Company Website:
http://www.camdenliving.com
HOUSTON -- (Business Wire)
Camden Property Trust (NYSE:CPT) announced today operating results for
the three months ended March 31, 2018. Net Income Attributable to Common
Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds
from Operations (“AFFO”) for the three months ended March 31, 2018 are
detailed below. A reconciliation of EPS to FFO is included in the
financial tables accompanying this press release.
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Three Months Ended
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| | | |
March 31
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Per Diluted Share
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2018
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2017
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EPS
| | | |
$0.41
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|
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|
$0.39
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FFO
| | | |
$1.15
| | | |
$1.09
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AFFO
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$1.04
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$0.99
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Quarterly Growth
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Sequential Growth
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Same Property Results
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1Q18 vs. 1Q17
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1Q18 vs. 4Q17
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Revenues
| | |
3.3%
| | |
0.3%
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Expenses
| | |
2.1%
| | |
3.7%
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Net Operating Income ("NOI")
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4.0%
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(1.5)%
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Same Property Results
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1Q18
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1Q17
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4Q17
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Occupancy
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95.4%
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94.7%
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95.7%
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“We are pleased to report another quarter of strong performance, with
same property growth and FFO per share slightly better than
anticipated,” said Richard J. Campo, Camden’s Chairman and CEO. “We now
expect 2018 same property NOI growth to be 2.7% at the midpoint of our
guidance range, compared to our original outlook of 2.5%, primarily as a
result of lower than expected operating expenses during the first
quarter. Camden’s 2018 guidance for FFO per share is unchanged, as the
slight improvement in our outlook for same property NOI is offset by
revised assumptions regarding the timing of additional 2018 acquisitions
and initial occupancy at one of our new development communities.”
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 was completed at Camden Shady Grove in
Rockville, MD. Subsequent to quarter-end, leasing began at Camden
McGowen Station in Houston, TX and Camden North End I in Phoenix, AZ.
Development Communities - Construction Completed and Projects in
Lease-Up ($ in millions)
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Total
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Total
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% Leased
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Community Name
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Location
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Units
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Cost
|
|
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as of 5/1/2018
|
Camden NoMa II
| | |
Washington, DC
| | |
405
| | |
$107.6
| | |
78%
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Camden Shady Grove
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|
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Rockville, MD
|
|
|
457
|
|
|
113.0
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|
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70%
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Total
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|
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|
|
862
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$220.6
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| | | | | | | | | | | |
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Development Communities - Construction Ongoing ($ in millions)
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Total
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Total
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% Leased
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Community Name
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Location
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Units
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Budget
|
|
|
as of 5/1/2018
|
Camden McGowen Station
| | |
Houston, TX
| | |
315
| | |
$90.0
| | |
6%
|
Camden North End I
| | |
Phoenix, AZ
| | |
441
| | |
105.0
| | |
9%
|
Camden Washingtonian
| | |
Gaithersburg, MD
| | |
365
| | |
90.0
| | | |
Camden Grandview II
| | |
Charlotte, NC
| | |
28
| | |
21.0
| | | |
Camden RiNo
| | |
Denver, CO
| | |
233
| | |
75.0
| | | |
Camden Downtown I
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|
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Houston, TX
|
|
|
271
|
|
|
132.0
|
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Total
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|
|
|
|
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1,653
|
|
|
$513.0
|
|
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| | | | | | | | | | | |
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Acquisition/Disposition Activity
During the quarter, the Company acquired Camden Pier District, a
358-home apartment community located in St. Petersburg, FL, for $126.9
million and Camden North Quarter, a 333-home apartment community located
in Orlando, FL, for $81.4 million.
Subsequent to quarter-end, Camden acquired a 1.78-acre land parcel in
Orlando, FL, for $11.4 million for the future development of
approximately 360 wholly-owned apartment homes.
Share Repurchase
During the quarter, Camden repurchased 3,222 shares at an average price
of $78.72 per share for $0.3 million. The Company currently has
approximately $269.5 million remaining under its stock repurchase
program.
Earnings Guidance
Camden updated its earnings guidance for 2018 based on its current and
expected views of the apartment market and general economic conditions,
and provided guidance for second quarter 2018 as detailed below.
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2Q18
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2018
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2018 Midpoint
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Per Diluted Share
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Range
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Range
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Current
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Prior
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Change
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EPS
| | |
$0.45 - $0.49
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$1.68 - $1.88
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$1.78
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$1.78
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$0.00
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FFO
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$1.16 - $1.20
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$4.62 - $4.82
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$4.72
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$4.72
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$0.00
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2018
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2018 Midpoint
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Same Property Growth
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Range
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Current
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Prior
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Change
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Revenues
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2.5% - 3.5%
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3.0%
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3.0%
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0.0%
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Expenses
| | |
3.0% - 4.0%
| | |
3.5%
| | |
4.0%
| | |
(0.5)%
|
NOI
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1.7% - 3.7%
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2.7%
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2.5%
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0.2%
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| | | | | | | | | | | |
|
Camden intends to update its earnings guidance to the market on a
quarterly basis. Additional information on the Company’s 2018 financial
outlook and a reconciliation of expected EPS to expected FFO are
included in the financial tables accompanying this press release.
Conference Call
Friday, May 4, 2018 at 10:00 AM CT
Domestic Dial-In Number: (888)
317-6003; International Dial-In Number: (412) 317-6061
Passcode:
7582072
Webcast: http://services.choruscall.com/links/cpt180504.html
Supplemental
financial information is available in the Investors section of the
Company’s website under Earnings Releases or by calling Camden’s
Investor Relations Department at (713) 354-2787.
Forward-Looking Statements
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 (the “Company”) 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.
Factors which may cause the Company’s actual results or performance to
differ materially from those contemplated by forward-looking statements
are described under the heading “Risk Factors” in Camden’s Annual Report
on Form 10-K and in other filings with the Securities and Exchange
Commission (SEC). Forward-looking statements made in today’s press
release represent management’s current opinions at the time of this
publication, and the Company assumes no obligation to update or
supplement these statements because of subsequent events.
About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company
engaged in the ownership, management, development, redevelopment,
acquisition, and construction of multifamily apartment communities.
Camden owns interests in and operates 158 properties containing 54,181
apartment homes across the United States. Upon completion of 6
properties currently under development, the Company’s portfolio will
increase to 55,834 apartment homes in 164 properties. Camden was
recently named by FORTUNE® Magazine for the eleventh consecutive year as
one of the “100 Best Companies to Work For” in America, ranking #22.
For additional information, please contact Camden’s Investor Relations
Department at (713) 354-2787 or access our website at camdenliving.com.
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| |
CAMDEN | | | OPERATING RESULTS |
| | | (In thousands, except per share amounts) |
|
|
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|
(Unaudited)
| | | |
| | | Three Months Ended March 31, |
| | | 2018 |
|
|
| 2017 |
OPERATING DATA | | | |
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|
| |
Property revenues | | | | | | | |
Rental revenues (a) | | |
$
|
203,505
| | | | |
$
|
188,102
| |
Other property revenues (a) | | |
|
27,178
|
|
|
|
|
|
31,419
|
|
Total property revenues
| | |
|
230,683
|
|
|
|
|
|
219,521
|
|
| | | | | | |
|
Property expenses | | | | | | | |
Property operating and maintenance
| | | |
53,916
| | | | | |
51,548
| |
Real estate taxes
| | |
|
30,049
|
|
|
|
|
|
27,920
|
|
Total property expenses
| | |
|
83,965
|
|
|
|
|
|
79,468
|
|
| | | | | | |
|
Non-property income | | | | | | | |
Fee and asset management
| | | |
1,998
| | | | | |
1,748
| |
Interest and other income
| | | |
793
| | | | | |
634
| |
Income/(loss) on deferred compensation plans
| | |
|
(205
|
)
|
|
|
|
|
4,617
|
|
Total non-property income
| | |
|
2,586
|
|
|
|
|
|
6,999
|
|
| | | | | | |
|
Other expenses | | | | | | | |
Property management
| | | |
6,639
| | | | | |
7,027
| |
Fee and asset management
| | | |
965
| | | | | |
884
| |
General and administrative
| | | |
12,223
| | | | | |
12,868
| |
Interest
| | | |
20,374
| | | | | |
22,956
| |
Depreciation and amortization
| | | |
70,224
| | | | | |
63,734
| |
Expense/(benefit) on deferred compensation plans
| | |
|
(205
|
)
|
|
|
|
|
4,617
|
|
Total other expenses
| | |
|
110,220
|
|
|
|
|
|
112,086
|
|
| | | | | | |
|
Loss on early retirement of debt
| | | |
—
| | | | | |
(323
|
)
|
Equity in income of joint ventures
| | |
|
1,829
|
|
|
|
|
|
1,817
|
|
Income from continuing operations before income taxes | | | | 40,913 | | | | | | 36,460 | |
Income tax expense
| | |
|
(388
|
)
|
|
|
|
|
(471
|
)
|
Net income | | | | 40,525 | | | | | | 35,989 | |
Less income allocated to non-controlling interests from continuing
operations
| | |
|
(1,130
|
)
|
|
|
|
|
(1,128
|
)
|
Net income attributable to common shareholders | | | $ | 39,395 |
|
|
|
| $ | 34,861 |
|
| | | | | | |
|
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME | | | | | | | |
Net income | | | $40,525 | | | | $35,989 | |
Other comprehensive income | | | | | | | |
Unrealized gain on cash flow hedging activities
| | | |
3,601
| | | | | |
—
| |
Reclassification of net loss on cash flow hedging activities, prior
service cost and net loss on post retirement obligation
| | |
|
35
|
|
|
|
|
|
34
|
|
Comprehensive income | | | | 44,161 | | | | | | 36,023 | |
Less income allocated to non-controlling interests from continuing
operations
| | |
|
(1,130
|
)
|
|
|
|
|
(1,128
|
)
|
Comprehensive income attributable to common shareholders | | | $ | 43,031 |
|
|
|
| $ | 34,895 |
|
| | | | | | |
|
PER SHARE DATA | | | | | | | |
| | | | | | |
|
Total earnings per common share - basic
| | |
$
|
0.41
| | | | |
$
|
0.39
| |
Total earnings per common share - diluted
| | | |
0.41
| | | | | |
0.39
| |
| | | | | | |
|
Weighted average number of common shares outstanding: | | | | | | | |
Basic
| | | |
95,067
| | | | | |
89,925
| |
Diluted
| | | |
96,046
| | | | | |
90,949
| |
|
| |
(a) | | Upon our adoption of the new revenue standard ASU 2014-09
effective January 1, 2018, we are now presenting certain revenue
items historically included as a component of other property
revenues as rental revenues due to the nature and timing of
revenue recognition for these items being more closely aligned to
a lease. This new presentation has been applied prospectively as
this reclassification will not have an impact upon total property
revenues. Approximately $5.6 million of rental revenue is related
to this presentation for the three months ended March 31, 2018.
Had ASU 2014-09 been effective as of January 1, 2017, we would
have reclassified approximately $5.3 million from other property
revenues to rental revenue for the three months ended March 31,
2017. |
|
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in
this document.
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| |
CAMDEN | | | | FUNDS FROM OPERATIONS |
| | | | (In thousands, except per share and property data amounts) |
|
|
|
|
|
|
|
|
(Unaudited) | | | | |
| | | | Three Months Ended March 31, |
| | | | 2018 |
|
| 2017 |
FUNDS FROM OPERATIONS | | | | | | | |
| | | | | | |
|
Net income attributable to common shareholders | | | | $ | 39,395 | | | | $ | 34,861 | |
Real estate depreciation and amortization
| | | | |
68,595
| | | | |
62,153
| |
Adjustments for unconsolidated joint ventures
| | | | |
2,247
| | | | |
2,213
| |
Income allocated to non-controlling interests
| | | |
|
1,130
|
|
|
|
|
1,128
|
|
Funds from operations | | | | $ | 111,367 |
|
|
| $ | 100,355 |
|
| | | | | | |
|
Less: recurring capitalized expenditures (a) | | | | |
(9,999
|
)
| | | |
(9,694
|
)
|
| | | |
|
|
|
|
Adjusted funds from operations - diluted | | | | $ | 101,368 |
|
|
| $ | 90,661 |
|
| | | | | | |
|
PER SHARE DATA | | | | | | | |
Funds from operations - diluted
| | | |
$
|
1.15
| | | |
$
|
1.09
| |
Adjusted funds from operations - diluted
| | | | |
1.04
| | | | |
0.99
| |
Distributions declared per common share
| | | | |
0.77
| | | | |
0.75
| |
| | | | | | |
|
Weighted average number of common shares outstanding: | | | | | | | |
FFO/AFFO - diluted
| | | | |
97,124
| | | | |
92,029
| |
| | | | | | |
|
PROPERTY DATA | | | | | | | |
Total operating properties (end of period) (b) | | | | |
158
| | | | |
153
| |
Total operating apartment homes in operating properties (end of
period) (b) | | | | |
54,181
| | | | |
53,116
| |
Total operating apartment homes (weighted average)
| | | | |
46,353
| | | | |
45,710
| |
| | | | | | | | | | |
|
(a) Capital expenditures necessary to help preserve the value
of and maintain the functionality at our communities. |
| | | | | | | | | | |
|
(b) Includes joint ventures and properties held for sale, if
any. |
|
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in
this document.
|
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| |
|
| |
|
| |
|
| |
|
| |
CAMDEN | | | BALANCE SHEETS (In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) | | | | | | | | | | | | | | | |
| | | Mar 31, 2018 |
|
| Dec 31, 2017 |
|
| Sep 30, 2017 |
|
| Jun 30, 2017 |
|
| Mar 31, 2017 |
ASSETS | | | | | | | | | | | | | | | |
Real estate assets, at cost
| | | | | | | | | | | | | | | |
Land
| | |
$
|
1,053,578
| | | |
$
|
1,021,031
| | | |
$
|
1,016,097
| | | |
$
|
1,008,459
| | | |
$
|
984,523
| |
Buildings and improvements
| | |
|
6,494,229
|
|
|
|
|
6,269,481
|
|
|
|
|
6,269,561
|
|
|
|
|
6,199,435
|
|
|
|
|
6,071,203
|
|
| | | |
7,547,807
| | | | |
7,290,512
| | | | |
7,285,658
| | | | |
7,207,894
| | | | |
7,055,726
| |
Accumulated depreciation
| | |
|
(2,185,452
|
)
|
|
|
|
(2,118,839
|
)
|
|
|
|
(2,080,989
|
)
|
|
|
|
(2,016,259
|
)
|
|
|
|
(1,952,809
|
)
|
Net operating real estate assets
| | | |
5,362,355
| | | | |
5,171,673
| | | | |
5,204,669
| | | | |
5,191,635
| | | | |
5,102,917
| |
Properties under development, including land
| | | |
399,903
| | | | |
377,231
| | | | |
363,481
| | | | |
373,294
| | | | |
377,107
| |
Investments in joint ventures
| | |
|
26,863
|
|
|
|
|
27,237
|
|
|
|
|
28,420
|
|
|
|
|
29,665
|
|
|
|
|
30,062
|
|
Total real estate assets
| | | |
5,789,121
| | | | |
5,576,141
| | | | |
5,596,570
| | | | |
5,594,594
| | | | |
5,510,086
| |
Accounts receivable – affiliates
| | | |
23,397
| | | | |
24,038
| | | | |
23,620
| | | | |
23,592
| | | | |
23,634
| |
Other assets, net (a) | | | |
199,420
| | | | |
195,764
| | | | |
189,253
| | | | |
155,784
| | | | |
147,922
| |
Cash and cash equivalents
| | | |
101,401
| | | | |
368,492
| | | | |
350,274
| | | | |
16,318
| | | | |
245,529
| |
Restricted cash
| | |
|
15,036
|
|
|
|
|
9,313
|
|
|
|
|
9,178
|
|
|
|
|
8,312
|
|
|
|
|
8,175
|
|
Total assets
| | |
$
|
6,128,375
|
|
|
|
$
|
6,173,748
|
|
|
|
$
|
6,168,895
|
|
|
|
$
|
5,798,600
|
|
|
|
$
|
5,935,346
|
|
| | | | | | | | | | | | | | |
|
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | |
Liabilities
| | | | | | | | | | | | | | | |
Notes payable
| | | | | | | | | | | | | | | |
Unsecured
| | |
$
|
1,339,142
| | | |
$
|
1,338,628
| | | |
$
|
1,338,117
| | | |
$
|
1,437,608
| | | |
$
|
1,583,819
| |
Secured
| | | |
865,798
| | | | |
865,970
| | | | |
866,134
| | | | |
866,292
| | | | |
866,476
| |
Accounts payable and accrued expenses
| | | |
123,706
| | | | |
128,313
| | | | |
127,557
| | | | |
116,754
| | | | |
120,086
| |
Accrued real estate taxes
| | | |
29,061
| | | | |
51,383
| | | | |
70,027
| | | | |
48,559
| | | | |
24,682
| |
Distributions payable
| | | |
75,083
| | | | |
72,943
| | | | |
72,962
| | | | |
69,347
| | | | |
69,326
| |
Other liabilities (b) | | |
|
157,002
|
|
|
|
|
154,567
|
|
|
|
|
154,506
|
|
|
|
|
134,851
|
|
|
|
|
123,654
|
|
Total liabilities
| | | |
2,589,792
| | | | |
2,611,804
| | | | |
2,629,303
| | | | |
2,673,411
| | | | |
2,788,043
| |
| | | | | | | | | | | | | | |
|
Commitments and contingencies
| | | | | | | | | | | | | | | |
Non-qualified deferred compensation share awards
| | | |
76,174
| | | | |
77,230
| | | | |
73,015
| | | | |
84,050
| | | | |
75,704
| |
| | | | | | | | | | | | | | |
|
Equity
| | | | | | | | | | | | | | | |
Common shares of beneficial interest
| | | |
1,026
| | | | |
1,028
| | | | |
1,028
| | | | |
978
| | | | |
978
| |
Additional paid-in capital
| | | |
4,132,056
| | | | |
4,137,161
| | | | |
4,134,206
| | | | |
3,678,660
| | | | |
3,675,737
| |
Distributions in excess of net income attributable to common
shareholders
| | | |
(396,596
|
)
| | | |
(368,703
|
)
| | | |
(383,584
|
)
| | | |
(351,910
|
)
| | | |
(317,642
|
)
|
Treasury shares, at cost
| | | |
(356,687
|
)
| | | |
(364,066
|
)
| | | |
(364,736
|
)
| | | |
(364,785
|
)
| | | |
(365,923
|
)
|
Accumulated other comprehensive loss (c) | | |
|
3,579
|
|
|
|
|
(57
|
)
|
|
|
|
(7
|
)
|
|
|
|
(1,795
|
)
|
|
|
|
(1,829
|
)
|
Total common equity
| | | |
3,383,378
| | | | |
3,405,363
| | | | |
3,386,907
| | | | |
2,961,148
| | | | |
2,991,321
| |
Non-controlling interests
| | |
|
79,031
|
|
|
|
|
79,351
|
|
|
|
|
79,670
|
|
|
|
|
79,991
|
|
|
|
|
80,278
|
|
Total equity
| | |
|
3,462,409
|
|
|
|
|
3,484,714
|
|
|
|
|
3,466,577
|
|
|
|
|
3,041,139
|
|
|
|
|
3,071,599
|
|
Total liabilities and equity
| | |
$
|
6,128,375
|
|
|
|
$
|
6,173,748
|
|
|
|
$
|
6,168,895
|
|
|
|
$
|
5,798,600
|
|
|
|
$
|
5,935,346
|
|
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
(a) Includes: | | | | | | | | | | | | | | | |
net deferred charges of: | | | $ | 929 | | | | $ | 1,125 | | | | $ | 1,312 | | | | $ | 1,487 | | | | $ | 1,683 | |
net fair value adjustment of derivative instruments: | | | $ | 5,291 | | | | $ | 1,690 | | | | $ | 1,754 | | | | $ | — | | | | $ | — | |
| | | | | | | | | | | | | | |
|
(b) Includes deferred revenues of: | | | $ | 536 | | | | $ | 426 | | | | $ | 1,463 | | | | $ | 513 | | | | $ | 1,455 | |
| | | | | | | | | | | | | | |
|
(c) 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) |
|
|
|
(Unaudited) | | |
| |
|
This document contains certain non-GAAP financial measures
management believes are useful in evaluating an equity REIT's
performance. Camden's definitions and calculations of non-GAAP
financial measures may differ from those used by other REITs, and
thus may not be comparable. The non-GAAP financial measures should
not be considered as an alternative to net income as an indication
of our operating performance, or to net cash provided by operating
activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts
(“NAREIT”) currently defines FFO as net income (computed in
accordance with accounting principles generally accepted in the
United States of America ("GAAP")), excluding gains (or losses)
associated with the sale of previously depreciated operating
properties, real estate depreciation and amortization, impairments
of depreciable assets, and adjustments for unconsolidated joint
ventures. Our calculation of diluted FFO also assumes conversion
of all potentially dilutive securities, including certain
non-controlling interests, which are convertible into common
shares. We consider FFO to be an appropriate supplemental measure
of operating performance because, by excluding gains or losses on
dispositions of operating properties, and depreciation, FFO can
assist in the comparison of the operating performance of a
company’s real estate investments between periods or to different
companies. A reconciliation of net income attributable to common
shareholders to FFO is provided below:
Adjusted FFO
In addition to FFO, we compute Adjusted FFO ("AFFO") as a
supplemental measure of operating performance. AFFO is calculated
utilizing FFO less recurring capital expenditures which are
necessary to help preserve the value of and maintain the
functionality at our communities. Our definition of recurring
capital expenditures may differ from other REITs, and there can be
no assurance our basis for computing this measure is comparable to
other REITs. A reconciliation of FFO to AFFO is provided below:
|
|
|
| |
| | | Three Months Ended March 31, |
| | | 2018 |
|
|
| 2017 |
Net income attributable to common shareholders
| | |
$
|
39,395
| | | | |
$
|
34,861
| |
Real estate depreciation and amortization
| | | |
68,595
| | | | | |
62,153
| |
Adjustments for unconsolidated joint ventures
| | | |
2,247
| | | | | |
2,213
| |
Income allocated to non-controlling interests
| | |
|
1,130
|
| | | |
|
1,128
|
|
Funds from operations | | | $ | 111,367 |
| | | | $ | 100,355 |
|
| | | | | | |
|
Less: recurring capitalized expenditures
| | | |
(9,999
|
)
| | | | |
(9,694
|
)
|
| | |
| | | |
|
Adjusted funds from operations | | | $ | 101,368 |
| | | | $ | 90,661 |
|
| | | | | | |
|
Weighted average number of common shares outstanding:
| | | | | | | |
EPS diluted
| | | |
96,046
| | | | | |
90,949
| |
FFO/AFFO diluted
| | | |
97,124
| | | | | |
92,029
| |
| | | | | | |
|
Total earnings per common share - diluted
| | |
$
|
0.41
| | | | |
$
|
0.39
| |
FFO per common share - diluted
| | |
$
|
1.15
| | | | |
$
|
1.09
| |
AFFO per common share - diluted
| | |
$
|
1.04
| | | | |
$
|
0.99
| |
| | | | | | |
|
Expected FFO
Expected FFO is calculated in a method consistent with historical
FFO, and is considered an appropriate supplemental measure of
expected operating performance when compared to expected earnings
per common share (EPS). Guidance excludes gains, if any, on
properties not currently held for sale due to the uncertain timing
and extent of property dispositions and the resulting gains/losses
on sales. A reconciliation of the ranges provided for diluted EPS
to expected FFO per diluted share is provided below:
|
|
|
| |
|
|
| |
| | | 2Q18Range | | | | 2018Range |
| | | Low |
|
| High | | | | Low |
|
| High |
Expected earnings per common share - diluted
| | |
$
|
0.45
| | |
$
|
0.49
| | | |
$
|
1.68
| | |
$
|
1.88
|
Expected real estate depreciation and amortization
| | | |
0.68
| | | |
0.68
| | | | |
2.81
| | | |
2.81
|
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
| | | |
|
0.04
| | |
|
0.04
|
Expected FFO per share - diluted
| | |
$
|
1.16
| | |
$
|
1.20
| | | |
$
|
4.62
| | |
$
|
4.82
|
|
Note: This table contains forward-looking statements. Please see
the paragraph regarding forward-looking statements earlier in this
document.
|
|
| |
CAMDEN | | NON-GAAP FINANCIAL MEASURES |
| | DEFINITIONS & RECONCILIATIONS |
| | (In thousands, except per share amounts) |
|
|
|
(Unaudited) | | |
| |
|
Net Operating Income (NOI)
NOI is defined by the Company as total property income less
property operating and maintenance expenses less real estate
taxes. NOI is further detailed in the Components of Property NOI
schedules on page 11 of the supplemental. The Company considers
NOI to be an appropriate supplemental measure of operating
performance to net income attributable to common shareholders
because it reflects the operating performance of our communities
without allocation of corporate level property management overhead
or general and administrative costs. A reconciliation of net
income attributable to common shareholders to net operating income
is provided below:
|
|
|
|
| |
|
|
| |
| | | | Three months ended March 31, |
| | | | 2018 |
|
|
| 2017 |
Net income
| | | |
$
|
40,525
| | | | |
$
|
35,989
| |
Less: Fee and asset management income
| | | | |
(1,998
|
)
| | | | |
(1,748
|
)
|
Less: Interest and other income
| | | | |
(793
|
)
| | | | |
(634
|
)
|
Less: Income/(loss) on deferred compensation plans
| | | | |
205
| | | | | |
(4,617
|
)
|
Plus: Property management expense
| | | | |
6,639
| | | | | |
7,027
| |
Plus: Fee and asset management expense
| | | | |
965
| | | | | |
884
| |
Plus: General and administrative expense
| | | | |
12,223
| | | | | |
12,868
| |
Plus: Interest expense
| | | | |
20,374
| | | | | |
22,956
| |
Plus: Depreciation and amortization expense
| | | | |
70,224
| | | | | |
63,734
| |
Plus: Expense/(benefit) on deferred compensation plans
| | | | |
(205
|
)
| | | | |
4,617
| |
Plus: Loss on Early Retirement of Debt
| | | | |
—
| | | | | |
323
| |
Less: Equity in income of joint ventures
| | | | |
(1,829
|
)
| | | | |
(1,817
|
)
|
Plus: Income tax expense
| | | |
|
388
|
|
|
|
|
|
471
|
|
Net Operating Income (NOI)
| | | |
$
|
146,718
| | | | |
$
|
140,053
| |
| | | | | | | |
|
"Same Property" Communities
| | | |
$
|
128,604
| | | | |
$
|
123,681
| |
Non-"Same Property" Communities
| | | | |
14,665
| | | | | |
11,424
| |
Development and Lease-Up Communities
| | | | |
2,048
| | | | | |
42
| |
Dispositions/Other
| | | |
|
1,401
|
|
|
|
|
|
4,906
|
|
Net Operating Income (NOI)
| | | |
$
|
146,718
| | | | |
$
|
140,053
| |
| | | | | | | |
|
Adjusted EBITDA
Adjusted EBITDA is defined by the Company as earnings before
interest, taxes, depreciation and amortization, including net
operating income from discontinued operations, excluding equity in
(income) loss of joint ventures, (gain) loss on sale of
unconsolidated joint venture interests, gain on acquisition of
controlling interest in joint ventures, gain on sale of operating
properties including land, net of tax, loss on early retirement of
debt and income (loss) allocated to non-controlling interests. The
Company considers Adjusted EBITDA to be an appropriate
supplemental measure of operating performance to net income
attributable to common shareholders because it represents income
before non-cash depreciation and the cost of debt, and excludes
gains or losses from property dispositions. A reconciliation of
net income attributable to common shareholders to Adjusted EBITDA
is provided below:
|
| | | | | | | |
|
| | | | Three months ended March 31, |
| | | | 2018 |
|
|
| 2017 |
Net income attributable to common shareholders
| | | |
$
|
39,395
| | | | |
$
|
34,861
| |
Plus: Interest expense
| | | | |
20,374
| | | | | |
22,956
| |
Plus: Depreciation and amortization expense
| | | | |
70,224
| | | | | |
63,734
| |
Plus: Income allocated to non-controlling interests from continuing
operations
| | | | |
1,130
| | | | | |
1,128
| |
Plus: Income tax expense
| | | | |
388
| | | | | |
471
| |
Plus: Loss on early retirement of debt
| | | | |
—
| | | | | |
323
| |
Less: Equity in income of joint ventures
| | | |
|
(1,829
|
)
|
|
|
|
|
(1,817
|
)
|
Adjusted EBITDA
| | | |
$
|
129,682
| | | | |
$
|
121,656
| |
View source version on businesswire.com: https://www.businesswire.com/news/home/20180503006582/en/
Contacts:
Camden Property Trust
Kim Callahan, 713-354-2549
Source: Camden Property Trust
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