Camden Property Trust Announces First Quarter 2001 Operating Results

Apr 30, 2001, 01:00 ET from Camden Property Trust

    HOUSTON, April 30 /PRNewswire/ -- Camden Property Trust (NYSE:   CPT)
 announced that its funds from operations (FFO) for the first quarter of 2001
 totaled $0.90 per diluted share or $40.1 million as compared to $0.85 per
 diluted share or $38.1 million reported for the same period in 2000.  FFO for
 the quarter included a $1.1 million or $0.02 per share impairment provision
 related to a technology investment.  FFO per share excluding the impairment
 provision would have been $0.92, an 8.2% increase over the first quarter of
 2000.
     Revenues for the first quarter of 2001 totaled $105.4 million compared to
 $98.7 million in the first quarter of 2000.  Physical occupancy levels
 averaged 94.7% during the quarter as compared to 93.0% during the first
 quarter of 2000.  For the 41,332 apartment homes included in the first quarter
 "same-property" results, revenues increased 5.8% while operating expenses
 increased 4.6%, producing a 6.4% increase in same-property net operating
 income (NOI).
     During the quarter, the Company completed lease-ups at The Park at Lee
 Vista in Orlando and The Park at Oxmoor in Louisville.  Leasing continued at
 The Park at Arizona Center in Phoenix, The Park at Farmers Market in Dallas
 and The Park at Crown Valley in Southern California.  Construction is still
 underway on the projects in Dallas and Southern California with completions
 scheduled for the second and third quarters of 2001 respectively, and
 construction recently began at Camden Harbour View in Southern California,
 with completion scheduled for the second quarter of 2003.
     First Call analyst estimates for the Company's FFO per share in the second
 quarter range from $0.92 to $0.93, with a consensus average of $0.93.  For
 2001, estimates range from $3.73 to $3.76, with a consensus average of $3.75.
 Based on historical performance year-to-date and Camden's current expectations
 for the remainder of the year, management is comfortable with the range of
 estimates.  The Company plans to update its earnings guidance to the market on
 a quarterly basis.
     The Company will hold a conference call on Tuesday, May 1, 2001 at
 3:00 PM CDT to review its first quarter results and discuss its outlook for
 future performance.  To participate in the call, please dial (800) 624-0894 by
 2:50 PM CDT that day, or join the live webcast of the conference call at
 http://www.camdenprop.com/internet/html/ir_conferencecalls.htm.  Supplemental
 financial information is available in the Investor Relations section of the
 Company's website or by calling Camden's Investor Relations Department at
 (800) 922-6336.
 
     Camden Property Trust is a real estate company engaged in the ownership,
 development, acquisition, management and disposition of multifamily apartment
 communities.  Camden owns interests in and operates 143 properties containing
 50,780 apartment homes in the Sunbelt and Midwestern markets from Florida to
 California.  Upon the completion of three properties under development, the
 Company's portfolio will increase to 52,318 apartment homes in 146 properties.
     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.
     For more information, please contact Camden's Investor Relations
 Department at 1-800-9Camden or locally at (713) 354-2787, or visit Camden's
 web site at http://www.camdenliving.com.
 
 
                                      FIRST QUARTER 2001 - FINANCIAL HIGHLIGHTS
        (In thousands, except per share, property data amounts, ratios and note
                                                                       amounts)
 
       (Unaudited)
                                                Three Months Ended March 31,
                                                2001         2000    % Change
 
       Total revenues                         $105,354     $98,714      6.7%
 
       EBITDA                                   62,756      57,879      8.4%
 
       Funds from operations - diluted          40,145      38,139      5.3%
              Per share                           0.90        0.85      5.9%
 
       Funds from operations - diluted
        (before impairment provision for
        technology investments)                 41,235      38,139      8.1%
              Per share                           0.92        0.85      8.2%
 
       Net income to common shareholders        16,201      12,676     27.8%
              Per share - basic                   0.43        0.33     30.3%
              Per share - diluted                 0.41        0.31     32.3%
       Dividends per share                        0.61      0.5625      8.4%
       Dividend payout ratio                     67.8%       66.2%
 
       Interest expensed                        17,143      16,584
       Interest capitalized                      3,103       4,162
           Total interest incurred              20,246      20,746
 
       Principal amortization                    1,343       1,242
       Preferred dividends & distributions       5,561       5,561
 
       Interest expense coverage ratio             3.7 x       3.5 x
       Total interest coverage ratio               3.1 x       2.8 x
       Fixed charge expense coverage ratio         2.6 x       2.5 x
       Total fixed charge coverage ratio           2.3 x       2.1 x
 
       Same property NOI increase                 6.4%        3.2%
         (# of apartment homes included)        41,332      42,316
 
 
                                                         As of March 31,
                                                     2001              2000
       Total assets                               $2,428,377        $2,497,459
       Total debt                                 $1,152,695        $1,200,946
       Common and common equivalent shares,
        outstanding end of period *                   44,778            44,342
       Share price, end of period                     $33.25            $27.06
       Preferred units, end of period               $149,815          $149,815
       Book equity value, end of period **        $1,180,088        $1,198,397
       Market equity value, end of period
        (including preferred, common, and
        common equivalents)                       $1,641,869        $1,352,895
 
       Debt to total market capitalization
        ratio                                          41.2%             47.0%
       Debt to assets, at cost                         47.5%             48.1%
 
       Unencumbered real estate assets
        (at cost) to unsecured debt ratio               245%              237%
 
     *   Includes:  39,033 common shares (including 913 restricted share awards
         & options), plus common share equivalents upon the assumed conversion
         of convertible preferred shares (3,207), and OP units (2,538)
 
     **  Includes:  preferred and common shares, preferred and common units,
         and common share equivalents
 
 
                                                              OPERATING RESULTS
                     (In thousands, except per share and property data amounts)
 
       (Unaudited)                                       Three Months Ended
                                                              March 31,
       OPERATING DATA                                  2001              2000
       Rental income                                 $92,210           $89,518
       Other property income                           6,951             6,363
          Total property income                       99,161            95,881
       Equity in income of joint ventures              2,696               257
       Development and construction fees               1,247             1,457
       Management fees                                   296               252
       Interest income                                 1,954               867
          Total revenues                             105,354            98,714
 
       Property operating and maintenance             28,159            27,706
       Real estate taxes                              10,066             9,990
       General and administrative                      3,283             3,139
       Impairment provision for technology
        investments                                    1,090               ---
       Interest                                       17,143            16,584
       Depreciation and amortization                  24,496            24,599
          Total expenses                              84,237            82,018
       Income before gain on sale of
        properties                                    21,117            16,696
       Gain on sale of properties                      1,716             1,933
       Income before minority interests               22,833            18,629
       Distributions on units convertible
        into perpetual preferred shares               (3,218)           (3,218)
       Income allocated to units
        convertible into common shares                (1,071)             (392)
       Net income                                     18,544            15,019
       Preferred share dividends                      (2,343)           (2,343)
 
       Net income to common shareholders             $16,201           $12,676
 
       FUNDS FROM OPERATIONS
         Net income to common shareholders           $16,201           $12,676
         Real estate depreciation                     23,807            23,802
         Adjustments for unconsolidated
          joint ventures                              (1,595)              809
         Gain on sale of properties                   (1,716)           (1,933)
         Preferred share dividends                     2,343             2,343
         Income allocated to units
          convertible into common shares               1,071               392
         Interest on convertible
          subordinated debentures                         33                44
         Amortization of deferred costs on
          convertible debentures                           1                 6
            Funds from operations - diluted          $40,145           $38,139
 
       PER SHARE DATA
         Net income - basic                            $0.43             $0.33
         Net income - diluted                           0.41              0.31
         Funds from operations - diluted                0.90              0.85
         Funds from operations - diluted
          (before impairment provision)                 0.92              0.85
         Cash distributions                             0.61              0.56
 
       Weighted average number of common
        and common equivalent shares
        outstanding:
         Basic                                        37,975            38,492
         Diluted                                      39,570            41,575
         FFO - diluted                                44,822            44,909
 
       PROPERTY DATA
         Total operating properties (end of
          period) *                                      143               156
         Total operating apartment homes in
          operating properties (end of period) *      50,780            54,784
         Total operating apartment homes
          (weighted average)                          45,038            46,915
 
       * Includes joint venture investments.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X18852551
 
 

SOURCE Camden Property Trust
    HOUSTON, April 30 /PRNewswire/ -- Camden Property Trust (NYSE:   CPT)
 announced that its funds from operations (FFO) for the first quarter of 2001
 totaled $0.90 per diluted share or $40.1 million as compared to $0.85 per
 diluted share or $38.1 million reported for the same period in 2000.  FFO for
 the quarter included a $1.1 million or $0.02 per share impairment provision
 related to a technology investment.  FFO per share excluding the impairment
 provision would have been $0.92, an 8.2% increase over the first quarter of
 2000.
     Revenues for the first quarter of 2001 totaled $105.4 million compared to
 $98.7 million in the first quarter of 2000.  Physical occupancy levels
 averaged 94.7% during the quarter as compared to 93.0% during the first
 quarter of 2000.  For the 41,332 apartment homes included in the first quarter
 "same-property" results, revenues increased 5.8% while operating expenses
 increased 4.6%, producing a 6.4% increase in same-property net operating
 income (NOI).
     During the quarter, the Company completed lease-ups at The Park at Lee
 Vista in Orlando and The Park at Oxmoor in Louisville.  Leasing continued at
 The Park at Arizona Center in Phoenix, The Park at Farmers Market in Dallas
 and The Park at Crown Valley in Southern California.  Construction is still
 underway on the projects in Dallas and Southern California with completions
 scheduled for the second and third quarters of 2001 respectively, and
 construction recently began at Camden Harbour View in Southern California,
 with completion scheduled for the second quarter of 2003.
     First Call analyst estimates for the Company's FFO per share in the second
 quarter range from $0.92 to $0.93, with a consensus average of $0.93.  For
 2001, estimates range from $3.73 to $3.76, with a consensus average of $3.75.
 Based on historical performance year-to-date and Camden's current expectations
 for the remainder of the year, management is comfortable with the range of
 estimates.  The Company plans to update its earnings guidance to the market on
 a quarterly basis.
     The Company will hold a conference call on Tuesday, May 1, 2001 at
 3:00 PM CDT to review its first quarter results and discuss its outlook for
 future performance.  To participate in the call, please dial (800) 624-0894 by
 2:50 PM CDT that day, or join the live webcast of the conference call at
 http://www.camdenprop.com/internet/html/ir_conferencecalls.htm.  Supplemental
 financial information is available in the Investor Relations section of the
 Company's website or by calling Camden's Investor Relations Department at
 (800) 922-6336.
 
     Camden Property Trust is a real estate company engaged in the ownership,
 development, acquisition, management and disposition of multifamily apartment
 communities.  Camden owns interests in and operates 143 properties containing
 50,780 apartment homes in the Sunbelt and Midwestern markets from Florida to
 California.  Upon the completion of three properties under development, the
 Company's portfolio will increase to 52,318 apartment homes in 146 properties.
     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.
     For more information, please contact Camden's Investor Relations
 Department at 1-800-9Camden or locally at (713) 354-2787, or visit Camden's
 web site at http://www.camdenliving.com.
 
 
                                      FIRST QUARTER 2001 - FINANCIAL HIGHLIGHTS
        (In thousands, except per share, property data amounts, ratios and note
                                                                       amounts)
 
       (Unaudited)
                                                Three Months Ended March 31,
                                                2001         2000    % Change
 
       Total revenues                         $105,354     $98,714      6.7%
 
       EBITDA                                   62,756      57,879      8.4%
 
       Funds from operations - diluted          40,145      38,139      5.3%
              Per share                           0.90        0.85      5.9%
 
       Funds from operations - diluted
        (before impairment provision for
        technology investments)                 41,235      38,139      8.1%
              Per share                           0.92        0.85      8.2%
 
       Net income to common shareholders        16,201      12,676     27.8%
              Per share - basic                   0.43        0.33     30.3%
              Per share - diluted                 0.41        0.31     32.3%
       Dividends per share                        0.61      0.5625      8.4%
       Dividend payout ratio                     67.8%       66.2%
 
       Interest expensed                        17,143      16,584
       Interest capitalized                      3,103       4,162
           Total interest incurred              20,246      20,746
 
       Principal amortization                    1,343       1,242
       Preferred dividends & distributions       5,561       5,561
 
       Interest expense coverage ratio             3.7 x       3.5 x
       Total interest coverage ratio               3.1 x       2.8 x
       Fixed charge expense coverage ratio         2.6 x       2.5 x
       Total fixed charge coverage ratio           2.3 x       2.1 x
 
       Same property NOI increase                 6.4%        3.2%
         (# of apartment homes included)        41,332      42,316
 
 
                                                         As of March 31,
                                                     2001              2000
       Total assets                               $2,428,377        $2,497,459
       Total debt                                 $1,152,695        $1,200,946
       Common and common equivalent shares,
        outstanding end of period *                   44,778            44,342
       Share price, end of period                     $33.25            $27.06
       Preferred units, end of period               $149,815          $149,815
       Book equity value, end of period **        $1,180,088        $1,198,397
       Market equity value, end of period
        (including preferred, common, and
        common equivalents)                       $1,641,869        $1,352,895
 
       Debt to total market capitalization
        ratio                                          41.2%             47.0%
       Debt to assets, at cost                         47.5%             48.1%
 
       Unencumbered real estate assets
        (at cost) to unsecured debt ratio               245%              237%
 
     *   Includes:  39,033 common shares (including 913 restricted share awards
         & options), plus common share equivalents upon the assumed conversion
         of convertible preferred shares (3,207), and OP units (2,538)
 
     **  Includes:  preferred and common shares, preferred and common units,
         and common share equivalents
 
 
                                                              OPERATING RESULTS
                     (In thousands, except per share and property data amounts)
 
       (Unaudited)                                       Three Months Ended
                                                              March 31,
       OPERATING DATA                                  2001              2000
       Rental income                                 $92,210           $89,518
       Other property income                           6,951             6,363
          Total property income                       99,161            95,881
       Equity in income of joint ventures              2,696               257
       Development and construction fees               1,247             1,457
       Management fees                                   296               252
       Interest income                                 1,954               867
          Total revenues                             105,354            98,714
 
       Property operating and maintenance             28,159            27,706
       Real estate taxes                              10,066             9,990
       General and administrative                      3,283             3,139
       Impairment provision for technology
        investments                                    1,090               ---
       Interest                                       17,143            16,584
       Depreciation and amortization                  24,496            24,599
          Total expenses                              84,237            82,018
       Income before gain on sale of
        properties                                    21,117            16,696
       Gain on sale of properties                      1,716             1,933
       Income before minority interests               22,833            18,629
       Distributions on units convertible
        into perpetual preferred shares               (3,218)           (3,218)
       Income allocated to units
        convertible into common shares                (1,071)             (392)
       Net income                                     18,544            15,019
       Preferred share dividends                      (2,343)           (2,343)
 
       Net income to common shareholders             $16,201           $12,676
 
       FUNDS FROM OPERATIONS
         Net income to common shareholders           $16,201           $12,676
         Real estate depreciation                     23,807            23,802
         Adjustments for unconsolidated
          joint ventures                              (1,595)              809
         Gain on sale of properties                   (1,716)           (1,933)
         Preferred share dividends                     2,343             2,343
         Income allocated to units
          convertible into common shares               1,071               392
         Interest on convertible
          subordinated debentures                         33                44
         Amortization of deferred costs on
          convertible debentures                           1                 6
            Funds from operations - diluted          $40,145           $38,139
 
       PER SHARE DATA
         Net income - basic                            $0.43             $0.33
         Net income - diluted                           0.41              0.31
         Funds from operations - diluted                0.90              0.85
         Funds from operations - diluted
          (before impairment provision)                 0.92              0.85
         Cash distributions                             0.61              0.56
 
       Weighted average number of common
        and common equivalent shares
        outstanding:
         Basic                                        37,975            38,492
         Diluted                                      39,570            41,575
         FFO - diluted                                44,822            44,909
 
       PROPERTY DATA
         Total operating properties (end of
          period) *                                      143               156
         Total operating apartment homes in
          operating properties (end of period) *      50,780            54,784
         Total operating apartment homes
          (weighted average)                          45,038            46,915
 
       * Includes joint venture investments.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X18852551
 
 SOURCE  Camden Property Trust