Camden Property Trust (NYSE:CPT) (the "Company") announced today
operating results for the three and six months ended June 30, 2023.
Net Income Attributable to Common Shareholders (“EPS”), Funds from
Operations (“FFO”), Core Funds from Operations ("Core FFO"), and
Core Adjusted Funds from Operations (“Core AFFO”) for the three and
six months ended June 30, 2023 are detailed below. A reconciliation
of EPS to FFO, Core FFO, and Core AFFO is included in the financial
tables accompanying this press release.
Three Months Ended
Six Months Ended
June 30,
June 30,
Per Diluted Share
2023
2022
2023
2022
EPS
$0.84
$4.54
$1.22
$5.37
FFO
$1.67
$1.64
$3.33
$3.14
Core FFO
$1.70
$1.61
$3.36
$3.10
Core AFFO
$1.51
$1.42
$3.01
$2.77
Three Months Ended
2Q23 Guidance
2Q23 Guidance
Per Diluted Share
June 30, 2023
Midpoint
Variance
EPS(1)
$0.84
$0.38
$0.46
FFO(1)
$1.67
$1.66
$0.01
Core FFO
$1.70
$1.68
$0.02
(1) 2Q23 EPS and FFO guidance adjusted to
reflect $0.02 impact from retirement of secured variable rate debt
previously announced on May 31, 2023.
Quarterly Growth
Sequential Growth
Year-To-Date Growth
Same Property Results
2Q23 vs. 2Q22
2Q23 vs. 1Q23
2023 vs. 2022
Revenues
6.1%
1.5%
7.0%
Expenses
5.8%
0.9%
6.8%
Net Operating Income ("NOI")
6.2%
1.8%
7.1%
Same Property Results
2Q23
2Q22
1Q23
Occupancy
95.4%
96.8%
95.3%
For 2023, the Company defines same property communities as
communities wholly-owned and stabilized since January 1, 2022,
excluding communities under redevelopment and properties held for
sale. A reconciliation of net income to NOI and same property NOI
is included in the financial tables accompanying this press
release.
Operating Statistics - Same Property
Portfolio
New Lease and Renewal Data - Date Signed
(1)
July 2023*
July 2022
2Q23
2Q22
Signed New Lease Rates
1.6%
13.0%
2.2%
16.2%
Signed Renewal Rates
5.2%
12.6%
5.9%
14.4%
Signed Blended Lease Rates
3.4%
12.8%
4.1%
15.2%
New Lease and Renewal Data - Date
Effective (2)
July 2023*
July 2022
2Q23
2Q22
Effective New Lease Rates
2.0%
15.3%
2.2%
15.1%
Effective Renewal Rates
6.3%
14.5%
6.3%
13.2%
Effective Blended Lease Rates
4.1%
14.9%
4.0%
14.2%
*Data as of July 31, 2023
(1) Average change in same property new
lease and renewal rates vs. expiring lease rates when signed.
(2) Average change in same property new
lease and renewal rates vs. expiring lease rates when
effective.
Occupancy and Turnover Data
July 2023*
July 2022
2Q23
2Q22
Occupancy
95.6%
96.7%
95.4%
96.8%
Annualized Gross Turnover
61%
63%
54%
54%
Annualized Net Turnover
50%
54%
44%
47%
*Data as of July 31, 2023
Development Activity
During the quarter, construction was completed at Camden Tempe
II in Tempe, AZ and lease-up was completed subsequent to quarter
end. Additionally, leasing continued at Camden NoDa in Charlotte,
NC.
Development Communities - Construction Completed and Project in
Lease-Up ($ in millions)
Total
Total
% Leased
Community Name
Location
Homes
Cost
as of 7/31/2023
Camden Tempe II
Tempe, AZ
397
$106.5
95%
Development Communities - Construction Ongoing ($ in
millions)
Total
Total
% Leased
Community Name
Location
Homes
Estimated Cost
as of 7/31/2023
Camden NoDa
Charlotte, NC
387
$108.0
64%
Camden Durham
Durham, NC
420
145.0
Camden Village District
Raleigh, NC
369
138.0
Camden Woodmill Creek
The Woodlands, TX
189
75.0
Camden Long Meadow Farms
Richmond, TX
188
80.0
Total
1,553
$546.0
Disposition Activity
During the quarter, the Company disposed of a 138-apartment home
community in Costa Mesa, CA for approximately $61.1 million and
recognized a gain of approximately $48.9 million.
Liquidity Analysis
As of June 30, 2023, Camden had approximately $725.5 million of
liquidity comprised of approximately $20.3 million in cash and cash
equivalents, and $705.2 million of availability under its unsecured
credit facility. At quarter-end, the Company had $212.3 million
left to fund under its existing wholly-owned development
pipeline.
Capital Market
Transactions
During the quarter, the Company utilized its unsecured revolving
credit facility to retire approximately $185.2 million of secured
variable rate debt and recognized charges in conjunction with this
early retirement of debt of approximately $2.5 million. Also during
the quarter, the Company retired its 5.07% $250.0 million senior
note payable which matured in June 2023.
Earnings Guidance
Camden updated its earnings guidance for 2023 based on its
current and expected views of the apartment market and general
economic conditions, and provided guidance for second quarter 2023
as detailed below. Expected EPS excludes gains, if any, from future
real estate transactions.
3Q23
2023
2023 Midpoint
Per Diluted Share
Range
Range
Current
Prior
Change
EPS(1)
$0.41 - $0.45
$2.07 - $2.17
$2.12
$1.67
$0.45
FFO(1)
$1.71 - $1.75
$6.80 - $6.90
$6.85
$6.84
$0.01
Core FFO
$1.71 - $1.75
$6.83 - $6.93
$6.88
$6.86
$0.02
(1) Prior EPS and FFO guidance adjusted to reflect $0.02 impact
from retirement of secured variable rate debt previously announced
on May 31, 2023.
2023
Updated Same Property Growth Guidance
Range
Midpoint
Prior
Change
Revenues
5.15% - 6.15%
5.65%
5.65%
—%
Expenses
6.35% - 7.35%
6.85%
6.85%
—%
NOI
4.00% - 6.00%
5.00%
5.00%
—%
Camden intends to update its earnings guidance to the market on
a quarterly basis. Additional information on the Company’s 2023
financial outlook including key assumptions for same property
growth and a reconciliation of expected EPS to expected FFO and
expected Core FFO are included in the financial tables accompanying
this press release.
Conference Call
Friday, August 4, 2023 at 10:00 AM CT Domestic Dial-In Number:
(888) 317-6003; International Dial-In Number: (412) 317-6061;
Passcode: 6722168 Webcast: https://investors.camdenliving.com
The Company strongly encourages interested parties to join the
call via webcast in order to view any associated videos, slide
presentations, etc. The dial-in phone line will be reserved for
accredited analysts and investors who plan to pose questions to
Management during the Q&A session of the call.
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
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 500 Company, is a real estate
company primarily engaged in the ownership, management,
development, redevelopment, acquisition, and construction of
multifamily apartment communities. Camden owns and operates 172
properties containing 58,961 apartment homes across the United
States. Upon completion of 5 properties currently under
development, the Company’s portfolio will increase to 60,514
apartment homes in 177 properties. Camden has been recognized as
one of the 100 Best Companies to Work For® by FORTUNE magazine for
16 consecutive years, most recently ranking #33. For additional
information, please contact Camden’s Investor Relations Department
at (713) 354-2787 or access our website at camdenliving.com.
CAMDEN
OPERATING RESULTS
(In thousands, except per share
amounts)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
OPERATING
DATA
Property revenues (a)
$
385,499
$
361,716
$
763,662
$
673,075
Property expenses
Property operating and maintenance
87,742
79,418
173,027
149,855
Real estate taxes
49,855
48,393
99,251
88,266
Total property expenses
137,597
127,811
272,278
238,121
Non-property income
Fee and asset management
718
1,190
1,296
3,640
Interest and other income
431
662
493
2,793
Income/(loss) on deferred compensation
plans
2,844
(14,678
)
8,756
(22,175
)
Total non-property income/(loss)
3,993
(12,826
)
10,545
(15,742
)
Other expenses
Property management
8,751
7,282
17,048
14,496
Fee and asset management
420
359
833
1,534
General and administrative
15,863
15,734
31,219
30,524
Interest
33,578
29,022
66,421
53,564
Depreciation and amortization
143,054
157,734
285,498
270,872
Expense/(benefit) on deferred compensation
plans
2,844
(14,678
)
8,756
(22,175
)
Total other expenses
204,510
195,453
409,775
348,815
Loss on early retirement of debt
(2,513
)
—
(2,513
)
—
Gain on sale of operating property
48,919
—
48,919
36,372
Gain on acquisition of unconsolidated
joint venture interests
—
474,146
—
474,146
Equity in income of joint ventures
—
—
—
3,048
Income from continuing operations
before income taxes
93,791
499,772
138,560
583,963
Income tax expense
(851
)
(886
)
(2,001
)
(1,476
)
Net income
92,940
498,886
136,559
582,487
Less income allocated to non-controlling
interests
(1,841
)
(1,571
)
(3,543
)
(4,427
)
Net income attributable to common
shareholders
$
91,099
$
497,315
$
133,016
$
578,060
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
Net income
$
92,940
$
498,886
$
136,559
$
582,487
Other comprehensive income
Reclassification of net loss on cash flow
hedging activities, prior service cost and net loss on post
retirement obligation
358
369
717
738
Comprehensive income
93,298
499,255
137,276
583,225
Less income allocated to non-controlling
interests
(1,841
)
(1,571
)
(3,543
)
(4,427
)
Comprehensive income attributable to
common shareholders
$
91,457
$
497,684
$
133,733
$
578,798
PER SHARE
DATA
Total earnings per common share -
basic
$
0.84
$
4.59
$
1.22
$
5.41
Total earnings per common share -
diluted
0.84
4.54
1.22
5.37
Weighted average number of common
shares outstanding:
Basic
108,663
108,106
108,616
106,729
Diluted
109,392
109,745
108,636
108,393
(a)
We elected to combine lease and non-lease
components and thus present rental revenue in a single line item in
our consolidated statements of income and comprehensive
income. For the three months ended June 30, 2023, we
recognized $385.5 million of property revenue which consisted of
approximately $343.1 million of rental revenue and approximately
$42.4 million of amounts received under contractual terms for other
services considered to be non-lease components within our lease
contracts. This compares to property revenue of $361.7 million
recognized for the three months ended June 30, 2022, made up of
approximately $320.9 million of rental revenue and approximately
$40.8 million of amounts received under contractual terms for other
services considered to be non-lease components within our lease
contracts. For the six months ended June 30, 2023, we recognized
$763.7 million of property revenue which consisted of approximately
$680.3 million of rental revenue and approximately $83.4 million of
amounts received under contractual terms for other services
considered to be non-lease components within our lease contracts.
This compares to the $673.1 million of property revenue recognized
for the six months ended June 30, 2022, made up of approximately
$597.9 million of rental revenue and approximately $75.2 million of
amounts received under contractual terms for other services
considered to be non-lease components within our lease
contracts. Revenue related to utility rebilling to residents
was $10.3 million and $9.4 million for the three months ended June
30, 2023 and 2022, respectively and was $20.8 million and $17.7
million for the six months ended June 30, 2023 and 2022,
respectively.
Note: Please refer to the following pages
for definitions and reconciliations of all non-GAAP financial
measures presented in this document.
CAMDEN
FUNDS FROM OPERATIONS
(In thousands, except per share
and property data amounts)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
FUNDS FROM
OPERATIONS
Net income attributable to common
shareholders
$
91,099
$
497,315
$
133,016
$
578,060
Real estate depreciation and
amortization
140,013
155,206
279,400
265,743
Adjustments for unconsolidated joint
ventures
—
—
—
2,709
Income allocated to non-controlling
interests
1,841
1,571
3,543
4,427
Gain on sale of operating property
(48,919
)
—
(48,919
)
(36,372
)
Gain on acquisition of unconsolidated
joint venture interests
—
(474,146
)
—
(474,146
)
Funds from operations
$
184,034
$
179,946
$
367,040
$
340,421
Plus: Casualty-related expenses, net of
recoveries
981
251
939
251
Plus: Severance
—
—
—
896
Plus: Legal costs and settlements
—
555
84
555
Plus: Loss on early retirement of debt
2,513
—
2,513
—
Plus: Expensed development & other
pursuit costs
471
—
471
—
Less: Net below market lease
amortization
—
(3,442
)
—
(4,303
)
Less: Miscellaneous (income)/expense
(a)
(364
)
(194
)
(364
)
(2,071
)
Core funds from operations
$
187,635
$
177,116
$
370,683
$
335,749
Less: recurring capitalized expenditures
(b)
(21,034
)
(21,430
)
(38,613
)
(35,681
)
Core adjusted funds from
operations
$
166,601
$
155,686
$
332,070
$
300,068
PER SHARE
DATA
Funds from operations - diluted
$
1.67
$
1.64
$
3.33
$
3.14
Core funds from operations - diluted
1.70
1.61
3.36
3.10
Core adjusted funds from operations -
diluted
1.51
1.42
3.01
2.77
Distributions declared per common
share
1.00
0.94
2.00
1.88
Weighted average number of common
shares outstanding:
FFO/Core FFO/Core AFFO - diluted
110,262
109,745
110,232
108,393
PROPERTY DATA
Total operating properties (end of period)
(c)
172
171
172
171
Total operating apartment homes in
operating properties (end of period) (c)
58,961
58,425
58,961
58,425
Total operating apartment homes (weighted
average)
59,039
58,282
58,938
54,608
(a)
Activity relates to proceeds from an
earn-out from a previously sold technology investment.
(b)
Capital expenditures necessary to help
preserve the value of and maintain the functionality at our
communities.
(c)
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.
CAMDEN
BALANCE SHEETS
(In thousands)
(Unaudited)
Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
ASSETS
Real estate assets, at cost
Land
$
1,727,182
$
1,722,881
$
1,716,273
$
1,706,396
$
1,695,118
Buildings and improvements
10,848,837
10,778,795
10,674,619
10,574,820
10,440,037
12,576,019
12,501,676
12,390,892
12,281,216
12,135,155
Accumulated depreciation
(4,113,095
)
(3,987,438
)
(3,848,111
)
(3,709,487
)
(3,572,764
)
Net operating real estate assets
8,462,924
8,514,238
8,542,781
8,571,729
8,562,391
Properties under development, including
land
516,543
515,134
524,981
529,076
581,844
Total real estate assets
8,979,467
9,029,372
9,067,762
9,100,805
9,144,235
Accounts receivable – affiliates
12,121
12,121
13,364
13,258
13,258
Other assets, net (a)
239,958
226,394
229,371
231,645
249,865
Cash and cash equivalents
20,326
20,419
10,687
62,027
72,095
Restricted cash
8,531
6,863
6,751
6,390
6,563
Total assets
$
9,260,403
$
9,295,169
$
9,327,935
$
9,414,125
$
9,486,016
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured
$
3,352,415
$
3,232,682
$
3,165,924
$
3,173,198
$
3,222,252
Secured
330,015
515,134
514,989
514,843
514,698
Accounts payable and accrued expenses
192,613
191,468
211,370
212,558
195,070
Accrued real estate taxes
93,642
48,084
95,551
125,210
86,952
Distributions payable
110,465
110,444
103,628
103,620
103,621
Other liabilities (b)
189,711
193,804
179,552
176,334
186,143
Total liabilities
4,268,861
4,291,616
4,271,014
4,305,763
4,308,736
Equity
Common shares of beneficial interest
1,156
1,156
1,156
1,156
1,156
Additional paid-in capital
5,907,828
5,903,437
5,897,454
5,893,623
5,890,792
Distributions in excess of net income
attributable to common shareholders
(666,218
)
(648,457
)
(581,532
)
(525,127
)
(452,865
)
Treasury shares
(320,675
)
(321,431
)
(328,684
)
(329,027
)
(328,975
)
Accumulated other comprehensive loss
(c)
(1,057
)
(1,415
)
(1,774
)
(2,632
)
(3,001
)
Total common equity
4,921,034
4,933,290
4,986,620
5,037,993
5,107,107
Non-controlling interests
70,508
70,263
70,301
70,369
70,173
Total equity
4,991,542
5,003,553
5,056,921
5,108,362
5,177,280
Total liabilities and equity
$
9,260,403
$
9,295,169
$
9,327,935
$
9,414,125
$
9,486,016
(a) Includes net deferred charges of:
$
7,033
$
7,710
$
8,413
$
8,961
$
307
(b) Includes deferred revenues of:
$
1,239
$
1,348
$
304
$
331
$
358
(c) Represents the unrealized net loss and
unamortized prior service costs on post retirement obligations, and
unrealized net loss 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 depreciation and
amortization related to real estate, gains (or losses) from the
sale of certain real estate assets (depreciable real estate),
impairments of certain real estate assets (depreciable real
estate), gains or losses from change in control, and adjustments
for unconsolidated joint ventures to reflect FFO on the same basis.
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 depreciable real estate, 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.
Core FFO
Core FFO represents FFO as further adjusted for items not
considered part of our core business operations, such as
casualty-related expenses, net of (recoveries), severance, legal
costs, loss on early retirement of debt, expensed development and
other pursuit costs, net below market lease amortization, and
miscellaneous (income)/expense adjustments. We consider Core FFO to
be a helpful supplemental measure of operating performance as it
excludes not only depreciation expense of real estate assets, but
it also excludes certain items which by their nature are not
comparable period over period and therefore tends to obscure actual
operating performance. Our definition of Core FFO may differ from
other REITs, and there can be no assurance our basis for computing
this measure is comparable to other REITs.
Core Adjusted FFO
In addition to FFO & Core FFO, we compute Core Adjusted FFO
("Core AFFO") as a supplemental measure of operating performance.
Core AFFO is calculated utilizing Core 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 Core FFO and
Core AFFO is provided below:
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Net income attributable to common
shareholders
$
91,099
$
497,315
$
133,016
$
578,060
Real estate depreciation and
amortization
140,013
155,206
279,400
265,743
Adjustments for unconsolidated joint
ventures
—
—
—
2,709
Income allocated to non-controlling
interests
1,841
1,571
3,543
4,427
Gain on sale of operating property
(48,919
)
—
(48,919
)
(36,372
)
Gain on acquisition of unconsolidated
joint venture interests
—
(474,146
)
—
(474,146
)
Funds from operations
$
184,034
$
179,946
$
367,040
$
340,421
Plus: Casualty-related expenses, net of
recoveries
981
251
939
251
Plus: Severance
—
—
—
896
Plus: Legal costs and settlements
—
555
84
555
Plus: Loss on early retirement of debt
2,513
—
2,513
—
Plus: Expensed development & other
pursuit costs
471
—
471
—
Less: Net below market lease
amortization
—
(3,442
)
—
(4,303
)
Less: Miscellaneous (income)/expense
(a)
(364
)
(194
)
(364
)
(2,071
)
Core funds from operations
$
187,635
$
177,116
$
370,683
$
335,749
Less: recurring capitalized
expenditures
(21,034
)
(21,430
)
(38,613
)
(35,681
)
Core adjusted funds from
operations
$
166,601
$
155,686
$
332,070
$
300,068
Weighted average number of common shares
outstanding:
EPS diluted
109,392
109,745
108,636
108,393
FFO/Core FFO/ Core AFFO diluted
110,262
109,745
110,232
108,393
a)
Activity relates to proceeds from an
earn-out from a previously sold technology investment
CAMDEN
NON-GAAP FINANCIAL
MEASURES
DEFINITIONS &
RECONCILIATIONS
(In thousands, except per share
amounts)
(Unaudited)
Reconciliation of
FFO, Core FFO, and Core AFFO per share
Three Months Ended June
30,
Three Months Ended March
31,
2023
2022
2023
2022
Total Earnings Per Common Share -
Diluted
$
0.84
$
4.54
$
1.22
$
5.37
Real estate depreciation and
amortization
1.26
1.41
2.52
2.45
Adjustments for unconsolidated joint
ventures
—
—
—
0.02
Income allocated to non-controlling
interests
0.01
0.01
0.03
0.01
Gain on sale of operating property
(0.44
)
—
(0.44
)
(0.34
)
Gain on acquisition of unconsolidated
joint venture interests
—
(4.32
)
—
(4.37
)
FFO per common share - Diluted
$
1.67
$
1.64
$
3.33
$
3.14
Plus: Casualty-related expenses, net of
recoveries
0.01
—
0.01
—
Plus: Severance
—
—
—
0.01
Plus: Legal costs and settlements
—
—
—
0.01
Plus: Loss on early retirement of debt
0.02
—
0.02
—
Plus: Expensed development & other
pursuit costs
—
—
—
—
Less: Net below market lease
amortization
—
(0.03
)
—
(0.04
)
Less: Miscellaneous (income)/expense
(a)
—
—
—
(0.02
)
Core FFO per common share -
Diluted
$
1.70
$
1.61
$
3.36
$
3.10
Less: recurring capitalized
expenditures
(0.19
)
(0.19
)
(0.35
)
(0.33
)
Core AFFO per common share -
Diluted
$
1.51
$
1.42
$
3.01
$
2.77
Expected FFO & Core
FFO
Expected FFO and Core FFO is calculated in a method consistent
with historical FFO and Core FFO, and is considered appropriate
supplemental measures of expected operating performance when
compared to expected earnings per common share (EPS). Guidance
excludes gains, if any, from real estate transactions not sold as
of quarter close 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 and expected Core FFO per diluted share is provided below:
3Q23
Range
2023
Range
Low
High
Low
High
Expected earnings per common share -
diluted
$
0.41
$
0.45
$
2.07
$
2.17
Expected real estate depreciation and
amortization
1.29
1.29
5.12
5.12
Expected income allocated to
non-controlling interests
0.01
0.01
0.05
0.05
Reported (gain) on sale of operating
properties
—
—
(0.44
)
(0.44
)
Expected FFO per share - diluted
$
1.71
$
1.75
$
6.80
$
6.90
Anticipated Adjustments to FFO
—
—
0.03
0.03
Expected Core FFO per share - diluted
$
1.71
$
1.75
$
6.83
$
6.93
Note: This table contains forward-looking
statements. Please see 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 property revenue 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 supplement. 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. Our definition of NOI 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 net
income to net operating income is provided below:
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Net income
$
92,940
$
498,886
$
136,559
$
582,487
Less: Fee and asset management income
(718
)
(1,190
)
(1,296
)
(3,640
)
Less: Interest and other income
(431
)
(662
)
(493
)
(2,793
)
Less: Income/(loss) on deferred
compensation plans
(2,844
)
14,678
(8,756
)
22,175
Plus: Property management expense
8,751
7,282
17,048
14,496
Plus: Fee and asset management expense
420
359
833
1,534
Plus: General and administrative
expense
15,863
15,734
31,219
30,524
Plus: Interest expense
33,578
29,022
66,421
53,564
Plus: Depreciation and amortization
expense
143,054
157,734
285,498
270,872
Plus: Expense/(benefit) on deferred
compensation plans
2,844
(14,678
)
8,756
(22,175
)
Plus: Loss on early retirement of debt
2,513
—
2,513
—
Less: Gain on sale of operating
property
(48,919
)
—
(48,919
)
(36,372
)
Less: Gain on acquisition of
unconsolidated joint venture interests
—
(474,146
)
—
(474,146
)
Less: Equity in income of joint
ventures
—
—
—
(3,048
)
Plus: Income tax expense
851
886
2,001
1,476
NOI
$
247,902
$
233,905
$
491,384
$
434,954
"Same Property" Communities
$
205,054
$
193,066
$
406,459
$
379,464
Non-"Same Property" Communities
39,495
35,385
78,348
47,047
Development and Lease-Up Communities
1,763
9
2,615
9
Disposition/Other
1,590
5,445
3,962
8,434
NOI
$
247,902
$
233,905
$
491,384
$
434,954
CAMDEN
NON-GAAP FINANCIAL
MEASURES
DEFINITIONS &
RECONCILIATIONS
(In thousands, except per share
amounts)
(Unaudited)
EBITDAre and Adjusted
EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization
for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental
measures of our financial performance. EBITDAre is calculated in
accordance with the definition adopted by NAREIT as earnings before
interest, taxes, depreciation and amortization plus or minus losses
and gains on the disposition of depreciated property, including
gains (losses) on change of control, plus impairment write-downs of
depreciated property with adjustments to reflect the Company’s
share of EBITDAre of unconsolidated joint ventures.
Adjusted EBITDAre represents EBITDAre as further adjusted for
non-core items. Adjusted EBITDAre excludes equity in (income) loss
of joint ventures, (gain) loss on land, and loss on early
retirement of debt. The Company considers EBITDAre and Adjusted
EBITDAre to be appropriate supplemental measures of operating
performance to net income because it represents income before
non-cash depreciation and the cost of debt, and excludes gains or
losses from property dispositions. Annualized Adjusted EBITDAre is
Adjusted EBITDAre as reported for the period multiplied by 4 for
quarter result and by 2 for six month results. A reconciliation of
net income to EBITDAre and adjusted EBITDAre is provided below:
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Net income
$
92,940
$
498,886
$
136,559
$
582,487
Plus: Interest expense
33,578
29,022
66,421
53,564
Plus: Depreciation and amortization
expense
143,054
157,734
285,498
270,872
Plus: Income tax expense
851
886
2,001
1,476
Less: Gain on sale of operating
property
(48,919
)
—
(48,919
)
(36,372
)
Less: Gain on acquisition of
unconsolidated joint venture interests
—
(474,146
)
—
(474,146
)
EBITDAre
$
221,504
$
212,382
$
441,560
$
397,881
Plus: Loss on early retirement of debt
2,513
—
2,513
—
Less: Equity in income of joint
ventures
—
—
—
(3,048
)
Adjusted EBITDAre
$
224,017
$
212,382
$
444,073
$
394,833
Annualized Adjusted EBITDAre
$
896,068
$
849,528
$
888,146
$
789,666
Net Debt to Annualized Adjusted
EBITDAre
The Company believes Net Debt to Annualized Adjusted EBITDAre to
be an appropriate supplemental measure of evaluating balance sheet
leverage. Net Debt is defined by the Company as the average monthly
balance of Total Debt during the period, less the average monthly
balance of Cash and Cash Equivalents during the period. The
following tables reconcile average Total debt to Net debt and
computes the ratio to Adjusted EBITDAre for the following
periods:
Net Debt:
Average monthly balance for
the
Average monthly balance for
the
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Unsecured notes payable
$
3,364,180
$
3,231,938
$
3,316,971
$
3,284,799
Secured notes payable
391,732
514,650
453,409
257,325
Total debt
3,755,912
3,746,588
3,770,380
3,542,124
Less: Cash and cash equivalents
(6,775
)
(31,302
)
(8,650
)
(360,731
)
Net debt
$
3,749,137
$
3,715,286
$
3,761,730
$
3,181,393
Net Debt to Annualized Adjusted
EBITDAre:
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Net debt
$
3,749,137
$
3,715,286
$
3,761,730
$
3,181,393
Annualized Adjusted EBITDAre
896,068
849,528
888,146
789,666
Net Debt to Annualized Adjusted
EBITDAre
4.2x
4.4x
4.2x
4.0x
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230803421264/en/
Kim Callahan, 713-354-2549
Camden Property (NYSE:CPT)
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Camden Property (NYSE:CPT)
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부터 5월(5) 2023 으로 5월(5) 2024