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CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2018 OPERATING RESULTS

Houston, Texas (October 25, 2018) - Camden Property Trust (NYSE:CPT) announced today operating results for the three and nine months ended September 30, 2018. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and nine months ended September 30, 2018 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

 
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
%

“We are pleased to report another strong quarter of performance, with property NOI growth and FFO per share both slightly better than anticipated,” said Richard J. Campo, Camden’s Chairman and CEO.  “As a result, we have increased the midpoint of our 2018 FFO guidance from $4.74 to $4.76 per share, and raised the midpoint of expected same property NOI growth from 3.0% to 3.2%.”

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

Development Activity
During the quarter, construction commenced at Camden Buckhead in Atlanta, GA. Subsequent to quarter-end, lease-up was completed at Camden NoMa II in Washington, DC.

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

% Leased

Community Name
Location
Units
Cost

as of 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

 

1

The following information was filed by Camden Property Trust (CPT) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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