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| Camden Property Trust Reports 8.9% Increase in Funds From Operations Per Share |
HOUSTON, Oct. 26 /PRNewswire/ -- Camden Property Trust (NYSE: CPT), announced that its funds from operations (FFO) for the third quarter of 2000 totaled $0.88 per diluted share or $39.5 million as compared to $0.81 per diluted share or $38.4 million reported for the same period in 1999, an increase of 8.9% per diluted share. On a year-to-date basis, Camden's nine-month FFO totaled $2.60 per diluted share or $116.4 million compared to $2.37 per share or $113.7 million in 1999, an increase of 10.1%. Revenues for the third quarter of 2000 totaled $102.4 million compared to $94.2 million in the third quarter of 1999. For the nine months ended September 30, 2000, revenues totaled $302.4 million compared to $274.4 million for the comparable period of 1999. Physical occupancy levels averaged 94.6% during the quarter as compared to 93.7% during the previous quarter and 94.0% during the third quarter of 1999. For the 38,417 apartment homes included in the third quarter "same-property" results, revenues increased 3.9% while operating expenses increased 0.7%, producing a 6.0% increase in same-property net operating income (NOI). On a year-to-date basis, same property NOI grew 4.5%, with revenue growth of 3.3% and expense growth of 1.2%. "Clearly we have turned the corner in Houston and expect to see positive results in the fourth quarter as the market continues to strengthen," said Keith Oden, President and Chief Operating Officer. During the quarter, the Company completed and stabilized a 151-unit expansion at the Miramar student housing facility in Corpus Christi, Texas, and completed lease-ups at both The Park at Greenway and The Park at Holly Springs in Houston. Lease-ups continued this quarter at The Park at Lee Vista in Orlando, The Park at Oxmoor in Louisville, The Park at Arizona Center in Phoenix and The Park at Farmers Market in Dallas. Lease-up of The Park at Crown Valley in Southern California began during the quarter. Construction is still underway on the projects in Dallas and Southern California with completions scheduled for the first and second quarters of 2001, respectively. Camden completed the sale of 3,599 apartment homes during the third quarter for a total sales price of $137.2 million. Together with $21.4 million of land and non-multifamily project sales in the first quarter of 2000, Camden's total disposition volume this year has been $158.6 million. (Additional details available in the Company's press release "Camden Property Trust completes the sale of 11 properties" issued September 14, 2000). The Company intends to pursue a similar disposition program in 2001 as part of its strategy to continue decreasing the volatility of cash flows in its stabilized portfolio. "We plan to implement this strategy through a combination of joint ventures and/or asset sales that would contribute to a reduction in the volatility of our cash flows," said Ric Campo, Chairman and Chief Executive Officer. "Disposition proceeds could then be utilized to fund investments in higher growth markets." The First Call consensus of analyst estimates for the Company's FFO per share is $0.89 for the fourth quarter and $3.49 for full-year 2000. Based on historical performance year-to-date and Camden's current expectations for the remainder of the year, management is comfortable with these estimates. The Company plans to update its earnings guidance to the market on a quarterly basis. The Company will hold a conference call on Friday, October 27, 2000 at 10:00 AM CDT to review its third quarter results. To participate in the call, please dial (212) 748-2810 by 9:50 AM CDT that day, or join the live webcast of the conference call at http://ir.ccbn.com/ir.zhtml?t=CPT&s=2400. 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 51,336 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon the completion of two properties under development, the Company's portfolio will increase to 52,336 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.camdenprop.com. THIRD QUARTER 2000 -- FINANCIAL HIGHLIGHTS (In thousands, except per share, property data amounts, ratios and note amounts) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 % Change 2000 1999 % Change Total revenues $102,395 $94,177 8.7% $302,436 $274,424 10.2% EBITDA 60,100 54,334 10.6% 177,362 159,139 11.5% Funds from operations -- diluted 39,543 38,431 2.9% 116,393 113,742 2.3% Per share 0.88 0.81 8.9% 2.60 2.37 10.1% Net income to common shareholders 28,203 13,535 108.4% 51,473 40,079 28.4% Per share -- basic 0.74 0.33 124.2% 1.35 0.96 40.6% Per share -- diluted 0.72 0.32 125.0% 1.30 0.94 38.3% Dividends per share 0.5625 0.5200 8.2% 1.6875 1.5600 8.2% Dividend payout ratio 63.7% 64.1% 64.8% 65.9% Interest expensed 17,640 14,709 51,829 42,227 Interest capitalized 3,805 4,123 11,871 12,306 Total interest incurred 21,445 18,832 63,700 54,533 Principal amortization 1,284 1,185 3,790 3,510 Preferred dividends & distributions 5,562 4,754 16,656 12,421 Interest expense coverage ratio 3.4 x 3.7 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 2.5 x 2.6 x 2.5 x 2.7 x Total fixed charge coverage ratio 2.1 x 2.2 x 2.1 x 2.3 x Same property NOI increase 6.0% 4.5% (# of units included) 38,417 38,417 As of September 30, 2000 1999 Total assets $2,434,417 $2,468,672 Total debt $1,130,600 $1,085,486 Common and common equivalent shares, outstanding end of period * 44,750 47,037 Share price, end of period $31.00 $26.88 Preferred units, end of period $149,815 $132,712 Book equity value, end of period (including preferred, common, and common equivalents) $1,195,594 $1,275,311 Market equity value, end of period (including preferred, common, and common equivalents) $1,537,065 $1,396,831 Debt to total market capitalization ratio 42.4% 43.7% Debt to assets, at cost 46.4% 44.0% Unencumbered real estate assets (at cost) to unsecured debt ratio 249% 267% * Includes: 38,907 common shares (including 840 restricted share awards & options), plus common share equivalents upon the assumed conversion of convertible preferred shares (3,207), OP units (2,542), and convertible debentures (94). OPERATING RESULTS (In thousands, except per share and property data amounts) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 OPERATING DATA Rental income $92,251 $86,753 $273,429 $252,582 Other property income 7,250 6,006 20,226 16,585 Total property income 99,501 92,759 293,655 269,167 Equity in income of joint ventures 190 (472) 670 472 Development and construction fees 1,309 1,167 3,696 2,947 Management fees 236 237 775 680 Interest income 1,009 486 3,490 908 Other income 150 --- 150 250 Total revenues 102,395 94,177 302,436 274,424 Property operating and maintenance 29,312 28,205 85,292 80,344 Real estate taxes 10,057 9,165 30,091 27,669 General and administrative 2,926 2,473 9,691 7,272 Interest 17,640 14,709 51,829 42,227 Depreciation and amortization 23,700 22,703 73,543 65,541 Total expenses 83,635 77,255 250,446 223,053 Income before gain on sale of properties and joint venture interests and minority interests 18,760 16,922 51,990 51,371 Gain on sale of properties and joint venture interests 16,440 2,259 18,373 2,979 Income before minority interests 35,200 19,181 70,363 54,350 Distributions on units convertible into perpetual preferred shares (3,219) (2,411) (9,627) (5,392) Income allocated to units convertible into common shares (1,435) (892) (2,234) (1,850) Net income 30,546 15,878 58,502 47,108 Preferred share dividends (2,343) (2,343) (7,029) (7,029) Net income to common shareholders $28,203 $13,535 $51,473 $40,079 FUNDS FROM OPERATIONS Net income to common shareholders $28,203 $13,535 $51,473 $40,079 Real estate depreciation 23,141 22,315 71,443 64,388 Real estate depreciation from unconsolidated joint ventures 814 797 2,432 2,423 Loss on sale of property held in joint venture --- 738 --- 738 Gain on sale of properties and joint venture interests (16,440) (2,259) (18,373) (2,979) Preferred share dividends 2,343 2,343 7,029 7,029 Income allocated to units convertible into common shares 1,435 892 2,234 1,850 Interest on convertible subordinated debentures 42 63 139 195 Amortization of deferred costs on convertible debentures 5 7 16 19 Funds from operations -- diluted $39,543 $38,431 $116,393 $113,742 PER SHARE DATA Net income -- basic $0.74 $0.33 $1.35 $0.96 Net income -- diluted 0.72 0.32 1.30 0.94 Funds from operations -- diluted 0.88 0.81 2.60 2.37 Cash distributions 0.56 0.52 1.69 1.56 Weighted average number of common and common equivalent shares outstanding: Basic 38,050 40,939 38,156 41,668 Diluted 44,746 42,025 41,388 44,728 FFO -- diluted 44,746 47,364 44,706 48,083 PROPERTY DATA Total operating properties (end of period) * 145 151 145 151 Total operating units in operating properties (end of period) * 51,336 52,215 51,336 52,215 Total operating units (weighted average) 46,940 45,992 47,076 45,304 * 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
