Camden Property Trust (NYSE:CPT) (the "Company") announced today
operating results for the three and nine months ended September 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 nine months ended September 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
Nine Months Ended
September 30,
September 30,
Per Diluted Share
2023
2022
2023
2022
EPS
$0.44
$0.27
$1.66
$5.62
FFO
$1.73
$1.70
$5.06
$4.85
Core FFO
$1.73
$1.69
$5.09
$4.78
Core AFFO
$1.49
$1.45
$4.50
$4.22
Three Months Ended
3Q23 Guidance
3Q23 Guidance
Per Diluted Share
September 30, 2023
Midpoint
Variance
EPS
$0.44
$0.43
$0.01
FFO
$1.73
$1.73
$0.00
Core FFO
$1.73
$1.73
$0.00
Quarterly Growth
Sequential Growth
Year-To-Date Growth
Same Property Results
3Q23 vs. 3Q22
3Q23 vs. 2Q23
2023 vs. 2022
Revenues
4.1%
1.2%
6.0%
Expenses
5.3%
2.2%
6.3%
Net Operating Income ("NOI")
3.5%
0.6%
5.9%
Same Property Results
3Q23
3Q22
2Q23
Occupancy
95.6%
96.6%
95.4%
“Overall, our third quarter 2023 performance was in line with
our expectations,” said Richard J. Campo, Camden’s Chairman and
CEO. “Recent trends in September and October reflect stronger
seasonality than we have experienced over the past few years. We
are adjusting our full-year 2023 outlook for higher delinquencies,
and slightly lower occupancy and rent growth for the remainder of
the year.”
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)
October 2023*
October 2022
3Q23
3Q22
Signed New Lease Rates
(3.3)%
5.0%
0.1%
11.6%
Signed Renewal Rates
4.3%
9.4%
5.0%
11.5%
Signed Blended Lease Rates
(0.4)%
6.9%
2.5%
11.5%
New Lease and Renewal Data - Date
Effective (2)
October 2023*
October 2022
3Q23
3Q22
Effective New Lease Rates
(2.5)%
7.7%
0.8%
14.0%
Effective Renewal Rates
4.7%
11.3%
5.9%
14.0%
Effective Blended Lease Rates
1.4%
9.5%
3.4%
14.0%
*Data as of October 25, 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
October 2023*
October 2022
3Q23
3Q22
Occupancy
94.9%
96.1%
95.6%
96.6%
Annualized Gross Turnover
48%
49%
62%
60%
Annualized Net Turnover
38%
41%
50%
52%
*Data as of October 25, 2023
Development Activity During
the quarter, lease-up was completed at Camden Tempe II in Tempe, AZ
and leasing continued at Camden NoDa in Charlotte, NC.
Additionally, leasing began at Camden Durham in Durham, NC and
subsequent to quarter end at Camden Woodmill Creek in The
Woodlands, TX.
Development Communities - Construction Ongoing ($ in
millions)
Total
Total
% Leased
Community Name
Location
Homes
Estimated Cost
as of 10/25/2023
Camden NoDa
Charlotte, NC
387
$108.0
82%
Camden Durham
Durham, NC
420
145.0
6%
Camden Woodmill Creek
The Woodlands, TX
189
75.0
5%
Camden Village District
Raleigh, NC
369
138.0
Camden Long Meadow Farms
Richmond, TX
188
80.0
Total
1,553
$546.0
Liquidity Analysis As of
September 30, 2023, Camden had approximately $739.8 million of
liquidity comprised of approximately $14.6 million in cash and cash
equivalents, and $725.2 million of availability under its unsecured
credit facility. At quarter-end, the Company had $180.6 million
left to fund under its existing wholly-owned development
pipeline.
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 fourth quarter 2023 as
detailed below. Expected EPS excludes gains, if any, from future
real estate transactions.
4Q23
2023
2023 Midpoint
Per Diluted Share
Range
Range
Current
Prior
Change
EPS
$0.37 - $0.41
$2.03 - $2.07
$2.05
$2.12
$(0.07)
FFO
$1.70 - $1.74
$6.76 - $6.80
$6.78
$6.85
$(0.07)
Core FFO
$1.70 - $1.74
$6.79 - $6.83
$6.81
$6.88
$(0.07)
2023
Updated Same Property Growth Guidance
Range
Midpoint
Prior
Change
Revenues
4.75% - 5.25%
5.00%
5.65%
(0.65)%
Expenses
6.25% - 6.75%
6.50%
6.85%
(0.35)%
NOI
3.70% - 4.70%
4.20%
5.00%
(0.80)%
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,
October 27, 2023 at 10:00 AM CT Domestic Dial-In Number: (888)
317-6003; International Dial-In Number: (412) 317-6061; Passcode:
9996059 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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
OPERATING
DATA
Property revenues (a)
$390,778
$373,772
$1,154,440
$1,046,847
Property expenses
Property operating and maintenance
91,011
84,649
264,038
234,504
Real estate taxes
49,094
48,182
148,345
136,448
Total property expenses
140,105
132,831
412,383
370,952
Non-property income
Fee and asset management
1,077
617
2,373
4,257
Interest and other income
64
88
557
2,881
Income/(loss) on deferred compensation
plans
(3,339
)
(6,275
)
5,417
(28,450
)
Total non-property income/(loss)
(2,198
)
(5,570
)
8,347
(21,312
)
Other expenses
Property management
7,891
6,732
24,939
21,228
Fee and asset management
444
556
1,277
2,090
General and administrative
15,543
14,002
46,762
44,526
Interest
33,006
29,192
99,427
82,756
Depreciation and amortization
144,359
158,877
429,857
429,749
Expense/(benefit) on deferred compensation
plans
(3,339
)
(6,275
)
5,417
(28,450
)
Total other expenses
197,904
203,084
607,679
551,899
Loss on early retirement of debt
—
—
(2,513
)
—
Gain on sale of operating property
—
—
48,919
36,372
Gain on acquisition of unconsolidated
joint venture interests
—
—
—
474,146
Equity in income of joint ventures
—
—
—
3,048
Income from continuing operations
before income taxes
50,571
32,287
189,131
616,250
Income tax expense
(752
)
(737
)
(2,753
)
(2,213
)
Net income
49,819
31,550
186,378
614,037
Less income allocated to non-controlling
interests
(1,856
)
(1,706
)
(5,399
)
(6,133
)
Net income attributable to common
shareholders
$47,963
$29,844
$180,979
$607,904
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
Net income
$49,819
$31,550
$186,378
$614,037
Other comprehensive income
Reclassification of net loss on cash flow
hedging activities, prior service cost and net loss on post
retirement obligation
358
369
1,075
1,107
Comprehensive income
50,177
31,919
187,453
615,144
Less income allocated to non-controlling
interests
(1,856
)
(1,706
)
(5,399
)
(6,133
)
Comprehensive income attributable to
common shareholders
$48,321
$30,213
$182,054
$609,011
PER SHARE
DATA
Total earnings per common share -
basic
$0.44
$0.27
$1.66
$5.66
Total earnings per common share -
diluted
0.44
0.27
1.66
5.62
Weighted average number of common
shares outstanding:
Basic
108,683
108,466
108,638
107,314
Diluted
108,706
108,506
108,659
108,099
(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 September 30, 2023, we recognized $390.8
million of property revenue which consisted of approximately $347.7
million of rental revenue and approximately $43.1 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 $373.8 million recognized for
the three months ended September 30, 2022, made up of approximately
$332.1 million of rental revenue and approximately $41.7 million of
amounts received under contractual terms for other services
considered to be non-lease components within our lease contracts.
For the nine months ended September 30, 2023, we recognized
$1,154.4 million of property revenue which consisted of
approximately $1,028.0 million of rental revenue and approximately
$126.4 million of amounts received under contractual terms for
other services considered to be non-lease components within our
lease contracts. This compares to the $1,046.8 million of property
revenue recognized for the nine months ended September 30, 2022,
made up of approximately $929.9 million of rental revenue and
approximately $116.9 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 $10.5 million and $9.8 million for the three months
ended September 30, 2023 and 2022, respectively and was $31.3
million and $27.5 million for the nine months ended September 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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
FUNDS FROM OPERATIONS
Net income attributable to common
shareholders
$47,963
$29,844
$180,979
$607,904
Real estate depreciation and
amortization
141,362
156,065
420,762
421,808
Adjustments for unconsolidated joint
ventures
—
—
—
2,709
Income allocated to non-controlling
interests
1,856
1,706
5,399
6,133
Gain on sale of operating property
—
—
(48,919
)
(36,372
)
Gain on acquisition of unconsolidated
joint venture interests
—
—
—
(474,146
)
Funds from operations
$191,181
$187,615
$558,221
$528,036
Plus: Casualty-related expenses, net of
(recoveries)
(436
)
1,406
503
1,657
Plus: Severance
—
—
—
896
Plus: Legal costs and settlements
—
—
84
555
Plus: Loss on early retirement of debt
—
—
2,513
—
Plus: Expensed development & other
pursuit costs
—
—
471
—
Less: Net below market lease
amortization
—
(3,442
)
—
(7,745
)
Less: Miscellaneous (income)/expense
(a)
—
—
(364
)
(2,071
)
Core funds from operations
$190,745
$185,579
$561,428
$521,328
Less: recurring capitalized expenditures
(b)
(26,554
)
(26,001
)
(65,167
)
(61,682
)
Core adjusted funds from
operations
$164,191
$159,578
$496,261
$459,646
PER SHARE DATA
Funds from operations - diluted
$1.73
$1.70
$5.06
$4.85
Core funds from operations - diluted
1.73
1.69
5.09
4.78
Core adjusted funds from operations -
diluted
1.49
1.45
4.50
4.22
Distributions declared per common
share
1.00
0.94
3.00
2.82
Weighted average number of common
shares outstanding:
FFO/Core FFO/Core AFFO - diluted
110,301
110,112
110,255
108,972
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
58,433
58,961
58,433
Total operating apartment homes (weighted
average)
59,153
58,427
59,010
55,881
(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)
Sep 30,
2023
Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
ASSETS
Real estate assets, at cost
Land
$1,732,804
$1,727,182
$1,722,881
$1,716,273
$1,706,396
Buildings and improvements
10,963,667
10,848,837
10,778,795
10,674,619
10,574,820
12,696,471
12,576,019
12,501,676
12,390,892
12,281,216
Accumulated depreciation
(4,254,388
)
(4,113,095
)
(3,987,438
)
(3,848,111
)
(3,709,487
)
Net operating real estate assets
8,442,083
8,462,924
8,514,238
8,542,781
8,571,729
Properties under development, including
land
499,761
516,543
515,134
524,981
529,076
Total real estate assets
8,941,844
8,979,467
9,029,372
9,067,762
9,100,805
Accounts receivable – affiliates
12,057
12,121
12,121
13,364
13,258
Other assets, net (a)
237,594
239,958
226,394
229,371
231,645
Cash and cash equivalents
14,600
20,326
20,419
10,687
62,027
Restricted cash
8,369
8,531
6,863
6,751
6,390
Total assets
$9,214,464
$9,260,403
$9,295,169
$9,327,935
$9,414,125
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured
$3,323,057
$3,352,415
$3,232,682
$3,165,924
$3,173,198
Secured
330,071
330,015
515,134
514,989
514,843
Accounts payable and accrued expenses
211,759
192,613
191,468
211,370
212,558
Accrued real estate taxes
128,794
93,642
48,084
95,551
125,210
Distributions payable
110,463
110,465
110,444
103,628
103,620
Other liabilities (b)
175,341
189,711
193,804
179,552
176,334
Total liabilities
4,279,485
4,268,861
4,291,616
4,271,014
4,305,763
Equity
Common shares of beneficial interest
1,156
1,156
1,156
1,156
1,156
Additional paid-in capital
5,911,627
5,907,828
5,903,437
5,897,454
5,893,623
Distributions in excess of net income
attributable to common shareholders
(727,117
)
(666,218
)
(648,457
)
(581,532
)
(525,127
)
Treasury shares
(320,702
)
(320,675
)
(321,431
)
(328,684
)
(329,027
)
Accumulated other comprehensive loss
(c)
(699
)
(1,057
)
(1,415
)
(1,774
)
(2,632
)
Total common equity
4,864,265
4,921,034
4,933,290
4,986,620
5,037,993
Non-controlling interests
70,714
70,508
70,263
70,301
70,369
Total equity
4,934,979
4,991,542
5,003,553
5,056,921
5,108,362
Total liabilities and equity
$9,214,464
$9,260,403
$9,295,169
$9,327,935
$9,414,125
(a) Includes net deferred charges of:
$6,481
$7,033
$7,710
$8,413
$8,961
(b) Includes deferred revenues of:
$1,167
$1,239
$1,348
$304
$331
(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 and settlements, 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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net income attributable to common
shareholders
$47,963
$29,844
$180,979
$607,904
Real estate depreciation and
amortization
141,362
156,065
420,762
421,808
Adjustments for unconsolidated joint
ventures
—
—
—
2,709
Income allocated to non-controlling
interests
1,856
1,706
5,399
6,133
Gain on sale of operating property
—
—
(48,919
)
(36,372
)
Gain on acquisition of unconsolidated
joint venture interests
—
—
—
(474,146
)
Funds from operations
$191,181
$187,615
$558,221
$528,036
Plus: Casualty-related expenses, net of
(recoveries)
(436
)
1,406
503
1,657
Plus: Severance
—
—
—
896
Plus: Legal costs and settlements
—
—
84
555
Plus: Loss on early retirement of debt
—
—
2,513
—
Plus: Expensed development & other
pursuit costs
—
—
471
—
Less: Net below market lease
amortization
—
(3,442
)
—
(7,745
)
Less: Miscellaneous (income)/expense
(a)
—
—
(364
)
(2,071
)
Core funds from operations
$190,745
$185,579
$561,428
$521,328
Less: recurring capitalized
expenditures
(26,554
)
(26,001
)
(65,167
)
(61,682
)
Core adjusted funds from
operations
$164,191
$159,578
$496,261
$459,646
Weighted average number of common shares
outstanding:
EPS diluted
108,706
108,506
108,659
108,099
FFO/Core FFO/ Core AFFO diluted
110,301
110,112
110,255
108,972
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Total Earnings Per Common Share -
Diluted
$0.44
$0.27
$1.66
$5.62
Real estate depreciation and
amortization
1.27
1.42
3.79
3.84
Adjustments for unconsolidated joint
ventures
—
—
—
0.02
Income allocated to non-controlling
interests
0.02
0.01
0.05
0.05
Gain on sale of operating property
—
—
(0.44
)
(0.33
)
Gain on acquisition of unconsolidated
joint venture interests
—
—
—
(4.35
)
FFO per common share - Diluted
$1.73
$1.70
$5.06
$4.85
Plus: Casualty-related expenses, net of
(recoveries)
—
0.01
—
0.02
Plus: Severance
—
—
—
—
Plus: Legal costs and settlements
—
—
—
—
Plus: Loss on early retirement of debt
—
—
0.03
—
Plus: Expensed development & other
pursuit costs
—
—
—
—
Less: Net below market lease
amortization
—
(0.02
)
—
(0.07
)
Less: Miscellaneous (income)/expense
(a)
—
—
—
(0.02
)
Core FFO per common share -
Diluted
$1.73
$1.69
$5.09
$4.78
Less: recurring capitalized
expenditures
(0.24
)
(0.24
)
(0.59
)
(0.56
)
Core AFFO per common share -
Diluted
$1.49
$1.45
$4.50
$4.22
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:
4Q23
Range
2023
Range
Low
High
Low
High
Expected earnings per common share -
diluted
$0.37
$0.41
$2.03
$2.07
Expected real estate depreciation and
amortization
1.32
1.32
5.11
5.11
Expected income allocated to
non-controlling interests
0.01
0.01
0.06
0.06
Reported (gain) on sale of operating
properties
—
—
(0.44
)
(0.44
)
Expected FFO per share - diluted
$1.70
$1.74
$6.76
$6.80
Anticipated Adjustments to FFO
—
—
0.03
0.03
Expected Core FFO per share - diluted
$1.70
$1.74
$6.79
$6.83
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 September
30,
Nine months ended September
30,
2023
2022
2023
2022
Net income
$49,819
$31,550
$186,378
$614,037
Less: Fee and asset management income
(1,077
)
(617
)
(2,373
)
(4,257
)
Less: Interest and other income
(64
)
(88
)
(557
)
(2,881
)
Less: Income/(loss) on deferred
compensation plans
3,339
6,275
(5,417
)
28,450
Plus: Property management expense
7,891
6,732
24,939
21,228
Plus: Fee and asset management expense
444
556
1,277
2,090
Plus: General and administrative
expense
15,543
14,002
46,762
44,526
Plus: Interest expense
33,006
29,192
99,427
82,756
Plus: Depreciation and amortization
expense
144,359
158,877
429,857
429,749
Plus: Expense/(benefit) on deferred
compensation plans
(3,339
)
(6,275
)
5,417
(28,450
)
Plus: Loss on early retirement of debt
—
—
2,513
—
Less: Gain on sale of operating
property
—
—
(48,919
)
(36,372
)
Less: Gain on acquisition of
unconsolidated joint venture interests
—
—
—
(474,146
)
Less: Equity in income of joint
ventures
—
—
—
(3,048
)
Plus: Income tax expense
752
737
2,753
2,213
NOI
$250,673
$240,941
$742,057
$675,895
"Same Property" Communities
$206,367
$199,455
$612,826
$578,919
Non-"Same Property" Communities
41,483
37,141
122,000
84,189
Development and Lease-Up Communities
907
(5
)
1,353
3
Disposition/Other
1,916
4,350
5,878
12,784
NOI
$250,673
$240,941
$742,057
$675,895
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 1.33 for nine month results. A reconciliation
of net income to EBITDAre and adjusted EBITDAre is provided
below:
Three months ended September
30,
Nine months ended September
30,
2023
2022
2023
2022
Net income
$49,819
$31,550
$186,378
$614,037
Plus: Interest expense
33,006
29,192
99,427
82,756
Plus: Depreciation and amortization
expense
144,359
158,877
429,857
429,749
Plus: Income tax expense
752
737
2,753
2,213
Less: Gain on sale of operating
property
—
—
(48,919
)
(36,372
)
Less: Gain on acquisition of
unconsolidated joint venture interests
—
—
—
(474,146
)
EBITDAre
$227,936
$220,356
$669,496
$618,237
Plus: Loss on early retirement of debt
—
—
2,513
—
Plus: Casualty-related expenses, net of
(recoveries)
(436
)
1,406
503
1,657
Plus: Severance
—
—
—
896
Plus: Legal costs and settlements
—
—
84
555
Plus: Expensed development & other
pursuit costs
—
—
471
—
Less: Equity in income of joint
ventures
—
—
—
(3,048
)
Less: Net below market lease
amortization
—
(3,442
)
—
(7,745
)
Less: Miscellaneous (income)/expense
(a)
—
—
(364
)
(2,071
)
Adjusted EBITDAre
$227,500
$218,320
$672,703
$608,481
Annualized Adjusted EBITDAre
$910,000
$873,280
$896,937
$811,308
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 September
30,
Nine months ended September
30,
2023
2022
2023
2022
Unsecured notes payable
$3,374,176
$3,211,216
$3,336,040
$3,260,272
Secured notes payable
330,052
514,795
412,290
343,148
Total debt
3,704,228
3,726,011
3,748,330
3,603,420
Less: Cash and cash equivalents
(8,338
)
(29,853
)
(8,546
)
(250,438
)
Net debt
$3,695,890
$3,696,158
$3,739,784
$3,352,982
Net Debt to Annualized Adjusted
EBITDAre:
Three months ended September
30,
Nine months ended September
30,
2023
2022
2023
2022
Net debt
$3,695,890
$3,696,158
$3,739,784
$3,352,982
Annualized Adjusted EBITDAre
910,000
873,280
896,937
811,308
Net Debt to Annualized Adjusted
EBITDAre
4.1x
4.2x
4.2x
4.1x
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231026936790/en/
Kim Callahan, 713-354-2549
Camden Property (NYSE:CPT)
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부터 4월(4) 2024 으로 5월(5) 2024
Camden Property (NYSE:CPT)
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부터 5월(5) 2023 으로 5월(5) 2024