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Camden Property Trust$108.51($.43)(.39%)

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 Camden Property Trust Announces 2017 Operating Results, 2018 Financial Outlook, and First Quarter 2018 Dividend
   Thursday, February 01, 2018 4:15:01 PM ET

Camden Property Trust (CPT ) announced today operating results for the three and twelve months ended December 31, 2017. 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, 2017 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          2017      2016          2017      2016
----------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -----
EPS                                                                                                    $0.91     $0.45                                                                                     $2.13     $9.05
FFO                                                                                                    $1.18                                           $1.15                                                                                     $4.53                                           $4.64
AFFO                       $0.97     $0.98         $3.84     $3.99
----------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -----
 


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

 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                     Quarterly Growth      Sequential Growth     Year-to-Date Growth
Same Property Results                  4Q17 vs. 4Q16         4Q17 vs. 3Q17          2017 vs. 2016
---------------------------- -------------------- -------------------- -------------------- -------------------- ---------------- -------------------- -------------------- ----------------- -------------------- -------------------- -------------------
Revenues                                                                                                               3.0%                                                       (0.2)%                                                        2.9%
Expenses                                                                                                               6.3%                                                       (4.9)%                                                        4.1%
Net Operating Income ("NOI")               1.4%                  2.5%                   2.2%
---------------------------- -------------------- -------------------- -------------------- -------------------- ---------------- -------------------- -------------------- ----------------- -------------------- -------------------- -------------------
 
 
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Same Property Results           4Q17        4Q16        3Q17
--------------------- -------------------- -------------------- -------------------- -------------------- ---------------------------- -------------------- ---------------------------- -------------------- --------
Occupancy                     95.7 %      94.8 %      95.9 %
--------------------- -------------------- -------------------- -------------------- -------------------- ---- -- -------------------- -------------------- ---- -- -------------------- -------------------- ---- --
 

"We are pleased to report another strong quarter of performance, with earnings and operating results in line with our expectations," said Richard J. Campo, Camden’s Chairman and CEO. "We expect 2018 to be another good year for Camden and the multifamily industry."

For 2017, the Company defines same property communities as communities owned and stabilized as of January 1, 2016, 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

During the quarter, lease-up was completed at Camden Lincoln Station in Denver, CO, and construction commenced at Camden Downtown I in Houston, TX.

 
Development Communities - Construction Completed and Projects in
Lease-Up ($ in millions)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                Total      Total                 % Leased
Community Name         Location                 Units       Cost          as of 1/30/2018
-------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- --------------------
Camden NoMa II         Washington, DC             405     $107.2                      68%
-------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- --------------------
Total                          405     $107.2      
-------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- --------------------
 
 
Development Communities - Construction Ongoing ($ in millions)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                        Total        Total                   % Leased
Community Name               Location                   Units       Budget            as of 1/30/2018
---------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- --------------------
Camden Shady Grove                                                                    Rockville, MD                                                                         457                                                                $116.0                                                                                 59%
Camden McGowen Station                                                                Houston, TX                                                                           315                                                                  90.0
Camden Washingtonian                                                                  Gaithersburg, MD                                                                      365                                                                  90.0
Camden North End I                                                                    Phoenix, AZ                                                                           441                                                                 105.0
Camden Grandview II                                                                   Charlotte, NC                                                                          28                                                                  21.0
Camden RiNo                                                                           Denver, CO                                                                            233                                                                  75.0
Camden Downtown I            Houston, TX                  271        132.0        
---------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- --------------------
Total                                2,110       $629.0        
---------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- --------------------
 

Acquisition/Disposition Activity

On December 12, 2017, Camden sold Camden Miramar, its student housing community located in Corpus Christi, TX, for approximately $78 million.

Subsequent to quarter-end, the Company acquired Camden Pier District, a 358-home apartment community located in St. Petersburg, FL, for a total purchase price after closing costs of approximately $127 million.

Earnings Guidance

Camden provided initial earnings guidance for 2018 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2018 as detailed below.

 
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                   1Q18              2018         2018
Per Diluted Share                 Range             Range     Midpoint
----------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- ------------- -------------------- -------------------- --------
EPS                                                                                                   $0.40 - $0.44                                           $1.68 - $1.88                                              $1.78
FFO                       $1.11 - $1.15     $4.62 - $4.82        $4.72
----------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- ------------- -------------------- -------------------- --------
 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    2018         2018
Same Property Growth               Range     Midpoint
-------------------- -------------------- -------------------- -------------------- -------------------- ----------- -------------------- -------------------- --------
Revenues                                                                                                 2.5% - 3.5%                                               3.0%
Expenses                                                                                                 3.5% - 4.5%                                               4.0%
NOI                          1.5% - 3.5%         2.5%
-------------------- -------------------- -------------------- -------------------- -------------------- ----------- -------------------- -------------------- --------
 

For 2018, the Company defines same property communities as communities owned and stabilized as of January 1, 2017, excluding properties held for sale and properties under redevelopment. The Company defines properties under redevelopment as communities with capital expenditures that improve a community’s cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2018 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 2018 dividend of $0.77 per common share, which is a 2.7% increase over the Company’s prior quarterly dividend of $0.75 per share. The dividend is payable on April 17, 2018 to shareholders of record as of March 30, 2018. 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
-------------------------------------------------------------------------------------------
Friday, February 2, 2018 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In
Number: (412) 317-6061
Passcode: 2881376
Webcast: http://services.choruscall.com/links/cpt180202.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 156 properties containing 53,391 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 55,501 apartment homes in 163 properties. Camden was recently named by FORTUNE(R) Magazine for the tenth consecutive year as one of the "100 Best Companies to Work For" in America, ranking #22.

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

 
CAMDEN
                                                                                                                                                                                                                                     OPERATING RESULTS
                                                                                                                                                                                                                                     (In thousands, except per share amounts)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
 
                                                                                                                        Three Months Ended December 31,                                                                                        Twelve Months Ended December 31,
                                                                                                                                                          ------------------------------------------------------------------------------------------------------------------                                                               ------------------------------------------------------------------------------------------------------------------
                                                                                                                                                               2017                            2016                                                                                    2017                            2016
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- ------------------------------------                                                               -------------- -------------------- -------------------- -------------------- ------------------------------------
OPERATING DATA                                                                                                                                                                                                                                                                                                                              
---------------------------------------------------------------------
Property revenues
Rental revenues                                                                                                                                                 $197,278                                                                      $186,461                                                                                           $770,540                                                                      $750,597
Other property revenues                                                                                                                                           32,549               30,678                                                                         130,356              125,850  
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total property revenues                                                                                                                                       229,827              217,139                                                                         900,896              876,447  
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                         
Property expenses
Property operating and maintenance (a)                                                                                                                            53,629                                                                        49,976                                                                                            217,817                                                                       206,780
Real estate taxes                                                                                                                                                 27,009               23,700                                                                         110,925              104,575  
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total property expenses                                                                                                                                        80,638               73,676                                                                         328,742              311,355  
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                         
Non-property income
Fee and asset management                                                                                                                                           2,370                                                                         1,641                                                                                              8,176                                                                         6,864
Interest and other income                                                                                                                                          1,432                                                                           836                                                                                              3,011                                                                         2,202
Income on deferred compensation plans                                                                                                                              4,902                  730                                                                          16,608                5,511  
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total non-property income                                                                                                                                       8,704                3,207                                                                          27,795               14,577  
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                         
Other expenses
Property management                                                                                                                                                5,991                                                                         5,978                                                                                             25,773                                                                        25,125
Fee and asset management                                                                                                                                           1,085                                                                           987                                                                                              3,903                                                                         3,848
General and administrative (b)                                                                                                                                    13,002                                                                        12,579                                                                                             50,587                                                                        47,415
Interest                                                                                                                                                          20,618                                                                        23,209                                                                                             86,750                                                                        93,145
Depreciation and amortization                                                                                                                                     68,193                                                                        62,767                                                                                            263,974                                                                       250,146
Expense on deferred compensation plans                                                                                                                             4,902                  730                                                                          16,608                5,511  
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total other expenses                                                                                                                                          113,791              106,250                                                                         447,595              425,190  
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                         
Loss on early retirement of debt                                                                                                                          --                                                                --                                                                                               (323 )                                                              --
Gain on sale of operating properties, including land                                                                                                              43,231                                                                --                                                                                             43,231                                                                       295,397
Equity in income of joint ventures (c)                                                                                                                             1,965                2,073                                                                           6,822                7,125  
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
Income from continuing operations before income taxes                                                                                                             89,298                                                                        42,493                                                                                            202,084                                                                       457,001
   Income tax expense                                                                                                                                               (216 )                                  (413 )                                                                                           (1,224 )                                (1,617 )
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
Income from continuing operations                                                                                                                                 89,082                                                                        42,080                                                                                            200,860                                                                       455,384
   Income from discontinued operations                                                                                                                    --                                                                --                                                                                     --                                                                         7,605
   Gain on sale of discontinued operations, net of tax                                                                                                    --       --                                                                  --              375,237  
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
Net income                                                                                                                                                        89,082                                                                        42,080                                                                                            200,860                                                                       838,226
   Less income allocated to non-controlling interests from                                                                                                        (1,093 )                                (1,187 )                                                                                           (4,438 )                               (18,403 )
   continuing
   operations
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
Net income attributable to common shareholders                                                                                                                   $87,989              $40,893                                                                        $196,422             $819,823  
                                                                                                                                                          ============== ==================== ==================== ==================== ============== ====================                                                                ============== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                         
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
---------------------------------------------------------------------
Net income                                                                                                                                                       $89,082                                                                       $42,080                                                                                           $200,860                                                                      $838,226
Other comprehensive income
   Unrealized gain (loss) on cash flow hedging activities                                                                                                            (64 )                                                              --                                                                                              1,690                                                                --
   Unrealized gain (loss) and unamortized prior service cost on post                                                                                                 (20 )                                                                         (80 )                                                                                              (20 )                                                                         (80 )
   retirement obligation
                                                                                                                                                                      34                   33                                                                             136                  130  
   Reclassification of net loss on cash flow hedging activities,
   prior service cost and net loss
   on post retirement obligation
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
Comprehensive income                                                                                                                                              89,032                                                                        42,033                                                                                            202,666                                                                       838,276
   Less income allocated to non-controlling interests from continuing                                                                                             (1,093 )                                (1,187 )                                                                                           (4,438 )                               (18,403 )
   operations
                                                                                                                                                          -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- -------------- --------------------
Comprehensive income attributable to common shareholders                                                                                                         $87,939              $40,846                                                                        $198,228             $819,873  
                                                                                                                                                          ============== ==================== ==================== ==================== ============== ====================                                                                ============== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                         
PER SHARE DATA
---------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                         
   Total earnings per common share - basic                                                                                                                         $0.92                                                                         $0.45                                                                                              $2.14                                                                         $9.08
   Total earnings per common share - diluted                                                                                                                        0.91                                                                          0.45                                                                                               2.13                                                                          9.05
   Earnings per share from continuing operations - basic                                                                                                            0.92                                                                          0.45                                                                                               2.14                                                                          4.81
   Earnings per share from continuing operations - diluted                                                                                                          0.91                                                                          0.45                                                                                               2.13                                                                          4.79
                                                                                                                                                                                                                                                                                                                                                                                                                                         
Weighted average number of common shares outstanding:
   Basic                                                                                                                                                          94,905                                                                        89,745                                                                                             91,499                                                                        89,580
   Diluted                                                                                                                                                        97,068                                                                        90,844                                                                                             92,515                                                                        89,903
 
(a)                                Includes approximately $3.9 million in storm-related expenses
                                   related to Hurricanes Harvey and Irma for the twelve months ended
                                   December 31, 2017.
(b)                                Includes approximately $0.7 million in storm-related expenses
                                   related to Hurricanes Harvey and Irma for the twelve months ended
                                   December 31, 2017.
(c)                                Includes approximately $0.4 million in storm-related expenses
                                   related to Hurricanes Harvey and Irma for the twelve months ended
                                   December 31, 2017.
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
 
 
CAMDEN
                                                                                                                                                                                                                                     FUNDS FROM OPERATIONS
                                                                                                                                                                                                                                     (In thousands, except per share and property data amounts)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
                                                                                                                      Three Months Ended December 31,                                                                                      Twelve Months Ended December 31,
                                                                                                                                                        ------------------------------------------------------------------------------------------------------------------                                                               --------------------------------------------------------------------------------------------------------------
                                                                                                                                                                        2017                                    2016                                                                                               2017                                  2016
                                                                                                                                                        -------------------------------------------------------- -------------------- ------------------------------------                                                               -------------------------------------------------------- -------------------- --------------------------------
FUNDS FROM OPERATIONS                                                                                                                                                                                                                                                                                                                     
-------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                        
Net income attributable to common shareholders (a)                                                                                                             $87,989                                                                       $40,893                                                                                           $196,422                                                                  $819,823
 Real estate depreciation and amortization                                                                                                                      66,448                                                                        61,214                                                                                            257,540                                                                   243,908
 Real estate depreciation from discontinued operations                                                                                                  --                                                                --                                                                                     --                                                                     4,327
 Adjustments for unconsolidated joint ventures                                                                                                                   2,253                                                                         2,250                                                                                              8,903                                                                     9,194
 Income allocated to non-controlling interests                                                                                                                   1,093                                                                         1,187                                                                                              4,438                                                                    18,403
 Gain on sale of operating properties, net of tax                                                                                                              (43,231 )                                                              --                                                                                            (43,231 )                                                                (294,954 )
 Gain on sale of discontinued operations, net of tax                                                                                                    --       --                                                                  --         (375,237 )
                                                                                                                                                        -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- ---------- --------------------
     Funds from operations                                                                                                                                    $114,552             $105,544                                                                        $424,072         $425,464  
                                                                                                                                                        -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------- -------------------- -------------------- -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                        
     Less: recurring capitalized expenditures (b)                                                                                                              (20,783 )                                                                     (15,475 )                                                                                          (64,758 )                                                                 (59,084 )
                                                                                                                                                                                                                                                                                   
                                                                                                                                                        -------------------------------------------------------- -------------------- ------------------------------------                                                               -------------------------------------------------------- -------------------- --------------------------------
     Adjusted funds from operations - diluted                                                                                                                  $93,769              $90,069                                                                        $359,314         $366,380  
                                                                                                                                                        ============== ==================== ==================== ==================== ============== ====================                                                                ============== ==================== ==================== ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                        
PER SHARE DATA
-------------------------------------------------------------------
Funds from operations - diluted                                                                                                                                  $1.18                                                                         $1.15                                                                                              $4.53                                                                     $4.64
Adjusted funds from operations - diluted                                                                                                                          0.97                                                                          0.98                                                                                               3.84                                                                      3.99
Distributions declared per common share                                                                                                                           0.75                                                                          0.75                                                                                               3.00                                                                      3.00
Special Distributions declared per common share                                                                                                         --                                                                --                                                                                     --                                                                      4.25
                                                                                                                                                                                                                                                                                                                                                                                                                        
Weighted average number of common shares outstanding:
FFO/AFFO - diluted                                                                                                                                              97,068                                                                        91,926                                                                                             93,594                                                                    91,794
                                                                                                                                                                                                                                                                                                                                                                                                                        
PROPERTY DATA
-------------------------------------------------------------------
Total operating properties (end of period) (c)                                                                                                                     155                                                                           152                                                                                                155                                                                       152
Total operating apartment homes in operating properties (end of                                                                                                 53,033                                                                        52,793                                                                                             53,033                                                                    52,793
period) (c)
Total operating apartment homes (weighted average)                                                                                                              46,533                                                                        45,455                                                                                             46,210                                                                    48,505
Total operating apartment homes - excluding discontinued operations                                                                                             46,533                                                                        45,455                                                                                             46,210                                                                    46,934
(weighted average)
 
(a)                                Net income attributable to common shareholders for the year
                                   ended December 31, 2017 included approximately $5.0 million of
                                   storm-related expenses related to Hurricanes Harvey and Irma.
(b)                                Capital expenditures necessary to help preserve the value of
                                   and maintain the functionality at our communities.
(c)                                Includes joint ventures and properties held for sale, if any.
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
 
 
CAMDEN
                                                                                                                                                                                                                                     BALANCE SHEETS
                                                                                                                                                                                                                                     (In thousands)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
                                                                                                   Dec 31,                                 Sep 30,                                  Jun 30,                                  Mar 31,                                  Dec 31,
                                                                                                                                                                                  2017                                                                          2017                                                                           2017                                                                           2017                                                                           2016
                                                                                                                                                   ----------------------------------  -------------------- -------------------- ----------------------------------  -------------------- -------------------- -----------------------------------  -------------------- -------------------- -----------------------------------  -------------------- -------------------- -----------------------------------
ASSETS                                                                                                                                                                                                                                                                                                              
Real estate assets, at cost
  Land                                                                                                                                                 $1,021,031                                                                    $1,016,097                                                                     $1,008,459                                                                       $984,523                                                                       $967,375
  Buildings and improvements                                                                                                                            6,269,481            6,269,561             6,199,435             6,071,203             5,967,023  
                                                                                                                                                   -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- --------------------
                                                                                                                                                        7,290,512                                                                     7,285,658                                                                      7,207,894                                                                      7,055,726                                                                      6,934,398
  Accumulated depreciation                                                                                                                             (2,118,839 )                            (2,080,989 )                             (2,016,259 )                             (1,952,809 )                             (1,890,656 )
                                                                                                                                                   -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- --------------------
    Net operating real estate assets                                                                                                                    5,171,673                                                                     5,204,669                                                                      5,191,635                                                                      5,102,917                                                                      5,043,742
  Properties under development, including land                                                                                                            377,231                                                                       363,481                                                                        373,294                                                                        377,107                                                                        442,292
  Investments in joint ventures                                                                                                                            27,237               28,420                29,665                30,062                30,254  
                                                                                                                                                   -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- --------------------
    Total real estate assets                                                                                                                            5,576,141                                                                     5,596,570                                                                      5,594,594                                                                      5,510,086                                                                      5,516,288
Accounts receivable - affiliates                                                                                                              24,038                                                                        23,620                                                                         23,592                                                                         23,634                                                                         24,028
Other assets, net (a)                                                                                                                                     195,764                                                                       189,253                                                                        155,784                                                                        147,922                                                                        142,010
Short-term investments (b)                                                                                                                         --                                                                --                                                                 --                                                                 --                                                                        100,000
Cash and cash equivalents                                                                                                                                 368,492                                                                       350,274                                                                         16,318                                                                        245,529                                                                        237,364
Restricted cash                                                                                                                                             9,313                9,178                 8,312                 8,175                 8,462  
                                                                                                                                                   -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- --------------------
            Total assets                                                                                                                               $6,173,748           $6,168,895            $5,798,600            $5,935,346            $6,028,152  
                                                                                                                                                   ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== =============== ==================== ==================== ==================== =============== ==================== ==================== ==================== =============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
LIABILITIES AND EQUITY
Liabilities
  Notes payable
    Unsecured                                                                                                                                          $1,338,628                                                                    $1,338,117                                                                     $1,437,608                                                                     $1,583,819                                                                     $1,583,236
    Secured                                                                                                                                               865,970                                                                       866,134                                                                        866,292                                                                        866,476                                                                        897,352
Accounts payable and accrued expenses                                                                                                                     128,313                                                                       127,557                                                                        116,754                                                                        120,086                                                                        137,813
Accrued real estate taxes                                                                                                                                  51,383                                                                        70,027                                                                         48,559                                                                         24,682                                                                         49,041
Distributions payable                                                                                                                                      72,943                                                                        72,962                                                                         69,347                                                                         69,326                                                                         69,161
Other liabilities (c)                                                                                                                                     154,567              154,506               134,851               123,654               118,959  
                                                                                                                                                   -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- --------------------
        Total liabilities                                                                                                                               2,611,804                                                                     2,629,303                                                                      2,673,411                                                                      2,788,043                                                                      2,855,562
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Commitments and contingencies
Non-qualified deferred compensation share awards                                                                                                           77,230                                                                        73,015                                                                         84,050                                                                         75,704                                                                         77,037
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Equity
  Common shares of beneficial interest                                                                                                                      1,028                                                                         1,028                                                                            978                                                                            978                                                                            978
  Additional paid-in capital                                                                                                                            4,137,161                                                                     4,134,206                                                                      3,678,660                                                                      3,675,737                                                                      3,678,277
  Distributions in excess of net income attributable to common                                                                                           (368,703 )                                                                    (383,584 )                                                                     (351,910 )                                                                     (317,642 )                                                                     (289,180 )
  shareholders
  Treasury shares, at cost                                                                                                                               (364,066 )                                                                    (364,736 )                                                                     (364,785 )                                                                     (365,923 )                                                                     (373,339 )
  Accumulated other comprehensive loss (d)                                                                                                                    (57 )                                    (7 )                                 (1,795 )                                 (1,829 )                                 (1,863 )
                                                                                                                                                   -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- --------------------
    Total common equity                                                                                                                                 3,405,363                                                                     3,386,907                                                                      2,961,148                                                                      2,991,321                                                                      3,014,873
    Non-controlling interests                                                                                                                              79,351               79,670                79,991                80,278                80,680  
                                                                                                                                                   -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- --------------------
    Total equity                                                                                                                                        3,484,714            3,466,577             3,041,139             3,071,599             3,095,553  
                                                                                                                                                   -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- -------------------- -------------------- -------------------- --------------- --------------------
      Total liabilities and equity                                                                                                                     $6,173,748           $6,168,895            $5,798,600            $5,935,346            $6,028,152  
                                                                                                                                                   ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== =============== ==================== ==================== ==================== =============== ==================== ==================== ==================== =============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
(a) Includes:
      net deferred charges of:                                                                                                                             $1,125                                                                        $1,312                                                                         $1,487                                                                         $1,683                                                                         $1,915
      fair value adjustment of derivative instruments:                                                                                                     $1,690                                                                        $1,754                                                                $--                                                                $--                                                                $--
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
(b) Our short-term investments, at December 31, 2016, consisted
wholly of a certificate of deposit that had a maturity date of
January 4, 2017.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
(c) Includes deferred revenues of:                                                                                                                           $426                                                                        $1,463                                                                           $513                                                                         $1,455                                                                         $1,541
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
(d) Represents the unrealized net loss and unamortized prior
service costs on post retirement obligations, and unrealized gain on
cash flow hedging activities.
 
 
CAMDEN
                                                                                                                                                                              2018 FINANCIAL OUTLOOK
                                                                                                                                                                              AS OF FEBRUARY 1, 2018
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Earnings Guidance - Per Diluted Share                                           
  Expected FFO per share - diluted                                                                                                                                                  $4.62 - $4.82
                                                                                                                                                                                 
"Same Property" Communities
  Number of Units                                                                                                                                                                      41,968
  2017 Base Net Operating Income                                                                                                                                                    $509 million
  Total Revenue Growth                                                                                                                                                               2.5% - 3.5%
  Total Expense Growth                                                                                                                                                               3.5% - 4.5%
  Net Operating Income Growth                                                                                                                                                        1.5% - 3.5%
    Impact from 1% change in NOI Growth is approximately $0.052 /
    share
                                                                                                                                                                                 
  Physical Occupancy                                                                                                                                                                    95.5%
                                                                                                                                                                                 
Capitalized Expenditures
  Recurring                                                                                                                                                                       $65 - $69 million
  Revenue Enhancing Capex and Repositions (a)                                                                                                                                     $37 - $41 million
  Redevelopments (b)                                                                                                                                                              $28 - $32 million
                                                                                                                                                                                 
Acquisitions/Dispositions
  Acquisition Volume (consolidated on balance sheet)                                                                                                                             $400 - $600 million
  Disposition Volume (consolidated on balance sheet)                                                                                                                              $0 - $200 million
                                                                                                                                                                                 
Development
  Development Starts (consolidated on balance sheet)                                                                                                                             $100 - $300 million
  Development Spend (consolidated on balance sheet)                                                                                                                              $185 - $215 million
                                                                                                                                                                                 
Equity in Income of Joint Ventures (FFO)                                                                                                                                          $15 - $17 million
                                                                                                                                                                                 
Non-Property Income
  Non-Property Income, Net                                                                                                                                                         $3 - $5 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                                                                                                                                              $47 - $51 million
  Property management expense                                                                                                                                                     $25 - $27 million
  Corporate G&A Depreciation/Amortization                                                                                                                                          $6 - $8 million
                                                                                                                                                                                 
Capital
  Expected Debt Capital Transactions                                                                                                                                             $300 - $400 million
  Expensed Interest                                                                                                                                                               $85 - $89 million
  Capitalized Interest                                                                                                                                                            $12 - $14 million
 
(a)      Revenue Enhancing Capex and Repositions are capital
                            expenditures that improve a community’s cash flow and competitive
                            position, typically kitchen and bath upgrades or other new
                            amenities.
(b)                         Redevelopments are capital expenditures that improve a
                            community’s cash flow and competitive position, through extensive
                            unit, exterior building, common area, and amenity upgrades.
 

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document. Additionally, please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

                                       
CAMDEN
                                                   NON-GAAP FINANCIAL MEASURES
                                                                                       DEFINITIONS & RECONCILIATIONS
                                                                            (In thousands, except per share amounts)
                                       
------------------------------------- ------------------------------------- ----------------------------------------
(Unaudited)
 
This document contains certain non-GAAP financial measures
management believes are useful in evaluating an equity REIT’s
performance. Camden’s definitions and calculations of non-GAAP
financial measures may differ from those used by other REITs, and
thus may not be comparable. The non-GAAP financial measures should
not be considered as an alternative to net income as an indication
of our operating performance, or to net cash provided by operating
activities as a measure of our liquidity.
 
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,
                                                                                                 --------------------------------------------------------------------------------------------------------------------------------                                                                      --------------------------------------------------------------------------------------------------------------------------
                                                                                                                           2017                                                       2016                                                                                                                    2017                                                    2016
                                                                                                 ----------------------------------------------------------------------------- ---------------------------------------------------------                                                               ----------------------------------------------------------------------------- ---------------------------------------------------
Net income attributable to common shareholders                                                                      $         87,989                                           $         40,893                                                                                                        $        196,422                                           $  819,823
 Real estate depreciation and amortization                                                                                    66,448                                                                        61,214                                                                                                                 257,540                                                                 243,908
 Real estate depreciation from discontinued operations                                                                --                                                                --                                                                                                          --                                                                   4,327
 Adjustments for unconsolidated joint ventures                                                                                 2,253                                                                         2,250                                                                                                                   8,903                                                                   9,194
 Income allocated to non-controlling interests                                                                                 1,093                                                                         1,187                                                                                                                   4,438                                                                  18,403
 Gain on sale of operating properties, net of tax                                                                            (43,231 )                                                              --                                                                                                                 (43,231 )                                                              (294,954 )
 Gain on sale of discontinued operations, net of tax                                               --       --                                                                    --                          (375,237 )
                                                                                                 -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                      -------------------- -------- --------------------
Funds from operations                                                                                               $        114,552                        $        105,544                                                                                     $        424,072                                           $  425,464  
                                                                                                 -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------------- -------------- --------------------                      -------------------- -------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                      
Less: recurring capitalized expenditures                                                                                     (20,783 )                                                                     (15,475 )                                                                                                               (64,758 )                                                               (59,084 )
                                                                                                                                                                                                                                                                                       
                                                                                                 ----------------------------------------------------------------------------- ---------------------------------------------------------                                                               ----------------------------------------------------------------------------- ---------------------------------------------------
Adjusted funds from operations                                                                                      $         93,769                        $         90,069                                                                                     $        359,314                        $  366,380  
                                                                                                 ==================== ============== ==================== ==================== ==================== ============== ====================                                                                ==================== ============== ==================== ==================== ==================== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                      
Weighted average number of common shares outstanding:
    EPS diluted                                                                                                               97,068                                                                        90,844                                                                                                                  92,515                                                                  89,903
    FFO/AFFO diluted                                                                                                          97,068                                                                        91,926                                                                                                                  93,594                                                                  91,794
                                                                                                                                                                                                                                                                                                                                                                                      
Total earnings per common share - diluted                                                                           $           0.91                                                              $           0.45                                                                                                        $           2.13                                                              $     9.05
FFO per common share - diluted                                                                                      $           1.18                                                              $           1.15                                                                                                        $           4.53                                                              $     4.64
AFFO per common share - diluted                                                                                     $           0.97                                                              $           0.98                                                                                                        $           3.84                                                              $     3.99
 
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:
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                               1Q18 Range                                                                                                                                                                                         2018 Range
                                                                                                 --------------------------------------------------------------------------------------------------------------------------------                                                                      --------------------------------------------------------------------------------------------------------------------------
                                                                                                                            Low                                                       High                                                                                                                     Low                                                    High
                                                                                                 ----------------------------------------------------------------------------- ---------------------------------------------------------                                                               ----------------------------------------------------------------------------- ---------------------------------------------------
Expected earnings per common share - diluted                                                                        $           0.40                                                              $           0.44                                                                                                        $           1.68                                                              $     1.88
Expected real estate depreciation and amortization                                                                              0.67                                                                          0.67                                                                                                                    2.81                                                                    2.81
Expected adjustments for unconsolidated joint ventures                                                                          0.03                                                                          0.03                                                                                                                    0.09                                                                    0.09
Expected income allocated to non-controlling interests                                                       0.01                 0.01                                                                              0.04           0.04  
                                                                                                 -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                                                -------------------- -------------- -------------------- -------------------- -------------------- -------- --------------------
Expected FFO per share - diluted                                                                                    $           1.11                                                              $           1.15                                                                                                        $           4.62                                                              $     4.82
                                                                                                                                                                                                                                                                                                                                                                                                                    
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 of the supplemental. 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,
                                                                                                              --------------------------------------------------------------------------------------------------------------------------------                                                 -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                        2017                                                       2016                                                                                               2017                                                       2016
                                                                                                              ----------------------------------------------------------------------------- ---------------------------------------------------------                                          ----------------------------------------------------------------------------- ---------------------------------------------------------
Net income                                                                                                                       $         89,082                                           $         42,080                                                                                   $        200,860                                           $        838,226
Less: Fee and asset management income                                                                                                      (2,370 )                                                                      (1,641 )                                                                                           (8,176 )                                                                      (6,864 )
Less: Interest and other income                                                                                                            (1,432 )                                                                        (836 )                                                                                           (3,011 )                                                                      (2,202 )
Less: Income on deferred compensation plans                                                                                                (4,902 )                                                                        (730 )                                                                                          (16,608 )                                                                      (5,511 )
Plus: Property management expense                                                                                                           5,991                                                                         5,978                                                                                             25,773                                                                        25,125
Plus: Fee and asset management expense                                                                                                      1,085                                                                           987                                                                                              3,903                                                                         3,848
Plus: General and administrative expense                                                                                                   13,002                                                                        12,579                                                                                             50,587                                                                        47,415
Plus: Interest expense                                                                                                                     20,618                                                                        23,209                                                                                             86,750                                                                        93,145
Plus: Depreciation and amortization expense                                                                                                68,193                                                                        62,767                                                                                            263,974                                                                       250,146
Plus: Expense on deferred compensation plans                                                                                                4,902                                                                           730                                                                                             16,608                                                                         5,511
Plus: Loss on Early Retirement of Debt                                                                                             --                                                                --                                                                                                323                                                                --
Less: Gain on sale of operating properties, including land                                                                                (43,231 )                                                              --                                                                                            (43,231 )                                                                    (295,397 )
Less: Equity in income of joint ventures                                                                                                   (1,965 )                                                                      (2,073 )                                                                                           (6,822 )                                                                      (7,125 )
Plus: Income tax expense                                                                                                                      216                                                                           413                                                                                              1,224                                                                         1,617
Less: Income from discontinued operations                                                                                          --                                                                --                                                                                     --                                                                        (7,605 )
Less: Gain on sale of discontinued operations, net of tax                                                       --       --                                               --             (375,237 )
                                                                                                              -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- ---------------------
  Net Operating Income (NOI)                                                                                                     $        149,189                                                              $        143,463                                                                                   $        572,154                                                              $        565,092
                                                                                                                                                                                                                                                                                                                                                                              
"Same Property" Communities                                                                                                      $        131,049                                                              $        129,266                                                                                   $        512,123                                                              $        501,054
Non-"Same Property" Communities                                                                                                            13,067                                                                         9,990                                                                                             48,799                                                                        31,376
Development and Lease-Up Communities                                                                                                        1,799                                                                --                                                                                              3,635                                                                --
Hurricane Expenses                                                                                                                 --                                                                --                                                                                             (3,944 )                                                              --
Dispositions/Other                                                                                                       3,274                4,207                                                       11,541               32,662  
                                                                                                              -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- ---------------------
  Net Operating Income (NOI)                                                                                                     $        149,189                                                              $        143,463                                                                                   $        572,154                                                              $        565,092
                                                                                                                                                                                                                                                                                                
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, loss on early retirement of
debt and income (loss) allocated to non-controlling interests. The
Company considers Adjusted EBITDA to be an appropriate
supplemental measure of operating performance to net income
attributable to common shareholders because it represents income
before non-cash depreciation and the cost of debt, and excludes
gains or losses from property dispositions. A reconciliation of
net income attributable to common shareholders to Adjusted EBITDA
is provided below:
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                
                                                                                                                                                                        Three months ended                                                                                                                                                               Twelve months ended
                                                                                                                                                                           December 31,                                                                                                                                                                     December 31,
                                                                                                              --------------------------------------------------------------------------------------------------------------------------------                                                 -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                        2017                                                       2016                                                                                               2017                                                       2016
                                                                                                              ----------------------------------------------------------------------------- ---------------------------------------------------------                                          ----------------------------------------------------------------------------- ---------------------------------------------------------
Net income attributable to common shareholders                                                                                   $         87,989                                                              $         40,893                                                                                   $        196,422                                                                                 $819,823
Plus: Interest expense                                                                                                                     20,618                                                                        23,209                                                                                             86,750                                                                                   93,145
Plus: Depreciation and amortization expense                                                                                                68,193                                                                        62,767                                                                                            263,974                                                                                  250,146
Plus: Income allocated to non-controlling interests from continuing                                                                         1,093                                                                         1,187                                                                                              4,438                                                                                   18,403
operations
Plus: Income tax expense                                                                                                                      216                                                                           413                                                                                              1,224                                                                                    1,617
Plus: Real estate depreciation from discontinued operations                                                                        --                                                                --                                                                                     --                                                                                    4,327
Less: Gain on sale of operating properties, including land                                                                                (43,231 )                                                              --                                                                                            (43,231 )                                                                               (295,397 )
Plus: Loss on Early Retirement of Debt                                                                                             --                                                                --                                                                                                323                                                                           --
Less: Equity in income of joint ventures                                                                                                   (1,965 )                                                                      (2,073 )                                                                                           (6,822 )                                                                                 (7,125 )
Less: Gain on sale of discontinued operations, net of tax                                                       --       --                                               --                                           (375,237 )
                                                                                                              -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- --------------------------------------------------------
  Adjusted EBITDA                                                                                                                $        132,913                                                              $        126,396                                                                                   $        503,078                                                                                 $509,702

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SOURCE: Camden Property Trust

Camden Property Trust 
Kim Callahan, 713-354-2549


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