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| Camden Property Trust Announces Third Quarter 2001 Operating Results |
| CAMDEN PROPERTY TRUST COMPANY LOGO
Camden Property Trust Company logo. (PRNewsFoto)[AG] HOUSTON, TX USA | |||
HOUSTON, Nov. 8 /PRNewswire/ -- Camden Property Trust (NYSE: CPT) announced that its funds from operations (FFO) for the third quarter of 2001 totaled $0.95 per diluted share or $42.3 million, an 8.0% increase over the $0.88 per diluted share or $39.5 million reported for the same period in 2000. On a year-to-date basis, Camden's nine-month FFO totaled $2.79 per diluted share or $124.4 million compared to $2.60 per diluted share or $116.4 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 $125.5 million or $2.81 per diluted share. Earnings per Share (EPS) for the third quarter of 2001 was $0.42 per diluted share compared to $0.72 per diluted share for the same period in 2000. EPS for the third quarter of 2000 included a $0.37 per diluted share impact from gain on sale of properties. For the nine months ended September 30, 2001, EPS totaled $1.24 per diluted share compared to $1.30 per diluted share in 2000. EPS for the nine months ended September 30, 2001 included a net effect of $0.03 per diluted share impact from gain on sale of properties net of an impairment provision for a technology investment. EPS for the nine months ended September 30, 2000 included a $0.44 per diluted share impact from gain on sale of properties. Physical occupancy levels averaged 94.6% during both the third quarter of 2001 as well as the third quarter of 2000. For the 41,333 apartment homes included in the third quarter "same-property" results, revenues increased 3.6% while operating expenses increased 4.5%, producing a 3.1% increase in same- property net operating income (NOI). On a year-to-date basis, same property NOI growth was 5.0%, with revenue growth of 4.6% and expense growth of 4.0%. The Park at Arizona Center in Phoenix completed lease-up during the quarter, and leasing continued at The Park at Farmers Market in Dallas and The Park at Crown Valley in Southern California. The Company expects to complete lease-up of Farmers Market and Crown Valley in the first quarter of 2002. Construction at The Park at Crown Valley in Mission Viejo, California was completed in September, and construction is currently underway on Camden Harbour View in Long Beach, California. Subsequent to the end of the third quarter, Camden purchased three third- party pre-development properties, located in Southern California, Orlando and Houston. Construction began in the fourth quarter on California Oaks in Murietta, California, and the Company expects to have initial occupancy in late 2002. Construction start dates for Lee Vista Phase II in Orlando and Midtown West in Houston have not yet been determined. During the quarter, the Company retired $38.7 million of secured mortgage debt with an average interest rate of 7.77% and issued $114.5 million of nine- year notes at an effective rate of 6.77%. First Call analyst estimates for the Company's 2001 FFO per share range from $3.72 to $3.76, with a consensus average of $3.74. Management expects FFO for 2001 to be $3.74. First Call estimates for the Company's 2002 FFO per share range from $3.74 to $4.06, with a consensus average of $3.92. Based on its current assumptions of 0-2% same-property NOI growth in 2002, Management expects FFO for 2002 to be between $3.76 and $3.88. Camden plans to update its earnings guidance to the market on a quarterly basis. The Company will hold a conference call on Friday, November 9, 2001 at 10:00 AM CST to review its third quarter results and discuss its outlook for future performance. To participate in the call, please dial (800) 895-1075 by 9:50 AM CST, 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 51,345 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of one property under development, the Company's portfolio will increase to 51,883 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 . THIRD QUARTER 2001 - FINANCIAL HIGHLIGHTS (In thousands, except per share, property data amounts, ratios and note amounts) (Unaudited) Three Months Ended September 30, 2001 2000 % Change Total revenues $112,218 $102,395 9.6% EBITDA 67,124 60,100 11.7% Net income to common shareholders 18,096 28,203 (35.8%) Earnings per share - basic 0.44 0.74 (40.5%) Earnings per share - diluted 0.42 0.72 (41.7%) Funds from operations - diluted 42,325 39,543 7.0% Per share 0.95 0.88 8.0% Funds from operations - diluted (before impairment provision 42,325 39,543 7.0% for technology investments) Per share 0.95 0.88 8.0% Dividends per share 0.61 0.56 8.9% Dividend payout ratio 64.2% 63.6% Interest expensed 17,755 17,640 Interest capitalized 2,464 3,805 Total interest incurred 20,219 21,445 Principal amortization 1,224 1,284 Preferred dividends & distributions 3,218 5,562 Interest expense coverage ratio 3.8 x 3.4 x Total interest coverage ratio 3.3 x 2.8 x Fixed charge expense coverage ratio 3.0 x 2.5 x Total fixed charge coverage ratio 2.7 x 2.1 x Same property NOI increase 3.1% (# of apartment homes included) 41,333 THIRD QUARTER 2001 - FINANCIAL HIGHLIGHTS (In thousands, except per share, property data amounts, ratios and note amounts) (Unaudited) Nine Months Ended September 30, 2001 2000 % Change Total revenues $322,132 $302,436 6.5% EBITDA 192,678 177,362 8.6% Net income to common shareholders 51,231 51,473 (0.5%) Earnings per share - basic 1.30 1.35 (3.7%) Earnings per share - diluted 1.24 1.30 (4.6%) Funds from operations - diluted 124,430 116,393 6.9% Per share 2.79 2.60 7.3% Funds from operations - diluted (before impairment provision for 125,520 116,393 7.8% technology investments) Per share 2.81 2.60 8.1% Dividends per share 1.83 1.69 8.3% Dividend payout ratio 65.6% 65.0% Interest expensed 52,672 51,829 Interest capitalized 8,273 11,871 Total interest incurred 60,945 63,700 Principal amortization 3,929 3,790 Preferred dividends & distributions 12,199 16,656 Interest expense coverage ratio 3.7 x 3.4 x Total interest coverage ratio 3.2 x 2.8 x Fixed charge expense coverage ratio 2.8 x 2.5 x Total fixed charge coverage ratio 2.5 x 2.1 x Same property NOI increase 5.0% (# of apartment homes included) 41,333 As of September 30, 2001 2000 Total assets $2,450,969 $2,434,417 Total debt $1,192,188 $1,130,600 Common and common equivalent shares, outstanding end of period * 44,573 44,750 Share price, end of period $37.10 $31.00 Preferred units, end of period $149,815 $149,815 Book equity value, end of period ** $1,142,117 $1,195,594 Market equity value, end of period ** $1,806,658 $1,540,250 Debt to total market capitalization ratio 39.8% 42.3% Debt to assets, at cost 48.6% 46.4% Unencumbered real estate assets (at cost) to unsecured debt ratio 238% 249% * Includes: 42,081 common shares (including 1,379 restricted share awards & options), plus common share equivalents upon the assumed conversion of OP units (2,492) ** 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 Nine Months Ended Ended September 30, September 30, OPERATING DATA 2001 2000 2001 2000 Rental income $94,746 $92,251 $280,072 $273,429 Other property income 7,777 7,250 22,100 20,226 Total property income 102,523 99,501 302,172 293,655 Equity in income of joint ventures 5,437 190 8,361 670 Development and construction fees 1,937 1,309 4,614 3,696 Management fees 288 236 874 775 Other income 2,033 1,159 6,111 3,640 Total revenues 112,218 102,395 322,132 302,436 Property operating and maintenance 30,471 29,312 86,835 85,292 Real estate taxes 10,292 10,057 30,806 30,091 General and administrative 3,426 2,926 9,818 9,691 Other expenses 905 --- 905 --- Impairment provision for technology investments --- --- 1,090 --- Interest 17,755 17,640 52,672 51,829 Depreciation and amortization 26,574 23,700 75,918 73,543 Total expenses 89,423 83,635 258,044 250,446 Income before gain on sale of properties, minority interests 22,795 18,760 64,088 51,990 and extraordinary charges Gain on sale of properties 123 16,440 2,495 18,373 Distributions on units convertible into perpetual preferred shares (3,218) (3,219) (9,654) (9,627) Income allocated to units convertible into common shares (1,216) (1,435) (2,765) (2,234) Income before extraordinary charges 18,484 30,546 54,164 58,502 Extraordinary charge (early retirement of debt) (388) --- (388) --- Net income 18,096 30,546 53,776 58,502 Preferred share dividends --- (2,343) (2,545) (7,029) Net income to common shareholders $18,096 $28,203 $51,231 $51,473 FUNDS FROM OPERATIONS Net income to common shareholders $18,096 $28,203 $51,231 $51,473 Real estate depreciation 25,586 23,141 73,591 71,443 Adjustments for unconsolidated joint ventures 1,243 814 3,016 2,432 Gain on sale of properties held in joint ventures (4,081) --- (6,648) --- Extraordinary charges (early retirement of debt) 388 --- 388 --- Gain on sale of properties (123) (16,440) (2,495) (18,373) Preferred share dividends --- 2,343 2,545 7,029 Income allocated to units convertible into common shares 1,216 1,435 2,765 2,234 Interest on convertible subordinated debentures --- 42 36 139 Amortization of deferred costs on convertible debentures --- 5 1 16 Funds from operations - diluted $42,325 $39,543 $124,430 $116,393 PER SHARE DATA Earnings per share - basic $0.44 $0.74 $1.30 $1.35 Earnings per share - diluted 0.42 0.72 1.24 1.30 Funds from operations - diluted 0.95 0.88 2.79 2.60 Funds from operations - diluted (before impairment provision) 0.95 0.88 2.81 2.60 Cash distributions 0.61 0.56 1.83 1.69 Weighted average number of common and common equivalent shares outstanding: Basic 40,669 38,050 39,490 38,156 Diluted 42,649 44,746 41,264 41,388 FFO - diluted 44,569 44,746 44,637 44,706 PROPERTY DATA Total operating properties (end of period) * 145 145 145 145 Total operating apartment homes in operating properties (end of period) * 51,345 51,336 51,345 51,336 Total operating apartment homes (weighted average) 45,735 46,940 45,380 47,076 * Includes joint venture investments.SOURCE Camden Property Trust
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