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| Camden Property Trust Announces Fourth Quarter 2001 Operating Results |
| CAMDEN PROPERTY TRUST COMPANY LOGO
Camden Property Trust Company logo. (PRNewsFoto)[AG] HOUSTON, TX USA | |||
HOUSTON, Jan. 29 /PRNewswire-FirstCall/ -- Camden Property Trust (NYSE: CPT) announced that its funds from operations (FFO) for the fourth quarter of 2001 totaled $0.75 per diluted share or $33.4 million, as compared to $0.89 per diluted share or $39.9 million reported for the same period in 2000. FFO for the quarter included an $8.8 million or $0.20 per share impairment provision related to technology investments. FFO per diluted share excluding the impairment provision would have been $0.95, a 6.7% increase over the fourth quarter of 2000. For the twelve months ended December 31, 2001, FFO totaled $3.54 per diluted share or $157.8 million compared to $3.50 per diluted share or $156.3 million in 2000. Excluding the year-to-date impairment provision for technology investments of $9.9 million, 2001 FFO was $167.7 million or $3.76 per diluted share. Camden remains committed to advancing technology solutions for the multifamily industry. However, after careful evaluation, management determined that the current capital markets for technology companies make it difficult to support the carrying values of its investments in emerging technology companies. As such, Camden has recorded an impairment provision for the remaining cost of its investments in these companies. "We believe that these companies have great products, some of which have already been deployed throughout our portfolio," said Richard Campo, Chairman and Chief Executive Officer. "We are continuing to work with these companies and utilize their services in ways that will create value for our customers and shareholders, but we have recognized that the enterprise values are impaired." Earnings per Share (EPS) for the fourth quarter of 2001 was $0.18 per diluted share compared to $0.33 per diluted share for the same period in 2000. EPS for the fourth quarter of 2001 included a charge of $0.21 per diluted share for an impairment provision related to technology investments. For the twelve months ended December 31, 2001, EPS totaled $1.41 per diluted share compared to $1.63 per diluted share in 2000. EPS for the twelve months ended December 31, 2001 included a $0.24 per diluted share charge for an impairment provision for technology investments, a $0.01 charge for early retirement of debt, a $0.06 gain on sale of properties, and a $0.13 gain on sale of joint venture properties (net of minority interest). EPS for the twelve months ended December 31, 2000 included a $0.43 per diluted share gain on sale of properties (net of minority interest). Earnings per Share excluding gain on sale of properties, net of minority interest ("Operating EPS") was $0.18 per diluted share for the fourth quarter of 2001, compared to $0.33 per diluted share for the same period in 2000. For the twelve months ended December 31, 2001, Operating EPS totaled $1.35 per diluted share compared to $1.20 per diluted share in 2000. Physical occupancy levels averaged 93.0% during the fourth quarter of 2001 as compared to 94.6% in the fourth quarter of 2000. For the 41,333 apartment homes included in the fourth quarter "same-property" results, revenues increased 0.9% while operating expenses increased 2.0%, producing a 0.3% increase in same-property net operating income (NOI). On a year-to-date basis, same property NOI growth was 3.9%, with revenue growth of 3.7% and expense growth of 3.3%. Leasing continued during the quarter at Camden Farmers Market in Dallas and Camden Crown Valley in Southern California. The Company expects to complete lease-up of both properties by the second quarter of 2002. Construction is currently underway on two California developments: Camden Harbour View in Long Beach and Camden Vineyards (formerly "Cal Oaks") in Murietta. First Call analyst estimates for the Company's 2002 FFO per diluted share range from $3.74 to $3.84, with a consensus average of $3.78. Based on historical performance and current expectations for 2002, management is comfortable with the range of estimates. Camden plans to update its earnings guidance to the market on a quarterly basis. The Company will hold a conference call on Wednesday, January 30, 2002 at 10:00 AM CST to review its fourth quarter results and discuss its outlook for future performance. To participate in the call, please dial (800) 585-9271 by 9:50 AM CST, or join the live webcast of the conference call by accessing the Investor Relations section of the Company's website at http://www.camdenliving.com . Supplemental financial information is available in the Investor Relations section of the Company's website or by calling Camden's Investor Relations Department at (800) 922-6336. Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 145 properties containing 51,345 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of two properties under development, the Company's portfolio will increase to 52,147 apartment homes in 147 properties. 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. For more information, please contact Camden's Investor Relations Department at 1-800-9Camden or locally at (713) 354-2787, or visit Camden's web site at http://www.camdenliving.com . FOURTH QUARTER 2001 - FINANCIAL HIGHLIGHTS (In thousands, except per share, property data amounts, ratios and note amounts) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2001 2000 % Change 2001 2000 % Change Total revenues $106,083 $101,103 4.9% $428,215 $403,539 6.1% EBITDA* 62,904 60,047 4.8% 256,672 237,409 8.1% Net income to common shareholders 7,516 13,580 (44.7%) 58,747 65,053 (9.7%) Earnings per share - basic 0.18 0.36 (50.0%) 1.48 1.71 (13.5%) Earnings per share - diluted 0.18 0.33 (45.5%) 1.41 1.63 (13.5%) Funds from operations - diluted 33,410 39,881 (16.2%) 157,840 156,274 1.0% Per share 0.75 0.89 (15.7%) 3.54 3.50 1.1% Funds from operations - diluted (before 42,184 39,881 5.8% 167,704 156,274 7.3% impairment provision for technology investments) Per share 0.95 0.89 6.7% 3.76 3.50 7.4% Dividends per share 0.61 0.56 8.9% 2.44 2.25 8.4% Dividend payout ratio* 64.2% 62.9% 64.9% 64.3% Interest expensed 17,169 17,207 69,841 69,036 Interest capitalized 2,647 3,432 10,920 15,303 Total interest incurred 19,816 20,639 80,761 84,339 Principal amortization 1,250 1,586 5,179 5,376 Preferred dividends & distributions 3,218 5,560 15,417 22,216 Interest expense coverage ratio* 3.7 x 3.5 x 3.7 x 3.4 x Total interest coverage ratio* 3.2 x 2.9 x 3.2 x 2.8 x Fixed charge expense coverage ratio* 2.9 x 2.5 x 2.8 x 2.5 x Total fixed charge coverage ratio* 2.6 x 2.2 x 2.5 x 2.1 x Same property NOI increase 0.3% 3.9% (# of apartment homes included) 41,333 41,333 * Before impairment provision for technology investments of $8,774 for the three months and $9,864 for the twelve months ended December 31, 2002 As of December 31, 2001 2000 Total assets $2,449,665 $2,430,881 Total debt $1,207,047 $1,138,117 Common and common equivalent shares, outstanding end of period ** 44,595 44,820 Share price, end of period $36.70 $33.50 Preferred units, end of period $149,815 $149,815 Book equity value, end of period *** $1,124,330 $1,186,510 Market equity value, end of period *** $1,789,637 $1,654,470 Debt to total market capitalization ratio 40.3% 40.8% Debt to assets, at cost 49.3% 46.8% Unencumbered real estate assets (at cost) to unsecured debt ratio 238% 248% ** Includes: 42,104 common shares (including 1,391 restricted share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (2,491) *** Includes: common shares, preferred and common units, and common share equivalents OPERATING RESULTS (In thousands, except per share and property data amounts) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, OPERATING DATA 2001 2000 2001 2000 Rental income $94,115 $90,682 $374,187 $364,111 Other property income 7,333 6,804 29,433 27,030 Total property income 101,448 97,486 403,620 391,141 Equity in income of joint ventures 166 95 8,527 765 Development and construction fees 1,197 1,053 5,811 4,749 Management fees 266 286 1,140 1,061 Other income 3,006 2,183 9,117 5,823 Total revenues 106,083 101,103 428,215 403,539 Property operating and maintenance 28,737 27,435 115,572 112,727 Real estate taxes 9,911 8,963 40,717 39,054 General and administrative 3,925 4,658 13,743 14,349 Other expenses 606 --- 1,511 --- Impairment provision for technology investments 8,774 --- 9,864 --- Interest 17,169 17,207 69,841 69,036 Depreciation and amortization 25,742 23,423 101,660 96,966 Total expenses 94,864 81,686 352,908 332,132 Income before gain on sale of properties, minority interests 11,219 19,417 75,307 71,407 and extraordinary charges Gain (loss) on sale of properties (123) (50) 2,372 18,323 Distributions on units convertible into perpetual preferred shares (3,218) (3,218) (12,872) (12,845) Income allocated to units convertible into common shares (362) (227) (3,127) (2,461) Income before extraordinary charges 7,516 15,922 61,680 74,424 Extraordinary charge (early retirement of debt) --- --- (388) --- Net income 7,516 15,922 61,292 74,424 Preferred share dividends --- (2,342) (2,545) (9,371) Net income to common shareholders $7,516 $13,580 $58,747 $65,053 FUNDS FROM OPERATIONS Net income to common shareholders $7,516 $13,580 $58,747 $65,053 Real estate depreciation 24,809 22,834 98,400 94,277 Adjustments for unconsolidated joint ventures 600 806 3,616 3,238 Gain on sale of properties held in joint ventures --- --- (6,648) --- Extraordinary charges (early retirement of debt) --- --- 388 --- (Gain) loss on sale of properties 123 50 (2,372) (18,323) Preferred share dividends --- 2,342 2,545 9,371 Income allocated to units convertible into common shares 362 227 3,127 2,461 Interest on convertible subordinated debentures --- 38 36 177 Amortization of deferred costs on convertible debentures --- 4 1 20 Funds from operations - diluted $33,410 $39,881 $157,840 $156,274 PER SHARE DATA Earnings per share - basic $0.18 $0.36 $1.48 $1.71 Earnings per share - diluted 0.18 0.33 1.41 1.63 Funds from operations - diluted 0.75 0.89 3.54 3.50 Funds from operations - diluted (before impairment provision) 0.95 0.89 3.76 3.50 Cash distributions 0.61 0.56 2.44 2.25 Weighted average number of common and common equivalent shares outstanding: Basic 40,703 37,982 39,796 38,112 Diluted 42,609 41,389 41,603 41,388 FFO - diluted 44,528 44,683 44,610 44,700 PROPERTY DATA Total operating properties (end of period) * 145 145 145 145 Total operating apartment homes in operating properties (end of period) * 51,345 51,336 51,345 51,336 Total operating apartment homes (weighted average) 45,810 44,778 45,488 46,501 * Includes joint venture investments.SOURCE Camden Property Trust
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