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Section 1: 8-K (8-K)

Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 2, 2018
CAMDEN PROPERTY TRUST
(Exact name of Registrant as Specified in Charter)
Texas
1-12110
76-6088377
(State or Other Jurisdiction of
Incorporation)
(Commission File Number)
(I.R.S. Employer
Identification Number)
11 Greenway Plaza, Suite 2400, Houston, Texas 77046
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (713) 354-2500
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 
Emerging Growth Company
 
¨
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ¨





Item 2.02    Results of Operations and Financial Condition.

On August 2, 2018, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and six months ended June 30, 2018. This press release refers to supplemental financial information available on the Company’s website. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01    Financial Statements and Exhibits.

(c)    Exhibits.

Exhibit
Number
Title
 
 
Press Release issued by Camden Property Trust dated August 2, 2018.
Supplemental Financial Information dated August 2, 2018.






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 2, 2018
CAMDEN PROPERTY TRUST



By:    /s/ Michael P. Gallagher        
Michael P. Gallagher
Senior Vice President - Chief Accounting Officer






EXHIBIT INDEX


Exhibit
Number
Title
 
 
Press Release issued by Camden Property Trust dated August 2, 2018.
Supplemental Financial Information dated August 2, 2018.



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
394492362_image1a01a02a23.jpg

CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2018 OPERATING RESULTS

Houston, Texas (August 2, 2018) - Camden Property Trust (NYSE:CPT) announced today operating results for the three and six months ended June 30, 2018. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and six months ended June 30, 2018 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

 
Three Months Ended
Six Months Ended
 
June 30
June 30
Per Diluted Share
2018
2017
2018
2017
EPS
$0.40
$0.43
$0.81
$0.82
FFO
$1.19
$1.15
$2.34
$2.24
AFFO
$1.00
$0.97
$2.04
$1.95

 
Quarterly Growth
Sequential Growth
Year-to-Date Growth
Same Property Results
2Q18 vs. 2Q17
2Q18 vs. 1Q18
2018 vs. 2017
Revenues
3.2%
1.8%
3.3%
Expenses
3.3%
0.7%
2.7%
Net Operating Income ("NOI")
3.2%
2.4%
3.6%

Same Property Results
2Q18

2Q17

1Q18

Occupancy
95.8
%
95.3
%
95.4
%

“We are pleased to report another solid quarter of results for our company,” said Richard J. Campo, Camden’s Chairman and CEO. “Same property performance and FFO per share were better than anticipated, and we have raised our full-year 2018 guidance for same property revenue growth, same property NOI growth and FFO per share as a result. We are also proud to announce that Camden recently celebrated its 25th anniversary as a publicly traded company, and we thank all of our team members, customers and shareholders for helping us reach this amazing milestone.”

The Company defines same property communities as communities owned and stabilized since January 1, 2017, 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.

Development Activity
During the quarter, leasing began at Camden McGowen Station in Houston, TX, Camden North End I in Phoenix, AZ and Camden Washingtonian in Gaithersburg, MD, and construction commenced at Camden Lake Eola in Orlando, FL.

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

% Leased

Community Name
Location
Units
Cost

as of 7/31/2018

Camden NoMa II
Washington, DC
405
$107.9
86
%
Camden Shady Grove
Rockville, MD
457
113.7

80
%
Total
 
862
$221.6

 

1


Development Communities - Construction Ongoing ($ in millions)
 
 
Total
Total
% Leased

Community Name
Location
Units
Budget
as of 7/31/2018

Camden McGowen Station
Houston, TX
315
$90.0
30
%
Camden North End I
Phoenix, AZ
441
105.0
27
%
Camden Washingtonian
Gaithersburg, MD
365
90.0
32
%
Camden Grandview II
Charlotte, NC
28
21.0
 
Camden RiNo
Denver, CO
233
75.0
 
Camden Downtown I
Houston, TX
271
132.0
 
Camden Lake Eola
Orlando, FL
360
120.0
 
Total
 
2,013
$633.0
 

Acquisition/Disposition Activity
In April 2018, the Company acquired a 1.78-acre land parcel in Orlando, FL, for $11.4 million for the future development of 360 wholly-owned apartment homes which commenced construction during the quarter ended June 30, 2018.

Earnings Guidance
Camden updated its earnings guidance for 2018 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2018 as detailed below.

 
3Q18
2018
2018 Midpoint
 
 
Per Diluted Share
Range
Range
Current
Prior
Change
 
EPS
$0.39 - $0.43
$1.55 - $1.67
$1.61
$1.78
($0.17)
(a) 
FFO
$1.17 - $1.21
$4.68 - $4.80
$4.74
$4.72
$0.02
 
(a) Guidance adjusted for depreciation and amortization of real estate and in-place leases for 2018 completed and anticipated acquisitions.

 
2018
2018 Midpoint
 
Same Property Growth
Range
Current
Prior
Change
Revenues
2.90% - 3.40%
3.15%
3.00%
0.15%
Expenses
3.25% - 3.75%
3.50%
3.50%
0.00%
NOI
2.50% - 3.50%
3.00%
2.70%
0.30%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2018 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call
Friday, August 3, 2018 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 1269818
Webcast: http://services.choruscall.com/links/cpt180803.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

2


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 158 properties containing 54,181 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 56,194 apartment homes in 165 properties. Camden was recently named by FORTUNE® Magazine for the eleventh consecutive year as one of the “100 Best Companies to Work For” in America, ranking #24.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.


3



 
 
 
CAMDEN
 
OPERATING RESULTS
 
 
(In thousands, except per share amounts)
 
 
 

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
2017
 
2018
2017
OPERATING DATA
 
 
 
 
 
Property revenues
 
 
 
 
 
Rental revenues (a)

$208,634


$190,470

 

$412,139


$378,572

Other property revenues (a)
28,499

32,900

 
55,677

64,319

Total property revenues
237,133

223,370

 
467,816

442,891

 
 
 
 
 
 
Property expenses
 
 
 
 
 
Property operating and maintenance
54,735

52,550

 
108,651

104,098

Real estate taxes
30,326

27,803

 
60,375

55,723

Total property expenses
85,061

80,353

 
169,026

159,821

 
 
 
 
 
 
Non-property income
 
 
 
 
 
Fee and asset management
1,826

1,942

 
3,824

3,690

Interest and other income
491

560

 
1,284

1,194

Income on deferred compensation plans
435

3,441

 
230

8,058

Total non-property income
2,752

5,943

 
5,338

12,942

 
 
 
 
 
 
Other expenses
 
 
 
 
 
Property management
6,473

6,554

 
13,112

13,581

Fee and asset management
1,088

961

 
2,053

1,845

General and administrative
12,272

12,451

 
24,495

25,319

Interest
20,607

21,966

 
40,981

44,922

Depreciation and amortization
75,569

65,033

 
145,793

128,767

Expense on deferred compensation plans
435

3,441

 
230

8,058

Total other expenses
116,444

110,406

 
226,664

222,492

 
 
 
 
 
 
Loss on early retirement of debt


 

(323
)
Equity in income of joint ventures
1,872

1,785

 
3,701

3,602

Income from continuing operations before income taxes
40,252

40,339

 
81,165

76,799

Income tax expense
(380
)
(25
)
 
(768
)
(496
)
Net income
39,872

40,314

 
80,397

76,303

Less income allocated to non-controlling interests from
continuing operations
(1,201
)
(1,126
)
 
(2,331
)
(2,254
)
Net income attributable to common shareholders

$38,671


$39,188

 

$78,066


$74,049

 
 
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
 
 
 
Net income
$39,872
$40,314
 
$80,397
$76,303
Other comprehensive income
 
 
 
 
 
Unrealized gain on cash flow hedging activities
5,181


 
8,782


Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation
34

34

 
69

68

Comprehensive income
45,087

40,348

 
89,248

76,371

Less income allocated to noncontrolling interests from continuing operations
(1,201
)
(1,126
)
 
(2,331
)
(2,254
)
Comprehensive income attributable to common shareholders

$43,886


$39,222

 

$86,917


$74,117

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
 
 
 
 
 
 
Total earnings per common share - basic

$0.40


$0.43

 

$0.81


$0.82

Total earnings per common share - diluted
0.40

0.43

 
0.81

0.82

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
     Basic
95,243

90,105

 
95,155

90,015

     Diluted
95,337

91,041

 
95,289

90,995



(a) Upon our adoption of ASU 2014-09, we are now presenting certain revenue items, historically included as a component of other property revenues, as rental revenues due to the nature and timing of revenue recognition for these items being more closely aligned to a lease. This new presentation has been applied prospectively as this reclassification will not have an impact upon total property revenues or the opening balance of retained earnings. Approximately $5.8 million and  $11.4 million of rental revenue is related to this presentation for the three and six months ended June 30, 2018, respectively. Had ASU 2014-09 been effective as of January 1, 2017, we would have reclassified approximately $5.7 million and $11.0 million from other property revenues to rental revenue for the three and six months ended June 30, 2017, respectively.

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


4



 
 
 
CAMDEN
 
FUNDS FROM OPERATIONS
 
 
(In thousands, except per share and property data amounts)
 
 
 

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
2017
 
2018
2017
FUNDS FROM OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common shareholders

$38,671


$39,188

 

$78,066


$74,049

 Real estate depreciation and amortization
73,980

63,450

 
142,575

125,603

 Adjustments for unconsolidated joint ventures
2,257

2,214

 
4,504

4,427

 Income allocated to non-controlling interests
1,201

1,126

 
2,331

2,254

     Funds from operations

$116,109


$105,978

 

$227,476


$206,333

 
 
 
 
 
 
     Less: recurring capitalized expenditures (a)
(19,190
)
(16,775
)
 
(29,189
)
(26,469
)
 
 
 
 
 
 
     Adjusted funds from operations - diluted

$96,919


$89,203

 

$198,287


$179,864

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
Funds from operations - diluted

$1.19


$1.15

 

$2.34


$2.24

Adjusted funds from operations - diluted
1.00

0.97

 
2.04

1.95

Distributions declared per common share
0.77

0.75

 
1.54

1.50

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
FFO/AFFO - diluted
97,220

92,119

 
97,172

92,074

 
 
 
 
 
 
PROPERTY DATA
 
 
 
 
 
Total operating properties (end of period) (b)
158

155

 
158

155

Total operating apartment homes in operating properties (end of period) (b)
54,181

53,771

 
54,181

53,771

Total operating apartment homes (weighted average)
46,682

46,053

 
46,518

45,882


(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.


5



 
 
 
CAMDEN
 
BALANCE SHEETS
 
 
(In thousands)
 
 
 

(Unaudited)
 
Jun 30,
2018

Mar 31,
2018

Dec 31,
2017

Sep 30,
2017

Jun 30,
2017

ASSETS
 
 
 
 
 
Real estate assets, at cost
 
 
 
 
 
Land

$1,066,077


$1,053,578


$1,021,031


$1,016,097


$1,008,459

Buildings and improvements
6,620,169

6,494,229

6,269,481

6,269,561

6,199,435

 
7,686,246

7,547,807

7,290,512

7,285,658

7,207,894

Accumulated depreciation
(2,255,737
)
(2,185,452
)
(2,118,839
)
(2,080,989
)
(2,016,259
)
Net operating real estate assets
5,430,509

5,362,355

5,171,673

5,204,669

5,191,635

Properties under development, including land
373,350

399,903

377,231

363,481

373,294

Investments in joint ventures
26,205

26,863

27,237

28,420

29,665

Total real estate assets
5,830,064

5,789,121

5,576,141

5,596,570

5,594,594

Accounts receivable – affiliates
23,473

23,397

24,038

23,620

23,592

Other assets, net (a)(b)
204,717

199,420

195,764

189,253

155,784

Cash and cash equivalents
64,071

101,401

368,492

350,274

16,318

Restricted cash
9,581

15,036

9,313

9,178

8,312

Total assets

$6,131,906


$6,128,375


$6,173,748


$6,168,895


$5,798,600

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
Liabilities
 
 
 
 
 
Notes payable
 
 
 
 
 
Unsecured

$1,339,659


$1,339,142


$1,338,628


$1,338,117


$1,437,608

Secured
865,629

865,798

865,970

866,134

866,292

Accounts payable and accrued expenses
127,777

123,706

128,313

127,557

116,754

Accrued real estate taxes
52,461

29,061

51,383

70,027

48,559

Distributions payable
75,071

75,083

72,943

72,962

69,347

Other liabilities (b)(c)
156,767

157,002

154,567

154,506

134,851

Total liabilities
2,617,364

2,589,792

2,611,804

2,629,303

2,673,411

 
 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
Non-qualified deferred compensation share awards
85,938

76,174

77,230

73,015

84,050

 
 
 
 
 
 
Equity
 
 
 
 
 
Common shares of beneficial interest
1,027

1,026

1,028

1,028

978

Additional paid-in capital
4,132,404

4,132,056

4,137,161

4,134,206

3,678,660

Distributions in excess of net income attributable to common shareholders
(436,575
)
(396,596
)
(368,703
)
(383,584
)
(351,910
)
Treasury shares, at cost
(355,752
)
(356,687
)
(364,066
)
(364,736
)
(364,785
)
Accumulated other comprehensive loss (d)
8,794

3,579

(57
)
(7
)
(1,795
)
Total common equity
3,349,898

3,383,378

3,405,363

3,386,907

2,961,148

Non-controlling interests
78,706

79,031

79,351

79,670

79,991

Total equity
3,428,604

3,462,409

3,484,714

3,466,577

3,041,139

Total liabilities and equity

$6,131,906


$6,128,375


$6,173,748


$6,168,895


$5,798,600

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 

 
 
 
 
 
 
(a) Includes net deferred charges of:

$724


$929


$1,125


$1,312


$1,487

 
 
 
 
 
 
(b) Includes net asset fair value of derivative instruments:

$10,472


$5,291


$1,690


$1,754


$—

 
 
 
 
 
 
(c) Includes deferred revenues of:

$659


$536


$426


$1,463


$513

 
 
 
 
 
 
(d) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.


6



 
 
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 June 30,
 
Six Months Ended June 30,
 
2018
2017
 
2018
2017
Net income attributable to common shareholders

$38,671


$39,188

 

$78,066


$74,049

 Real estate depreciation and amortization
73,980

63,450

 
142,575

125,603

 Adjustments for unconsolidated joint ventures
2,257

2,214

 
4,504

4,427

 Income allocated to non-controlling interests
1,201

1,126

 
2,331

2,254

Funds from operations

$116,109


$105,978

 

$227,476


$206,333

 
 
 
 
 
 
Less: recurring capitalized expenditures
(19,190
)
(16,775
)
 
(29,189
)
(26,469
)
 
 
 
 
 
 
Adjusted funds from operations

$96,919


$89,203

 

$198,287


$179,864

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
EPS diluted
95,337

91,041

 
95,289

90,995

FFO/AFFO diluted
97,220

92,119

 
97,172

92,074

 
 
 
 
 
 
Total earnings per common share - diluted

$0.40


$0.43

 

$0.81


$0.82

FFO per common share - diluted

$1.19


$1.15

 

$2.34


$2.24

AFFO per common share - diluted

$1.00


$0.97

 

$2.04


$1.95

 
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:
 
3Q18

Range
 
2018

Range
 
Low
High
 
Low
High
Expected earnings per common share - diluted

$0.39


$0.43

 

$1.55


$1.67

Expected real estate depreciation and amortization
0.75

0.75

 
3.00

3.00

Expected adjustments for unconsolidated joint ventures
0.02

0.02

 
0.09

0.09

Expected income allocated to non-controlling interests
0.01

0.01

 
0.04

0.04

Expected FFO per share - diluted

$1.17


$1.21

 

$4.68


$4.80



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

7



 
 
 
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 June 30,
 
Six months ended June 30,
 
2018
2017
 
2018
2017
Net income

$39,872


$40,314

 

$80,397


$76,303

Less: Fee and asset management income
(1,826
)
(1,942
)
 
(3,824
)
(3,690
)
Less: Interest and other income
(491
)
(560
)
 
(1,284
)
(1,194
)
Less: Income on deferred compensation plans
(435
)
(3,441
)
 
(230
)
(8,058
)
Plus: Property management expense
6,473

6,554

 
13,112

13,581

Plus: Fee and asset management expense
1,088

961

 
2,053

1,845

Plus: General and administrative expense
12,272

12,451

 
24,495

25,319

Plus: Interest expense
20,607

21,966

 
40,981

44,922

Plus: Depreciation and amortization expense
75,569

65,033

 
145,793

128,767

Plus: Expense on deferred compensation plans
435

3,441

 
230

8,058

Plus: Loss on early retirement of debt


 

323

Less: Equity in income of joint ventures
(1,872
)
(1,785
)
 
(3,701
)
(3,602
)
Plus: Income tax expense
380

25

 
768

496

NOI

$152,072


$143,017

 

$298,790


$283,070

 
 
 
 
 
 
"Same Property" Communities

$131,729


$127,703

 

$260,333


$251,384

Non-"Same Property" Communities
16,144

12,387

 
30,809

23,811

Development and Lease-Up Communities
2,858

389

 
4,906

431

Dispositions/Other
1,341

2,538

 
2,742

7,444

NOI

$152,072


$143,017

 

$298,790


$283,070


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 June 30,
 
Six months ended June 30,
 
2018
2017
 
2018
2017
Net income attributable to common shareholders

$38,671


$39,188

 

$78,066


$74,049

Plus: Interest expense
20,607

21,966

 
40,981

44,922

Plus: Depreciation and amortization expense
75,569

65,033

 
145,793

128,767

Plus: Income allocated to non-controlling interests from continuing operations
1,201

1,126

 
2,331

2,254

Plus: Income tax expense
380

25

 
768

496

Plus: Loss on early retirement of debt


 

323

Less: Equity in income of joint ventures
(1,872
)
(1,785
)
 
(3,701
)
(3,602
)
Adjusted EBITDA

$134,556


$125,553

 

$264,238


$247,209



8
(Back To Top)

Section 3: EX-99.2 (EXHIBIT 99.2)

Exhibit


394492362_picture1a57.jpg




 
 
 
CAMDEN
 
TABLE OF CONTENTS
 
 
 


Page
Press Release Text
Financial Highlights
Operating Results
Funds from Operations
Balance Sheets
Portfolio Statistics
Components of Property Net Operating Income
"Same Property" Second Quarter Comparisons
"Same Property" Sequential Quarter Comparisons
"Same Property" Year to Date Comparisons
"Same Property" Operating Expense Detail & Comparisons
Joint Venture Operations
Current Development Communities
Development Pipeline & Land
Redevelopment Summary
Acquisitions and Dispositions
Debt Analysis
Debt Maturity Analysis
Debt Covenant Analysis
Unconsolidated Real Estate Investments Debt Analysis
Unconsolidated Real Estate Investments Debt Maturity Analysis
Capitalized Expenditures & Maintenance Expense
Non-GAAP Financial Measures - Definitions & Reconciliations
Other Data
Community Table
            







In addition to historical information, this document 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 this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.


2



394492362_image1a01a02a23.jpg

CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2018 OPERATING RESULTS

Houston, Texas (August 2, 2018) - Camden Property Trust (NYSE:CPT) announced today operating results for the three and six months ended June 30, 2018. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and six months ended June 30, 2018 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

 
Three Months Ended
Six Months Ended
 
June 30
June 30
Per Diluted Share
2018
2017
2018
2017
EPS
$0.40
$0.43
$0.81
$0.82
FFO
$1.19
$1.15
$2.34
$2.24
AFFO
$1.00
$0.97
$2.04
$1.95

 
Quarterly Growth
Sequential Growth
Year-to-Date Growth
Same Property Results
2Q18 vs. 2Q17
2Q18 vs. 1Q18
2018 vs. 2017
Revenues
3.2%
1.8%
3.3%
Expenses
3.3%
0.7%
2.7%
Net Operating Income ("NOI")
3.2%
2.4%
3.6%

Same Property Results
2Q18

2Q17

1Q18

Occupancy
95.8
%
95.3
%
95.4
%

“We are pleased to report another solid quarter of results for our company,” said Richard J. Campo, Camden’s Chairman and CEO. “Same property performance and FFO per share were better than anticipated, and we have raised our full-year 2018 guidance for same property revenue growth, same property NOI growth and FFO per share as a result. We are also proud to announce that Camden recently celebrated its 25th anniversary as a publicly traded company, and we thank all of our team members, customers and shareholders for helping us reach this amazing milestone.”

The Company defines same property communities as communities owned and stabilized since January 1, 2017, 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.

Development Activity
During the quarter, leasing began at Camden McGowen Station in Houston, TX, Camden North End I in Phoenix, AZ and Camden Washingtonian in Gaithersburg, MD, and construction commenced at Camden Lake Eola in Orlando, FL.

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

% Leased

Community Name
Location
Units
Cost

as of 7/31/2018

Camden NoMa II
Washington, DC
405
$107.9
86
%
Camden Shady Grove
Rockville, MD
457
113.7

80
%
Total
 
862
$221.6

 

3



Development Communities - Construction Ongoing ($ in millions)
 
 
Total
Total
% Leased

Community Name
Location
Units
Budget
as of 7/31/2018

Camden McGowen Station
Houston, TX
315
$90.0
30
%
Camden North End I
Phoenix, AZ
441
105.0
27
%
Camden Washingtonian
Gaithersburg, MD
365
90.0
32
%
Camden Grandview II
Charlotte, NC
28
21.0
 
Camden RiNo
Denver, CO
233
75.0
 
Camden Downtown I
Houston, TX
271
132.0
 
Camden Lake Eola
Orlando, FL
360
120.0
 
Total
 
2,013
$633.0
 

Acquisition/Disposition Activity
In April 2018, the Company acquired a 1.78-acre land parcel in Orlando, FL, for $11.4 million for the future development of 360 wholly-owned apartment homes which commenced construction during the quarter ended June 30, 2018.

Earnings Guidance
Camden updated its earnings guidance for 2018 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2018 as detailed below.

 
3Q18
2018
2018 Midpoint
 
 
Per Diluted Share
Range
Range
Current
Prior
Change
 
EPS
$0.39 - $0.43
$1.55 - $1.67
$1.61
$1.78
($0.17)
(a) 
FFO
$1.17 - $1.21
$4.68 - $4.80
$4.74
$4.72
$0.02
 
(a) Guidance adjusted for depreciation and amortization of real estate and in-place leases for 2018 completed and anticipated acquisitions.

 
2018
2018 Midpoint
 
Same Property Growth
Range
Current
Prior
Change
Revenues
2.90% - 3.40%
3.15%
3.00%
0.15%
Expenses
3.25% - 3.75%
3.50%
3.50%
0.00%
NOI
2.50% - 3.50%
3.00%
2.70%
0.30%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2018 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call
Friday, August 3, 2018 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 1269818
Webcast: http://services.choruscall.com/links/cpt180803.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

4



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 158 properties containing 54,181 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 56,194 apartment homes in 165 properties. Camden was recently named by FORTUNE® Magazine for the eleventh consecutive year as one of the “100 Best Companies to Work For” in America, ranking #24.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.


5


 
 
 
CAMDEN
 
FINANCIAL HIGHLIGHTS
 
 
(In thousands, except per share, property data amounts and ratios)
 
 
 

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
2017
 
2018
2017
Total property revenues

$237,133


$223,370

 

$467,816


$442,891

 
 
 
 
 
 
Adjusted EBITDA
134,556

125,553

 
264,238

247,209

 
 
 
 
 
 
Net income attributable to common shareholders
38,671

39,188

 
78,066

74,049

      Per share - basic
0.40

0.43

 
0.81

0.82

      Per share - diluted
0.40

0.43

 
0.81

0.82

 
 
 
 
 
 
Funds from operations
116,109

105,978

 
227,476

206,333

       Per share - diluted
1.19

1.15

 
2.34

2.24

 
 
 
 
 
 
Adjusted funds from operations
96,919

89,203

 
198,287

179,864

       Per share - diluted
1.00

0.97

 
2.04

1.95

 
 
 
 
 
 
Dividends per share
0.77

0.75

 
1.54

1.50

Dividend payout ratio (FFO)
64.7
%
65.2
%
 
65.8
%
67.0
%
 
 
 
 
 
 
Interest expensed
20,607

21,966

 
40,981

44,922

Interest capitalized
3,738

3,803

 
7,431

8,252

    Total interest incurred
24,345

25,769

 
48,412

53,174

 
 
 
 
 
 
Principal amortization
169

184

 
341

370

 
 
 
 
 
 
Net Debt to Annualized Adjusted EBITDA (a)
4.0x

4.5x

 
4.0x

4.6x

Interest expense coverage ratio
6.5x

5.7x

 
6.4x

5.5x

Total interest coverage ratio
5.5x

4.9x

 
5.5x

4.6x

Fixed charge expense coverage ratio
6.5x

5.7x

 
6.4x

5.5x

Total fixed charge coverage ratio
5.5x

4.8x

 
5.4x

4.6x

Unencumbered real estate assets (at cost) to unsecured debt ratio
4.9x

4.2x

 
4.9x

4.2x

 
 

 
 
 
Same property NOI increase (b)
3.2
%
4.1
%
 
3.6
%
2.9
%
  (# of apartment homes included)
41,968

41,988

 
41,968

41,988

 
 
 
 
 
 
Gross turnover of apartment homes (annualized)
59
%
62
%
 
54
%
56
%
Net turnover (excludes on-site transfers and transfers to other Camden communities)
49
%
52
%
 
44
%
46
%
 
 
 
 
 
 
 
 
 
As of June 30,
 


 
2018
2017
Total assets
 
 
 

$6,131,906


$5,798,600

Total debt
 
 
 

$2,205,288


$2,303,900

Common and common equivalent shares, outstanding end of period (c)
 
 
 
97,266

92,172

Share price, end of period
 
 
 

$91.13


$85.51

Book equity value, end of period (d)
 
 
 

$3,514,542


$3,125,189

Market equity value, end of period (e)
 
 
 

$8,863,851

$7,881,627
 
(a) Net Debt is the average Notes Payable less the average Cash balance and Short Term Investments over the period. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by either 4 for quarter results or 2 for 6 month results.
   
(b) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2017, excluding communities under redevelopment and properties held for sale.
  
(c) Includes at June 30, 2018: 95,385 common shares (including 127 common share equivalents related to share awards & options), plus 1,881 common share equivalents upon the assumed conversion of non-controlling units.
 
(d) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
 
(e) Includes: common shares, common units, and common share equivalents.
 
Note: Please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

6


 
 
 
CAMDEN
 
OPERATING RESULTS
 
 
(In thousands, except per share amounts)
 
 
 

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
2017
 
2018
2017
OPERATING DATA
 
 
 
 
 
Property revenues
 
 
 
 
 
Rental revenues (a)

$208,634


$190,470

 

$412,139


$378,572

Other property revenues (a)
28,499

32,900

 
55,677

64,319

Total property revenues
237,133

223,370

 
467,816

442,891

 
 
 
 
 
 
Property expenses
 
 
 
 
 
Property operating and maintenance
54,735

52,550

 
108,651

104,098

Real estate taxes
30,326

27,803

 
60,375

55,723

Total property expenses
85,061

80,353

 
169,026

159,821

 
 
 
 
 
 
Non-property income
 
 
 
 
 
Fee and asset management
1,826

1,942

 
3,824

3,690

Interest and other income
491

560

 
1,284

1,194

Income on deferred compensation plans
435

3,441

 
230

8,058

Total non-property income
2,752

5,943

 
5,338

12,942

 
 
 
 
 
 
Other expenses
 
 
 
 
 
Property management
6,473

6,554

 
13,112

13,581

Fee and asset management
1,088

961

 
2,053

1,845

General and administrative
12,272

12,451

 
24,495

25,319

Interest
20,607

21,966

 
40,981

44,922

Depreciation and amortization
75,569

65,033

 
145,793

128,767

Expense on deferred compensation plans
435

3,441

 
230

8,058

Total other expenses
116,444

110,406

 
226,664

222,492

 
 
 
 
 
 
Loss on early retirement of debt


 

(323
)
Equity in income of joint ventures
1,872

1,785

 
3,701

3,602

Income from continuing operations before income taxes
40,252

40,339

 
81,165

76,799

Income tax expense
(380
)
(25
)
 
(768
)
(496
)
Net income
39,872

40,314

 
80,397

76,303

Less income allocated to non-controlling interests from
continuing operations
(1,201
)
(1,126
)
 
(2,331
)
(2,254
)
Net income attributable to common shareholders

$38,671


$39,188

 

$78,066


$74,049

 
 
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
 
 
 
Net income
$39,872
$40,314
 
$80,397
$76,303
Other comprehensive income
 
 
 
 
 
Unrealized gain on cash flow hedging activities
5,181


 
8,782


Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation
34

34

 
69

68

Comprehensive income
45,087

40,348

 
89,248

76,371

Less income allocated to noncontrolling interests from continuing operations
(1,201
)
(1,126
)
 
(2,331
)
(2,254
)
Comprehensive income attributable to common shareholders

$43,886


$39,222

 

$86,917


$74,117

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
 
 
 
 
 
 
Total earnings per common share - basic

$0.40


$0.43

 

$0.81


$0.82

Total earnings per common share - diluted
0.40

0.43

 
0.81

0.82

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
     Basic
95,243

90,105

 
95,155

90,015

     Diluted
95,337

91,041

 
95,289

90,995



(a) Upon our adoption of ASU 2014-09, we are now presenting certain revenue items, historically included as a component of other property revenues, as rental revenues due to the nature and timing of revenue recognition for these items being more closely aligned to a lease. This new presentation has been applied prospectively as this reclassification will not have an impact upon total property revenues or the opening balance of retained earnings. Approximately $5.8 million and  $11.4 million of rental revenue is related to this presentation for the three and six months ended June 30, 2018, respectively. Had ASU 2014-09 been effective as of January 1, 2017, we would have reclassified approximately $5.7 million and $11.0 million from other property revenues to rental revenue for the three and six months ended June 30, 2017, respectively.

Note: Please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

7


 
 
 
CAMDEN
 
FUNDS FROM OPERATIONS
 
 
(In thousands, except per share and property data amounts)
 
 
 

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
2017
 
2018
2017
FUNDS FROM OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common shareholders

$38,671


$39,188

 

$78,066


$74,049

 Real estate depreciation and amortization
73,980

63,450

 
142,575

125,603

 Adjustments for unconsolidated joint ventures
2,257

2,214

 
4,504

4,427

 Income allocated to non-controlling interests
1,201

1,126

 
2,331

2,254

     Funds from operations

$116,109


$105,978

 

$227,476


$206,333

 
 
 
 
 
 
     Less: recurring capitalized expenditures (a)
(19,190
)
(16,775
)
 
(29,189
)
(26,469
)
 
 
 
 
 
 
     Adjusted funds from operations - diluted

$96,919


$89,203

 

$198,287


$179,864

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
Funds from operations - diluted

$1.19


$1.15

 

$2.34


$2.24

Adjusted funds from operations - diluted
1.00

0.97

 
2.04

1.95

Distributions declared per common share
0.77

0.75

 
1.54

1.50

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
FFO/AFFO - diluted
97,220

92,119

 
97,172

92,074

 
 
 
 
 
 
PROPERTY DATA
 
 
 
 
 
Total operating properties (end of period) (b)
158

155

 
158

155

Total operating apartment homes in operating properties (end of period) (b)
54,181

53,771

 
54,181

53,771

Total operating apartment homes (weighted average)
46,682

46,053

 
46,518

45,882


(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 pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

8


 
 
 
CAMDEN
 
BALANCE SHEETS
 
 
(In thousands)
 
 
 

(Unaudited)
 
Jun 30,
2018

Mar 31,
2018

Dec 31,
2017

Sep 30,
2017

Jun 30,
2017

ASSETS
 
 
 
 
 
Real estate assets, at cost
 
 
 
 
 
Land

$1,066,077


$1,053,578


$1,021,031


$1,016,097


$1,008,459

Buildings and improvements
6,620,169

6,494,229

6,269,481

6,269,561

6,199,435

 
7,686,246

7,547,807

7,290,512

7,285,658

7,207,894

Accumulated depreciation
(2,255,737
)
(2,185,452
)
(2,118,839
)
(2,080,989
)
(2,016,259
)
Net operating real estate assets
5,430,509

5,362,355

5,171,673

5,204,669

5,191,635

Properties under development, including land
373,350

399,903

377,231

363,481

373,294

Investments in joint ventures
26,205

26,863

27,237

28,420

29,665

Total real estate assets
5,830,064

5,789,121

5,576,141

5,596,570

5,594,594

Accounts receivable – affiliates
23,473

23,397

24,038

23,620

23,592

Other assets, net (a)(b)
204,717

199,420

195,764

189,253

155,784

Cash and cash equivalents
64,071

101,401

368,492

350,274

16,318

Restricted cash
9,581

15,036

9,313

9,178

8,312

Total assets

$6,131,906


$6,128,375


$6,173,748


$6,168,895


$5,798,600

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
Liabilities
 
 
 
 
 
Notes payable
 
 
 
 
 
Unsecured

$1,339,659


$1,339,142


$1,338,628


$1,338,117


$1,437,608

Secured
865,629

865,798

865,970

866,134

866,292

Accounts payable and accrued expenses
127,777

123,706

128,313

127,557

116,754

Accrued real estate taxes
52,461

29,061

51,383

70,027

48,559

Distributions payable
75,071

75,083

72,943

72,962

69,347

Other liabilities (b)(c)
156,767

157,002

154,567

154,506

134,851

Total liabilities
2,617,364

2,589,792

2,611,804

2,629,303

2,673,411

 
 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
Non-qualified deferred compensation share awards
85,938

76,174

77,230

73,015

84,050

 
 
 
 
 
 
Equity
 
 
 
 
 
Common shares of beneficial interest
1,027

1,026

1,028

1,028

978

Additional paid-in capital
4,132,404

4,132,056

4,137,161

4,134,206

3,678,660

Distributions in excess of net income attributable to common shareholders
(436,575
)
(396,596
)
(368,703
)
(383,584
)
(351,910
)
Treasury shares, at cost
(355,752
)
(356,687
)
(364,066
)
(364,736
)
(364,785
)
Accumulated other comprehensive loss (d)
8,794

3,579

(57
)
(7
)
(1,795
)
Total common equity
3,349,898

3,383,378

3,405,363

3,386,907

2,961,148

Non-controlling interests
78,706

79,031

79,351

79,670

79,991

Total equity
3,428,604

3,462,409

3,484,714

3,466,577

3,041,139

Total liabilities and equity

$6,131,906


$6,128,375


$6,173,748


$6,168,895


$5,798,600

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 

 
 
 
 
 
 
(a) Includes net deferred charges of:

$724


$929


$1,125


$1,312


$1,487

 
 
 
 
 
 
(b) Includes net asset fair value of derivative instruments:

$10,472


$5,291


$1,690


$1,754


$—

 
 
 
 
 
 
(c) Includes deferred revenues of:

$659


$536


$426


$1,463


$513

 
 
 
 
 
 
(d) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.

9


 
 
 
CAMDEN
 
PORTFOLIO STATISTICS
 
 
 

(Unaudited)

COMMUNITY PORTFOLIO AT JUNE 30, 2018 (in apartment homes)
 
Fully Consolidated
 
Non-Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Property"
Non-"Same Property" (a)
Completed in Lease-up
Under Construction
Total
 
Operating
 
Grand Total
D.C. Metro (b)
4,655

699

862

365

6,581

 
281

 
6,862

Houston, TX
5,912



586

6,498

 
2,522

 
9,020

Atlanta, GA
4,012

250



4,262

 
234

 
4,496

Los Angeles/Orange County, CA
2,068

590



2,658

 

 
2,658

SE Florida
1,956

825



2,781

 

 
2,781

Dallas, TX
3,993

423



4,416

 
1,250

 
5,666

Denver, CO
2,365

267


233

2,865

 

 
2,865

Charlotte, NC
2,487

323


28

2,838

 
266

 
3,104

Phoenix, AZ
2,929



441

3,370

 

 
3,370

Orlando, FL
2,662

333


360

3,355

 
300

 
3,655

Raleigh, NC
2,704




2,704

 
350

 
3,054

Tampa, FL
1,928

358



2,286

 
450

 
2,736

San Diego/Inland Empire, CA
1,665




1,665

 

 
1,665

Austin, TX
2,000




2,000

 
1,360

 
3,360

Corpus Christi, TX
632




632

 
270

 
902

Total Portfolio
41,968

4,068

862

2,013

48,911

 
7,283

 
56,194