Camden Property Trust Announces Fourth Quarter and Full Year 2006 Operating Results.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; -- 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 fourth quarter of 2006 totaled $0.87 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 $54.7 million, as compared to $0.84 per diluted share or $49.5 million for the same period in 2005. FFO for the twelve months ended December December: see month. 31, 2006 totaled $3.88 per diluted share or $237.8 million, as compared to $3.47 per diluted share or $195.3 million for the same period in 2005. FFO for the twelve months ended December 31, 2006 included a $0.43 per diluted share impact from gain on sale of land. FFO for the twelve months ended December 31, 2005 included a $0.43 per diluted share impact from the sale of technology investments, and a $0.25 per diluted share charge for transaction compensation and merger expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Camden's merger with Summit Properties Inc. ("Summit"). Net Income ("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. ") The Company reported net income ("EPS") of $31.4 million or $0.53 per diluted share for the fourth quarter of 2006, as compared to $12.9 million or $0.23 per diluted share for the same period in 2005. 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 Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . EPS for the three months ended December 31, 2005 included a $0.21 per diluted share impact from gain on sale of land, joint venture properties and discontinued operations. For the twelve months ended December 31, 2006, net income totaled $232.8 million or $3.96 per diluted share, as compared to $199.1 million or $3.58 per diluted share for the same period in 2005. EPS for the twelve months ended December 31, 2006 included a $3.35 per diluted share impact from gain on sale of land, operating properties, joint venture properties and discontinued operations. EPS for the twelve months ended December 31, 2005 included a $3.20 per diluted share impact from gain on sale of land, operating properties, joint venture properties and discontinued operations, a $0.43 per diluted share impact from the sale of technology investments, a $0.57 per diluted share charge related to the amortization of acquired in place leases, and a $0.25 per diluted share charge for transaction compensation and merger expenses relating to Camden's merger with Summit. A reconciliation of net income to FFO is included in the financial tables accompanying this press release. Same-Property Results For the 46,565 apartment homes included in consolidated same-property results, fourth quarter 2006 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 ") increased 6.3% compared to the fourth quarter of 2005, with revenues increasing 5.6% and expenses increasing 4.6%. On a sequential basis, fourth quarter 2006 same-property NOI increased 1.7% compared to the third quarter of 2006, with revenues declining 0.5% and expenses declining 3.8% compared to the prior quarter. On a full-year basis, 2006 same-property NOI increased 8.6%, with revenue growth of 7.4% and expense growth of 5.4% compared to the same period in 2005. Same-property physical occupancy levels for the combined portfolio averaged 94.0% during the fourth quarter of 2006, compared to 96.3% in the fourth quarter of 2005 and 94.9% in the third quarter of 2006. The Company defines same-property communities as communities owned by either Camden or Summit 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. as of January 1, 2005, excluding properties held for sale. 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, 2006, Camden had four completed apartment communities in lease-up: Camden Fairfax Corner in Fairfax, VA, an $82.0 million project that is currently 93% leased; Camden Manor Park Manor Park may refer to places: in Canada:
The Company's current development pipeline includes eight wholly-owned communities and an expansion of an existing property, comprising 2,719 apartment homes and a total budgeted cost of $571.5 million. Camden also has five joint venture communities under development comprising 1,528 apartment homes and a total budgeted cost of $367.9 million. Of the 13 communities currently under development, two are presently in lease-up: Camden Clearbrook in Frederick, MD is currently 78% leased; and Camden Old Creek in San Marcos San Marcos (săn mär`kəs). 1 City (1990 pop. 38,974), San Diego co., S Calif., a northern suburb of San Diego; settled 1880s, inc. 1963. , CA is currently 40% leased. Disposition Activity During the quarter, the Company disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of two Houston communities which were previously held for sale. Camden Crossing (366 homes) and Camden Wyndham (448 homes) were sold for a total price of $32.5 million, resulting in a gain on sale of $18.9 million. Properties and Land Held for Sale At December 31, 2006, Camden had three operating communities consisting of 930 apartment homes classified as held for sale. These properties included: Camden Downs, a 254-home apartment community in Louisville, KY; Camden Taravue, a 304-home apartment community in St. Louis, MO; and Camden Trace, a 372-home apartment community in St. Louis, MO. The Company also had 5.7 acres of undeveloped land in Miami, FL, Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , FL and Dallas, TX classified as held for sale at year-end. Earnings Guidance Camden provided initial earnings guidance for 2007 based on its current and expected views of the apartment market and general economic conditions. Full-year 2007 FFO is expected to be $3.60 to $3.90 per diluted share, and full-year 2007 EPS is expected to be $0.95 to $1.25 per diluted share. First quarter 2007 earnings guidance is $0.87 to $0.91 per diluted share for FFO and $0.20 to $0.24 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of operating properties. Camden intends to update its earnings guidance to the market on a quarterly basis. The Company's initial 2007 earnings guidance is based on projections of same-property NOI growth between 5.5% and 7.5%, acquisitions of $0 - $100 million, dispositions of $175 - $450 million and new development starts of $350 - $500 million. Additional information on the Company's 2007 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 9, 2007 at 10:00 a.m. Central Time to review its fourth quarter and full-year 2006 results and discuss its outlook for future performance. To participate in the call, please dial (877) 407-0782 (domestic) or (201) 689-8567 (international) by 9:50 a.m. Central Time and request the Camden Property Trust Fourth Quarter 2006 Earnings Call, 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 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 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. 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 186 properties containing 63,843 apartment homes across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Upon completion of 13 properties under development and the expansion of an existing property, the Company's portfolio will increase to 68,090 apartment homes in 199 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. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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