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| Camden Property Trust Reports 10.1% Increase in Funds From Operations Per Share |
HOUSTON, July 26 /PRNewswire/ -- Camden Property Trust (NYSE: CPT), announced that its funds from operations (FFO) for the second quarter of 2000 totaled $0.87 per diluted share or $38.7 million as compared to $0.79 per diluted share or $37.5 million reported for the same period in 1999, an increase of 10.1% per diluted share. On a year-to-date basis, Camden's six-month FFO totaled $1.72 per diluted share or $76.9 million compared to $1.55 per share or $75.3 million in 1999, an increase of 11.0%. Revenues for the second quarter of 2000 totaled $101.3 million compared to $91.4 million in the second quarter of 1999. For the six months ended June 30, 2000, revenues totaled $200.0 million compared to $180.2 million for the comparable period of 1999. Physical occupancy levels averaged 93.7% during the quarter as compared to 93.4% during the second quarter of 1999. Average rental revenues per apartment home per month during the second quarter rose to $645, an increase of 4.4% over the same period in 1999. For the 42,316 apartment homes included in the second quarter "same-property" results, revenues increased 3.4% while operating expenses increased 2.2%, resulting in a 4.2% increase in same- property net operating income (NOI). On a year-to-date basis, same property NOI growth was 3.6%, with revenue growth of 2.9% and expense growth of 1.7%. "We are encouraged by the increases seen in both occupancy and rental rates during the second quarter," said Keith Oden, President and Chief Operating Officer. "Same-property performance improved in most of our markets this quarter, supporting our projections for solid NOI growth in 2000." During the quarter, the Company completed lease-up at The Park at Caley in Denver, and leasing continued at the following five properties: The Park at Lee Vista in Orlando, The Park at Oxmoor in Louisville, The Park at Arizona Center in Phoenix, The Park at Greenway in Houston and The Park at Holly Springs in Houston. Construction continued at The Park at Farmers Market in Dallas and The Park at Crown Valley in Southern California, and new construction began on a 151-unit expansion at the Miramar student housing facility in Corpus Christi, Texas. 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 the completion of two properties under development and the expansion of an existing property, the Company's portfolio will increase to 55,935 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. SECOND QUARTER 2000 - FINANCIAL HIGHLIGHTS (In thousands, except per share, property data amounts, ratios and note amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2000 1999 % Change 2000 1999 % Change Revenues $101,327 $91,412 10.8% $200,041 $180,247 11.0% Avg. monthly rent per operating unit 645 618 4.4% 641 615 4.2% EBITDA 59,383 53,170 11.7% 117,262 104,805 11.9% Funds from operations - diluted 38,711 37,503 3.2% 76,850 75,311 2.0% Per share 0.87 0.79 10.1% 1.72 1.55 11.0% Net income to common shareholders 10,594 12,838 (17.5%) 23,270 26,544 (12.3%) Per share - basic 0.28 0.31 (9.7%) 0.61 0.63 (3.2%) Per share - diluted 0.27 0.30 (10.0%) 0.58 0.61 (4.9%) Dividends per share 0.5625 0.5200 8.2% 1.1250 1.0400 8.2% Dividend payout ratio 64.7% 65.8% 65.4% 67.1% Interest expensed 17,605 14,044 34,189 27,518 Interest capitalized 3,905 4,304 8,067 8,182 Total interest incurred 21,510 18,348 42,256 35,700 Principal amortization 1,265 1,048 2,507 2,325 Preferred dividends & distributions 5,533 4,462 11,094 7,667 Interest expense coverage ratio 3.4 x 3.8 x 3.4 x 3.8 x Total interest coverage ratio 2.8 x 2.9 x 2.8 x 2.9 x Fixed charge expense coverage ratio 2.4 x 2.7 x 2.5 x 2.8 x Total fixed charge coverage ratio 2.1 x 2.2 x 2.1 x 2.3 x Same property NOI increase 4.2% 3.6% (# of units included) 42,316 42,316 As of June 30, 2000 1999 Total assets $2,507,497 $2,422,444 Total debt $1,214,781 $1,061,251 Common and common equivalent shares, outstanding end of period * 44,641 47,672 Share price, end of period $29.38 $27.75 Preferred units, end of period $149,815 $97,926 Book equity value, end of period (including preferred, common, and common equivalents) $1,188,052 $1,264,332 Market equity value, end of period (including preferred, common, and common equivalents) $1,461,144 $1,420,824 Debt to total market capitalization ratio 45.4% 42.8% Debt to assets, at cost 48.4% 43.8% Unencumbered real estate assets (at cost) to unsecured debt ratio 237% 270% * Includes: 38,780 common shares (including 747 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 (106). OPERATING RESULTS (In thousands, except per share and property data amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, OPERATING DATA 2000 1999 2000 1999 Rental income $91,660 $83,695 $181,178 $165,829 Other property income 6,613 5,420 12,976 10,579 Total property income 98,273 89,115 194,154 176,408 Equity in income of joint ventures 223 428 480 944 Fee and asset management 1,217 1,273 2,926 2,223 Other income 1,614 596 2,481 672 Total revenues 101,327 91,412 200,041 180,247 Property operating and maintenance 28,274 26,563 55,980 52,139 Real estate taxes 10,044 9,303 20,034 18,504 General and administrative 3,626 2,376 6,765 4,799 Interest 17,605 14,044 34,189 27,518 Depreciation and amortization 25,244 21,486 49,843 42,838 Total expenses 84,793 73,772 166,811 145,798 Income before gain on sale of properties and minority interests 16,534 17,640 33,230 34,449 Gain on sale of properties --- --- 1,933 720 Income before minority interests 16,534 17,640 35,163 35,169 Distributions on units convertible into perpetual preferred shares (3,190) (2,119) (6,408) (2,981) Income allocated to units convertible into common shares (407) (340) (799) (958) Net income 12,937 15,181 27,956 31,230 Preferred share dividends (2,343) (2,343) (4,686) (4,686) Net income to common shareholders $10,594 $12,838 $23,270 $26,544 FUNDS FROM OPERATIONS Net income to common shareholders $10,594 $12,838 $23,270 $26,544 Real estate depreciation 24,500 21,109 48,302 42,073 Real estate depreciation from unconsolidated joint ventures 809 801 1,618 1,626 Gain on sale of properties --- --- (1,933) (720) Preferred share dividends 2,343 2,343 4,686 4,686 Income allocated to units convertible into common shares 407 340 799 958 Interest on convertible subordinated debentures 53 66 97 132 Amortization of deferred costs on convertible debentures 5 6 11 12 Funds from operations - diluted $38,711 $37,503 $76,850 $75,311 PER SHARE DATA Net income - basic $0.28 $0.31 $0.61 $0.63 Net income - diluted 0.27 0.30 0.58 0.61 Funds from operations - diluted 0.87 0.79 1.72 1.55 Cash distributions 0.56 0.52 1.13 1.04 Weighted average number of common and common equivalent shares outstanding: Basic 37,927 41,243 38,210 42,038 Diluted 41,146 44,320 41,361 45,093 FFO - diluted 44,463 47,676 44,686 48,449 PROPERTY DATA Total operating properties (end of period) * 156 149 156 149 Total operating units in operating properties (end of period) * 54,784 51,490 54,784 51,490 Total operating units (weighted average) 47,372 45,178 47,144 44,960 * Includes joint venture investments.SOURCE Camden Property Trust
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Investor Relations of Camden Property Trust,
713-354-2787, or 800-9Camden
