HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) today announced operating results for the three months ended March 31, 2017. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three months ended March 31, 2017 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.
| Three Months Ended | Quarterly | Sequential | ||||||||||||||||||
| March 31 | Growth | Growth | ||||||||||||||||||
| Per Diluted Share | 2017 | 2016 | Same Property Results | 1Q17 vs. 1Q16 | 1Q17 vs. 4Q16 | |||||||||||||||
| EPS | $0.39 | $0.46 | Revenues | 2.9% | 0.3% | |||||||||||||||
| FFO | $1.09 | $1.20 | Expenses | 5.1% | 7.9% | |||||||||||||||
| AFFO | $0.99 | $1.10 | Net Operating Income ("NOI") | 1.7% | (3.6)% | |||||||||||||||
| Same Property Results | 1Q17 | 1Q16 | 4Q16 | |||||||||||||
| Occupancy | 94.8% | 95.3% | 94.8% | |||||||||||||
“We are pleased to report another solid quarter of results for our company,” said Richard J. Campo, Camden’s Chairman & CEO. “Demand for rental housing remains strong, and our operating performance is consistent with our expectations for another good year in 2017.”
The Company defines same property communities as communities owned and stabilized as of January 1, 2016, excluding properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.
Development Activity
Construction was completed during the quarter at Camden Gallery in Charlotte, NC and lease-up was completed subsequent to quarter-end. Lease-up was also completed at The Camden in Hollywood, CA during the quarter, and leasing began at Camden NoMa II in Washington, DC and Camden Shady Grove in Rockville, MD. Subsequent to quarter-end, the Company acquired approximately 8.2 acres of land in San Diego, CA for future development.
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Development Communities - Construction Completed and Projects in Lease-Up ($ in millions) |
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| Total | Total | % Leased | |||||||||||
| Community Name | Location | Units | Cost | as of 4/29/2017 | |||||||||
| Camden Gallery | Charlotte, NC | 323 | $ | 58.7 | 95% | ||||||||
| Camden Victory Park | Dallas, TX | 423 | 84.7 | 86% | |||||||||
| TOTAL | 746 | $ | 143.4 | ||||||||||
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Development Communities - Construction Ongoing ($ in millions) |
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| Total | Total | % Leased | |||||||||||
| Community Name | Location | Units | Budget | as of 4/29/2017 | |||||||||
| Camden Lincoln Station | Denver, CO | 267 | $ | 56.0 | 45% | ||||||||
| Camden NoMa II | Washington, DC | 405 | 115.0 | 24% | |||||||||
| Camden Shady Grove | Rockville, MD | 457 | 116.0 | 14% | |||||||||
| Camden McGowen Station | Houston, TX | 315 | 90.0 | ||||||||||
| Camden Washingtonian | Gaithersburg, MD | 365 | 90.0 | ||||||||||
| Camden North End I | Phoenix, AZ | 441 | 105.0 | ||||||||||
| TOTAL | 2,250 | $ | 572.0 | ||||||||||
Earnings Guidance
Camden updated its earnings guidance for 2017 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2017 as detailed below.
| 2Q17 | 2017 | 2017 Midpoint | ||||||||||||||||||||||
| Per Diluted Share | Range | Range | Current | Prior | Change | |||||||||||||||||||
| EPS | $ | 0.41 - $0.45 | $ | 1.62 - $1.78 | $ | 1.70 | $ | 1.69 | $ | 0.01 | ||||||||||||||
| FFO | $ | 1.11 - $1.15 | $ | 4.49 - $4.65 | $ | 4.57 | $ | 4.56 | $ | 0.01 | ||||||||||||||
The Company maintained its guidance for 2017 same property growth, which was initially provided in February 2017.
| 2017 | 2017 Midpoint | |||||||||||||||||
| Same Property Growth | Range | Current | Prior | Change | ||||||||||||||
| Revenues | 2.3 | % - 3.3% | 2.8 | % | 2.8 | % |
-% |
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| Expenses | 4.0 | % - 5.0% | 4.5 | % | 4.5 | % |
-% |
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| NOI | 0.8 | % - 2.8% | 1.8 | % | 1.8 | % |
-% |
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Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2017 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.
Conference Call
Friday, May 5, 2017 at 11:00 AM CT
Domestic Dial-In Number: (888)
317-6003; International Dial-In Number: (412) 317-6061
Passcode:
5835973
Webcast: http://services.choruscall.com/links/cpt170505.html
Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden (the "Company") operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 153 properties containing 53,116 apartment homes across the United States. Upon completion of 6 properties under development, the Company’s portfolio will increase to 55,366 apartment homes in 159 properties. Camden was recently named by FORTUNE® Magazine for the tenth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #22.
For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
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CAMDEN |
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OPERATING RESULTS (In thousands, except per share amounts) |
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(Unaudited) |
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| Three Months Ended March 31, | ||||||||||
| 2017 | 2016 | |||||||||
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OPERATING DATA |
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| Property revenues | ||||||||||
| Rental revenues | $ | 188,102 | $ | 187,119 | ||||||
| Other property revenues | 31,419 | 30,476 | ||||||||
| Total property revenues | 219,521 | 217,595 | ||||||||
| Property expenses | ||||||||||
| Property operating and maintenance | 51,548 | 50,269 | ||||||||
| Real estate taxes | 27,920 | 26,880 | ||||||||
| Total property expenses | 79,468 | 77,149 | ||||||||
| Non-property income | ||||||||||
| Fee and asset management | 1,748 | 1,765 | ||||||||
| Interest and other income | 634 | 224 | ||||||||
| Income on deferred compensation plans | 4,617 | 63 | ||||||||
| Total non-property income | 6,999 | 2,052 | ||||||||
| Other expenses | ||||||||||
| Property management | 7,027 | 7,140 | ||||||||
| Fee and asset management | 884 | 952 | ||||||||
| General and administrative | 12,868 | 12,223 | ||||||||
| Interest | 22,956 | 23,790 | ||||||||
| Depreciation and amortization | 63,734 | 62,091 | ||||||||
| Expense on deferred compensation plans | 4,617 | 63 | ||||||||
| Total other expenses | 112,086 | 106,259 | ||||||||
| Loss on early retirement of debt | (323 | ) |
- |
|||||||
| Gain on sale of land |
- |
443 | ||||||||
| Equity in income of joint ventures | 1,817 | 1,497 | ||||||||
| Income from continuing operations before income taxes | 36,460 | 38,179 | ||||||||
| Income tax expense | (471 | ) | (315 | ) | ||||||
| Income from continuing operations | 35,989 | 37,864 | ||||||||
| Income from discontinued operations |
- |
5,076 | ||||||||
| Net income | 35,989 | 42,940 | ||||||||
| Less income allocated to non-controlling interests from continuing operations | (1,128 | ) | (1,210 | ) | ||||||
| Net income attributable to common shareholders | $ | 34,861 | $ | 41,730 | ||||||
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
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| Net income | $ | 35,989 | $ | 42,940 | ||||||
| Other comprehensive income | ||||||||||
| Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 34 | 32 | ||||||||
| Comprehensive income | 36,023 | 42,972 | ||||||||
| Less income allocated to non-controlling interests from continuing operations | (1,128 | ) | (1,210 | ) | ||||||
| Comprehensive income attributable to common shareholders | $ | 34,895 | $ | 41,762 | ||||||
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PER SHARE DATA |
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| Total earnings per common share - basic | $ | 0.39 | $ | 0.46 | ||||||
| Total earnings per common share - diluted | 0.39 | 0.46 | ||||||||
| Earnings per share from continuing operations - basic | 0.39 | 0.41 | ||||||||
| Earnings per share from continuing operations - diluted | 0.39 | 0.41 | ||||||||
| Weighted average number of common shares outstanding: | ||||||||||
| Basic | 89,925 | 89,344 | ||||||||
| Diluted | 90,949 | 90,509 | ||||||||
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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CAMDEN |
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FUNDS FROM OPERATIONS (In thousands, except per share and property data amounts) |
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(Unaudited) |
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| Three Months Ended March 31, | ||||||||||
| 2017 | 2016 | |||||||||
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FUNDS FROM OPERATIONS |
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| Net income attributable to common shareholders | $ | 34,861 | $ | 41,730 | ||||||
| Real estate depreciation and amortization | 62,153 | 60,485 | ||||||||
| Real estate depreciation from discontinued operations |
- |
4,327 | ||||||||
| Adjustments for unconsolidated joint ventures | 2,213 | 2,358 | ||||||||
| Income allocated to non-controlling interests | 1,128 | 1,210 | ||||||||
| Funds from operations | $ | 100,355 | $ | 110,110 | ||||||
| Less: recurring capitalized expenditures (a) | (9,694 | ) | (9,294 | ) | ||||||
| Adjusted funds from operations - diluted | $ | 90,661 | $ | 100,816 | ||||||
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PER SHARE DATA |
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| Funds from operations - diluted | $ | 1.09 | $ | 1.20 | ||||||
| Adjusted funds from operations - diluted | 0.99 | 1.10 | ||||||||
| Distributions declared per common share | 0.75 | 0.75 | ||||||||
| Weighted average number of common shares outstanding: | ||||||||||
| FFO/AFFO - diluted | 92,029 | 91,593 | ||||||||
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PROPERTY DATA |
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| Total operating properties (end of period) (b) | 153 | 173 | ||||||||
| Total operating apartment homes in operating properties (end of period) (b) | 53,116 | 60,172 | ||||||||
| Total operating apartment homes (weighted average) | 45,710 | 52,552 | ||||||||
| Total operating apartment homes - excluding discontinued operations (weighted average) | 45,710 | 47,634 | ||||||||
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(a) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities. |
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(b) Includes joint ventures and properties held for sale, if any. |
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Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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CAMDEN |
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BALANCE SHEETS (In thousands) |
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(Unaudited) |
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Mar 31, 2017 |
Dec 31, 2016 |
Sep 30, 2016 |
Jun 30, 2016 |
Mar 31, 2016 |
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| ASSETS | |||||||||||||||
| Real estate assets, at cost | |||||||||||||||
| Land | $ | 984,523 | $ | 967,375 | $ | 962,507 | $ | 989,097 | $ | 998,519 | |||||
| Buildings and improvements | 6,071,203 | 5,967,023 | 5,910,347 | 5,956,361 | 5,978,843 | ||||||||||
| 7,055,726 | 6,934,398 | 6,872,854 | 6,945,458 | 6,977,362 | |||||||||||
| Accumulated depreciation | (1,952,809 | ) | (1,890,656 | ) | (1,829,563 | ) | (1,855,678 | ) | (1,841,107 | ) | |||||
| Net operating real estate assets | 5,102,917 | 5,043,742 | 5,043,291 | 5,089,780 | 5,136,255 | ||||||||||
| Properties under development, including land | 377,107 | 442,292 | 425,452 | 446,740 | 489,730 | ||||||||||
| Investments in joint ventures | 30,062 | 30,254 | 30,046 | 31,142 | 32,568 | ||||||||||
| Properties held for sale, including land | |||||||||||||||
| Operating properties held for sale (a) |
- |
- |
- |
105,254 |
- |
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| Discontinued operations held for sale (b) |
- |
- |
- |
- |
238,417 | ||||||||||
| Total real estate assets | 5,510,086 | 5,516,288 | 5,498,789 | 5,672,916 | 5,896,970 | ||||||||||
| Accounts receivable – affiliates | 23,634 | 24,028 | 23,998 | 24,008 | 24,011 | ||||||||||
| Other assets, net (c) | 147,922 | 142,010 | 143,059 | 139,263 | 107,161 | ||||||||||
| Short-term investments (d) |
- |
100,000 | 100,000 |
- |
- |
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| Cash and cash equivalents | 245,529 | 237,364 | 313,742 | 341,726 | 6,935 | ||||||||||
| Restricted cash | 8,175 | 8,462 | 8,691 | 21,561 | 5,378 | ||||||||||
| Total assets | $ | 5,935,346 | $ | 6,028,152 | $ | 6,088,279 | $ | 6,199,474 | $ | 6,040,455 | |||||
| LIABILITIES AND EQUITY | |||||||||||||||
| Liabilities | |||||||||||||||
| Notes payable | |||||||||||||||
| Unsecured | $ | 1,583,819 | $ | 1,583,236 | $ | 1,582,655 | $ | 1,582,077 | $ | 1,866,502 | |||||
| Secured | 866,476 | 897,352 | 897,971 | 898,723 | 899,315 | ||||||||||
| Accounts payable and accrued expenses | 120,086 | 137,813 | 143,193 | 140,864 | 140,991 | ||||||||||
| Accrued real estate taxes | 24,682 | 49,041 | 66,079 | 46,801 | 25,499 | ||||||||||
| Distributions payable | 69,326 | 69,161 | 82,861 | 69,116 | 69,020 | ||||||||||
| Other liabilities (e) | 123,654 | 118,959 | 122,270 | 117,023 | 86,423 | ||||||||||
| Total liabilities | 2,788,043 | 2,855,562 | 2,895,029 | 2,854,604 | 3,087,750 | ||||||||||
| Commitments and contingencies | |||||||||||||||
| Non-qualified deferred compensation share awards | 75,704 | 77,037 | 72,222 | 72,480 | 88,550 | ||||||||||
| Equity | |||||||||||||||
| Common shares of beneficial interest | 978 | 978 | 978 | 978 | 975 | ||||||||||
| Additional paid-in capital | 3,675,737 | 3,678,277 | 3,675,806 | 3,673,237 | 3,658,372 | ||||||||||
| Distributions in excess of net income attributable to common shareholders | (317,642 | ) | (289,180 | ) | (261,324 | ) | (104,004 | ) | (491,275 | ) | |||||
| Treasury shares, at cost | (365,923 | ) | (373,339 | ) | (373,597 | ) | (373,914 | ) | (378,032 | ) | |||||
| Accumulated other comprehensive loss (f) | (1,829 | ) | (1,863 | ) | (1,816 | ) | (1,848 | ) | (1,881 | ) | |||||
| Total common equity | 2,991,321 | 3,014,873 | 3,040,047 | 3,194,449 | 2,788,159 | ||||||||||
| Non-controlling interests | 80,278 | 80,680 | 80,981 | 77,941 | 75,996 | ||||||||||
| Total equity | 3,071,599 | 3,095,553 | 3,121,028 | 3,272,390 | 2,864,155 | ||||||||||
| Total liabilities and equity | $ | 5,935,346 | $ | 6,028,152 | $ | 6,088,279 | $ | 6,199,474 | $ | 6,040,455 | |||||
| (a) Operating properties held for sale included one dual-phase property and one operating property as of June 30, 2016 which were each subsequently sold in July. | |||||||||||||||
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(b) Represents the 15 operating properties, 19.6 acres of land, and retail center located in Las Vegas, Nevada, which were classified as held for sale at March 31, 2016 and subsequently sold on April 26, 2016. |
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| (c) Includes net deferred charges of: | $ | 1,683 | $ | 1,915 | $ | 2,140 | $ | 2,353 | $ | 2,600 | |||||
| (d) Our short-term investments consisted wholly of a certificate of deposit that had a maturity date of January 4, 2017. | |||||||||||||||
| (e) Includes deferred revenues of: | $ | 1,455 | $ | 1,541 | $ | 1,598 | $ | 831 | $ | 1,797 | |||||
| (f) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized loss on cash flow hedging activities. | |||||||||||||||
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CAMDEN |
NON-GAAP FINANCIAL MEASURES |
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| DEFINITIONS & RECONCILIATIONS | ||
| (In thousands, except per share amounts) | ||
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(Unaudited) |
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This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding gains (or losses) associated with the sale of previously depreciated operating properties, real estate depreciation and amortization, impairments of depreciable assets, and adjustments for unconsolidated joint ventures. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:
Adjusted FFO
In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to AFFO is provided below: |
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| Three Months Ended March 31, | ||||||||||
| 2017 | 2016 | |||||||||
| Net income attributable to common shareholders | $ | 34,861 | $ | 41,730 | ||||||
| Real estate depreciation and amortization | 62,153 | 60,485 | ||||||||
| Real estate depreciation from discontinued operations |
- |
4,327 | ||||||||
| Adjustments for unconsolidated joint ventures | 2,213 | 2,358 | ||||||||
| Income allocated to non-controlling interests | 1,128 | 1,210 | ||||||||
| Funds from operations | $ | 100,355 | $ | 110,110 | ||||||
| Less: recurring capitalized expenditures | (9,694 | ) | (9,294 | ) | ||||||
| Adjusted funds from operations | $ | 90,661 | $ | 100,816 | ||||||
| Weighted average number of common shares outstanding: | ||||||||||
| EPS diluted | 90,949 | 90,509 | ||||||||
| FFO/AFFO diluted | 92,029 | 91,593 | ||||||||
| Total earnings per common share - diluted | $ | 0.39 | $ | 0.46 | ||||||
| FFO per common share - diluted | $ | 1.09 | $ | 1.20 | ||||||
| AFFO per common share - diluted | $ | 0.99 | $ | 1.10 | ||||||
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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: |
| 2Q17 Range | 2017 Range | ||||||||||||||
| Low | High | Low | High | ||||||||||||
| Expected earnings per common share - diluted | $0.41 | $0.45 | $1.62 | $1.78 | |||||||||||
| Expected real estate depreciation and amortization | 0.67 | 0.67 | 2.73 | 2.73 | |||||||||||
| Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.10 | 0.10 | |||||||||||
| Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.04 | 0.04 | |||||||||||
| Expected FFO per share - diluted | $1.11 | $1.15 | $4.49 | $4.65 | |||||||||||
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Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document. |
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CAMDEN |
NON-GAAP FINANCIAL MEASURES |
|
| DEFINITIONS & RECONCILIATIONS | ||
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(In thousands, except per share amounts) |
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|
(Unaudited) |
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Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 10. 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: |
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| Three months ended March 31, | ||||||||||
| 2017 | 2016 | |||||||||
| Net income | $35,989 | $42,940 | ||||||||
| Less: Fee and asset management income | (1,748 | ) | (1,765 | ) | ||||||
| Less: Interest and other income | (634 | ) | (224 | ) | ||||||
| Less: Income on deferred compensation plans | (4,617 | ) | (63 | ) | ||||||
| Plus: Property management expense | 7,027 | 7,140 | ||||||||
| Plus: Fee and asset management expense | 884 | 952 | ||||||||
| Plus: General and administrative expense | 12,868 | 12,223 | ||||||||
| Plus: Interest expense | 22,956 | 23,790 | ||||||||
| Plus: Depreciation and amortization expense | 63,734 | 62,091 | ||||||||
| Plus: Expense on deferred compensation plans | 4,617 | 63 | ||||||||
| Plus: Loss on Early Retirement of Debt | 323 |
- |
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| Less: Gain on sale of operating properties, including land |
- |
(443 | ) | |||||||
| Less: Equity in income of joint ventures | (1,817 | ) | (1,497 | ) | ||||||
| Plus: Income tax expense | 471 | 315 | ||||||||
| Less: Income from discontinued operations |
- |
(5,076 | ) | |||||||
| Net Operating Income (NOI) | $140,053 | $140,446 | ||||||||
| "Same Property" Communities | $124,609 | $122,547 | ||||||||
| Non-"Same Property" Communities | 12,461 | 8,649 | ||||||||
| Development and Lease-Up Communities | 1,899 | 16 | ||||||||
| Dispositions/Other | 1,084 | 9,234 | ||||||||
| Net Operating Income (NOI) | $140,053 | $140,446 | ||||||||
Adjusted EBITDA
Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, net of tax, loss on early retirement of debt and income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:
| Three months ended March 31, | ||||||||||
| 2017 | 2016 | |||||||||
| Net income attributable to common shareholders | $34,861 | $41,730 | ||||||||
| Plus: Interest expense | 22,956 | 23,790 | ||||||||
| Plus: Depreciation and amortization expense | 63,734 | 62,091 | ||||||||
| Plus: Income allocated to non-controlling interests from continuing operations | 1,128 | 1,210 | ||||||||
| Plus: Income tax expense | 471 | 315 | ||||||||
| Plus: Real estate depreciation from discontinued operations |
- |
4,327 | ||||||||
| Less: Gain on sale of operating properties, including land |
- |
(443 | ) | |||||||
| Plus: Loss on Early Retirement of Debt | 323 |
- |
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| Less: Equity in income of joint ventures | (1,817 | ) | (1,497 | ) | ||||||
| Adjusted EBITDA | $121,656 | $131,523 | ||||||||
