Camden Property Trust Announces First Quarter 2002 Operating Results.Business Editors HOUSTON--(BUSINESS WIRE)--May 2, 2002 Camden Property Trust (NYSE NYSE See: New York Stock Exchange :CPT CPT See: Carriage Paid To ) announced that its 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 ) for the first quarter of 2002 totaled $0.90 per 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. share or $40.1 million, as compared to $0.90 per diluted share or $40.1 million reported for the same period in 2001. Earnings per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) for the first quarter of 2002 was $0.32 per diluted share compared to $0.41 per diluted share for the same period in 2001. EPS for the first quarter of 2001 included an $0.11 per diluted share impact from gains recognized on property sales. Physical occupancy levels averaged 91.7% during the first quarter of 2002 as compared to 94.7% in the first quarter of 2001. For the 42,787 apartment homes included in the first quarter "same-property" results, revenues decreased 1.6% while 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. increased 1.6%, producing a 3.3% decline in 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. (NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics ). Leasing continued during the quarter at Camden Farmers Market 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. and Camden Crown Valley in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . These properties are currently 90% and 85% leased respectively, and are expected to stabilize stabilize See peg. during the second quarter of 2002. Construction is currently underway on four developments: Camden Harbour View in Long Beach, Calif., Camden Vineyards in Murrieta, Calif., Camden Oak Crest in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the and Camden Miramar Miramar (mĭr`əmär'), city (1990 pop. 40,663), Broward co., SE Fla.; inc. 1955. It is a residential community in the rapidly growing I-75 corridor between Miami and Fort Lauderdale. V in Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. . Subsequent to quarter-end, Camden acquired two apartment communities in Tampa Tampa (tăm`pə), city (1990 pop. 280,015), seat of Hillsborough co., W Fla., a port of entry with an impressive harbor on Tampa Bay; inc. 1855. , Fla., which were developed under its third party development program. These communities were purchased as part of the Company's geographic diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. strategy. Marina Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness Pointe pointe n. In ballet, dancing that is performed on the tips of the toes. [From French pointe (des pieds), point (of the feet), tiptoe; see point.] II, which will be renamed Camden Bay, is a 352-unit property which was completed and stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. in 2001. Camden Ybor City is a 454-unit property which was completed in the first quarter of 2002 and is expected to stabilize during the fourth quarter of 2002. The total purchase price for these communities was $70.2 million. "Based on current market conditions and a slower than anticipated recovery in the multifamily sector, we are revising our guidance for 2002," said Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Campo, Chairman and Chief Executive Officer. "We are now expecting same property NOI to decline in the range of 0% to (2.0%). FFO is expected to be $3.60 to $3.68 per share, with EPS between $1.29 and $1.37 per share excluding gains on sales." Camden plans to update its 2002 earnings guidance to the market on a quarterly basis. The Company will hold a conference call on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , May 3, 2002 at 10:00 a.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. to review its first quarter results and discuss its outlook for future performance. To participate in the call, please dial 888/689-4517 by 9:50 a.m. CST, or join the live webcast of the conference call by accessing the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Company's Web site at www.camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company's Web site or by calling Camden's Investor Relations Department at 800/922-6336. 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 144 properties containing 51,045 apartment homes in the Sunbelt Sunbelt Region, south and southwestern U.S. It is characterized by a warm climate, rapid population growth since 1970, and relatively conservative voting patterns. Comprising 15 states, it extends from Virginia and Florida in the southeast through Nevada in the southwest, and Midwestern Mid·west or Middle West A region of the north-central United States around the Great Lakes and the upper Mississippi Valley. It is generally considered to include Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, Missouri, Kansas, and markets from Florida to California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . Upon completion of three properties under development and the expansion of an existing property, the Company's portfolio will increase to 52,412 apartment homes in 147 properties. In addition to historical information, this press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. For more information, please contact Camden's Investor Relations Department at 1-800-9Camden or locally at 713/354-2787, or visit Camden's Web site at http://www.camdenliving.com.
FIRST QUARTER 2002 - FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts,
ratios and note amounts)
(Unaudited) Three Months Ended March 31,
2002 2001 % Change
-------- -------- --------
Total revenues $103,805 $102,658 1.1%
EBITDA (a) 60,590 61,150 (0.9%)
Net income to common shareholders 13,982 16,201 (13.7%)
Earnings per share - basic 0.34 0.43 (20.9%)
Earnings per share - diluted 0.32 0.41 (22.0%)
Funds from operations - diluted 40,102 40,145 (0.1%)
Per share 0.90 0.90 0.0%
Dividends per share 0.64 0.61 4.9%
Dividend payout ratio 71.1% 67.8%
Interest expensed 17,104 17,143
Interest capitalized 2,263 3,103
-------- --------
Total interest incurred 19,367 20,246
Principal amortization 1,275 1,343
Preferred dividends &
distributions 3,218 5,561
Interest expense coverage ratio 3.5 x 3.6 x
Total interest coverage ratio 3.1 x 3.0 x
Fixed charge expense coverage
ratio 2.8 x 2.5 x
Total fixed charge coverage ratio 2.5 x 2.3 x
Same property NOI increase (3.3%)
(# of apartment homes included) 42,787
Gross turnover of apartment units
(annualized) 60%
Net turnover (excludes on-site
transfers and transfers to other
Camden properties) 54%
(a) EBITDA, as presented, excludes impairment provisions for
technology investments, equity in income of joint ventures, gain
on sale of real estate assets, income allocated to minority
interests and dividends to preferred unitholders.
As of March 31,
2002 2001
---------- ----------
Total assets $2,462,205 $2,428,377
Total debt $1,240,381 $1,152,695
Common and common equivalent shares,
outstanding end of period (b) 44,851 44,778
Share price, end of period $39.12 $33.25
Preferred units, end of period $149,815 $149,815
Book equity value, end of period (c) $1,115,849 $1,180,088
Market equity value, end of period (c) $1,907,568 $1,641,869
Debt to total market capitalization
ratio 39.4% 41.2%
Debt to assets, at cost 50.4% 47.5%
Unencumbered real estate assets
(at cost) to unsecured debt ratio 233% 245%
(b) Includes: 42,388 common shares (including 1,433 restricted share
awards & options), plus common share equivalents upon the assumed
conversion of minority interest units (2,463)
(c) Includes: common shares, preferred and common units, and common
share equivalents
OPERATING RESULTS
(In thousands, except per share and property data amounts)
(Unaudited) Three Months Ended
March 31,
-----------------------
OPERATING DATA 2002 2001
-------------- --------- ---------
Rental income $92,192 $92,210
Other property income 7,425 6,951
--------- ---------
Total property income 99,617 99,161
--------- ---------
Development and construction fees 1,072 1,247
Management fees 266 296
Other income 2,850 1,954
--------- ---------
Total revenues 103,805 102,658
Property operating and maintenance 27,865 28,159
Real estate taxes 10,583 10,066
General and administrative 3,589 3,283
Other expenses 1,178 --
Impairment provision for technology
investments -- 1,090
Interest 17,104 17,143
Depreciation and amortization 26,057 24,496
--------- ---------
Total expenses 86,376 84,237
--------- ---------
Income before gain on sale of properties,
equity in income of joint ventures
and minority interests 17,429 18,421
Gain on sale of properties -- 1,716
Equity in income of joint ventures 225 2,696
Income allocated to minority interests
Distributions on units convertible into
perpetual preferred shares (3,218) (3,218)
Income allocated to units convertible
into common shares (454) (1,071)
--------- ---------
Net income 13,982 18,544
Preferred share dividends -- (2,343)
--------- ---------
Net income to common shareholders $13,982 $16,201
========= =========
FUNDS FROM OPERATIONS
Net income to common shareholders $13,982 $16,201
Real estate depreciation 25,139 23,807
Adjustments for unconsolidated joint
ventures 527 (1,595)
(Gain) on sale of properties -- (1,716)
Preferred share dividends -- 2,343
Income allocated to units convertible
into common shares 454 1,071
Adjustments for convertible
subordinated debentures -- 34
--------- ---------
Funds from operations - diluted $40,102 $40,145
========= =========
PER SHARE DATA
Earnings per share - basic $0.34 $0.43
Earnings per share - diluted 0.32 0.41
Funds from operations - diluted 0.90 0.90
Cash distributions 0.64 0.61
Weighted average number of common and
common equivalent shares outstanding:
Basic 40,826 37,975
Diluted 44,648 39,570
FFO - diluted 44,648 44,822
PROPERTY DATA
Total operating properties (end
of period) (a) 144 143
Total operating apartment homes in
operating properties (end of period) (a) 51,045 50,780
Total operating apartment homes
(weighted average) 45,872 45,038
(a) Includes joint venture investments.
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