EX-99.2 3 a50678063ex99-2.htm EXHIBIT 99.2 a50678063ex99-2.htm
EXHIBIT 99.2
 
LOGO
 
 
SECOND QUARTER 2013
 
Supplemental Operating and Financial Data
 
GRAPHIC
 
Camden City Centre II - Houston, TX
268 Apartment Homes
Currently in Lease-Up
 
 
Camden Property Trust
Three Greenway Plaza, Suite 1300
Houston, Texas 77046
Phone: 713-354-2500  Fax: 713-354-2700
www.camdenliving.com
 
 
 

 
 
CAMDEN
TABLE OF CONTENTS
   
   
   
 
Page
Press Release Text
3
Financial Highlights
6
Operating Results
7
Funds from Operations
8
Balance Sheets
9
Portfolio Statistics
10
Components of Property Net Operating Income
11
"Same Property" Second Quarter Comparisons
12
"Same Property" Sequential Quarter Comparisons
13
"Same Property" Year to Date Comparisons
14
"Same Property" Operating Expense Detail & Comparisons
15
Joint Venture Operations
16
Current Development Communities
17
Development Pipeline & Land
18
Acquisitions and Dispositions
19
Debt Analysis
20
Debt Maturity Analysis
21
Debt Covenant Analysis
22
Unconsolidated Real Estate Investments Debt Analysis
23
Unconsolidated Real Estate Investments Debt Maturity Analysis
24
Capitalized Expenditures & Maintenance Expense
25
Non-GAAP Financial Measures - Definitions & Reconciliations
26
Other Data
28
Community Table
29
 
 
 
 
In addition to historical information, this document contains forward-looking statements under the federal securities law.  These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management.  Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.  Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
 
 
 

 
 
CAMDEN PROPERTY TRUST ANNOUNCES
SECOND QUARTER 2013 OPERATING RESULTS


Houston, TEXAS (July 25, 2013) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and six months ended June 30, 2013.

Funds From Operations (“FFO”)
FFO for the second quarter of 2013 totaled $1.02 per diluted share or $91.4 million, as compared to $0.89 per diluted share or $76.7 million for the same period in 2012.  FFO for the three months ended June 30, 2013 included: a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $1.0 million or $0.01 per diluted share charge related to executive separation costs.

FFO for the six months ended June 30, 2013 totaled $1.99 per diluted share or $178.1 million, as compared to $1.72 per diluted share or $145.3 million for the same period in 2012.  FFO for the six months ended June 30, 2013 included: a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; a $1.0 million or $0.01 per diluted share charge related to executive separation costs; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.  FFO for the six months ended June 30, 2012 included a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units.
 
Net Income Attributable to Common Shareholders (“EPS”)
The Company reported EPS of $72.2 million or $0.81 per diluted share for the second quarter of 2013, as compared to $21.8 million or $0.26 per diluted share for the same period in 2012.  EPS for the three months ended June 30, 2013 included:  a $24.9 million or $0.28 per diluted share gain on sale of discontinued operations; a $13.0 million or $0.15 per diluted share gain on sale of unconsolidated joint venture properties; a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $1.0 million or $0.01 per diluted share charge related to executive separation costs.

For the six months ended June 30, 2013, the Company reported EPS of $135.6 million or $1.53 per diluted share, as compared to $110.5 million or $1.33 per diluted share for the same period in 2012.  EPS for the six months ended June 30, 2013 included:  a $56.6 million or $0.64 per diluted share gain on sale of discontinued operations; a $13.0 million or $0.15 per diluted share gain on sale of unconsolidated joint venture properties; a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; a $1.0 million or $0.01 per diluted share charge related to executive separation costs; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.  EPS for the six months ended June 30, 2012 included: a $40.2 million or $0.48 per diluted share gain on acquisition of the controlling interest in twelve joint ventures; a $32.5 million or $0.39 per diluted share gain on sale of discontinued operations; and a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units.
 
 
3

 
 
A reconciliation of net income attributable to common shareholders to FFO is included in the financial tables accompanying this press release.

Same Property Results
For the 43,503 apartment homes included in consolidated same property results, second quarter 2013 same property NOI increased 6.4% compared to the second quarter of 2012, with revenues increasing 5.4% and expenses increasing 3.7%.  On a sequential basis, second quarter 2013 same property NOI increased 2.1% compared to the first quarter of 2013, with revenues increasing 1.8% and expenses increasing 1.2% compared to the prior quarter.  On a year-to-date basis, 2013 same property NOI increased 6.6%, with revenues increasing 5.6% and expenses increasing 4.1% compared to the same period in 2012. Same property physical occupancy levels for the portfolio averaged 95.4% during the second quarter of both 2012 and 2013, compared to 95.1% in the first quarter of 2013.

The Company defines same property communities as communities owned and stabilized since January 1, 2012, excluding properties held for sale.  A reconciliation of net income attributable to common shareholders to net operating income and same property net operating income is included in the financial tables accompanying this press release.

Acquisition Activity
The Company acquired Camden Post Oak, a 356-home apartment community in Houston, TX, during the quarter for approximately $108.5 million.  Camden also acquired 38.8 acres of land in the metro Phoenix area for future development of three multifamily communities.

Disposition Activity
During the quarter, the Company disposed of Camden Reserve, a 526-home apartment community in Orlando, FL, for approximately $40.5 million.  Additionally, a joint venture of which the Company owned 20% sold 14 communities with 3,098 apartment homes in Las Vegas, NV for a total sales price of $200.2 million.  The Company’s proportionate share of the gain on sale was $13.0 million, and Camden also recognized a promoted equity interest of $3.8 million relating to the achievement of certain performance measures as set forth in the joint venture agreement.

Development Activity
Lease-ups were completed during the quarter at Camden Royal Oaks II, a 104-home project in Houston, TX, which is currently 97% occupied; and Camden Town Square, a 438-home project in Orlando, FL, which is currently 94% occupied. Construction was completed and leasing continued during the quarter at Camden City Centre II, a 268-home project in Houston, TX, which is currently 84% leased.

Construction began during the second quarter at Camden La Frontera in Round Rock, TX, a $36 million project with 300 apartment homes, and Camden Miramar Phase IX in Corpus Christi, TX, an $8 million project with 75 apartment homes.  Construction continued at six additional wholly-owned development communities: Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes; Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes; Camden Flatirons in Denver, CO, a $78 million project with 424 apartment homes; Camden Glendale in Glendale, CA, a $115 million project with 303 apartment homes; Camden Boca Raton in Boca Raton, FL, a $54 million project with 261 apartment homes; and Camden Paces in Atlanta, GA, a $110 million project with 379 apartment homes.

Construction began during the second quarter at Camden Southline in Charlotte, NC, a $47 million joint venture project with 266 apartment homes.  Construction also continued at two other joint venture development communities:  Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes which is currently 39% leased; and Camden Waterford Lakes in Orlando, FL, a $40 million project with 300 apartment homes.
 
 
4

 
 
Equity Issuances
During the second quarter, Camden issued 419,346 common shares through its ATM program at an average price of $74.74 per share, for total net consideration of approximately $30.8 million.

Earnings Guidance
Camden updated its earnings guidance for 2013 based on its current and expected views of the apartment market and general economic conditions.  Full-year 2013 FFO is expected to be $4.00 to $4.08 per diluted share, and full-year 2013 EPS is expected to be $2.31 to $2.39 per diluted share.  Third quarter 2013 earnings guidance is $0.99 to $1.03 per diluted share for FFO and $0.38 to $0.42 per diluted share for EPS.  Guidance for EPS excludes potential future gains on real estate transactions.  Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2013 earnings guidance is based on projections of same property revenue growth between 5.0% and 6.0%, expense growth between 3.25% and 4.25%, and NOI growth between 6.0% and 7.0%.  Additional information on the Company’s 2013 financial outlook and a reconciliation of expected net income attributable to common shareholders to expected FFO are included in the financial tables accompanying this press release.

Conference Call
The Company will hold a conference call on Friday, July 26, 2013 at 11:00 a.m. Central Time to review its second quarter 2013 results and discuss its outlook for future performance.  To participate in the call, please dial (888) 317-6003 (Domestic) or (412) 317-6061 (International) by 10:50 a.m. Central Time and enter passcode: 6328562, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at camdenliving.com.  Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.
 
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law.  These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management.  Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.  Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 179 properties containing 62,021 apartment homes across the United States.  Upon completion of 10 properties and the expansion of one property under development, the Company's portfolio will increase to 65,239 apartment homes in 189 properties. Camden was recently named by FORTUNE® Magazine for the sixth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #10.

For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at www.camdenliving.com.
 
 
5

 
 
CAMDEN
FINANCIAL HIGHLIGHTS
   (In thousands, except per share, property data amounts and ratios)
 
(Unaudited)
                                             
   
Three Months Ended June 30,
         
Six Months Ended June 30,
     
   
2013
         
2012
         
2013
         
2012
     
Total property revenues (a)
    $201,527             $176,918             $397,717             $346,617      
                                                       
EBITDA
    112,751             103,106             223,449             201,235      
                                                       
Net income attributable to common shareholders
    72,172             21,763             135,648             110,521      
   Per share - basic
    0.82             0.26             1.54             1.34      
   Per share - diluted
    0.81             0.26             1.53             1.33      
                                                       
Income from continuing operations attributable to common shareholders
    48,956             19,083             79,941             73,041      
   Per share - basic
    0.55             0.23             0.90             0.88      
   Per share - diluted
    0.55             0.23             0.90             0.87      
                                                       
Funds from operations
    91,446             76,707             178,077             145,296      
    Per share - diluted
    1.02             0.89             1.99             1.72      
                                                       
Dividends per share
    0.63             0.56             1.26             1.12      
Dividend payout ratio
    61.8 %           62.9 %           63.3 %           65.1 %    
                                                       
Interest expensed
    24,797             26,247             49,692             52,930      
Interest capitalized
    3,402             3,243             6,672             6,291      
Total interest incurred
    28,199             29,490             56,364             59,221      
                                                       
Principal amortization
    1,044             1,208             2,139             2,411      
Preferred distributions
    -             -             -             776      
                                                       
Net Debt to Annualized EBITDA (b)
    5.6     x       5.7     x       5.6     x       5.8     x
Interest expense coverage ratio
    4.5     x       3.9     x       4.5     x       3.8     x
Total interest coverage ratio
    4.0     x       3.5     x       4.0     x       3.4     x
Fixed charge expense coverage ratio
    4.4     x       3.8     x       4.3     x       3.6     x
Total fixed charge coverage ratio
    3.9     x       3.4     x       3.8     x       3.2     x
Unencumbered real estate assets (at cost) to unsecured debt ratio
    3.4     x       3.5     x       3.4     x       3.5     x
                                                       
Same property NOI increase (c)
    6.4 %           8.6 %           6.6 %           9.1 %    
 (# of apartment homes included)
    43,503             47,724             43,503             47,724      
                                                       
Gross turnover of apartment homes (annualized)
    68 %           67 %           62 %           61 %    
Net turnover (excludes on-site transfers and transfers to other Camden communities)
    60 %           59 %           53 %           53 %    
                                                       
                                                       
                               
As of June 30,
     
                                  2013             2012      
Total assets
                                $5,486,282             $5,112,574      
Total debt
                                $2,523,823             $2,396,412      
Common and common equivalent shares, outstanding end of period (d)
                                89,779             87,549      
Share price, end of period
                                $69.14             $67.67      
Book equity value, end of period (e)
                                $2,705,130             $2,464,908      
Market equity value, end of period (e)
                                $6,207,320             $5,924,441      
 
(a) 
Excludes discontinued operations.
   
(b) 
Net Debt is Notes Payable as reported at period end less Cash and Cash Equivalents as reported at period end. Annualized EBITDA is EBITDA as reported
 
for the period multiplied by either 4 for quarter results or 2 for 6 month results.
   
(c) 
"Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale.
   
(d) 
Includes at June 30, 2013: 87,879 common shares (including 442 common share equivalents related to share awards & options), plus common share
 
equivalents upon the assumed conversion of minority interest units (1,900).
   
(e) 
Includes: common shares, common units, and common share equivalents.
 
 
Note:  Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
 
 
6

 
 
CAMDEN
OPERATING RESULTS
  (In thousands, except per share and property data amounts)
                         
(Unaudited)
 
Three Months Ended
   
Six Months Ended
 
   
June 30,
   
June 30,
 
OPERATING DATA
 
2013
   
2012
   
2013
   
2012
 
Property revenues
                       
Rental revenues
    $173,946       $151,775       $343,549       $298,029  
Other property revenues
    27,581       25,143       54,168       48,588  
Total property revenues
    201,527       176,918       397,717       346,617  
                                 
Property expenses
                               
Property operating and maintenance
    52,114       47,974       102,608       94,088  
Real estate taxes
    22,271       18,324       43,924       35,697  
Total property expenses
    74,385       66,298       146,532       129,785  
                                 
Non-property income
                               
Fee and asset management
    2,827       3,608       5,721       6,531  
Interest and other income (loss)
    1,038       (65 )     1,090       (753 )
Income (loss) on deferred compensation plans
    (102 )     (2,185 )     2,897       5,601  
Total non-property income
    3,763       1,358       9,708       11,379  
                                 
Other expenses
                               
Property management
    5,242       4,851       11,225       10,135  
Fee and asset management
    1,486       1,444       2,963       3,187  
General and administrative
    11,590       9,730       21,384       18,409  
Interest
    24,797       26,247       49,692       52,930  
Depreciation and amortization
    54,315       51,087       107,570       98,993  
Amortization of deferred financing costs
    898       900       1,814       1,812  
Expense (benefit) on deferred compensation plans
    (102 )     (2,185 )     2,897       5,601  
Total other expenses
    98,226       92,074       197,545       191,067  
                                 
                                 
Gain on sale of land
    -       -       698       -  
Gain on acquisition of controlling interest in joint ventures
    -       -       -       40,191  
Equity in income of joint ventures
    17,798       632       18,732       998  
Income from continuing operations before income taxes
    50,477       20,536       82,778       78,333  
 Income tax expense - current
    (468 )     (434 )     (867 )     (658 )
Income from continuing operations
    50,009       20,102       81,911       77,675  
 Income from discontinued operations
    62       2,745       810       5,735  
 Gain on sale of discontinued operations, net of tax
    24,866       -       56,649       32,541  
Net income
    74,937       22,847       139,370       115,951  
 Less income allocated to non-controlling interests from continuing operations
    (1,053 )     (1,019 )     (1,970 )     (1,783 )
 Less income, including gain on sale, allocated to non-controlling interests from discontinued operations
    (1,712 )     (65 )     (1,752 )     (796 )
 Less income allocated to perpetual preferred units
    -       -       -       (776 )
 Less write off of original issuance costs of redeemed perpetual preferred units
    -       -       -       (2,075 )
Net income attributable to common shareholders
    $72,172       $21,763       $135,648       $110,521  
                                 
                                 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Net income
    $74,937       $22,847       $139,370       $115,951  
Other comprehensive income
                               
 Reclassification of prior service cost and net loss on post retirement obligations
    13       8       27       16  
Comprehensive income
    74,950       22,855       139,397       115,967  
 Less income allocated to non-controlling interests from continuing operations
    (1,053 )     (1,019 )     (1,970 )     (1,783 )
 Less income, including gain on sale, allocated to non-controlling interests from discontinued operations
    (1,712 )     (65 )     (1,752 )     (796 )
 Less income allocated to perpetual preferred units
    -       -       -       (776 )
 Less write off of original issuance costs of redeemed perpetual preferred units
    -       -       -       (2,075 )
Comprehensive income attributable to common shareholders
    $72,185       $21,771       $135,675       $110,537  
                                 
                                 
PER SHARE DATA
                               
 Net income attributable to common shareholders - basic
    $0.82       $0.26       $1.54       $1.34  
 Net income attributable to common shareholders - diluted
    0.81       0.26       1.53       1.33  
 Income from continuing operations attributable to common shareholders - basic
    0.55       0.23       0.90       0.88  
 Income from continuing operations attributable to common shareholders - diluted
    0.55       0.23       0.90       0.87  
                                 
Weighted average number of common and
                               
 common equivalent shares outstanding:
                               
    Basic
    87,191       83,223       86,949       81,554  
    Diluted
    88,472       83,846       88,283       83,333  
                                 
                                 
Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
 
 
 
7

 
 
 
CAMDEN
  FUNDS FROM OPERATIONS
    (In thousands, except per share and property data amounts)
                         
                         
(Unaudited)
 
Three Months Ended
   
Six Months Ended
 
   
June 30,
   
June 30,
 
FUNDS FROM OPERATIONS
 
2013
   
2012
   
2013
   
2012
 
                         
  Net income attributable to common shareholders
  $72,172     $21,763     $135,648     $110,521  
  Real estate depreciation from continuing operations
  53,094     49,974     105,252     96,771  
  Real estate depreciation and amortization from discontinued operations
  -     2,223     215     4,621  
  Adjustments for unconsolidated joint ventures
  1,313     2,038     2,921     4,313  
  Income allocated to noncontrolling interests
  2,765     709     3,722     1,802  
  (Gain) on sale of unconsolidated joint venture properties
  (13,032 )   -     (13,032 )   -  
  (Gain) on acquisition of controlling interests in joint ventures
  -     -     -     (40,191 )
  (Gain) on sale of discontinued operations, net of tax
  (24,866 )   -     (56,649 )   (32,541 )
     Funds from operations - diluted
  $91,446     $76,707     $178,077     $145,296  
                         
PER SHARE DATA
                       
  Funds from operations - diluted
  $1.02     $0.89     $1.99     $1.72  
  Cash distributions
  0.63     0.56     1.26     1.12  
                         
Weighted average number of common and
                       
  common equivalent shares outstanding:
                       
     FFO - diluted
  89,558     86,067     89,369     84,461  
                         
PROPERTY DATA
                       
  Total operating properties (end of period) (a)
  179     199     179     199  
  Total operating apartment homes in operating properties (end of period) (a)
  62,021     67,694     62,021     67,694  
  Total operating apartment homes (weighted average)
  54,186     53,720     54,249     53,338  
  Total operating apartment homes - excluding discontinued operations (weighted average)
  54,135     50,244     53,894     49,572  
 
(a) Includes joint ventures and properties held for sale.
 
 
Note:  Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
 
 
8

 
 
CAMDEN
  BALANCE SHEETS  
    (In thousands)  
                               
                               
(Unaudited)
 
Jun 30,
   
Mar 31,
   
Dec 31,
   
Sept 30,
   
Jun 30,
 
   
2013
   
2013
   
2012
   
2012
   
2012
 
ASSETS
                             
Real estate assets, at cost
                             
Land
    $965,257       $949,244       $949,777       $929,289       $893,910  
Buildings and improvements
    5,552,095       5,404,616       5,389,674       5,359,707       5,203,675  
      6,517,352       6,353,860       6,339,451       6,288,996       6,097,585  
Accumulated depreciation
    (1,604,402 )     (1,552,499 )     (1,518,896 )     (1,542,530 )     (1,505,862 )
Net operating real estate assets
    4,912,950       4,801,361       4,820,555       4,746,466       4,591,723  
Properties under development, including land
    393,694       339,848       334,463       280,948       297,712  
Investments in joint ventures
    44,630       45,260       45,092       46,566       47,776  
Properties held for sale
    -       14,986       30,517       6,373       -  
Total real estate assets
    5,351,274       5,201,455       5,230,627       5,080,353       4,937,211  
Accounts receivable - affiliates
    27,274       26,948       33,625       28,874       29,940  
Other assets, net (a)
    94,847       89,233       88,260       96,401       88,002  
Cash and cash equivalents
    6,506       59,642       26,669       5,590       52,126  
Restricted cash
    6,381       5,578       5,991       6,742       5,295  
Total assets
    $5,486,282       $5,382,856       $5,385,172       $5,217,960       $5,112,574  
                                         
                                         
                                         
LIABILITIES AND EQUITY
                                       
Liabilities
                                       
Notes payable
                                       
Unsecured
    $1,579,733       $1,538,471       $1,538,212       $1,415,354       $1,381,152  
Secured
    944,090       945,134       972,256       978,371       1,015,260  
Accounts payable and accrued expenses
    100,279       102,307       101,896       118,879       87,041  
Accrued real estate taxes
    36,863       20,683       28,452       43,757       31,607  
Distributions payable
    56,821       56,559       49,969       49,940       49,135  
Other liabilities (b)
    63,366       69,679       67,679       78,551       83,471  
Total liabilities
    2,781,152       2,732,833       2,758,464       2,684,852       2,647,666  
                                         
Commitments and contingencies
                                       
                                         
Equity
                                       
Common shares of beneficial interest
    967       962       962       959       945  
Additional paid-in capital
    3,625,283       3,590,261       3,587,505       3,580,528       3,501,354  
Distributions in excess of net income attributable to common shareholders
    (574,286 )     (590,831 )     (598,951 )     (692,235 )     (674,221 )
Treasury shares, at cost
    (410,665 )     (412,643 )     (425,355 )     (425,756 )     (430,958 )
Accumulated other comprehensive loss (c)
    (1,035 )     (1,048 )     (1,062 )     (660 )     (667 )
Total common equity
    2,640,264       2,586,701       2,563,099       2,462,836       2,396,453  
Noncontrolling interests
    64,866       63,322       63,609       70,272       68,455  
Total equity
    2,705,130       2,650,023       2,626,708       2,533,108       2,464,908  
Total liabilities and equity
    $5,486,282       $5,382,856       $5,385,172       $5,217,960       $5,112,574  
                                         
                                         
                                         
(a) Includes:
                                       
net deferred charges of:
    $14,008       $14,861       $15,635       $13,695       $14,432  
                                         
(b) Includes:
                                       
deferred revenues of:
    $1,336       $2,158       $2,521       $1,746       $2,012  
distributions in excess of investments in joint ventures of:
    $-       $9,718       $9,509       $16,708       $16,499  
fair value adjustment of derivative instruments:
    $-       ($2 )     ($1 )     $185       $5,918  
                                         
(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligations.
 
 
 
9

 
 
CAMDEN
                                PORTFOLIO STATISTICS
                                                       
                                                       
(Unaudited)
                                                     
                                                       
COMMUNITY PORTFOLIO AT JUNE 30, 2013 (in apartment homes)
                               
                                                       
                               
   
Fully Consolidated
   
Non-Consolidated
       
                                                       
   
"Same Property"
   
Non-"Same
Property"
   
Completed in Lease-up
   
Under
Construction
   
Total
   
Operating
   
Under
Construction
   
Total
   
Grand
Total
 
D.C. Metro (a)
    4,947       860       -       320       6,127       -       276       276       6,403  
Houston, TX
    3,353       2,291       268       -       5,912       3,152       -       3,152       9,064  
Tampa, FL
    4,733       540       -       -       5,273       450       -       450       5,723  
Dallas, TX
    3,938       1,039       -       -       4,977       1,250       -       1,250       6,227  
Las Vegas, NV
    3,969       949       -       -       4,918       -       -       -       4,918  
Los Angeles/Orange County, CA
    2,060       421       -       303       2,784       -       -       -       2,784  
SE Florida
    2,520       -       -       261       2,781       -       -       -       2,781  
Orlando, FL
    2,818       858       -       -       3,676       -       300       300       3,976  
Charlotte, NC
    3,134       -       -       -       3,134       -       266       266       3,400  
Atlanta, GA
    2,894       223       -       379       3,496       234       -       234       3,730  
Denver, CO
    1,851       590       -       424       2,865       -       -       -       2,865  
Raleigh, NC
    2,704       -       -       -       2,704       350       -       350       3,054  
Phoenix, AZ
    1,084       1,561       -       -       2,645       -       -       -       2,645  
San Diego/Inland Empire, CA
    1,196       469       -       -       1,665       -       -       -       1,665  
Austin, TX
    1,670       -       -       614       2,284       1,360       -       1,360       3,644  
Other
    632       855       -       75       1,562       798       -       798       2,360  
                                                                         
Total Portfolio
    43,503       10,656       268       2,376       56,803       7,594       842       8,436       65,239  
                                                                         
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
                                 
                                                                         
 
SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION
   
WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d)
 
                                                 
                                                 
   
"Same Property"
   
Operating
   
Incl. JVs at
   
Jun 30
   
Mar 31
   
Dec 31
   
Sept 30
   
Jun 30
   
Communities
   
Communities (b)
   
Pro Rata % (c)
   
2013
   
2013
   
2012
   
2012
   
2012
D.C. Metro
    17.9 %     16.9 %     16.5 %     95.5 %     95.5 %     95.7 %     96.2 %     95.5 %
Houston, TX
    8.6 %     11.5 %     12.2 %     96.5 %     96.0 %     95.4 %     96.1 %     96.5 %
Tampa, FL
    7.9 %     7.5 %     7.5 %     95.5 %     95.0 %     94.7 %     95.2 %     94.4 %
Dallas, TX
    6.7 %     7.1 %     7.3 %     95.4 %     94.9 %     94.6 %     95.3 %     95.6 %
Las Vegas, NV
    6.1 %     6.4 %     6.2 %     94.2 %     92.4 %     92.4 %     92.9 %     93.0 %
Los Angeles/Orange County, CA
    7.1 %     6.6 %     6.5 %     95.6 %     95.7 %     96.2 %     95.4 %     95.6 %
SE Florida
    8.2 %     6.8 %     6.7 %     95.1 %     94.9 %     95.3 %     95.4 %     94.9 %
Orlando, FL
    5.3 %     5.8 %     5.7 %     95.8 %     95.3 %     95.3 %     95.4 %     95.5 %
Charlotte, NC
    7.1 %     5.8 %     5.7 %     96.4 %     96.1 %     95.6 %     96.5 %     95.9 %
Atlanta, GA
    5.6 %     4.9 %     4.8 %     95.3 %     95.2 %     95.5 %     95.6 %     94.9 %
Denver, CO
    4.5 %     4.8 %     4.7 %     94.7 %     94.8 %     95.2 %     95.6 %     95.2 %
Raleigh, NC
    5.2 %     4.2 %     4.2 %     95.0 %     94.7 %     94.6 %     95.7 %     95.3 %
Phoenix, AZ
    2.3 %     3.9 %     3.8 %     92.3 %     93.0 %     92.5 %     93.5 %     92.3 %
San Diego/Inland Empire, CA
    3.5 %     3.7 %     3.6 %     94.3 %     93.2 %     93.3 %     94.9 %     94.2 %
Austin, TX
    2.8 %     2.3 %     2.6 %     94.7 %     95.0 %     95.0 %     95.6 %     95.3 %
Other
    1.2 %     1.8 %     2.0 %     96.7 %     95.3 %     94.4 %     95.0 %     95.4 %
                                                                 
Total Portfolio
    100.0 %     100.0 %     100.0 %     95.3 %     94.8 %     94.7 %     95.2 %     95.1 %
                                                                 
                                                                 
(b) Operating communities represent all fully-consolidated communities at period end, excluding communities under construction.
 
(c) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities.
 
(d) Occupancy figures include all stabilized operating communities including those held through non-consolidated joint venture investments.
 
 
 
10

 
 
CAMDEN
              COMPONENTS OF
                PROPERTY NET OPERATING INCOME
                (In thousands, except property data amounts)
                                           
                                           
(Unaudited)
                                         
                                           
                                           
   
Apartment
    Three Months Ended June 30,     Six Months Ended June 30,  
Property Revenues
 
Homes
   
2013
   
2012
   
Change
   
2013
   
2012
   
Change
 
"Same Property" Communities (a)
    43,503       $161,323       $153,074       $8,249       $319,824       $302,725       $17,099  
Non-"Same Property" Communities (b)
    10,656       37,979       22,108       15,871       73,798       40,410       33,388  
Development and Lease-Up Communities