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| Camden Property Trust Announces 10% Increase in Funds From Operations Per Share |
HOUSTON, Oct. 29 /PRNewswire/ -- Camden Property Trust (NYSE: CPT), a
self-administered multifamily real estate investment trust, announced a 10.0%
increase in its fully diluted funds from operations (FFO) per share for the
third quarter of 1997 to $0.66 per share or $22.0 million as compared to
$0.60 per share or $9.8 million reported for the same period in 1996. For the
nine months ended September 30, 1997, Camden's FFO totaled $1.93 per share or
$52.1 million, representing an increase of 8.4% per share over the $1.78 per
share or $293 million reported for the same period in 1996. Same property net
operating income for the third quarter of 1997 increased 5.9% over the third
quarter of 1996, with revenues increasing 5.2% and operating expenses
increasing 4.3%.
Revenues for the third quarter of 1997 totaled $56.9 million compared to
$28.8 million in the third quarter of 1996. For the nine months of 1997,
revenues totaled $140.5 million compared to $82.6 million in 1996. Occupancy
levels averaged 94.5% during the third quarters of both 1997 and 1996 compared
to 93.8% for the prior quarter of this year. Average rental revenues per unit
per month during the quarter rose to $539, an increase of 4.7% over the same
period in 1996. Net income for the quarter totaled $83 million or $0.27 per
share compared to $2.8 million or $0.19 per share for the third quarter of
1996. For the nine months, net income totaled $0.76 per share or $18.8
million, compared to $0.31 per share or $4.6 million in 1996.
During the third quarter, the Company completed a public offering of
approximately 4.8 million common shares at a price of $31 per share. The net
proceeds of the offering were used to retire secured debt assumed in the
Paragon acquisition and reduce amounts outstanding under the Company's
unsecured credit facility.
Construction was completed during the third quarter on the 378-unit second
phase of The Park at Vanderbilt in Houston, and stabilization is expected to
occur by the end of 1997. Construction activities continued in Dallas on the
464-unit The Park at Buckingham and the 268-unit The Park at Centreport. Both
properties are scheduled to be completed during the first quarter of 1998 and
reach stabilization by the third quarter of 1998. The Company has completed
lease-ups of the 232-Unit Park Commons in Charlotte, the 288-unit second phase
of Camden Passage in Kansas City, the 336-unit Brassfield Park in Greensboro,
the 380-unit The Park at Sugar Grove in Houston, and the 288-unit The Park at
Arrowhead Springs in Phoenix. The Company also announced the following
additions to its development pipeline:
Project Name Location Units Total Cost Start Date
Renaissance
Pointe II Orlando, FL 306 $17.3 million 4th Qtr. 1997
The Park at
Oxmoor Louisville, KY 432 22.1 million 4th Qtr. 1997
The Park at
Towne Center Glendale, AZ 240 13.4 million 4th Qtr. 1997
The Park at
Greenway Houston, TX 756 55.7 million 4th Qtr. 1997
The Park at
Goose Creek Baytown, TX 272 11.8 million 1st Qtr. 1998
Louisiana Place Houston, TX 337 21.5 million 1st Qtr. 1998
Total 2,343 $141.8 million
During the quarter the Company completed the acquisition of one
multifamily property adjacent to an existing property and is scheduled to
close on two additional properties during the fourth quarter. The three
acquisition properties represent a total investment of $45 million.
Project Name Location Units Status
Summer Chase Tampa, FL 96 Closed
Chase Crossing Tampa, FL 444 Under Contract
Longmore Estates Meza, AZ 357 Under Contract
Total 897
At September 30, 1997, Camden Property Trust owned interests in and
operates 101 properties containing 34,728 units in the Sunbelt and Midwestern
markets from Florida to Arizona. The Company has two properties under
construction containing 732 units. Upon completion of the two properties
under construction, the Company's portfolio will increase to 35,460 units in
103 properties.
For more information, please contact Richard J. Campo or D. Keith Oden at
1-800-9-Camden, or locally at 713-964-3555.
OPERATING RESULTS
(in thousands, except per share and property data amounts)
(Unaudited) Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
OPERATING DATA (A)
Rental income $ 53,378 $ 27,066 $132,416 $ 78,167
Other property income 2,893 1,239 6,491 3,401
Total property income 56,271 28,305 138,907 81,568
Equity in income of
joint ventures 368 --- 804 ---
Fee and asset management 219 313 482 640
Other income 81 150 290 381
Total revenues 56,939 28,678 140,483 82,589
Property operating and
maintenance 20,889 10,716 49,544 30,356
Real estate taxes 5,769 3,357 15,436 9,905
General and administrative 1,048 618 3,088 1,938
Interest 7,466 4,747 20,742 12,984
Depreciation and
amortization (B) 12,895 6,279 31,425 17,447
Total expenses 48,067 25,717 120,235 72,630
Income before loss on sales of
properties, losses related to
early retirement of debt
and minority interest 8,872 3,051 20,248 9,959
Loss on sales of properties --- (250) --- (55)
Losses related to early
retirement of debt --- --- (286) (5,351)
Income before minority
interest 8,872 2,801 19,962 4,553
Minority interest of
unitholders in Operating
Partnership (612) --- (1,209) ---
Net income 8,260 2,801 18,753 4,553
Preferred share dividends --- --- --- (4)
Net income to common
shareholders $ 8,260 $ 2,801 $ 18,753 $ 4,549
FUNDS FROM OPERATIONS
Net income to common
shareholders $ 8,260 $ 2,801 $ 18,753 $ 4,549
Real estate depreciation 12,648 5,978 30,644 16,765
Real estate depreciation
from unconsolidated
joint ventures 313 --- 596 ---
Loss on sales of properties --- 250 --- 55
Losses related to early
retirement of debt --- --- 286 5,351
Preferred share dividends --- --- --- 4
Minority interest 612 --- 1,209 ---
Interest on convertible
subordinated debentures 130 738 559 2,301
Amortization of deferred
costs on convertible
debentures 13 77 77 236
Funds from operations --
fully diluted $ 21,976 $ 9,844 $ 52,124 $ 29,261
PER SHARE DATA
Net income -- primary $ 0.27 $ 0.19 $ 0.76 $ 0.31
Funds from operations --
fully diluted 0.66 0.60 1.93 1.78
Cash distributions 0.490 0.475 1.470 1.425
Weighted average number of
common and common equivalent
shares outstanding:
Primary 30,718 14,695 24,733 14,573
Fully diluted 33,428 16,471 26,978 16,409
PROPERTY DATA (C)
Total operating properties
(end of period) 101 49 101 49
Total operating units
in operating properties
(end of period) 34,728 17,855 34,728 17,855
Total operating units
(weighted average) 34,205 17,518 28,515 17,219
(A) Certain reclassifications have been made to the Company's historical
operating data.
(B) Depreciation and amortization is estimated based on preliminary
allocation of costs under purchase method of accounting for the
acquisition of Paragon Group, Inc. in April 1997.
(C) Includes three properties containing 1,264 units held through joint
venture investments.
THIRD QUARTER 1997 -- FINANCIAL HIGHLIGHTS
(in thousands, except per share amounts and ratios)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 %Change 1997 1996 %Change
Revenues $56,939 $28,768 97.9% $140,483 $82,589 70.1%
Avg. monthly
rent per
operating
unit 539 515 4.7% 530 504 5.2%
Net income 8,260 2,801 194.9% 18,753 4,553 311.9%
Per share -
primary 0.27 0.19 42.1% 0.76 0.31 145.2%
Funds from
operations -
fully diluted 21,976 9,844 123.2% 52,124 29,261 78.1%
Per share -
fully diluted 0.66 0.60 10.0% 1.93 1.78 8.4%
Dividends per
share 0.490 0.475 3.2% 1.470 1.425 3.2%
Interest expense
coverage ratio 3.9 3.0 3.5 3.1
Dividend payout
ratio 71.0% 77.9% 72.4% 77.9%
Same property NOI 5.9% 5.1%
(# of units
included) 27,482 27,482
As of September 30,
1997 1996
Total assets (A) $1,273,708 $ 601,388
Total debt 440,197 273,659
Fully diluted common equivalent shares
outstanding, end of period 34,654 16,471
Share price, end of period 30.63 25.63
Book equity value, end of period 705,002 258,596
Market equity value, end of period 1,061,279 422,069
Debt to total market capitalization ratio 29.3% 39.3%
Debt to assets ratio 34.6% 45.5%
Unencumbered real estate assets
to unsecured debt ratio 369% 270%
(A) Total assets for September 30, 1997 are estimated based on
preliminary allocation of costs under purchase method of accounting
for the acquisition of Paragon Group, Inc. in April 1997.
SOURCE Camden Property Trust
back to topCONTACT:
Richard J. Campo or Keith Oden, both of
Camden Property Trust, 800-9-Camden, or local: 713-964-3555
