|
|
| Camden Property Trust Reports 12.8% Increase in Funds From Operations Per Share |
HOUSTON, April 29 /PRNewswire/ -- Camden Property Trust (NYSE: CPT), reported a 12.8% increase in its funds from operations per share for the first quarter of 1998 to $0.69 per share or $23.9 million as compared to $0.62 per share or $10.9 million reported for the same period in 1997. Same property revenue increased 6.0% while operating expenses increased 2.0% for the first quarter of 1998 over the first quarter of 1997, resulting in a 8.8% increase in same property net operating income. Revenues for the first quarter of 1998 totaled $58.6 million compared to $29.5 million in the first quarter of 1997. Occupancy levels averaged 93.3% during the quarter as compared to 93.2% during the first quarter of 1997. Average rental revenues per unit per month during the first quarter rose to $554, an increase of 5.9% over the same period in 1997. Net income for the quarter totaled $9.0 million or $0.28 per share compared to $4.1 million or $0.25 per share for the first quarter of 1997. During the quarter the Company completed lease-up of the 378-unit second phase of The Park at Vanderbilt in Houston, and leasing continued at the 464-unit The Park at Buckingham and the 268-unit The Park at Centreport in Dallas. Stabilization for both properties is expected to occur during the third quarter of 1998. The Company's current development pipeline includes thirteen properties containing 5,328 units. On April 8, 1998, Camden announced that it had completed its merger with Oasis Residential, Inc. Ric Campo, Chairman and CEO, stated that, "We are pleased that the merger with Oasis is completed and we are focusing now on completing the integration of Oasis' assets under Camden's management as rapidly as possible. We are confident that our company and our shareholders will realize significant benefits from this strategic business combination." Camden Property Trust currently owns interests in and operates 152 properties containing 50,183 units in the Sunbelt and Midwestern markets from Florida to California. Upon completion of the thirteen properties under development, the Company's portfolio will increase to 55,511 units in 165 properties. FIRST QUARTER 1998 - FINANCIAL HIGHLIGHTS (In thousands, except per share amounts and ratios) (Unaudited) Three Months Ended March 31, 1998 1997 % change Revenues $ 58,592 $ 29,472 98.8% Avg. monthly rent per operating unit 554 523 5.9% Net income 8,961 4,064 120.5% Per share - basic 0.28 0.25 12.0% Per share - diluted 0.27 0.24 12.5% Funds from operations 23,948 10,877 120.2% Per share 0.694 0.615 12.8% Dividends per share 0.505 0.490 3.1% Interest expense coverage ratio 4.1 3.6 Dividend payout ratio 72.6% 77.8% Same property NOI 8.8% 5.4% (# of units included) 29,082 15,119 As of March 31, 1998 1997 Total assets $1,356,682 $612,032 Total debt 535,856 264,780 Common and common equivalent shares outstanding, end of period 34,543 17,682 Share price, end of period 29.63 27.25 Book equity value, end of period 709,958 297,615 Market equity value, end of period 1,023,336 481,835 Debt to total market capitalization ratio 34.4% 35.5% Debt to assets ratio 39.5% 43.3% Unencumbered real estate assets to unsecured debt ratio 304% 263% OPERATING RESULTS (In thousands, except per share and property data amounts) (Unaudited) Three Months Ended March 31, 1998 1997 OPERATING DATA (A) Rental income $54,835 $27,954 Other property income 3,216 1,294 Total property income 58,051 29,248 Equity in income of joint ventures 292 --- Fee and asset management 112 144 Other income 137 80 Total revenues 58,592 29,472 Property operating and maintenance 19,129 9,992 Real estate taxes 6,289 3,692 General and administrative 1,640 824 Interest 7,754 4,186 Depreciation and amortization 14,488 6,428 Total expenses 49,300 25,122 Income before losses related to early 9,292 4,350 retirement of debt and minority interest Losses related to early retirement of debt --- (286) Income before minority interest 9,292 4,064 Minority Interest in Operating Partnership (331) --- Net income to common shareholders $8,961 $4,064 FUNDS FROM OPERATIONS Net income to common shareholders $8,961 $4,064 Real estate depreciation 14,200 6,189 Real estate depreciation from unconsolidated joint ventures 336 --- Losses related to early retirement of debt --- 286 Minority interest 331 --- Interest on convertible subordinated debentures 109 296 Amortization of deferred costs on convertible debentures 11 42 Funds from operations $23,948 $10,877 PER SHARE DATA Net income - basic $0.28 $0.25 Net Income - diluted 0.27 0.24 Funds from operations 0.694 0.615 Cash distributions 0.505 0.490 Weighted average number of common and common equivalent shares outstanding: Basic 31,572 16,464 Diluted 34,267 16,706 FFO 34,515 17,678 PROPERTY DATA (B) Total operating properties (end of period) 100 50 Total operating units in operating properties (end of period) 34,669 18,279 Total operating units (weighted average) 34,273 17,825 (A) Certain reclassifications have been made to the Company's historical operating data. (B) Includes three properties containing 1,264 units held through joint venture investments.SOURCE Camden Property Trust
back to topRelated links:
CONTACT:
Richard J. Campo or D. Keith Oden both of
Camden Property Trust, 800-9CAMDEN, or 713-964-3555
