 92.0 | % | 90.6 | % | ||||||||||||||||
SE Florida
|
8.1 | % | 7.1 | % | 6.8 | % | 95.0 | % | 95.0 | % | 95.1 | % | 95.6 | % | 94.6 | % | ||||||||||||||||
Dallas, TX
|
6.6 | % | 6.6 | % | 6.4 | % | 93.1 | % | 92.5 | % | 91.6 | % | 90.6 | % | 90.9 | % | ||||||||||||||||
Los Angeles/Orange County, CA
|
6.1 | % | 6.5 | % | 6.4 | % | 92.7 | % | 93.3 | % | 94.2 | % | 93.5 | % | 94.1 | % | ||||||||||||||||
Charlotte, NC
|
6.2 | % | 5.9 | % | 5.6 | % | 94.3 | % | 95.1 | % | 95.2 | % | 94.5 | % | 94.0 | % | ||||||||||||||||
Orlando, FL
|
6.0 | % | 6.1 | % | 5.8 | % | 93.6 | % | 94.0 | % | 93.2 | % | 93.0 | % | 92.8 | % | ||||||||||||||||
Atlanta, GA
|
5.8 | % | 5.2 | % | 5.0 | % | 92.9 | % | 94.2 | % | 94.2 | % | 92.6 | % | 93.0 | % | ||||||||||||||||
Raleigh, NC
|
5.1 | % | 4.6 | % | 4.4 | % | 93.9 | % | 95.1 | % | 94.5 | % | 93.2 | % | 92.9 | % | ||||||||||||||||
Denver, CO
|
4.1 | % | 3.8 | % | 3.9 | % | 93.9 | % | 95.7 | % | 95.3 | % | 92.3 | % | 93.1 | % | ||||||||||||||||
San Diego/Inland Empire, CA
|
3.7 | % | 3.4 | % | 3.3 | % | 91.7 | % | 92.6 | % | 94.3 | % | 93.7 | % | 92.4 | % | ||||||||||||||||
Austin, TX
|
2.7 | % | 2.8 | % | 2.8 | % | 93.7 | % | 94.8 | % | 93.7 | % | 93.0 | % | 93.3 | % | ||||||||||||||||
Phoenix, AZ
|
2.4 | % | 2.1 | % | 2.2 | % | 92.1 | % | 92.0 | % | 92.0 | % | 93.2 | % | 91.6 | % | ||||||||||||||||
Other
|
2.2 | % | 3.8 | % | 4.4 | % | 93.3 | % | 94.6 | % | 95.0 | % | 93.8 | % | 93.8 | % | ||||||||||||||||
Total Portfolio
|
100.0 | % | 100.0 | % | 100.0 | % | 93.1 | % | 94.0 | % | 93.8 | % | 93.1 | % | 92.7 | % |
(c)
|
Operating communities include fully-consolidated communities and completed communities in lease-up at quarter end and exclude communities sold during the quarter.
|
(d)
|
Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities.
|
(e) | Occupancy figures include apartment homes held through joint venture investments but exclude communities in lease-up, under development, or under major redevelopment. |
CAMDEN
|
COMPONENTS OF
|
PROPERTY NET OPERATING INCOME
|
|
(In thousands, except property data amounts)
|
|
(Unaudited)
|
||||||||||||||||||||||||||||
Apartment
|
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||
Property Revenues
|
Homes
|
2010
|
2009
|
Change
|
2010
|
2009
|
Change
|
|||||||||||||||||||||
"Same Property" Communities (a)
|
46,293 | $140,274 | $138,429 | $1,845 | $557,542 | $568,926 | ($11,384 | ) | ||||||||||||||||||||
Non-"Same Property" Communities (b)
|
4,588 | 14,275 | 10,671 | 3,604 | 48,596 | 38,265 | 10,331 | |||||||||||||||||||||
Development and Lease-Up Communities (c)
|
607 | - | - | - | - | - | - | |||||||||||||||||||||
Other (d)
|
- | 838 | 1,061 | (223 | ) | 4,266 | 4,819 | (553 | ) | |||||||||||||||||||
Total Property Revenues
|
51,488 | $155,387 | $150,161 | $5,226 | $610,404 | $612,010 | ($1,606 | ) | ||||||||||||||||||||
Property Expenses
|
||||||||||||||||||||||||||||
"Same Property" Communities (a)
|
46,293 | $53,960 | $52,219 | $1,741 | $223,528 | $222,689 | $839 | |||||||||||||||||||||
Non-"Same Property" Communities (b)
|
4,588 | 4,961 | 3,795 | 1,166 | 18,987 | 15,954 | 3,033 | |||||||||||||||||||||
Development and Lease-Up Communities (c)
|
607 | - | - | - | - | - | - | |||||||||||||||||||||
Other (d)
|
- | 1,157 | 830 | 327 | 4,985 | 3,428 | 1,557 | |||||||||||||||||||||
Total Property Expenses
|
51,488 | $60,078 | $56,844 | $3,234 | $247,500 | $242,071 | $5,429 | |||||||||||||||||||||
Property Net Operating Income
|
||||||||||||||||||||||||||||
"Same Property" Communities (a)
|
46,293 | $86,314 | $86,210 | $104 | $334,014 | $346,237 | ($12,223 | ) | ||||||||||||||||||||
Non-"Same Property" Communities (b)
|
4,588 | 9,314 | 6,876 | 2,438 | 29,609 | 22,311 | 7,298 | |||||||||||||||||||||
Development and Lease-Up Communities (c)
|
607 | - | - | - | - | - | - | |||||||||||||||||||||
Other (d)
|
- | (319 | ) | 231 | (550 | ) | (719 | ) | 1,391 | (2,110 | ) | |||||||||||||||||
Total Property Net Operating Income
|
51,488 | $95,309 | $93,317 | $1,992 | $362,904 | $369,939 | ($7,035 | ) |
Income from Discontinued Operations (e)
|
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Property Revenues
|
$2,240 | $2,902 | $10,774 | $14,324 | ||||||||||||
Property Expenses
|
1,067 | 1,192 | 4,582 | 5,863 | ||||||||||||
Property Net Operating Income
|
1,173 | 1,710 | 6,192 | 8,461 | ||||||||||||
Depreciation and Amortization
|
(435 | ) | (846 | ) | (2,711 | ) | (3,360 | ) | ||||||||
Gain on sale of discontinued operations
|
9,614 | - | 9,614 | 16,887 | ||||||||||||
Income from Discontinued Operations
|
$10,352 | $864 | $13,095 | $21,988 |
Notes:
|
||
(a)
|
"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major redevelopment.
|
|
(b)
|
Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2009, or communities which underwent major redevelopment after January 1, 2009, excluding properties held for sale.
|
|
(c)
|
Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2009, excluding properties held for sale and communities under major redevelopment.
|
|
(d)
|
"Other" includes results from non-multifamily rental properties and expenses related to land holdings no longer under active development.
|
|
(e)
|
Represents operating results for communities disposed of during 2009 and 2010, of which Camden has no continuing involvement.
|
"SAME PROPERTY"
|
|
CAMDEN
|
FOURTH QUARTER COMPARISONS
|
DECEMBER 31, 2010
|
|
(In thousands, except property data amounts)
|
|
(Unaudited)
|
|||||||||||||||||||||||||||||||||||
Revenues
|
Expenses
|
NOI
|
|||||||||||||||||||||||||||||||||
Quarterly Results (a)
|
4Q10 | 4Q09 |
Growth
|
4Q10 | 4Q09 |
Growth
|
4Q10 | 4Q09 |
Growth
|
||||||||||||||||||||||||||
D.C. Metro
|
$19,238 | $18,134 | 6.1 | % | $5,654 | $5,573 | 1.5 | % | $13,584 | $12,561 | 8.1 | % | |||||||||||||||||||||||
Houston, TX
|
12,344 | 12,666 | (2.5 | %) | 4,643 | 4,628 | 0.3 | % | 7,701 | 8,038 | (4.2 | %) | |||||||||||||||||||||||
Tampa, FL
|
13,989 | 13,660 | 2.4 | % | 5,818 | 5,968 | (2.5 | %) | 8,171 | 7,692 | 6.2 | % | |||||||||||||||||||||||
Las Vegas, NV
|
9,712 | 10,136 | (4.2 | %) | 3,781 | 3,914 | (3.4 | %) | 5,931 | 6,222 | (4.7 | %) | |||||||||||||||||||||||
SE Florida
|
11,139 | 10,608 | 5.0 | % | 4,161 | 3,830 | 8.6 | % | 6,978 | 6,778 | 3.0 | % | |||||||||||||||||||||||
Dallas, TX
|
10,685 | 10,766 | (0.8 | %) | 4,990 | 4,600 | 8.5 | % | 5,695 | 6,166 | (7.6 | %) | |||||||||||||||||||||||
Los Angeles/Orange County, CA
|
8,100 | 8,262 | (2.0 | %) | 2,825 | 2,702 | 4.6 | % | 5,275 | 5,560 | (5.1 | %) | |||||||||||||||||||||||
Charlotte, NC
|
9,013 | 9,088 | (0.8 | %) | 3,699 | 3,485 | 6.1 | % | 5,314 | 5,603 | (5.2 | %) | |||||||||||||||||||||||
Orlando, FL
|
8,561 | 8,486 | 0.9 | % | 3,376 | 3,340 | 1.1 | % | 5,185 | 5,146 | 0.8 | % | |||||||||||||||||||||||
Atlanta, GA
|
8,695 | 8,632 | 0.7 | % | 3,721 | 3,381 | 10.1 | % | 4,974 | 5,251 | (5.3 | %) | |||||||||||||||||||||||
Raleigh, NC
|
6,921 | 6,711 | 3.1 | % | 2,498 | 2,428 | 2.9 | % | 4,423 | 4,283 | 3.3 | % | |||||||||||||||||||||||
Denver, CO
|
5,477 | 5,184 | 5.7 | % | 1,890 | 1,778 | 6.3 | % | 3,587 | 3,406 | 5.3 | % | |||||||||||||||||||||||
San Diego/Inland Empire, CA
|
5,426 | 5,354 | 1.3 | % | 2,186 | 2,175 | 0.5 | % | 3,240 | 3,179 | 1.9 | % | |||||||||||||||||||||||
Austin, TX
|
4,247 | 4,159 | 2.1 | % | 1,935 | 1,731 | 11.8 | % | 2,312 | 2,428 | (4.8 | %) | |||||||||||||||||||||||
Phoenix, AZ
|
3,709 | 3,656 | 1.4 | % | 1,665 | 1,578 | 5.5 | % | 2,044 | 2,078 | (1.6 | %) | |||||||||||||||||||||||
Other
|
3,018 | 2,927 | 3.1 | % | 1,118 | 1,108 | 0.9 | % | 1,900 | 1,819 | 4.5 | % | |||||||||||||||||||||||
Total Same Property
|
$140,274 | $138,429 | 1.3 | % | $53,960 | $52,219 | 3.3 | % | $86,314 | $86,210 | 0.1 | % | |||||||||||||||||||||||
Apartment
|
|
|
|||||||||||||||||||||||||||||||||
Homes | % of NOI | Average Occupancy (a) | Weighted Average Rental Rate (b) | ||||||||||||||||||||||||||||||||
Quarterly Results (a)
|
Included
|
Contribution (a)
|
4Q10 | 4Q09 |
Change
|
4Q10 | 4Q09 |
Change
|
|||||||||||||||||||||||||||
D.C. Metro
|
4,061 | 15.7 | % | 95.7 | % | 95.0 | % | 0.7 | % | $1,478 | $1,409 | 4.9 | % | ||||||||||||||||||||||
Houston, TX
|
4,188 | 8.9 | % | 91.6 | % | 93.1 | % | (1.5 | %) | 956 | 969 | (1.3 | %) | ||||||||||||||||||||||
Tampa, FL
|
5,503 | 9.5 | % | 93.9 | % | 92.6 | % | 1.3 | % | 755 | 744 | 1.4 | % | ||||||||||||||||||||||
Las Vegas, NV
|
3,969 | 6.9 | % | 91.9 | % | 91.5 | % | 0.4 | % | 762 | 804 | (5.2 | %) | ||||||||||||||||||||||
SE Florida
|
2,520 | 8.1 | % | 95.0 | % | 94.6 | % | 0.4 | % | 1,396 | 1,334 | 4.6 | % | ||||||||||||||||||||||
Dallas, TX
|
4,545 | 6.6 | % | 93.9 | % | 92.4 | % | 1.5 | % | 714 | 717 | (0.4 | %) | ||||||||||||||||||||||
Los Angeles/Orange County, CA
|
1,770 | 6.1 | % | 93.1 | % | 94.2 | % | (1.1 | %) | 1,499 | 1,513 | (0.9 | %) | ||||||||||||||||||||||
Charlotte, NC
|
3,418 | 6.2 | % | 94.3 | % | 94.0 | % | 0.3 | % | 805 | 799 | 0.7 | % | ||||||||||||||||||||||
Orlando, FL
|
3,296 | 6.0 | % | 93.5 | % | 92.7 | % | 0.8 | % | 795 | 793 | 0.3 | % | ||||||||||||||||||||||
Atlanta, GA
|
3,202 | 5.8 | % | 92.9 | % | 93.0 | % | (0.1 | %) | 842 | 823 | 2.4 | % | ||||||||||||||||||||||
Raleigh, NC
|
2,704 | 5.1 | % | 93.9 | % | 92.9 | % | 1.0 | % | 770 | 737 | 4.4 | % | ||||||||||||||||||||||
Denver, CO
|
1,851 | 4.1 | % | 94.3 | % | 93.0 | % | 1.3 | % | 910 | 876 | 3.9 | % | ||||||||||||||||||||||
San Diego/Inland Empire, CA
|
1,196 | 3.7 | % | 91.7 | % | 92.4 | % | (0.7 | %) | 1,484 | 1,454 | 2.0 | % | ||||||||||||||||||||||
Austin, TX
|
1,645 | 2.7 | % | 93.9 | % | 92.9 | % | 1.0 | % | 777 | 759 | 2.5 | % | ||||||||||||||||||||||
Phoenix, AZ
|
1,441 | 2.4 | % | 92.3 | % | 92.3 | % | 0.0 | % | 774 | 760 | 1.8 | % | ||||||||||||||||||||||
Other
|
984 | 2.2 | % | 92.6 | % | 94.3 | % | (1.7 | %) | 958 | 920 | 4.1 | % | ||||||||||||||||||||||
Total Same Property
|
46,293 | 100.0 | % | 93.5 | % | 93.1 | % | 0.4 | % | $941 | $928 | 1.4 | % |
(a)
|
"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major 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.
|
"SAME PROPERTY"
|
|
CAMDEN
|
SEQUENTIAL QUARTER COMPARISONS
|
DECEMBER 31, 2010
|
|
(In thousands, except property data amounts)
|
|
(Unaudited)
|
||||||||||||||||||||||||||||||||||
Revenues
|
Expenses
|
NOI
|
||||||||||||||||||||||||||||||||
Quarterly Results (a)
|
4Q10 | 3Q10 |
Growth
|
4Q10 | 3Q10 |
Growth
|
4Q10 | 3Q10 |
Growth
|
|||||||||||||||||||||||||
D.C. Metro
|
$19,238 | $19,138 | 0.5 | % | $5,654 | $5,695 | (0.7 | %) | $13,584 | $13,443 | 1.0 | % | ||||||||||||||||||||||
Houston, TX
|
12,344 | 12,552 | (1.7 | %) | 4,643 | 5,267 | (11.8 | %) | 7,701 | 7,285 | 5.7 | % | ||||||||||||||||||||||
Tampa, FL
|
13,989 | 13,993 | (0.0 | %) | 5,818 | 6,420 | (9.4 | %) | 8,171 | 7,573 | 7.9 | % | ||||||||||||||||||||||
Las Vegas, NV
|
9,712 | 9,985 | (2.7 | %) | 3,781 | 3,929 | (3.8 | %) | 5,931 | 6,056 | (2.1 | %) | ||||||||||||||||||||||
SE Florida
|
11,139 | 10,907 | 2.1 | % | 4,161 | 4,460 | (6.7 | %) | 6,978 | 6,447 | 8.2 | % | ||||||||||||||||||||||
Dallas, TX
|
10,685 | 10,706 | (0.2 | %) | 4,990 | 5,264 | (5.2 | %) | 5,695 | 5,442 | 4.6 | % | ||||||||||||||||||||||
Los Angeles/Orange County, CA
|
8,100 | 8,200 | (1.2 | %) | 2,825 | 2,887 | (2.1 | %) | 5,275 | 5,313 | (0.7 | %) | ||||||||||||||||||||||
Charlotte, NC
|
9,013 | 9,085 | (0.8 | %) | 3,699 | 3,925 | (5.8 | %) | 5,314 | 5,160 | 3.0 | % | ||||||||||||||||||||||
Orlando, FL
|
8,561 | 8,563 | (0.0 | %) | 3,376 | 3,697 | (8.7 | %) | 5,185 | 4,866 | 6.6 | % | ||||||||||||||||||||||
Atlanta, GA
|
8,695 | 8,741 | (0.5 | %) | 3,721 | 3,836 | (3.0 | %) | 4,974 | 4,905 | 1.4 | % | ||||||||||||||||||||||
Raleigh, NC
|
6,921 | 6,957 | (0.5 | %) | 2,498 | 2,667 | (6.3 | %) | 4,423 | 4,290 | 3.1 | % | ||||||||||||||||||||||
Denver, CO
|
5,477 | 5,507 | (0.5 | %) | 1,890 | 2,021 | (6.5 | %) | 3,587 | 3,486 | 2.9 | % | ||||||||||||||||||||||
San Diego/Inland Empire, CA
|
5,426 | 5,449 | (0.4 | %) | 2,186 | 2,296 | (4.8 | %) | 3,240 | 3,153 | 2.8 | % | ||||||||||||||||||||||
Austin, TX
|
4,247 | 4,250 | (0.1 | %) | 1,935 | 2,072 | (6.6 | %) | 2,312 | 2,178 | 6.2 | % | ||||||||||||||||||||||
Phoenix, AZ
|
3,709 | 3,673 | 1.0 | % | 1,665 | 1,697 | (1.9 | %) | 2,044 | 1,976 | 3.4 | % | ||||||||||||||||||||||
Other
|
3,018 | 3,040 | (0.7 | %) | 1,118 | 1,166 | (4.1 | %) | 1,900 | 1,874 | 1.4 | % | ||||||||||||||||||||||
Total Same Property
|
$140,274 | $140,746 | (0.3 | %) | $53,960 | $57,299 | (5.8 | %) | $86,314 | $83,447 | 3.4 | % | ||||||||||||||||||||||
Apartment
|
|
|||||||||||||||||||||||||||||||||
Homes
|
% of NOI
|
Average Occupancy (a)
|
Weighted Average Rental Rate (b)
|
|||||||||||||||||||||||||||||||
Quarterly Results (a)
|
Included
|
Contribution (a)
|
4Q10 | 3Q10 |
Change
|
4Q10 | 3Q10 |
Change
|
||||||||||||||||||||||||||
D.C. Metro
|
4,061 | 15.7 | % | 95.7 | % | 96.8 | % | (1.1 | %) | $1,478 | $1,453 | 1.7 | % | |||||||||||||||||||||
Houston, TX
|
4,188 | 8.9 | % | 91.6 | % | 93.2 | % | (1.6 | %) | 956 | 956 | 0.1 | % | |||||||||||||||||||||
Tampa, FL
|
5,503 | 9.5 | % | 93.9 | % | 93.8 | % | 0.1 | % | 755 | 747 | 1.0 | % | |||||||||||||||||||||
Las Vegas, NV
|
3,969 | 6.9 | % | 91.9 | % | 92.9 | % | (1.0 | %) | 762 | 771 | (1.1 | %) | |||||||||||||||||||||
SE Florida
|
2,520 | 8.1 | % | 95.0 | % | 95.0 | % | 0.0 | % | 1,396 | 1,365 | 2.3 | % | |||||||||||||||||||||
Dallas, TX
|
4,545 | 6.6 | % | 93.9 | % | 94.4 | % | (0.5 | %) | 714 | 709 | 0.8 | % | |||||||||||||||||||||
Los Angeles/Orange County, CA
|
1,770 | 6.1 | % | 93.1 | % | 93.3 | % | (0.2 | %) | 1,499 | 1,498 | 0.1 | % | |||||||||||||||||||||
Charlotte, NC
|
3,418 | 6.2 | % | 94.3 | % | 95.0 | % | (0.7 | %) | 805 | 798 | 0.8 | % | |||||||||||||||||||||
Orlando, FL
|
3,296 | 6.0 | % | 93.5 | % | 94.0 | % | (0.5 | %) | 795 | 784 | 1.4 | % | |||||||||||||||||||||
Atlanta, GA
|
3,202 | 5.8 | % | 92.9 | % | 94.2 | % | (1.3 | %) | 842 | 835 | 0.9 | % | |||||||||||||||||||||
Raleigh, NC
|
2,704 | 5.1 | % | 93.9 | % | 95.1 | % | (1.2 | %) | 770 | 758 | 1.5 | % | |||||||||||||||||||||
Denver, CO
|
1,851 | 4.1 | % | 94.3 | % | 95.4 | % | (1.1 | %) | 910 | 900 | 1.1 | % | |||||||||||||||||||||
San Diego/Inland Empire, CA
|
1,196 | 3.7 | % | 91.7 | % | 92.6 | % | (0.9 | %) | 1,484 | 1,476 | 0.5 | % | |||||||||||||||||||||
Austin, TX
|
1,645 | 2.7 | % | 93.9 | % | 94.9 | % | (1.0 | %) | 777 | 765 | 1.7 | % | |||||||||||||||||||||
Phoenix, AZ
|
1,441 | 2.4 | % | 92.3 | % | 92.4 | % | (0.1 | %) | 774 | 764 | 1.2 | % | |||||||||||||||||||||
Other
|
984 | 2.2 | % | 92.6 | % | 93.5 | % | (0.9 | %) | 958 | 950 | 0.8 | % | |||||||||||||||||||||
Total Same Property
|
46,293 | 100.0 | % | 93.5 | % | 94.3 | % | (0.8 | %) | $941 | $932 | 1.0 | % |
(a)
|
"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major 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.
|
"SAME PROPERTY"
|
|
CAMDEN
|
YEAR TO DATE COMPARISONS
|
DECEMBER 31, 2010
|
|
(In thousands, except property data amounts)
|
|
(Unaudited)
|
||||||||||||||||||||||||||||||||||||
Revenues
|
Expenses
|
NOI
|
||||||||||||||||||||||||||||||||||
Year to Date Results (a)
|
2010
|
2009
|
Growth
|
2010
|
2009
|
Growth
|
2010
|
2009
|
Growth
|
|||||||||||||||||||||||||||
D.C. Metro
|
$74,988 | $72,990 | 2.7 | % | $23,022 | $22,726 | 1.3 | % | $51,966 | $50,264 | 3.4 | % | ||||||||||||||||||||||||
Houston, TX
|
49,934 | 51,850 | (3.7 | %) | 20,413 | 20,729 | (1.5 | %) | 29,521 | 31,121 | (5.1 | %) | ||||||||||||||||||||||||
Tampa, FL
|
55,458 | 56,342 | (1.6 | %) | 25,257 | 26,215 | (3.7 | %) | 30,201 | 30,127 | 0.2 | % | ||||||||||||||||||||||||
Las Vegas, NV
|
39,697 | 42,854 | (7.4 | %) | 15,521 | 15,737 | (1.4 | %) | 24,176 | 27,117 | (10.8 | %) | ||||||||||||||||||||||||
SE Florida
|
43,581 | 43,868 | (0.7 | %) | 17,138 | 17,395 | (1.5 | %) | 26,443 | 26,473 | (0.1 | %) | ||||||||||||||||||||||||
Dallas, TX
|
42,549 | 44,224 | (3.8 | %) | 20,398 | 20,225 | 0.9 | % | 22,151 | 23,999 | (7.7 | %) | ||||||||||||||||||||||||
Los Angeles/Orange County, CA
|
32,644 | 34,263 | (4.7 | %) | 11,084 | 10,830 | 2.3 | % | 21,560 | 23,433 | (8.0 | %) | ||||||||||||||||||||||||
Charlotte, NC
|
36,115 | 37,271 | (3.1 | %) | 15,218 | 14,668 | 3.7 | % | 20,897 | 22,603 | (7.5 | %) | ||||||||||||||||||||||||
Orlando, FL
|
34,051 | 35,082 | (2.9 | %) | 14,518 | 14,528 | (0.1 | %) | 19,533 | 20,554 | (5.0 | %) | ||||||||||||||||||||||||
Atlanta, GA
|
34,507 | 35,413 | (2.6 | %) | 14,956 | 14,185 | 5.4 | % | 19,551 | 21,228 | (7.9 | %) | ||||||||||||||||||||||||
Raleigh, NC
|
27,372 | 27,413 | (0.1 | %) | 10,314 | 10,172 | 1.4 | % | 17,058 | 17,241 | (1.1 | %) | ||||||||||||||||||||||||
Denver, CO
|
21,483 | 21,381 | 0.5 | % | 7,502 | 7,254 | 3.4 | % | 13,981 | 14,127 | (1.0 | %) | ||||||||||||||||||||||||
San Diego/Inland Empire, CA
|
21,736 | 21,786 | (0.2 | %) | 9,006 | 8,922 | 0.9 | % | 12,730 | 12,864 | (1.0 | %) | ||||||||||||||||||||||||
Austin, TX
|
16,706 | 16,924 | (1.3 | %) | 8,049 | 8,010 | 0.5 | % | 8,657 | 8,914 | (2.9 | %) | ||||||||||||||||||||||||
Phoenix, AZ
|
14,732 | 15,253 | (3.4 | %) | 6,528 | 6,374 | 2.4 | % | 8,204 | 8,879 | (7.6 | %) | ||||||||||||||||||||||||
Other
|
11,989 | 12,012 | (0.2 | %) | 4,604 | 4,719 | (2.4 | %) | 7,385 | 7,293 | 1.3 | % | ||||||||||||||||||||||||
Total Same Property
|
$557,542 | $568,926 | (2.0 | %) | $223,528 | $222,689 | 0.4 | % | $334,014 | $346,237 | (3.5 | %) | ||||||||||||||||||||||||
Apartment
|
||||||||||||||||||||||||||||||||||||
Homes
|
% of NOI
|
Average Occupancy (a)
|
Weighted Average Rental Rate (b)
|
|||||||||||||||||||||||||||||||||
Year to Date Results (a)
|
Included
|
Contribution (a)
|
2010 | 2009 |
Change
|
2010 | 2009 |
Change
|
||||||||||||||||||||||||||||
D.C. Metro
|
4,061 | 15.6 | % | 95.8 | % | 95.1 | % | 0.7 | % | $1,441 | $1,420 | 1.4 | % | |||||||||||||||||||||||
Houston, TX
|
4,188 | 8.8 | % | 93.1 | % | 94.8 | % | (1.7 | %) | 956 | 983 | (2.7 | %) | |||||||||||||||||||||||
Tampa, FL
|
5,503 | 9.0 | % | 93.5 | % | 93.1 | % | 0.4 | % | 745 | 761 | (2.0 | %) | |||||||||||||||||||||||
Las Vegas, NV
|
3,969 | 7.2 | % | 92.5 | % | 92.8 | % | (0.3 | %) | 775 | 842 | (8.0 | %) | |||||||||||||||||||||||
SE Florida
|
2,520 | 7.9 | % | 95.2 | % | 94.8 | % | 0.4 | % | 1,360 | 1,364 | (0.3 | %) | |||||||||||||||||||||||
Dallas, TX
|
4,545 | 6.6 | % | 93.7 | % | 93.7 | % | 0.0 | % | 708 | 735 | (3.6 | %) | |||||||||||||||||||||||
Los Angeles/Orange County, CA
|
1,770 | 6.5 | % | 93.3 | % | 93.7 | % | (0.4 | %) | 1,497 | 1,564 | (4.2 | %) | |||||||||||||||||||||||
Charlotte, NC
|
3,418 | 6.3 | % | 94.7 | % | 93.5 | % | 1.2 | % | 797 | 834 | (4.5 | %) | |||||||||||||||||||||||
Orlando, FL
|
3,296 | 5.8 | % | 93.4 | % | 93.5 | % | (0.1 | %) | 787 | 819 | (4.0 | %) | |||||||||||||||||||||||
Atlanta, GA
|
3,202 | 5.9 | % | 93.5 | % | 93.3 | % | 0.2 | % | 828 | 850 | (2.6 | %) | |||||||||||||||||||||||
Raleigh, NC
|
2,704 | 5.1 | % | 94.2 | % | 93.9 | % | 0.3 | % | 752 | 750 | 0.3 | % | |||||||||||||||||||||||
Denver, CO
|
1,851 | 4.2 | % | 94.4 | % | 94.3 | % | 0.1 | % | 891 | 887 | 0.4 | % | |||||||||||||||||||||||
San Diego/Inland Empire, CA
|
1,196 | 3.8 | % | 93.1 | % | 93.0 | % | 0.1 | % | 1,467 | 1,479 | (0.8 | %) | |||||||||||||||||||||||
Austin, TX
|
1,645 | 2.6 | % | 93.9 | % | 93.5 | % | 0.4 | % | 762 | 777 | (1.9 | %) | |||||||||||||||||||||||
Phoenix, AZ
|
1,441 | 2.5 | % | 92.7 | % | 91.8 | % | 0.9 | % | 764 | 800 | (4.5 | %) | |||||||||||||||||||||||
Other
|
984 | 2.2 | % | 94.0 | % | 94.4 | % | (0.4 | %) | 936 | 934 | 0.3 | % | |||||||||||||||||||||||
Total Same Property
|
46,293 | 100.0 | % | 93.8 | % | 93.7 | % | 0.1 | % | $929 | $951 | (2.3 | %) |
(a)
|
"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major 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.
|
"SAME PROPERTY" OPERATING EXPENSE
|
|
CAMDEN
|
DETAIL AND COMPARISONS
|
DECEMBER 31, 2010
|
|
(In thousands, except property data amounts)
|
|
(Unaudited)
|
||||||||||||||||||||
% of Actual
4Q10 Operating
|
||||||||||||||||||||
Quarterly Comparison (a)
|
4Q10 | 4Q09 |
$ Change
|
% Change
|
Expenses | |||||||||||||||
Property taxes
|
$13,148 | $14,153 | ($1,005 | ) | (7.1 | %) | 24.4 | % | ||||||||||||
Salaries and Benefits for On-site Employees
|
12,954 | 11,928 | 1,026 | 8.6 | % | 24.0 | % | |||||||||||||
Utilities
|
12,691 | 11,703 | 988 | 8.4 | % | 23.5 | % | |||||||||||||
Repairs and Maintenance
|
8,600 | 8,447 | 153 | 1.8 | % | 16.0 | % | |||||||||||||
Property Insurance
|
2,984 | 2,659 | 325 | 12.2 | % | 5.5 | % | |||||||||||||
Other
|
3,583 | 3,329 | 254 | 7.7 | % | 6.6 | % | |||||||||||||
Total Same Property
|
$53,960 | $52,219 | $1,741 | 3.3 | % | 100.0 | % | |||||||||||||
% of Actual
4Q10 Operating
|
||||||||||||||||||||
Sequential Comparison (a)
|
4Q10 | 3Q10 |
$ Change
|
% Change
|
Expenses | |||||||||||||||
Property taxes
|
$13,148 | $14,618 | ($1,470 | ) | (10.1 | %) | 24.4 | % | ||||||||||||
Salaries and Benefits for On-site Employees
|
12,954 | 13,745 | (791 | ) | (5.8 | %) | 24.0 | % | ||||||||||||
Utilities
|
12,691 | 13,588 | (897 | ) | (6.6 | %) | 23.5 | % | ||||||||||||
Repairs and Maintenance
|
8,600 | 9,049 | (449 | ) | (5.0 | %) | 16.0 | % | ||||||||||||
Property Insurance
|
2,984 | 2,646 | 338 | 12.8 | % | 5.5 | % | |||||||||||||
Other
|
3,583 | 3,653 | (70 | ) | (1.9 | %) | 6.6 | % | ||||||||||||
Total Same Property
|
$53,960 | $57,299 | ($3,339 | ) | (5.8 | %) | 100.0 | % | ||||||||||||
% of Actual
2010 Operating
|
||||||||||||||||||||
Year to Date Comparison (a)
|
2010 | 2009 |
$ Change
|
% Change
|
Expenses | |||||||||||||||
Property taxes
|
$59,559 | $63,630 | ($4,071 | ) | (6.4 | %) | 26.6 | % | ||||||||||||
Salaries and Benefits for On-site Employees
|
52,402 | 51,728 | 674 | 1.3 | % | 23.4 | % | |||||||||||||
Utilities
|
49,995 | 47,172 | 2,823 | 6.0 | % | 22.4 | % | |||||||||||||
Repairs and Maintenance
|
34,681 | 34,325 | 356 | 1.0 | % | 15.5 | % | |||||||||||||
Property Insurance
|
12,654 | 12,032 | 622 | 5.2 | % | 5.7 | % | |||||||||||||
Other
|
14,237 | 13,802 | 435 | 3.2 | % | 6.4 | % | |||||||||||||
Total Same Property
|
$223,528 | $222,689 | $839 | 0.4 | % | 100.0 | % |
(a)
|
"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under major redevelopment.
|
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
|
Twelve Months Ended
|
|||||||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||||||
OPERATING DATA (a)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||||||
Property Revenues
|
||||||||||||||||||||
Rental revenues
|
$6,935 | $6,649 | $27,882 | $26,271 | ||||||||||||||||
Other property revenues
|
1,071 | 1,141 | 4,209 | 4,488 | ||||||||||||||||
Total property revenues
|
8,006 | 7,790 | 32,091 | 30,759 | ||||||||||||||||
Property Expenses
|
||||||||||||||||||||
Property operating and maintenance
|
2,698 | 2,478 | 10,686 | 9,681 | ||||||||||||||||
Real estate taxes
|
748 | 892 | 3,756 | 3,560 | ||||||||||||||||
Total property expenses
|
3,446 | 3,370 | 14,442 | 13,241 | ||||||||||||||||
Net Operating Income (NOI)
|
4,560 | 4,420 | 17,649 | 17,518 | ||||||||||||||||
Other expenses
|
||||||||||||||||||||
Interest
|
2,148 | 2,135 | 8,683 | 8,460 | ||||||||||||||||
Depreciation and amortization
|
2,264 | 2,124 | 9,241 | 8,151 | ||||||||||||||||
Other
|
202 | 58 | 564 | 212 | ||||||||||||||||
Total other expenses
|
4,614 | 4,317 | 18,488 | 16,823 | ||||||||||||||||
Equity in income (loss) of joint ventures | ($54 | ) | $103 | ($839 | ) | $695 | ||||||||||||||
Dec 31,
|
Sep 30,
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
||||||||||||||||
2010 | 2010 | 2010 | 2010 | 2009 | ||||||||||||||||
BALANCE SHEET DATA (b)
|
||||||||||||||||||||
Land
|
$151,384 | $207,835 | $224,767 | $224,767 | $221,570 | |||||||||||||||
Buildings and improvements
|
956,422 | 1,066,607 | 1,118,940 | 1,116,369 | 1,097,778 | |||||||||||||||
1,107,806 | 1,274,442 | 1,343,707 | 1,341,136 | 1,319,348 | ||||||||||||||||
Accumulated depreciation
|
(203,673 | ) | (210,378 | ) | (208,560 | ) | (198,220 | ) | (187,455 | ) | ||||||||||
Real estate assets, net
|
904,133 | 1,064,064 | 1,135,147 | 1,142,916 | 1,131,893 | |||||||||||||||
Properties under development and land | 7,530 | 26,516 | 23,304 | 23,067 | 42,930 | |||||||||||||||
Cash and other assets, net | 23,633 | 30,827 | 28,416 | 25,436 | 27,180 | |||||||||||||||
Total assets
|
$935,296 | $1,121,407 | $1,186,867 | $1,191,419 | $1,202,003 | |||||||||||||||
Notes payable
|
$810,095 | $949,870 | $983,370 | $982,546 | $980,944 | |||||||||||||||
Notes payable due to Camden
|
3,408 | 17,696 | 43,852 | 50,725 | 49,710 | |||||||||||||||
Other liabilities
|
16,543 | 19,193 | 16,639 | 14,443 | 19,425 | |||||||||||||||
Total liabilities
|
830,046 | 986,759 | 1,043,861 | 1,047,714 | 1,050,079 | |||||||||||||||
Members' equity
|
105,250 | 134,648 | 143,006 | 143,705 | 151,924 | |||||||||||||||
Total liabilities and members' equity | $935,296 | $1,121,407 | $1,186,867 | $1,191,419 | $1,202,003 | |||||||||||||||
Camden's equity investment
|
$27,632 | $33,226 | $50,392 | $42,994 | $43,542 | |||||||||||||||
Distributions in excess of investment in joint ventures | ($32,288 | ) | ($34,045 | ) | ($33,074 | ) | ($32,195 | ) | ($31,410 | ) | ||||||||||
Camden's pro-rata share of debt (c)
|
$193,130 | $249,157 | $261,102 | $249,195 | $248,410 | |||||||||||||||
PROPERTY DATA (end of period)
|
||||||||||||||||||||
Total operating properties
|
43 | 43 | 43 | 43 | 42 | |||||||||||||||
Total operating apartment homes
|
12,435 | 12,834 | 12,818 | 12,818 | 12,699 | |||||||||||||||
Pro rata share of operating apartment homes | 2,660 | 2,818 | 2,843 | 2,793 | 2,758 | |||||||||||||||
Total development properties
|
0 | 1 | 0 | 0 | 1 | |||||||||||||||
Total development apartment homes
|
0 | 110 | 0 | 0 | 119 | |||||||||||||||
Pro rata share of development apartment homes | 0 | 22 | 0 | 0 | 36 |
(a)
|
Operating data represents Camden's pro-rata share of revenues and expenses.
|
(b) | Balance sheet and property data reported at 100%. |
(c) | Excludes Camden's pro-rata share of notes payable due to Camden. |
CAMDEN
|
CURRENT DEVELOPMENT COMMUNITIES | |||||||||||||
(Unaudited)
|
||||||||||||||
AS OF DECEMBER 31, 2010 ($ in millions)
|
||||||||||||||
Estimated/Actual Dates for
|
||||||||||||||
Total
|
Total
|
Cost to
|
Amount
|
Construction
|
Initial
|
Construction
|
Stabilized
|
|||||||
Development Communities Under Construction
|
Homes
|
Budget
|
Date
|
in CIP
|
Start
|
Occupancy
|
Completion
|
Operations
|
||||||
1.
|
Camden Lake Nona
|
420
|
$61.0
|
$28.6
|
$28.6
|
3Q10
|
3Q11
|
2Q12
|
3Q14
|
|||||
Orlando, FL
|
||||||||||||||
2.
|
Camden Summerfield II
|
187
|
32.0
|
7.2
|
7.2
|
3Q10
|
4Q11
|
1Q12
|
4Q12
|
|||||
Landover, MD
|
||||||||||||||
Total Development Communities
|
607
|
$93.0
|
$35.8
|
$35.8
|
||||||||||
Additional Development Pipeline & Land (a)
|
171.1
|
|||||||||||||
Total Properties Under Development and Land (per Balance Sheet)
|
$206.9
|
(a) |
Please refer to the Development Pipeline & Land Summary on page 19.
|
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
CAMDEN
|
JOINT VENTURE DEVELOPMENT COMMUNITIES | ||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||
AS OF DECEMBER 31, 2010 ($ in millions)
|
|||||||||||||||||||||
|
|||||||||||||||||||||
Camden
|
|||||||||||||||||||||
Cash |
Estimated/Actual Dates for
|
||||||||||||||||||||
Joint Venture Third Party Developed | Total | Total | Equity | Construction | Initial | Construction | Stabilized | As of 01/30/11 | |||||||||||||
Communities Completed |
Homes
|
Cost
|
Invested
|
Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||
|
|||||||||||||||||||||
1. |
Braeswood Place
|
340 | $50.4 | $10.9 | 1Q07 | 1Q09 | 3Q09 | 1Q11 | 91% | 92% | |||||||||||
Houston, TX
|
|||||||||||||||||||||
2. |
Camden Ivy Hall
|
110 | 16.9 | 3.0 |
NA
|
NA
|
4Q10 | 2Q11 | 68% | 60% | |||||||||||
Atlanta, GA
|
|||||||||||||||||||||
Total Joint Venture Third Party Developed Communities Completed
|
450 | $67.3 | $13.9 | 85% | 84% | ||||||||||||||||
Camden
|
|||||||||||||||||||||
Cash
|
Camden
|
||||||||||||||||||||
Joint Venture Third Party Developed
|
Total
|
Cost
|
Equity
|
Mezzanine | |||||||||||||||||
Pipeline Communities |
Acres
|
to Date
|
Invested
|
Invested
|
|||||||||||||||||
1. |
Lakes at 610
|
6.1 | $7.4 | $1.1 | $3.4 | ||||||||||||||||
Houston, TX
|
|||||||||||||||||||||
Total Joint Venture Third Party Developed Pipeline Communities
|
6.1 | $7.4 | $1.1 | $3.4 |
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
CAMDEN
|
DEVELOPMENT PIPELINE & LAND |
(Unaudited)
|
|||||
AS OF DECEMBER 31, 2010 ($ in millions)
|
|||||
Projected
|
|||||
PIPELINE COMMUNITIES (a)
|
Homes
|
Cost to Date
|
|||
1.
|
Camden Noma
|
317
|
$29.4
|
||
Washington, DC
|
|||||
2.
|
Camden Royal Oaks II
|
103
|
5.7
|
||
Houston, TX
|
|||||
3.
|
Camden Countryway
|
348
|
17.7
|
||
Tampa, FL
|
|||||
4.
|
Camden Celebration
|
438
|
18.1
|
||
Orlando, FL
|
|||||
5.
|
Camden Montague
|
192
|
3.7
|
||
Tampa, FL
|
|||||
6.
|
Camden City Centre II
|
260
|
5.3
|
||
Houston, TX
|
|||||
7.
|
Camden 5400 North Lamar
|
291
|
4.4
|
||
Austin, TX
|
|||||
8.
|
Camden South Capitol
|
276
|
9.4
|
||
Washington, DC
|
|||||
9.
|
Camden Amber Oaks II
|
244
|
1.9
|
||
Austin, TX
|
|||||
Development Pipeline
|
2,469
|
$95.6
|
|||
LAND HOLDINGS
|
Acreage
|
Cost to Date
|
|||
Washington, DC
|
0.9
|
$17.3
|
|||
Los Angeles, CA
|
2.0
|
17.3
|
|||
Houston, TX
|
16.3
|
9.9
|
|||
Denver, CO
|
23.3
|
11.6
|
|||
Dallas, TX
|
7.2
|
8.6
|
|||
Southeast Florida
|
2.2
|
4.6
|
|||
Las Vegas, NV
|
19.6
|
4.2
|
|||
Other
|
4.8
|
2.0
|
|||
Land Holdings
|
76.3
|
$75.5
|
|||
Total Development Pipeline and Land
|
$171.1
|
(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.
|
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
CAMDEN
|
ACQUISITIONS & DISPOSITIONS | ||||||||||
(Unaudited)
|
|||||||||||
2010 ACQUISITION/DISPOSITION ACTIVITY
|
|||||||||||
Joint Venture Acquisitions
|
Location
|
Property Type
|
Apartment Homes
|
Year Built
|
Closing Date
|
||||||
1.
|
Camden Yorktown
|
Houston, TX
|
Multifamily
|
306
|
2008
|
07/08/10
|
|||||
2.
|
Camden Ivy Hall
|
Atlanta, GA
|
Multifamily
|
110
|
2010
|
07/27/10
|
|||||
3.
|
Camden South Bay
|
Corpus Christi, TX
|
Multifamily
|
270
|
2007
|
12/01/10
|
|||||
Total Joint Venture Acquisitions
|
$63.0
|
million
|
686 apartment homes
|
||||||||
Pro Rata Joint Venture Acquisitions
|
$12.6
|
million
|
|||||||||
Balance Sheet Acquisitions (a)
|
|||||||||||
1.
|
Camden Main and Jamboree
|
Irvine, CA
|
Multifamily
|
291
|
2008
|
08/17/10
|
|||||
2.
|
Camden College Park
|
College Park, MD
|
Multifamily
|
508
|
2008
|
12/21/10
|
|||||
3.
|
Camden Plaza
|
Houston, TX
|
Multifamily
|
271
|
2007
|
12/21/10
|
|||||
Total Balance Sheet Acquisitions
|
$238.9
|
million
|
1,070 apartment homes (a) | ||||||||
Total Acquisition Volume:
|
$301.9
|
million
|
1,756 apartment homes
|
||||||||
Dispositions
|
Location
|
Property Type
|
Apartment Homes / Acreage
|
Year Built
|
Closing Date
|
||||||
1.
|
Andrau Land Parcel 1
|
Houston, TX
|
Undeveloped Land
|
0.7
|
N/A
|
04/19/10
|
|||||
2.
|
Andrau Land Parcel 2
|
Houston, TX
|
Undeveloped Land
|
1.0
|
N/A
|
05/25/10
|
|||||
3.
|
Camden Oasis
|
Euless, TX
|
Multifamily
|
602
|
1986
|
11/30/10
|
|||||
4.
|
Camden Westwind
|
Ashburn, VA
|
Multifamily
|
464
|
2006
|
12/14/10
|
|||||
Total Disposition Volume:
|
$104.9
|
million
|
1,066 apartment homes
|
||||||||
1.7 acres
|
(a) |
These communities were acquired from Joint Ventures of which Camden previously owned a 30% interest. Apartment homes were previously
accounted for in Camden's unit count.
|
CAMDEN
|
DEBT ANALYSIS | |||||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
DEBT MATURITIES AS OF DECEMBER 31, 2010:
|
||||||||||||||||||||||||
Future Scheduled Repayments
|
Weighted Average
|
|||||||||||||||||||||||
Secured
|
Unsecured
|
Percent
|
Interest Rate on
|
|||||||||||||||||||||
Year
|
Amortization
|
Maturities
|
Maturities
|
Total
|
of Total
|
Maturing Debt
|
||||||||||||||||||
2011
|
$4,548 | $31,476 | $122,966 | $158,990 | 6.2% | 6.2% | ||||||||||||||||||
2012
|
3,800 | 69,541 | 689,667 | 763,008 | 29.8% | 5.4% | ||||||||||||||||||
2013
|
2,542 | 25,831 | 200,000 | 228,373 | 8.9% | 5.4% | ||||||||||||||||||
2014
|
2,520 | 8,827 | 0 | 11,347 | 0.4% | 6.0% | ||||||||||||||||||
2015
|
2,708 | 0 | 250,000 | 252,708 | 9.9% | 5.1% | ||||||||||||||||||
Thereafter
|
83,471 | 819,107 | 246,750 | 1,149,328 | 44.8% | 4.6% | ||||||||||||||||||
Total Maturing Debt
|
$99,589 | $954,782 | $1,509,383 | $2,563,754 | 100.0% | 5.1% | ||||||||||||||||||
Unsecured Line of Credit
|
0 | 0 | 0 | 0 | 0.0% | N/A | ||||||||||||||||||
Total Debt
|
$99,589 | $954,782 | $1,509,383 | $2,563,754 | 100.0% | 5.1% | ||||||||||||||||||
Weighted Average Maturity of Debt
|
5.5 Years
|
|||||||||||||||||||||||
Weighted Average
|
||||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT:
|
Balance
|
% of Total
|
Interest Rate
|
Time to Maturity | ||||||||||||||||||||
Floating rate debt
|
$230,242 | 9.0% | 1.3% |
9.0 Years
|
||||||||||||||||||||
Fixed rate debt
|
2,333,512 | 91.0% | 5.4% |
5.2 Years
|
||||||||||||||||||||
Total
|
$2,563,754 | 100.0% | 5.1% |
5.5 Years
|
||||||||||||||||||||
Weighted Average
|
||||||||||||||||||||||||
SECURED vs. UNSECURED DEBT:
|
Balance
|
% of Total
|
Interest Rate
|
Time to Maturity | ||||||||||||||||||||
Unsecured debt
|
$1,507,757 | 58.8% | 5.5% |
3.0 Years
|
||||||||||||||||||||
Secured debt
|
1,055,997 | 41.2% | 4.4% |
9.1 Years
|
||||||||||||||||||||
Total
|
$2,563,754 | 100.0% | 5.1% |
5.5 Years
|
||||||||||||||||||||
Weighted Average
|
||||||||||||||||||||||||
SECURED DEBT DETAIL:
|
Balance
|
% of Total
|
Interest Rate
|
Time to Maturity | ||||||||||||||||||||
Conventional fixed-rate mortgage debt (a)
|
$825,755 | 78.2% | 5.2% |
9.1 Years
|
||||||||||||||||||||
Conventional variable-rate mortgage debt (a)
|
189,926 | 18.0% | 1.2% |
7.2 Years
|
||||||||||||||||||||
Tax exempt variable rate debt
|
40,316 | 3.8% | 1.8% |
17.5 Years
|
||||||||||||||||||||
Total
|
$1,055,997 | 100.0% | 4.4% |
9.1 Years
|
||||||||||||||||||||
REAL ESTATE ASSETS: (b)
|
Total Homes
|
% of Total
|
Total Cost
|
% of Total
|
||||||||||||||||||||
Unencumbered real estate assets
|
37,302 | 72.4% | $4,018,106 | 71.1% | ||||||||||||||||||||
Encumbered real estate assets
|
14,186 | 27.6% | 1,629,571 | 28.9% | ||||||||||||||||||||
Total
|
51,488 | 100.0% | $5,647,677 | 100.0% | ||||||||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is 2.7 times |
(a) | Mortgage debt includes a construction loan for Camden Travis Street with a $31.5MM balance at 12/31/10, of which $16.6MM was fixed utilizing an interest rate swap. |
(b) | Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures. |
CAMDEN
|
DEBT MATURITY ANALYSIS | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2011 AND 2012:
|
||||||||||||||||||||||
Future Scheduled Repayments
|
Weighted Average
|
|||||||||||||||||||||
Secured
|
Unsecured
|
Interest Rate on
|
||||||||||||||||||||
Quarter
|
Amortization
|
Maturities
|
Maturities
|
Total
|
Maturing Debt
|
|||||||||||||||||
1Q 2011 | $1,268 | $0 | $87,966 | $89,234 | 7.7% | |||||||||||||||||
2Q 2011 | 1,179 | 0 | 35,000 | 36,179 | 5.0% | |||||||||||||||||
3Q 2011 | 1,035 | 31,476 | 0 | 32,511 | 3.4% | |||||||||||||||||
4Q 2011 | 1,066 | 0 | 0 | 1,066 | N/A | |||||||||||||||||
2011 | $4,548 | $31,476 | $122,966 | $158,990 | 6.2% | |||||||||||||||||
1Q 2012 | $1,080 | $0 | $0 | $1,080 | N/A | |||||||||||||||||
2Q 2012 | 1,078 | 0 | 0 | 1,078 | N/A | |||||||||||||||||
3Q 2012 | 922 | 69,541 | 0 | 70,463 | 5.0% | |||||||||||||||||
4Q 2012 | 720 | 0 | 689,667 | 690,387 | 5.4% | |||||||||||||||||
2012 | $3,800 | $69,541 | $689,667 | $763,008 | 5.4% |
CAMDEN
|
DEBT COVENANT ANALYSIS | |||||||
(Unaudited)
|
||||||||
UNSECURED LINE OF CREDIT
|
||||||||
Covenant (a)
|
Required
|
Actual (b)
|
Compliance
|
|||||
Total Consolidated Debt to Gross Asset Value
|
< 60% | 42% |
Yes
|
|||||
Secured Debt to Gross Asset Value
|
< 35% | 17% |
Yes
|
|||||
Consolidated EBITDA to Total Fixed Charges
|
> 150% | 238% |
Yes
|
|||||
Unencumbered Adjusted NOI to Unsecured Interest Expense
|
> 200% | 298% |
Yes
|
|||||
Unencumbered Adjusted NOI to Total Unsecured Debt
|
> 11.5% | 16% |
Yes
|
|||||
SENIOR UNSECURED NOTES
|
||||||||
Covenant (a)
|
Required
|
Actual (b)
|
Compliance
|
|||||
Total Consolidated Debt to Total Asset Value
|
< 60% | 43% |
Yes
|
|||||
Total Secured Debt to Total Asset Value
|
< 40% | 18% |
Yes
|
|||||
Total Unencumbered Asset Value to Total Unsecured Debt
|
> 150% | 287% |
Yes
|
|||||
Consolidated Income Available for Debt Service to Total
|
> 150% | 268% |
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 | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |||||||||||||||||||
DEBT ANALYSIS | ||||||||||||||||||||
(In thousands, except property data amounts) | ||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF DECEMBER 31, 2010:
|
||||||||||||||||||||
Future Scheduled Repayments (a)
|
Weighted Average
|
|||||||||||||||||||
Secured
|
Percent
|
Interest Rate on
|
||||||||||||||||||
Year (b)
|
Amortization
|
Maturities
|
Total
|
of Total
|
Maturing Debt
|
|||||||||||||||
2011
|
$346 | $51,024 | $51,370 | 26.6% | 2.0% | |||||||||||||||
2012
|
412 | 111,275 | 111,687 | 57.8% | 5.1% | |||||||||||||||
2013
|
495 | 0 | 495 | 0.3% | N/A | |||||||||||||||
2014
|
467 | 11,710 | 12,177 | 6.3% | 5.7% | |||||||||||||||
2015
|
242 | 5,900 | 6,142 | 3.2% | 2.1% | |||||||||||||||
Thereafter
|
4,372 | 6,328 | 10,700 | 5.5% | 3.0% | |||||||||||||||
Total Maturing Debt
|
$6,334 | $186,237 | $192,571 | 99.7% | 4.1% | |||||||||||||||
Subscription line of credit (c)
|
0 | 559 | 559 | 0.3% | 1.5% | |||||||||||||||
Total Debt
|
$6,334 | $186,796 | $193,130 | 100.0% | 4.1% | |||||||||||||||
Weighted Average Maturity of Debt (b)
|
2.1 Years
|
|||||||||||||||||||
Total Recourse Exposure (d)
|
$11,009 | |||||||||||||||||||
Weighted Average
|
||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT:
|
Balance
|
% of Total
|
Interest Rate
|
Time to Maturity (a)
|
||||||||||||||||
Floating rate debt
|
$65,841 | 34.1 | % | 1.9% |
2.2 Years
|
|||||||||||||||
Fixed rate debt
|
127,289 | 65.9 | % | 5.2% |
2.0 Years
|
|||||||||||||||
Total
|
$193,130 | 100.0 | % | 4.1% |
2.1 Years
|
|||||||||||||||
Weighted Average
|
||||||||||||||||||||
SECURED DEBT DETAIL:
|
Balance
|
% of Total
|
Interest Rate
|
Time to Maturity (a)
|
||||||||||||||||
Conventional fixed-rate mortgage debt
|
$127,288 | 65.9 | % | 5.2% |
2.0 Years
|
|||||||||||||||
Conventional variable-rate mortgage debt
|
9,680 | 5.0 | % | 1.8% |
3.5 Years
|
|||||||||||||||
Tax exempt variable rate debt
|
4,579 | 2.4 | % | 0.7% |
21.3 Years
|
|||||||||||||||
Variable-rate construction loans
|
51,024 | 26.4 | % | 2.0% |
0.3 Years
|
|||||||||||||||
Subscription line of credit
|
559 | 0.3 | % | 1.5% |
0.6 Years
|
|||||||||||||||
Total
|
$193,130 | 100.0 | % | 4.1% |
2.1 Years
|
|||||||||||||||
REAL ESTATE ASSETS: (e)
|
Total Homes
|
Total Cost
|
||||||||||||||||||
Operating real estate assets
|
12,435 | $1,107,951 | ||||||||||||||||||
Predevelopment real estate assets
|
- | 7,385 | ||||||||||||||||||
Total
|
12,435 | $1,115,336 |
(a) |
Excludes Camden's pro-rata share of Notes Payable due to Camden.
|
(b) | Excluding unexercised extension options. |
(c) | As of December 31, 2010 these borrowings were drawn under a subscription secured line of credit with $5.0 million in total capacity. Camden has a 20% ownership interest in the borrowing entity. |
(d) | Represents Camden's potential liability under joint venture construction loan guarantees as of December 31, 2010. |
(e) | Balance sheet and property data reported at 100%. |
CAMDEN
|
UNCONSOLIDATED REAL ESTATE INVESTMENTS | ||||||||||||||||||
DEBT MATURITY ANALYSIS | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2011 and 2012: (a)
|
|||||||||||||||||||
Weighted Average
|
|||||||||||||||||||
Future Scheduled Repayments
|
Interest Rate on | ||||||||||||||||||
Quarter
|
Amortization
|
Secured Maturities
|
Total
|
Maturing Debt
|
|||||||||||||||
1Q 2011 | $74 | $5,287 | $5,361 | 1.9% | |||||||||||||||
2Q 2011 | 75 | 44,036 | 44,111 | 2.0% | |||||||||||||||
3Q 2011 | 97 | 560 | 657 | 1.5% | |||||||||||||||
4Q 2011 | 100 | 1,700 | 1,800 | 2.6% | |||||||||||||||
2011 | $346 | $51,583 | $51,929 | 2.0% | |||||||||||||||
1Q 2011 | $102 | $0 | $102 | N/A | |||||||||||||||
2Q 2011 | $101 | $54,521 | 54,622 | 5.1% | |||||||||||||||
3Q 2011 | $103 | $35,980 | 36,083 | 4.7% | |||||||||||||||
4Q 2011 | $106 | $20,774 | 20,880 | 5.8% | |||||||||||||||
2011 | $412 | $111,275 | $111,687 | 5.1% |
(a)
|
3Q 2011 maturities include a subscription secured line of credit with $559 (Camden's pro-rata share) outstanding as of December 31, 2010. The line of credit has $5.0 million in total capacity. |
CAMDEN
|
CAPITALIZED EXPENDITURES | ||||||||||||||||||
& MAINTENANCE EXPENSE | |||||||||||||||||||
(In thousands, except per unit data) | |||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||
Fourth Quarter 2010 (a)
|
|||||||||||||||||||
Capitalized
|
Expensed
|
||||||||||||||||||
Weighted Average
|
|||||||||||||||||||
Item
|
Useful Life (b)
|
Total
|
Per Unit
|
Total
|
Per Unit
|
||||||||||||||
Interiors
|
|||||||||||||||||||
Floor coverings
|
5.5 years
|
$2,284 | $45 | $914 | $18 | ||||||||||||||
Appliances
|
9.7 years
|
1,646 | 32 | 202 | 4 | ||||||||||||||
Painting
|
- | - | - | 1,526 | 30 | ||||||||||||||
Cabinetry/Countertops
|
10.0 years
|
300 | 6 | - | - | ||||||||||||||
Other
|
10.1 years
|
998 | 20 | 462 | 9 | ||||||||||||||
Exteriors
|
|||||||||||||||||||
Painting
|
5.0 years
|
689 | 14 | - | - | ||||||||||||||
Carpentry
|
10.0 years
|
209 | 4 | - | - | ||||||||||||||
Landscaping
|
6.0 years
|
478 | 9 | 2,286 | 45 | ||||||||||||||
Roofing
|
20.0 years
|
172 | 3 | 92 | 2 | ||||||||||||||
Site Drainage
|
10.0 years
|
38 | 1 | - | - | ||||||||||||||
Fencing/Stair
|
10.0 years
|
111 | 2 | - | - | ||||||||||||||
Other (b)
|
8.3 years
|
1,531 | 30 | 2,818 | 55 | ||||||||||||||
Common Areas
|
|||||||||||||||||||
Mech., Elec., Plumbing
|
9.6 years
|
1,243 | 24 | 884 | 17 | ||||||||||||||
Parking/Paving
|
5.0 years
|
378 | 7 | - | - | ||||||||||||||
Pool/Exercise/Facility
|
6.8 years
|
794 | 16 | 275 | 5 | ||||||||||||||
$10,871 | $213 | $9,459 | $186 | ||||||||||||||||
Weighted Average Apartment Homes
|
50,970 | 50,970 | |||||||||||||||||
Year to Date 2010 (a)
|
|||||||||||||||||||
Capitalized
|
Expensed
|
||||||||||||||||||
Weighted Average
|
|||||||||||||||||||
Item
|
Useful Life (b)
|
Total
|
Per Unit
|
Total
|
Per Unit
|
||||||||||||||
Interiors
|
|||||||||||||||||||
Floor coverings
|
5.5 years
|
$9,524 | $188 | $3,447 | $68 | ||||||||||||||
Appliances
|
9.7 years
|
4,973 | 98 | 787 | 15 | ||||||||||||||
Painting
|
- | - | - | 6,003 | 118 | ||||||||||||||
Cabinetry/Countertops
|
10.0 years
|
971 | 19 | - | - | ||||||||||||||
Other
|
10.1 years
|
3,676 | 72 | 1,839 | 36 | ||||||||||||||
Exteriors
|
|||||||||||||||||||
Painting
|
5.0 years
|
2,218 | 44 | - | - | ||||||||||||||
Carpentry
|
10.0 years
|
2,134 | 42 | - | - | ||||||||||||||
Landscaping
|
6.0 years
|
1,299 | 26 | 10,428 | 205 | ||||||||||||||
Roofing
|
20.0 years
|
1,880 | 37 | 373 | 7 | ||||||||||||||
Site Drainage
|
10.0 years
|
320 | 6 | - | - | ||||||||||||||
Fencing/Stair
|
10.0 years
|
648 | 13 | - | - | ||||||||||||||
Other (c)
|
8.3 years
|
4,699 | 93 | 10,145 | 200 | ||||||||||||||
Common Areas
|
|||||||||||||||||||
Mech., Elec., Plumbing
|
9.6 years
|
3,914 | 77 | 3,601 | 71 | ||||||||||||||
Parking/Paving
|
5.0 years
|
1,115 | 22 | - | - | ||||||||||||||
Pool/Exercise/Facility
|
6.8 years
|
3,478 | 68 | 1,370 | 27 | ||||||||||||||
$40,849 | $804 | $37,993 | $748 | ||||||||||||||||
Weighted Average Apartment Homes
|
50,794 | 50,794 |
(a)
|
Includes discontinued operations. Capitalized expenditures for discontinued operations were $99 and $268 for the three and twelve months ended December 31, 2010, respectively. Maintenance expenses for discontinued operations were $162 and $657 for the same periods.
|
(b)
|
Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2010.
|
(c)
|
Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
|
CAMDEN
|
2011 Financial Outlook | |||||
as of February 3, 2011 | ||||||
(Unaudited)
|
||||||
2010 Reported FFO, Adjusted for Non-Routine Items
|
||||||
Total
|
Per Share
|
|||||
2010 Reported FFO
|
$194,309 | $2.72 | ||||
Adjustments for 2010 non-routine items:
|
||||||
Less: Gain on final resolution of a contingent liability on previously sold assets (1Q2010)
|
(2,677 | ) | (0.04 | ) | ||
Less: Other income recognized as a result of the dissolution of a joint venture (4Q2010)
|
(4,175 | ) | (0.06 | ) | ||
Plus: Impairment associated with a technology investment (4Q2010)
|
1,000 | 0.01 | ||||
2010 FFO adjusted for non-routine items
|
$188,457 | $2.63 | ||||
2010 Fully Diluted Shares Outstanding - FFO
|
71,552 | |||||
December 31, 2010 Fully Diluted Shares Outstanding - FFO
|
74,795 | |||||
2010 FFO adjusted for non-routine items and December 31, 2010 Fully Diluted Shares Outstanding - FFO | $2.52 | |||||
2011 Financial Outlook
|
||||||
Earnings Guidance - Per Diluted Share
|
||||||
Expected net income attributable to common shareholders per share - diluted
|
$0.20 - $0.50 | |||||
Expected real estate depreciation
|
$2.34 | |||||
Expected adjustments for unconsolidated joint ventures
|
$0.14 | |||||
Expected income allocated to noncontrolling interests
|
$0.02 | |||||
Expected FFO per share - diluted
|
$2.70 - $3.00 | |||||
"Same Property" Communities
|
||||||
Number of Units
|
47,600 | |||||
2010 Base Net Operating Income
|
$347 million
|
|||||
Total Revenue Growth
|
3.25% - 5.00% | |||||
Total Expense Growth
|
2.50% - 3.50% | |||||
Net Operating Income Growth
|
4.00% - 6.00% | |||||
Physical Occupancy
|
94.70% | |||||
∙ Impact from 1.0% change in NOI Growth is approximately $0.05 / share
|
||||||
Acquisitions/Dispositions
|
||||||
Future Dispositions Volume
|
$0 - $100 million
|
|||||
Future Acquisitions Volume (consolidated on balance sheet)
|
$0 - $100 million
|
|||||
Future Acquisitions Volume (joint venture)
|
$300 - $800 million
|
|||||
Development
|
||||||
Development Starts (consolidated on balance sheet)
|
$200 - $400 million
|
|||||
Development Starts (joint venture)
|
$50 - $150 million
|
|||||
Capitalized Maintenance Expenditures
|
$44 - $48 million
|
|||||
Non-Property Income
|
||||||
Non-Property Income, Net
|
$2 - $4 million
|
|||||
Includes: Fee and asset management income, net of expenses and
|
||||||
Interest and other income
|
||||||
Corporate Expenses
|
||||||
General and administrative and property management expenses
|
$50 - $54 million
|
|||||
Debt
|
||||||
Capitalized Interest
|
$7 - $10 million
|
|||||
Expensed Interest
|
$113 - $117 million
|
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document. Additionally, please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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 attributable to common shares 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 attributable to common shareholders to FFO is provided below:
|
||||||||||||
|
||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||
Net income (loss) attributable to common shareholders
|
$17,147 | ($79,286 | ) | $23,216 | ($50,800 | ) | ||||||
Real estate depreciation from continuing operations
|
43,550 | 41,927 | 167,949 | 167,120 | ||||||||
Real estate depreciation from discontinued operations
|
435 | 846 | 2,711 | 3,360 | ||||||||
Adjustments for unconsolidated joint ventures
|
2,190 | 1,988 | 8,943 | 7,800 | ||||||||
Income (loss) allocated to noncontrolling interests
|
240 | (1,794 | ) | 1,104 | (646 | ) | ||||||
Gain on sale of discontinued operations
|
(9,614 | ) | - | (9,614 | ) | (16,887 | ) | |||||
Funds from operations - diluted
|
$53,948 | ($36,319 | ) | $194,309 | $109,947 | |||||||
Weighted average number of common and
|
||||||||||||
common equivalent shares outstanding:
|
||||||||||||
EPS diluted
|
71,587 | 66,134 | 68,957 | 62,359 | ||||||||
FFO diluted
|
73,847 | 69,119 | 71,552 | 65,266 | ||||||||
Net income attributable to common shareholders - diluted
|
$0.24 | ($1.19 | ) | $0.33 | ($0.80 | ) | ||||||
FFO per common share - diluted
|
$0.73 | ($0.53 | ) | $2.72 | $1.68 | |||||||
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 attributable to common shareholders (EPS). A reconciliation of the ranges provided for expected net income attributable to common shareholders per diluted share to expected FFO per diluted share is provided below:
|
||||||||||||
|
||||||||||||
1Q11 Range
|
2011 Range | |||||||||||
Low
|
High
|
Low
|
High
|
|||||||||
Expected net income attributable to common shareholders per share - diluted
|
$0.01 | $0.05 | $0.20 | $0.50 | ||||||||
Expected real estate depreciation
|
$0.61 | $0.61 | $2.34 | $2.34 | ||||||||
Expected adjustments for unconsolidated joint ventures
|
$0.03 | $0.03 | $0.14 | $0.14 | ||||||||
Expected income allocated to noncontrolling interests
|
$0.00 | $0.00 | $0.02 | $0.02 | ||||||||
Expected FFO per share - diluted
|
$0.65 | $0.69 | $2.70 | $3.00 |
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 attributable to common shareholders 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 attributable to common shareholders to net operating income is provided below:
|
||||||||||||
|
||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||
Net income attributable to common shareholders
|
$17,147 | ($79,286 | ) | $23,216 | ($50,800 | ) | ||||||
Less: Fee and asset management income
|
(2,144 | ) | (1,915 | ) | (8,172 | ) | (8,008 | ) | ||||
Less: Interest and other income
|
(4,596 | ) | (412 | ) | (8,584 | ) | (2,826 | ) | ||||
Less: (Income) loss on deferred compensation plans
|
(4,763 | ) | (2,907 | ) | (11,581 | ) | (14,609 | ) | ||||
Plus: Property management expense
|
4,988 | 5,016 | 19,982 | 18,864 | ||||||||
Plus: Fee and asset management expense
|
1,230 | 1,366 | 4,841 | 4,878 | ||||||||
Plus: General and administrative expense
|
8,423 | 8,233 | 30,762 | 31,243 | ||||||||
Plus: Interest expense
|
30,815 | 30,932 | 125,893 | 128,296 | ||||||||
Plus: Depreciation and amortization
|
44,837 | 43,073 | 172,849 | 171,322 | ||||||||
Plus: Amortization of deferred financing costs
|
1,478 | 1,569 | 4,102 | 3,925 | ||||||||
Plus: Expense (benefit) on deferred compensation plans
|
4,763 | 2,907 | 11,581 | 14,609 | ||||||||
Less: (Gain) on sale of properties, including land
|
- | - | (236 | ) | - | |||||||
Plus: Loss on early retirement of debt
|
- | - | - | 2,550 | ||||||||
Less: Equity in (income) loss of joint ventures
|
54 | (103 | ) | 839 | (695 | ) | ||||||
Plus: Impairment associated with land development activities
|
- | 85,614 | - | 85,614 | ||||||||
Plus: Impairment provision for technology investments
|
1,000 | - | 1,000 | - | ||||||||
Plus: Income allocated to perpetual preferred units
|
1,750 | 1,750 | 7,000 | 7,000 | ||||||||
Plus: Income (loss) allocated to noncontrolling interests
|
384 | (1,851 | ) | 926 | (403 | ) | ||||||
Plus: Income tax expense - current
|
295 | 195 | 1,581 | 967 | ||||||||
Less: (Income) from discontinued operations
|
(738 | ) | (864 | ) | (3,481 | ) | (5,101 | ) | ||||
Less: (Gain) loss on sale of discontinued operations
|
(9,614 | ) | - | (9,614 | ) | (16,887 | ) | |||||
Net Operating Income (NOI)
|
$95,309 | $93,317 | $362,904 | $369,939 | ||||||||
"Same Property" Communities
|
$86,314 | $86,210 | $334,014 | $346,237 | ||||||||
Non-"Same Property" Communities
|
9,314 | 6,876 | 29,609 | 22,311 | ||||||||
Other
|
(319 | ) | 231 | (719 | ) | 1,391 | ||||||
Net Operating Income (NOI)
|
$95,309 | $93,317 | $362,904 | $369,939 | ||||||||
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) loss of joint ventures, (gain) loss on early retirement of debt, and income (loss) allocated to noncontrolling interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders 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 attributable to common shareholders to EBITDA is provided below:
|
||||||||||||
|
||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||
Net income attributable to common shareholders
|
$17,147 | ($79,286 | ) | $23,216 | ($50,800 | ) | ||||||
Plus: Interest expense
|
30,815 | 30,932 | 125,893 | 128,296 | ||||||||
Plus: Amortization of deferred financing costs
|
1,478 | 1,569 | 4,102 | 3,925 | ||||||||
Plus: Depreciation and amortization
|
44,837 | 43,073 | 172,849 | 171,322 | ||||||||
Plus: Income allocated to perpetual preferred units
|
1,750 | 1,750 | 7,000 | 7,000 | ||||||||
Plus: Income (loss) allocated to noncontrolling interests
|
384 | (1,851 | ) | 926 | (403 | ) | ||||||
Plus: Income tax expense - current
|
295 | 195 | 1,581 | 967 | ||||||||
Plus: Real estate depreciation and amortization from discontinued operations
|
435 | 846 | 2,711 | 3,360 | ||||||||
Less: (Gain) on sale of properties, including land
|
- | - | (236 | ) | - | |||||||
Plus: Loss on early retirement of debt
|
- | - | - | 2,550 | ||||||||
Less: Equity in (income) loss of joint ventures
|
54 | (103 | ) | 839 | (695 | ) | ||||||
Plus: Impairment associated with land development activities
|
- | 85,614 | - | 85,614 | ||||||||
Plus: Impairment provision for technology investments
|
1,000 | - | 1,000 | - | ||||||||
Less: (Gain) loss on sale of discontinued operations
|
(9,614 | ) | - | (9,614 | ) | (16,887 | ) | |||||
EBITDA
|
$88,581 | $82,739 | $330,267 | $334,249 |
CAMDEN
|
OTHER DATA | ||
(Unaudited)
|
Stock Symbol:
|
CPT
|
||||||||||
Exchange Traded:
|
NYSE
|
||||||||||
Senior Unsecured Debt Ratings:
|
Rating
|
Outlook
|
|||||||||
Standard & Poors |
BBB
|
Stable
|
|||||||||
Moody's
|
Baa1
|
Stable
|
|||||||||
Estimated Future Dates:
|
Q1 '11
|
Q2 '11
|
Q3 '11
|
Q4 '11
|
|||||||
Earnings release & conference call
|
Early May
|
Early Aug
|
Late Oct
|
Early Feb | |||||||
Dividend Information - Common Shares: |
Q1 '10
|
Q2 '10
|
Q3 '10
|
Q4 '10
|
|||||||
Declaration Date
|
03/15/10
|
06/15/10
|
09/15/10
|
12/06/10
|
|||||||
Record Date
|
03/31/10
|
06/30/10
|
09/30/10
|
12/20/10
|
|||||||
Payment Date
|
04/16/10
|
07/16/10
|
10/18/10
|
01/18/11
|
|||||||
Distributions Per Share
|
$0.45
|
$0.45
|
$0.45
|
$0.45
|
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
|
CAMDEN
|
COMMUNITY TABLE | ||||||||||
Community Statistics as of 12/31/10 | |||||||||||
(Unaudited)
|
4Q10 Avg
|
||||||||||
Year Placed
|
Average
|
Apartment
|
4Q10 Avg
|
Monthly Rental Rates
|
|||||||
Community Name
|
City
|
State
|
in Service
|
Size
|
Homes
|
Occupancy
|
Per Home
|
Per Sq. Ft.
|
|||
Camden Copper Square
|
Phoenix
|
AZ
|
2000
|
786
|
332
|
91%
|
$766
|
$0.97
|
|||
Camden Fountain Palms (1)
|
Peoria
|
AZ
|
1986/1996
|
1,050
|
192
|
90%
|
657
|
0.63
|
|||
Camden Legacy
|
Scottsdale
|
AZ
|
1996
|
1,067
|
428
|
94%
|
841
|
0.79
|
|||
Camden Pecos Ranch (1)
|
Chandler
|
AZ
|
2001
|
924
|
272
|
96%
|
751
|
0.81
|
|||
Camden San Paloma
|
Scottsdale
|
AZ
|
1993/1994
|
1,042
|
324
|
95%
|
884
|
0.85
|
|||
Camden Sierra (1)
|
Peoria
|
AZ
|
1997
|
925
|
288
|
89%
|
647
|
0.70
|
|||
Camden Towne Center (1)
|
Glendale
|
AZ
|
1998
|
871
|
240
|
92%
|
664
|
0.76
|
|||
Camden Vista Valley
|
Mesa
|
AZ
|
1986
|
923
|
357
|
90%
|
601
|
0.65
|
|||
TOTAL ARIZONA
|
8
|
Properties
|
951
|
2,433
|
92%
|
736
|
0.78
|
||||
Camden Crown Valley
|
Mission Viejo
|
CA
|
2001
|
1,009
|
380
|
93%
|
1,508
|
1.50
|
|||
Camden Harbor View
|
Long Beach
|
CA
|
2004
|
975
|
538
|
94%
|
1,846
|
1.89
|
|||
Camden Main and Jamboree
|
Irvine
|
CA
|
2008
|
1,011
|
290
|
90%
|
1,746
|
1.73
|
|||
Camden Martinique
|
Costa Mesa
|
CA
|
1986
|
794
|
714
|
92%
|
1,247
|
1.57
|
|||
Camden Parkside (1)
|
Fullerton
|
CA
|
1972
|
836
|
421
|
93%
|
1,183
|
1.42
|
|||
Camden Sea Palms
|
Costa Mesa
|
CA
|
1990
|
891
|
138
|
97%
|
1,427
|
1.60
|
|||
Total Los Angeles/Orange County
|
6
|
Properties
|
904
|
2,481
|
93%
|
1,474
|
1.63
|
||||
Camden Old Creek
|
San Marcos
|
CA
|
2007
|
1,037
|
350
|
92%
|
1,536
|
1.48
|
|||
Camden Sierra at Otay Ranch
|
Chula Vista
|
CA
|
2003
|
962
|
422
|
92%
|
1,474
|
1.53
|
|||
Camden Tuscany
|
San Diego
|
CA
|
2003
|
896
|
160
|
93%
|
1,841
|
2.05
|
|||
Camden Vineyards
|
Murrieta
|
CA
|
2002
|
1,053
|
264
|
90%
|
1,214
|
1.15
|
|||
Total San Diego/Inland Empire
|
4
|
Properties
|
995
|
1,196
|
92%
|
1,484
|
1.49
|
||||
TOTAL CALIFORNIA
|
10
|
Properties
|
934
|
3,677
|
92%
|
1,477
|
1.58
|
||||
Camden Caley
|
Englewood
|
CO
|
2000
|
925
|
218
|
97%
|
867
|
0.94
|
|||
Camden Centennial
|
Littleton
|
CO
|
1985
|
744
|
276
|
95%
|
673
|
0.90
|
|||
Camden Denver West (1)
|
Golden
|
CO
|
1997
|
1,015
|
320
|
91%
|
1,055
|
1.04
|
|||
Camden Highlands Ridge
|
Highlands Ranch
|
CO
|
1996
|
1,149
|
342
|
94%
|
1,107
|
0.96
|
|||
Camden Interlocken
|
Broomfield
|
CO
|
1999
|
1,022
|
340
|
95%
|
1,117
|
1.09
|
|||
Camden Lakeway
|
Littleton
|
CO
|
1997
|
932
|
451
|
93%
|
879
|
0.94
|
|||
Camden Pinnacle
|
Westminster
|
CO
|
1985
|
748
|
224
|
93%
|
692
|
0.93
|
|||
TOTAL COLORADO
|
7
|
Properties
|
949
|
2,171
|
94%
|
932
|
0.98
|
||||
Camden Ashburn Farms
|
Ashburn
|
VA
|
2000
|
1,062
|
162
|
95%
|
1,359
|
1.28
|
|||
Camden Clearbrook
|
Frederick
|
MD
|
2007
|
1,048
|
297
|
94%
|
1,238
|
1.18
|
|||
Camden College Park
|
College Park
|
MD
|
2008
|
942
|
508
|
93%
|
1,525
|
1.62
|
|||
Camden Dulles Station
|
Oak Hill
|
VA
|
2009
|
984
|
366
|
95%
|
1,489
|
1.51
|
|||
Camden Fair Lakes
|
Fairfax
|
VA
|
1999
|
1,056
|
530
|
96%
|
1,517
|
1.44
|
|||
Camden Fairfax Corner
|
Fairfax
|
VA
|
2006
|
934
|
488
|
96%
|
1,557
|
1.67
|
|||
Camden Fallsgrove
|
Rockville
|
MD
|
2004
|
996
|
268
|
95%
|
1,554
|
1.56
|
|||
Camden Grand Parc
|
Washington
|
DC
|
2002
|
674
|
105
|
96%
|
2,345
|
3.48
|
|||
Camden Lansdowne
|
Leesburg
|
VA
|
2002
|
1,006
|
690
|
96%
|
1,283
|
1.28
|
|||
Camden Largo Town Center
|
Largo
|
MD
|
2000/2007
|
1,027
|
245
|
94%
|
1,544
|
1.50
|
|||
Camden Monument Place
|
Fairfax
|
VA
|
2007
|
856
|
368
|
95%
|
1,431
|
1.67
|
|||
Camden Potomac Yard
|
Arlington
|
VA
|
2008
|
835
|
378
|
94%
|
1,867
|
2.24
|
|||
Camden Roosevelt
|
Washington
|
DC
|
2003
|
856
|
198
|
100%
|
2,272
|
2.65
|
|||
Camden Russett
|
Laurel
|
MD
|
2000
|
992
|
426
|
95%
|
1,357
|
1.37
|
|||
Camden Silo Creek
|
Ashburn
|
VA
|
2004
|
975
|
284
|
97%
|
1,304
|
1.34
|
|||
Camden Summerfield
|
Landover
|
MD
|
2008
|
957
|
291
|
93%
|
1,513
|
1.58
|
|||
TOTAL DC METRO
|
16
|
Properties
|
963
|
5,604
|
95%
|
1,511
|
1.57
|
||||
Camden Aventura
|
Aventura
|
FL
|
1995
|
1,108
|
379
|
95%
|
1,356
|
1.22
|
|||
Camden Brickell
|
Miami
|
FL
|
2003
|
937
|
405
|
96%
|
1,402
|
1.50
|
|||
Camden Doral
|
Miami
|
FL
|
1999
|
1,120
|
260
|
95%
|
1,472
|
1.31
|
|||
Camden Doral Villas
|
Miami
|
FL
|
2000
|
1,253
|
232
|
96%
|
1,571
|
1.25
|
|||
Camden Las Olas
|
Ft. Lauderdale
|
FL
|
2004
|
1,043
|
420
|
95%
|
1,532
|
1.47
|
|||
Camden Plantation
|
Plantation
|
FL
|
1997
|
1,201
|
502
|
95%
|
1,255
|
1.05
|
|||
Camden Portofino
|
Pembroke Pines
|
FL
|
1995
|
1,112
|
322
|
94%
|
1,286
|
1.16
|
|||
Total Southeast Florida
|
7
|
Properties
|
1,103
|
2,520
|
95%
|
1,396
|
1.26
|
||||
Camden Club
|
Longwood
|
FL
|
1986
|
1,077
|
436
|
94%
|
818
|
0.76
|
|||
Camden Hunter's Creek
|
Orlando
|
FL
|
2000
|
1,075
|
270
|
95%
|
920
|
0.86
|
|||
Camden Lago Vista
|
Orlando
|
FL
|
2005
|
955
|
366
|
95%
|
845
|
0.89
|
|||
Camden Landings
|
Orlando
|
FL
|
1983
|
748
|
220
|
93%
|
631
|
0.84
|
|||
Camden Lee Vista
|
Orlando
|
FL
|
2000
|
937
|
492
|
94%
|
812
|
0.87
|
|||
Camden Orange Court
|
Orlando
|
FL
|
2008
|
812
|
261
|
94%
|
1,046
|
1.30
|
|||
Camden Renaissance
|
Altamonte Springs
|
FL
|
1996/1998
|
899
|
578
|
92%
|
762
|
0.85
|
|||
Camden Reserve
|
Orlando
|
FL
|
1990/1991
|
824
|
526
|
93%
|
682
|
0.83
|
|||
Camden World Gateway
|
Orlando
|
FL
|
2000
|
979
|
408
|
93%
|
902
|
0.92
|
|||
Total Orlando
|
9
|
Properties
|
928
|
3,557
|
94%
|
813
|
0.88
|
CAMDEN
|
COMMUNITY TABLE | ||||||||||
Community Statistics as of 12/31/10 | |||||||||||
(Unaudited)
|
4Q10 Avg
|
||||||||||
Year Placed
|
Average
|
Apartment
|
4Q10 Avg
|
Monthly Rental Rates
|
|||||||
Community Name
|
City
|
State
|
in Service
|
Size
|
Homes
|
Occupancy
|
Per Home
|
Per Sq. Ft.
|
Camden Bay
|
Tampa
|
FL
|
1997/2001
|
943
|
760
|
95%
|
806
|
0.85
|
|||
Camden Bay Pointe
|
Tampa
|
FL
|
1984
|
771
|
368
|
93%
|
652
|
0.84
|
|||
Camden Bayside
|
Tampa
|
FL
|
1987/1989
|
748
|
832
|
95%
|
700
|
0.94
|
|||
Camden Citrus Park
|
Tampa
|
FL
|
1985
|
704
|
247
|
93%
|
637
|
0.90
|
|||
Camden Lakes
|
St. Petersburg
|
FL
|
1982/1983
|
732
|
688
|
93%
|
639
|
0.87
|
|||
Camden Lakeside
|
Brandon
|
FL
|
1986
|
729
|
228
|
92%
|
706
|
0.97
|
|||
Camden Live Oaks
|
Tampa
|
FL
|
1990
|
1,093
|
770
|
93%
|
760
|
0.69
|
|||
Camden Preserve
|
Tampa
|
FL
|
1996
|
942
|
276
|
95%
|
959
|
1.02
|
|||
Camden Providence Lakes
|
Brandon
|
FL
|
1996
|
1,024
|
260
|
93%
|
861
|
0.84
|
|||
Camden Royal Palms
|
Brandon
|
FL
|
2006
|
1,017
|
352
|
93%
|
906
|
0.89
|
|||
Camden Westshore
|
Tampa
|
FL
|
1986
|
728
|
278
|
96%
|
778
|
1.07
|
|||
Camden Woods
|
Tampa
|
FL
|
1986
|
1,223
|
444
|
95%
|
791
|
0.65
|
|||
Total Tampa/St. Petersburg
|
12
|
Properties
|
897
|
5,503
|
94%
|
755
|
0.84
|
||||
TOTAL FLORIDA
|
28
|
Properties
|
951
|
11,580
|
94%
|
912
|
0.96
|
||||
Camden Brookwood
|
Atlanta
|
GA
|
2002
|
912
|
359
|
94%
|
932
|
1.02
|
|||
Camden Dunwoody
|
Atlanta
|
GA
|
1997
|
1,007
|
324
|
95%
|
839
|
0.83
|
|||
Camden Deerfield
|
Alpharetta
|
GA
|
2000
|
1,187
|
292
|
92%
|
897
|
0.76
|
|||
Camden Ivy Hall (1) (2)
|
Atlanta
|
GA
|
2010
|
1,181
|
110
|
Lease-Up
|
1,646
|
1.39
|
|||
Camden Midtown Atlanta
|
Atlanta
|
GA
|
2001
|
935
|
296
|
92%
|
929
|
0.99
|
|||
Camden Peachtree City
|
Peachtree City
|
GA
|
2001
|
1,027
|
399
|
93%
|
843
|
0.82
|
|||
Camden River
|
Duluth
|
GA
|
1997
|
1,103
|
352
|
93%
|
846
|
0.77
|
|||
Camden Shiloh
|
Kennesaw
|
GA
|
1999/2002
|
1,143
|
232
|
93%
|
813
|
0.71
|
|||
Camden St. Clair
|
Atlanta
|
GA
|
1997
|
999
|
336
|
94%
|
862
|
0.86
|
|||
Camden Stockbridge
|
Stockbridge
|
GA
|
2003
|
1,009
|
304
|
92%
|
735
|
0.73
|
|||
Camden Sweetwater
|
Lawrenceville
|
GA
|
2000
|
1,151
|
308
|
88%
|
708
|
0.62
|
|||
TOTAL GEORGIA
|
11
|
Properties
|
1,047
|
3,312
|
93%
|
869
|
0.83
|
||||
Camden Brookside (1)
|
Louisville
|
KY
|
1987
|
732
|
224
|
95%
|
654
|
0.89
|
|||
Camden Meadows (1)
|
Louisville
|
KY
|
1987/1990
|
746
|
400
|
94%
|
686
|
0.92
|
|||
Camden Oxmoor (1)
|
Louisville
|
KY
|
2000
|
903
|
432
|
94%
|
830
|
0.92
|
|||
Camden Prospect Park (1)
|
Louisville
|
KY
|
1990
|
916
|
138
|
95%
|
765
|
0.84
|
|||
TOTAL KENTUCKY
|
4
|
Properties
|
820
|
1,194
|
94%
|
741
|
0.90
|
||||
Camden Passage (1)
|
Kansas City
|
MO
|
1989/1997
|
834
|
596
|
93%
|
647
|
0.78
|
|||
Total Kansas City
|
1
|
Property
|
834
|
596
|
93%
|
647
|
0.78
|
||||
Camden Cedar Lakes (1)
|
Lake St. Louis
|
MO
|
1986
|
852
|
420
|
91%
|
622
|
0.73
|
|||
Camden Cove West (1)
|
Creve Coeur
|
MO
|
1990
|
828
|
276
|
96%
|
818
|
0.99
|
|||
Camden Cross Creek (1)
|
St. Louis
|
MO
|
1973/1980
|
947
|
591
|
93%
|
740
|
0.78
|
|||
Camden Westchase (1)
|
St. Louis
|
MO
|
1986
|
945
|
160
|
96%
|
854
|
0.90
|
|||
Total St. Louis
|
4
|
Properties
|
896
|
1,447
|
93%
|
733
|
0.82
|
||||
TOTAL MISSOURI
|
5
|
Properties
|
878
|
2,043
|
93%
|
708
|
0.81
|
||||
Camden Bel Air
|
Las Vegas
|
NV
|
1988/1995
|
943
|
528
|
92%
|
727
|
0.77
|
|||
Camden Breeze
|
Las Vegas
|
NV
|
1989
|
846
|
320
|
92%
|
724
|
0.86
|
|||
Camden Canyon
|
Las Vegas
|
NV
|
1995
|
987
|
200
|
92%
|
850
|
0.86
|
|||
Camden Commons
|
Henderson
|
NV
|
1988
|
936
|
376
|
92%
|
745
|
0.80
|
|||
Camden Cove
|
Las Vegas
|
NV
|
1990
|
898
|
124
|
91%
|
722
|
0.80
|
|||
Camden Del Mar
|
Las Vegas
|
NV
|
1995
|
986
|
560
|
94%
|
887
|
0.90
|
|||
Camden Fairways
|
Henderson
|
NV
|
1989
|
896
|
320
|
95%
|
866
|
0.97
|
|||
Camden Hills
|
Las Vegas
|
NV
|
1991
|
439
|
184
|
89%
|
506
|
1.15
|
|||
Camden Legends
|
Henderson
|
NV
|
1994
|
792
|
113
|
89%
|
813
|
1.03
|
|||
Camden Palisades
|
Las Vegas
|
NV
|
1991
|
905
|
624
|
91%
|
741
|
0.82
|
|||
Camden Pines (1)
|
Las Vegas
|
NV
|
1997
|
982
|
315
|
92%
|
793
|
0.81
|
|||
Camden Pointe
|
Las Vegas
|
NV
|
1996
|
983
|
252
|
91%
|
737
|
0.75
|
|||
Camden Summit (1)
|
Henderson
|
NV
|
1995
|
1,187
|
234
|
93%
|
1,088
|
0.92
|
|||
Camden Tiara (1)
|
Las Vegas
|
NV
|
1996
|
1,043
|
400
|
93%
|
846
|
0.81
|
|||
Camden Vintage
|
Las Vegas
|
NV
|
1994
|
978
|
368
|
90%
|
717
|
0.73
|
|||
Oasis Bay (1)
|
Las Vegas
|
NV
|
1990
|
876
|
128
|
96%
|
756
|
0.86
|
|||
Oasis Crossings (1)
|
Las Vegas
|
NV
|
1996
|
983
|
72
|
91%
|
761
|
0.77
|
|||
Oasis Emerald (1)
|
Las Vegas
|
NV
|
1988
|
873
|
132
|
92%
|
639
|
0.73
|
|||
Oasis Gateway (1)
|
Las Vegas
|
NV
|
1997
|
1,146
|
360
|
90%
|
793
|
0.69
|
|||
Oasis Island (1)
|
Las Vegas
|
NV
|
1990
|
901
|
118
|
91%
|
646
|
0.72
|
|||
Oasis Landing (1)
|
Las Vegas
|
NV
|
1990
|
938
|
144
|
91%
|
699
|
0.75
|
|||
Oasis Meadows (1)
|
Las Vegas
|
NV
|
1996
|
1,031
|
383
|
87%
|
733
|
0.71
|
|||
Oasis Palms (1)
|
Las Vegas
|
NV
|
1989
|
880
|
208
|
89%
|
673
|
0.76
|
|||
Oasis Pearl (1)
|
Las Vegas
|
NV
|
1989
|
930
|
90
|
91%
|
716
|
0.77
|
|||
Oasis Place (1)
|
Las Vegas
|
NV
|
1992
|
440
|
240
|
90%
|
505
|
1.15
|
|||
Oasis Ridge (1)
|
Las Vegas
|
NV
|
1984
|
391
|
477
|
84%
|
424
|
1.09
|
|||
Oasis Sierra (1)
|
Las Vegas
|
NV
|
1998
|
923
|
208
|
92%
|
788
|
0.85
|
|||
Oasis Springs (1)
|
Las Vegas
|
NV
|
1988
|
838
|
304
|
87%
|
595
|
0.71
|
|||
Oasis Vinings (1)
|
Las Vegas
|
NV
|
1994
|
1,152
|
234
|
88%
|
733
|
0.64
|
|||
TOTAL NEVADA
|
29
|
Properties
|
903
|
8,016
|
91%
|
735
|
0.81
|
CAMDEN
|
COMMUNITY TABLE | ||||||||||
Community Statistics as of 12/31/10 | |||||||||||
(Unaudited)
|
4Q10 Avg
|
||||||||||
Year Placed
|
Average
|
Apartment
|
4Q10 Avg
|
Monthly Rental Rates
|
|||||||
Community Name
|
City
|
State
|
in Service
|
Size
|
Homes
|
Occupancy
|
Per Home
|
Per Sq. Ft.
|
Camden Ballantyne
|
Charlotte
|
NC
|
1998
|
1,045
|
400
|
94%
|
814
|
0.78
|
|||
Camden Cotton Mills
|
Charlotte
|
NC
|
2002
|
905
|
180
|
98%
|
1,036
|
1.15
|
|||
Camden Dilworth
|
Charlotte
|
NC
|
2006
|
857
|
145
|
97%
|
1,059
|
1.24
|
|||
Camden Fairview
|
Charlotte
|
NC
|
1983
|
1,036
|
135
|
95%
|
760
|
0.73
|
|||
Camden Forest
|
Charlotte
|
NC
|
1989
|
703
|
208
|
91%
|
544
|
0.77
|
|||
Camden Foxcroft
|
Charlotte
|
NC
|
1979
|
940
|
156
|
94%
|
705
|
0.75
|
|||
Camden Grandview
|
Charlotte
|
NC
|
2000
|
1,057
|
266
|
98%
|
1,157
|
1.10
|
|||
Camden Habersham
|
Charlotte
|
NC
|
1986
|
773
|
240
|
94%
|
603
|
0.78
|
|||
Camden Park Commons
|
Charlotte
|
NC
|
1997
|
861
|
232
|
92%
|
627
|
0.73
|
|||
Camden Pinehurst
|
Charlotte
|
NC
|
1967
|
1,147
|
407
|
91%
|
719
|
0.63
|
|||
Camden Sedgebrook
|
Charlotte
|
NC
|
1999
|
972
|
368
|
95%
|
752
|
0.77
|
|||
Camden Simsbury
|
Charlotte
|
NC
|
1985
|
874
|
100
|
93%
|
686
|
0.79
|
|||
Camden South End Square
|
Charlotte
|
NC
|
2003
|
882
|
299
|
96%
|
934
|
1.06
|
|||
Camden Stonecrest
|
Charlotte
|
NC
|
2001
|
1,098
|
306
|
94%
|
855
|
0.78
|
|||
Camden Touchstone
|
Charlotte
|
NC
|
1986
|
899
|
132
|
96%
|
703
|
0.78
|
|||
Total Charlotte
|
15
|
Properties
|
961
|
3,574
|
94%
|
801
|
0.83
|
||||
Camden Crest
|
Raleigh
|
NC
|
2001
|
1,013
|
438
|
94%
|
749
|
0.74
|
|||
Camden Governor's Village
|
Chapel Hill
|
NC
|
1999
|
1,046
|
242
|
97%
|
839
|
0.80
|
|||
Camden Lake Pine
|
Apex
|
NC
|
1999
|
1,066
|
446
|
95%
|
769
|
0.72
|
|||
Camden Manor Park
|
Raleigh
|
NC
|
2006
|
966
|
484
|
93%
|
814
|
0.84
|
|||
Camden Overlook
|
Raleigh
|
NC
|
2001
|
1,060
|
320
|
93%
|
853
|
0.80
|
|||
Camden Reunion Park
|
Apex
|
NC
|
2000/2004
|
972
|
420
|
93%
|
668
|
0.69
|
|||
Camden Westwood
|
Morrisville
|
NC
|
1999
|
1,027
|
354
|
94%
|
737
|
0.72
|
|||
Total Raleigh
|
7
|
Properties
|
1,017
|
2,704
|
94%
|
770
|
0.76
|
||||
TOTAL NORTH CAROLINA
|
22
|
Properties
|
985
|
6,278
|
94%
|
787
|
0.80
|
||||
Camden Valleybrook
|
Chadds Ford
|
PA
|
2002
|
992
|
352
|
93%
|
1,291
|
1.30
|
|||
TOTAL PENNSYLVANIA
|
1
|
Property
|
992
|
352
|
93%
|
1,291
|
1.30
|
||||
Camden Amber Oaks (1)
|
Austin
|
TX
|
2009
|
862
|
348
|
93%
|
779
|
0.90
|
|||
Camden Cedar Hills
|
Austin
|
TX
|
2008
|
911
|
208
|
92%
|
933
|
1.02
|
|||
Camden Gaines Ranch
|
Austin
|
TX
|
1997
|
955
|
390
|
95%
|
940
|
0.98
|
|||
Camden Huntingdon
|
Austin
|
TX
|
1995
|
903
|
398
|
94%
|
706
|
0.78
|
|||
Camden Laurel Ridge
|
Austin
|
TX
|
1986
|
702
|
183
|
94%
|
572
|
0.82
|
|||
Camden Ridgecrest
|
Austin
|
TX
|
1995
|
855
|
284
|
93%
|
665
|
0.78
|
|||
Camden South Congress (1)
|
Austin
|
TX
|
2001
|
975
|
253
|
94%
|
1,342
|
1.38
|
|||
Camden Stoneleigh
|
Austin
|
TX
|
2001
|
908
|
390
|
94%
|
866
|
0.95
|
|||
Total Austin
|
8
|
Properties
|
894
|
2,454
|
94%
|
849
|
0.95
|
||||
Camden Breakers
|
Corpus Christi
|
TX
|
1996
|
868
|
288
|
93%
|
892
|
1.03
|
|||
Camden Copper Ridge
|
Corpus Christi
|
TX
|
1986
|
775
|
344
|
92%
|
671
|
0.87
|
|||
Camden Miramar (3)
|
Corpus Christi
|
TX
|
1994-2010
|
485
|
816
|
98%
|
947
|
1.95
|
|||
Camden South Bay (1)
|
Corpus Christi
|
TX
|
2007
|
1,055
|
270
|
96%
|
990
|
0.94
|
|||
Total Corpus Christi
|
4
|
Properties
|
697
|
1,718
|
93%
|
890
|
1.28
|
||||
Camden Addison (1)
|
Addison
|
TX
|
1996
|
942
|
456
|
95%
|
762
|
0.81
|
|||
Camden Buckingham
|
Richardson
|
TX
|
1997
|
919
|
464
|
94%
|
771
|
0.84
|
|||
Camden Centreport
|
Ft. Worth
|
TX
|
1997
|
911
|
268
|
94%
|
767
|
0.84
|
|||
Camden Cimarron
|
Irving
|
TX
|
1992
|
772
|
286
|
96%
|
763
|
0.99
|
|||
Camden Farmers Market
|
Dallas
|
TX
|
2001/2005
|
932
|
904
|
95%
|
853
|
0.91
|
|||
Camden Gardens
|
Dallas
|
TX
|
1983
|
652
|
256
|
96%
|
520
|
0.80
|
|||
Camden Glen Lakes
|
Dallas
|
TX
|
1979
|
877
|
424
|
92%
|
720
|
0.82
|
|||
Camden Legacy Creek
|
Plano
|
TX
|
1995
|
831
|
240
|
96%
|
816
|
0.98
|
|||
Camden Legacy Park
|
Plano
|
TX
|
1996
|
871
|
276
|
96%
|
832
|
0.96
|
|||
Camden Springs
|
Dallas
|
TX
|
1987
|
713
|
304
|
93%
|
542
|
0.76
|
|||
Camden Valley Creek
|
Irving
|
TX
|
1984
|
855
|
380
|
92%
|
624
|
0.73
|
|||
Camden Valley Park
|
Irving
|
TX
|
1986
|
743
|
516
|
94%
|
706
|
0.95
|
|||
Camden Valley Ridge
|
Irving
|
TX
|
1987
|
773
|
408
|
92%
|
570
|
0.74
|
|||
Camden Westview
|
Lewisville
|
TX
|
1983
|
697
|
335
|
91%
|
578
|
0.83
|
|||
Total Dallas/Ft. Worth
|
14
|
Properties
|
837
|
5,517
|
94%
|
717
|
0.86
|
CAMDEN
|
COMMUNITY TABLE | ||||||||||
Community Statistics as of 12/31/10 | |||||||||||
(Unaudited)
|
4Q10 Avg
|
||||||||||
Year Placed
|
Average
|
Apartment
|
4Q10 Avg
|
Monthly Rental Rates
|
|||||||
Community Name
|
City
|
State
|
in Service
|
Size
|
Homes
|
Occupancy
|
Per Home
|
Per Sq. Ft.
|
Belle Meade (1)
|
Houston
|
TX
|
2010
|
1,414
|
119
|
93%
|
2,612
|
1.85
|
|||
Braeswood Place (1) (2)
|
Houston
|
TX
|
2009
|
1,042
|
340
|
Lease-up
|
1,380
|
1.32
|
|||
Camden Baytown
|
Baytown
|
TX
|
1999
|
844
|
272
|
86%
|
770
|
0.91
|
|||
Camden City Centre
|
Houston
|
TX
|
2007
|
932
|
379
|
93%
|
1,250
|
1.34
|
|||
Camden Creek
|
Houston
|
TX
|
1984
|
639
|
456
|
89%
|
578
|
0.91
|
|||
Camden Greenway
|
Houston
|
TX
|
1999
|
861
|
756
|
93%
|
1,016
|
1.18
|
|||
Camden Holly Springs (1)
|
Houston
|
TX
|
1999
|
934
|
548
|
92%
|
871
|
0.93
|
|||
Camden Midtown
|
Houston
|
TX
|
1999
|
844
|
337
|
97%
|
1,179
|
1.40
|
|||
Camden Oak Crest
|
Houston
|
TX
|
2003
|
870
|
364
|
90%
|
812
|
0.93
|
|||
Camden Park (1)
|
Houston
|
TX
|
1995
|
866
|
288
|
90%
|
768
|
0.89
|
|||
Camden Plaza
|
Houston
|
TX
|
2007
|
915
|
271
|
92%
|
1,226
|
1.34
|
|||
Camden Royal Oaks
|
Houston
|
TX
|
2006
|
923
|
236
|
90%
|
1,116
|
1.21
|
|||
Camden Steeplechase
|
Houston
|
TX
|
1982
|
748
|
290
|
88%
|
619
|
0.83
|
|||
Camden Stonebridge
|
Houston
|
TX
|
1993
|
845
|
204
|
94%
|
794
|
0.94
|
|||
Camden Sugar Grove (1)
|
Stafford
|
TX
|
1997
|
921
|
380
|
90%
|
852
|
0.92
|
|||
Camden Travis Street (1)
|
Houston
|
TX
|
2010
|
819
|
253
|
97%
|
1,242
|
1.52
|
|||
Camden Vanderbilt
|
Houston
|
TX
|
1996/1997
|
863
|
894
|
93%
|
1,108
|
1.28
|
|||
Camden Whispering Oaks
|
Houston
|
TX
|
2008
|
934
|
274
|
91%
|
969
|
1.04
|
|||
Camden Yorktown (1)
|
Houston
|
TX
|
2008
|
995
|
306
|
95%
|
963
|
0.97
|
|||
Total Houston
|
19
|
Properties
|
883
|
6,967
|
92%
|
1,007
|
1.14
|
||||
TOTAL TEXAS
|
45
|
Properties
|
850
|
16,656
|
94%
|
875
|
1.03
|
||||
TOTAL PROPERTIES
|
186
|
Properties
|
922
|
63,316
|
93%
|
$937
|
$1.02
|
||||
(1)
|
Communities owned through investment in joint venture.
|
||||||||||
(2)
|
Completed communities in lease-up as of December 31, 2010 are excluded from total occupancy numbers.
|
||||||||||
(3)
|
Miramar is a student housing community which is excluded from total occupancy numbers.
|