StockSelector.com
  Research, Select, & Monitor Saturday, July 20, 2019 1:39:28 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

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

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Camden Property Trust Announces 2016 Operating Results, 2017 Financial Outlook and First Quarter 2017 Dividend
   Tuesday, February 07, 2017 4:52:01 PM ET

Camden Property Trust (CPT ) today announced operating results for the three and twelve months ended December 31, 2016. 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, 2016 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          2016     2015     2016     2015
----------------- -------------------- -------------------- -------------------- -------------------- ------ -------------------- ------ -------------------- ------ -------------------- ------
EPS                                                                                                    $0.45    $0.67                       $9.05    $2.76
FFO                                                                                                    $1.15                       $1.20                       $4.64                       $4.54
AFFO                       $0.98    $1.01    $3.99    $3.83
----------------- -------------------- -------------------- -------------------- -------------------- ------ -------------------- ------ -------------------- ------ -------------------- ------
 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                      Quarterly Growth     Sequential Growth     Year to Date Growth
Same Property Results                    4Q16 vs. 4Q15         4Q16 vs. 3Q16           2016 vs. 2015
---------------------------- -------------------- -------------------- -------------------- -------------------- -------------------------------------- -------------------- -------------------------------------- -------------------- --------------------
Revenues                                                                                                              3.1 %                                                      (0.7 )%                                                       3.9 %
Expenses                                                                                                             (0.8 )%                                                     (7.1 )%                                                       2.2 %
Net Operating Income ("NOI")              5.1 %                 2.9 %                  4.8 %
---------------------------- -------------------- -------------------- -------------------- -------------------- -------- -------- -------------------- -------------------- -------- -------- -------------------- -------------------- --------- ---------
 
 
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Same Property Results            4Q16        4Q15        3Q16
--------------------- -------------------- -------------------- -------------------- -------------------- ---------------------------- -------------------- ---------------------------- -------------------- --------
Occupancy                     94.8 %      95.5 %      95.8 %
--------------------- -------------------- -------------------- -------------------- -------------------- ---- -- -------------------- -------------------- ---- -- -------------------- -------------------- ---- --
 


"We are pleased to report another solid quarter of results for our company," said Richard J. Campo, Camden’s Chairman and CEO. "2016 was a successful year for Camden as we further improved our balance sheet and the quality of our portfolio through strategic capital recycling. We expect demand for apartments to remain steady in 2017, but revenue growth to moderate due to increased levels of new supply in many of our markets."

For 2016, the Company defines same property communities as communities owned and stabilized as of January 1, 2015, excluding 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.

Development Activity

Lease-up was completed during the quarter at Camden Chandler in Chandler, AZ, leasing began at Camden Lincoln Station in Denver, CO, and construction was completed at The Camden in Hollywood, CA. The Company also commenced construction at Camden North End I in Phoenix, AZ.

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

 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                        Total      Total                 % Leased
Community Name            Location                                      Units       Cost           as of 2/4/2017
------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------------------------------- -------------------- ------ -------------------- -------------------- --------------------
The Camden                                                                         Hollywood, CA                                                                       287                                                                $133.7                                                            88%
Camden Victory Park       Dallas, TX                 423         84.6                      80%
------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --- -------------------- -------------------- -------------------- ------ -------------------- -------------------- --------------------
TOTAL                             710       $218.3      
------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --- -------------------- -------------------- -------------------- ------ -------------------- -------------------- --------------------
 

Development Communities - Construction Ongoing ($ in millions)

 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                        Total      Total                 % Leased
Community Name             Location                     Units     Budget           as of 2/4/2017
---------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- --------------------
Camden Gallery                                                   Charlotte, NC                                                                                              323                                            $58.0                                                            85%
Camden Lincoln Station                                           Denver, CO                                                                                                 267                                             56.0                                                            33%
Camden NoMa II                                                   Washington, DC                                                                                             405                                            115.0
Camden Shady Grove                                               Rockville, MD                                                                                              457                                            116.0
Camden McGowen Station                                           Houston, TX                                                                                                315                                             90.0
Camden Washingtonian                                             Gaithersburg, MD                                                                                           365                                             90.0
Camden North End I         Phoenix, AZ                    441      105.0      
---------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- --------------------
TOTAL                                2,573     $630.0      
---------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- --------------------
 

Earnings Guidance

Camden provided initial earnings guidance for 2017 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2017 as detailed below.

 
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Per Diluted Share                  1Q17                2017
----------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------
EPS                       $0.36 - $0.40       $1.59 - $1.79
FFO                       $1.06 - $1.10       $4.46 - $4.66
----------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------
 
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Same Property Growth          2017 Range     2017 Midpoint
-------------------- -------------------- -------------------- -------------------- -------------------- ----------- -------------------- -------------------- -------------
Revenues                     2.3% - 3.3%              2.8%
Expenses                                                                                                 4.0% - 5.0%                                                    4.5%
NOI                          0.8% - 2.8%              1.8%
-------------------- -------------------- -------------------- -------------------- -------------------- ----------- -------------------- -------------------- -------------
 

Camden’s guidance for 2017 same property expense growth is primarily due to higher projected costs for real estate taxes and property insurance. Expenses for those categories in 2016 reflected the impact of property tax refunds and insurance reimbursements recognized during 2016 that are not expected to recur in 2017.

For 2017, the Company defines same property communities as communities owned and stabilized as of January 1, 2016, excluding properties held for sale. Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2017 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Quarterly Dividend Declaration

Camden’s Board of Trust Managers declared a first quarter 2017 dividend of $0.75 per common share. The dividend is payable on April 17, 2017 to holders of record as of March 31, 2017. 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.

Conference Call

Wednesday, February 8, 2017 at 11:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061

Passcode: 0452454

Webcast: http://services.choruscall.com/links/cpt170208.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.

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 (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.

About Camden

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 152 properties containing 52,793 apartment homes across the United States. Upon completion of 7 properties under development, the Company’s portfolio will increase to 55,366 apartment homes in 159 properties. Camden was recently named by FORTUNE(R) Magazine for the ninth consecutive year as one of the "100 Best Companies to Work For" in America, ranking #9.

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                                                                                                                                          Twelve Months Ended
                                                                                                                                                                                                                                  December 31,                                                                                                                                                                                      December 31,
                                                                                                                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------                                                  ---------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                    2016                                                         2015                                                                                            2016                                                     2015
                                                                                                                                                          ----------------------------------------------------------------------------- -------------------- ---------------------------------------------------------                                          ---------------------------------------------------------------------- -------------------- ---------------------------------------------------------
OPERATING DATA                                                                                                                                                                                                                                                                                                                                                                 
---------------------------------------------------------------------
Property revenues
Rental revenues                                                                                                                                                              $        186,461                                                                                   $        185,633                                                                                   $ 750,597                                                                                   $        721,816
Other property revenues                                                                                                                                             30,678                 29,352                                               125,850                113,802  
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total property revenues                                                                                                                                         217,139                214,985                                               876,447                835,618  
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Property expenses
Property operating and maintenance                                                                                                                                                     49,976                                                                                             50,705                                                                                     206,780                                                                                            202,105
Real estate taxes                                                                                                                                                   23,700                 24,353                                               104,575                 98,895  
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total property expenses                                                                                                                                          73,676                 75,058                                               311,355                301,000  
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Non-property income
Fee and asset management                                                                                                                                                                1,641                                                                                              1,916                                                                                       6,864                                                                                              6,999
Interest and other income                                                                                                                                                                 836                                                                                                289                                                                                       2,202                                                                                                597
Income/(loss) on deferred compensation plans                                                                                                                           730                  1,607                                                 5,511                   (264 )
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total non-property income                                                                                                                                         3,207                  3,812                                                14,577                  7,332  
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Other expenses
Property management                                                                                                                                                                     5,978                                                                                              5,632                                                                                      25,125                                                                                             23,055
Fee and asset management                                                                                                                                                                  987                                                                                              1,318                                                                                       3,848                                                                                              4,742
General and administrative                                                                                                                                                             12,579                                                                                             13,113                                                                                      47,415                                                                                             46,233
Interest                                                                                                                                                                               23,209                                                                                             23,740                                                                                      93,145                                                                                             97,312
Depreciation and amortization                                                                                                                                                          62,767                                                                                             61,684                                                                                     250,146                                                                                            240,944
Expense/(benefit) on deferred compensation plans                                                                                                                       730                  1,607                                                 5,511                   (264 )
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total other expenses                                                                                                                                            106,250                107,094                                               425,190                412,022  
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Gain on sale of operating properties, including land                                                                                                                           --                                                                                             19,096                                                                                     295,397                                                                                            104,288
Equity in income of joint ventures                                                                                                                                   2,073                  1,681                                                 7,125                  6,168  
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
Income from continuing operations before income taxes                                                                                                                                  42,493                                                                                             57,422                                                                                     457,001                                                                                            240,384
   Income tax expense                                                                                                                                                 (413 )                                    (538 )                                                                 (1,617 )                                  (1,872 )
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
Income from continuing operations                                                                                                                                                      42,080                                                                                             56,884                                                                                     455,384                                                                                            238,512
   Income from discontinued operations                                                                                                                                         --                                                                                              4,918                                                                                       7,605                                                                                             19,750
   Gain on sale of discontinued operations, net of tax                                                                                                      --         --                                               375,237         --  
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
Net income                                                                                                                                                                             42,080                                                                                             61,802                                                                                     838,226                                                                                            258,262
   Less income allocated to non-controlling interests from continuing                                                                                               (1,187 )                                  (1,209 )                                                                (18,403 )                                  (8,947 )
   operations
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
Net income attributable to common shareholders                                                                                                                               $         40,893                          $         60,593                                                                $ 819,823                          $        249,315  
                                                                                                                                                          ==================== ============== ==================== ==================== ==================== ==================== ============== ====================                                           ==================== ======= ==================== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                             
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
---------------------------------------------------------------------
Net income                                                                                                                                                                                                 $42,080                                                                                            $61,802                                                                                    $838,226                                                                                           $258,262
Other comprehensive income
                                                                                                                                                                                          (80 )                                                                                              357                                                                                         (80 )                                                                                              357
   Unrealized gain (loss) and unamortized prior
   service cost on post retirement obligation
                                                                                                                                                                        33                     37                                                   130                    149  
   Reclassification of net loss on cash flow hedging
   activities, prior service cost and net loss on post
   retirement obligation
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
Comprehensive income                                                                                                                                                                   42,033                                                                                             62,196                                                                                     838,276                                                                                            258,768
                                                                                                                                                                    (1,187 )                                  (1,209 )                                                                (18,403 )                                  (8,947 )
   Less income allocated to non-controlling interests
   from continuing operations
                                                                                                                                                          -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- ------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
Comprehensive income attributable to common shareholders                                                                                                                     $         40,846                          $         60,987                                                                $ 819,873                          $        249,821  
                                                                                                                                                          ==================== ============== ==================== ==================== ==================== ==================== ============== ====================                                           ==================== ======= ==================== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                             
PER SHARE DATA
---------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                             
   Total earnings per common share - basic                                                                                                                                   $           0.45                                                                                   $           0.67                                                                                   $    9.08                                                                                   $           2.77
   Total earnings per common share - diluted                                                                                                                                             0.45                                                                                               0.67                                                                                        9.05                                                                                               2.76
   Earnings per share from continuing operations - basic                                                                                                                                 0.45                                                                                               0.61                                                                                        4.81                                                                                               2.55
   Earnings per share from continuing operations - diluted                                                                                                                               0.45                                                                                               0.61                                                                                        4.79                                                                                               2.54
                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Weighted average number of common shares outstanding:
   Basic                                                                                                                                                                               89,745                                                                                             89,175                                                                                      89,580                                                                                             89,120
   Diluted                                                                                                                                                                             90,844                                                                                             90,418                                                                                      89,903                                                                                             89,490
 

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                                                                                                                                                                      Twelve Months Ended
                                                                                                                                                                                                                   December 31,                                                                                                                                                                            December 31,
                                                                                                                                           ----------------------------------------------------------------------------------------------------------------------------------------------------                                                  --------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                     2016                                                         2015                                                                                            2016                                                    2015
                                                                                                                                           ----------------------------------------------------------------------------- -------------------- ---------------------------------------------------------                                          ----------------------------------------------------------------------- ---------------------------------------------------------
FUNDS FROM OPERATIONS                                                                                                                                                                                                                                                                                                                                          
------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                          
Net income attributable to common shareholders                                                                                                                $         40,893                                                                                   $         60,593                                                                                   $  819,823                                                              $        249,315
 Real estate depreciation and amortization                                                                                                                              61,214                                                                                             60,084                                                                                      243,908                                                                       234,966
 Real estate depreciation from discontinued operations                                                                                                          --                                                                                              4,202                                                                                        4,327                                                                        16,138
 Adjustments for unconsolidated joint ventures                                                                                                                           2,250                                                                                              2,364                                                                                        9,194                                                                         9,146
 Income allocated to non-controlling interests                                                                                                                           1,187                                                                                              1,209                                                                                       18,403                                                                         8,947
 Gain on sale of operating properties, net of tax                                                                                                               --                                                                                            (18,870 )                                                                                   (294,954 )                                                                    (104,015 )
 Gain on sale of discontinued operations, net of tax                                                                                         --         --                                               (375,237 )                        --  
                                                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------- -------------------- -------------------- -------------------- -------------- --------------------
   Funds from operations                                                                                                                                      $        105,544                          $        109,582                                                                $  425,464                        $        414,497  
                                                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                       (15,475 )                                                                                          (17,429 )                                                                                    (59,084 )                                                                     (64,169 )
   Less: recurring capitalized expenditures (a)
                                                                                                                                                                                                                                                                                                        
                                                                                                                                           ----------------------------------------------------------------------------- -------------------- ---------------------------------------------------------                                          ----------------------------------------------------------------------- ---------------------------------------------------------
   Adjusted funds from operations - diluted                                                                                                                   $         90,069                          $         92,153                                                                $  366,380                        $        350,328  
                                                                                                                                           ==================== ============== ==================== ==================== ==================== ==================== ============== ====================                                           ==================== ======== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                          
PER SHARE DATA
------------------------------------------------------
Funds from operations - diluted                                                                                                                               $           1.15                                                                                   $           1.20                                                                                   $     4.64                                                              $           4.54
Adjusted funds from operations - diluted                                                                                                                                  0.98                                                                                               1.01                                                                                         3.99                                                                          3.83
Distributions declared per common share                                                                                                                                   0.75                                                                                               0.70                                                                                         3.00                                                                          2.80
Special Distributions declared per common share                                                                                                                 --                                                                                     --                                                                                         4.25                                                                --
                                                                                                                                                                                                                                                                                                                                                                                                                          
Weighted average number of common shares outstanding:
FFO/AFFO - diluted                                                                                                                                                      91,926                                                                                             91,502                                                                                       91,794                                                                        91,386
                                                                                                                                                                                                                                                                                                                                                                                                                          
PROPERTY DATA
------------------------------------------------------
Total operating properties (end of period) (b)                                                                                                                             152                                                                                                172                                                                                          152                                                                           172
Total operating apartment homes in operating                                                                                                                            52,793                                                                                             59,792                                                                                       52,793                                                                        59,792
properties (end of period) (b)
Total operating apartment homes (weighted average)                                                                                                                      45,455                                                                                             52,379                                                                                       48,505                                                                        52,006
Total operating apartment homes - excluding                                                                                                                             45,455                                                                                             47,461                                                                                       46,394                                                                        47,088
discontinued operations (weighted average)
 

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

(b) 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.

 
CAMDEN                                                                                                                                                                                                                                                                                                       BALANCE SHEET
                                                                                                                                                                                                                                                                                                                                                                      (In thousands)
                                                                                                                                                     
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
 
                                                                                                                                                                                                     Dec 31,                                                      Sep 30,                                                      Jun 30,                                                      Mar 31,                                                      Dec 31,
                                                                                                                                                                                                        2016                                                                                               2016                                                                                               2016                                                                                               2016                                                                                               2015
                                                                                                                                                    ------------------------------------------------------   -------------------- -------------------- ------------------------------------------------------   -------------------- -------------------- ------------------------------------------------------   -------------------- -------------------- ------------------------------------------------------   -------------------- -------------------- ------------------------------------------------------
ASSETS                                                                                                                                                                                                                                                                                                                                                                                                 
Real estate assets, at cost
   Land                                                                                                                                                                $        967,375                                                                                   $        962,507                                                                                   $        989,097                                                                                   $        998,519                                                                                   $        989,247
   Buildings and improvements                                                                                                                              5,967,023              5,910,347              5,956,361              5,978,843              5,911,432  
                                                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                              6,934,398                                                                                          6,872,854                                                                                          6,945,458                                                                                          6,977,362                                                                                          6,900,679
Accumulated depreciation                                                                                                                                  (1,890,656 )                              (1,829,563 )                              (1,855,678 )                              (1,841,107 )                              (1,780,694 )
                                                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
   Net operating real estate assets                                                                                                                                           5,043,742                                                                                          5,043,291                                                                                          5,089,780                                                                                          5,136,255                                                                                          5,119,985
Properties under development, including land                                                                                                                                    442,292                                                                                            425,452                                                                                            446,740                                                                                            489,730                                                                                            486,918
Investments in joint ventures                                                                                                                                                    30,254                                                                                             30,046                                                                                             31,142                                                                                             32,568                                                                                             33,698
Properties held for sale, including land
Operating properties held for sale (a)                                                                                                                                   --                                                                                     --                                                                                            105,254                                                                                     --                                                                                     --
Discontinued operations held for sale (b)                                                                                                             --         --         --                238,417                239,063  
                                                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
Total real estate assets                                                                                                                                                      5,516,288                                                                                          5,498,789                                                                                          5,672,916                                                                                          5,896,970                                                                                          5,879,664
Accounts receivable - affiliates                                                                                                                                    24,028                                                                                             23,998                                                                                             24,008                                                                                             24,011                                                                                             25,100
Other assets, net (d)                                                                                                                                                           142,010                                                                                            143,059                                                                                            139,263                                                                                            107,161                                                                                            116,260
Short-term investments (c)                                                                                                                                                      100,000                                                                                            100,000                                                                                     --                                                                                     --                                                                                     --
Cash and cash equivalents                                                                                                                                                       237,364                                                                                            313,742                                                                                            341,726                                                                                              6,935                                                                                             10,617
Restricted cash                                                                                                                                                8,462                  8,691                 21,561                  5,378                  5,971  
                                                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                       $      6,028,152                          $      6,088,279                          $      6,199,474                          $      6,040,455                          $      6,037,612  
      Total assets
                                                                                                                                                    ==================== ============== ==================== ==================== ==================== ==================== ============== ==================== ==================== ==================== ==================== ============== ==================== ==================== ==================== ==================== ============== ==================== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
LIABILITIES AND EQUITY
Liabilities
   Notes payable
     Unsecured                                                                                                                                                         $      1,583,236                                                                                   $      1,582,655                                                                                   $      1,582,077                                                                                   $      1,866,502                                                                                   $      1,824,930
     Secured                                                                                                                                                                    897,352                                                                                            897,971                                                                                            898,723                                                                                            899,315                                                                                            899,757
Accounts payable and accrued expenses                                                                                                                                           137,813                                                                                            143,193                                                                                            140,864                                                                                            140,991                                                                                            133,353
Accrued real estate taxes                                                                                                                                                        49,041                                                                                             66,079                                                                                             46,801                                                                                             25,499                                                                                             45,223
Distributions payable                                                                                                                                                            69,161                                                                                             82,861                                                                                             69,116                                                                                             69,020                                                                                             64,275
Other liabilities (e)                                                                                                                                        118,959                122,270                117,023                 86,423                 97,814  
                                                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
      Total liabilities                                                                                                                                                       2,855,562                                                                                          2,895,029                                                                                          2,854,604                                                                                          3,087,750                                                                                          3,065,352
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
Commitments and contingencies
Non-qualified deferred compensation share awards                                                                                                                                 77,037                                                                                             72,222                                                                                             72,480                                                                                             88,550                                                                                             79,364
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
Equity
   Common shares of beneficial interest                                                                                                                                             978                                                                                                978                                                                                                978                                                                                                975                                                                                                976
   Additional paid-in capital                                                                                                                                                 3,678,277                                                                                          3,675,806                                                                                          3,673,237                                                                                          3,658,372                                                                                          3,662,864
   Distributions in excess of net income attributable to common                                                                                                                (289,180 )                                                                                         (261,324 )                                                                                         (104,004 )                                                                                         (491,275 )                                                                                         (458,577 )
   shareholders
   Treasury shares, at cost                                                                                                                                                    (373,339 )                                                                                         (373,597 )                                                                                         (373,914 )                                                                                         (378,032 )                                                                                         (386,793 )
   Accumulated other comprehensive loss (f)                                                                                                                   (1,863 )                                  (1,816 )                                  (1,848 )                                  (1,881 )                                  (1,913 )
                                                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
      Total common equity                                                                                                                                                     3,014,873                                                                                          3,040,047                                                                                          3,194,449                                                                                          2,788,159                                                                                          2,816,557
      Non-controlling interests                                                                                                                               80,680                 80,981                 77,941                 75,996                 76,339  
                                                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
      Total equity                                                                                                                                         3,095,553              3,121,028              3,272,390              2,864,155              2,892,896  
                                                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                       $      6,028,152                          $      6,088,279                          $      6,199,474                          $      6,040,455                          $      6,037,612  
        Total liabilities and equity
                                                                                                                                                    ==================== ============== ==================== ==================== ==================== ==================== ============== ==================== ==================== ==================== ==================== ============== ==================== ==================== ==================== ==================== ============== ==================== ==================== ==================== ==================== ============== ====================
 
                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
(a)     Operating properties held for sale includes one dual-phase
                                              property and one operating property as of
                                              June 30, 2016 which were each subsequently sold in July.
                                               
(b)                                           All prior periods presented have been changed to present the 15
                                              operating properties, 19.6 acres of
                                              land, and retail center located in Las Vegas, Nevada, which
                                              were classified as held for sale at
                                              March 31, 2016 and subsequently sold on April 26, 2016. (See
                                              page 19 for additional information
                                              relating to this sale).
                                                                                       
(c)                                           At December 31, 2016, our short-term investments consist wholly
                                              of a certificate of deposit that has a maturity date of January 4,
                                              2017.
                                                                                                                                                                     
(d)                                           Includes net deferred charges of:     $1,915               $2,140               $2,353               $2,600                         $2,851
                                                                                                                                                                     
(e)                                           Includes deferred revenues of:        $1,541               $1,598                 $831               $1,797                         $1,768
                                                                                                                                                                     
(f)                                           Represents the unrealized net loss and unamortized prior
                                              service costs on post retirement
                                              obligation, and unrealized loss on cash flow hedging activities.
 
 
CAMDEN                                                                          2017 FINANCIAL OUTLOOK
                                                                                                                                         AS OF FEBRUARY 7, 2017
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
 
Earnings Guidance - Per Diluted Share
   Expected FFO per share - diluted                                                                                                                              $4.46 - $4.66
                                                                                                                                                             
"Same Property" Communities
   Number of Units                                                                                                                                                  41,988
   2016 Base Net Operating Income                                                                                                                                $501 million
   Total Revenue Growth                                                                                                                                          2.30% - 3.30%
   Total Expense Growth                                                                                                                                          4.00% - 5.00%
   Net Operating Income Growth                                                                                                                                   0.80% - 2.80%
      Impact from 1% change in NOI Growth is approximately $0.054 /
      share
                                                                                                                                                             
   Physical Occupancy                                                                                                                                                94.9%
                                                                                                                                                             
Capitalized Expenditures
   Recurring                                                                                                                                                   $60 - $64 million
   Revenue Enhancing Capex and Repositions (a)                                                                                                                 $24 - $28 million
                                                                                                                                                             
Acquisitions/Dispositions
   Disposition Volume (consolidated on balance sheet)                                                                                                          $0 - $200 million
   Acquisition Volume (consolidated on balance sheet)                                                                                                          $0 - $200 million
                                                                                                                                                             
Development
   Development Starts (consolidated on balance sheet)                                                                                                         $100 - $300 million
   Development Spend (consolidated on balance sheet)                                                                                                          $170 - $200 million
                                                                                                                                                             
Equity in Income of Joint Ventures (FFO)                                                                                                                       $15 - $17 million
                                                                                                                                                             
Non-Property Income
   Non-Property Income, Net                                                                                                                                     $4 - $6 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                                                                                                                          $46 - $50 million
   Property management expense                                                                                                                                 $26 - $28 million
   Corporate G&A Depreciation/Amortization                                                                                                                      $6 - $8 million
                                                                                                                                                             
Capital
   Expected Capital Transactions                                                                                                                               $0 - $300 million
   Expensed Interest                                                                                                                                           $88 - $92 million
   Capitalized Interest                                                                                                                                        $14 - $16 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.
                          

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of 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.
 
FFO
------------------------------------------------------------------------------------------------------------------
 
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:
 
Adjusted FFO
------------------------------------------------------------------------------------------------------------------
 
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                                                                                                                                             Twelve Months Ended
                                                                                                                                                                                                                    December 31,                                                                                                                                                                                                            December 31,
                                                                                                                                            ----------------------------------------------------------------------------------------------------------------------------------------------------                                                                       ----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                      2016                                                         2015                                                                                                                 2016                                                      2015
                                                                                                                                            ----------------------------------------------------------------------------- -------------------- ---------------------------------------------------------                                                               ----------------------------------------------------------------------- -------------------- ---------------------------------------------------------
Net income attributable to common shareholders                                                                                                                 $         40,893                                             $         60,593                                                                                                        $  819,823                                             $        249,315
  Real estate depreciation and amortization                                                                                                                              61,214                                                                                             60,084                                                                                                           243,908                                                                                            234,966
  Real estate depreciation from discontinued operations                                                                                                          --                                                                                              4,202                                                                                                             4,327                                                                                             16,138
  Adjustments for unconsolidated joint ventures                                                                                                                           2,250                                                                                              2,364                                                                                                             9,194                                                                                              9,146
  Income allocated to non-controlling interests                                                                                                                           1,187                                                                                              1,209                                                                                                            18,403                                                                                              8,947
  Gain on sale of operating properties, net of tax                                                                                                               --                                                                                            (18,870 )                                                                                                        (294,954 )                                                                                         (104,015 )
  Gain on sale of discontinued operations, net of tax                                                                                         --         --                                                                    (375,237 )                          --  
                                                                                                                                            -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
Funds from operations                                                                                                                                          $        105,544                          $        109,582                                                                                     $  425,464                          $        414,497  
                                                                                                                                            -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Less: recurring capitalized expenditures                                                                                                                                (15,475 )                                                                                          (17,429 )                                                                                                         (59,084 )                                                                                          (64,169 )
                                                                                                                                                                                                                                                                                                                                
                                                                                                                                            ----------------------------------------------------------------------------- -------------------- ---------------------------------------------------------                                                               ----------------------------------------------------------------------- -------------------- ---------------------------------------------------------
Adjusted funds from operations                                                                                                                                 $         90,069                          $         92,153                                                                                     $  366,380                          $        350,328  
                                                                                                                                            ==================== ============== ==================== ==================== ==================== ==================== ============== ====================                                                                ==================== ======== ==================== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Weighted average number of common shares outstanding:
        EPS diluted                                                                                                                                                      90,844                                                                                             90,418                                                                                                            89,903                                                                                             89,490
        FFO/AFFO diluted                                                                                                                                                 91,926                                                                                             91,502                                                                                                            91,794                                                                                             91,386
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Total earnings per common share - diluted                                                                                                                      $           0.45                                                                                   $           0.67                                                                                                        $     9.05                                                                                   $           2.76
FFO per common share - diluted                                                                                                                                 $           1.15                                                                                   $           1.20                                                                                                        $     4.64                                                                                   $           4.54
AFFO per common share - diluted                                                                                                                                $           0.98                                                                                   $           1.01                                                                                                        $     3.99                                                                                   $           3.83
 

Expected FFO

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:

 
                                                                                                          1Q17 Range                                                                                 2017 Range
                                                                                                                                           ------------------------------------------------------------------------------------------                                                                     ----------------------------------------------------------------------
                                                                                                                                                       Low                           High                                                                                       Low                 High
                                                                                                                                           ----------------------------------------------- -------------------- ---------------------------                                                               ----------------------------------------------- -------------------- -----
Expected earnings per common share - diluted                                                                                               $0.36                          $0.40                                                                                     $1.59                          $1.79
Expected real estate depreciation and amortization                                                                                          0.67                                                                 0.67                                                                                      2.73                                                                 2.73
Expected adjustments for unconsolidated joint ventures                                                                                      0.02                                                                 0.02                                                                                      0.10                                                                 0.10
Expected income allocated to non-controlling interests                                                                                      0.01        0.01                                                                   0.04        0.04
                                                                                                                                           ----- -------------------- -------------------- -------------------- ----- --------------------                                                                ----- -------------------- -------------------- -------------------- -----
Expected FFO per share - diluted                                                                                                           $1.06                                                                $1.10                                                                                     $4.46                                                                $4.66
 

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

 
CAMDEN                                  NON-GAAP FINANCIAL MEASURES
                                                         DEFINITIONS & RECONCILIATIONS
                                              (In thousands, except per share amounts)
 
---------------------------------------------------------------------------------------
(Unaudited)
 
Net Operating Income (NOI)
------------------------------------------------------------------------------------
 
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. 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                                                                                                                                             Twelve months ended
                                                                                                                                                                                                                       December 31,                                                                                                                                                                                                            December 31,
                                                                                                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------                                                                       ----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                         2016                                                         2015                                                                                                                 2016                                                      2015
                                                                                                                                               ----------------------------------------------------------------------------- -------------------- ---------------------------------------------------------                                                               ----------------------------------------------------------------------- -------------------- ---------------------------------------------------------
Net income                                                                                                                                                        $         42,080                                             $         61,802                                                                                                        $  838,226                                             $        258,262
Less: Fee and asset management income                                                                                                                                       (1,641 )                                                                                           (1,916 )                                                                                                          (6,864 )                                                                                           (6,999 )
Less: Interest and other income                                                                                                                                               (836 )                                                                                             (289 )                                                                                                          (2,202 )                                                                                             (597 )
Less: Income/(loss) on deferred compensation plans                                                                                                                            (730 )                                                                                           (1,607 )                                                                                                          (5,511 )                                                                                              264
Plus: Property management expense                                                                                                                                            5,978                                                                                              5,632                                                                                                            25,125                                                                                             23,055
Plus: Fee and asset management expense                                                                                                                                         987                                                                                              1,318                                                                                                             3,848                                                                                              4,742
Plus: General and administrative expense                                                                                                                                    12,579                                                                                             13,113                                                                                                            47,415                                                                                             46,233
Plus: Interest expense                                                                                                                                                      23,209                                                                                             23,740                                                                                                            93,145                                                                                             97,312
Plus: Depreciation and amortization expense                                                                                                                                 62,767                                                                                             61,684                                                                                                           250,146                                                                                            240,944
Plus: Expense/(benefit) on deferred compensation plans                                                                                                                         730                                                                                              1,607                                                                                                             5,511                                                                                               (264 )
Less: Gain on sale of operating properties, including land                                                                                                          --                                                                                            (19,096 )                                                                                                        (295,397 )                                                                                         (104,288 )
Less: Equity in income of joint ventures                                                                                                                                    (2,073 )                                                                                           (1,681 )                                                                                                          (7,125 )                                                                                           (6,168 )
Plus: Income tax expense                                                                                                                                                       413                                                                                                538                                                                                                             1,617                                                                                              1,872
Less: Income from discontinued operations                                                                                                                           --                                                                                             (4,918 )                                                                                                          (7,605 )                                                                                          (19,750 )
Less: Gain on sale of discontinued operations, net of tax                                                                                        --         --                                                                    (375,237 )                          --  
                                                                                                                                               -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
   Net Operating Income (NOI)                                                                                                                                     $        143,463                                                                                   $        139,927                                                                                                        $  565,092                                                                                   $        534,618
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
"Same Property" Communities                                                                                                                                       $        124,414                                                                                   $        118,336                                                                                                        $  482,333                                                                                   $        460,246
Non-"Same Property" Communities                                                                                                                                             15,233                                                                                             12,683                                                                                                            53,603                                                                                             37,427
Development and Lease-Up Communities                                                                                                                                         2,763                                                                                                  1                                                                                                             5,036                                                                                                 (7 )
Dispositions/Other                                                                                                                                        1,053                  8,907                                                                      24,120                 36,952  
                                                                                                                                               -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------
   Net Operating Income (NOI)                                                                                                                                     $        143,463                                                                                   $        139,927                                                                                                        $  565,092                                                                                   $        534,618
 

Adjusted EBITDA

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, 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                                                                                                                                    Twelve months ended
                                                                                                                                                                                                                                December 31,                                                                                                                                                                                                   December 31,
                                                                                                                                                        ----------------------------------------------------------------------------------------------------------------------------------------------------                                                                       ----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                  2016                                                         2015                                                                                                        2016                                             2015
                                                                                                                                                        ----------------------------------------------------------------------------- -------------------- ---------------------------------------------------------                                                               ----------------------------------------------------- -------------------- ---------------------------------------------------------
Net income attributable to common shareholders                                                                                                                             $         40,893                                             $         60,593                                                                                                        $  819,823                           $        249,315
Plus: Interest expense                                                                                                                                                               23,209                                                                                             23,740                                                                                                            93,145                                                                           97,312
Plus: Depreciation and amortization expense                                                                                                                                          62,767                                                                                             61,684                                                                                                           250,146                                                                          240,944
Plus: Income allocated to non-controlling interests from continuing                                                                                                                   1,187                                                                                              1,209                                                                                                            18,403                                                                            8,947
operations
Plus: Income tax expense                                                                                                                                                                413                                                                                                538                                                                                                             1,617                                                                            1,872
Plus: Real estate depreciation from discontinued operations                                                                                                                  --                                                                                              4,202                                                                                                             4,327                                                                           16,138
Less: Gain on sale of operating properties, including land                                                                                                                   --                                                                                            (19,096 )                                                                                                        (295,397 )                                                                       (104,288 )
Less: Equity in income of joint ventures                                                                                                                                             (2,073 )                                                                                           (1,681 )                                                                                                          (7,125 )                                                                         (6,168 )
Less: Gain on sale of discontinued operations, net of tax                                                                                                 --         --                                                                    (375,237 )        --  
                                                                                                                                                        -------------------- -------------- -------------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------------- -------- -- -------------------- -------------------- -------------------- -------------- --------------------
   Adjusted EBITDA                                                                                                                                                         $        126,396                                                                                   $        131,189                                                                                                        $  509,702                                                                 $        504,072
 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170207006528r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170207006528/en/

SOURCE: Camden Property Trust

Camden Property Trust 
Kim Callahan, 713-354-2549


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2019 StockSelector.com. All rights reserved.