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Camden Property Trust$106.10($2.18)(2.01%)

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 Camden Property Trust Announces 2018 Operating Results, 2019 Financial Outlook, and First Quarter 2019 Dividend
   Thursday, January 31, 2019 4:15:00 PM ET

HOUSTON--(BUSINESS WIRE)-- Camden Property Trust (NYSE:CPT) announced today operating results for the three and twelve months ended December 31, 2018. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and twelve months ended December 31, 2018 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

             
    Three Months Ended     Twelve Months Ended
December 31 December 31
Per Diluted Share     2018     2017     2018     2017
EPS $0.41     $0.91 $1.63     $2.13
FFO $1.23 $1.18 $4.77 $4.53
AFFO     $0.99     $0.97     $4.03     $3.84
 


EPS, FFO and AFFO for the twelve months ended December 31, 2017 included approximately $0.05 per diluted share in expenses related to Hurricanes Harvey and Irma.

                   
    Quarterly Growth     Sequential Growth     Year-to-Date Growth
Same Property Results     4Q18 vs. 4Q17     4Q18 vs. 3Q18     2018 vs. 2017
Revenues 3.0% (0.2)% 3.2%
Expenses 3.7% (3.3)% 2.8%
Net Operating Income ("NOI")     2.6%     1.5%     3.4%
 
                               
Same Property Results         4Q18         4Q17         3Q18
Occupancy         95.8%         95.7%         95.9%
                       

“We are pleased to report another strong quarter of performance, with same property growth and FFO per share slightly better than anticipated for both fourth quarter and full-year 2018,” said Richard J. Campo, Camden’s Chairman and CEO. “Demand for rental housing remains strong, and we expect 2019 to be another good year for Camden and the multifamily industry.”

For 2018, the Company defines same property communities as communities owned and stabilized since January 1, 2017, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.

During the quarter, construction was completed at Camden Washingtonian in Gaithersburg, MD and Camden McGowen Station in Houston, TX, and lease-up was completed at Camden NoMa II in Washington, DC.

Development Communities - Construction Completed and Projects in Lease-Up ($ in millions)

                         
        Total     Total     % Leased
Community Name     Location     Units     Cost     as of 1/30/2019
Camden Shady Grove Rockville, MD 457 $114.0 90%
Camden Washingtonian Gaithersburg, MD 365 86.8 72%
Camden McGowen Station     Houston, TX     315     90.8     64%
Total           1,137     $291.6      
 

Development Communities - Construction Ongoing ($ in millions)

                         
        Total     Total     % Leased
Community Name     Location     Units     Budget     as of 1/30/2019
Camden North End I Phoenix, AZ 441 $105.0 54%
Camden Grandview II Charlotte, NC 28 21.0 11%
Camden RiNo Denver, CO 233 75.0
Camden Downtown I Houston, TX 271 132.0
Camden Lake Eola Orlando, FL 360 120.0
Camden Buckhead     Atlanta, GA     365     160.0      
Total           1,698     $613.0      
 

During the quarter, Camden retired $175.0 million of 2.86% variable rate secured conventional mortgage notes and $205.0 million of 5.77% secured conventional mortgage notes. The Company also issued $400 million senior unsecured notes under its existing shelf registration statement. These ten-year notes were offered to the public at 99.893% of par value with a coupon of 4.100%. After giving effect to the settlement of in-place swap agreements and deducting the underwriting discounts and other estimated expenses of the offering, the effective annual interest rate on the notes is approximately 3.74%. The Company received net proceeds of approximately $396.1 million, net of underwriting discounts and other estimated offering expenses.

Additionally, Camden funded a $100.0 million three-year unsecured floating-rate term loan during the quarter. The interest rate on the term loan is based on LIBOR plus a margin which is subject to change as our credit ratings change. The current margin is 0.85%.

Camden provided initial earnings guidance for 2019 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2019 as detailed below.

               
    1Q19       2019
Per Diluted Share     Range       Range     Midpoint
EPS $0.33 - $0.37 $1.51 - $1.71     $1.61
FFO     $1.18 - $1.22       $4.97 - $5.17     $5.07
               
    2019       2019
Same Property Growth     Range       Midpoint
Revenues 2.80% - 3.80% 3.30%
Expenses 2.75% - 3.75% 3.25%
NOI     2.30% - 4.30%       3.30%
 

For 2019, the Company defines same property communities as communities owned and stabilized as of January 1, 2018, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2019 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Camden's Board of Trust Managers declared a first quarter 2019 dividend of $0.80 per common share, which is a 3.9% increase over the Company's prior quarterly dividend of $0.77 per share. The dividend is payable on April 17, 2019 to shareholders of record as of March 29, 2019. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company's past performance and future prospects, as described in this press release.

Friday, February 1, 2019 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 8427208
Webcast: http://services.choruscall.com/links/cpt190201.html

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

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 (the “Company”) 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 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, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 161 properties containing 55,160 apartment homes across the United States. Upon completion of 6 properties currently under development, the Company’s portfolio will increase to 56,858 apartment homes in 167 properties. Camden was recently named by FORTUNE® Magazine for the eleventh consecutive year as one of the “100 Best Companies to Work For” in America, ranking #24.

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

       
 

CAMDEN

OPERATING RESULTS

(In thousands, except per share amounts)

                     

(Unaudited)

 
Three Months Ended December 31, Twelve Months Ended December 31,
2018   2017 2018   2017

   
Property revenues
Rental revenues (a) $216,924 $197,278 $842,047 $770,540
Other property revenues (a) 27,995     32,549   112,458     130,356  
Total property revenues 244,919     229,827   954,505     900,896  
 
Property expenses
Property operating and maintenance (b) 55,108 53,629 220,732 217,817
Real estate taxes 31,612     27,009   122,847     110,925  
Total property expenses 86,720     80,638   343,579     328,742  
 
Non-property income
Fee and asset management 1,580 2,370 7,231 8,176
Interest and other income 432 1,432 2,101 3,011
Income/(Loss) on deferred compensation plans (10,304 )   4,902   (6,535 )   16,608  
Total non-property income (8,292 )   8,704   2,797     27,795  
 
Other expenses
Property management 6,166 5,991 25,581 25,773
Fee and asset management 1,258 1,085 4,451 3,903
General and administrative (c) 13,622 13,002 50,735 50,587
Interest 22,047 20,618 84,263 86,750
Depreciation and amortization 78,677 68,193 300,946 263,974
Expense/(Benefit) on deferred compensation plans (10,304 )   4,902   (6,535 )   16,608  
Total other expenses 111,466     113,791   459,441     447,595  
 
Loss on early retirement of debt (323 )
Gain on sale of operating properties, including land 43,231 43,231
Equity in income of joint ventures (d) 2,192     1,965   7,836     6,822  
Income from continuing operations before income taxes 40,633 89,298 162,118 202,084
Income tax expense (326 )   (216 ) (1,424 )   (1,224 )
Net income 40,307 89,082 160,694 200,860
Less income allocated to non-controlling interests from continuing operations (1,111 )   (1,093 ) (4,566 )   (4,438 )
Net income attributable to common shareholders $39,196     $87,989   $156,128     $196,422  
 

Net income $40,307 $89,082 $160,694 $200,860
Other comprehensive income
Unrealized gain on cash flow hedging activities (7,202 ) (64 ) 6,782 1,690
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation 450 (20 ) 450 (20 )
Reclassification of net (gain) loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation (350 )   34   (246 )   136  
Comprehensive income 33,205 89,032 167,680 202,666
Less income allocated to non-controlling interests from continuing operations (1,111 )   (1,093 ) (4,566 )   (4,438 )
Comprehensive income attributable to common shareholders $32,094     $87,939   $163,114     $198,228  
 

 
Total earnings per common share - basic $0.41 $0.92 $1.63 $2.14
Total earnings per common share - diluted 0.41 0.91 1.63 2.13
 
Weighted average number of common shares outstanding:
Basic 95,262 94,905 95,208 91,499
Diluted 95,465 97,068 95,366 92,515
 

(a)

Upon our adoption of ASU 2014-09 on January 1, 2018, we are now presenting certain revenue items, historically included as a component of other property revenues, as rental revenues due to the nature and timing of revenue recognition for these items being more closely aligned to a lease. This new presentation has been applied prospectively as this reclassification will not have an impact upon total property revenues or the opening balance of retained earnings. Approximately $22.2 million of rental revenue is related to this presentation for the year ended December 31, 2018. Had ASU 2014-09 been effective as of January 1, 2017, we would have reclassified approximately $21.9 million from other property revenues to rental revenues for the year ended December 31, 2017.

(b)

Includes approximately $3.9 million in storm-related expenses related to Hurricanes Harvey and Irma for the twelve months ended December 31, 2017.

(c)

Includes approximately $0.7 million in storm-related expenses related to Hurricanes Harvey and Irma for the twelve months ended December 31, 2017.

(d)

Includes approximately $0.4 million in storm-related expenses related to Hurricanes Harvey and Irma for the twelve months ended December 31, 2017.

 

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

       

CAMDEN

FUNDS FROM OPERATIONS

(In thousands, except per share and property data amounts)

             

(Unaudited)

 
Three Months Ended December 31, Twelve Months Ended December 31,
2018   2017 2018   2017

   
 
Net income attributable to common shareholders (a) $39,196 $87,989 $156,128 $196,422
Real estate depreciation and amortization 76,867 66,448 294,283 257,540
Adjustments for unconsolidated joint ventures 2,233 2,253 8,976 8,903
Income allocated to non-controlling interests 1,140 1,093 4,595 4,438
Gain on sale of operating properties, net of tax     (43,231 )     (43,231 )
Funds from operations $119,436     $114,552   $463,982     $424,072  
 
Less: recurring capitalized expenditures (b) (23,258 ) (20,783 ) (72,296 ) (64,758 )
           
Adjusted funds from operations - diluted $96,178     $93,769   $391,686     $359,314  
 

Funds from operations - diluted $1.23 $1.18 $4.77 $4.53
Adjusted funds from operations - diluted 0.99 0.97 4.03 3.84
Distributions declared per common share 0.77 0.75 3.08 3.00
 
Weighted average number of common shares outstanding:
FFO/AFFO - diluted 97,221 97,068 97,201 93,594
 

Total operating properties (end of period) (c) 161 155 161 155
Total operating apartment homes in operating properties (end of period) (c) 55,160 53,033 55,160 53,033
Total operating apartment homes (weighted average) 47,653 46,533 46,925 46,210
 

(a) Net income attributable to common shareholders for the twelve months ended December 31, 2017 included approximately $5.0 million of storm-related expenses related to Hurricanes Harvey and Irma.

 

(b) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

 

(c) Includes joint ventures and properties held for sale, if any.

 
 

Note:  Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

           

CAMDEN

BALANCE SHEETS

(In thousands)

                       

(Unaudited)

 
Dec 31,
2018
  Sep 30,
2018
  Jun 30,
2018
  Mar 31,
2018
  Dec 31,
2017
ASSETS
Real estate assets, at cost
Land $1,098,526 $1,088,293 $1,066,077 $1,053,578 $1,021,031
Buildings and improvements 6,935,971     6,828,068     6,620,169     6,494,229     6,269,481  
8,034,497 7,916,361 7,686,246 7,547,807 7,290,512
Accumulated depreciation (2,403,149 )   (2,328,092 )   (2,255,737 )   (2,185,452 )   (2,118,839 )
Net operating real estate assets 5,631,348 5,588,269 5,430,509 5,362,355 5,171,673
Properties under development, including land 293,978 315,904 373,350 399,903 377,231
Investments in joint ventures 22,283     24,664     26,205     26,863     27,237  
Total real estate assets 5,947,609 5,928,837 5,830,064 5,789,121 5,576,141
Accounts receivable – affiliates 22,920 22,605 23,473 23,397 24,038
Other assets, net (a)(b) 205,454 228,468 204,717 199,420 195,764
Cash and cash equivalents 34,378 8,529 64,071 101,401 368,492
Restricted cash 9,225     10,061     9,581     15,036     9,313  
Total assets $6,219,586     $6,198,500     $6,131,906     $6,128,375     $6,173,748  
 
 
 
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured $1,836,427 $1,394,178 $1,339,659 $1,339,142 $1,338,628
Secured 485,176 865,431 865,629 865,798 865,970
Accounts payable and accrued expenses 146,866 140,046 127,777 123,706 128,313
Accrued real estate taxes 54,358 70,174 52,461 29,061 51,383
Distributions payable 74,982 74,976 75,071 75,083 72,943
Other liabilities (b)(c) 183,999     178,898     156,767     157,002     154,567  
Total liabilities 2,781,808 2,723,703 2,617,364 2,589,792 2,611,804
 
Commitments and contingencies
Non-qualified deferred compensation share awards 52,674 60,874 85,938 76,174 77,230
 
Equity
Common shares of beneficial interest 1,031 1,030 1,027 1,026 1,028
Additional paid-in capital 4,154,763 4,147,278 4,132,404 4,132,056 4,137,161
Distributions in excess of net income attributable to common shareholders (495,496 ) (466,512 ) (436,575 ) (396,596 ) (368,703 )
Treasury shares, at cost (355,804 ) (355,825 ) (355,752 ) (356,687 ) (364,066 )
Accumulated other comprehensive income (loss) (d) 6,929     14,031     8,794     3,579     (57 )
Total common equity 3,311,423 3,340,002 3,349,898 3,383,378 3,405,363
Non-controlling interests 73,681     73,921     78,706     79,031     79,351  
Total equity 3,385,104     3,413,923     3,428,604     3,462,409     3,484,714  
Total liabilities and equity $6,219,586     $6,198,500     $6,131,906     $6,128,375     $6,173,748  
 
 
 
 
 
(a) Includes net deferred charges of: $242 $538 $724 $929 $1,125
 
(b) Includes net asset/(liability) fair value of derivative instruments: ($7,433 ) $15,674 $10,472 $5,291 $1,690
 
(c) Includes deferred revenues of: $552 $603 $659 $536 $426
 
(d) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.
   
CAMDEN 2019 FINANCIAL OUTLOOK
AS OF JANUARY 31, 2019
       

(Unaudited)

 
Earnings Guidance - Per Diluted Share
Expected FFO per share - diluted $4.97 - $5.17
 
"Same Property" Communities
Number of Units 42,972
2018 Base Net Operating Income $536 million
Total Revenue Growth 2.80% - 3.80%
Total Expense Growth 2.75% - 3.75%
Net Operating Income Growth 2.30% - 4.30%
Impact from 1% change in NOI Growth is approximately $0.055 / share
 
Capitalized Expenditures
Recurring $68 - $72 million
Revenue Enhancing Capex and Repositions (a) $46 - $50 million
Redevelopments (b) $25 - $33 million
 
Acquisitions/Dispositions
Acquisition Volume (consolidated on balance sheet) $200 - $400 million
Disposition Volume (consolidated on balance sheet) $0 - $200 million
 
Development
Development Starts (consolidated on balance sheet) $200 - $300 million
Development Spend (consolidated on balance sheet) $300 - $330 million
 
Equity in Income of Joint Ventures (FFO) $16 - $18 million
 
Non-Property Income
Non-Property Income, Net $2 - $4 million

Includes: Fee and asset management income (including fees from joint ventures), net of expenses, and interest and other income

 

 
Corporate Expenses
General and administrative expense $50 - $54 million
Property management expense $25 - $27 million
Corporate G&A Depreciation/Amortization $8 - $10 million
 
Capital
Expected Debt Capital Transactions $600 - $800 million
Expensed Interest $88 - $92 million
Capitalized Interest $15 - $17 million
 

(a) Revenue Enhancing Capex and Repositions are capital expenditures that improve a community's cash flow and competitive position, typically kitchen and bath upgrades or other new amenities.

 

(b) Redevelopments are capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades.

 
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements in this document. Additionally, please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
   
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
             

(Unaudited)

 

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance.  Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable.  The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

 

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding gains (or losses) associated with the sale of previously depreciated operating properties, real estate depreciation and amortization, impairments of depreciable assets, and adjustments for unconsolidated joint ventures. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

 

In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance.  AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities.  Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.  A reconciliation of FFO to AFFO is provided below:

 

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2018 2017 2018   2017
Net income attributable to common shareholders $39,196 $87,989 $156,128 $196,422
Real estate depreciation and amortization 76,867 66,448 294,283 257,540
Adjustments for unconsolidated joint ventures 2,233 2,253 8,976 8,903
Income allocated to non-controlling interests 1,140 1,093 4,595 4,438
Gain on sale of operating properties, net of tax   (43,231 )   (43,231 )
Funds from operations $119,436   $114,552   $463,982   $424,072  
 
Less: recurring capitalized expenditures (23,258 ) (20,783 ) (72,296 ) (64,758 )
       
Adjusted funds from operations $96,178   $93,769   $391,686   $359,314  
 
Weighted average number of common shares outstanding:
EPS diluted 95,465 97,068 95,366 92,515
FFO/AFFO diluted 97,221 97,068 97,201 93,594
 

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2018   2017 2018   2017
Total Earnings Per Common Share - Diluted $0.41 $0.91 $1.63 $2.13
Real estate depreciation and amortization 0.79 0.69 3.03 2.76
Adjustments for unconsolidated joint ventures

0.02

0.03

0.09 0.09
Income allocated to non-controlling interests

0.01

0.02 0.02
Gain on sale of operating properties, net of tax

  (0.45 )   (0.47 )
FFO per common share - Diluted $1.23   $1.18   $4.77   $4.53  
 
Less: recurring capitalized expenditures (0.24 ) (0.21 ) (0.74 ) (0.69 )
       
AFFO per common share - Diluted $0.99   $0.97   $4.03   $3.84  
 

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). Guidance excludes gains, if any, on properties not currently held for sale due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales. A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:

 
1Q19 Range 2019 Range
Low High Low High
Expected earnings per common share - diluted $0.33 $0.37 $1.51 $1.71
Expected real estate depreciation and amortization 0.82 0.82 3.33 3.33
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   0.04   0.04  
Expected FFO per share - diluted $1.18 $1.22 $4.97 $5.17
 

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements in this document.

       

CAMDEN

NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
             

(Unaudited)

 

 

NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:

 

Three months ended
December 31,

Twelve months ended
December 31,

2018     2017 2018     2017
Net income $40,307     $89,082 $160,694     $200,860
Less: Fee and asset management income (1,580 ) (2,370 ) (7,231 ) (8,176 )
Less: Interest and other income (432 ) (1,432 ) (2,101 ) (3,011 )
Less: (Income)/Loss on deferred compensation plans 10,304 (4,902 ) 6,535 (16,608 )
Plus: Property management expense 6,166 5,991 25,581 25,773
Plus: Fee and asset management expense 1,258 1,085 4,451 3,903
Plus: General and administrative expense 13,622 13,002 50,735 50,587
Plus: Interest expense 22,047 20,618 84,263 86,750
Plus: Depreciation and amortization expense 78,677 68,193 300,946 263,974
Plus: Expense/(Benefit) on deferred compensation plans (10,304 ) 4,902 (6,535 ) 16,608
Plus: Loss on early retirement of debt 323
Less: Gain on sale of operating properties, including land (43,231 ) (43,231 )
Less: Equity in income of joint ventures (2,192 ) (1,965 ) (7,836 ) (6,822 )
Plus: Income tax expense 326       216   1,424       1,224  
NOI $158,199 $149,189 $610,926 $572,154
 
"Same Property" Communities $133,953 $130,534 $526,229 $509,071
Non-"Same Property" Communities 19,632 14,156 71,569 52,159
Development and Lease-Up Communities 3,302 700 7,552 1,481
Hurricane Expenses (3,944 )
Dispositions/Other 1,312       3,799   5,576       13,387  
NOI $158,199 $149,189 $610,926 $572,154
 

 

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, net of tax, loss on early retirement of debt and income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:

 

Three months ended
December 31,

Twelve months ended
December 31,

2018     2017 2018     2017
Net income attributable to common shareholders $39,196 $87,989 $156,128 $196,422
Plus: Interest expense 22,047 20,618 84,263 86,750
Plus: Depreciation and amortization expense 78,677 68,193 300,946 263,974
Plus: Income allocated to non-controlling interests from continuing operations 1,111 1,093 4,566 4,438
Plus: Income tax expense 326 216 1,424 1,224
Less: Gain on sale of operating properties, including land (43,231 ) (43,231 )
Plus: Loss on early retirement of debt 323
Less: Equity in income of joint ventures (2,192 )     (1,965 ) (7,836 )     (6,822 )
Adjusted EBITDA $139,165 $132,913 $539,491 $503,078

Kim Callahan, 713-354-2549

Source: Camden Property Trust



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