Camden Property Trust Announces 2016 Operating Results, 2017 Financial Outlook and First Quarter 2017 Dividend

February 07, 2017 04:52 PM Eastern Standard Time

HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) today announced operating results for the three and twelve months ended December 31, 2016. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and twelve months ended December 31, 2016 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.


	Three Months Ended		Twelve Months Ended
	December 31		December 31
Per Diluted Share	2016	2015	2016	2015
EPS	$0.45	$0.67	$9.05	$2.76
FFO	$1.15	$1.20	$4.64	$4.54
AFFO	$0.98	$1.01	$3.99	$3.83


	Quarterly Growth		Sequential Growth		Year to Date Growth
Same Property Results	4Q16 vs. 4Q15		4Q16 vs. 3Q16		2016 vs. 2015
Revenues	3.1	%	(0.7	)%	3.9	%
Expenses	(0.8	)%	(7.1	)%	2.2	%
Net Operating Income ("NOI")	5.1	%	2.9	%	4.8	%


Same Property Results	4Q16		4Q15		3Q16
Occupancy	94.8	%	95.5	%	95.8	%

“We are pleased to report another solid quarter of results for our company,” said Richard J. Campo, Camden’s Chairman and CEO. “2016 was a successful year for Camden as we further improved our balance sheet and the quality of our portfolio through strategic capital recycling. We expect demand for apartments to remain steady in 2017, but revenue growth to moderate due to increased levels of new supply in many of our markets.”

For 2016, the Company defines same property communities as communities owned and stabilized as of January 1, 2015, 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

Lease-up was completed during the quarter at Camden Chandler in Chandler, AZ, leasing began at Camden Lincoln Station in Denver, CO, and construction was completed at The Camden in Hollywood, CA. The Company also commenced construction at Camden North End I in Phoenix, AZ.

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

Total

% Leased

Community Name

Location

Units

Cost

as of 2/4/2017

The Camden

Hollywood, CA

287

$133.7

88%

Camden Victory Park

Dallas, TX

423

84.6

80%

TOTAL

710

$218.3

Development Communities - Construction Ongoing ($ in millions)


		Total	Total	% Leased
Community Name	Location	Units	Budget	as of 2/4/2017
Camden Gallery	Charlotte, NC	323	$58.0	85%
Camden Lincoln Station	Denver, CO	267	56.0	33%
Camden NoMa II	Washington, DC	405	115.0
Camden Shady Grove	Rockville, MD	457	116.0
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		2,573	$630.0

Earnings Guidance

Camden provided initial earnings guidance for 2017 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2017 as detailed below.


Per Diluted Share	1Q17	2017
EPS	$0.36 - $0.40	$1.59 - $1.79
FFO	$1.06 - $1.10	$4.46 - $4.66


Same Property Growth	2017 Range	2017 Midpoint
Revenues	2.3% - 3.3%	2.8%
Expenses	4.0% - 5.0%	4.5%
NOI	0.8% - 2.8%	1.8%

Camden’s guidance for 2017 same property expense growth is primarily due to higher projected costs for real estate taxes and property insurance. Expenses for those categories in 2016 reflected the impact of property tax refunds and insurance reimbursements recognized during 2016 that are not expected to recur in 2017.

For 2017, the Company defines same property communities as communities owned and stabilized as of January 1, 2016, excluding properties held for sale. 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.

Quarterly Dividend Declaration

Camden’s Board of Trust Managers declared a first quarter 2017 dividend of $0.75 per common share. The dividend is payable on April 17, 2017 to holders of record as of March 31, 2017. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company’s past performance and future prospects, as described in this press release.

Conference Call

Wednesday, February 8, 2017 at 11:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061

Passcode: 0452454

Webcast: http://services.choruscall.com/links/cpt170208.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 152 properties containing 52,793 apartment homes across the United States. Upon completion of 7 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 ninth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #9.

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 December 31,						Twelve Months Ended December 31,
	2016			2015			2016			2015
OPERATING DATA
Property revenues
Rental revenues	$	186,461		$	185,633		$	750,597		$	721,816
Other property revenues		30,678			29,352			125,850			113,802
Total property revenues		217,139			214,985			876,447			835,618

Property expenses
Property operating and maintenance		49,976			50,705			206,780			202,105
Real estate taxes		23,700			24,353			104,575			98,895
Total property expenses		73,676			75,058			311,355			301,000

Non-property income
Fee and asset management		1,641			1,916			6,864			6,999
Interest and other income		836			289			2,202			597
Income/(loss) on deferred compensation plans		730			1,607			5,511			(264	)
Total non-property income		3,207			3,812			14,577			7,332

Other expenses
Property management		5,978			5,632			25,125			23,055
Fee and asset management		987			1,318			3,848			4,742
General and administrative		12,579			13,113			47,415			46,233
Interest		23,209			23,740			93,145			97,312
Depreciation and amortization		62,767			61,684			250,146			240,944
Expense/(benefit) on deferred compensation plans		730			1,607			5,511			(264	)
Total other expenses		106,250			107,094			425,190			412,022

Gain on sale of operating properties, including land		—			19,096			295,397			104,288
Equity in income of joint ventures		2,073			1,681			7,125			6,168
Income from continuing operations before income taxes		42,493			57,422			457,001			240,384
Income tax expense		(413	)		(538	)		(1,617	)		(1,872	)
Income from continuing operations		42,080			56,884			455,384			238,512
Income from discontinued operations		—			4,918			7,605			19,750
Gain on sale of discontinued operations, net of tax		—			—			375,237			—
Net income		42,080			61,802			838,226			258,262
Less income allocated to non-controlling interests from continuing operations		(1,187	)		(1,209	)		(18,403	)		(8,947	)
Net income attributable to common shareholders	$	40,893		$	60,593		$	819,823		$	249,315

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$42,080			$61,802			$838,226			$258,262
Other comprehensive income
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation		(80	)		357			(80	)		357
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation		33			37			130			149
Comprehensive income		42,033			62,196			838,276			258,768
Less income allocated to non-controlling interests from continuing operations		(1,187	)		(1,209	)		(18,403	)		(8,947	)
Comprehensive income attributable to common shareholders	$	40,846		$	60,987		$	819,873		$	249,821

PER SHARE DATA

Total earnings per common share - basic	$	0.45		$	0.67		$	9.08		$	2.77
Total earnings per common share - diluted		0.45			0.67			9.05			2.76
Earnings per share from continuing operations - basic		0.45			0.61			4.81			2.55
Earnings per share from continuing operations - diluted		0.45			0.61			4.79			2.54

Weighted average number of common shares outstanding:
Basic		89,745			89,175			89,580			89,120
Diluted		90,844			90,418			89,903			89,490

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 December 31,						Twelve Months Ended December 31,
	2016			2015			2016			2015
FUNDS FROM OPERATIONS

Net income attributable to common shareholders	$	40,893		$	60,593		$	819,823		$	249,315
Real estate depreciation and amortization		61,214			60,084			243,908			234,966
Real estate depreciation from discontinued operations		—			4,202			4,327			16,138
Adjustments for unconsolidated joint ventures		2,250			2,364			9,194			9,146
Income allocated to non-controlling interests		1,187			1,209			18,403			8,947
Gain on sale of operating properties, net of tax		—			(18,870	)		(294,954	)		(104,015	)
Gain on sale of discontinued operations, net of tax		—			—			(375,237	)		—
Funds from operations	$	105,544		$	109,582		$	425,464		$	414,497

Less: recurring capitalized expenditures ^(a)		(15,475	)		(17,429	)		(59,084	)		(64,169	)

Adjusted funds from operations - diluted	$	90,069		$	92,153		$	366,380		$	350,328

PER SHARE DATA
Funds from operations - diluted	$	1.15		$	1.20		$	4.64		$	4.54
Adjusted funds from operations - diluted		0.98			1.01			3.99			3.83
Distributions declared per common share		0.75			0.70			3.00			2.80
Special Distributions declared per common share		—			—			4.25			—

Weighted average number of common shares outstanding:
FFO/AFFO - diluted		91,926			91,502			91,794			91,386

PROPERTY DATA
Total operating properties (end of period) ^(b)		152			172			152			172
Total operating apartment homes in operating properties (end of period) ^(b)		52,793			59,792			52,793			59,792
Total operating apartment homes (weighted average)		45,455			52,379			48,505			52,006
Total operating apartment homes - excluding discontinued operations (weighted average)		45,455			47,461			46,394			47,088

(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.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.


CAMDEN	BALANCE SHEET (In thousands)


(Unaudited)

	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015
ASSETS
Real estate assets, at cost
Land	$	967,375		$	962,507		$	989,097		$	998,519		$	989,247
Buildings and improvements		5,967,023			5,910,347			5,956,361			5,978,843			5,911,432
		6,934,398			6,872,854			6,945,458			6,977,362			6,900,679
Accumulated depreciation		(1,890,656	)		(1,829,563	)		(1,855,678	)		(1,841,107	)		(1,780,694	)
Net operating real estate assets		5,043,742			5,043,291			5,089,780			5,136,255			5,119,985
Properties under development, including land		442,292			425,452			446,740			489,730			486,918
Investments in joint ventures		30,254			30,046			31,142			32,568			33,698
Properties held for sale, including land
Operating properties held for sale ^(a)		—			—			105,254			—			—
Discontinued operations held for sale ^(b)		—			—			—			238,417			239,063
Total real estate assets		5,516,288			5,498,789			5,672,916			5,896,970			5,879,664
Accounts receivable – affiliates		24,028			23,998			24,008			24,011			25,100
Other assets, net ^(d)		142,010			143,059			139,263			107,161			116,260
Short-term investments ^(c)		100,000			100,000			—			—			—
Cash and cash equivalents		237,364			313,742			341,726			6,935			10,617
Restricted cash		8,462			8,691			21,561			5,378			5,971
Total assets	$	6,028,152		$	6,088,279		$	6,199,474		$	6,040,455		$	6,037,612



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured	$	1,583,236		$	1,582,655		$	1,582,077		$	1,866,502		$	1,824,930
Secured		897,352			897,971			898,723			899,315			899,757
Accounts payable and accrued expenses		137,813			143,193			140,864			140,991			133,353
Accrued real estate taxes		49,041			66,079			46,801			25,499			45,223
Distributions payable		69,161			82,861			69,116			69,020			64,275
Other liabilities ^(e)		118,959			122,270			117,023			86,423			97,814
Total liabilities		2,855,562			2,895,029			2,854,604			3,087,750			3,065,352

Commitments and contingencies
Non-qualified deferred compensation share awards		77,037			72,222			72,480			88,550			79,364

Equity
Common shares of beneficial interest		978			978			978			975			976
Additional paid-in capital		3,678,277			3,675,806			3,673,237			3,658,372			3,662,864
Distributions in excess of net income attributable to common shareholders		(289,180	)		(261,324	)		(104,004	)		(491,275	)		(458,577	)
Treasury shares, at cost		(373,339	)		(373,597	)		(373,914	)		(378,032	)		(386,793	)
Accumulated other comprehensive loss ^(f)		(1,863	)		(1,816	)		(1,848	)		(1,881	)		(1,913	)
Total common equity		3,014,873			3,040,047			3,194,449			2,788,159			2,816,557
Non-controlling interests		80,680			80,981			77,941			75,996			76,339
Total equity		3,095,553			3,121,028			3,272,390			2,864,155			2,892,896
Total liabilities and equity	$	6,028,152		$	6,088,279		$	6,199,474		$	6,040,455		$	6,037,612

(a)

Operating properties held for sale includes one dual-phase property and one operating property as of

June 30, 2016 which were each subsequently sold in July.

(b)

All prior periods presented have been changed to present 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. (See page 19 for additional information

relating to this sale).

(c)

At December 31, 2016, our short-term investments consist wholly of a certificate of deposit that has a maturity date of January 4, 2017.

(d)

Includes net deferred charges of:

$1,915

$2,140

$2,353

$2,600

$2,851

(e)

Includes deferred revenues of:

$1,541

$1,598

$831

$1,797

$1,768

(f)

Represents the unrealized net loss and unamortized prior service costs on post retirement

obligation, and unrealized loss on cash flow hedging activities.


CAMDEN					2017 FINANCIAL OUTLOOK AS OF FEBRUARY 7, 2017

(Unaudited)

Earnings Guidance - Per Diluted Share
Expected FFO per share - diluted					$4.46 - $4.66

"Same Property" Communities
Number of Units					41,988
2016 Base Net Operating Income					$501 million
Total Revenue Growth					2.30% - 3.30%
Total Expense Growth					4.00% - 5.00%
Net Operating Income Growth					0.80% - 2.80%
Impact from 1% change in NOI Growth is approximately $0.054 / share

Physical Occupancy					94.9%

Capitalized Expenditures
Recurring					$60 - $64 million
Revenue Enhancing Capex and Repositions ^(a)					$24 - $28 million

Acquisitions/Dispositions
Disposition Volume (consolidated on balance sheet)					$0 - $200 million
Acquisition Volume (consolidated on balance sheet)					$0 - $200 million

Development
Development Starts (consolidated on balance sheet)					$100 - $300 million
Development Spend (consolidated on balance sheet)					$170 - $200 million

Equity in Income of Joint Ventures (FFO)					$15 - $17 million

Non-Property Income
Non-Property Income, Net					$4 - $6 million
Includes: Fee and asset management income (including fees from joint ventures), net of expenses,
and interest and other income

Corporate Expenses
General and administrative expense					$46 - $50 million
Property management expense					$26 - $28 million
Corporate G&A Depreciation/Amortization					$6 - $8 million

Capital
Expected Capital Transactions					$0 - $300 million
Expensed Interest					$88 - $92 million
Capitalized Interest					$14 - $16 million

(a)		Revenue Enhancing Capex and Repositions are capital expenditures that improve a community's cash flow and competitive position, typically kitchen and bath upgrades or other new amenities.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. Additionally, please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.


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 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:


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2016			2015			2016			2015
Net income attributable to common shareholders	$	40,893		$	60,593		$	819,823		$	249,315
Real estate depreciation and amortization		61,214			60,084			243,908			234,966
Real estate depreciation from discontinued operations		—			4,202			4,327			16,138
Adjustments for unconsolidated joint ventures		2,250			2,364			9,194			9,146
Income allocated to non-controlling interests		1,187			1,209			18,403			8,947
Gain on sale of operating properties, net of tax		—			(18,870	)		(294,954	)		(104,015	)
Gain on sale of discontinued operations, net of tax		—			—			(375,237	)		—
Funds from operations	$	105,544		$	109,582		$	425,464		$	414,497

Less: recurring capitalized expenditures		(15,475	)		(17,429	)		(59,084	)		(64,169	)

Adjusted funds from operations	$	90,069		$	92,153		$	366,380		$	350,328

Weighted average number of common shares outstanding:
EPS diluted		90,844			90,418			89,903			89,490
FFO/AFFO diluted		91,926			91,502			91,794			91,386

Total earnings per common share - diluted	$	0.45		$	0.67		$	9.05		$	2.76
FFO per common share - diluted	$	1.15		$	1.20		$	4.64		$	4.54
AFFO per common share - diluted	$	0.98		$	1.01		$	3.99		$	3.83

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:


	1Q17 Range		2017 Range
	Low	High	Low	High
Expected earnings per common share - diluted	$0.36	$0.40	$1.59	$1.79
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	$1.06	$1.10	$4.46	$4.66

Note: This table contains forward-looking statements. Please see the 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 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 11. 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 December 31,						Twelve months ended December 31,
	2016			2015			2016			2015
Net income	$	42,080		$	61,802		$	838,226		$	258,262
Less: Fee and asset management income		(1,641	)		(1,916	)		(6,864	)		(6,999	)
Less: Interest and other income		(836	)		(289	)		(2,202	)		(597	)
Less: Income/(loss) on deferred compensation plans		(730	)		(1,607	)		(5,511	)		264
Plus: Property management expense		5,978			5,632			25,125			23,055
Plus: Fee and asset management expense		987			1,318			3,848			4,742
Plus: General and administrative expense		12,579			13,113			47,415			46,233
Plus: Interest expense		23,209			23,740			93,145			97,312
Plus: Depreciation and amortization expense		62,767			61,684			250,146			240,944
Plus: Expense/(benefit) on deferred compensation plans		730			1,607			5,511			(264	)
Less: Gain on sale of operating properties, including land		—			(19,096	)		(295,397	)		(104,288	)
Less: Equity in income of joint ventures		(2,073	)		(1,681	)		(7,125	)		(6,168	)
Plus: Income tax expense		413			538			1,617			1,872
Less: Income from discontinued operations		—			(4,918	)		(7,605	)		(19,750	)
Less: Gain on sale of discontinued operations, net of tax		—			—			(375,237	)		—
Net Operating Income (NOI)	$	143,463		$	139,927		$	565,092		$	534,618

"Same Property" Communities	$	124,414		$	118,336		$	482,333		$	460,246
Non-"Same Property" Communities		15,233			12,683			53,603			37,427
Development and Lease-Up Communities		2,763			1			5,036			(7	)
Dispositions/Other		1,053			8,907			24,120			36,952
Net Operating Income (NOI)	$	143,463		$	139,927		$	565,092		$	534,618

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, 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 December 31,						Twelve months ended December 31,
	2016			2015			2016			2015
Net income attributable to common shareholders	$	40,893		$	60,593		$	819,823		$	249,315
Plus: Interest expense		23,209			23,740			93,145			97,312
Plus: Depreciation and amortization expense		62,767			61,684			250,146			240,944
Plus: Income allocated to non-controlling interests from continuing operations		1,187			1,209			18,403			8,947
Plus: Income tax expense		413			538			1,617			1,872
Plus: Real estate depreciation from discontinued operations		—			4,202			4,327			16,138
Less: Gain on sale of operating properties, including land		—			(19,096	)		(295,397	)		(104,288	)
Less: Equity in income of joint ventures		(2,073	)		(1,681	)		(7,125	)		(6,168	)
Less: Gain on sale of discontinued operations, net of tax		—			—			(375,237	)		—
Adjusted EBITDA	$	126,396		$	131,189		$	509,702		$	504,072

Contacts

Camden Property Trust
Kim Callahan, 713-354-2549

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