Texas | 1-12110 | 76-6088377 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Emerging Growth Company | ¨ |
Three Months Ended | Nine Months Ended | |||
September 30 | September 30 | |||
Per Diluted Share | 2017 | 2016 | 2017 | 2016 |
EPS | $0.38 | $3.21 | $1.20 | $8.60 |
FFO | $1.11 | $1.13 | $3.35 | $3.49 |
AFFO | $0.92 | $0.92 | $2.87 | $3.01 |
Quarterly Growth | Sequential Growth | Year-to-Date Growth | |
Same Property Results | 3Q17 vs. 3Q16 | 3Q17 vs. 2Q17 | 2017 vs. 2016 |
Revenues | 2.5% | 1.1% | 2.8% |
Expenses | 3.9% | 4.1% | 3.4% |
Net Operating Income ("NOI") | 1.7% | (0.5)% | 2.5% |
Same Property Results | 3Q17 | 3Q16 | 2Q17 | |||
Occupancy | 95.9 | % | 95.8 | % | 95.4 | % |
Total | Total | % Leased | |||
Community Name | Location | Units | Cost | as of 10/25/2017 | |
Camden Lincoln Station | Denver, CO | 267 | $56.4 | 87 | % |
Camden NoMa II | Washington, DC | 405 | 106.9 | 61 | % |
Total | 672 | $163.3 |
Total | Total | % Leased | |||
Community Name | Location | Units | Budget | as of 10/25/2017 | |
Camden Shady Grove | Rockville, MD | 457 | $116.0 | 45 | % |
Camden McGowen Station | Houston, TX | 315 | 90.0 | ||
Camden Washingtonian | Gaithersburg, MD | 365 | 90.0 | ||
Camden North End I | Phoenix, AZ | 441 | 105.0 | ||
Camden Grandview II | Charlotte, NC | 28 | 21.0 | ||
Camden RiNo | Denver, CO | 233 | 75.0 | ||
Total | 1,839 | $497.0 |
Property Expenses | $3.9 million |
Equity in Income of Joint Ventures | $0.4 million |
General and Administrative Expense | $0.7 million |
Total Hurricane Expenses | $5.0 million |
4Q17 | 2017 | 2017 Midpoint | |||
Per Diluted Share | Range | Range | Current | Prior | Change |
EPS | $0.47 - $0.51 | $1.66 - $1.70 | $1.68 | $1.70 | $(0.02) |
FFO | $1.16 - $1.20 | $4.51 - $4.55 | $4.53 | $4.57 | $(0.04) |
2017 | 2017 Midpoint | ||||
Same Property Growth | Range | Current | Prior | Change | |
Revenues | 2.80% - 3.00% | 2.90% | 2.80% | 0.10 | % |
Expenses | 3.95% - 4.15% | 4.05% | 4.10% | (0.05 | )% |
NOI | 2.10% - 2.40% | 2.25% | 2.00% | 0.25 | % |
CAMDEN | OPERATING RESULTS | |
(In thousands, except per share amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
OPERATING DATA | |||||||||||||
Property revenues | |||||||||||||
Rental revenues | $194,690 | $187,771 | $573,262 | $564,136 | |||||||||
Other property revenues | 33,488 | 32,464 | 97,807 | 95,172 | |||||||||
Total property revenues | 228,178 | 220,235 | 671,069 | 659,308 | |||||||||
Property expenses | |||||||||||||
Property operating and maintenance (a) | 60,090 | 53,679 | 164,188 | 156,804 | |||||||||
Real estate taxes | 28,193 | 26,695 | 83,916 | 80,875 | |||||||||
Total property expenses | 88,283 | 80,374 | 248,104 | 237,679 | |||||||||
Non-property income | |||||||||||||
Fee and asset management | 2,116 | 1,667 | 5,806 | 5,223 | |||||||||
Interest and other income | 385 | 927 | 1,579 | 1,366 | |||||||||
Income on deferred compensation plans | 3,648 | 3,494 | 11,706 | 4,781 | |||||||||
Total non-property income | 6,149 | 6,088 | 19,091 | 11,370 | |||||||||
Other expenses | |||||||||||||
Property management | 6,201 | 5,590 | 19,782 | 19,147 | |||||||||
Fee and asset management | 973 | 911 | 2,818 | 2,861 | |||||||||
General and administrative (b) | 12,266 | 10,810 | 37,585 | 34,836 | |||||||||
Interest | 21,210 | 23,076 | 66,132 | 69,936 | |||||||||
Depreciation and amortization | 67,014 | 62,832 | 195,781 | 187,379 | |||||||||
Expense on deferred compensation plans | 3,648 | 3,494 | 11,706 | 4,781 | |||||||||
Total other expenses | 111,312 | 106,713 | 333,804 | 318,940 | |||||||||
Loss on early retirement of debt | — | — | (323 | ) | — | ||||||||
Gain on sale of operating properties, including land | — | 262,719 | — | 295,397 | |||||||||
Equity in income of joint ventures (c) | 1,255 | 1,866 | 4,857 | 5,052 | |||||||||
Income from continuing operations before income taxes | 35,987 | 303,821 | 112,786 | 414,508 | |||||||||
Income tax expense | (512 | ) | (400 | ) | (1,008 | ) | (1,204 | ) | |||||
Income from continuing operations | 35,475 | 303,421 | 111,778 | 413,304 | |||||||||
Income from discontinued operations | — | — | — | 7,605 | |||||||||
Gain on sale of discontinued operations, net of tax | — | — | — | 375,237 | |||||||||
Net income | 35,475 | 303,421 | 111,778 | 796,146 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (1,091 | ) | (12,523 | ) | (3,345 | ) | (17,216 | ) | |||||
Net income attributable to common shareholders | $34,384 | $290,898 | $108,433 | $778,930 | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
Net income | $35,475 | $303,421 | $111,778 | $796,146 | |||||||||
Other comprehensive income | |||||||||||||
Unrealized gain on cash flow hedging activities | 1,754 | — | 1,754 | — | |||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 34 | 32 | 102 | 97 | |||||||||
Comprehensive income | 37,263 | 303,453 | 113,634 | 796,243 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (1,091 | ) | (12,523 | ) | (3,345 | ) | (17,216 | ) | |||||
Comprehensive income attributable to common shareholders | $36,172 | $290,930 | $110,289 | $779,027 | |||||||||
PER SHARE DATA | |||||||||||||
Total earnings per common share - basic | $0.38 | $3.23 | $1.20 | $8.63 | |||||||||
Total earnings per common share - diluted | 0.38 | 3.21 | 1.20 | 8.60 | |||||||||
Earnings per share from continuing operations - basic | 0.38 | 3.23 | 1.20 | 4.35 | |||||||||
Earnings per share from continuing operations - diluted | 0.38 | 3.21 | 1.20 | 4.34 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
Basic | 91,011 | 89,669 | 90,351 | 89,524 | |||||||||
Diluted | 92,033 | 90,012 | 91,345 | 89,858 |
CAMDEN | FUNDS FROM OPERATIONS | |
(In thousands, except per share and property data amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
FUNDS FROM OPERATIONS | |||||||||||||
Net income attributable to common shareholders (a) | $34,384 | $290,898 | $108,433 | $778,930 | |||||||||
Real estate depreciation and amortization | 65,489 | 61,264 | 191,092 | 182,694 | |||||||||
Real estate depreciation from discontinued operations | — | — | — | 4,327 | |||||||||
Adjustments for unconsolidated joint ventures | 2,223 | 2,266 | 6,650 | 6,944 | |||||||||
Income allocated to non-controlling interests | 1,091 | 12,523 | 3,345 | 17,216 | |||||||||
Gain on sale of operating properties, net of tax | — | (262,719 | ) | — | (294,954 | ) | |||||||
Gain on sale of discontinued operations, net of tax | — | — | — | (375,237 | ) | ||||||||
Funds from operations | $103,187 | $104,232 | $309,520 | $319,920 | |||||||||
Less: recurring capitalized expenditures (b) | (17,506 | ) | (19,246 | ) | (43,975 | ) | (43,609 | ) | |||||
Adjusted funds from operations - diluted | $85,681 | $84,986 | $265,545 | $276,311 | |||||||||
PER SHARE DATA | |||||||||||||
Funds from operations - diluted | $1.11 | $1.13 | $3.35 | $3.49 | |||||||||
Adjusted funds from operations - diluted | 0.92 | 0.92 | 2.87 | 3.01 | |||||||||
Distributions declared per common share | 0.75 | 0.75 | 2.25 | 2.25 | |||||||||
Special Distributions declared per common share | — | 4.25 | — | 4.25 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
FFO/AFFO - diluted | 93,111 | 91,901 | 92,424 | 91,749 | |||||||||
PROPERTY DATA | |||||||||||||
Total operating properties (end of period) (c) | 156 | 151 | 156 | 151 | |||||||||
Total operating apartment homes in operating properties (end of period) (c) | 54,038 | 52,506 | 54,038 | 52,506 | |||||||||
Total operating apartment homes (weighted average) | 46,546 | 46,702 | 46,103 | 49,521 | |||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 46,546 | 46,702 | 46,103 | 47,426 |
CAMDEN | BALANCE SHEETS | |
(In thousands) | ||
Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | |||||||||||
ASSETS | |||||||||||||||
Real estate assets, at cost | |||||||||||||||
Land | $1,016,097 | $1,008,459 | $984,523 | $967,375 | $962,507 | ||||||||||
Buildings and improvements | 6,269,561 | 6,199,435 | 6,071,203 | 5,967,023 | 5,910,347 | ||||||||||
7,285,658 | 7,207,894 | 7,055,726 | 6,934,398 | 6,872,854 | |||||||||||
Accumulated depreciation | (2,080,989 | ) | (2,016,259 | ) | (1,952,809 | ) | (1,890,656 | ) | (1,829,563 | ) | |||||
Net operating real estate assets | 5,204,669 | 5,191,635 | 5,102,917 | 5,043,742 | 5,043,291 | ||||||||||
Properties under development, including land | 363,481 | 373,294 | 377,107 | 442,292 | 425,452 | ||||||||||
Investments in joint ventures | 28,420 | 29,665 | 30,062 | 30,254 | 30,046 | ||||||||||
Total real estate assets | 5,596,570 | 5,594,594 | 5,510,086 | 5,516,288 | 5,498,789 | ||||||||||
Accounts receivable – affiliates | 23,620 | 23,592 | 23,634 | 24,028 | 23,998 | ||||||||||
Other assets, net (a) | 189,253 | 155,784 | 147,922 | 142,010 | 143,059 | ||||||||||
Short-term investments (b) | — | — | — | 100,000 | 100,000 | ||||||||||
Cash and cash equivalents | 350,274 | 16,318 | 245,529 | 237,364 | 313,742 | ||||||||||
Restricted cash | 9,178 | 8,312 | 8,175 | 8,462 | 8,691 | ||||||||||
Total assets | $6,168,895 | $5,798,600 | $5,935,346 | $6,028,152 | $6,088,279 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Liabilities | |||||||||||||||
Notes payable | |||||||||||||||
Unsecured | $1,338,117 | $1,437,608 | $1,583,819 | $1,583,236 | $1,582,655 | ||||||||||
Secured | 866,134 | 866,292 | 866,476 | 897,352 | 897,971 | ||||||||||
Accounts payable and accrued expenses | 127,557 | 116,754 | 120,086 | 137,813 | 143,193 | ||||||||||
Accrued real estate taxes | 70,027 | 48,559 | 24,682 | 49,041 | 66,079 | ||||||||||
Distributions payable | 72,962 | 69,347 | 69,326 | 69,161 | 82,861 | ||||||||||
Other liabilities (c) | 154,506 | 134,851 | 123,654 | 118,959 | 122,270 | ||||||||||
Total liabilities | 2,629,303 | 2,673,411 | 2,788,043 | 2,855,562 | 2,895,029 | ||||||||||
Commitments and contingencies | |||||||||||||||
Non-qualified deferred compensation share awards | 73,015 | 84,050 | 75,704 | 77,037 | 72,222 | ||||||||||
Equity | |||||||||||||||
Common shares of beneficial interest | 1,028 | 978 | 978 | 978 | 978 | ||||||||||
Additional paid-in capital | 4,134,206 | 3,678,660 | 3,675,737 | 3,678,277 | 3,675,806 | ||||||||||
Distributions in excess of net income attributable to common shareholders | (383,584 | ) | (351,910 | ) | (317,642 | ) | (289,180 | ) | (261,324 | ) | |||||
Treasury shares, at cost | (364,736 | ) | (364,785 | ) | (365,923 | ) | (373,339 | ) | (373,597 | ) | |||||
Accumulated other comprehensive loss (d) | (7 | ) | (1,795 | ) | (1,829 | ) | (1,863 | ) | (1,816 | ) | |||||
Total common equity | 3,386,907 | 2,961,148 | 2,991,321 | 3,014,873 | 3,040,047 | ||||||||||
Non-controlling interests | 79,670 | 79,991 | 80,278 | 80,680 | 80,981 | ||||||||||
Total equity | 3,466,577 | 3,041,139 | 3,071,599 | 3,095,553 | 3,121,028 | ||||||||||
Total liabilities and equity | $6,168,895 | $5,798,600 | $5,935,346 | $6,028,152 | $6,088,279 | ||||||||||
(a) Includes: | |||||||||||||||
net deferred charges of: | $1,312 | $1,487 | $1,683 | $1,915 | $2,140 | ||||||||||
fair value adjustment of derivative instruments: | $1,754 | $— | $— | $— | $— | ||||||||||
(b) Our short-term investments consisted wholly of a certificate of deposit that had a maturity date of January 4, 2017. | |||||||||||||||
(c) Includes deferred revenues of: | $1,463 | $513 | $1,455 | $1,541 | $1,598 | ||||||||||
(d) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized gain on cash flow hedging activities. |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Net income attributable to common shareholders | $34,384 | $290,898 | $108,433 | $778,930 | |||||||||
Real estate depreciation and amortization | 65,489 | 61,264 | 191,092 | 182,694 | |||||||||
Real estate depreciation from discontinued operations | — | — | — | 4,327 | |||||||||
Adjustments for unconsolidated joint ventures | 2,223 | 2,266 | 6,650 | 6,944 | |||||||||
Income allocated to non-controlling interests | 1,091 | 12,523 | 3,345 | 17,216 | |||||||||
Gain on sale of operating properties, net of tax | — | (262,719 | ) | — | (294,954 | ) | |||||||
Gain on sale of discontinued operations, net of tax | — | — | — | (375,237 | ) | ||||||||
Funds from operations | $103,187 | $104,232 | $309,520 | $319,920 | |||||||||
Less: recurring capitalized expenditures | (17,506 | ) | (19,246 | ) | (43,975 | ) | (43,609 | ) | |||||
Adjusted funds from operations | $85,681 | $84,986 | $265,545 | $276,311 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
EPS diluted | 92,033 | 90,012 | 91,345 | 89,858 | |||||||||
FFO/AFFO diluted | 93,111 | 91,901 | 92,424 | 91,749 | |||||||||
Total earnings per common share - diluted | $0.38 | $3.21 | $1.20 | $8.60 | |||||||||
FFO per common share - diluted | $1.11 | $1.13 | $3.35 | $3.49 | |||||||||
AFFO per common share - diluted | $0.92 | $0.92 | $2.87 | $3.01 |
4Q17 | Range | 2017 | Range | ||||||||||
Low | High | Low | High | ||||||||||
Expected earnings per common share - diluted | $0.47 | $0.51 | $1.66 | $1.70 | |||||||||
Expected real estate depreciation and amortization | 0.66 | 0.66 | 2.73 | 2.73 | |||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.09 | 0.09 | |||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.03 | 0.03 | |||||||||
Expected FFO per share - diluted | $1.16 | $1.20 | $4.51 | $4.55 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Net income | $35,475 | $303,421 | $111,778 | $796,146 | |||||||||
Less: Fee and asset management income | (2,116 | ) | (1,667 | ) | (5,806 | ) | (5,223 | ) | |||||
Less: Interest and other income | (385 | ) | (927 | ) | (1,579 | ) | (1,366 | ) | |||||
Less: Income on deferred compensation plans | (3,648 | ) | (3,494 | ) | (11,706 | ) | (4,781 | ) | |||||
Plus: Property management expense | 6,201 | 5,590 | 19,782 | 19,147 | |||||||||
Plus: Fee and asset management expense | 973 | 911 | 2,818 | 2,861 | |||||||||
Plus: General and administrative expense | 12,266 | 10,810 | 37,585 | 34,836 | |||||||||
Plus: Interest expense | 21,210 | 23,076 | 66,132 | 69,936 | |||||||||
Plus: Depreciation and amortization expense | 67,014 | 62,832 | 195,781 | 187,379 | |||||||||
Plus: Expense on deferred compensation plans | 3,648 | 3,494 | 11,706 | 4,781 | |||||||||
Plus: Loss on Early Retirement of Debt | — | — | 323 | — | |||||||||
Less: Gain on sale of operating properties, including land | — | (262,719 | ) | — | (295,397 | ) | |||||||
Less: Equity in income of joint ventures | (1,255 | ) | (1,866 | ) | (4,857 | ) | (5,052 | ) | |||||
Plus: Income tax expense | 512 | 400 | 1,008 | 1,204 | |||||||||
Less: Income from discontinued operations | — | — | — | (7,605 | ) | ||||||||
Less: Gain on sale of discontinued operations, net of tax | — | — | — | (375,237 | ) | ||||||||
Net Operating Income (NOI) | $139,895 | $139,861 | $422,965 | $421,629 | |||||||||
"Same Property" Communities | $127,894 | $125,738 | $381,074 | $371,788 | |||||||||
Non-"Same Property" Communities | 12,855 | 9,532 | 39,659 | 26,661 | |||||||||
Development and Lease-Up Communities | 2,166 | 4 | 3,248 | 4 | |||||||||
Hurricane Expenses | (3,944 | ) | — | (3,944 | ) | — | |||||||
Dispositions/Other | 924 | 4,587 | 2,928 | 23,176 | |||||||||
Net Operating Income (NOI) | $139,895 | $139,861 | $422,965 | $421,629 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Net income attributable to common shareholders | $34,384 | $290,898 | $108,433 | $778,930 | |||||||||
Plus: Interest expense | 21,210 | 23,076 | 66,132 | 69,936 | |||||||||
Plus: Depreciation and amortization expense | 67,014 | 62,832 | 195,781 | 187,379 | |||||||||
Plus: Income allocated to non-controlling interests from continuing operations | 1,091 | 12,523 | 3,345 | 17,216 | |||||||||
Plus: Income tax expense | 512 | 400 | 1,008 | 1,204 | |||||||||
Plus: Real estate depreciation from discontinued operations | — | — | — | 4,327 | |||||||||
Less: Gain on sale of operating properties, including land | — | (262,719 | ) | — | (295,397 | ) | |||||||
Plus: Loss on Early Retirement of Debt | — | — | 323 | — | |||||||||
Less: Equity in income of joint ventures | (1,255 | ) | (1,866 | ) | (4,857 | ) | (5,052 | ) | |||||
Less: Gain on sale of discontinued operations, net of tax | — | — | — | (375,237 | ) | ||||||||
Adjusted EBITDA | $122,956 | $125,144 | $370,165 | $383,306 |
CAMDEN | TABLE OF CONTENTS | |
Page | |
Press Release Text | |
Financial Highlights | |
Operating Results | |
Funds from Operations | |
Balance Sheets | |
Portfolio Statistics | |
Components of Property Net Operating Income | |
"Same Property" Third Quarter Comparisons | |
"Same Property" Sequential Quarter Comparisons | |
"Same Property" Year to Date Comparisons | |
"Same Property" Operating Expense Detail & Comparisons | |
Joint Venture Operations | |
Current Development Communities | |
Development Pipeline & Land | |
Acquisitions and Dispositions | |
Debt Analysis | |
Debt Maturity Analysis | |
Debt Covenant Analysis | |
Unconsolidated Real Estate Investments Debt Analysis | |
Unconsolidated Real Estate Investments Debt Maturity Analysis | |
Capitalized Expenditures & Maintenance Expense | |
Non-GAAP Financial Measures - Definitions & Reconciliations | |
Other Data | |
Community Table |
Three Months Ended | Nine Months Ended | |||
September 30 | September 30 | |||
Per Diluted Share | 2017 | 2016 | 2017 | 2016 |
EPS | $0.38 | $3.21 | $1.20 | $8.60 |
FFO | $1.11 | $1.13 | $3.35 | $3.49 |
AFFO | $0.92 | $0.92 | $2.87 | $3.01 |
Quarterly Growth | Sequential Growth | Year-to-Date Growth | |
Same Property Results | 3Q17 vs. 3Q16 | 3Q17 vs. 2Q17 | 2017 vs. 2016 |
Revenues | 2.5% | 1.1% | 2.8% |
Expenses | 3.9% | 4.1% | 3.4% |
Net Operating Income ("NOI") | 1.7% | (0.5)% | 2.5% |
Same Property Results | 3Q17 | 3Q16 | 2Q17 | |||
Occupancy | 95.9 | % | 95.8 | % | 95.4 | % |
Total | Total | % Leased | |||
Community Name | Location | Units | Cost | as of 10/25/2017 | |
Camden Lincoln Station | Denver, CO | 267 | $56.4 | 87 | % |
Camden NoMa II | Washington, DC | 405 | 106.9 | 61 | % |
Total | 672 | $163.3 |
Total | Total | % Leased | |||
Community Name | Location | Units | Budget | as of 10/25/2017 | |
Camden Shady Grove | Rockville, MD | 457 | $116.0 | 45 | % |
Camden McGowen Station | Houston, TX | 315 | 90.0 | ||
Camden Washingtonian | Gaithersburg, MD | 365 | 90.0 | ||
Camden North End I | Phoenix, AZ | 441 | 105.0 | ||
Camden Grandview II | Charlotte, NC | 28 | 21.0 | ||
Camden RiNo | Denver, CO | 233 | 75.0 | ||
Total | 1,839 | $497.0 |
Property Expenses | $3.9 million |
Equity in Income of Joint Ventures | $0.4 million |
General and Administrative Expense | $0.7 million |
Total Hurricane Expenses | $5.0 million |
4Q17 | 2017 | 2017 Midpoint | |||
Per Diluted Share | Range | Range | Current | Prior | Change |
EPS | $0.47 - $0.51 | $1.66 - $1.70 | $1.68 | $1.70 | $(0.02) |
FFO | $1.16 - $1.20 | $4.51 - $4.55 | $4.53 | $4.57 | $(0.04) |
2017 | 2017 Midpoint | ||||
Same Property Growth | Range | Current | Prior | Change | |
Revenues | 2.80% - 3.00% | 2.90% | 2.80% | 0.10 | % |
Expenses | 3.95% - 4.15% | 4.05% | 4.10% | (0.05 | )% |
NOI | 2.10% - 2.40% | 2.25% | 2.00% | 0.25 | % |
CAMDEN | FINANCIAL HIGHLIGHTS | |
(In thousands, except per share, property data amounts and ratios) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Total property revenues (a) | $228,178 | $220,235 | $671,069 | $659,308 | |||||||||
Adjusted EBITDA | 122,956 | 125,144 | 370,165 | 383,306 | |||||||||
Net income attributable to common shareholders | 34,384 | 290,898 | 108,433 | 778,930 | |||||||||
Per share - basic | 0.38 | 3.23 | 1.20 | 8.63 | |||||||||
Per share - diluted | 0.38 | 3.21 | 1.20 | 8.60 | |||||||||
Income from continuing operations attributable to common shareholders | 34,384 | 290,898 | 108,433 | 396,088 | |||||||||
Per share - basic | 0.38 | 3.23 | 1.20 | 4.35 | |||||||||
Per share - diluted | 0.38 | 3.21 | 1.20 | 4.34 | |||||||||
Funds from operations | 103,187 | 104,232 | 309,520 | 319,920 | |||||||||
Per share - diluted | 1.11 | 1.13 | 3.35 | 3.49 | |||||||||
Adjusted funds from operations | 85,681 | 84,986 | 265,545 | 276,311 | |||||||||
Per share - diluted | 0.92 | 0.92 | 2.87 | 3.01 | |||||||||
Dividends per share (b) | 0.75 | 0.75 | 2.25 | 2.25 | |||||||||
Dividend payout ratio (FFO) (b) | 67.6 | % | 66.4 | % | 67.2 | % | 64.5 | % | |||||
Special Dividend Per Share | — | 4.25 | — | 4.25 | |||||||||
Interest expensed | 21,210 | 23,076 | 66,132 | 69,936 | |||||||||
Interest capitalized | 3,391 | 4,514 | 11,642 | 13,809 | |||||||||
Total interest incurred | 24,601 | 27,590 | 77,774 | 83,745 | |||||||||
Principal amortization | 158 | 752 | 528 | 1,786 | |||||||||
Net Debt to Annualized Adjusted EBITDA (c) | 4.4x | 3.9x | 4.5x | 4.5x | |||||||||
Interest expense coverage ratio | 5.8x | 5.4x | 5.6x | 5.5x | |||||||||
Total interest coverage ratio | 5.0x | 4.5x | 4.8x | 4.6x | |||||||||
Fixed charge expense coverage ratio | 5.8x | 5.3x | 5.6x | 5.3x | |||||||||
Total fixed charge coverage ratio | 5.0x | 4.4x | 4.7x | 4.5x | |||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 4.6x | 3.6x | 4.6x | 3.6x | |||||||||
Same property NOI increase (d) | 1.7 | % | 4.5 | % | 2.5 | % | 4.7 | % | |||||
(# of apartment homes included) | 41,988 | 40,221 | 41,988 | 40,221 | |||||||||
Gross turnover of apartment homes (annualized) | 65 | % | 68 | % | 59 | % | 60 | % | |||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 55 | % | 57 | % | 49 | % | 51 | % | |||||
As of September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Total assets | $6,168,895 | $6,088,279 | |||||||||||
Total debt | $2,204,251 | $2,480,626 | |||||||||||
Common and common equivalent shares, outstanding end of period (e) | 97,032 | 91,936 | |||||||||||
Share price, end of period | $91.45 | $83.74 | |||||||||||
Book equity value, end of period (f) | $3,539,592 | $3,193,250 | |||||||||||
Market equity value, end of period (g) | $8,873,575 | $7,698,721 |
CAMDEN | OPERATING RESULTS | |
(In thousands, except per share amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
OPERATING DATA | |||||||||||||
Property revenues | |||||||||||||
Rental revenues | $194,690 | $187,771 | $573,262 | $564,136 | |||||||||
Other property revenues | 33,488 | 32,464 | 97,807 | 95,172 | |||||||||
Total property revenues | 228,178 | 220,235 | 671,069 | 659,308 | |||||||||
Property expenses | |||||||||||||
Property operating and maintenance (a) | 60,090 | 53,679 | 164,188 | 156,804 | |||||||||
Real estate taxes | 28,193 | 26,695 | 83,916 | 80,875 | |||||||||
Total property expenses | 88,283 | 80,374 | 248,104 | 237,679 | |||||||||
Non-property income | |||||||||||||
Fee and asset management | 2,116 | 1,667 | 5,806 | 5,223 | |||||||||
Interest and other income | 385 | 927 | 1,579 | 1,366 | |||||||||
Income on deferred compensation plans | 3,648 | 3,494 | 11,706 | 4,781 | |||||||||
Total non-property income | 6,149 | 6,088 | 19,091 | 11,370 | |||||||||
Other expenses | |||||||||||||
Property management | 6,201 | 5,590 | 19,782 | 19,147 | |||||||||
Fee and asset management | 973 | 911 | 2,818 | 2,861 | |||||||||
General and administrative (b) | 12,266 | 10,810 | 37,585 | 34,836 | |||||||||
Interest | 21,210 | 23,076 | 66,132 | 69,936 | |||||||||
Depreciation and amortization | 67,014 | 62,832 | 195,781 | 187,379 | |||||||||
Expense on deferred compensation plans | 3,648 | 3,494 | 11,706 | 4,781 | |||||||||
Total other expenses | 111,312 | 106,713 | 333,804 | 318,940 | |||||||||
Loss on early retirement of debt | — | — | (323 | ) | — | ||||||||
Gain on sale of operating properties, including land | — | 262,719 | — | 295,397 | |||||||||
Equity in income of joint ventures (c) | 1,255 | 1,866 | 4,857 | 5,052 | |||||||||
Income from continuing operations before income taxes | 35,987 | 303,821 | 112,786 | 414,508 | |||||||||
Income tax expense | (512 | ) | (400 | ) | (1,008 | ) | (1,204 | ) | |||||
Income from continuing operations | 35,475 | 303,421 | 111,778 | 413,304 | |||||||||
Income from discontinued operations | — | — | — | 7,605 | |||||||||
Gain on sale of discontinued operations, net of tax | — | — | — | 375,237 | |||||||||
Net income | 35,475 | 303,421 | 111,778 | 796,146 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (1,091 | ) | (12,523 | ) | (3,345 | ) | (17,216 | ) | |||||
Net income attributable to common shareholders | $34,384 | $290,898 | $108,433 | $778,930 | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
Net income | $35,475 | $303,421 | $111,778 | $796,146 | |||||||||
Other comprehensive income | |||||||||||||
Unrealized gain on cash flow hedging activities | 1,754 | — | 1,754 | — | |||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 34 | 32 | 102 | 97 | |||||||||
Comprehensive income | 37,263 | 303,453 | 113,634 | 796,243 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (1,091 | ) | (12,523 | ) | (3,345 | ) | (17,216 | ) | |||||
Comprehensive income attributable to common shareholders | $36,172 | $290,930 | $110,289 | $779,027 | |||||||||
PER SHARE DATA | |||||||||||||
Total earnings per common share - basic | $0.38 | $3.23 | $1.20 | $8.63 | |||||||||
Total earnings per common share - diluted | 0.38 | 3.21 | 1.20 | 8.60 | |||||||||
Earnings per share from continuing operations - basic | 0.38 | 3.23 | 1.20 | 4.35 | |||||||||
Earnings per share from continuing operations - diluted | 0.38 | 3.21 | 1.20 | 4.34 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
Basic | 91,011 | 89,669 | 90,351 | 89,524 | |||||||||
Diluted | 92,033 | 90,012 | 91,345 | 89,858 |
CAMDEN | FUNDS FROM OPERATIONS | |
(In thousands, except per share and property data amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
FUNDS FROM OPERATIONS | |||||||||||||
Net income attributable to common shareholders (a) | $34,384 | $290,898 | $108,433 | $778,930 | |||||||||
Real estate depreciation and amortization | 65,489 | 61,264 | 191,092 | 182,694 | |||||||||
Real estate depreciation from discontinued operations | — | — | — | 4,327 | |||||||||
Adjustments for unconsolidated joint ventures | 2,223 | 2,266 | 6,650 | 6,944 | |||||||||
Income allocated to non-controlling interests | 1,091 | 12,523 | 3,345 | 17,216 | |||||||||
Gain on sale of operating properties, net of tax | — | (262,719 | ) | — | (294,954 | ) | |||||||
Gain on sale of discontinued operations, net of tax | — | — | — | (375,237 | ) | ||||||||
Funds from operations | $103,187 | $104,232 | $309,520 | $319,920 | |||||||||
Less: recurring capitalized expenditures (b) | (17,506 | ) | (19,246 | ) | (43,975 | ) | (43,609 | ) | |||||
Adjusted funds from operations - diluted | $85,681 | $84,986 | $265,545 | $276,311 | |||||||||
PER SHARE DATA | |||||||||||||
Funds from operations - diluted | $1.11 | $1.13 | $3.35 | $3.49 | |||||||||
Adjusted funds from operations - diluted | 0.92 | 0.92 | 2.87 | 3.01 | |||||||||
Distributions declared per common share | 0.75 | 0.75 | 2.25 | 2.25 | |||||||||
Special Distributions declared per common share | — | 4.25 | — | 4.25 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
FFO/AFFO - diluted | 93,111 | 91,901 | 92,424 | 91,749 | |||||||||
PROPERTY DATA | |||||||||||||
Total operating properties (end of period) (c) | 156 | 151 | 156 | 151 | |||||||||
Total operating apartment homes in operating properties (end of period) (c) | 54,038 | 52,506 | 54,038 | 52,506 | |||||||||
Total operating apartment homes (weighted average) | 46,546 | 46,702 | 46,103 | 49,521 | |||||||||
Total operating apartment homes - excluding discontinued operations (weighted average) | 46,546 | 46,702 | 46,103 | 47,426 |
CAMDEN | BALANCE SHEETS | |
(In thousands) | ||
Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | |||||||||||
ASSETS | |||||||||||||||
Real estate assets, at cost | |||||||||||||||
Land | $1,016,097 | $1,008,459 | $984,523 | $967,375 | $962,507 | ||||||||||
Buildings and improvements | 6,269,561 | 6,199,435 | 6,071,203 | 5,967,023 | 5,910,347 | ||||||||||
7,285,658 | 7,207,894 | 7,055,726 | 6,934,398 | 6,872,854 | |||||||||||
Accumulated depreciation | (2,080,989 | ) | (2,016,259 | ) | (1,952,809 | ) | (1,890,656 | ) | (1,829,563 | ) | |||||
Net operating real estate assets | 5,204,669 | 5,191,635 | 5,102,917 | 5,043,742 | 5,043,291 | ||||||||||
Properties under development, including land | 363,481 | 373,294 | 377,107 | 442,292 | 425,452 | ||||||||||
Investments in joint ventures | 28,420 | 29,665 | 30,062 | 30,254 | 30,046 | ||||||||||
Total real estate assets | 5,596,570 | 5,594,594 | 5,510,086 | 5,516,288 | 5,498,789 | ||||||||||
Accounts receivable – affiliates | 23,620 | 23,592 | 23,634 | 24,028 | 23,998 | ||||||||||
Other assets, net (a) | 189,253 | 155,784 | 147,922 | 142,010 | 143,059 | ||||||||||
Short-term investments (b) | — | — | — | 100,000 | 100,000 | ||||||||||
Cash and cash equivalents | 350,274 | 16,318 | 245,529 | 237,364 | 313,742 | ||||||||||
Restricted cash | 9,178 | 8,312 | 8,175 | 8,462 | 8,691 | ||||||||||
Total assets | $6,168,895 | $5,798,600 | $5,935,346 | $6,028,152 | $6,088,279 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Liabilities | |||||||||||||||
Notes payable | |||||||||||||||
Unsecured | $1,338,117 | $1,437,608 | $1,583,819 | $1,583,236 | $1,582,655 | ||||||||||
Secured | 866,134 | 866,292 | 866,476 | 897,352 | 897,971 | ||||||||||
Accounts payable and accrued expenses | 127,557 | 116,754 | 120,086 | 137,813 | 143,193 | ||||||||||
Accrued real estate taxes | 70,027 | 48,559 | 24,682 | 49,041 | 66,079 | ||||||||||
Distributions payable | 72,962 | 69,347 | 69,326 | 69,161 | 82,861 | ||||||||||
Other liabilities (c) | 154,506 | 134,851 | 123,654 | 118,959 | 122,270 | ||||||||||
Total liabilities | 2,629,303 | 2,673,411 | 2,788,043 | 2,855,562 | 2,895,029 | ||||||||||
Commitments and contingencies | |||||||||||||||
Non-qualified deferred compensation share awards | 73,015 | 84,050 | 75,704 | 77,037 | 72,222 | ||||||||||
Equity | |||||||||||||||
Common shares of beneficial interest | 1,028 | 978 | 978 | 978 | 978 | ||||||||||
Additional paid-in capital | 4,134,206 | 3,678,660 | 3,675,737 | 3,678,277 | 3,675,806 | ||||||||||
Distributions in excess of net income attributable to common shareholders | (383,584 | ) | (351,910 | ) | (317,642 | ) | (289,180 | ) | (261,324 | ) | |||||
Treasury shares, at cost | (364,736 | ) | (364,785 | ) | (365,923 | ) | (373,339 | ) | (373,597 | ) | |||||
Accumulated other comprehensive loss (d) | (7 | ) | (1,795 | ) | (1,829 | ) | (1,863 | ) | (1,816 | ) | |||||
Total common equity | 3,386,907 | 2,961,148 | 2,991,321 | 3,014,873 | 3,040,047 | ||||||||||
Non-controlling interests | 79,670 | 79,991 | 80,278 | 80,680 | 80,981 | ||||||||||
Total equity | 3,466,577 | 3,041,139 | 3,071,599 | 3,095,553 | 3,121,028 | ||||||||||
Total liabilities and equity | $6,168,895 | $5,798,600 | $5,935,346 | $6,028,152 | $6,088,279 | ||||||||||
(a) Includes: | |||||||||||||||
net deferred charges of: | $1,312 | $1,487 | $1,683 | $1,915 | $2,140 | ||||||||||
fair value adjustment of derivative instruments: | $1,754 | $— | $— | $— | $— | ||||||||||
(b) Our short-term investments consisted wholly of a certificate of deposit that had a maturity date of January 4, 2017. | |||||||||||||||
(c) Includes deferred revenues of: | $1,463 | $513 | $1,455 | $1,541 | $1,598 | ||||||||||
(d) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized gain on cash flow hedging activities. |
CAMDEN | PORTFOLIO STATISTICS | |
Fully Consolidated | Non-Consolidated | |||||||||||||||
"Same Property" | Non-"Same Property" | Completed in Lease-up | Under Construction | Total | Operating | Grand Total | ||||||||||
D.C. Metro (a) | 5,033 | 321 | 405 | 822 | 6,581 | 281 | 6,862 | |||||||||
Houston, TX | 5,912 | — | — | 315 | 6,227 | 2,522 | 8,749 | |||||||||
Los Angeles/Orange County, CA | 2,068 | 590 | — | — | 2,658 | — | 2,658 | |||||||||
Atlanta, GA | 3,633 | 629 | — | — | 4,262 | 234 | 4,496 | |||||||||
SE Florida | 2,781 | — | — | — | 2,781 | — | 2,781 | |||||||||
Dallas, TX | 3,993 | 423 | — | — | 4,416 | 1,250 | 5,666 | |||||||||
Charlotte, NC | 2,487 | 323 | — | 28 | 2,838 | 266 | 3,104 | |||||||||
Denver, CO | 1,941 | 424 | 267 | 233 | 2,865 | — | 2,865 | |||||||||
Phoenix, AZ | 2,549 | 380 | — | 441 | 3,370 | — | 3,370 | |||||||||
Orlando, FL | 2,662 | — | — | — | 2,662 | 300 | 2,962 | |||||||||
Raleigh, NC | 2,704 | — | — | — | 2,704 | 350 | 3,054 | |||||||||
San Diego/Inland Empire, CA | 1,665 | — | — | — | 1,665 | — | 1,665 | |||||||||
Austin, TX | 2,000 | — | — | — | 2,000 | 1,360 | 3,360 | |||||||||
Tampa, FL | 1,928 | — | — | — | 1,928 | 450 | 2,378 | |||||||||
Corpus Christi, TX | 632 | 1,005 | — | — | 1,637 | 270 | 1,907 | |||||||||
Total Portfolio | 41,988 | 4,095 | 672 | 1,839 | 48,594 | 7,283 | 55,877 |
THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d) | ||||||||||||||||
"Same Property" Communities | Operating Communities (b) | Incl. JVs at Pro Rata % (c) | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | ||||||||||
D.C. Metro | 14.9 | % | 15.4 | % | 15.1 | % | 95.9 | % | 96.0 | % | 95.6 | % | 94.9 | % | 96.1 | % | |
Houston, TX (e) | 11.8 | % | 10.5 | % | 11.3 | % | 94.9 | % | 93.3 | % | 92.6 | % | 92.7 | % | 94.4 | % | |
Los Angeles/Orange County, CA | 7.3 | % | 9.0 | % | 8.7 | % | 95.7 | % | 95.1 | % | 95.5 | % | 95.4 | % | 95.5 | % | |
Atlanta, GA | 7.9 | % | 8.8 | % | 8.6 | % | 96.2 | % | 95.8 | % | 95.5 | % | 95.1 | % | 95.9 | % | |
SE Florida | 8.9 | % | 8.1 | % | 7.8 | % | 96.3 | % | 95.9 | % | 95.5 | % | 95.9 | % | 96.3 | % | |
Dallas, TX | 7.4 | % | 7.3 | % | 7.7 | % | 95.9 | % | 95.8 | % | 95.4 | % | 95.6 | % | 96.5 | % | |
Charlotte, NC | 5.9 | % | 6.3 | % | 6.2 | % | 96.5 | % | 95.9 | % | 95.0 | % | 95.2 | % | 96.6 | % | |
Denver, CO | 5.4 | % | 6.4 | % | 6.1 | % | 95.9 | % | 95.9 | % | 95.3 | % | 95.1 | % | 96.0 | % | |
Phoenix, AZ | 5.8 | % | 5.9 | % | 5.7 | % | 95.7 | % | 94.0 | % | 95.0 | % | 95.1 | % | 94.4 | % | |
Orlando, FL | 5.6 | % | 5.1 | % | 5.0 | % | 97.0 | % | 96.6 | % | 95.3 | % | 95.6 | % | 96.3 | % | |
Raleigh, NC | 5.2 | % | 4.7 | % | 4.7 | % | 95.5 | % | 95.0 | % | 93.2 | % | 94.4 | % | 95.9 | % | |
San Diego/Inland Empire, CA | 5.2 | % | 4.7 | % | 4.5 | % | 96.6 | % | 95.5 | % | 94.1 | % | 94.8 | % | 95.6 | % | |
Austin, TX | 3.8 | % | 3.4 | % | 3.9 | % | 96.2 | % | 95.8 | % | 95.6 | % | 95.0 | % | 96.1 | % | |
Tampa, FL | 4.0 | % | 3.6 | % | 3.8 | % | 96.2 | % | 95.8 | % | 94.9 | % | 94.6 | % | 96.2 | % | |
Corpus Christi, TX | 0.9 | % | 0.8 | % | 0.9 | % | 92.9 | % | 92.2 | % | 91.1 | % | 92.1 | % | 93.9 | % | |
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 95.8 | % | 95.2 | % | 94.7 | % | 94.7 | % | 95.7 | % | |
CAMDEN | COMPONENTS OF PROPERTY | |
NET OPERATING INCOME | ||
(In thousands, except property data amounts) | ||
Apartment | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
Property Revenues | Homes | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||
"Same Property" Communities (a) | 41,988 | $202,103 | $197,141 | $4,962 | $598,296 | $581,790 | $16,506 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 4,095 | 21,459 | 15,694 | 5,765 | 63,322 | 42,251 | 21,071 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 2,511 | 3,194 | — | 3,194 | 5,036 | — | 5,036 | |||||||||||||||||||
Disposition/Other (d) | — | 1,422 | 7,400 | (5,978 | ) | 4,415 | 35,267 | (30,852 | ) | |||||||||||||||||
Total Property Revenues | 48,594 | $228,178 | $220,235 | $7,943 | $671,069 | $659,308 | $11,761 | |||||||||||||||||||
Property Expenses | ||||||||||||||||||||||||||
"Same Property" Communities (a) | 41,988 | $74,209 | $71,403 | $2,806 | $217,222 | $210,002 | $7,220 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 4,095 | 8,604 | 6,162 | 2,442 | 23,663 | 15,590 | 8,073 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 2,511 | 1,028 | (4 | ) | 1,032 | 1,788 | (4 | ) | 1,792 | |||||||||||||||||
Hurricane Expenses (e) | — | 3,944 | — | 3,944 | 3,944 | — | 3,944 | |||||||||||||||||||
Disposition/Other (d) | — | 498 | 2,813 | (2,315 | ) | 1,487 | 12,091 | (10,604 | ) | |||||||||||||||||
Total Property Expenses | 48,594 | $88,283 | $80,374 | $7,909 | $248,104 | $237,679 | $10,425 | |||||||||||||||||||
Property Net Operating Income | ||||||||||||||||||||||||||
"Same Property" Communities (a) | 41,988 | $127,894 | $125,738 | $2,156 | $381,074 | $371,788 | $9,286 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 4,095 | 12,855 | 9,532 | 3,323 | 39,659 | 26,661 | 12,998 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 2,511 | 2,166 | 4 | 2,162 | 3,248 | 4 | 3,244 | |||||||||||||||||||
Hurricane Expenses (e) | — | (3,944 | ) | — | (3,944 | ) | (3,944 | ) | — | (3,944 | ) | |||||||||||||||
Disposition/Other (d) | — | 924 | 4,587 | (3,663 | ) | 2,928 | 23,176 | (20,248 | ) | |||||||||||||||||
Total Property Net Operating Income | 48,594 | $139,895 | $139,861 | $34 | $422,965 | $421,629 | $1,336 | |||||||||||||||||||
Income from Discontinued Operations (f) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||
Property Revenues | $— | $— | $— | $19,184 | ||||||||||||||||||||||
Property Expenses | — | — | — | (6,898 | ) | |||||||||||||||||||||
Property Net Operating Income | — | — | — | 12,286 | ||||||||||||||||||||||
Property management expense | — | — | — | (242 | ) | |||||||||||||||||||||
Depreciation and amortization | — | — | — | (4,327 | ) | |||||||||||||||||||||
Other taxes | — | — | — | (112 | ) | |||||||||||||||||||||
Gain on Sale of Discontinued Operations | — | — | — | 375,237 | ||||||||||||||||||||||
Income from Discontinued Operations | $— | $— | $— | $382,842 |
CAMDEN | "SAME PROPERTY" | |
THIRD QUARTER COMPARISONS | ||
September 30, 2017 | ||
(In thousands, except property data amounts) | ||
Apartment | |||||||||||||||||||||||||||||
Homes | Revenues | Expenses (a) | NOI | ||||||||||||||||||||||||||
Quarterly Results (a) (b) | Included | 3Q17 | 3Q16 | Growth | 3Q17 | 3Q16 | Growth | 3Q17 | 3Q16 | Growth | |||||||||||||||||||
D.C. Metro | 5,033 | $28,634 | $27,861 | 2.8 | % | $9,522 | $9,085 | 4.8 | % | $19,112 | $18,776 | 1.8 | % | ||||||||||||||||
Houston, TX | 5,912 | 26,755 | 27,616 | (3.1 | )% | 11,733 | 11,752 | (0.2 | )% | 15,022 | 15,864 | (5.3 | )% | ||||||||||||||||
Los Angeles/Orange County, CA | 2,068 | 13,484 | 12,871 | 4.8 | % | 4,094 | 3,894 | 5.1 | % | 9,390 | 8,977 | 4.6 | % | ||||||||||||||||
Atlanta, GA | 3,633 | 16,189 | 15,405 | 5.1 | % | 6,049 | 5,579 | 8.4 | % | 10,140 | 9,826 | 3.2 | % | ||||||||||||||||
SE Florida | 2,781 | 17,322 | 17,094 | 1.3 | % | 6,001 | 5,662 | 6.0 | % | 11,321 | 11,432 | (1.0 | )% | ||||||||||||||||
Dallas, TX | 3,993 | 16,974 | 16,312 | 4.1 | % | 7,461 | 7,053 | 5.8 | % | 9,513 | 9,259 | 2.7 | % | ||||||||||||||||
Charlotte, NC | 2,487 | 10,841 | 10,628 | 2.0 | % | 3,313 | 3,173 | 4.4 | % | 7,528 | 7,455 | 1.0 | % | ||||||||||||||||
Denver, CO | 1,941 | 9,910 | 9,465 | 4.7 | % | 3,058 | 2,737 | 11.7 | % | 6,852 | 6,728 | 1.8 | % | ||||||||||||||||
Phoenix, AZ | 2,549 | 11,103 | 10,692 | 3.8 | % | 3,750 | 3,743 | 0.2 | % | 7,353 | 6,949 | 5.8 | % | ||||||||||||||||
Orlando, FL | 2,662 | 11,457 | 10,968 | 4.5 | % | 4,252 | 3,968 | 7.2 | % | 7,205 | 7,000 | 2.9 | % | ||||||||||||||||
Raleigh, NC | 2,704 | 10,086 | 9,712 | 3.9 | % | 3,422 | 3,571 | (4.2 | )% | 6,664 | 6,141 | 8.5 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 10,032 | 9,591 | 4.6 | % | 3,444 | 3,388 | 1.7 | % | 6,588 | 6,203 | 6.2 | % | ||||||||||||||||
Austin, TX | 2,000 | 8,858 | 8,675 | 2.1 | % | 3,991 | 3,840 | 3.9 | % | 4,867 | 4,835 | 0.7 | % | ||||||||||||||||
Tampa, FL | 1,928 | 8,381 | 8,054 | 4.1 | % | 3,215 | 3,035 | 5.9 | % | 5,166 | 5,019 | 2.9 | % | ||||||||||||||||
Corpus Christi, TX | 632 | 2,077 | 2,197 | (5.5 | )% | 904 | 923 | (2.1 | )% | 1,173 | 1,274 | (7.9 | )% | ||||||||||||||||
Total Same Property | 41,988 | $202,103 | $197,141 | 2.5 | % | $74,209 | $71,403 | 3.9 | % | $127,894 | $125,738 | 1.7 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||
% of NOI | Average Occupancy (b) | Rental Rate (c) | Revenue per Occupied Home (d) | ||||||||||||||||||||||||
Quarterly Results (b) | Contribution | 3Q17 | 3Q16 | Growth | 3Q17 | 3Q16 | Growth | 3Q17 | 3Q16 | Growth | |||||||||||||||||
D.C. Metro | 14.9 | % | 95.9 | % | 96.0 | % | (0.1 | )% | $1,716 | $1,682 | 2.0 | % | $1,977 | $1,921 | 2.9 | % | |||||||||||
Houston, TX | 11.8 | % | 94.6 | % | 94.3 | % | 0.3 | % | 1,389 | 1,449 | (4.1 | )% | 1,595 | 1,652 | (3.4 | )% | |||||||||||
Los Angeles/Orange County, CA | 7.3 | % | 96.1 | % | 95.5 | % | 0.6 | % | 2,065 | 1,979 | 4.3 | % | 2,261 | 2,171 | 4.2 | % | |||||||||||
Atlanta, GA | 7.9 | % | 96.6 | % | 96.0 | % | 0.6 | % | 1,319 | 1,265 | 4.3 | % | 1,538 | 1,472 | 4.5 | % | |||||||||||
SE Florida | 8.9 | % | 96.3 | % | 96.3 | % | 0.0 | % | 1,887 | 1,880 | 0.4 | % | 2,156 | 2,128 | 1.3 | % | |||||||||||
Dallas, TX | 7.4 | % | 96.0 | % | 96.7 | % | (0.7 | )% | 1,253 | 1,206 | 3.9 | % | 1,475 | 1,409 | 4.8 | % | |||||||||||
Charlotte, NC | 5.9 | % | 96.7 | % | 96.6 | % | 0.1 | % | 1,282 | 1,259 | 1.8 | % | 1,503 | 1,475 | 1.9 | % | |||||||||||
Denver, CO | 5.4 | % | 95.9 | % | 96.2 | % | (0.3 | )% | 1,532 | 1,471 | 4.1 | % | 1,775 | 1,689 | 5.0 | % | |||||||||||
Phoenix, AZ | 5.8 | % | 95.8 | % | 94.4 | % | 1.4 | % | 1,251 | 1,213 | 3.1 | % | 1,516 | 1,481 | 2.4 | % | |||||||||||
Orlando, FL | 5.6 | % | 97.1 | % | 96.7 | % | 0.4 | % | 1,247 | 1,195 | 4.4 | % | 1,478 | 1,420 | 4.1 | % | |||||||||||
Raleigh, NC | 5.2 | % | 95.5 | % | 95.8 | % | (0.3 | )% | 1,068 | 1,018 | 4.9 | % | 1,304 | 1,250 | 4.2 | % | |||||||||||
San Diego/Inland Empire, CA | 5.2 | % | 96.6 | % | 95.6 | % | 1.0 | % | 1,851 | 1,770 | 4.6 | % | 2,080 | 2,008 | 3.6 | % | |||||||||||
Austin, TX | 3.8 | % | 96.4 | % | 96.1 | % | 0.3 | % | 1,274 | 1,257 | 1.4 | % | 1,532 | 1,504 | 1.8 | % | |||||||||||
Tampa, FL | 4.0 | % | 96.2 | % | 96.1 | % | 0.1 | % | 1,235 | 1,185 | 4.2 | % | 1,506 | 1,449 | 4.0 | % | |||||||||||
Corpus Christi, TX | 0.9 | % | 92.4 | % | 93.8 | % | (1.4 | )% | 959 | 1,001 | (4.2 | )% | 1,185 | 1,236 | (4.1 | )% | |||||||||||
Total Same Property | 100.0 | % | 95.9 | % | 95.8 | % | 0.1 | % | $1,437 | $1,409 | 2.0 | % | $1,672 | $1,634 | 2.4 | % |
CAMDEN | "SAME PROPERTY" | |
SEQUENTIAL QUARTER COMPARISONS | ||
September 30, 2017 | ||
(In thousands, except property data amounts) | ||
Apartment | |||||||||||||||||||||||||||||
Homes | Revenues | Expenses (a) | NOI | ||||||||||||||||||||||||||
Quarterly Results (a) (b) | Included | 3Q17 | 2Q17 | Growth | 3Q17 | 2Q17 | Growth | 3Q17 | 2Q17 | Growth | |||||||||||||||||||
D.C. Metro | 5,033 | $28,634 | $28,513 | 0.4 | % | $9,522 | $9,195 | 3.6 | % | $19,112 | $19,318 | (1.1 | )% | ||||||||||||||||
Houston, TX | 5,912 | 26,755 | 26,473 | 1.1 | % | 11,733 | 12,115 | (3.2 | )% | 15,022 | 14,358 | 4.6 | % | ||||||||||||||||
Los Angeles/Orange County, CA | 2,068 | 13,484 | 13,359 | 0.9 | % | 4,094 | 3,819 | 7.2 | % | 9,390 | 9,540 | (1.6 | )% | ||||||||||||||||
Atlanta, GA | 3,633 | 16,189 | 15,913 | 1.7 | % | 6,049 | 5,741 | 5.4 | % | 10,140 | 10,172 | (0.3 | )% | ||||||||||||||||
SE Florida | 2,781 | 17,322 | 17,350 | (0.2 | )% | 6,001 | 5,824 | 3.0 | % | 11,321 | 11,526 | (1.8 | )% | ||||||||||||||||
Dallas, TX | 3,993 | 16,974 | 16,767 | 1.2 | % | 7,461 | 6,693 | 11.5 | % | 9,513 | 10,074 | (5.6 | )% | ||||||||||||||||
Charlotte, NC | 2,487 | 10,841 | 10,690 | 1.4 | % | 3,313 | 3,252 | 1.9 | % | 7,528 | 7,438 | 1.2 | % | ||||||||||||||||
Denver, CO | 1,941 | 9,910 | 9,795 | 1.2 | % | 3,058 | 2,944 | 3.9 | % | 6,852 | 6,851 | 0.0 | % | ||||||||||||||||
Phoenix, AZ | 2,549 | 11,103 | 10,940 | 1.5 | % | 3,750 | 3,562 | 5.3 | % | 7,353 | 7,378 | (0.3 | )% | ||||||||||||||||
Orlando, FL | 2,662 | 11,457 | 11,210 | 2.2 | % | 4,252 | 3,910 | 8.7 | % | 7,205 | 7,300 | (1.3 | )% | ||||||||||||||||
Raleigh, NC | 2,704 | 10,086 | 9,892 | 2.0 | % | 3,422 | 3,241 | 5.6 | % | 6,664 | 6,651 | 0.2 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 10,032 | 9,931 | 1.0 | % | 3,444 | 3,322 | 3.7 | % | 6,588 | 6,609 | (0.3 | )% | ||||||||||||||||
Austin, TX | 2,000 | 8,858 | 8,783 | 0.9 | % | 3,991 | 3,769 | 5.9 | % | 4,867 | 5,014 | (2.9 | )% | ||||||||||||||||
Tampa, FL | 1,928 | 8,381 | 8,222 | 1.9 | % | 3,215 | 3,053 | 5.3 | % | 5,166 | 5,169 | (0.1 | )% | ||||||||||||||||
Corpus Christi, TX | 632 | 2,077 | 2,046 | 1.5 | % | 904 | 873 | 3.6 | % | 1,173 | 1,173 | 0.0 | % | ||||||||||||||||
Total Same Property | 41,988 | $202,103 | $199,884 | 1.1 | % | $74,209 | $71,313 | 4.1 | % | $127,894 | $128,571 | (0.5 | )% |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||
% of NOI | Average Occupancy (b) | Rental Rate (c) | Revenue per Occupied Home (d) | ||||||||||||||||||||||||
Quarterly Results (b) | Contribution | 3Q17 | 2Q17 | Growth | 3Q17 | 2Q17 | Growth | 3Q17 | 2Q17 | Growth | |||||||||||||||||
D.C. Metro | 14.9 | % | 95.9 | % | 96.1 | % | (0.2 | )% | $1,716 | $1,706 | 0.6 | % | $1,977 | $1,965 | 0.6 | % | |||||||||||
Houston, TX | 11.8 | % | 94.6 | % | 93.1 | % | 1.5 | % | 1,389 | 1,403 | (1.0 | )% | 1,595 | 1,603 | (0.4 | )% | |||||||||||
Los Angeles/Orange County, CA | 7.3 | % | 96.1 | % | 95.6 | % | 0.5 | % | 2,065 | 2,046 | 0.9 | % | 2,261 | 2,252 | 0.4 | % | |||||||||||
Atlanta, GA | 7.9 | % | 96.6 | % | 95.9 | % | 0.7 | % | 1,319 | 1,299 | 1.5 | % | 1,538 | 1,523 | 1.0 | % | |||||||||||
SE Florida | 8.9 | % | 96.3 | % | 95.9 | % | 0.4 | % | 1,887 | 1,891 | (0.2 | )% | 2,156 | 2,168 | (0.6 | )% | |||||||||||
Dallas, TX | 7.4 | % | 96.0 | % | 95.9 | % | 0.1 | % | 1,253 | 1,240 | 1.0 | % | 1,475 | 1,460 | 1.1 | % | |||||||||||
Charlotte, NC | 5.9 | % | 96.7 | % | 95.9 | % | 0.8 | % | 1,282 | 1,272 | 0.8 | % | 1,503 | 1,493 | 0.6 | % | |||||||||||
Denver, CO | 5.4 | % | 95.9 | % | 96.2 | % | (0.3 | )% | 1,532 | 1,506 | 1.7 | % | 1,775 | 1,749 | 1.5 | % | |||||||||||
Phoenix, AZ | 5.8 | % | 95.8 | % | 94.6 | % | 1.2 | % | 1,251 | 1,240 | 0.9 | % | 1,516 | 1,512 | 0.3 | % | |||||||||||
Orlando, FL | 5.6 | % | 97.1 | % | 96.7 | % | 0.4 | % | 1,247 | 1,230 | 1.4 | % | 1,478 | 1,452 | 1.8 | % | |||||||||||
Raleigh, NC | 5.2 | % | 95.5 | % | 95.0 | % | 0.5 | % | 1,068 | 1,049 | 1.8 | % | 1,304 | 1,285 | 1.5 | % | |||||||||||
San Diego/Inland Empire, CA | 5.2 | % | 96.6 | % | 95.5 | % | 1.1 | % | 1,851 | 1,826 | 1.4 | % | 2,080 | 2,082 | (0.1 | )% | |||||||||||
Austin, TX | 3.8 | % | 96.4 | % | 96.0 | % | 0.4 | % | 1,274 | 1,271 | 0.2 | % | 1,532 | 1,526 | 0.5 | % | |||||||||||
Tampa, FL | 4.0 | % | 96.2 | % | 95.9 | % | 0.3 | % | 1,235 | 1,218 | 1.4 | % | 1,506 | 1,482 | 1.6 | % | |||||||||||
Corpus Christi, TX | 0.9 | % | 92.4 | % | 91.8 | % | 0.6 | % | 959 | 961 | (0.2 | )% | 1,185 | 1,175 | 0.9 | % | |||||||||||
Total Same Property | 100.0 | % | 95.9 | % | 95.4 | % | 0.5 | % | $1,437 | $1,428 | 0.6 | % | $1,672 | $1,663 | 0.6 | % |
CAMDEN | "SAME PROPERTY" | |
YEAR TO DATE COMPARISONS | ||
September 30, 2017 | ||
(In thousands, except property data amounts) | ||
Apartment | |||||||||||||||||||||||||||||
Homes | Revenues | Expenses (a) | NOI | ||||||||||||||||||||||||||
Year to Date Results (a) (b) | Included | 2017 | 2016 | Growth | 2017 | 2016 | Growth | 2017 | 2016 | Growth | |||||||||||||||||||
D.C. Metro | 5,033 | $85,147 | $82,208 | 3.6 | % | $27,713 | $26,570 | 4.3 | % | $57,434 | $55,638 | 3.2 | % | ||||||||||||||||
Houston, TX | 5,912 | 79,629 | 82,415 | (3.4 | )% | 36,061 | 35,421 | 1.8 | % | 43,568 | 46,994 | (7.3 | )% | ||||||||||||||||
Los Angeles/Orange County, CA | 2,068 | 39,883 | 38,017 | 4.9 | % | 11,842 | 11,626 | 1.9 | % | 28,041 | 26,391 | 6.3 | % | ||||||||||||||||
Atlanta, GA | 3,633 | 47,662 | 45,391 | 5.0 | % | 17,583 | 16,659 | 5.5 | % | 30,079 | 28,732 | 4.7 | % | ||||||||||||||||
SE Florida | 2,781 | 51,912 | 50,706 | 2.4 | % | 17,744 | 16,828 | 5.4 | % | 34,168 | 33,878 | 0.9 | % | ||||||||||||||||
Dallas, TX | 3,993 | 50,236 | 47,999 | 4.7 | % | 21,250 | 20,037 | 6.1 | % | 28,986 | 27,962 | 3.7 | % | ||||||||||||||||
Charlotte, NC | 2,487 | 31,993 | 31,409 | 1.9 | % | 9,743 | 9,786 | (0.4 | )% | 22,250 | 21,623 | 2.9 | % | ||||||||||||||||
Denver, CO | 1,941 | 29,250 | 27,612 | 5.9 | % | 8,712 | 7,654 | 13.8 | % | 20,538 | 19,958 | 2.9 | % | ||||||||||||||||
Phoenix, AZ | 2,549 | 32,864 | 31,467 | 4.4 | % | 10,941 | 10,863 | 0.7 | % | 21,923 | 20,604 | 6.4 | % | ||||||||||||||||
Orlando, FL | 2,662 | 33,615 | 32,211 | 4.4 | % | 12,158 | 11,675 | 4.1 | % | 21,457 | 20,536 | 4.5 | % | ||||||||||||||||
Raleigh, NC | 2,704 | 29,539 | 28,470 | 3.8 | % | 9,835 | 10,146 | (3.1 | )% | 19,704 | 18,324 | 7.5 | % | ||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 29,521 | 28,145 | 4.9 | % | 10,164 | 9,944 | 2.2 | % | 19,357 | 18,201 | 6.4 | % | ||||||||||||||||
Austin, TX | 2,000 | 26,284 | 25,403 | 3.5 | % | 11,524 | 11,219 | 2.7 | % | 14,760 | 14,184 | 4.1 | % | ||||||||||||||||
Tampa, FL | 1,928 | 24,607 | 23,803 | 3.4 | % | 9,306 | 8,990 | 3.5 | % | 15,301 | 14,813 | 3.3 | % | ||||||||||||||||
Corpus Christi, TX | 632 | 6,154 | 6,534 | (5.8 | )% | 2,646 | 2,584 | 2.4 | % | 3,508 | 3,950 | (11.2 | )% | ||||||||||||||||
Total Same Property | 41,988 | $598,296 | $581,790 | 2.8 | % | $217,222 | $210,002 | 3.4 | % | $381,074 | $371,788 | 2.5 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||
% of NOI | Average Occupancy (b) | Rental Rate (c) | Revenue per Occupied Home (d) | ||||||||||||||||||||||||
Year to Date Results (b) | Contribution | 2017 | 2016 | Growth | 2017 | 2016 | Growth | 2017 | 2016 | Growth | |||||||||||||||||
D.C. Metro | 15.1 | % | 95.9 | % | 95.5 | % | 0.4 | % | $1,705 | $1,669 | 2.2 | % | $1,961 | $1,901 | 3.2 | % | |||||||||||
Houston, TX | 11.4 | % | 93.4 | % | 94.1 | % | (0.7 | )% | 1,403 | 1,459 | (3.8 | )% | 1,602 | 1,645 | (2.7 | )% | |||||||||||
Los Angeles/Orange County, CA | 7.4 | % | 95.7 | % | 95.3 | % | 0.4 | % | 2,043 | 1,952 | 4.7 | % | 2,238 | 2,142 | 4.5 | % | |||||||||||
Atlanta, GA | 7.9 | % | 96.0 | % | 95.8 | % | 0.2 | % | 1,301 | 1,247 | 4.3 | % | 1,518 | 1,449 | 4.8 | % | |||||||||||
SE Florida | 9.0 | % | 95.9 | % | 96.5 | % | (0.6 | )% | 1,890 | 1,861 | 1.6 | % | 2,162 | 2,100 | 3.0 | % | |||||||||||
Dallas, TX | 7.6 | % | 95.8 | % | 96.4 | % | (0.6 | )% | 1,240 | 1,187 | 4.5 | % | 1,459 | 1,386 | 5.3 | % | |||||||||||
Charlotte, NC | 5.8 | % | 95.9 | % | 96.3 | % | (0.4 | )% | 1,272 | 1,246 | 2.1 | % | 1,491 | 1,457 | 2.3 | % | |||||||||||
Denver, CO | 5.4 | % | 95.8 | % | 95.4 | % | 0.4 | % | 1,509 | 1,453 | 3.9 | % | 1,747 | 1,656 | 5.5 | % | |||||||||||
Phoenix, AZ | 5.7 | % | 95.4 | % | 94.4 | % | 1.0 | % | 1,241 | 1,203 | 3.2 | % | 1,502 | 1,453 | 3.4 | % | |||||||||||
Orlando, FL | 5.6 | % | 96.4 | % | 96.4 | % | 0.0 | % | 1,231 | 1,177 | 4.6 | % | 1,455 | 1,395 | 4.4 | % | |||||||||||
Raleigh, NC | 5.2 | % | 94.5 | % | 95.3 | % | (0.8 | )% | 1,051 | 1,002 | 4.9 | % | 1,284 | 1,228 | 4.6 | % | |||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 95.4 | % | 95.4 | % | 0.0 | % | 1,827 | 1,740 | 5.0 | % | 2,064 | 1,968 | 4.9 | % | |||||||||||
Austin, TX | 3.9 | % | 96.0 | % | 95.7 | % | 0.3 | % | 1,270 | 1,234 | 2.9 | % | 1,521 | 1,475 | 3.2 | % | |||||||||||
Tampa, FL | 4.0 | % | 95.6 | % | 96.0 | % | (0.4 | )% | 1,219 | 1,167 | 4.5 | % | 1,483 | 1,430 | 3.8 | % | |||||||||||
Corpus Christi, TX | 0.9 | % | 91.5 | % | 93.0 | % | (1.5 | )% | 964 | 1,007 | (4.3 | )% | 1,182 | 1,236 | (4.3 | )% | |||||||||||
Total Same Property | 100.0 | % | 95.4 | % | 95.5 | % | (0.1 | )% | $1,428 | $1,395 | 2.4 | % | $1,660 | $1,612 | 2.9 | % |
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |
DETAIL AND COMPARISONS | ||
September 30, 2017 | ||
(In thousands) | ||
% of Actual | |||||||||||||
3Q17 Operating | |||||||||||||
Quarterly Comparison (a) (b) | 3Q17 | 3Q16 | $ Change | % Change | Expenses | ||||||||
Property taxes | $25,098 | $24,721 | $377 | 1.5 | % | 33.8 | % | ||||||
Salaries and Benefits for On-site Employees | 16,014 | 14,862 | 1,152 | 7.8 | % | 21.6 | % | ||||||
Utilities | 16,830 | 15,748 | 1,082 | 6.9 | % | 22.7 | % | ||||||
Repairs and Maintenance | 10,011 | 9,990 | 21 | 0.2 | % | 13.5 | % | ||||||
Property Insurance | 1,943 | 1,918 | 25 | 1.3 | % | 2.6 | % | ||||||
General and Administrative | 2,526 | 2,388 | 138 | 5.8 | % | 3.4 | % | ||||||
Marketing and Leasing | 1,212 | 1,174 | 38 | 3.2 | % | 1.6 | % | ||||||
Other | 575 | 602 | (27 | ) | (4.5 | )% | 0.8 | % | |||||
Total Same Property | $74,209 | $71,403 | $2,806 | 3.9 | % | 100.0 | % |
% of Actual | |||||||||||||
3Q17 Operating | |||||||||||||
Sequential Comparison (a) (b) | 3Q17 | 2Q17 | $ Change | % Change | Expenses | ||||||||
Property taxes | $25,098 | $25,048 | $50 | 0.2 | % | 33.8 | % | ||||||
Salaries and Benefits for On-site Employees | 16,014 | 14,514 | 1,500 | 10.3 | % | 21.6 | % | ||||||
Utilities | 16,830 | 16,111 | 719 | 4.5 | % | 22.7 | % | ||||||
Repairs and Maintenance | 10,011 | 9,397 | 614 | 6.5 | % | 13.5 | % | ||||||
Property Insurance | 1,943 | 1,989 | (46 | ) | (2.3 | )% | 2.6 | % | |||||
General and Administrative | 2,526 | 2,450 | 76 | 3.1 | % | 3.4 | % | ||||||
Marketing and Leasing | 1,212 | 1,183 | 29 | 2.5 | % | 1.6 | % | ||||||
Other | 575 | 621 | (46 | ) | (7.4 | )% | 0.8 | % | |||||
Total Same Property | $74,209 | $71,313 | $2,896 | 4.1 | % | 100.0 | % |
% of Actual | ||||||||||||||
2017 Operating | ||||||||||||||
Year to Date Comparison (a) (b) | 2017 | 2016 | $ Change | % Change | Expenses | |||||||||
Property taxes | $75,593 | $73,885 | $1,708 | 2.3 | % | 34.8 | % | |||||||
Salaries and Benefits for On-site Employees | 44,999 | 44,933 | 66 | 0.1 | % | 20.7 | % | |||||||
Utilities | 48,752 | 44,837 | 3,915 | 8.7 | % | 22.4 | % | |||||||
Repairs and Maintenance | 29,029 | 28,864 | 165 | 0.6 | % | 13.4 | % | |||||||
Property Insurance | 6,110 | 5,086 | 1,024 | 20.1 | % | 2.8 | % | |||||||
General and Administrative | 7,525 | 7,166 | 359 | 5.0 | % | 3.5 | % | |||||||
Marketing and Leasing | 3,459 | 3,430 | 29 | 0.8 | % | 1.6 | % | |||||||
Other | 1,755 | 1,801 | (46 | ) | (2.6 | )% | 0.8 | % | ||||||
Total Same Property | $217,222 | $210,002 | $7,220 | 3.4 | % | 100.0 | % | |||||||
CAMDEN | JOINT VENTURE OPERATIONS | |
(In thousands, except property data amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
OPERATING DATA (a) | 2017 | 2016 | 2017 | 2016 | |||||||||
Property Revenues | |||||||||||||
Rental revenues | $8,309 | $8,252 | $24,711 | $24,426 | |||||||||
Other property revenues | 1,334 | 1,279 | 3,833 | 3,723 | |||||||||
Total property revenues | 9,643 | 9,531 | 28,544 | 28,149 | |||||||||
Property expenses | |||||||||||||
Property operating and maintenance | 2,443 | 2,399 | 7,048 | 6,825 | |||||||||
Real estate taxes | 1,602 | 1,503 | 4,810 | 4,677 | |||||||||
4,045 | 3,902 | 11,858 | 11,502 | ||||||||||
Net Operating Income | 5,598 | 5,629 | 16,686 | 16,647 | |||||||||
Other expenses | |||||||||||||
Interest | 1,628 | 1,428 | 4,635 | 4,432 | |||||||||
Depreciation and amortization | 2,199 | 2,247 | 6,582 | 6,902 | |||||||||
Other (including debt prepayment penalties) (b) | 516 | 88 | 612 | 261 | |||||||||
Total other expenses | 4,343 | 3,763 | 11,829 | 11,595 | |||||||||
Equity in income of joint ventures | $1,255 | $1,866 | $4,857 | $5,052 |
Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | |||||||||||
BALANCE SHEET DATA(b) | |||||||||||||||
Land | $109,912 | $109,912 | $109,912 | $109,912 | $109,912 | ||||||||||
Building & Improvements | 746,460 | 744,446 | 741,621 | 740,075 | 737,460 | ||||||||||
856,372 | 854,358 | 851,533 | 849,987 | 847,372 | |||||||||||
Accumulated Depreciation | (165,285 | ) | (158,214 | ) | (151,073 | ) | (143,931 | ) | (136,671 | ) | |||||
Net operating real estate assets | 691,087 | 696,144 | 700,460 | 706,056 | 710,701 | ||||||||||
Properties under development and land | 1,265 | 1,265 | 1,265 | 1,265 | 1,265 | ||||||||||
Cash and other assets, net | 27,089 | 22,918 | 15,607 | 19,617 | 17,334 | ||||||||||
Total assets | $719,441 | $720,327 | $717,332 | $726,938 | $729,300 | ||||||||||
Notes payable | $515,592 | $517,387 | $519,189 | $518,716 | $520,976 | ||||||||||
Other liabilities | 25,873 | 20,916 | 14,781 | 24,175 | 24,871 | ||||||||||
Total liabilities | 541,465 | 538,303 | 533,970 | 542,891 | 545,847 | ||||||||||
Member's equity | 177,976 | 182,024 | 183,362 | 184,047 | 183,453 | ||||||||||
Total liabilities and members' equity | $719,441 | $720,327 | $717,332 | $726,938 | $729,300 | ||||||||||
Company's equity investment | $28,420 | $29,665 | $30,062 | $30,254 | $30,046 | ||||||||||
Company's pro-rata share of debt | $161,380 | $161,942 | $162,506 | $162,358 | $163,065 | ||||||||||
PROPERTY DATA (end of period) | |||||||||||||||
Total operating properties | 22 | 22 | 22 | 22 | 22 | ||||||||||
Total operating apartment homes | 7,283 | 7,283 | 7,283 | 7,283 | 7,283 | ||||||||||
Pro-rata share of operating apartment homes | 2,280 | 2,280 | 2,280 | 2,280 | 2,280 |
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |
Estimated/Actual Dates for | |||||||||||||||
Completed Communities in Lease-Up | Total | Total | Construction | Initial | Construction | Stabilized | As of 10/25/2017 | ||||||||
Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||
1. | Camden Lincoln Station | 267 | $56.4 | 4Q14 | 4Q16 | 3Q17 | 1Q18 | 87% | 84% | ||||||
Denver, CO | |||||||||||||||
2. | Camden NoMa II | 405 | 106.9 | 1Q15 | 1Q17 | 2Q17 | 3Q19 | 61% | 58% | ||||||
Washington, DC | |||||||||||||||
Total Completed Communities in Lease-Up | 672 | $163.3 | 72% | 68% | |||||||||||
Estimated/Actual Dates for | |||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 10/25/2017 | |||||||
Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||
UNDER CONSTRUCTION | |||||||||||||||
1. | Camden Shady Grove | 457 | $116.0 | $110.0 | $39.7 | 2Q15 | 1Q17 | 1Q18 | 4Q19 | 45% | 39% | ||||
Rockville, MD | |||||||||||||||
2. | Camden McGowen Station | 315 | 90.0 | 57.4 | 57.4 | 4Q14 | 1Q18 | 3Q18 | 4Q19 | ||||||
Houston, TX | |||||||||||||||
3. | Camden Washingtonian | 365 | 90.0 | 57.0 | 57.0 | 3Q16 | 2Q18 | 4Q18 | 4Q19 | ||||||
Gaithersburg, MD | |||||||||||||||
4. | Camden North End I | 441 | 105.0 | 44.1 | 44.1 | 4Q16 | 2Q18 | 2Q19 | 2Q20 | ||||||
Phoenix, AZ | |||||||||||||||
5. | Camden Grandview II | 28 | 21.0 | 9.4 | 9.4 | 2Q17 | 4Q18 | 4Q18 | 2Q19 | ||||||
Charlotte, NC | |||||||||||||||
6. | Camden RiNo | 233 | 75.0 | 21.2 | 21.2 | 3Q17 | 4Q19 | 2Q20 | 4Q20 | ||||||
Denver, CO | |||||||||||||||
Total Development Communities | 1,839 | $497.0 | $299.1 | $228.8 | 45% | 39% | |||||||||
Additional Development Pipeline & Land (a) | 134.7 | ||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $363.5 | ||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 3Q17 NOI | |||||||||||||
Communities that Stabilized During Quarter | $84.9 | $0.8 | |||||||||||||
Completed Communities in Lease-Up | 163.3 | 1.6 | |||||||||||||
Development Communities in Lease-Up | 110.0 | 0.6 | |||||||||||||
Total Development Communities NOI Contribution | $358.2 | $3.0 | |||||||||||||
CAMDEN | DEVELOPMENT PIPELINE & LAND | |
Projected | Total | ||||||||
PIPELINE COMMUNITIES | Homes | Estimated Cost (a) | Cost to Date | ||||||
1. | Camden Downtown I | 271 | $125.0 | $14.4 | |||||
Houston, TX | |||||||||
2. | Camden Buckhead (b) | 375 | 104.0 | 17.7 | |||||
Atlanta, GA | |||||||||
3. | Camden Atlantic | 269 | 90.0 | 15.0 | |||||
Plantation, FL | |||||||||
4. | Camden Arts District | 354 | 150.0 | 18.7 | |||||
Los Angeles, CA | |||||||||
5. | Camden Hillcrest (c) | 125 | 75.0 | 22.3 | |||||
San Diego, CA | |||||||||
6. | Camden Gallery II | 5 | 3.0 | 1.1 | |||||
Charlotte, NC | |||||||||
7. | Camden North End II | 326 | 73.0 | 12.0 | |||||
Phoenix, AZ | |||||||||
8. | Camden Paces III | 350 | 100.0 | 12.4 | |||||
Atlanta, GA | |||||||||
9. | Camden Downtown II | 271 | 145.0 | 10.0 | |||||
Houston, TX | |||||||||
Development Pipeline | 2,346 | $865.0 | $123.6 | ||||||
LAND HOLDINGS/OTHER | Acreage | Cost to Date | |||||||
Phoenix, AZ (d) | 14.0 | $11.1 | |||||||
Land Holdings/Other | 14.0 | $11.1 | |||||||
Total Development Pipeline and Land | $134.7 | ||||||||
CAMDEN | ACQUISITIONS & DISPOSITIONS | |
Apartment | Weighted Average | Community | ||||||
Acquisitions | Location | Purchase Price | Homes | Monthly Rental Rate | Year Built | Closing Date | ||
1. | Camden Buckhead Square | Atlanta, GA | $58.3 | 250 Homes | $1,611 | 2015 | 6/1/2017 | |
Total/Average Acquisitions | $58.3 | 250 Homes | $1,611 | |||||
Land Acquisitions | Location | Purchase Price | Acres | Closing Date | ||||
1. | Camden Hillcrest (a) | San Diego, CA | $20.0 | 8.2 | 4/18/2017 | |||
Total/Average Land Acquisitions | $20.0 | 8.2 Acres | ||||||
CAMDEN | DEBT ANALYSIS | |
(In thousands, except property data amounts) | ||
Future Scheduled Repayments | ||||||||||||||||||
Year (a) | Amortization | Secured Maturities | Unsecured Maturities | Total | % of Total | Weighted Average Interest Rate on Maturing Debt | ||||||||||||
2017 | ($347 | ) | $— | $— | ($347 | ) | — | % | N/A | |||||||||
2018 | (1,277 | ) | 175,000 | — | 173,723 | 7.9 | % | 1.9 | % | |||||||||
2019 | (1,075 | ) | 644,107 | — | 643,032 | 29.2 | % | 5.4 | % | |||||||||
2020 | (1,218 | ) | — | — | (1,218 | ) | (0.1 | )% | N/A | |||||||||
2021 | (907 | ) | — | 250,000 | 249,093 | 11.3 | % | 4.8 | % | |||||||||
Thereafter | 39,968 | — | 1,100,000 | 1,139,968 | 51.7 | % | 4.0 | % | ||||||||||
Total Maturing Debt | $35,144 | $819,107 | $1,350,000 | $2,204,251 | 100.0 | % | 4.3 | % | ||||||||||
Unsecured Line of Credit | $— | $— | $— | $— | — | % | N/A | |||||||||||
Other Short Term Borrowing | — | — | — | — | — | % | N/A | |||||||||||
Total Debt | $35,144 | $819,107 | $1,350,000 | $2,204,251 | 100.0 | % | 4.3 | % | ||||||||||
Weighted Average Maturity of Debt | 4.5 Years | |||||||||||||||||
Weighted Average | ||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Floating rate debt | $175,000 | 7.9 | % | 1.9 | % | 1.0 Years | ||||||||||||
Fixed rate debt | 2,029,251 | 92.1 | % | 4.5 | % | 4.9 Years | ||||||||||||
Total | $2,204,251 | 100.0 | % | 4.3 | % | 4.5 Years | ||||||||||||
Weighted Average | ||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Unsecured debt | $1,338,117 | 60.7 | % | 4.1 | % | 5.5 Years | ||||||||||||
Secured debt | 866,134 | 39.3 | % | 4.6 | % | 3.0 Years | ||||||||||||
Total | $2,204,251 | 100.0 | % | 4.3 | % | 4.5 Years | ||||||||||||
Weighted Average | ||||||||||||||||||
SECURED DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||
Conventional fixed-rate mortgage debt | $691,134 | 79.8 | % | 5.3 | % | 3.5 Years | ||||||||||||
Conventional variable-rate mortgage debt | 175,000 | 20.2 | % | 1.9 | % | 1.0 Years | ||||||||||||
Total | $866,134 | 100.0 | % | 4.6 | % | 3.0 Years | ||||||||||||
REAL ESTATE ASSETS: (b) | Total Homes | % of Total | Total Cost | % of Total | 3Q17 NOI | % of Total | ||||||||||||
Unencumbered real estate assets | 36,887 | 75.9 | % | $6,126,979 | 80.1 | % | $106,249 | 75.9 | % | |||||||||
Encumbered real estate assets | 11,707 | 24.1 | % | 1,522,160 | 19.9 | % | 33,646 | 24.1 | % | |||||||||
Total | 48,594 | 100.0 | % | $7,649,139 | 100.0 | % | $139,895 | 100.0 | % | |||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 4.6x |
CAMDEN | DEBT MATURITY ANALYSIS | |
(In thousands) | ||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | ||||||||||||||
Quarter | Amortization | Secured Maturities | Unsecured Maturities | Total | |||||||||||
4Q 2017 | ($347 | ) | $— | $— | ($347 | ) | N/A | ||||||||
2017 | ($347 | ) | $— | $— | ($347 | ) | N/A | ||||||||
1Q 2018 | ($343 | ) | $— | $— | ($343 | ) | N/A | ||||||||
2Q 2018 | (347 | ) | — | — | (347 | ) | N/A | ||||||||
3Q 2018 | (321 | ) | 175,000 | — | 174,679 | 1.9 | % | ||||||||
4Q 2018 | (266 | ) | — | — | (266 | ) | N/A | ||||||||
2018 | ($1,277 | ) | $175,000 | $— | $173,723 | 1.9 | % | ||||||||
CAMDEN | DEBT COVENANT ANALYSIS | |
UNSECURED LINE OF CREDIT | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Gross Asset Value | < | 60% | 20% | Yes | |||
Secured Debt to Gross Asset Value | < | 40% | 6% | Yes | |||
Consolidated Adjusted EBITDA to Total Fixed Charges | > | 150% | 485% | Yes | |||
Unsecured Debt to Gross Asset Value | < | 60% | 19% | Yes | |||
SENIOR UNSECURED NOTES | |||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||
Total Consolidated Debt to Total Asset Value | < | 60% | 27% | Yes | |||
Total Secured Debt to Total Asset Value | < | 40% | 11% | Yes | |||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 496% | Yes | |||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 482% | Yes | |||
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |
DEBT ANALYSIS | ||
(In thousands, except property data amounts) | ||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||||
Year (a) | Amortization | Secured Maturities | Total | % of Total | ||||||||||
2017 | $368 | $4,930 | $5,298 | 3.4 | % | 4.5 | % | |||||||
2018 | 591 | 40,634 | 41,225 | 25.5 | % | 4.4 | % | |||||||
2019 | 241 | 7,383 | 7,624 | 4.7 | % | 4.2 | % | |||||||
2020 | 50 | — | 50 | — | % | N/A | ||||||||
2021 | (87 | ) | 5,160 | 5,073 | 3.1 | % | 4.8 | % | ||||||
Thereafter | (525 | ) | 101,814 | 101,289 | 62.8 | % | 3.7 | % | ||||||
Total Maturing Debt | $638 | $159,921 | $160,559 | 99.5 | % | 3.9 | % | |||||||
Unsecured lines of credit (b) | $— | $821 | $821 | 0.5 | % | 4.2 | % | |||||||
Total Debt | $638 | $160,742 | $161,380 | 100.0 | % | 3.9 | % | |||||||
Weighted Average Maturity of Debt | 6.1 Years | |||||||||||||
Weighted Average | ||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||
Floating rate debt | $52,584 | 32.6 | % | 3.3 | % | 8.6 Years | ||||||||
Fixed rate debt | 108,796 | 67.4 | % | 4.3 | % | 4.8 Years | ||||||||
Total | $161,380 | 100.0 | % | 3.9 | % | 6.1 Years | ||||||||
Weighted Average | ||||||||||||||
DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||
Conventional fixed-rate mortgage debt | $108,796 | 67.4 | % | 4.3 | % | 4.8 Years | ||||||||
Conventional variable-rate mortgage debt | 51,763 | 32.1 | % | 3.3 | % | 8.8 Years | ||||||||
Unsecured lines of credit | 821 | 0.5 | % | 4.2 | % | 0.4 Years | ||||||||
Total | $161,380 | 100.0 | % | 3.9 | % | 6.1 Years | ||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | ||||||||||||
Operating real estate assets | 7,283 | $856,372 | ||||||||||||
Land | 0 | 1,265 | ||||||||||||
Total | 7,283 | $857,637 | ||||||||||||
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |
DEBT MATURITY ANALYSIS | ||
(In thousands) | ||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||
Quarter (a) | Amortization | Secured Maturities | Total | |||||||||
4Q 2017 | $368 | $4,930 | $5,298 | 4.5 | % | |||||||
2017 | $368 | $4,930 | $5,298 | 4.5 | % | |||||||
1Q 2018 (b) | $274 | $22,238 | $22,512 | 4.5 | % | |||||||
2Q 2018 | 149 | 19,217 | 19,366 | 4.3 | % | |||||||
3Q 2018 | 83 | — | 83 | N/A | ||||||||
4Q 2018 | 85 | — | 85 | N/A | ||||||||
2018 | $591 | $41,455 | $42,046 | 4.4 | % | |||||||
CAMDEN | CAPITALIZED EXPENDITURES | |
& MAINTENANCE EXPENSE | ||
(In thousands, except unit data) | ||
Third Quarter 2017 | ||||||||||||||||||
Recurring Capitalized | Expensed | |||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | |||||||||||||
Interiors | ||||||||||||||||||
Floor Coverings | 5.4 | years | $2,737 | $59 | $596 | $13 | ||||||||||||
Appliances | 9.5 | years | 536 | 12 | 239 | 5 | ||||||||||||
Painting | — | — | — | 1,617 | 35 | |||||||||||||
Cabinetry/Countertops | 10.0 | years | 157 | 3 | — | — | ||||||||||||
Other | 9.3 | years | 1,548 | 33 | 536 | 12 | ||||||||||||
Exteriors | ||||||||||||||||||
Painting | 5.0 | years | 1,146 | 25 | — | — | ||||||||||||
Carpentry | 10.0 | years | 545 | 12 | — | — | ||||||||||||
Landscaping | 6.1 | years | 699 | 15 | 2,294 | 49 | ||||||||||||
Roofing | 18.7 | years | 1,305 | 28 | 184 | 4 | ||||||||||||
Site Drainage | 10.0 | years | 115 | 2 | — | — | ||||||||||||
Fencing/Stair | 10.0 | years | 559 | 12 | — | — | ||||||||||||
Other (b) | 8.3 | years | 2,807 | 61 | 4,127 | 88 | ||||||||||||
Common Areas | ||||||||||||||||||
Mech., Elec., Plumbing | 9.3 | years | 2,695 | 58 | 1,622 | 35 | ||||||||||||
Parking/Paving | 4.8 | years | 763 | 16 | — | — | ||||||||||||
Pool/Exercise/Facility | 7.6 | years | 1,894 | 41 | 398 | 9 | ||||||||||||
Total Recurring (c) | $17,506 | $377 | $11,613 | $250 | ||||||||||||||
Weighted Average Apartment Homes | 46,546 | 46,546 | ||||||||||||||||
Non-recurring capitalized expenditures (d) | $1,799 | |||||||||||||||||
Revenue Enhancing Expenditures (e) | 10.0 | years | $12,153 | $14,839 | ||||||||||||||
Revenue Enhanced Apartment Homes | 819 | |||||||||||||||||
Year to date 2017 | ||||||||||||||||||
Recurring Capitalized | Expensed | |||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | |||||||||||||
Interiors | ||||||||||||||||||
Floor Coverings | 5.4 | years | $7,327 | $159 | $1,566 | $34 | ||||||||||||
Appliances | 9.5 | years | 1,502 | 33 | 676 | 15 | ||||||||||||
Painting | — | — | — | 4,385 | 95 | |||||||||||||
Cabinetry/Countertops | 10.0 | years | 524 | 11 | — | — | ||||||||||||
Other | 9.3 | years | 3,686 | 80 | 1,562 | 34 | ||||||||||||
Exteriors | ||||||||||||||||||
Painting | 5.0 | years | 2,543 | 55 | — | — | ||||||||||||
Carpentry | 10.0 | years | 1,683 | 37 | — | — | ||||||||||||
Landscaping | 6.1 | years | 1,616 | 35 | 7,483 | 162 | ||||||||||||
Roofing | 18.7 | years | 2,317 | 50 | 529 | 11 | ||||||||||||
Site Drainage | 10.0 | years | 341 | 7 | — | — | ||||||||||||
Fencing/Stair | 10.0 | years | 1,185 | 26 | — | — | ||||||||||||
Other (b) | 8.3 | years | 6,829 | 149 | 11,332 | 245 | ||||||||||||
Common Areas | ||||||||||||||||||
Mech., Elec., Plumbing | 9.3 | years | 6,995 | 152 | 4,417 | 96 | ||||||||||||
Parking/Paving | 4.8 | years | 1,849 | 40 | — | — | ||||||||||||
Pool/Exercise/Facility | 7.6 | years | 5,578 | 121 | 1,097 | 24 | ||||||||||||
Total Recurring (c) | $43,975 | $955 | $33,047 | $716 | ||||||||||||||
Weighted Average Apartment Homes | 46,103 | 46,103 | ||||||||||||||||
Non-recurring capitalized expenditures (d) | $3,834 | |||||||||||||||||
Revenue Enhancing Expenditures (e) | 10.0 | years | $25,079 | $14,658 | ||||||||||||||
Revenue Enhanced Apartment Homes | 1,711 | |||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Net income attributable to common shareholders | $34,384 | $290,898 | $108,433 | $778,930 | |||||||||
Real estate depreciation and amortization | 65,489 | 61,264 | 191,092 | 182,694 | |||||||||
Real estate depreciation from discontinued operations | — | — | — | 4,327 | |||||||||
Adjustments for unconsolidated joint ventures | 2,223 | 2,266 | 6,650 | 6,944 | |||||||||
Income allocated to non-controlling interests | 1,091 | 12,523 | 3,345 | 17,216 | |||||||||
Gain on sale of operating properties, net of tax | — | (262,719 | ) | — | (294,954 | ) | |||||||
Gain on sale of discontinued operations, net of tax | — | — | — | (375,237 | ) | ||||||||
Funds from operations | $103,187 | $104,232 | $309,520 | $319,920 | |||||||||
Less: recurring capitalized expenditures | (17,506 | ) | (19,246 | ) | (43,975 | ) | (43,609 | ) | |||||
Adjusted funds from operations | $85,681 | $84,986 | $265,545 | $276,311 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
EPS diluted | 92,033 | 90,012 | 91,345 | 89,858 | |||||||||
FFO/AFFO diluted | 93,111 | 91,901 | 92,424 | 91,749 | |||||||||
Total earnings per common share - diluted | $0.38 | $3.21 | $1.20 | $8.60 | |||||||||
FFO per common share - diluted | $1.11 | $1.13 | $3.35 | $3.49 | |||||||||
AFFO per common share - diluted | $0.92 | $0.92 | $2.87 | $3.01 |
4Q17 | Range | 2017 | Range | ||||||||||
Low | High | Low | High | ||||||||||
Expected earnings per common share - diluted | $0.47 | $0.51 | $1.66 | $1.70 | |||||||||
Expected real estate depreciation and amortization | 0.66 | 0.66 | 2.73 | 2.73 | |||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.09 | 0.09 | |||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.03 | 0.03 | |||||||||
Expected FFO per share - diluted | $1.16 | $1.20 | $4.51 | $4.55 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Net income | $35,475 | $303,421 | $111,778 | $796,146 | |||||||||
Less: Fee and asset management income | (2,116 | ) | (1,667 | ) | (5,806 | ) | (5,223 | ) | |||||
Less: Interest and other income | (385 | ) | (927 | ) | (1,579 | ) | (1,366 | ) | |||||
Less: Income on deferred compensation plans | (3,648 | ) | (3,494 | ) | (11,706 | ) | (4,781 | ) | |||||
Plus: Property management expense | 6,201 | 5,590 | 19,782 | 19,147 | |||||||||
Plus: Fee and asset management expense | 973 | 911 | 2,818 | 2,861 | |||||||||
Plus: General and administrative expense | 12,266 | 10,810 | 37,585 | 34,836 | |||||||||
Plus: Interest expense | 21,210 | 23,076 | 66,132 | 69,936 | |||||||||
Plus: Depreciation and amortization expense | 67,014 | 62,832 | 195,781 | 187,379 | |||||||||
Plus: Expense on deferred compensation plans | 3,648 | 3,494 | 11,706 | 4,781 | |||||||||
Plus: Loss on Early Retirement of Debt | — | — | 323 | — | |||||||||
Less: Gain on sale of operating properties, including land | — | (262,719 | ) | — | (295,397 | ) | |||||||
Less: Equity in income of joint ventures | (1,255 | ) | (1,866 | ) | (4,857 | ) | (5,052 | ) | |||||
Plus: Income tax expense | 512 | 400 | 1,008 | 1,204 | |||||||||
Less: Income from discontinued operations | — | — | — | (7,605 | ) | ||||||||
Less: Gain on sale of discontinued operations, net of tax | — | — | — | (375,237 | ) | ||||||||
Net Operating Income (NOI) | $139,895 | $139,861 | $422,965 | $421,629 | |||||||||
"Same Property" Communities | $127,894 | $125,738 | $381,074 | $371,788 | |||||||||
Non-"Same Property" Communities | 12,855 | 9,532 | 39,659 | 26,661 | |||||||||
Development and Lease-Up Communities | 2,166 | 4 | 3,248 | 4 | |||||||||
Hurricane Expenses | (3,944 | ) | — | (3,944 | ) | — | |||||||
Dispositions/Other | 924 | 4,587 | 2,928 | 23,176 | |||||||||
Net Operating Income (NOI) | $139,895 | $139,861 | $422,965 | $421,629 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Net income attributable to common shareholders | $34,384 | $290,898 | $108,433 | $778,930 | |||||||||
Plus: Interest expense | 21,210 | 23,076 | 66,132 | 69,936 | |||||||||
Plus: Depreciation and amortization expense | 67,014 | 62,832 | 195,781 | 187,379 | |||||||||
Plus: Income allocated to non-controlling interests from continuing operations | 1,091 | 12,523 | 3,345 | 17,216 | |||||||||
Plus: Income tax expense | 512 | 400 | 1,008 | 1,204 | |||||||||
Plus: Real estate depreciation from discontinued operations | — | — | — | 4,327 | |||||||||
Less: Gain on sale of operating properties, including land | — | (262,719 | ) | — | (295,397 | ) | |||||||
Plus: Loss on Early Retirement of Debt | — | — | 323 | — | |||||||||
Less: Equity in income of joint ventures | (1,255 | ) | (1,866 | ) | (4,857 | ) | (5,052 | ) | |||||
Less: Gain on sale of discontinued operations, net of tax | — | — | — | (375,237 | ) | ||||||||
Adjusted EBITDA | $122,956 | $125,144 | $370,165 | $383,306 |
CAMDEN | OTHER DATA | |
Stock Symbol: | CPT | ||||||
Exchange Traded: | NYSE | ||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | |||||
Fitch | A- | Stable | |||||
Moody's | A3 | Stable | |||||
Standard & Poor's | BBB+ | Stable | |||||
Estimated Future Dates: | Q4 '17 | Q1 '18 | Q2 '18 | Q3 '18 | |||
Earnings Release & Conference Call | Early February | Early May | Late July | Late October | |||
Dividend Information - Common Shares: | Q1 '17 | Q2 '17 | Q3 '17 | ||||
Declaration Date | 2/7/2017 | 6/15/2017 | 9/8/2017 | ||||
Record Date | 3/31/2017 | 6/30/2017 | 9/29/2017 | ||||
Payment Date | 4/17/2017 | 7/17/2017 | 10/17/2017 | ||||
Distributions Per Share | $0.75 | $0.75 | $0.75 |
Investor Relations Data: | ||||
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request. | ||||
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call 1-800-9CAMDEN or (713) 354-2787. | ||||
To access Camden's Quarterly Conference Call, please visit our web site at camdenliving.com. | ||||
For questions contact: | ||||
Richard J. Campo | Chairman & Chief Executive Officer | |||
D. Keith Oden | President | |||
H. Malcolm Stewart | Chief Operating Officer | |||
Alexander J. Jessett | Chief Financial Officer | |||
Kimberly A. Callahan | Senior Vice President - Investor Relations |
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 9/30/2017 |
(Unaudited) | 3Q17 Avg Monthly | 3Q17 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 3Q17 Avg | Rental Rates per | Revenue per Occupied | ||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | |||||||||||
Camden Chandler | Chandler | AZ | 2016 | 1,146 | 380 | 95% | $1,311 | $1.14 | $1,530 | $1.33 | |||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 96% | 1,116 | 1.42 | 1,384 | 1.76 | |||||||||||
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 | 220 | 95% | 1,539 | 1.49 | 1,879 | 1.82 | |||||||||||
Camden Hayden | Tempe | AZ | 2015 | 1,043 | 234 | 94% | 1,438 | 1.38 | 1,708 | 1.64 | |||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 96% | 1,211 | 1.13 | 1,468 | 1.38 | |||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 96% | 1,298 | 1.21 | 1,545 | 1.44 | |||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 924 | 272 | 97% | 1,058 | 1.14 | 1,302 | 1.41 | |||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 95% | 1,175 | 1.19 | 1,410 | 1.43 | |||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 97% | 1,193 | 1.15 | 1,454 | 1.40 | |||||||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 95% | 1,482 | 1.14 | 1,779 | 1.37 | |||||||||||
TOTAL ARIZONA | 10 | Properties | 1,030 | 2,929 | 96% | 1,259 | 1.22 | 1,517 | 1.47 | ||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 97% | 2,017 | 2.00 | 2,214 | 2.20 | |||||||||||
Camden Glendale | Glendale | CA | 2015 | 882 | 303 | 94% | 2,298 | 2.61 | 2,522 | 2.86 | |||||||||||
Camden Harbor View | Long Beach | CA | 2004 | 981 | 546 | 96% | 2,535 | 2.58 | 2,703 | 2.75 | |||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96% | 2,089 | 2.07 | 2,298 | 2.27 | |||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 795 | 714 | 96% | 1,734 | 2.18 | 1,956 | 2.46 | |||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 97% | 1,993 | 2.24 | 2,138 | 2.40 | |||||||||||
The Camden | Hollywood | CA | 2016 | 768 | 287 | 95% | 3,109 | 4.05 | 3,190 | 4.15 | |||||||||||
Total Los Angeles/Orange County | 7 | Properties | 899 | 2,658 | 96% | 2,204 | 2.45 | 2,389 | 2.66 | ||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 97% | 1,564 | 1.59 | 1,730 | 1.76 | |||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 97% | 2,031 | 1.96 | 2,275 | 2.19 | |||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 96% | 1,882 | 1.96 | 2,126 | 2.21 | |||||||||||
Camden Tuscany | San Diego | CA | 2003 | 896 | 160 | 98% | 2,570 | 2.87 | 2,873 | 3.21 | |||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 97% | 1,638 | 1.56 | 1,873 | 1.78 | |||||||||||
Total San Diego/Inland Empire | 5 | Properties | 992 | 1,665 | 97% | 1,851 | 1.87 | 2,080 | 2.10 | ||||||||||||
TOTAL CALIFORNIA | 12 | Properties | 935 | 4,323 | 96% | 2,068 | 2.21 | 2,269 | 2.43 | ||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 96% | 1,422 | 1.61 | 1,651 | 1.86 | |||||||||||
Camden Caley | Englewood | CO | 2000 | 925 | 218 | 96% | 1,419 | 1.53 | 1,673 | 1.81 | |||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 95% | 1,640 | 1.61 | 1,888 | 1.86 | |||||||||||
Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 96% | 1,535 | 1.60 | 1,796 | 1.87 | |||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 96% | 1,669 | 1.45 | 1,914 | 1.67 | |||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,010 | 340 | 97% | 1,527 | 1.51 | 1,765 | 1.75 | |||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 96% | 1,478 | 1.59 | 1,723 | 1.85 | |||||||||||
Camden Lincoln Station (1) | Lone Tree | CO | 2017 | 844 | 267 | Lease-Up | 1,526 | 1.81 | 1,717 | 2.03 | |||||||||||
TOTAL COLORADO | 8 | Properties | 971 | 2,632 | 96% | 1,532 | 1.58 | 1,774 | 1.83 | ||||||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 95% | 1,652 | 1.56 | 1,922 | 1.81 | |||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 96% | 1,559 | 1.66 | 1,808 | 1.92 | |||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 978 | 382 | 98% | 1,677 | 1.72 | 1,952 | 2.00 | |||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 97% | 1,776 | 1.68 | 2,055 | 1.95 | |||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 97% | 1,838 | 1.97 | 2,112 | 2.26 | |||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 95% | 1,754 | 1.76 | 2,023 | 2.03 | |||||||||||
Camden Grand Parc | Washington | DC | 2002 | 674 | 105 | 97% | 2,436 | 3.63 | 2,780 | 4.14 | |||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 95% | 1,546 | 1.54 | 1,794 | 1.78 | |||||||||||
Camden Largo Towne Center | Largo | MD | 2000/2007 | 1,027 | 245 | 95% | 1,650 | 1.61 | 1,878 | 1.83 | |||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 96% | 1,561 | 1.82 | 1,819 | 2.12 | |||||||||||
Camden Noma | Washington | DC | 2014 | 770 | 321 | 96% | 2,227 | 2.89 | 2,550 | 3.31 | |||||||||||
Camden Noma II (1) | Washington | DC | 2017 | 759 | 405 | Lease-Up | 2,353 | 3.10 | 2,578 | 3.40 | |||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 835 | 378 | 96% | 1,952 | 2.34 | 2,235 | 2.68 | |||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 90% | 2,704 | 3.16 | 3,016 | 3.52 | |||||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 95% | 1,458 | 1.47 | 1,675 | 1.69 | |||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 97% | 1,520 | 1.56 | 1,787 | 1.83 | |||||||||||
Camden South Capitol (2) | Washington | DC | 2013 | 821 | 281 | 97% | 2,208 | 2.74 | 2,553 | 3.16 | |||||||||||
TOTAL DC METRO | 17 | Properties | 928 | 6,040 | 96% | 1,809 | 1.95 | 2,057 | 2.22 | ||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 97% | 1,935 | 1.75 | 2,263 | 2.04 | |||||||||||
Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 94% | 1,940 | 2.30 | 2,187 | 2.59 | |||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 97% | 2,046 | 2.18 | 2,252 | 2.40 | |||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 96% | 1,878 | 1.68 | 2,124 | 1.90 | |||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 95% | 2,007 | 1.60 | 2,279 | 1.82 | |||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 97% | 2,041 | 1.96 | 2,318 | 2.22 | |||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 97% | 1,644 | 1.37 | 1,933 | 1.61 | |||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 96% | 1,683 | 1.51 | 1,955 | 1.76 | |||||||||||
Total Southeast Florida | 8 | Properties | 1,079 | 2,781 | 96% | $1,887 | $1.75 | $2,156 | $2.00 | ||||||||||||
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 9/30/2017 |
(Unaudited) | 3Q17 Avg Monthly | 3Q17 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 3Q17 Avg | Rental Rates per | Revenue per Occupied | ||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | |||||||||||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 97% | $1,335 | $1.24 | $1,573 | $1.46 | |||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 97% | 1,221 | 1.28 | 1,463 | 1.53 | |||||||||||
Camden LaVina | Orlando | FL | 2012 | 970 | 420 | 97% | 1,239 | 1.28 | 1,483 | 1.53 | |||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 98% | 1,161 | 1.24 | 1,410 | 1.50 | |||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 96% | 1,334 | 1.63 | 1,581 | 1.94 | |||||||||||
Camden Town Square | Orlando | FL | 2012 | 986 | 438 | 97% | 1,283 | 1.31 | 1,472 | 1.50 | |||||||||||
Camden Waterford Lakes (2) | Orlando | FL | 2014 | 971 | 300 | 96% | 1,360 | 1.40 | 1,612 | 1.66 | |||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 97% | 1,226 | 1.25 | 1,443 | 1.47 | |||||||||||
Total Orlando | 8 | Properties | 962 | 2,962 | 97% | 1,258 | 1.31 | 1,491 | 1.55 | ||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 96% | 1,142 | 1.21 | 1,419 | 1.51 | |||||||||||
Camden Montague | Tampa | FL | 2012 | 975 | 192 | 97% | 1,279 | 1.31 | 1,530 | 1.57 | |||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 97% | 1,361 | 1.45 | 1,577 | 1.67 | |||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 96% | 1,165 | 1.15 | 1,434 | 1.41 | |||||||||||
Camden Visconti (2) | Tampa | FL | 2007 | 1,125 | 450 | 96% | 1,315 | 1.17 | 1,582 | 1.41 | |||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 96% | 1,383 | 1.39 | 1,695 | 1.71 | |||||||||||
Total Tampa | 6 | Properties | 998 | 2,378 | 96% | 1,250 | 1.25 | 1,520 | 1.52 | ||||||||||||
TOTAL FLORIDA | 22 | Properties | 1,012 | 8,121 | 97% | 1,471 | 1.45 | 1,727 | 1.71 | ||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 912 | 359 | 97% | 1,330 | 1.45 | 1,556 | 1.70 | |||||||||||
Camden Buckhead Square | Atlanta | GA | 2015 | 827 | 250 | 93% | 1,611 | 1.95 | 1,707 | 2.06 | |||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 97% | 1,277 | 1.29 | 1,408 | 1.42 | |||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 95% | 1,353 | 1.14 | 1,598 | 1.35 | |||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 98% | 1,284 | 1.27 | 1,529 | 1.52 | |||||||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 847 | 276 | 97% | 1,642 | 1.94 | 1,881 | 2.22 | |||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 95% | 1,437 | 1.54 | 1,653 | 1.77 | |||||||||||
Camden Paces | Atlanta | GA | 2015 | 1,407 | 379 | 95% | 2,587 | 1.84 | 2,898 | 2.06 | |||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 96% | 1,277 | 1.24 | 1,553 | 1.51 | |||||||||||
Camden Phipps (2) | Atlanta | GA | 1996 | 1,018 | 234 | 97% | 1,514 | 1.49 | 1,716 | 1.69 | |||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 97% | 1,215 | 1.06 | 1,467 | 1.28 | |||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 97% | 1,286 | 1.29 | 1,520 | 1.52 | |||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 96% | 1,016 | 1.01 | 1,221 | 1.21 | |||||||||||
Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 97% | 1,361 | 1.51 | 1,525 | 1.69 | |||||||||||
TOTAL GEORGIA | 14 | Properties | 1,015 | 4,496 | 96% | 1,452 | 1.43 | 1,669 | 1.65 | ||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,048 | 400 | 97% | 1,261 | 1.20 | 1,498 | 1.43 | |||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 97% | 1,454 | 1.61 | 1,677 | 1.85 | |||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 97% | 1,427 | 1.67 | 1,627 | 1.90 | |||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 97% | 1,149 | 1.11 | 1,346 | 1.30 | |||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 97% | 1,032 | 1.10 | 1,249 | 1.33 | |||||||||||
Camden Foxcroft II | Charlotte | NC | 1985 | 874 | 100 | 98% | 1,132 | 1.29 | 1,347 | 1.54 | |||||||||||
Camden Gallery | Charlotte | NC | 2017 | 743 | 323 | 96% | 1,411 | 1.90 | 1,593 | 2.14 | |||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,059 | 266 | 96% | 1,650 | 1.56 | 1,844 | 1.74 | |||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 97% | 1,097 | 1.13 | 1,338 | 1.38 | |||||||||||
Camden South End | Charlotte | NC | 2003 | 882 | 299 | 97% | 1,379 | 1.56 | 1,601 | 1.82 | |||||||||||
Camden Southline (2) | Charlotte | NC | 2015 | 831 | 266 | 95% | 1,506 | 1.81 | 1,733 | 2.09 | |||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 97% | 1,292 | 1.18 | 1,522 | 1.39 | |||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 96% | 1,025 | 1.14 | 1,239 | 1.38 | |||||||||||
Total Charlotte | 13 | Properties | 942 | 3,076 | 97% | 1,315 | 1.39 | 1,532 | 1.63 | ||||||||||||
Camden Asbury Village (2) | Raleigh | NC | 2009 | 1,009 | 350 | 95% | 1,149 | 1.14 | 1,313 | 1.30 | |||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,013 | 438 | 97% | 1,015 | 1.00 | 1,241 | 1.23 | |||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 95% | 1,070 | 1.02 | 1,320 | 1.26 | |||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 96% | 1,106 | 1.04 | 1,344 | 1.26 | |||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 96% | 1,057 | 1.09 | 1,272 | 1.32 | |||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 320 | 96% | 1,216 | 1.15 | 1,513 | 1.43 | |||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 94% | 996 | 1.03 | 1,189 | 1.22 | |||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 95% | 1,052 | 1.02 | 1,292 | 1.26 | |||||||||||
Total Raleigh | 8 | Properties | 1,016 | 3,054 | 96% | 1,077 | 1.06 | 1,303 | 1.28 | ||||||||||||
TOTAL NORTH CAROLINA | 21 | Properties | 979 | 6,130 | 96% | 1,196 | 1.22 | 1,419 | 1.45 | ||||||||||||
CAMDEN | COMMUNITY TABLE | |
Community statistics as of 9/30/2017 |
(Unaudited) | 3Q17 Avg Monthly | 3Q17 Avg Monthly | |||||||||||||||||||
Year Placed | Average | Apartment | 3Q17 Avg | Rental Rates per | Revenue per Occupied | ||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | |||||||||||
Camden Amber Oaks (2) | Austin | TX | 2009 | 862 | 348 | 96% | $1,075 | $1.25 | $1,330 | $1.54 | |||||||||||
Camden Amber Oaks II (2) | Austin | TX | 2012 | 910 | 244 | 96% | 1,136 | 1.25 | 1,393 | 1.53 | |||||||||||
Camden Brushy Creek (2) | Cedar Park | TX | 2008 | 882 | 272 | 96% | 1,141 | 1.29 | 1,291 | 1.46 | |||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 96% | 1,248 | 1.37 | 1,533 | 1.68 | |||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 97% | 1,374 | 1.44 | 1,636 | 1.71 | |||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 97% | 1,129 | 1.25 | 1,384 | 1.53 | |||||||||||
Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 96% | 1,224 | 1.36 | 1,482 | 1.64 | |||||||||||
Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 95% | 1,459 | 1.74 | 1,711 | 2.04 | |||||||||||
Camden Shadow Brook (2) | Austin | TX | 2009 | 909 | 496 | 96% | 1,143 | 1.26 | 1,321 | 1.45 | |||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 97% | 1,223 | 1.35 | 1,472 | 1.62 | |||||||||||
Total Austin | 10 | Properties | 899 | 3,360 | 96% | 1,213 | 1.35 | 1,450 | 1.61 | ||||||||||||
Camden Breakers | Corpus Christi | TX | 1996 | 868 | 288 | 93% | 1,091 | 1.26 | 1,366 | 1.57 | |||||||||||
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 | 344 | 92% | 850 | 1.10 | 1,034 | 1.33 | |||||||||||
Camden Miramar (3) | Corpus Christi | TX | 1994-2014 | 494 | 1,005 | 43% | 1,144 | 2.31 | 1,523 | 3.08 | |||||||||||
Camden South Bay (2) | Corpus Christi | TX | 2007 | 1,055 | 270 | 94% | 1,195 | 1.13 | 1,356 | 1.29 | |||||||||||
Total Corpus Christi | 4 | Properties | 681 | 1,907 | 93% | 1,090 | 1.60 | 1,334 | 1.96 | ||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 97% | 1,193 | 1.27 | 1,409 | 1.50 | |||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 945 | 477 | 95% | 1,446 | 1.53 | 1,667 | 1.76 | |||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 96% | 1,197 | 1.30 | 1,444 | 1.57 | |||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 911 | 268 | 97% | 1,144 | 1.25 | 1,334 | 1.46 | |||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 97% | 1,169 | 1.51 | 1,402 | 1.82 | |||||||||||
Camden Design District (2) | Dallas | TX | 2009 | 939 | 355 | 95% | 1,374 | 1.46 | 1,511 | 1.61 | |||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 95% | 1,338 | 1.44 | 1,560 | 1.67 | |||||||||||
Camden Henderson | Dallas | TX | 2012 | 967 | 106 | 94% | 1,555 | 1.61 | 1,835 | 1.90 | |||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 97% | 1,240 | 1.49 | 1,444 | 1.74 | |||||||||||
Camden Legacy Park | Plano | TX | 1996 | 871 | 276 | 97% | 1,254 | 1.44 | 1,502 | 1.73 | |||||||||||
Camden Panther Creek (2) | Frisco | TX | 2009 | 946 | 295 | 96% | 1,206 | 1.27 | 1,404 | 1.48 | |||||||||||
Camden Riverwalk (2) | Grapevine | TX | 2008 | 982 | 600 | 96% | 1,430 | 1.46 | 1,571 | 1.60 | |||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 97% | 1,079 | 1.45 | 1,283 | 1.73 | |||||||||||
Camden Victory Park | Dallas | TX | 2016 | 861 | 423 | 94% | 1,591 | 1.85 | 1,803 | 2.09 | |||||||||||
Total Dallas/Ft. Worth | 14 | Properties | 901 | 5,666 | 96% | 1,302 | 1.45 | 1,508 | 1.67 | ||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 94% | 1,463 | 1.57 | 1,714 | 1.84 | |||||||||||
Camden City Centre II | Houston | TX | 2013 | 868 | 268 | 94% | 1,523 | 1.76 | 1,769 | 2.04 | |||||||||||
Camden Cypress Creek (2) | Cypress | TX | 2009 | 993 | 310 | 97% | 1,230 | 1.24 | 1,360 | 1.37 | |||||||||||
Camden Downs at Cinco Ranch (2) | Katy | TX | 2004 | 1,075 | 318 | 95% | 1,228 | 1.14 | 1,444 | 1.34 | |||||||||||
Camden Grand Harbor (2) | Katy | TX | 2008 | 959 | 300 | 96% | 1,157 | 1.21 | 1,287 | 1.34 | |||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 95% | 1,354 | 1.57 | 1,584 | 1.84 | |||||||||||
Camden Heights (2) | Houston | TX | 2004 | 927 | 352 | 96% | 1,452 | 1.57 | 1,613 | 1.74 | |||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 94% | 1,187 | 1.27 | 1,406 | 1.51 | |||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 95% | 1,539 | 1.82 | 1,716 | 2.03 | |||||||||||
Camden Northpointe (2) | Tomball | TX | 2008 | 940 | 384 | 96% | 1,074 | 1.14 | 1,310 | 1.39 | |||||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 92% | 1,093 | 1.26 | 1,268 | 1.46 | |||||||||||
Camden Park | Houston | TX | 1995 | 866 | 288 | 94% | 1,072 | 1.24 | 1,282 | 1.48 | |||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 97% | 1,522 | 1.66 | 1,737 | 1.90 | |||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 95% | 2,443 | 2.04 | 2,570 | 2.14 | |||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 89% | 1,283 | 1.39 | 1,388 | 1.50 | |||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 92% | 1,482 | 1.41 | 1,547 | 1.47 | |||||||||||
Camden Spring Creek (2) (4) | Spring | TX | 2004 | 1,080 | 304 | 95% | 1,126 | 1.04 | 1,318 | 1.22 | |||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 95% | 1,075 | 1.27 | 1,309 | 1.55 | |||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 95% | 1,152 | 1.25 | 1,358 | 1.47 | |||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 95% | 1,465 | 1.79 | 1,685 | 2.06 | |||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 97% | 1,408 | 1.63 | 1,633 | 1.89 | |||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 934 | 274 | 95% | 1,189 | 1.27 | 1,354 | 1.45 | |||||||||||
Camden Woodson Park (2) | Houston | TX | 2008 | 916 | 248 | 96% | 1,154 | 1.26 | 1,245 | 1.36 | |||||||||||
Camden Yorktown (2) | Houston | TX | 2008 | 995 | 306 | 95% | 1,141 | 1.15 | 1,329 | 1.34 | |||||||||||
Total Houston | 24 | Properties | 930 | 8,434 | 95% | 1,332 | 1.43 | 1,527 | 1.64 | ||||||||||||
TOTAL TEXAS | 52 | Properties | 892 | 19,367 | 95% | 1,279 | 1.43 | 1,494 | 1.67 | ||||||||||||
TOTAL PROPERTIES | 156 | Properties | 949 | 54,038 | 96% | $1,446 | $1.52 | $1,674 | $1.76 |
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