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| Camden Property Trust Reports Increase in Funds From Operations Per Share |
HOUSTON, Jan. 31 /PRNewswire/ -- Camden Property Trust (NYSE: CPT), announced that its funds from operations (FFO) for the fourth quarter of 1999 totaled $0.83 per diluted share or $38.6 million as compared to $0.76 per diluted share or $38.6 million reported for the same period in 1998, an increase of 9.2% per diluted share. For the twelve months ended December 31, 1999, Camden's FFO totaled $3.20 per diluted share or $152.4 million, a $14.4 million increase over the $138.0 million or $2.95 per diluted share reported for the same period in 1998. Revenues for the fourth quarter of 1999 totaled $96.9 million compared to $87.1 million in the fourth quarter of 1998. On a year-to-date basis, revenues totaled $371.3 million for the twelve months ended December 31, 1999 and $323.8 million for the comparable period of 1998. Revenues from "same-property" communities increased 2.5% in the fourth quarter while operating expenses increased 1.1%, resulting in a 3.2% quarter-to-quarter increase in same-property net operating income (NOI). On a year-to-date basis, same property NOI growth was 4.1%, with revenue growth of 3.0% and expense growth of 1.1%, which was in line with the Company's expectations. "Our strong performance in the Eastern and Western regions more than offset slower than average growth in the Texas and Arizona markets this year," said Ric Campo, Chairman and Chief Executive Officer. "We continue to focus on geographic diversification as a way to balance earnings growth in our portfolio." During the fourth quarter of 1999, physical occupancy levels averaged 93.3% as compared to 93.5% during the fourth quarter of 1998. Average rental revenues per apartment home per month during the quarter rose $28 to $635, an increase of 4.6% over the same period in 1998. Net income to common shareholders for the quarter totaled $12.2 million or $0.29 per diluted share compared to $14.8 million or $0.32 per diluted share for the fourth quarter of 1998. For the twelve months ended December 31, 1999, net income to common shareholders totaled $52.3 million or $1.23 per diluted share compared to $48.0 million or $1.12 per diluted share during the same period in 1998. Camden completed construction at The Park at Greenway in Houston and completed both construction and lease-up at The Park at Interlocken in Denver during the fourth quarter. The Company also completed lease-up at The Park at Goose Creek in Houston in January 2000. Leasing continues to progress at five communities including: The Park at Caley in Denver, The Park at Greenway and The Park at Holly Springs (both in Houston), The Park at Lee Vista in Orlando and The Park at Oxmoor in Louisville. Leasing recently began at The Park at Arizona Center in Phoenix, and the leasing office at The Park at Farmers Market in Dallas is expected to open during the first quarter of 2000. The Company expects to begin leasing at The Park at Crown Valley in Mission Viejo during the third quarter of 2000. During 1999, Camden completed construction at six communities including over 2,500 apartment homes, representing a total investment of over $185 million. In addition, the company stabilized operations at four newly developed communities with over 1,200 apartment homes, representing a total investment of approximately $90 million. In the fourth quarter, the Company repurchased $49.7 million of its common shares of beneficial interest, increasing the total amount of common shares repurchased by the Company to $149.7 million. In January 2000, Camden issued an additional $17.5 million of its 8.25% Perpetual Preferred Operating Partnership Units. "This low cost equity, together with approximately $50 million of operating cash flow after dividends has allowed us to maintain acceptable leverage levels while acquiring significant amounts of our own shares and making further investments into new and existing assets," said Steve Dawson, Chief Financial Officer. "Forecasted sales of approximately $150 million of non-strategic assets in 2000 will assure financial flexibility as we go forward." 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 153 properties containing 53,311 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of six properties under development, the Company's portfolio will increase to 55,785 apartment homes in 159 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 credit risks and uncertainties that are difficult to predict. For more information, please contact Richard J. Campo or D. Keith Oden at 1-800-9Camden, or locally at (713) 354-2500 or visit Camden's web site at http://www.camdenprop.com. FOURTH QUARTER 1999 - FINANCIAL HIGHLIGHTS (In thousands, except per share, property data amounts, ratios and note amounts) (Unaudited) Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, 1999 1998 % Change 1999 1998 % Change Revenues $96,872 $87,111 11.2% $371,296 $323,839 14.7% Avg. monthly rent per operating unit 635 607 4.6% 623 591 5.4% Net income to common shareholders 12,173 14,783 (17.7%) 52,252 47,962 8.9% Per share - basic 0.30 0.33 (9.1%) 1.27 1.16 9.5% Per share - diluted 0.29 0.32 (9.4%) 1.23 1.12 9.8% Funds from operations - diluted 38,627 38,610 0.0% 152,369 137,996 10.4% Per share 0.83 0.76 9.2% 3.20 2.95 8.5% Dividends per share 0.520 0.505 3.0% 2.080 2.020 3.0% Dividend payout ratio 62.7% 66.4% 65.0% 68.5% EBITDA 57,169 51,916 216,308 187,235 Interest expensed 15,629 13,787 57,856 50,467 Interest capitalized 4,091 3,544 16,396 9,929 Total interest incurred 19,720 17,331 74,252 60,396 Principal amortization 1,493 1,264 5,002 3,110 Preferred dividends & distributions 5,228 2,342 17,649 9,371 Interest expense coverage ratio 3.7x 3.8x 3.7x 3.7x Total interest coverage ratio 2.9x 3.0x 2.9x 3.1x Fixed charge expense coverage ratio 2.6x 3.0x 2.7x 3.0x Total fixed charge coverage ratio 2.2x 2.5x 2.2x 2.6x Same property NOI increase 3.2% 4.1% (# of units included) 38,236 38,236 As of December 31, 1999 1998 Total assets $2,487,932 $2,347,982 Total debt $1,165,090 $1,002,568 Common and common equivalent shares, outstanding end of period * 45,284 50,077 Share price, end of period $27.75 $26.00 Perpetual preferred units, end of period $132,679 $0 Book equity value, end of period $1,016,675 $1,170,388 Market equity value, end of period (including perpetual preferred units) $1,389,310 $1,302,002 Debt to total market capitalization ratio 45.6% 43.5% Debt to assets ratio 46.8% 42.7% Unencumbered real estate assets (at cost) to unsecured debt ratio 246% 284% * Includes: 39,385 common shares (including restricted awards & options), 3,207 convertible preferred shares, 2,550 OP units and 142 convertible debentures. OPERATING RESULTS (In thousands, except per share and property data amounts) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, OPERATING DATA 1999 1998 1999 1998 Rental income $88,586 $81,031 $341,168 $300,632 Other property income 5,563 4,554 22,148 18,093 Total property income 94,149 85,585 363,316 318,725 Equity in income of joint ventures 211 273 683 1,312 Fee and asset management 1,746 693 5,373 1,552 Other income 766 560 1,924 2,250 Total revenues 96,872 87,111 371,296 323,839 Property operating and maintenance 27,628 24,382 107,972 97,137 Real estate taxes 8,741 8,347 36,410 31,469 General and administrative 3,334 2,466 10,606 7,998 Interest 15,629 13,787 57,856 50,467 Depreciation and amortization 23,975 20,725 89,516 78,113 Total expenses 79,307 69,707 302,360 265,184 Income before gain on sale of properties and minority interests 17,565 17,404 68,936 58,655 Gain on sale of properties and joint venture interests --- --- 2,979 --- Income before minority interests 17,565 17,404 71,915 58,655 Preferred unit distributions (2,886) --- (8,278) --- Minority interests (164) (279) (2,014) (1,322) Net income 14,515 17,125 61,623 57,333 Preferred share dividends (2,342) (2,342) (9,371) (9,371) Net income to common shareholders $12,173 $14,783 $52,252 $47,962 FUNDS FROM OPERATIONS Net income to common shareholders $12,173 $14,783 $52,252 $47,962 Real estate depreciation 23,103 20,376 87,491 76,740 Real estate depreciation from unconsolidated joint ventures 775 755 3,198 2,253 Loss on sale of property held in joint venture --- --- 738 --- Gain on sale of properties and joint venture interests --- --- (2,979) --- Preferred share dividends 2,342 2,342 9,371 9,371 Minority interests 164 279 2,014 1,322 Interest on convertible subordinated debentures 63 68 258 317 Amortization of deferred costs on convertible debentures 7 7 26 31 Funds from operations - diluted $38,627 $38,610 $152,369 $137,996 PER SHARE DATA Net income - basic $0.30 $0.33 $1.27 $1.16 Net income - diluted 0.29 0.32 1.23 1.12 Funds from operations - diluted 0.83 0.76 3.20 2.95 Cash distributions 0.520 0.505 2.08 2.02 Weighted average number of common and common equivalent shares outstanding: Basic 39,955 44,316 41,236 41,174 Diluted 42,991 47,351 44,291 44,183 FFO - diluted 46,341 50,713 47,644 46,779 PROPERTY DATA Total operating properties (end of period) * 153 149 153 149 Total operating units in operating properties (end of period) * 53,311 51,310 53,311 51,310 Total operating units (weighted average) 46,512 44,511 45,606 42,411 * Includes joint venture investments.SOURCE Camden Property Trust
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CONTACT:
Richard J. Campo or D. Keith Oden, both of
Camden Property Trust, 800-9Camden, or 713-354-2500
