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| Camden Property Trust Announces Second Quarter 2001 Operating Results |
| CAMDEN PROPERTY TRUST COMPANY LOGO
Camden Property Trust Company logo. (PRNewsFoto)[AG] HOUSTON, TX USA | |||
HOUSTON, July 26 /PRNewswire/ -- Camden Property Trust (NYSE: CPT) announced that its funds from operations (FFO) for the second quarter of 2001 totaled $0.94 per diluted share or $42.0 million, an 8.0% increase over the $0.87 per diluted share or $38.7 million reported for the same period in 2000. On a year-to-date basis, Camden's six-month FFO totaled $1.84 per diluted share or $82.1 million compared to $1.72 per diluted share or $76.9 million in 2000. Excluding a $1.1 million impairment provision for a technology investment recorded in the first quarter of 2001, year-to-date FFO was $83.2 million or $1.86 per diluted share. Earnings per Share (EPS) for the second quarter of 2001 increased to $0.40 per diluted share from $0.27 per diluted share in 2000. EPS for the second quarter of 2001 included a $0.01 per diluted share impact from gain on sale of properties. For the six months ended June 30, 2001, EPS totaled $0.82 per diluted share compared to $0.58 per diluted share in 2000. EPS for the six months ended June 30, 2001 included a net $0.03 per diluted share impact from gain on sale of properties and an impairment provision for technology investments. EPS for the six months ended June 30, 2000 included a $0.05 per diluted share impact from gain on sale of properties. Physical occupancy levels averaged 94.4% during the quarter as compared to 93.7% during the second quarter of 2000. For the 41,332 apartment homes included in the second quarter "same-property" results, revenues increased 4.5% while operating expenses increased 3.3%, producing a 5.2% increase in same-property net operating income (NOI). On a year-to-date basis, same property NOI growth was 5.8%, with revenue growth of 5.1% and expense growth of 4.0%. Leasing continued during the quarter at The Park at Arizona Center in Phoenix, The Park at Farmers Market in Dallas and The Park at Crown Valley in Southern California. The company expects to complete lease-up of Arizona Center by the end of the third quarter and complete lease-up of Farmers Market and Crown Valley by year-end. Construction at The Park at Farmers Market was completed in June, and construction is still underway on The Park at Crown Valley and Camden Harbour View, both located in Southern California. During the quarter, Camden acquired a 272-home apartment community in Chandler, Arizona for $20.6 million. Camden Pecos Ranch was recently developed by the Company for a third party and reached stabilization during the first quarter of 2001. The community offers 1-, 2- and 3-bedroom floorplans with rental rates from $690 to $1,115 per month, and is currently 98% leased and 96% occupied. Camden also completed the sale of 7.5 acres of undeveloped land in Houston for $2.4 million during the second quarter. The land parcel sold was part of the former Andrau Airpark, which was acquired by the Company in 1998. To date, Camden has disposed of approximately 550 acres of the original 700-acre site for $56.5 million. The Company plans to sell an additional 50 to 80 acres for retail and/or office development and retain 70 to 100 acres for future multifamily developments. First Call analyst estimates for the Company's 2001 FFO per share range from $3.72 to $3.78, with a consensus average of $3.75. Management expects FFO for 2001 to be in the upper end of the range, between $3.76 and $3.78. First Call estimates for the Company's 2002 FFO per share range from $4.03 to $4.06, with a consensus average of $4.05. Management is comfortable with the consensus average for 2002. The Company plans to update its earnings guidance to the market on a quarterly basis and provide additional guidance for 2002 on its third quarter conference call. The Company will hold a conference call on Friday, July 27, 2001 at 10:00 AM CDT to review its second quarter results and discuss its outlook for future performance. To participate in the call, please dial (800) 290-2715 by 9:50 AM CDT that day, or join the live webcast of the conference call by accessing the Investor Relations section of the company's website at http://www.camdenliving.com . 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 51,672 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 52,590 apartment homes in 147 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 . SECOND QUARTER 2001 - FINANCIAL HIGHLIGHTS (In thousands, except per share, property data amounts, ratios and note amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2001 2000 % Change 2001 2000 % Change Total revenues $104,560 $101,327 3.2% $209,914 $200,041 4.9% EBITDA 62,798 59,383 5.8% 125,554 117,262 7.1% Net income to common shareholders 16,934 10,594 59.8% 33,135 23,270 42.4% Earnings per share - basic 0.43 0.28 53.6% 0.85 0.61 39.3% Earnings per share - diluted 0.40 0.27 48.1% 0.82 0.58 41.4% Funds from operations - diluted 41,960 38,711 8.4% 82,105 76,850 6.8% Per share 0.94 0.87 8.0% 1.84 1.72 7.0% Funds from operations - diluted (before impairment provision for technology investments) 41,960 38,711 8.4% 83,195 76,850 8.3% Per share 0.94 0.87 8.0% 1.86 1.72 8.1% Dividends per share 0.61 0.56 8.9% 1.22 1.13 8.0% Dividend payout ratio 64.9% 64.4% 66.3% 65.7% Interest expensed 17,774 17,605 34,917 34,189 Interest capitalized 2,706 3,905 5,809 8,067 Total interest incurred 20,480 21,510 40,726 42,256 Principal amortization 1,362 1,265 2,705 2,507 Preferred dividends & distributions 3,420 5,533 8,981 11,094 Interest expense coverage ratio 3.5 x 3.4 x 3.6 x 3.4 x Total interest coverage ratio 3.1 x 2.8 x 3.1 x 2.8 x Fixed charge expense coverage ratio 2.8 x 2.4 x 2.7 x 2.5 x Total fixed charge coverage ratio 2.5 x 2.1 x 2.4 x 2.1 x Same property NOI increase 5.2% 5.8% (# of apartment homes included) 41,332 41,332 As of June 30, 2001 2000 Total assets $2,446,581 $2,507,497 Total debt $1,195,465 $1,214,781 Common and common equivalent shares, outstanding end of period * 44,443 44,641 Share price, end of period $36.70 $29.38 Preferred units, end of period $149,815 $149,815 Book equity value, end of period ** $1,146,025 $1,188,052 Market equity value, end of period (including preferred, common, and common equivalents) $1,784,058 $1,464,553 Debt to total market capitalization ratio 40.1% 45.3% Debt to assets, at cost 48.9% 48.4% Unencumbered real estate assets (at cost) to unsecured debt ratio 237% 237% * Includes: 41,949 common shares (including 1,298 restricted share awards & options), plus common share equivalents upon the assumed conversion of OP units (2,494) ** Includes: 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 Six Months Ended June 30, June 30, OPERATING DATA 2001 2000 2001 2000 Rental income $93,116 $91,660 $185,326 $181,178 Other property income 7,372 6,613 14,323 12,976 Total property income 100,488 98,273 199,649 194,154 Equity in income of joint ventures 228 223 2,924 480 Development and construction fees 1,430 930 2,677 2,387 Management fees 290 287 586 539 Interest income 2,124 1,614 4,078 2,481 Total revenues 104,560 101,327 209,914 200,041 Property operating and maintenance 28,205 28,274 56,364 55,980 Real estate taxes 10,448 10,044 20,514 20,034 General and administrative 3,109 3,626 6,392 6,765 Impairment provision for technology investments --- --- 1,090 --- Interest 17,774 17,605 34,917 34,189 Depreciation and amortization 24,848 25,244 49,344 49,843 Total expenses 84,384 84,793 168,621 166,811 Income before gain on sale of properties and minority interests 20,176 16,534 41,293 33,230 Gain on sale of properties 656 --- 2,372 1,933 Income before minority interests 20,832 16,534 43,665 35,163 Distributions on units convertible into perpetual preferred shares (3,218) (3,190) (6,436) (6,408) Income allocated to units convertible into common shares (478) (407) (1,549) (799) Net income 17,136 12,937 35,680 27,956 Preferred share dividends (202) (2,343) (2,545) (4,686) Net income to common shareholders $16,934 $10,594 $33,135 $23,270 FUNDS FROM OPERATIONS Net income to common shareholders $16,934 $10,594 $33,135 $23,270 Real estate depreciation 24,198 24,500 48,005 48,302 Real estate depreciation from unconsolidated joint ventures 801 809 1,773 1,618 Gain on sale of properties held in joint ventures --- --- (2,567) --- Gain on sale of properties (656) --- (2,372) (1,933) Preferred share dividends 202 2,343 2,545 4,686 Income allocated to units convertible into common shares 478 407 1,549 799 Interest on convertible subordinated debentures 3 53 36 97 Amortization of deferred costs on convertible debentures --- 5 1 11 Funds from operations - diluted $41,960 $38,711 $82,105 $76,850 PER SHARE DATA Earnings per share - basic $0.43 $0.28 $0.85 $0.61 Earnings per share - diluted 0.40 0.27 0.82 0.58 Funds from operations - diluted 0.94 0.87 1.84 1.72 Funds from operations - diluted (before impairment provision) 0.94 0.87 1.86 1.72 Cash distributions 0.61 0.56 1.22 1.13 Weighted average number of common and common equivalent shares outstanding: Basic 39,797 37,927 38,891 38,210 Diluted 44,525 41,146 42,512 41,361 FFO - diluted 44,525 44,463 44,672 44,686 PROPERTY DATA Total operating properties (end of period) * 145 156 145 156 Total operating apartment homes in operating properties (end of period) * 51,672 54,784 51,672 54,784 Total operating apartment homes (weighted average) 45,367 47,372 45,203 47,144 * Includes joint venture investments.SOURCE Camden Property Trust
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