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| Camden Property Trust Reports 9.4% Increase in Funds From Operations Per Share For 2000 |
HOUSTON, Feb. 1 /PRNewswire/ -- Camden Property Trust (NYSE: CPT) announced that its funds from operations (FFO) for the twelve months ended December 31, 2000 totaled $3.50 per diluted share or $156.3 million compared to $3.20 per share or $152.4 million in 1999, an increase of 9.4%. For the fourth quarter of 2000, Camden's FFO totaled $0.89 per diluted share or $39.9 million as compared to $0.83 per diluted share or $38.6 million reported for the same period in 1999, an increase of 7.2% per diluted share. Revenues for the fourth quarter of 2000 totaled $101.1 million compared to $96.9 million in the fourth quarter of 1999. For the twelve months ended December 31, 2000, revenues totaled $403.5 million compared to $371.3 million for the comparable period of 1999. Physical occupancy levels averaged 94.6% during the quarter as compared to 93.3% during the fourth quarter of 1999. For the 38,417 apartment homes included in the fourth quarter "same-property" results, revenues increased 5.4% while operating expenses increased 3.3%, producing a 6.5% increase in same-property net operating income (NOI). On a year-to-date basis, same property NOI grew 5.3%, with revenue growth of 3.8% and expense growth of 1.3%. "In the fourth quarter, same-property NOI growth strengthened considerably, led by improvements in our Texas markets," said Keith Oden, President and Chief Operating Officer. "Our total same-property portfolio generated 5.3% NOI growth for the year, which exceeded our original expectations of 3.0% - 5.0% growth for 2000." During the quarter, the Company continued lease-ups at The Park at Lee Vista in Orlando, The Park at Oxmoor in Louisville, The Park at Arizona Center in Phoenix, The Park at Farmers Market in Dallas and The Park at Crown Valley in Southern California. Construction is still underway on the projects in Dallas and Southern California with completions scheduled for the first and second quarters of 2001, respectively. The Company will hold a conference call on Friday, February 2, 2001 at 9:00 AM CST to review its fourth quarter results and discuss its outlook for 2001. To participate in the call, please dial (800) 633-8545 by 8:50 AM CST that day, or join the live webcast of the conference call at http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=cpt&script=2400. 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 51,336 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon the completion of three properties under development, the Company's portfolio will increase to 52,874 apartment homes in 148 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.camdenprop.com. FOURTH QUARTER 2000 - 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, 2000 1999 % Change 2000 1999 % Change Total revenues $101,103 $96,872 4.4% $403,539 $371,296 8.7% EBITDA 60,047 57,169 5.0% 237,409 216,308 9.8% Funds from operations - diluted 39,881 38,627 3.2% 156,274 152,369 2.6% Per share 0.89 0.83 7.2% 3.50 3.20 9.4% Net income to common shareholders 13,580 12,173 11.6% 65,053 52,252 24.5% Per share - basic 0.36 0.30 20.0% 1.71 1.27 34.6% Per share - diluted 0.33 0.29 13.8% 1.63 1.23 32.5% Dividends per share 0.5625 0.5200 8.2% 2.2500 2.0800 8.2% Dividend payout ratio 63.2% 62.7% 64.3% 65.0% Interest expensed 17,207 15,629 69,036 57,856 Interest capitalized 3,432 4,091 15,303 16,396 Total interest incurred 20,639 19,720 84,339 74,252 Principal amortization 1,586 1,493 5,376 5,002 Preferred dividends & distributions 5,560 5,228 22,216 17,649 Interest expense coverage ratio 3.5 x 3.7 x 3.4 x 3.7 x Total interest coverage ratio 2.9 x 2.9 x 2.8 x 2.9 x Fixed charge expense coverage ratio 2.5 x 2.6 x 2.5 x 2.7 x Total fixed charge coverage ratio 2.2 x 2.2 x 2.1 x 2.2 x Same property NOI increase 6.5% 5.3% (# of units included) 38,417 38,417 As of December 31, 2000 1999 Total assets $2,430,881 $2,487,932 Total debt $1,138,117 $1,165,090 Common and common equivalent shares, outstanding end of period * 44,820 45,284 Share price, end of period $33.50 $27.75 Preferred units, end of period $149,815 $132,679 Book equity value, end of period ** $1,186,510 $1,216,933 Market equity value, end of period (including preferred, common, and common equivalents) $1,654,470 $1,392,131 Debt to total market capitalization ratio 40.8% 45.6% Debt to assets, at cost 46.8% 46.8% Unencumbered real estate assets (at cost) to unsecured debt ratio 248% 246% * Includes: 38,990 common shares (including 1,055 restricted share awards & options), plus common share equivalents upon the assumed conversion of convertible preferred shares (3,207), OP units (2,542), and convertible debentures (81). ** Includes: preferred and 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 2000 1999 2000 1999 Rental income $90,682 $88,586 $364,111 $341,168 Other property income 6,804 5,563 27,030 22,148 Total property income 97,486 94,149 391,141 363,316 Equity in income of joint ventures 95 211 765 683 Development and construction fees 1,053 1,549 4,749 4,496 Management fees 286 197 1,061 877 Interest income 2,183 764 5,673 1,672 Other income --- 2 150 252 Total revenues 101,103 96,872 403,539 371,296 Property operating and maintenance 27,435 27,628 112,727 107,972 Real estate taxes 8,963 8,741 39,054 36,410 General and administrative 4,658 3,334 14,349 10,606 Interest 17,207 15,629 69,036 57,856 Depreciation and amortization 23,423 23,975 96,966 89,516 Total expenses 81,686 79,307 332,132 302,360 Income before gain on sale of properties and joint venture interests and minority interests 19,417 17,565 71,407 68,936 Gain (loss) on sale of properties and joint venture interests (50) --- 18,323 2,979 Income before minority interests 19,367 17,565 89,730 71,915 Distributions on units convertible into perpetual preferred shares (3,218) (2,886) (12,845) (8,278) Income allocated to units convertible into common shares (227) (164) (2,461) (2,014) Net income 15,922 14,515 74,424 61,623 Preferred share dividends (2,342) (2,342) (9,371) (9,371) Net income to common shareholders $13,580 $12,173 $65,053 $52,252 FUNDS FROM OPERATIONS Net income to common shareholders $13,580 $12,173 $65,053 $52,252 Real estate depreciation 22,834 23,103 94,277 87,491 Real estate depreciation from unconsolidated joint ventures 806 775 3,238 3,198 Loss on sale of property held in joint venture --- --- --- 738 (Gain) loss on sale of properties and joint venture interests 50 --- (18,323) (2,979) Preferred share dividends 2,342 2,342 9,371 9,371 Income allocated to units convertible into common shares 227 164 2,461 2,014 Interest on convertible subordinated debentures 38 63 177 258 Amortization of deferred costs on convertible debentures 4 7 20 26 Funds from operations - diluted $39,881 $38,627 $156,274 $152,369 PER SHARE DATA Net income - basic $0.36 $0.30 $1.71 $1.27 Net income - diluted 0.33 0.29 1.63 1.23 Funds from operations - diluted 0.89 0.83 3.50 3.20 Cash distributions 0.56 0.52 2.25 2.08 Weighted average number of common and common equivalent shares outstanding: Basic 37,982 39,955 38,112 41,236 Diluted 41,389 42,991 41,388 44,291 FFO - diluted 44,683 46,341 44,700 47,644 PROPERTY DATA Total operating properties (end of period) * 145 153 145 153 Total operating units in operating properties (end of period) * 51,336 53,311 51,336 53,311 Total operating units (weighted average) 44,778 46,512 46,501 45,606 * Includes joint venture investments.SOURCE Camden Property Trust
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Investor Relations of Camden Property Trust,
800-9Camden, or 713-354-2787
