Camden Property Trust (NYSE:CPT) announced that its funds from
operations (�FFO�) for the fourth quarter of 2007 totaled $0.94 per
diluted share or $57.1 million, as compared to $0.87 per diluted
share or $54.7 million for the same period in 2006. FFO for the
twelve months ended December 31, 2007 totaled $3.66 per diluted
share or $227.2 million, as compared to $3.88 per diluted share or
$237.8 million for the same period in 2006. FFO for the twelve
months ended December 31, 2006 included a $0.43 per diluted share
impact from gain on sale of land. Net Income (�EPS�) The Company
reported net income (�EPS�) of $81.0 million or $1.41 per diluted
share for the fourth quarter of 2007, as compared to $31.4 million
or $0.53 per diluted share for the same period in 2006. EPS for the
three months ended December 31, 2007 included a $1.17 per diluted
share impact from gain on sale of land and discontinued operations,
net of minority interest. EPS for the three months ended December
31, 2006 included a $0.31 per diluted share impact from gain on
sale of land and discontinued operations, net of minority interest.
For the twelve months ended December 31, 2007, net income totaled
$148.5 million or $2.51 per diluted share, as compared to $232.8
million or $3.96 per diluted share for the same period in 2006. EPS
for the twelve months ended December 31, 2007 included a $1.58 per
diluted share impact from gain on sale of land and discontinued
operations, net of minority interest. EPS for the twelve months
ended December 31, 2006 included a $3.16 per diluted share impact
from gain on sale of land, operating properties, joint venture
properties and discontinued operations, net of minority interest. A
reconciliation of net income to FFO is included in the financial
tables accompanying this press release. Same-Property Results For
the 42,089 apartment homes included in consolidated same-property
results, fourth quarter 2007 same-property net operating income
(�NOI�) increased 5.0% compared to the fourth quarter of 2006, with
revenues increasing 2.4% and expenses declining 1.7%. On a
sequential basis, fourth quarter 2007 same-property NOI increased
3.4% compared to the third quarter of 2007, with revenues declining
1.4% and expenses declining 8.9% compared to the prior quarter. On
a full-year basis, 2007 same-property NOI increased 5.1%, with
revenue growth of 4.1% and expense growth of 2.4% compared to the
same period in 2006. Same-property physical occupancy levels for
the combined portfolio averaged 93.6% during the fourth quarter of
2007, compared to 94.1% in the fourth quarter of 2006 and 94.5% in
the third quarter of 2007. The Company defines same-property
communities as communities owned and stabilized as of January 1,
2006, excluding properties held for sale and communities under
redevelopment. A reconciliation of net income to net operating
income and same-property net operating income is included in the
financial tables accompanying this press release. Development
Activity As of December 31, 2007, Camden had four wholly-owned
apartment communities which were completed and in lease-up: Camden
Old Creek in San Marcos, CA, a $92.1 million project that is
currently 89% leased; Camden Royal Oaks in Houston, TX, a $21.0
million project that is currently 77% leased; Camden Monument Place
in Fairfax, VA, a $62.2 million project that is currently 72%
leased; and Camden City Centre in Houston, TX, a $51.1 million
project that is currently 58% leased. The Company also had one
joint venture community which was completed and in lease-up: Camden
Plaza in Houston, TX, a $40.7 million project that is currently 59%
leased. The Company has four additional communities currently under
construction and in lease-up: Camden Potomac Yard in Arlington, VA,
a $110.0 million project that is currently 20% leased; Camden
Summerfield in Landover, MD, a $68.0 million project that is
currently 19% leased; Camden College Park in College Park, MD, a
$139.9 million joint venture project that is currently 18% leased;
and Camden Main & Jamboree in Irvine, CA, a $112.0 million
joint venture project that is currently 10% leased. Camden�s
current development pipeline under construction includes seven
wholly-owned communities comprising 2,126 apartment homes with a
total budgeted cost of $401.0 million. The Company also has four
joint venture communities under construction comprising 1,257
apartment homes with a total budgeted cost of $333.7 million.
Camden�s future development pipeline currently consists of 18
potential developments comprising 5,840 apartment homes and a total
estimated cost of $1.5 billion. The future pipeline represents
projects in the early phase of the development process for which
Camden either owns the land, has an option to acquire the land or
enter into a leasehold interest, or is the buyer under a long-term
conditional contract. Disposition Activity During the quarter, the
Company disposed of seven communities consisting of 2,124 apartment
homes which were previously held for sale: Camden Ridge, a 208-home
apartment community in Fort Worth, TX; Camden Terrace, a 340-home
apartment community in Fort Worth, TX; Camden Glen, a 304-home
apartment community in Greensboro, NC; Camden Wendover, a 216-home
apartment community in Greensboro, NC; Camden Eastchase, a 220-home
apartment community in Charlotte, NC; Camden Timber Creek, a
352-home apartment community in Charlotte, NC; and Camden Isles, a
484-home apartment community in Tampa, FL. The seven communities
were sold for a total of $120.5 million, resulting in a gain on
sale of $75.3 million. Camden also completed the sale of 0.9 acres
of undeveloped land in Miami, FL during the quarter for $6.1
million, resulting in a gain on sale of $0.7 million. Properties
and Land Held for Sale At December 31, 2007, Camden had two
operating communities consisting of 319 apartment homes held for
sale: Camden Ridgeview, a 167-home apartment community in Austin,
TX; and Camden Pinnacle, a 224-home apartment community in Denver,
CO. The Company also had 4.6 acres of undeveloped land in Boca
Raton, FL and Dallas, TX classified as held for sale at
quarter-end. Stock Repurchase During the fourth quarter of 2007,
Camden repurchased 2,276,500 common shares at an average price per
share of $50.50, for a total of $115.0 million. Subsequent to
quarter-end, the Company repurchased an additional 690,400 common
shares at an average price per share of $43.41, for a total of
$30.0 million. The Company completed a total of $230.1 million of
common share repurchases during 2007 and early 2008. On January 30,
2008, Camden�s Board of Trust Managers approved the repurchase of
up to an additional $250.0 million of its common shares. Earnings
Guidance Camden provided initial earnings guidance for 2008 based
on its current and expected views of the apartment market and
general economic conditions. Full-year 2008 FFO is expected to be
$3.60 to $3.80 per diluted share, and full-year 2008 EPS is
expected to be $0.44 to $0.66 per diluted share. First quarter 2008
earnings guidance is $0.87 to $0.91 per diluted share for FFO and
$0.08 to $0.12 per diluted share for EPS. Guidance for EPS excludes
potential future gains on the sale of properties. Camden intends to
update its earnings guidance to the market on a quarterly basis.
The Company�s initial 2008 earnings guidance is based on
projections of same-property NOI growth between 2.25% and 3.25%,
acquisitions of $200 -$400 million, dispositions of $175 - $380
million and new development starts of $200 -$500 million.
Additional information on the Company�s 2008 financial outlook and
a reconciliation of expected net income to expected FFO are
included in the financial tables accompanying this press release.
Conference Call The Company will hold a conference call on Friday,
February 8, 2008 at 10:00 a.m. Central Time to review its fourth
quarter and full-year 2007 results and discuss its outlook for
future performance. To participate in the call, please dial (800)
860-2442 (domestic) or (412) 858-4600 (international) by 9:50 a.m.
Central Time and request the Camden Property Trust Fourth Quarter
2007 Earnings Call, or join the live webcast of the conference call
by accessing the Investor Relations section of the Company�s
website at www.camdenliving.com. Supplemental financial information
is available in the Investor Relations section of the Company�s
website under Earnings Releases or by calling Camden�s Investor
Relations Department at (800) 922-6336. Forward-Looking Statements
In addition to historical information, this press release contains
forward-looking statements under the federal securities law. These
statements are based on current expectations, estimates and
projections about the industry and markets in which Camden
operates, management's beliefs, and assumptions made by management.
Forward-looking statements are not guarantees of future performance
and involve certain risks and uncertainties which are difficult to
predict. About Camden Camden Property Trust is a real estate
company engaged in the ownership, development, acquisition,
management and disposition of multifamily apartment communities.
Camden owns interests in and operates 182 properties containing
63,085 apartment homes across the United States. Upon completion of
11 properties under development, the Company�s portfolio will
increase to 66,468 apartment homes in 193 properties. For
additional information, please contact Camden�s Investor Relations
Department at (800) 922-6336 or (713) 354-2787 or access our
website at www.camdenliving.com. CAMDEN OPERATING RESULTS (In
thousands, except per share and property data amounts) � �
(Unaudited) Three Months Ended Twelve Months Ended December 31,
December 31, OPERATING DATA 2007 2006 2007 2006 Property revenues
Rental revenues $ 137,586 $ 131,505 $ 543,475 $ 527,554 Other
property revenues � 17,103 � � 13,469 � � 65,605 � � 53,022 � Total
property revenues 154,689 144,974 609,080 580,576 � Property
expenses Property operating and maintenance 40,755 39,842 162,639
158,624 Real estate taxes � 14,931 � � 14,132 � � 64,667 � � 61,539
� Total property expenses 55,686 53,974 227,306 220,163 �
Non-property income Fee and asset management income 1,722 3,011
8,293 14,041 Sale of technology investments - - 623 1,602 Interest
and other income 4,047 3,674 8,804 9,771 Income on deferred
compensation plans � (1,120 ) � 5,808 � � 7,282 � � 10,116 � Total
non-property income 4,649 12,493 25,002 35,530 � Other expenses
Property management 4,437 4,669 18,413 18,490 Fee and asset
management 1,150 1,089 4,552 9,382 General and administrative 8,514
12,285 32,590 37,584 Interest 31,475 26,633 116,281 117,862
Depreciation and amortization 41,355 39,328 162,189 153,609
Amortization of deferred financing costs 957 916 3,689 3,807
Expense on deferred compensation plans � (1,120 ) � 5,808 � � 7,282
� � 10,116 � Total other expenses � 86,768 � � 90,728 � � 344,996 �
� 350,850 � � Income from continuing operations before gain on sale
of properties, impairment loss on land, equity in income of joint
ventures, minority interests and income taxes 16,884 12,765 61,780
45,093 Gain (loss) on sale of properties, including land - (104 ) -
97,452 Impairment loss on land (1,447 ) - (1,447 ) - Equity in
income of joint ventures 454 642 1,526 5,156 Minority interests
Distributions on perpetual preferred units (1,750 ) (1,750 ) (7,000
) (7,000 ) Income allocated to common units and other minority
interests � (1,374 ) � (1,308 ) � (4,729 ) � (15,685 ) Income from
continuing operations before income taxes 12,767 10,245 50,130
125,016 Income tax expense (478 ) - (1,868 ) - Income tax expense
on sale of depreciable operating properties � - � � - � � (1,184 )
� - � Income from continuing operations 12,289 10,245 47,078
125,016 Income from discontinued operations 1,133 2,493 7,857
10,864 Gain on sale of discontinued operations, including land
76,063 18,879 107,039 99,273 Income from discontinued operations
allocated to common units � (8,509 ) � (253 ) � (13,517 ) � (2,307
) Net income $ 80,976 � $ 31,364 � $ 148,457 � $ 232,846 � � PER
SHARE DATA Net income - basic $ 1.43 $ 0.54 $ 2.55 $ 4.11 Net
income - diluted 1.41 0.53 2.51 3.96 Income from continuing
operations - basic 0.22 0.18 0.81 2.21 Income from continuing
operations - diluted 0.21 0.17 0.80 2.14 � Weighted average number
of common and common equivalent shares outstanding: Basic 56,782
58,432 58,135 56,660 Diluted 57,613 59,738 59,125 59,524 � PROPERTY
DATA Total operating properties (end of period) (a) 182 186 182 186
Total operating apartment homes in operating properties (end of
period) (a) 63,085 63,843 63,085 63,843 Total operating apartment
homes (weighted average) 52,542 53,530 53,132 55,850 Total
operating apartment homes - excluding discontinued operations
(weighted average) 51,192 49,393 50,504 50,872 � � (a) Includes
joint ventures and properties held for sale. � Note: Please refer
to the following pages for definitions and reconciliations of all
non-GAAP financial measures presented in this document. CAMDEN
FUNDS FROM OPERATIONS (In thousands, except per share and property
data amounts) � � � � � (Unaudited) Three Months Ended Twelve
Months Ended December 31, December 31, FUNDS FROM OPERATIONS 2007 �
2006 2007 � 2006 � Net income $ 80,976 $ 31,364 $ 148,457 $ 232,846
Real estate depreciation and amortization from continuing
operations 40,534 38,682 159,031 150,982 Real estate depreciation
from discontinued operations - 1,237 2,033 6,251 Adjustments for
unconsolidated joint ventures 982 1,021 4,934 3,326 Income from
continuing operations allocated to common units 1,444 1,004 4,279
15,230 Income from discontinued operations allocated to common
units 8,509 253 13,517 2,307 Income tax expense on sale of
depreciable operating properties - - 1,184 - (Gain) loss on sale of
operating properties - 100 - (91,481 ) (Gain) on sale of
discontinued operations (75,306 ) (18,937 ) (106,282 ) (78,823 )
(Gain) on sale of joint venture properties � - � � � - � � - � � �
(2,848 ) Funds from operations - diluted $ 57,139 � � $ 54,724 � $
227,153 � � $ 237,790 � � PER SHARE DATA Funds from operations -
diluted $ 0.94 $ 0.87 $ 3.66 $ 3.88 Cash distributions 0.69 0.66
2.76 2.64 � Weighted average number of common and common equivalent
shares outstanding: FFO - diluted 60,597 62,994 62,120 61,253 �
PROPERTY DATA Total operating properties (end of period) (a) 182
186 182 186 Total operating apartment homes in operating properties
(end of period) (a) 63,085 63,843 63,085 63,843 Total operating
apartment homes (weighted average) 52,542 53,530 53,132 55,850
Total operating apartment homes - excluding discontinued operations
(weighted average) 51,192 49,393 50,504 50,872 � � (a) Includes
joint ventures and properties held for sale. � � � Note: Please
refer to the following pages for definitions and reconciliations of
all non-GAAP financial measures presented in this document. CAMDEN
BALANCE SHEETS (In thousands) � � � � � � (Unaudited) Dec 31, Sep
30, Jun 30, Mar 31, Dec 31, 2007 � 2007 � 2007 � 2007 � 2006 ASSETS
Real estate assets, at cost Land $ 730,548 $ 714,044 $ 713,084 $
703,850 $ 693,312 Buildings and improvements � 4,316,472 � � �
4,215,662 � � � 4,144,075 � � � 4,108,955 � � � 4,036,286 �
5,047,020 4,929,706 4,857,159 4,812,805 4,729,598 Accumulated
depreciation � (868,074 ) � � (827,944 ) � � (788,318 ) � �
(799,624 ) � � (762,011 ) Net operating real estate assets
4,178,946 4,101,762 4,068,841 4,013,181 3,967,587 Properties under
development, including land 446,664 488,620 454,617 410,002 369,861
Investments in joint ventures 8,466 12,243 12,722 8,321 9,245
Properties held for sale, including land � 25,253 � � � 73,325 � �
� 72,577 � � � 32,879 � � � 32,763 � Total real estate assets
4,659,329 4,675,950 4,608,757 4,464,383 4,379,456 Accounts
receivable - affiliates 35,940 36,171 35,341 34,854 34,170 Notes
receivable Affiliates 50,358 48,172 45,560 43,507 41,478 Other
11,565 11,565 11,565 11,565 3,855 Other assets, net (a) 126,996
129,810 136,524 118,329 121,336 Cash and cash equivalents 897 1,207
3,058 1,470 1,034 � Restricted cash � 5,675 � � � 5,904 � � �
20,053 � � � 5,772 � � � 4,721 � � Total assets $ 4,890,760 � � $
4,908,779 � � $ 4,860,858 � � $ 4,679,880 � � $ 4,586,050 � � � � �
LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Notes payable
Unsecured $ 2,265,319 $ 2,198,628 $ 2,065,175 $ 1,897,865 $
1,759,498 Secured 562,776 565,564 566,001 568,731 571,478 Accounts
payable and accrued expenses 107,403 110,643 128,892 110,486
124,834 Accrued real estate taxes 24,943 42,151 29,785 16,036
23,306 Other liabilities (b) 136,365 117,317 115,547 110,684
105,999 Distributions payable � 42,689 � � � 44,180 � � � 44,982 �
� � 45,137 � � � 43,068 � Total liabilities 3,139,495 3,078,483
2,950,382 2,748,939 2,628,183 � Commitments and contingencies �
Minority interests Perpetual preferred units 97,925 97,925 97,925
97,925 97,925 Common units 111,624 104,176 105,353 102,217 115,280
Other minority interests � 10,403 � � � 10,740 � � � 10,916 � � �
10,335 � � � 10,306 � Total minority interests 219,952 212,841
214,194 210,477 223,511 � Shareholders' equity Common shares of
beneficial interest 654 654 654 654 650 Additional paid-in capital
2,209,631 2,207,333 2,204,525 2,199,713 2,183,622 Distributions in
excess of net income (227,025 ) (269,667 ) (241,711 ) (243,786 )
(213,665 ) Employee notes receivable (1,950 ) (1,963 ) (1,976 )
(2,025 ) (2,036 ) Treasury shares, at cost (433,874 ) (318,902 )
(265,210 ) (234,092 ) (234,215 ) Other comprehensive income (c) �
(16,123 ) � � - � � � - � � � - � � � - � Total shareholders'
equity � 1,531,313 � � � 1,617,455 � � � 1,696,282 � � � 1,720,464
� � � 1,734,356 � Total liabilities and shareholders' equity $
4,890,760 � � $ 4,908,779 � � $ 4,860,858 � � $ 4,679,880 � � $
4,586,050 � � � � (a) includes: net deferred charges of: $ 10,811 $
10,308 $ 11,565 $ 9,724 $ 10,295 value of in place leases of: $ 258
$ 703 $ 1,091 $ 61 $ 242 � (b) includes: deferred revenues of: $
2,459 $ 2,738 $ 2,937 $ 3,321 $ 3,875 above/below market leases of:
($13 ) $ 25 $ 43 $ 8 $ 32 distributions in excess of investments in
joint ventures of: $ 23,653 $ 20,867 $ 19,549 $ 18,805 $ 18,350
fair value adjustment of derivative instrument: $ 16,123 - - - - �
(c) Represents the fair value adjustment of the derivative
instrument. CAMDEN 2008 Financial Outlook as of February 7, 2008 �
� (Unaudited) � 2008 Financial Outlook � � � Earnings Guidance -
Per Diluted Share Expected net income per share - diluted $0.44 to
$0.64 Expected difference between EPS and fully diluted FFO shares
($0.02) Expected real estate depreciation $2.94 Expected
adjustments for unconsolidated joint ventures $0.13 Expected income
allocated to common units $0.11 Expected FFO per share - diluted
$3.60 to $3.80 � "Same Property" Communities Number of Units 43,528
2007 Base Net Operating Income $324 million Total Revenue Growth
3.50% to 4.50% Revenue Growth excluding revenue attributable to
ancillary income initiatives (a) 2.00% to 3.00% Total Expense
Growth 5.50% to 6.75% Expense Growth excluding expenses related to
ancillary income initiatives (b) 2.50% to 3.75% Net Operating
Income Growth 2.25% to 3.25% Physical Occupancy 94.6% ? Impact from
1.0% change in NOI Growth is approximately $0.05 / share �
Repositioning Communities Number of Units 3,512 2007 Base Net
Operating Income $23 million Capital Investment to Date $31 million
Total Expected Capital Investment $39 million 2008 Net Operating
Income Growth 8.50% to 9.00% � Acquisitions/Dispositions
Dispositions (Communities Held for Sale at 12/31/07) $25 to $30
million Future Dispositions Volume $150 to $350 million Future
Acquisitions Volume (consolidated on balance sheet) $0 million
Future Acquisitions Volume (joint venture) $200 to $400 million �
Development Development Starts (consolidated on balance sheet) $0
to $100 million Development Starts (joint venture) $200 to $400
million 2008 Projected Development FFO Dilution $13 to $15 million
2008 Incremental Development FFO Dilution vs. 2007 $6 to $8 million
� Non-Property Income Non-Property Income, Net $10 to $14 million
Includes: Fee and asset management income, net of expenses and
Interest and other income � Corporate Expenses General and
Administrative and Property Management Expense $50 to $54 million �
Debt Capitalized Interest $16 to $18 million Expensed Interest $130
to $134 million LIBOR (average) 3.30% � Note: Please refer to the
following pages for definitions and reconciliations of all non-GAAP
financial measures presented in this document. � (a) excludes
revenue earned from Perfect Connection (Camden's bulk cable
program), Valet Waste (Camden's door to door trash collection
program), and RUBS. � (b) excludes expenses associated with Perfect
Connection (Camden's bulk cable program), Valet Waste (Camden's
door to door trash collection program), and Utilities. � 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) � � � � 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 generally accepted accounting principles (�GAAP�),
excluding gains or losses from depreciable operating property
sales, plus real estate depreciation and amortization, and after
adjustments for unconsolidated partnerships and joint ventures.
Camden�s definition of diluted FFO also assumes conversion of all
dilutive convertible securities, including minority interests,
which are convertible into common equity. The Company considers FFO
to be an appropriate supplemental measure of operating performance
because, by excluding gains or losses on dispositions of operating
properties and excluding depreciation, FFO can help one compare the
operating performance of a company's real estate between periods or
as compared to different companies. A reconciliation of net income
to FFO is provided below: � � Three Months Ended Twelve Months
Ended December 31, December 31, 2007 2006 2007 2006 Net income $
80,976 $ 31,364 $ 148,457 $ 232,846 Real estate depreciation and
amortization from continuing operations 40,534 38,682 159,031
150,982 Real estate depreciation from discontinued operations -
1,237 2,033 6,251 Adjustments for unconsolidated joint ventures 982
1,021 4,934 3,326 Income from continuing operations allocated to
common units 1,444 1,004 4,279 15,230 Income from discontinued
operations allocated to common units 8,509 253 13,517 2,307 Income
tax expense on sale of depreciable operating properties - - 1,184 -
(Gain) loss on sale of operating properties - 100 - (91,481 )
(Gain) on sale of discontinued operations (75,306 ) (18,937 )
(106,282 ) (78,823 ) (Gain) on sale of joint venture properties � -
� � - � � - � � (2,848 ) Funds from operations - diluted $ 57,139 �
$ 54,724 � $ 227,153 � $ 237,790 � � Weighted average number of
common and common equivalent shares outstanding: � EPS diluted
57,613 59,738 59,125 59,524 FFO diluted 60,597 62,994 62,120 61,253
� Net income per common share - diluted $ 1.41 $ 0.53 $ 2.51 $ 3.96
FFO per common share - diluted $ 0.94 $ 0.87 $ 3.66 $ 3.88 �
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
net income (EPS). A reconciliation of the ranges provided for
expected net income per diluted share to expected FFO per diluted
share is provided below: � 1Q08 Range 2008 Range Low High Low High
� Expected net income per share - diluted $ 0.08 $ 0.12 $ 0.44 $
0.64 Expected difference between EPS and fully diluted FFO shares
0.00 0.00 (0.02 ) (0.02 ) Expected real estate depreciation 0.73
0.73 2.94 2.94 Expected adjustments for unconsolidated joint
ventures 0.04 0.04 0.13 0.13 Expected income allocated to common
units 0.02 0.02 0.11 0.11 Expected (gain) on sale of properties and
properties held for sale � 0.00 � � 0.00 � � 0.00 � � 0.00 �
Expected FFO per share - diluted $ 0.87 $ 0.91 $ 3.60 $ 3.80 �
Note: This table contains forward-looking statements. Please see
the paragraph regarding forward-looking statements earlier in this
document. � Net Operating Income (NOI) NOI is defined by the
Company as total property income less property operating and
maintenance expenses less real estate taxes. The Company considers
NOI to be an appropriate supplemental measure of operating
performance to net income 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 to net operating income is
provided below: � Three Months Ended Twelve Months Ended December
31, December 31, 2007 2006 2007 2006 Net income $ 80,976 $ 31,364 $
148,457 $ 232,846 Fee and asset management income (1,722 ) (3,011 )
(8,293 ) (14,041 ) Sale of technology investments - - (623 ) (1,602
) Interest and other income (4,047 ) (3,674 ) (8,804 ) (9,771 )
Income on deferred compensation plans 1,120 (5,808 ) (7,282 )
(10,116 ) Property management expense 4,437 4,669 18,413 18,490 Fee
and asset management expense 1,150 1,089 4,552 9,382 General and
administrative expense 8,514 12,285 32,590 37,584 Interest expense
31,475 26,633 116,281 117,862 Depreciation and amortization 41,355
39,328 162,189 153,609 Amortization of deferred financing costs 957
916 3,689 3,807 Expense on deferred compensation plans (1,120 )
5,808 7,282 10,116 (Gain) loss on sale of properties, including
land - 104 - (97,452 ) Impairment loss on sale of land 1,447 -
1,447 - Equity in income of joint ventures (454 ) (642 ) (1,526 )
(5,156 ) Distributions on perpetual preferred units 1,750 1,750
7,000 7,000 Income allocated to common units and other minority
interests 1,374 1,308 4,729 15,685 Income tax expense 478 - 1,868 -
Income tax expense on sale of depreciable operating properties - -
1,184 - Income from discontinued operations (1,133 ) (2,493 )
(7,857 ) (10,864 ) Gain on sale of discontinued operations,
including land (76,063 ) (18,879 ) (107,039 ) (99,273 ) Income from
discontinued operations allocated to common units � 8,509 � � 253 �
� 13,517 � � 2,307 � Net Operating Income (NOI) $ 99,003 $ 91,000 $
381,774 $ 360,413 � "Same Property" Communities $ 79,843 $ 76,075 $
314,631 $ 299,443 Non-"Same Property" Communities 10,615 8,217
37,572 23,745 Development and Lease-Up Communities 1,663 106 3,747
(24 ) Redevelopment Communities 5,954 6,220 23,312 24,311
Dispositions / Other � 928 � � 382 � � 2,512 � � 12,938 � Net
Operating Income (NOI) $ 99,003 $ 91,000 $ 381,774 $ 360,413 � �
EBITDA 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 of joint ventures, gain on sale of real estate assets, and
income allocated to minority interests. The Company considers
EBITDA to be an appropriate supplemental measure of operating
performance to net income 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
to EBITDA is provided below: � Three Months Ended Twelve Months
Ended December 31, December 31, 2007 2006 2007 2006 Net income $
80,976 $ 31,364 $ 148,457 $ 232,846 Interest expense 31,591 26,752
116,753 118,344 Amortization of deferred financing costs including
discontinued operations 957 916 3,689 3,813 Depreciation and
amortization 41,355 39,328 162,189 153,609 Distributions on
perpetual preferred units 1,750 1,750 7,000 7,000 Income allocated
to common units and other minority interests 1,374 1,308 4,729
15,685 Income tax expense 478 - 1,868 - Income tax expense on sale
of depreciable operating properties - - 1,184 - Real estate
depreciation from discontinued operations - 1,237 2,033 6,251
(Gain) loss on sale of properties, including land - 104 - (97,452 )
Impairment loss on land 1,447 - 1,447 - Equity in income of joint
ventures (454 ) (642 ) (1,526 ) (5,156 ) Gain on sale of
discontinued operations (76,063 ) (18,879 ) (107,039 ) (99,273 )
Income from discontinued operations allocated to common units �
8,509 � � 253 � � 13,517 � � 2,307 � EBITDA $ 91,920 $ 83,491 $
354,301 $ 337,974
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