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| Camden Property Trust Reports 10.4% Increase in Funds From Operations Per Share |
HOUSTON, April 26 /PRNewswire/ -- Camden Property Trust (NYSE: CPT), announced that its funds from operations (FFO) for the first quarter of 2000 totaled $0.85 per diluted share or $38.1 million as compared to $0.77 per diluted share or $37.8 million reported for the same period in 1999, an increase of 10.4% per diluted share. Revenues for the first quarter of 2000 totaled $98.7 million compared to $88.8 million in the first quarter of 1999. Net income to common shareholders for the quarter totaled $12.7 million or $0.31 per diluted share compared to $13.7 million or $0.31 per diluted share for the first quarter of 1999. Physical occupancy levels averaged 93.0% during the quarter as compared to 93.2% during the first quarter of 1999. Average rental revenues per apartment home per month during the first quarter rose to $636, an increase of $24 over the same period in 1999. For the 42,316 apartment homes included in the first quarter "same-property" results, revenues increased 2.4% while operating expenses increased 1.1%, resulting in a 3.2% increase in same-property net operating income (NOI). "California, Florida, Nevada and Austin, TX continue to be bright spots in our portfolio with strong NOI growth and good occupancies," said Keith Oden, President and Chief Operating Officer. "In Houston, the combination of positive job growth and falling construction starts should produce better NOI growth in the second half of 2000 and in 2001." During the quarter, the Company completed construction on four properties: The Park at Caley in Denver, The Park at Lee Vista in Orlando, The Park at Oxmoor in Louisville and The Park at Arizona Center in Phoenix. Leasing activity will continue at these four properties as well as The Park at Greenway and The Park at Holly Springs in Houston, with stabilizations projected to occur over the next four quarters. Construction is still underway at The Park at Farmers Market in Dallas and The Park at Crown Valley in Southern California, with initial occupancy scheduled for the second and third quarters of 2000, respectively. Dispositions during the quarter included several parcels of undeveloped land as well as a mini-storage facility, generating total proceeds of approximately $21.4 million. The land sales consisted of a 19.5 acre tract in Las Vegas, 2.9 acres at The Park at Farmers Market in Dallas and 38.5 acres at the Andrau Airpark in Houston. "Our strategy of buying large development sites and then selling select parcels of that land should increase our development returns, lower our development risk and allow us to control adjacent land uses," said Ric Campo, Chairman and Chief Executive Officer. The Company repurchased 997,750 of its common shares of beneficial interest and operating partnership units during the quarter at an average price of $26.42 per share for a total cost of $26.4 million. Since beginning its repurchase program in September 1998, Camden has acquired approximately 6.8 million shares and operating partnership units at an average price of $25.91 for a total cost of $176.1 million. 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 156 properties containing 54,784 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 55,784 apartment homes in 158 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 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. First Quarter 2000 -- Financial Highlights (Unaudited) Three Months Ended March 31, 2000 1999 %change Revenues $98,714 $88,835 11.1% Avg. monthly rent per operating unit 636 612 3.9% Net income to common shareholders 12,676 13,706 (7.5%) Per share - basic 0.33 0.32 3.1% Per share - diluted 0.31 0.31 0.0% Funds from operations - diluted 38,139 37,808 0.9% Per share 0.85 0.77 10.4% Dividends per share 0.5625 0.5200 8.2% Dividend payout ratio 66.2% 67.5% EBITDA 57,879 51,635 Interest expensed 16,584 13,474 Interest capitalized 4,162 3,879 Total interest incurred 20,746 17,353 Principal amortization 1,242 1,277 Preferred dividends & distributions 5,561 3,205 Interest expense coverage ratio 3.5 x 3.8 x Total interest coverage ratio 2.8 x 3.0 x Fixed charge expense coverage ratio 2.5 x 2.9 x Total fixed charge coverage ratio 2.1 x 2.4 x Same property NOI increase 3.2% (# of units included) 42,316 As of March 31, 2000 1999 Total assets $2,497,459 $2,377,816 Total debt $1,200,946 $1,013,336 Common and common equivalent shares, outstanding end of period * 44,342 47,826 Share price, end of period $27.06 $24.75 Preferred units, end of period $149,815 $97,936 Book equity value, end of period $982,774 $1,106,539 Market equity value, end of period (including preferred units) $1,349,710 $1,281,630 Debt to total market capitalization ratio 47.1% 44.2% Debt to assets ratio 48.1% 42.6% Unencumbered real estate assets (at cost) to unsecured debt ratio 237% 264% * Includes: 38,471 common shares (including 565 restricted share awards & options), plus common share equivalents upon the assumed conversion of convertible preferred shares (3,207), OP units (2,548), and convertible debentures (116). OPERATING RESULTS (In thousands, except per share and property data amounts) (Unaudited) Three Months Ended March 31, OPERATING DATA 2000 1999 Rental income $89,518 $82,134 Other property income 6,363 5,159 Total property income 95,881 87,293 Equity in income of joint ventures 257 516 Fee and asset management 1,709 950 Other income 867 76 Total revenues 98,714 88,835 Property operating and maintenance 27,706 25,576 Real estate taxes 9,990 9,201 General and administrative 3,139 2,423 Interest 16,584 13,474 Depreciation and amortization 24,599 21,352 Total expenses 82,018 72,026 Income before gain on sale of properties and minority interests 16,696 16,809 Gain on sale of properties 1,933 720 Income before minority interests 18,629 17,529 Preferred unit distributions (3,218) (862) Operating partnership units (392) (618) Net income 15,019 16,049 Preferred share dividends (2,343) (2,343) Net income to common shareholders $12,676 $13,706 FUNDS FROM OPERATIONS Net income to common shareholders $12,676 $13,706 Real estate depreciation 23,802 20,964 Real estate depreciation from unconsolidated joint ventures 809 825 Gain on sale of properties (1,933) (720) Preferred share dividends 2,343 2,343 Operating partnership units 392 618 Interest on convertible subordinated debentures 44 66 Amortization of deferred costs on convertible debentures 6 6 Funds from operations - diluted $38,139 $37,808 PER SHARE DATA Net income - basic $0.33 $0.32 Net income - diluted 0.31 0.31 Funds from operations - diluted 0.85 0.77 Cash distributions 0.56 0.52 Weighted average number of common and common equivalent shares outstanding: Basic 38,492 42,842 Diluted 41,575 45,874 FFO - diluted 44,909 49,230 PROPERTY DATA Total operating properties (end of period) * 156 149 Total operating units in operating properties (end of period) * 54,784 51,490 Total operating units (weighted average) 46,915 44,741 * Includes joint venture investments.SOURCE Camden Property Trust
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CONTACT:
Investor Relations Department of Camden
Property Trust, 800-9Camden or 713-354-2787
