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| Camden Property Trust Announces First Quarter 2001 Operating Results |
| CAMDEN PROPERTY TRUST COMPANY LOGO
Camden Property Trust Company logo. (PRNewsFoto)[AG] HOUSTON, TX USA | |||
HOUSTON, April 30 /PRNewswire/ -- Camden Property Trust (NYSE: CPT) announced that its funds from operations (FFO) for the first quarter of 2001 totaled $0.90 per diluted share or $40.1 million as compared to $0.85 per diluted share or $38.1 million reported for the same period in 2000. FFO for the quarter included a $1.1 million or $0.02 per share impairment provision related to a technology investment. FFO per share excluding the impairment provision would have been $0.92, an 8.2% increase over the first quarter of 2000. Revenues for the first quarter of 2001 totaled $105.4 million compared to $98.7 million in the first quarter of 2000. Physical occupancy levels averaged 94.7% during the quarter as compared to 93.0% during the first quarter of 2000. For the 41,332 apartment homes included in the first quarter "same-property" results, revenues increased 5.8% while operating expenses increased 4.6%, producing a 6.4% increase in same-property net operating income (NOI). During the quarter, the Company completed lease-ups at The Park at Lee Vista in Orlando and The Park at Oxmoor in Louisville. Leasing continued at 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 second and third quarters of 2001 respectively, and construction recently began at Camden Harbour View in Southern California, with completion scheduled for the second quarter of 2003. First Call analyst estimates for the Company's FFO per share in the second quarter range from $0.92 to $0.93, with a consensus average of $0.93. For 2001, estimates range from $3.73 to $3.76, with a consensus average of $3.75. Based on historical performance year-to-date and Camden's current expectations for the remainder of the year, management is comfortable with the range of estimates. The Company plans to update its earnings guidance to the market on a quarterly basis. The Company will hold a conference call on Tuesday, May 1, 2001 at 3:00 PM CDT to review its first quarter results and discuss its outlook for future performance. To participate in the call, please dial (800) 624-0894 by 2:50 PM CDT that day, or join the live webcast of the conference call at http://www.camdenprop.com/internet/html/ir_conferencecalls.htm. 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 143 properties containing 50,780 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 52,318 apartment homes in 146 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. FIRST QUARTER 2001 - FINANCIAL HIGHLIGHTS (In thousands, except per share, property data amounts, ratios and note amounts) (Unaudited) Three Months Ended March 31, 2001 2000 % Change Total revenues $105,354 $98,714 6.7% EBITDA 62,756 57,879 8.4% Funds from operations - diluted 40,145 38,139 5.3% Per share 0.90 0.85 5.9% Funds from operations - diluted (before impairment provision for technology investments) 41,235 38,139 8.1% Per share 0.92 0.85 8.2% Net income to common shareholders 16,201 12,676 27.8% Per share - basic 0.43 0.33 30.3% Per share - diluted 0.41 0.31 32.3% Dividends per share 0.61 0.5625 8.4% Dividend payout ratio 67.8% 66.2% Interest expensed 17,143 16,584 Interest capitalized 3,103 4,162 Total interest incurred 20,246 20,746 Principal amortization 1,343 1,242 Preferred dividends & distributions 5,561 5,561 Interest expense coverage ratio 3.7 x 3.5 x Total interest coverage ratio 3.1 x 2.8 x Fixed charge expense coverage ratio 2.6 x 2.5 x Total fixed charge coverage ratio 2.3 x 2.1 x Same property NOI increase 6.4% 3.2% (# of apartment homes included) 41,332 42,316 As of March 31, 2001 2000 Total assets $2,428,377 $2,497,459 Total debt $1,152,695 $1,200,946 Common and common equivalent shares, outstanding end of period * 44,778 44,342 Share price, end of period $33.25 $27.06 Preferred units, end of period $149,815 $149,815 Book equity value, end of period ** $1,180,088 $1,198,397 Market equity value, end of period (including preferred, common, and common equivalents) $1,641,869 $1,352,895 Debt to total market capitalization ratio 41.2% 47.0% Debt to assets, at cost 47.5% 48.1% Unencumbered real estate assets (at cost) to unsecured debt ratio 245% 237% * Includes: 39,033 common shares (including 913 restricted share awards & options), plus common share equivalents upon the assumed conversion of convertible preferred shares (3,207), and OP units (2,538) ** 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 March 31, OPERATING DATA 2001 2000 Rental income $92,210 $89,518 Other property income 6,951 6,363 Total property income 99,161 95,881 Equity in income of joint ventures 2,696 257 Development and construction fees 1,247 1,457 Management fees 296 252 Interest income 1,954 867 Total revenues 105,354 98,714 Property operating and maintenance 28,159 27,706 Real estate taxes 10,066 9,990 General and administrative 3,283 3,139 Impairment provision for technology investments 1,090 --- Interest 17,143 16,584 Depreciation and amortization 24,496 24,599 Total expenses 84,237 82,018 Income before gain on sale of properties 21,117 16,696 Gain on sale of properties 1,716 1,933 Income before minority interests 22,833 18,629 Distributions on units convertible into perpetual preferred shares (3,218) (3,218) Income allocated to units convertible into common shares (1,071) (392) Net income 18,544 15,019 Preferred share dividends (2,343) (2,343) Net income to common shareholders $16,201 $12,676 FUNDS FROM OPERATIONS Net income to common shareholders $16,201 $12,676 Real estate depreciation 23,807 23,802 Adjustments for unconsolidated joint ventures (1,595) 809 Gain on sale of properties (1,716) (1,933) Preferred share dividends 2,343 2,343 Income allocated to units convertible into common shares 1,071 392 Interest on convertible subordinated debentures 33 44 Amortization of deferred costs on convertible debentures 1 6 Funds from operations - diluted $40,145 $38,139 PER SHARE DATA Net income - basic $0.43 $0.33 Net income - diluted 0.41 0.31 Funds from operations - diluted 0.90 0.85 Funds from operations - diluted (before impairment provision) 0.92 0.85 Cash distributions 0.61 0.56 Weighted average number of common and common equivalent shares outstanding: Basic 37,975 38,492 Diluted 39,570 41,575 FFO - diluted 44,822 44,909 PROPERTY DATA Total operating properties (end of period) * 143 156 Total operating apartment homes in operating properties (end of period) * 50,780 54,784 Total operating apartment homes (weighted average) 45,038 46,915 * Includes joint venture investments.SOURCE Camden Property Trust
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