REIT Earnings Press Releases

Camden Property Trust Announces First Quarter 2021 Operating Results

HOUSTON--(BUSINESS WIRE)-- Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three months ended March 31, 2021. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three months ended March 31, 2021 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

 

Three Months Ended

 

March 31

Per Diluted Share

2021

2020

EPS

$0.31

$0.43

FFO

$1.24

$1.35

AFFO

$1.12

$1.20

 

 

Quarterly Growth

Sequential Growth

Same Property Results

1Q21 vs. 1Q20

1Q21 vs. 4Q20

Revenues

(0.4)%

0.1%

Expenses

5.4%

0.3%

Net Operating Income ("NOI")

(3.5)%

0.1%

 
Same Property Results

1Q21

1Q20

4Q20

Occupancy

96.0%

96.0%

95.5%

 

For 2021, the Company defines same property communities as communities owned and stabilized since January 1, 2020, 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.

April Collections

Same Property Scheduled Rents*

April 2021

April 2020

1Q21

1Q20

Collected

98.0%

94.3%

98.4%

97.9%

Deferred/Payment Plan Arranged

—%

2.5%

—%

—%

Delinquent

2.0%

3.2%

1.6%

2.1%

*Rent is recognized as earned. The Company evaluates collectability on an ongoing basis and any accounts considered uncollectable are recorded against property revenues.

Operating Statistics - Same Property Portfolio

New Lease and Renewal Data - Date Signed (1) (2)

April 2021*

April 2020

1Q21(2)

1Q20(2)

New Lease Rates

4.5%

(2.5)%

(0.8)%

0.4%

Renewal Rates

4.7%

0.1%

3.4%

4.3%

Blended Rates

4.6%

(0.8)%

1.2%

2.5%

 

 

 

 

 

New Leases

1,692

1,366

1,734

1,529

Renewals

1,590

2,568

1,604

1,768

Total Leases

3,282

3,934

3,338

3,297

New Lease and Renewal Data - Date Effective (3) (4)

April 2021*

April 2020

1Q21(4)

1Q20(4)

New Lease Rates

1.7%

(1.4)%

(2.2)%

0.2%

Renewal Rates

3.1%

4.4%

2.9%

4.8%

Blended Rates

2.4%

2.1%

0.2%

2.4%

 

 

 

 

 

New Leases

1,456

1,124

1,539

1,463

Renewals

1,464

1,720

1,378

1,405

Total Leases

2,920

2,844

2,917

2,868

*Data as of April 26, 2021

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.

(2) Data represents average monthly leases signed during the period.

(3) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

(4) Data represents average monthly leases effective during the period.

Occupancy and Turnover Data

April 2021*

April 2020

1Q21

1Q20

Occupancy

96.6%

95.5%

96.0%

96.0%

Annualized Gross Turnover

47%

47%

45%

46%

Annualized Net Turnover

37%

37%

35%

37%

*Data as of April 26, 2021

Development Activity

During the quarter, construction commenced at Camden Durham in Durham, NC, and leasing began at two communities: Camden Lake Eola in Orlando, FL, and Camden Buckhead in Atlanta, GA. Subsequent to quarter-end, leasing began at Camden Hillcrest in San Diego, CA.

Development Communities - Construction Completed and Projects in Lease-Up ($ in millions)

 

 

Total

Total

% Leased

Community Name

Location

Homes

Cost

as of 4/26/2021

Camden Downtown I

Houston, TX

271

$131.5

72 %

Camden RiNo

Denver, CO

233

78.9

96 %

Camden Cypress Creek II (JV)

Cypress, TX

234

31.9

87 %

Total

 

738

$242.3

 

Development Communities - Construction Ongoing ($ in millions)

 

 

Total

Total

% Leased

Community Name

Location

Homes

Estimated Cost

as of 4/26/2021

Camden North End II

Phoenix, AZ

343

 

$90.0

48 %

Camden Lake Eola

Orlando, FL

360

 

125.0

11 %

Camden Buckhead

Atlanta, GA

366

 

160.0

15 %

Camden Hillcrest

San Diego, CA

132

 

95.0

3 %

Camden Atlantic

Plantation, FL

269

 

100.0

 

Camden Tempe II

Tempe, AZ

397

 

115.0

 

Camden NoDa

Charlotte, NC

387

 

105.0

 

Camden Durham

Durham, NC

354

 

120.0

 

Total

 

2,608

$910.0

 

 

Liquidity Analysis

As of March 31, 2021, Camden had approximately $1.2 billion of liquidity comprised of approximately $333 million in cash and cash equivalents and no amounts outstanding on its $900 million unsecured credit facility. The Company has no scheduled debt maturities until 2022, and at quarter-end had $358 million left to fund under its existing wholly-owned development pipeline. As of March 31, 2021, Camden had outstanding letters of credit totaling approximately $12 million, which reduced the availability under its unsecured credit facility to $888 million.

Earnings Guidance

Camden updated its earnings guidance for 2021 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2021 as detailed below.

 

2Q21

2021

2021 Midpoint

Per Diluted Share

Range

Range

Current

Prior

Change

EPS

$0.25 - $0.31

$0.84 - $1.14

$0.99

$0.91

$0.08

FFO

$1.22 - $1.28

$4.94 - $5.24

$5.09

$5.00

$0.09

 

 

 

 

 

 

 

 

2021

2021 Midpoint

Same Property Growth

 

Range

Current

Prior

Change

Revenues

 

0.85% - 2.35%

1.60%

0.75%

0.85%

Expenses

 

3.50% - 4.30%

3.90%

3.50%

0.40%

NOI

 

(1.10)% - 1.60%

0.25%

(0.85)%

1.10%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2021 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call

Friday, April 30, 2021 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 4025578
Webcast: https://services.choruscall.com/links/cpt210430.html

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 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 167 properties containing 56,851 apartment homes across the United States. Upon completion of 8 properties currently under development, the Company’s portfolio will increase to 59,459 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 14 consecutive years, most recently ranking #8. The Company also received a Glassdoor Employees’ Choice Award in 2020, ranking #25 for large U.S. companies.

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 March 31,

 

2021

2020

OPERATING DATA

 

 

 

 

 

Property revenues (a)

$267,568

 

$265,879

 

 

 

 

Property expenses

 

 

Property operating and maintenance

63,479

 

59,956

 

Real estate taxes

37,453

 

34,180

 

Total property expenses

100,932

 

94,136

 

 

 

 

Non-property income

 

 

Fee and asset management

2,206

 

2,527

 

Interest and other income

332

 

329

 

Income/(loss) on deferred compensation plans

3,626

 

(14,860

)

Total non-property income

6,164

 

(12,004

)

 

 

 

Other expenses

 

 

Property management

6,124

 

6,527

 

Fee and asset management

1,132

 

843

 

General and administrative

14,222

 

13,233

 

Interest

23,644

 

19,707

 

Depreciation and amortization

93,141

 

91,859

 

Expense/(benefit) on deferred compensation plans

3,626

 

(14,860

)

Total other expenses

141,889

 

117,309

 

 

 

 

Gain on sale of land

 

382

 

Equity in income of joint ventures

1,914

 

2,122

 

Income from continuing operations before income taxes

32,825

 

44,934

 

Income tax expense

(352

)

(467

)

Net income

32,473

 

44,467

 

Less income allocated to non-controlling interests

(1,126

)

(1,183

)

Net income attributable to common shareholders

$31,347

 

$43,284

 

 

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

Net income

$32,473

 

$44,467

 

Other comprehensive income

 

 

Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation

373

 

366

 

Comprehensive income

32,846

 

44,833

 

Less income allocated to non-controlling interests

(1,126

)

(1,183

)

Comprehensive income attributable to common shareholders

$31,720

 

$43,650

 

 

 

 

PER SHARE DATA

 

 

 

 

 

Total earnings per common share - basic

$0.31

 

$0.43

 

Total earnings per common share - diluted

0.31

 

0.43

 

 

 

 

Weighted average number of common shares outstanding:

 

 

Basic

99,547

 

99,298

 

Diluted

99,621

 

99,380

 

(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 March 31, 2021, we recognized $267.6 million of property revenue which consisted of approximately $235.8 million of rental revenue and approximately $31.8 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 $265.9 million recognized for the three months ended March 31, 2020, made up of approximately $236.6 million of rental revenue and approximately $29.3 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 $7.7 million and $6.9 million for the three months ended March 31, 2021 and 2020, 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 March 31,

 

2021

2020

FUNDS FROM OPERATIONS

 

 

 

 

 

Net income attributable to common shareholders

$31,347

 

$43,284

 

Real estate depreciation and amortization

90,707

 

89,511

 

Adjustments for unconsolidated joint ventures

2,599

 

2,242

 

Income allocated to non-controlling interests

1,126

 

1,282

 

Funds from operations

$125,779

 

$136,319

 

 

 

 

Less: recurring capitalized expenditures (a)

(12,680

)

(14,825

)

 

 

 

Adjusted funds from operations

$113,099

 

$121,494

 

 

 

 

PER SHARE DATA

 

 

Funds from operations - diluted

$1.24

 

$1.35

 

Adjusted funds from operations - diluted

1.12

 

1.20

 

Distributions declared per common share

0.83

 

0.83

 

 

 

 

Weighted average number of common shares outstanding:

 

 

FFO/AFFO - diluted

101,341

 

101,128

 

 

 

 

PROPERTY DATA

 

 

Total operating properties (end of period) (b)

167

 

164

 

Total operating apartment homes in operating properties (end of period) (b)

56,851

 

56,112

 

Total operating apartment homes (weighted average)

49,439

 

49,017

 

(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.

CAMDEN

BALANCE SHEETS

(In thousands)

 

(Unaudited)

 

 

Mar 31,
2021

Dec 31,
2020

Sep 30,
2020

Jun 30,
2020

Mar 31,
2020

ASSETS

 

 

 

 

 

Real estate assets, at cost

 

 

 

 

 

Land

$1,233,937

 

 

$1,225,214

 

 

$1,216,942

 

 

$1,206,656

 

 

$1,206,130

 

 

Buildings and improvements

7,863,707

 

 

7,763,748

 

 

7,677,676

 

 

7,597,165

 

 

7,547,150

 

 

 

9,097,644

 

 

8,988,962

 

 

8,894,618

 

 

8,803,821

 

 

8,753,280

 

 

Accumulated depreciation

(3,124,504

)

 

(3,034,186

)

 

(2,944,769

)

 

(2,857,124

)

 

(2,770,848

)

 

Net operating real estate assets

5,973,140

 

 

5,954,776

 

 

5,949,849

 

 

5,946,697

 

 

5,982,432

 

 

Properties under development, including land

541,958

 

 

564,215

 

 

522,664

 

 

514,336

 

 

467,288

 

 

Investments in joint ventures

18,800

 

 

18,994

 

 

20,992

 

 

21,735

 

 

22,318

 

 

Total real estate assets

6,533,898

 

 

6,537,985

 

 

6,493,505

 

 

6,482,768

 

 

6,472,038

 

 

Accounts receivable – affiliates

19,502

 

 

20,158

 

 

20,152

 

 

21,432

 

 

20,344

 

 

Other assets, net (a)

213,126

 

 

216,276

 

 

217,534

 

 

211,823

 

 

196,544

 

 

Cash and cash equivalents

333,402

 

 

420,441

 

 

589,614

 

 

601,584

 

 

22,277

 

 

Restricted cash

4,105

 

 

4,092

 

 

3,918

 

 

4,093

 

 

4,367

 

 

Total assets

$7,104,033

 

 

$7,198,952

 

 

$7,324,723

 

 

$7,321,700

 

 

$6,715,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Liabilities

 

 

 

 

 

Notes payable

 

 

 

 

 

Unsecured

$3,167,557

 

 

$3,166,625

 

 

$3,225,799

 

 

$3,224,871

 

 

$2,606,876

 

 

Accounts payable and accrued expenses

159,111

 

 

175,608

 

 

183,654

 

 

167,453

 

 

156,841

 

 

Accrued real estate taxes

33,155

 

 

66,156

 

 

87,159

 

 

62,499

 

 

32,365

 

 

Distributions payable

84,282

 

 

84,147

 

 

84,137

 

 

84,138

 

 

84,112

 

 

Other liabilities (b)

185,852

 

 

189,829

 

 

177,967

 

 

172,172

 

 

164,052

 

 

Total liabilities

3,629,957

 

 

3,682,365

 

 

3,758,716

 

 

3,711,133

 

 

3,044,246

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

Common shares of beneficial interest

1,070

 

 

1,069

 

 

1,068

 

 

1,068

 

 

1,069

 

 

Additional paid-in capital

4,588,056

 

 

4,581,710

 

 

4,577,813

 

 

4,574,387

 

 

4,569,995

 

 

Distributions in excess of net income attributable to common shareholders

(842,628

)

 

(791,079

)

 

(737,556

)

 

(689,809

)

 

(623,570

)

 

Treasury shares

(335,511

)

 

(341,412

)

 

(341,831

)

 

(341,637

)

 

(342,778

)

 

Accumulated other comprehensive income (loss) (c)

(5,010

)

 

(5,383

)

 

(5,431

)

 

(5,797

)

 

(6,163

)

 

Total common equity

3,405,977

 

 

3,444,905

 

 

3,494,063

 

 

3,538,212

 

 

3,598,553

 

 

Non-controlling interests

68,099

 

 

71,682

 

 

71,944

 

 

72,355

 

 

72,771

 

 

Total equity

3,474,076

 

 

3,516,587

 

 

3,566,007

 

 

3,610,567

 

 

3,671,324

 

 

Total liabilities and equity

$7,104,033

 

 

$7,198,952

 

 

$7,324,723

 

 

$7,321,700

 

 

$6,715,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Includes net deferred charges of:

$2,031

 

 

$2,299

 

 

$2,686

 

 

$3,031

 

 

$3,399

 

 

 

 

 

 

 

 

(b) Includes deferred revenues of:

$256

 

 

$284

 

 

$314

 

 

$344

 

 

$375

 

 

 

 

 

 

 

 

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain (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. 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,

 

2021

 

2020

 

Net income attributable to common shareholders

$31,347

 

 

$43,284

 

 

Real estate depreciation and amortization

90,707

 

 

89,511

 

 

Adjustments for unconsolidated joint ventures

2,599

 

 

2,242

 

 

Income allocated to non-controlling interests

1,126

 

 

1,282

 

 

Funds from operations

$125,779

 

 

$136,319

 

 

 

 

 

Less: recurring capitalized expenditures

(12,680

)

 

(14,825

)

 

 

 

 

Adjusted funds from operations

$113,099

 

 

$121,494

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

EPS diluted

99,621

 

 

99,380

 

 

FFO/AFFO diluted

101,341

 

 

101,128

 

 

 

 

 

 

Three Months Ended March 31,

 

2021

 

2020

 

Total Earnings Per Common Share - Diluted

$0.31

 

 

$0.43

 

 

Real estate depreciation and amortization

0.89

 

 

0.89

 

 

Adjustments for unconsolidated joint ventures

0.03

 

 

0.02

 

 

Income allocated to non-controlling interests

0.01

 

 

0.01

 

 

FFO per common share - Diluted

$1.24

 

 

$1.35

 

 

 

 

 

Less: recurring capitalized expenditures

(0.12

)

 

(0.15

)

 

 

 

 

AFFO per common share - Diluted

$1.12

 

 

$1.20

 

 

 

CAMDEN

 

NON-GAAP FINANCIAL MEASURES

 

 

DEFINITIONS & RECONCILIATIONS

 

 

(In thousands, except per share amounts)

 

 

 

(Unaudited)

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:

 

2Q21 Range

 

2021 Range

 

Low

High

 

Low

High

Expected earnings per common share - diluted

$0.25

 

$0.31

 

 

$0.84

 

$1.14

 

Expected real estate depreciation and amortization

0.93

 

0.93

 

 

3.95

 

3.95

 

Expected adjustments for unconsolidated joint ventures

0.03

 

0.03

 

 

0.10

 

0.10

 

Expected income allocated to non-controlling interests

0.01

 

0.01

 

 

0.05

 

0.05

 

Expected FFO per share - diluted

$1.22

 

$1.28

 

 

$4.94

 

$5.24

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.

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 12 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. A reconciliation of net income attributable to common shareholders to net operating income is provided below:

 

Three months ended March 31,

 

2021

 

2020

 

Net income

$32,473

 

 

$44,467

 

 

Less: Fee and asset management income

(2,206

)

 

(2,527

)

 

Less: Interest and other income

(332

)

 

(329

)

 

Less: (Income)/loss on deferred compensation plans

(3,626

)

 

14,860

 

 

Plus: Property management expense

6,124

 

 

6,527

 

 

Plus: Fee and asset management expense

1,132

 

 

843

 

 

Plus: General and administrative expense

14,222

 

 

13,233

 

 

Plus: Interest expense

23,644

 

 

19,707

 

 

Plus: Depreciation and amortization expense

93,141

 

 

91,859

 

 

Plus: Expense/(benefit) on deferred compensation plans

3,626

 

 

(14,860

)

 

Less: Gain on sale of land

 

 

(382

)

 

Less: Equity in income of joint ventures

(1,914

)

 

(2,122

)

 

Plus: Income tax expense

352

 

 

467

 

 

NOI

$166,636

 

 

$171,743

 

 

 

 

 

"Same Property" Communities

$150,483

 

 

$155,954

 

 

Non-"Same Property" Communities

14,155

 

 

14,427

 

 

Development and Lease-Up Communities

1,440

 

 

(75

)

 

Dispositions/Other

558

 

 

1,437

 

 

NOI

$166,636

 

 

$171,743

 

 

 

CAMDEN

 

NON-GAAP FINANCIAL MEASURES

 

 

DEFINITIONS & RECONCILIATIONS

 

 

(In thousands, except per share amounts)

 

(Unaudited)

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, 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. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:

 

Three months ended March 31,

 

2021

 

2020

 

Net income attributable to common shareholders

$31,347

 

 

$43,284

 

 

Plus: Interest expense

23,644

 

 

19,707

 

 

Plus: Depreciation and amortization expense

93,141

 

 

91,859

 

 

Plus: Income allocated to non-controlling interests

1,126

 

 

1,183

 

 

Plus: Income tax expense

352

 

 

467

 

 

Less: Gain on sale of land

 

 

(382

)

 

Less: Equity in income of joint ventures

(1,914

)

 

(2,122

)

 

Adjusted EBITDA

$147,696

 

 

$153,996

 

 

Annualized Adjusted EBITDA

$590,784

 

 

$615,984

 

 

Net Debt to Annualized Adjusted EBITDA

The Company believes Net Debt to Annualized Adjusted EBITDA 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 EBITDA for the following periods:

Net Debt:

 

Average monthly balance for the

 

Three months ended March 31,

 

2021

 

2020

 

Unsecured notes payable

$3,167,246

 

 

$2,633,950

 

 

Total debt

3,167,246

 

 

2,633,950

 

 

Less: Cash and cash equivalents

(289,901

)

 

(20,184

)

 

Net debt

$2,877,345

 

 

$2,613,766

 

 

Net Debt to Annualized Adjusted EBITDA:

 

Three months ended March 31,

 

2021

2020

Net debt

$2,877,345

 

$2,613,766

 

Annualized Adjusted EBITDA

590,784

 

615,984

 

Net Debt to Annualized Adjusted EBITDA

4.9

x

4.2

x

 

Kim Callahan, 713-354-2549

Source: Camden Property Trust

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REIT Profile

Camden Property Trust
Symbol: CPT
CIK: 906345
Exchange: NYSE
Founded: 1993 (29 years)
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Large-Cap
REIT Sector: Residential

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Last updated: 2022-01-14 12:57:03 PST

Last updated: 2022-01-16 - v0.5