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November 2023
October 2023
August 2023
May 2023
May 2023
April 2023
April 2023
February 2023
February 2023
October 2022
Three Months Ended | Nine Months Ended | |||
September 30 | September 30 | |||
Per Diluted Share | 2018 | 2017 | 2018 | 2017 |
EPS | $0.40 | $0.38 | $1.22 | $1.20 |
FFO | $1.20 | $1.11 | $3.54 | $3.35 |
AFFO | $1.00 | $0.92 | $3.04 | $2.87 |
Quarterly Growth | Sequential Growth | Year-to-Date Growth | |
Same Property Results | 3Q18 vs. 3Q17 | 3Q18 vs. 2Q18 | 2018 vs. 2017 |
Revenues | 3.1% | 1.1% | 3.2% |
Expenses | 1.9% | 2.7% | 2.4% |
Net Operating Income ("NOI") | 3.8% | 0.2% | 3.6% |
Same Property Results | 3Q18 | 3Q17 | 2Q18 | |||
Occupancy | 95.9 | % | 95.9 | % | 95.8 | % |
Total | Total | % Leased | ||||
Community Name | Location | Units | Cost | as of 10/23/2018 | ||
Camden NoMa II | Washington, DC | 405 | $108.4 | 94 | % | |
Camden Shady Grove | Rockville, MD | 457 | 113.9 | 85 | % | |
Total | 862 | $222.3 |
Total | Total | % Leased | |||
Community Name | Location | Units | Budget | as of 10/23/2018 | |
Camden Washingtonian | Gaithersburg, MD | 365 | $90.0 | 58 | % |
Camden McGowen Station | Houston, TX | 315 | 90.0 | 50 | % |
Camden North End I | Phoenix, AZ | 441 | 105.0 | 44 | % |
Camden Grandview II | Charlotte, NC | 28 | 21.0 | ||
Camden RiNo | Denver, CO | 233 | 75.0 | ||
Camden Downtown I | Houston, TX | 271 | 132.0 | ||
Camden Lake Eola | Orlando, FL | 360 | 120.0 | ||
Camden Buckhead | Atlanta, GA | 365 | 160.0 | ||
Total | 2,378 | $793.0 |
4Q18 | 2018 | 2018 Midpoint | |||
Per Diluted Share | Range | Range | Current | Prior | Change |
EPS | $0.40 - $0.44 | $1.62 - $1.66 | $1.64 | $1.61 | $0.03 |
FFO | $1.20 - $1.24 | $4.74 - $4.78 | $4.76 | $4.74 | $0.02 |
2018 | 2018 Midpoint | |||
Same Property Growth | Range | Current | Prior | Change |
Revenues | 3.05% - 3.25% | 3.15% | 3.15% | 0.00% |
Expenses | 2.95% - 3.15% | 3.05% | 3.50% | (0.45)% |
NOI | 3.00% - 3.40% | 3.20% | 3.00% | 0.20% |
CAMDEN | OPERATING RESULTS | |
(In thousands, except per share amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
OPERATING DATA | |||||||||||||
Property revenues | |||||||||||||
Rental revenues (a) | $212,984 | $194,690 | $625,123 | $573,262 | |||||||||
Other property revenues (a) | 28,786 | 33,488 | 84,463 | 97,807 | |||||||||
Total property revenues | 241,770 | 228,178 | 709,586 | 671,069 | |||||||||
Property expenses | |||||||||||||
Property operating and maintenance (b) | 56,973 | 60,090 | 165,624 | 164,188 | |||||||||
Real estate taxes | 30,860 | 28,193 | 91,235 | 83,916 | |||||||||
Total property expenses | 87,833 | 88,283 | 256,859 | 248,104 | |||||||||
Non-property income | |||||||||||||
Fee and asset management | 1,827 | 2,116 | 5,651 | 5,806 | |||||||||
Interest and other income | 385 | 385 | 1,669 | 1,579 | |||||||||
Income on deferred compensation plans | 3,539 | 3,648 | 3,769 | 11,706 | |||||||||
Total non-property income | 5,751 | 6,149 | 11,089 | 19,091 | |||||||||
Other expenses | |||||||||||||
Property management | 6,303 | 6,201 | 19,415 | 19,782 | |||||||||
Fee and asset management | 1,140 | 973 | 3,193 | 2,818 | |||||||||
General and administrative (c) | 12,618 | 12,266 | 37,113 | 37,585 | |||||||||
Interest | 21,235 | 21,210 | 62,216 | 66,132 | |||||||||
Depreciation and amortization | 76,476 | 67,014 | 222,269 | 195,781 | |||||||||
Expense on deferred compensation plans | 3,539 | 3,648 | 3,769 | 11,706 | |||||||||
Total other expenses | 121,311 | 111,312 | 347,975 | 333,804 | |||||||||
Loss on early retirement of debt | — | — | — | (323 | ) | ||||||||
Equity in income of joint ventures (d) | 1,943 | 1,255 | 5,644 | 4,857 | |||||||||
Income from continuing operations before income taxes | 40,320 | 35,987 | 121,485 | 112,786 | |||||||||
Income tax expense | (330 | ) | (512 | ) | (1,098 | ) | (1,008 | ) | |||||
Net income | 39,990 | 35,475 | 120,387 | 111,778 | |||||||||
Less income allocated to non-controlling interests from continuing operations | (1,124 | ) | (1,091 | ) | (3,455 | ) | (3,345 | ) | |||||
Net income attributable to common shareholders | $38,866 | $34,384 | $116,932 | $108,433 | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
Net income | $39,990 | $35,475 | $120,387 | $111,778 | |||||||||
Other comprehensive income | |||||||||||||
Unrealized gain on cash flow hedging activities | 5,202 | 1,754 | 13,984 | 1,754 | |||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 35 | 34 | 104 | 102 | |||||||||
Comprehensive income | 45,227 | 37,263 | 134,475 | 113,634 | |||||||||
Less income allocated to noncontrolling interests from continuing operations | (1,124 | ) | (1,091 | ) | (3,455 | ) | (3,345 | ) | |||||
Comprehensive income attributable to common shareholders | $44,103 | $36,172 | $131,020 | $110,289 | |||||||||
PER SHARE DATA | |||||||||||||
Total earnings per common share - basic | $0.41 | $0.38 | $1.22 | $1.20 | |||||||||
Total earnings per common share - diluted | 0.40 | 0.38 | 1.22 | 1.20 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
Basic | 95,257 | 91,011 | 95,190 | 90,351 | |||||||||
Diluted | 95,417 | 92,033 | 95,333 | 91,345 |
CAMDEN | FUNDS FROM OPERATIONS | |
(In thousands, except per share and property data amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
FUNDS FROM OPERATIONS | |||||||||||||
Net income attributable to common shareholders (a) | $38,866 | $34,384 | $116,932 | $108,433 | |||||||||
Real estate depreciation and amortization | 74,841 | 65,489 | 217,416 | 191,092 | |||||||||
Adjustments for unconsolidated joint ventures | 2,239 | 2,223 | 6,743 | 6,650 | |||||||||
Income allocated to non-controlling interests | 1,124 | 1,091 | 3,455 | 3,345 | |||||||||
Funds from operations | $117,070 | $103,187 | $344,546 | $309,520 | |||||||||
Less: recurring capitalized expenditures (b) | (19,849 | ) | (17,506 | ) | (49,038 | ) | (43,975 | ) | |||||
Adjusted funds from operations - diluted | $97,221 | $85,681 | $295,508 | $265,545 | |||||||||
PER SHARE DATA | |||||||||||||
Funds from operations - diluted | $1.20 | $1.11 | $3.54 | $3.35 | |||||||||
Adjusted funds from operations - diluted | 1.00 | 0.92 | 3.04 | 2.87 | |||||||||
Distributions declared per common share | 0.77 | 0.75 | 2.31 | 2.25 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
FFO/AFFO - diluted | 97,238 | 93,111 | 97,194 | 92,424 | |||||||||
PROPERTY DATA | |||||||||||||
Total operating properties (end of period) (c) | 159 | 156 | 159 | 156 | |||||||||
Total operating apartment homes in operating properties (end of period) (c) | 54,480 | 54,038 | 54,480 | 54,038 | |||||||||
Total operating apartment homes (weighted average) | 47,010 | 46,546 | 46,682 | 46,103 |
CAMDEN | BALANCE SHEETS | |
(In thousands) | ||
Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | |||||||||||
ASSETS | |||||||||||||||
Real estate assets, at cost | |||||||||||||||
Land | $1,088,293 | $1,066,077 | $1,053,578 | $1,021,031 | $1,016,097 | ||||||||||
Buildings and improvements | 6,828,068 | 6,620,169 | 6,494,229 | 6,269,481 | 6,269,561 | ||||||||||
7,916,361 | 7,686,246 | 7,547,807 | 7,290,512 | 7,285,658 | |||||||||||
Accumulated depreciation | (2,328,092 | ) | (2,255,737 | ) | (2,185,452 | ) | (2,118,839 | ) | (2,080,989 | ) | |||||
Net operating real estate assets | 5,588,269 | 5,430,509 | 5,362,355 | 5,171,673 | 5,204,669 | ||||||||||
Properties under development, including land | 315,904 | 373,350 | 399,903 | 377,231 | 363,481 | ||||||||||
Investments in joint ventures | 24,664 | 26,205 | 26,863 | 27,237 | 28,420 | ||||||||||
Total real estate assets | 5,928,837 | 5,830,064 | 5,789,121 | 5,576,141 | 5,596,570 | ||||||||||
Accounts receivable – affiliates | 22,605 | 23,473 | 23,397 | 24,038 | 23,620 | ||||||||||
Other assets, net (a)(b) | 228,468 | 204,717 | 199,420 | 195,764 | 189,253 | ||||||||||
Cash and cash equivalents | 8,529 | 64,071 | 101,401 | 368,492 | 350,274 | ||||||||||
Restricted cash | 10,061 | 9,581 | 15,036 | 9,313 | 9,178 | ||||||||||
Total assets | $6,198,500 | $6,131,906 | $6,128,375 | $6,173,748 | $6,168,895 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Liabilities | |||||||||||||||
Notes payable | |||||||||||||||
Unsecured | $1,394,178 | $1,339,659 | $1,339,142 | $1,338,628 | $1,338,117 | ||||||||||
Secured | 865,431 | 865,629 | 865,798 | 865,970 | 866,134 | ||||||||||
Accounts payable and accrued expenses | 140,046 | 127,777 | 123,706 | 128,313 | 127,557 | ||||||||||
Accrued real estate taxes | 70,174 | 52,461 | 29,061 | 51,383 | 70,027 | ||||||||||
Distributions payable | 74,976 | 75,071 | 75,083 | 72,943 | 72,962 | ||||||||||
Other liabilities (b)(c) | 178,898 | 156,767 | 157,002 | 154,567 | 154,506 | ||||||||||
Total liabilities | 2,723,703 | 2,617,364 | 2,589,792 | 2,611,804 | 2,629,303 | ||||||||||
Commitments and contingencies | |||||||||||||||
Non-qualified deferred compensation share awards | 60,874 | 85,938 | 76,174 | 77,230 | 73,015 | ||||||||||
Equity | |||||||||||||||
Common shares of beneficial interest | 1,030 | 1,027 | 1,026 | 1,028 | 1,028 | ||||||||||
Additional paid-in capital | 4,147,278 | 4,132,404 | 4,132,056 | 4,137,161 | 4,134,206 | ||||||||||
Distributions in excess of net income attributable to common shareholders | (466,512 | ) | (436,575 | ) | (396,596 | ) | (368,703 | ) | (383,584 | ) | |||||
Treasury shares, at cost | (355,825 | ) | (355,752 | ) | (356,687 | ) | (364,066 | ) | (364,736 | ) | |||||
Accumulated other comprehensive income (loss) (d) | 14,031 | 8,794 | 3,579 | (57 | ) | (7 | ) | ||||||||
Total common equity | 3,340,002 | 3,349,898 | 3,383,378 | 3,405,363 | 3,386,907 | ||||||||||
Non-controlling interests | 73,921 | 78,706 | 79,031 | 79,351 | 79,670 | ||||||||||
Total equity | 3,413,923 | 3,428,604 | 3,462,409 | 3,484,714 | 3,466,577 | ||||||||||
Total liabilities and equity | $6,198,500 | $6,131,906 | $6,128,375 | $6,173,748 | $6,168,895 | ||||||||||
(a) Includes net deferred charges of: | $538 | $724 | $929 | $1,125 | $1,312 | ||||||||||
(b) Includes net asset fair value of derivative instruments: | $15,674 | $10,472 | $5,291 | $1,690 | $1,754 | ||||||||||
(c) Includes deferred revenues of: | $603 | $659 | $536 | $426 | $1,463 | ||||||||||
(d) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities. |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
Net income attributable to common shareholders | $38,866 | $34,384 | $116,932 | $108,433 | |||||||||
Real estate depreciation and amortization | 74,841 | 65,489 | 217,416 | 191,092 | |||||||||
Adjustments for unconsolidated joint ventures | 2,239 | 2,223 | 6,743 | 6,650 | |||||||||
Income allocated to non-controlling interests | 1,124 | 1,091 | 3,455 | 3,345 | |||||||||
Funds from operations | $117,070 | $103,187 | $344,546 | $309,520 | |||||||||
Less: recurring capitalized expenditures | (19,849 | ) | (17,506 | ) | (49,038 | ) | (43,975 | ) | |||||
Adjusted funds from operations | $97,221 | $85,681 | $295,508 | $265,545 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
EPS diluted | 95,417 | 92,033 | 95,333 | 91,345 | |||||||||
FFO/AFFO diluted | 97,238 | 93,111 | 97,194 | 92,424 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
Total Earnings Per Common Share - Diluted | $0.40 | $0.38 | $1.22 | $1.20 | |||||||||
Real estate depreciation and amortization | 0.77 | 0.70 | 2.23 | 2.07 | |||||||||
Adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.07 | 0.07 | |||||||||
Income allocated to non-controlling interests | 0.01 | 0.01 | 0.02 | 0.01 | |||||||||
FFO per common share - Diluted | $1.20 | $1.11 | $3.54 | $3.35 | |||||||||
Less: recurring capitalized expenditures | (0.20 | ) | (0.19 | ) | (0.50 | ) | (0.48 | ) | |||||
AFFO per common share - Diluted | $1.00 | $0.92 | $3.04 | $2.87 |
4Q18 | Range | 2018 | Range | ||||||||||
Low | High | Low | High | ||||||||||
Expected earnings per common share - diluted | $0.40 | $0.44 | $1.62 | $1.66 | |||||||||
Expected real estate depreciation and amortization | 0.77 | 0.77 | 3.00 | 3.00 | |||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.09 | 0.09 | |||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.03 | 0.03 | |||||||||
Expected FFO per share - diluted | $1.20 | $1.24 | $4.74 | $4.78 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |
DEFINITIONS & RECONCILIATIONS | ||
(In thousands, except per share amounts) | ||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
Net income | $39,990 | $35,475 | $120,387 | $111,778 | |||||||||
Less: Fee and asset management income | (1,827 | ) | (2,116 | ) | (5,651 | ) | (5,806 | ) | |||||
Less: Interest and other income | (385 | ) | (385 | ) | (1,669 | ) | (1,579 | ) | |||||
Less: Income on deferred compensation plans | (3,539 | ) | (3,648 | ) | (3,769 | ) | (11,706 | ) | |||||
Plus: Property management expense | 6,303 | 6,201 | 19,415 | 19,782 | |||||||||
Plus: Fee and asset management expense | 1,140 | 973 | 3,193 | 2,818 | |||||||||
Plus: General and administrative expense | 12,618 | 12,266 | 37,113 | 37,585 | |||||||||
Plus: Interest expense | 21,235 | 21,210 | 62,216 | 66,132 | |||||||||
Plus: Depreciation and amortization expense | 76,476 | 67,014 | 222,269 | 195,781 | |||||||||
Plus: Expense on deferred compensation plans | 3,539 | 3,648 | 3,769 | 11,706 | |||||||||
Plus: Loss on early retirement of debt | — | — | — | 323 | |||||||||
Less: Equity in income of joint ventures | (1,943 | ) | (1,255 | ) | (5,644 | ) | (4,857 | ) | |||||
Plus: Income tax expense | 330 | 512 | 1,098 | 1,008 | |||||||||
NOI | $153,937 | $139,895 | $452,727 | $422,965 | |||||||||
"Same Property" Communities | $131,943 | $127,153 | $392,276 | $378,537 | |||||||||
Non-"Same Property" Communities | 16,400 | 13,136 | 47,209 | 36,947 | |||||||||
Development and Lease-Up Communities | 4,072 | 1,406 | 8,978 | 1,837 | |||||||||
Hurricane Expenses | — | (3,944 | ) | — | (3,944 | ) | |||||||
Dispositions/Other | 1,522 | 2,144 | 4,264 | 9,588 | |||||||||
NOI | $153,937 | $139,895 | $452,727 | $422,965 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
Net income attributable to common shareholders | $38,866 | $34,384 | $116,932 | $108,433 | |||||||||
Plus: Interest expense | 21,235 | 21,210 | 62,216 | 66,132 | |||||||||
Plus: Depreciation and amortization expense | 76,476 | 67,014 | 222,269 | 195,781 | |||||||||
Plus: Income allocated to non-controlling interests from continuing operations | 1,124 | 1,091 | 3,455 | 3,345 | |||||||||
Plus: Income tax expense | 330 | 512 | 1,098 | 1,008 | |||||||||
Plus: Loss on early retirement of debt | — | — | — | 323 | |||||||||
Less: Equity in income of joint ventures | (1,943 | ) | (1,255 | ) | (5,644 | ) | (4,857 | ) | |||||
Adjusted EBITDA | $136,088 | $122,956 | $400,326 | $370,165 |
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Ticker: CPTEvents:
CIK: 906345
Form Type: 8-K Corporate News
Accession Number: 0000906345-18-000042
Submitted to the SEC: Thu Oct 25 2018 4:20:09 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Thursday, October 25, 2018
Industry: Real Estate Investment Trusts