CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER EARNINGS: AN 11.1 PERCENT QUARTERLY INCREASE IN FUNDS FROM OPERATIONS PER SHARE.HOUSTON--(BUSINESS WIRE)--July 30, 1996--Camden Property Trust (NYSE NYSE See: New York Stock Exchange :CPT CPT See: Carriage Paid To ), a self-administered multifamily real estate investment trust, announced an increase in its fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. (FFO FFO See: Funds from operations ) per share for the second quarter of 1996 to $0.60 per share or $9.8 million. This represents a per share increase of 11.1 percent over the $0.53 per share or $8.7 million reported for the same period in 1995. For the six months, Camden's FFO totaled $1.19 per share or $19.4 million compared to $1.06 per share or $17.2 million - a 12.3 percent increase per share for the six months. (1995 FFO has been restated to be comparable to the 1996 results using the latest definition promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. by NAREIT NAREIT National Association of Real Estate Investment Trusts .) Same property net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the second quarter increased 8.3 percent over the same period in the prior year with revenues increasing 5.6 percent and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increasing 2.5 percent. Rental rate increases accounted for 4.1 percent and higher occupancies accounted for 1.5 percent of the same property revenue growth. Revenues for the second quarter of 1996 totaled $27.2 million compared to $23.5 million in the second quarter of 1995. For the six months, revenues totaled $53.8 million compared to $46.0 million in 1995. Occupancy levels averaged 94.2 percent during the second quarter compared to 92.8 percent during the second quarter of 1995 and 94.1 percent for the prior quarter of this year. Average rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time per unit per month during the quarter rose to $504, an increase of 9.8 percent over the same period in 1995. Net income for the quarter totaled $3.5 million or $0.24 per share compared to $3.1 million or $0.22 per share for the second quarter of 1995. For the six months, net income totaled $0.12 per share or $1.8 million, compared to $6.2 million or $0.43 per share in 1995. During the second quarter, the company completed the lease up of the 516-unit Vanderbilt Square apartments in Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; and the 288-unit Breakers apartments in Corpus Christi Corpus Christi, in Christianity Corpus Christi [Lat.,=body of Christ], feast of the Western Church, observed on the Thursday after Trinity Sunday (or on the following Sunday). . Construction of the 456-unit Park at Addison Addison, village (1990 pop. 32,058), Du Page co., NE Ill.; inc. 1884. An industrial suburb of Chicago, it manufactures machinery and plastic items. apartments in Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. was completed in June June: see month. . Construction continued during the quarter on the 428-unit Scottsdale Scottsdale, city (1990 pop. 130,069), Maricopa co., central Ariz.; settled in 1895 by Winfield Scott, inc. 1951. It is a resort and retirement center in the Phoenix metropolitan area. Legacy in Phoenix, the 288-unit Arrowhead arrowhead, any plant of the genus Sagittaria, widely distributed marsh or aquatic herbs of the primitive family Alismataceae (water-plantain family). The name derives from the arrowhead-shaped leaves of many species. Springs also in Phoenix and the 380-unit Park at Sugar Grove Sugar Grove can refer to:
The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders during 1997. During the quarter, the company acquired the 400-unit second phase of Sierra Pines apartments in west Houston, and entered into an agreement to sell the 166-unit Pagewood Place apartments in Houston - the sale closed after quarter-end. Camden Property Trust currently owns and operates 49 apartment properties containing 17,427 units in Houston, Dallas, Austin, Corpus Christi, El Paso El Paso (ĕl pă`sō), city (1990 pop. 515,342), seat of El Paso co., extreme W Tex., on the Rio Grande opposite Juárez, Mex.; inc. 1873. , and Tucson. The company currently has three properties containing 1,096 units under construction and three properties containing 1,010 units in its development pipeline. Upon completion of development, the company's portfolio will total 19,533 units in 55 properties. -0-
CAMDEN PROPERTY TRUST
OPERATING RESULTS
(Unaudited)
(in thousand's, except per share and property data amounts)
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ------------------
1996 1995 1996 1995
--------------------- ------------------
OPERATING DATA
--------------
Rental income $ 25,956 $ 22,202 $ 51,101 $43,712
Other income 1,275 1,296 2,720 2,334
-------- -------- -------- -------
Total revenues 27,231 23,498 53,821 46,046
Property operating and
maintenance 9,448 8,343 18,711 16,196
Real estate taxes 3,323 2,961 6,548 5,842
General and administrative 1,140 954 2,249 1,952
Interest 4,177 3,232 8,237 6,213
Depreciation and
amortization 5,645 4,899 11,168 9,619
-------- -------- -------- -------
Total expenses 23,733 20,389 46,913 39,822
-------- -------- -------- -------
Income before gain on sales of
properties and extinguish-
ment of hedges upon debt
refinancing 3,498 3,109 6,908 6,224
Gain on sales of
properties -- -- 195 --
Extinguishment of hedges
upon debt refinancing -- -- (5,351) --
-------- -------- -------- -------
Net income 3,498 3,109 1,752 6,224
Preferred share
dividends -- (10) (4) (20)
-------- -------- -------- -------
Net income to common
shareholders $ 3,498 $ 3,099 $ 1,748 $ 6,204
======== ======== ======== =======
FUNDS FROM OPERATIONS
---------------------
Net income to common
shareholders $ 3,498 $ 3,099 $ 1,748 $ 6,204
Real estate depreciation 5,451 4,667 10,787 9,145
Gain on sales of
properties -- -- (195) --
Extinguishment of hedges
upon debt refinancing -- -- 5,351 --
-------- -------- -------- -------
Funds from operations
available to common
shareholders 8,949 7,766 17,691 15,349
Preferred share dividends -- 10 4 20
-------- -------- -------- -------
Total funds from
operations 8,949 7,776 17,695 15,369
Interest on convertible
subordinated debentures 756 807 1,563 1,683
Amortization of deferred
costs on covertible
debentures 80 80 159 166
-------- -------- -------- -------
Funds from operations -
Fully diluted $ 9,785 $ 8,663 $ 19,417 $17,218
======== ======== ======== =======
PER SHARE DATA
--------------
Net income -- Primary
(including gain on
property sales and
extinguishment of hedges
upon debt refinancing $ 0.24 $ 0.22 $ 0.12 $ 0.43
Funds from operations --
Fully diluted $ 0.60 $ 0.53 $ 1.19 $ 1.06
Cash distributions $ 0.48 $ 0.46 $ 0.95 $ 0.92
Weighted average number
of common and common
equivalent shares
outstanding:
Primary 14,511 14,438 14,512 14,375
Fully diluted 16,381 16,282 16,376 16,215
PROPERTY DATA
-------------
Total operating properties
(end of period) 50 49 50 49
Total operating units in
operating properties
(end of period) 17,593 16,358 17,593 16,358
Total operating units
(weighted average) 17,174 16,117 17,068 16,032
NOTE: See www.camdenprop.com for our Quarterly Supplemental Information package. For "Fax on Demand" or for questions for Ric Campo, Keith Oden or Steve Dawson call 800/9CAMDEN or 713/964-3555. CONTACT: Camden Property Trust Ric Campo, 800/9CAMDEN or 713/964-3555 |
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