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Camden Property Trust Announces Fourth Quarter and Full Year 2009 Operating Results Monday, February 08, 2010, 5:25:01 PM ET Camden Property Trust (CPT) today announced operating results for the three and twelve months ended December 31, 2009. Funds from Operations ("FFO") FFO for the fourth quarter of 2009 totaled ($0.53) per diluted share or ($36.3) million, as compared to $0.17 per diluted share or $10.1 million for the same period in 2008. 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 three months ended December 31, 2008 included an $0.88 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.15 per diluted share impact from gains related to early retirement of debt. FFO excluding these non-recurring items for the three months ended December 31, 2009 and December 31, 2008 would have been $0.71 per diluted share and $0.90 per diluted share respectively. FFO for the twelve months ended December 31, 2009 totaled $1.68 per diluted share or $109.9 million, as compared to $2.90 per diluted share or $169.6 million for the same period in 2008. 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. FFO for the twelve months ended December 31, 2008 included an $0.88 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.23 per diluted share impact from gains related to early retirement of debt. FFO excluding these non-recurring items for the twelve months ended December 31, 2009 and December 31, 2008 would have been $3.04 per diluted share and $3.54 per diluted share respectively. Net Income Attributable to Common Shareholders ("EPS") The Company reported a net loss attributable to common shareholders ("EPS") of $79.3 million or $1.19 per diluted share for the fourth quarter of 2009, as compared to a net loss of $34.9 million or $0.63 per diluted share for the same period in 2008. 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. EPS for the three months ended December 31, 2008 included a $0.93 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.16 per diluted share impact from gains related to early retirement of debt. For the twelve months ended December 31, 2009, Camden reported a net loss attributable to common shareholders of $50.8 million or $0.80 per diluted share, as compared to net income attributable to common shareholders of $71.0 million or $1.28 per diluted share for the same period in 2008. EPS for the twelve months ended December 31, 2009 included an $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. EPS for the twelve months ended December 31, 2008 included a $1.50 per diluted share impact from gain on sale of properties including discontinued operations, a $0.93 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.25 per diluted share impact from gains 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 42,670 apartment homes included in consolidated same-property results, fourth quarter 2009 same-property net operating income ("NOI") declined 5.5% compared to the fourth quarter of 2008, with revenues declining 5.1% and expenses declining 4.4%. On a sequential basis, fourth quarter 2009 same-property NOI increased 2.6% compared to the third quarter of 2009, with revenues declining 2.7% and expenses declining 10.2% compared to the prior quarter. On a full-year basis, 2009 same-property NOI declined 6.0%, with a revenue decline of 3.1% and expense growth of 1.8% compared to the same period in fiscal year 2008. Same-property physical occupancy levels for the combined portfolio averaged 92.9% during the fourth quarter of 2009, compared to 93.7% in the fourth quarter of 2008 and 93.7% in the third quarter of 2009. The Company defines same-property communities as communities owned and stabilized as of January 1, 2008, excluding properties held for sale and communities under redevelopment. A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release. Development Activity During the fourth quarter, the Company completed lease-up at Camden Orange Court in Orlando, FL, a $45.5 million project that is currently 94% occupied. Camden currently has one wholly-owned apartment community completed and in lease-up: Camden Dulles Station in Oak Hill, VA, a $72.3 million project that is currently 85% leased. Camden also had two joint venture communities which were completed and in lease-up: Camden Amber Oaks in Austin, TX, a $35.2 million project that is currently 80% leased; and Braeswood Place in Houston, TX, a $50.3 million project that is currently 64% leased. Camden has two additional joint venture communities currently under construction in Houston, TX: Belle Meade, a $36.7 million project that is currently 32% leased; and Camden Travis Street, a $39.0 million project that is currently 31% leased. Camden recently announced a reduction in the number of planned development projects it would undertake, which resulted in a $85.6 million impairment charge during the fourth quarter of 2009. [See press release dated February 2, 2010 for further details.] Earnings Guidance Camden provided initial earnings guidance for 2010 based on its current and expected views of the apartment market and general economic conditions. Full-year 2010 FFO is expected to be $2.35 to $2.65 per diluted share, and full-year 2010 EPS is expected to be $(0.24) to $0.06 per diluted share. First quarter 2010 earnings guidance is $0.64 to $0.68 per diluted share for FFO and $(0.01) to $0.03 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 2010 earnings guidance is based on projections of same-property revenue declines between 2.25% and 4.25%, expense growth between 2.0% and 3.5%, and NOI declines between 5.5% and 8.5%. Additional information on the Company’s 2010 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 Tuesday, February 9, 2010 at 11:00 a.m. Central Time to review its fourth quarter and full-year 2009 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: 4636692, 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. 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 183 properties containing 63,286 apartment homes across the United States. Upon completion of two properties under development, the Company’s portfolio will increase to 63,658 apartment homes in 185 properties. Camden was recently named by FORTUNE® Magazine for the third consecutive year as one of the "100 Best Companies to Work For" in America. 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
OPERATING RESULTS
(In thousands, except per share and property data amounts)
(Unaudited) Three Months Ended Twelve Months Ended
December 31, December 31,
OPERATING DATA 2009 2008 2009 2008
Property revenues
Rental revenues $ 131,420 $ 137,921 $ 537,422 $ 547,718
Other property revenues 21,643 19,721 86,504 76,298
Total property revenues 153,063 157,642 623,926 624,016
Property expenses
Property operating and maintenance 42,099 41,990 175,788 168,981
Real estate taxes 15,937 17,052 71,079 70,301
Total property expenses 58,036 59,042 246,867 239,282
Non-property income
Fee and asset management income 1,915 2,274 8,008 9,167
Interest and other income 412 1,077 2,826 4,736
Income (loss) on deferred compensation plans 2,907 (13,713 ) 14,609 (33,443 )
Total non-property income (loss) 5,234 (10,362 ) 25,443 (19,540 )
Other expenses
Property management 5,016 4,722 18,864 19,910
Fee and asset management 1,366 1,435 4,878 6,054
General and administrative 8,233 7,699 31,243 31,586
Interest 30,932 33,702 128,296 132,399
Depreciation and amortization 43,919 43,300 174,682 171,814
Amortization of deferred financing costs 1,569 837 3,925 2,958
Expense (benefit) on deferred compensation plans 2,907 (13,713 ) 14,609 (33,443 )
Total other expenses 93,942 77,982 376,497 331,278
Income from continuing operations before gain on sale of
properties, including land, gain (loss) on early retirement
of debt, impairment associated with land development
activities, and equity in income (loss) of joint ventures
6,319 10,256 26,005 33,916
Gain on sale of properties, including land - - - 2,929
Gain (loss) on early retirement of debt - 8,828 (2,550 ) 13,566
Impairment associated with land development activities (85,614 ) (51,323 ) (85,614 ) (51,323 )
Equity in income (loss) of joint ventures 103 (483 ) 695 (1,265 )
Loss from continuing operations before income taxes (79,192 ) (32,722 ) (61,464 ) (2,177 )
Income tax expense - current (195 ) (327 ) (967 ) (843 )
Loss from continuing operations (79,387 ) (33,049 ) (62,431 ) (3,020 )
Income from discontinued operations - 619 1,341 4,847
Gain (loss) on sale of discontinued operations - (77 ) 16,887 80,198
Net income (loss) (79,387 ) (32,507 ) (44,203 ) 82,025
Less (income) loss allocated to noncontrolling interests 1,851 (652 ) 403 (4,052 )
Less income allocated to perpetual preferred units (1,750 ) (1,750 ) (7,000 ) (7,000 )
Net income (loss) attributable to common shareholders ($79,286 ) ($34,909 ) ($50,800 ) $ 70,973
CONDENSED CONSOLIDATED
STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net income (loss) ($79,387 ) ($32,507 ) ($44,203 ) $ 82,025
Other comprehensive income (loss)
Unrealized loss on cash flow hedging activities (1,984 ) (36,109 ) (12,291 ) (44,386 )
Reclassification of net losses on cash flow hedging activities 5,750 2,442 22,192 9,317
Gain on postretirement obligations - 33 - 136
Comprehensive income (loss) (75,621 ) (66,141 ) (34,302 ) 47,092
Less (income) loss allocated to noncontrolling interests 1,851 (652 ) 403 (4,052 )
Less income allocated to perpetual preferred units (1,750 ) (1,750 ) (7,000 ) (7,000 )
Comprehensive income (loss) attributable to common shareholders ($75,520 ) ($68,543 ) ($40,899 ) $ 36,040
PER SHARE DATA
Net income (loss) attributable to common shareholders - basic ($1.19 ) ($0.63 ) ($0.80 ) $ 1.28
Net income (loss) attributable to common shareholders - diluted (1.19 ) (0.63 ) (0.80 ) 1.28
Income (loss) from continuing operations attributable to common (1.19 ) (0.64 ) (1.09 ) (0.26 )
shareholders - basic
Income (loss) from continuing operations attributable to common (1.19 ) (0.64 ) (1.09 ) (0.26 )
shareholders - diluted
Weighted average number of common and
common equivalent shares outstanding:
Basic 66,134 55,401 62,359 55,272
Diluted 66,134 55,401 62,359 55,272
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
CAMDEN
FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited) Three Months Ended Twelve Months Ended
December 31, December 31,
FUNDS FROM OPERATIONS 2009 2008 2009 2008
Net income (loss) attributable to common shareholders ($79,286 ) ($34,909 ) ($50,800 ) $ 70,973
Real estate depreciation and amortization from continuing operations 42,773 42,403 170,480 168,264
Real estate depreciation from discontinued operations - - - 2,745
Adjustments for unconsolidated joint ventures 1,988 1,960 7,800 7,103
Income (loss) allocated to noncontrolling interests (1,794 ) 573 (646 ) 3,617
Gain (loss) on sale of operating properties, net of taxes - - - (2,929 )
Gain (loss) on sale of discontinued operations - 77 (16,887 ) (80,188 )
Funds from operations - diluted ($36,319 ) $ 10,104 $ 109,947 $ 169,585
PER SHARE DATA
Funds from operations - diluted ($0.53 ) $ 0.17 $ 1.68 $ 2.90
Cash distributions 0.45 0.70 2.05 2.80
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted 69,119 58,398 65,266 58,528
PROPERTY DATA
Total operating properties (end of period) (a) 183 181 183 181
Total operating apartment homes in operating properties (end of 63,286 62,903 63,286 62,903
period) (a)
Total operating apartment homes (weighted average) 50,515 50,509 50,608 51,277
Total operating apartment homes - excluding discontinued operations 50,515 49,838 50,272 49,312
(weighted average)
(a) Includes joint ventures and properties held
for sale.
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
CAMDEN
BALANCE SHEETS
(In thousands)
(Unaudited) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2009 2009 2009 2009 2008
ASSETS
Real estate assets, at cost
Land $ 747,921 $ 746,825 $ 746,936 $ 746,935 $ 744,059
Buildings and improvements 4,512,124 4,484,335 4,473,906 4,466,296 4,447,587
5,260,045 5,231,160 5,220,842 5,213,231 5,191,646
Accumulated depreciation (1,149,056 ) (1,107,227 ) (1,065,861 ) (1,023,466 ) (981,049 )
Net operating real estate assets 4,110,989 4,123,933 4,154,981 4,189,765 4,210,597
Properties under development and land 201,581 279,620 268,655 258,239 264,188
Investments in joint ventures 43,542 43,236 22,334 15,158 15,106
Properties held for sale, including land - 6,622 6,732 20,696 20,653
Total real estate assets 4,356,112 4,453,411 4,452,702 4,483,858 4,510,544
Accounts receivable - affiliates 36,112 35,971 35,909 36,105 37,000
Notes receivable
Affiliates 45,847 54,462 54,033 58,481 58,109
Other - - - - 8,710
Other assets, net (a) 102,114 104,669 92,421 84,905 103,013
Cash and cash equivalents 64,156 81,683 157,665 7,256 7,407
Restricted cash 3,658 3,901 5,190 4,437 5,559
Total assets $ 4,607,999 $ 4,734,097 $ 4,797,920 $ 4,675,042 $ 4,730,342
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Notes payable
Unsecured $ 1,645,926 $ 1,646,106 $ 1,728,150 $ 2,151,492 $ 2,103,187
Secured 979,273 976,051 969,668 680,631 729,209
Accounts payable and accrued expenses 74,420 78,466 65,012 73,250 82,575
Accrued real estate taxes 23,241 42,386 30,154 19,113 23,600
Other liabilities (b) 145,176 145,464 132,763 137,397 149,554
Distributions payable 33,025 33,028 33,050 43,136 42,936
Total liabilities 2,901,061 2,921,501 2,958,797 3,105,019 3,131,061
Commitments and contingencies
Perpetual preferred units 97,925 97,925 97,925 97,925 97,925
Shareholders’ equity
Common shares of beneficial interest 770 770 769 666 660
Additional paid-in capital 2,525,656 2,522,525 2,517,788 2,242,940 2,237,703
Distributions in excess of net income attributable to common (492,571 ) (383,265 ) (357,168 ) (345,481 ) (312,309 )
shareholders
Notes receivable secured by common shares (101 ) (101 ) (287 ) (291 ) (295 )
Treasury shares, at cost (462,188 ) (462,188 ) (462,751 ) (462,751 ) (463,209 )
Accumulated other comprehensive loss (c) (41,155 ) (44,921 ) (41,886 ) (48,716 ) (51,056 )
Total common shareholders’ equity 1,530,411 1,632,820 1,656,465 1,386,367 1,411,494
Noncontrolling interest 78,602 81,851 84,733 85,731 89,862
Total shareholders’ equity 1,609,013 1,714,671 1,741,198 1,472,098 1,501,356
Total liabilities and shareholders’ equity $ 4,607,999 $ 4,734,097 $ 4,797,920 $ 4,675,042 $ 4,730,342
(a) includes:
net deferred charges of: $ 11,113 $ 11,617 $ 12,108 $ 10,061 $ 10,505
(b) includes:
deferred revenues of: $ 2,664 $ 2,938 $ 3,183 $ 2,402 $ 2,640
distributions in excess of investments in joint ventures of: $ 31,410 $ 30,507 $ 30,287 $ 31,318 $ 30,105
fair value adjustment of derivative instruments: $ 41,083 $ 44,730 $ 41,797 $ 48,693 $ 51,068
(c) Represents the fair value adjustment of derivative
instruments and gain on post retirement obligations.
CAMDEN
2010 Financial Outlook
as of February 8, 2010
(Unaudited)
2009 Reported FFO, Adjusted for Non-Routine Items
Total Per Share
2009 Reported FFO $109,947 $1.68
Adjustments for non-routine items:
Plus: Impairment associated with land development activities 85,614 1.31
Plus: Loss on early retirement of debt 2,550 0.04
2009 FFO adjusted for non-routine items $198,111 $3.04
2009 Fully Diluted Shares Outstanding - FFO 65,266
December 31, 2009 Fully Diluted Shares Outstanding - FFO 69,190
2009 FFO adjusted for non-routine items and December 31, 2009 $2.86
Fully Diluted Shares Outstanding - FFO
2010 Financial Outlook
Earnings Guidance - Per Diluted Share
Expected net income attributable to common shareholders per share - ($0.24) - $0.06
diluted
Expected real estate depreciation $2.43
Expected adjustments for unconsolidated joint ventures $0.13
Expected income allocated to noncontrolling interests $0.03
Expected FFO per share - diluted $2.35 - $2.65
"Same Property" Communities
Number of Units 47,359
2009 Base Net Operating Income $353 million
Total Revenue Growth (4.25%) - (2.25%)
Total Expense Growth 2.00% - 3.50%
Net Operating Income Growth (8.50%) - (5.50%)
Physical Occupancy 94.00%
- 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) $200 - $500 million
Development
Development Starts (consolidated on balance sheet) $0 - $150 million
Development Starts (joint venture) $0 - $150 million
2010 Incremental FFO Dilution vs. 2009 from Impaired Assets ($6.5 million)
(excludes 2009 impairment loss on land)
Capitalized Maintenance Expenditures $35 - $40 million
Non-Property Income
Non-Property Income, Net $5 - $7 million
Includes: Fee and asset management income, net of expenses and
Interest and other income
Corporate Expenses
General and Administrative and Property Management Expense $48 - $52 million
Debt
Capitalized Interest $4 - $6 million
Expensed Interest $127 - $130 million
30 Day LIBOR (average) 0.58%
Note: Please refer to pages 29 and 30 for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
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)
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,
2009 2008 2009 2008
Net income (loss) attributable to common shareholders ($79,286 ) ($34,909 ) ($50,800 ) $ 70,973
Real estate depreciation and amortization from continuing operations 42,773 42,403 170,480 168,264
Real estate depreciation from discontinued operations - - - 2,745
Adjustments for unconsolidated joint ventures 1,988 1,960 7,800 7,103
Income (loss) allocated to noncontrolling interests (1,794 ) 573 (646 ) 3,617
Gain (loss) on sale of operating properties, net of taxes - - - (2,929 )
Gain (loss) on sale of discontinued operations - 77 (16,887 ) (80,188 )
Funds from operations - diluted ($36,319 ) $ 10,104 $ 109,947 $ 169,585
Weighted average number of common and common equivalent shares
outstanding:
EPS diluted 66,134 55,401 62,359 55,272
FFO diluted 69,119 58,398 65,266 58,528
Net income attributable to common shareholders - diluted ($1.19 ) ($0.63 ) ($0.80 ) $ 1.28
FFO per common share - diluted ($0.53 ) $ 0.17 $ 1.68 $ 2.90
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:
1Q10 Range 2010 Range
Low High Low High
Expected net income attributable to common shareholders per share - ($0.01 ) $ 0.03 ($0.24 ) $ 0.06
diluted
Expected real estate depreciation 0.61 0.61 2.43 2.43
Expected adjustments for unconsolidated joint ventures 0.03 0.03 0.13 0.13
Expected income allocated to noncontrolling interests 0.01 0.01 0.03 0.03
Expected FFO per share - diluted 0.64 0.68 $ 2.35 $ 2.65
Note: This table contains forward-looking statements. Please see the
paragraph regarding forward-looking statements earlier in this
document.
Net Operating Income (NOI)
NOI is defined by the Company as total property income less property
operating and maintenance expenses less real estate taxes. The
Company considers NOI to be an appropriate supplemental measure of
operating performance to net income 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,
2009 2008 2009 2008
Net income (loss) attributable to common shareholders ($79,286 ) ($34,909 ) ($50,800 ) $ 70,973
Less: Fee and asset management income (1,915 ) (2,274 ) (8,008 ) (9,167 )
Less: Interest and other income (412 ) (1,077 ) (2,826 ) (4,736 )
Less: (Income) loss on deferred compensation plans (2,907 ) 13,713 (14,609 ) 33,443
Plus: Property management expense 5,016 4,722 18,864 19,910
Plus: Fee and asset management expense 1,366 1,435 4,878 6,054
Plus: General and administrative expense 8,233 7,699 31,243 31,586
Plus: Interest expense 30,932 33,702 128,296 132,399
Plus: Depreciation and amortization 43,919 43,300 174,682 171,814
Plus: Amortization of deferred financing costs 1,569 837 3,925 2,958
Plus: (Expense) benefit on deferred compensation plans 2,907 (13,713 ) 14,609 (33,443 )
Less: Gain on sale of properties, including land - - - (2,929 )
Less: (Gain) loss on early retirement of debt - (8,828 ) 2,550 (13,566 )
Less: Equity in (income) loss of joint ventures (103 ) 483 (695 ) 1,265
Plus: Impairment associated with land development activities 85,614 51,323 85,614 51,323
Plus: Income allocated to perpetual preferred units 1,750 1,750 7,000 7,000
Plus: Income (loss) allocated to noncontrolling interests (1,851 ) 652 (403 ) 4,052
Plus: Income tax expense - current 195 327 967 843
Less: Income from discontinued operations - (619 ) (1,341 ) (4,847 )
Less: (Gain) loss on sale of discontinued operations - 77 (16,887 ) (80,198 )
Net Operating Income (NOI) $ 95,027 $ 98,600 $ 377,059 $ 384,734
"Same Property" Communities $ 78,257 $ 82,810 $ 314,342 $ 334,426
Non-"Same Property" Communities 14,758 13,791 55,969 43,833
Development and Lease-Up Communities 797 450 2,499 698
Redevelopment Communities 787 744 2,886 3,000
Dispositions / Other 428 805 1,363 2,777
Net Operating Income (NOI) $ 95,027 $ 98,600 $ 377,059 $ 384,734
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 on sale of real estate assets, impairment associated
with land development activities, (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,
2009 2008 2009 2008
Net income (loss) attributable to common shareholders ($79,286 ) ($34,909 ) ($50,800 ) $ 70,973
Plus: Interest expense 30,932 33,702 128,296 132,865
Plus: Amortization of deferred financing costs 1,569 837 3,925 2,958
Plus: Depreciation and amortization 43,919 43,300 174,682 171,814
Plus: Income allocated to perpetual preferred units 1,750 1,750 7,000 7,000
Plus: Income (loss) allocated to noncontrolling interests (1,851 ) 652 (403 ) 4,052
Plus: Income tax expense - current 195 327 967 843
Plus: Real estate depreciation and amortization from discontinued - - - 2,762
operations
Less: Gain on sale of properties, including land - - - (2,929 )
Less: (Gain) loss on early retirement of debt - (8,828 ) 2,550 (13,566 )
Less: Equity in (income) loss of joint ventures (103 ) 483 (695 ) 1,265
Plus: Impairment associated with land development activities 85,614 51,323 85,614 51,323
Less: (Gain) loss on sale of discontinued operations - 77 (16,887 ) (80,198 )
EBITDA $ 82,739 $ 88,714 $ 334,249 $ 349,162
SOURCE: Camden Property Trust Camden Property Trust Kim Callahan, 713-354-2549 |
  
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