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Camden Property Trust

$CPT
$98.24
Капитализция: $9.6B
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О компании

Camden Property Trust, входящая в группу S&P 400, - это компания, занимающаяся недвижимостью, которая в основном занимается владением, управлением, развитием, перепланировкой, приобретением и строительством многоквартирных жилых домов. Камден владеет долями показать больше
и управляет 167 объектами недвижимости, содержащими 56 850 многоквартирных домов по всей территории Соединенных Штатов. После завершения строительства 7 объектов, находящихся в стадии разработки, портфель компании увеличится до 59 104 многоквартирных домов в 174 объектах. Камден был признан журналом FORTUNE одной из 100 лучших компаний для работы® в течение 13 лет подряд, в последний раз заняв 18-е место. Компания также получила награду Glassdoor Employees 'Choice Award в 2020 году, заняв 25-е место среди крупных компаний США.
Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 167 properties containing 56,850 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company's portfolio will increase to 59,104 apartment homes in 174 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 13 consecutive years, most recently ranking #18. The Company also received a Glassdoor Employees' Choice Award in 2020, ranking #25 for large U.S. companies.
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Camden Property Trust Announces First Quarter 2022 Operating Results

Camden Property Trust объявляет операционные результаты за первый квартал 2022 года

28 апр. 2022 г.

HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three months ended March 31, 2022. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three months ended March 31, 2022 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

 

Three Months Ended

 

March 31

Per Diluted Share

2022

2021

EPS

$0.76

$0.31

FFO

$1.50

$1.24

AFFO

$1.37

$1.12

 

Quarterly Growth

Sequential Growth

Same Property Results

1Q22 vs. 1Q21

1Q22 vs. 4Q21

Revenues

11.1%

2.6%

Expenses

3.8%

6.3%

Net Operating Income ("NOI")

15.5%

0.6%

Same Property Results

1Q22

1Q21

4Q21

Occupancy

97.1%

95.9%

97.1%

For 2022, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2021, 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.

Operating Statistics - Same Property Portfolio

New Lease and Renewal Data - Date Signed (1)

April 2022*

April 2021

1Q22

1Q21

New Lease Rates

14.7%

4.5%

15.8%

(1.0)%

Renewal Rates

14.1%

4.8%

13.2%

3.3%

Blended Rates

14.4%

4.6%

14.4%

1.0%

 

 

 

 

 

New Lease and Renewal Data - Date Effective (2)

April 2022*

April 2021

1Q22

1Q21

New Lease Rates

14.8%

1.7%

16.1%

(2.6)%

Renewal Rates

13.2%

3.1%

14.1%

2.8%

Blended Rates

14.0%

2.3%

15.1%

(0.1)%

 

 

 

 

 

 

*Data as of April 24, 2022
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.
(2) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

Occupancy and Turnover Data

April 2022*

April 2021

1Q22

1Q21

Occupancy

96.9%

96.5%

97.1%

95.9%

Annualized Gross Turnover

39%

47%

41%

45%

Annualized Net Turnover

35%

37%

36%

35%

 

*Data as of April 24, 2022

Development Activity

During the quarter, lease-up was completed at Camden Lake Eola in Orlando, FL and leasing continued at Camden Hillcrest in San Diego, CA.

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

 

 

Total

Total

% Leased

Community Name

Location

Homes

Cost

as of 4/24/2022

Camden Hillcrest

San Diego, CA

132

$90.8

55%

Development Communities - Construction Ongoing ($ in millions)

 

 

Total

Total

% Leased

Community Name

Location

Homes

Estimated Cost

as of 4/24/2022

Camden Buckhead

Atlanta, GA

366

$163.5

81%

Camden Atlantic

Plantation, FL

269

100.0

 

Camden Tempe II

Tempe, AZ

397

115.0

 

Camden NoDa

Charlotte, NC

387

105.0

 

Camden Durham (a)

Durham, NC

420

145.0

 

Total

 

1,839

$628.5

 

 

(a) Revised project scope now includes an additional 66 apartment homes being developed on land.

Acquisition/Disposition Activity

During the quarter, Camden acquired a 15.9-acre land parcel in Richmond, TX for future development purposes. Subsequent to quarter-end, the Company acquired two land parcels for a combined acreage of 42.6 in Charlotte, NC for future development purposes.

The Company also disposed of a 245-apartment home community in Largo, MD during the quarter for approximately $71.9 million.

In April 2022, Camden purchased the remaining 68.7% ownership interests in two discretionary Funds for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $514 million of existing secured mortgage debt of the Funds, which remained outstanding. The Company now owns 100% of the interests in 7,247 apartment homes.

Capital Markets Transactions

During the quarter, the Company issued 159,368 common shares through its at-the-market (“ATM”) share offering program at an average price of $165.01 per share, for total net proceeds of approximately $26.2 million. Subsequent to quarter-end, Camden issued 2,900,000 common shares in a public equity offering and received approximately $490.3 million in net proceeds. The Company used the net proceeds to reduce borrowings under its $900 million unsecured line of credit.

Liquidity Analysis

As of March 31, 2022, Camden had approximately $1.5 billion of liquidity comprised of approximately $1.1 billion in cash and cash equivalents, and $385.4 million availability under its unsecured credit facility. Subsequent to quarter-end, the Company used all cash on-hand to fund the acquisition of the remaining 68.7% ownership interests of the two discretionary Funds discussed above. At quarter-end, the Company had $182.3 million left to fund under its existing wholly-owned development pipeline and no scheduled debt maturities until 3Q22.

Earnings Guidance

Camden updated its earnings guidance for 2022 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2022 as detailed below. Expected EPS excludes, gains, if any, from real estate transactions not completed by quarter end.

 

2Q22

2022

2022 Midpoint

Per Diluted Share

Range

Range

Current

Prior

Change

EPS

$0.09 - $0.13

$1.25 - $1.49

$1.37

$1.80

$(0.43)

FFO

$1.60 - $1.64

$6.39 - $6.63

$6.51

$6.24

$0.27

 

 

 

 

 

 

 

 

2022

2022 Midpoint

Same Property Growth

 

Range

Current

Prior

Change

Revenues

 

9.50% - 11.00%

10.25%

8.75%

1.50%

Expenses

 

3.70% - 4.70%

4.20%

3.00%

1.20%

NOI

 

12.50% - 15.00%

13.75%

12.00%

1.75%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2022 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call

Friday, April 29, 2022 at 10:00 AM CT

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

Passcode: 2141538

Webcast: https://services.choruscall.com/mediaframe/webcast.html?webcastid=72CIXemn

The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 170 properties containing 58,055 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 59,894 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 15 consecutive years, most recently ranking #26.

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

CAMDEN

OPERATING RESULTS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

2022

2021

OPERATING DATA

 

 

 

 

 

 

 

Property revenues (a)

 

$311,359

 

$267,568

 

 

 

 

 

Property expenses

 

 

 

Property operating and maintenance

 

70,437

 

63,479

 

Real estate taxes

 

39,873

 

37,453

 

Total property expenses

 

110,310

 

100,932

 

 

 

 

 

Non-property income

 

 

 

Fee and asset management

 

2,450

 

2,206

 

Interest and other income

 

2,131

 

332

 

Income/(loss) on deferred compensation plans

 

(7,497

)

3,626

 

Total non-property income/(loss)

 

(2,916

)

6,164

 

 

 

 

 

Other expenses

 

 

 

Property management

 

7,214

 

6,124

 

Fee and asset management

 

1,175

 

1,132

 

General and administrative

 

14,790

 

14,222

 

Interest

 

24,542

 

23,644

 

Depreciation and amortization

 

113,138

 

93,141

 

Expense/(benefit) on deferred compensation plans

 

(7,497

)

3,626

 

Total other expenses

 

153,362

 

141,889

 

 

 

 

 

Gain on sale of operating property

 

36,372

 

 

Equity in income of joint ventures

 

3,048

 

1,914

 

Income from continuing operations before income taxes

 

84,191

 

32,825

 

Income tax expense

 

(590

)

(352

)

Net income

 

83,601

 

32,473

 

Less income allocated to non-controlling interests

 

(2,856

)

(1,126

)

Net income attributable to common shareholders

 

$80,745

 

$31,347

 

 

 

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

Net income

 

$83,601

 

$32,473

 

Other comprehensive income

 

 

 

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

 

369

 

373

 

Comprehensive income

 

83,970

 

32,846

 

Less income allocated to non-controlling interests

 

(2,856

)

(1,126

)

Comprehensive income attributable to common shareholders

 

$81,114

 

$31,720

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

Total earnings per common share - basic

 

$0.77

 

$0.31

 

Total earnings per common share - diluted

 

0.76

 

0.31

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

Basic

 

105,336

 

99,547

 

Diluted

 

106,152

 

99,621

 

(a)

We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended March 31, 2022, we recognized $311.4 million of property revenue which consisted of approximately $277.0 million of rental revenue and approximately $34.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $267.6 million recognized for the three months ended March 31, 2021, made up of approximately $235.8 million of rental revenue and approximately $31.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $8.3 million and $7.7 million for the three months ended March 31, 2022 and 2021, respectively.

 

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

CAMDEN

FUNDS FROM OPERATIONS

(In thousands, except per share and property data amounts)

 

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

2022

2021

FUNDS FROM OPERATIONS

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$80,745

 

$31,347

 

Real estate depreciation and amortization

 

110,537

 

90,707

 

Adjustments for unconsolidated joint ventures

 

2,709

 

2,599

 

Income allocated to non-controlling interests

 

2,856

 

1,126

 

Gain on sale of operating property

 

(36,372

)

 

Funds from operations

 

$160,475

 

$125,779

 

 

 

 

 

Less: recurring capitalized expenditures (a)

 

(14,251

)

(12,680

)

 

 

 

 

Adjusted funds from operations

 

$146,224

 

$113,099

 

 

 

 

 

PER SHARE DATA

 

 

 

Funds from operations - diluted

 

$1.50

 

$1.24

 

Adjusted funds from operations - diluted

 

1.37

 

1.12

 

Distributions declared per common share

 

0.94

 

0.83

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

FFO/AFFO - diluted

 

107,025

 

101,341

 

 

 

 

 

PROPERTY DATA

 

 

 

Total operating properties (end of period) (b)

 

170

 

167

 

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

 

58,055

 

56,851

 

Total operating apartment homes (weighted average)

 

50,935

 

49,439

 

(a)

Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

 

(b)

Includes joint ventures and properties held for sale, if any.

 

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

CAMDEN

BALANCE SHEETS

(In thousands)

 

(Unaudited)

 

 

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021

Mar 31,
2021

ASSETS

 

 

 

 

 

Real estate assets, at cost

 

 

 

 

 

Land

$1,343,209

 

$1,349,594

 

$1,317,431

 

$1,285,634

 

$1,233,937

 

Buildings and improvements

8,651,674

 

8,624,734

 

8,536,620

 

8,288,865

 

7,863,707

 

 

9,994,883

 

9,974,328

 

9,854,051

 

9,574,499

 

9,097,644

 

Accumulated depreciation

(3,436,969

)

(3,358,027

)

(3,319,206

)

(3,219,085

)

(3,124,504

)

Net operating real estate assets

6,557,914

 

6,616,301

 

6,534,845

 

6,355,414

 

5,973,140

 

Properties under development, including land

488,100

 

474,739

 

428,622

 

443,100

 

541,958

 

Investments in joint ventures

13,181

 

13,730

 

17,788

 

18,415

 

18,800

 

Total real estate assets

7,059,195

 

7,104,770

 

6,981,255

 

6,816,929

 

6,533,898

 

Accounts receivable – affiliates

13,258

 

18,664

 

18,686

 

19,183

 

19,502

 

Other assets, net (a)

254,763

 

234,370

 

252,079

 

241,687

 

213,126

 

Cash and cash equivalents

1,129,716

 

613,391

 

428,226

 

374,556

 

333,402

 

Restricted cash

5,778

 

5,589

 

5,321

 

4,762

 

4,105

 

Total assets

$8,462,710

 

$7,976,784

 

$7,685,567

 

$7,457,117

 

$7,104,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Liabilities

 

 

 

 

 

Notes payable

 

 

 

 

 

Unsecured

$3,671,309

 

$3,170,367

 

$3,169,428

 

$3,168,492

 

$3,167,557

 

Accounts payable and accrued expenses

169,973

 

191,651

 

191,648

 

155,057

 

159,111

 

Accrued real estate taxes

36,988

 

66,673

 

88,116

 

66,696

 

33,155

 

Distributions payable

100,880

 

88,786

 

87,919

 

86,689

 

84,282

 

Other liabilities (b)

197,021

 

193,052

 

194,634

 

193,975

 

185,852

 

Total liabilities

4,176,171

 

3,710,529

 

3,731,745

 

3,670,909

 

3,629,957

 

 

 

 

 

 

 

Equity

 

 

 

 

 

Common shares of beneficial interest

1,127

 

1,126

 

1,114

 

1,098

 

1,070

 

Additional paid-in capital

5,396,267

 

5,363,530

 

5,180,783

 

4,953,703

 

4,588,056

 

Distributions in excess of net income attributable to common shareholders

(848,074

)

(829,453

)

(954,880

)

(897,761

)

(842,628

)

Treasury shares

(329,521

)

(333,974

)

(334,066

)

(334,161

)

(335,511

)

Accumulated other comprehensive loss (c)

(3,370

)

(3,739

)

(4,266

)

(4,638

)

(5,010

)

Total common equity

4,216,429

 

4,197,490

 

3,888,685

 

3,718,241

 

3,405,977

 

Non-controlling interests

70,110

 

68,765

 

65,137

 

67,967

 

68,099

 

Total equity

4,286,539

 

4,266,255

 

3,953,822

 

3,786,208

 

3,474,076

 

Total liabilities and equity

$8,462,710

 

$7,976,784

 

$7,685,567

 

$7,457,117

 

$7,104,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Includes net deferred charges of:

$693

 

$969

 

$1,336

 

$1,655

 

$2,031

 

 

 

 

 

 

 

(b) Includes deferred revenues of:

$384

 

$334

 

$208

 

$232

 

$256

 

 

 

 

 

 

 

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

 

CAMDEN

 

NON-GAAP FINANCIAL MEASURES

 

 

DEFINITIONS & RECONCILIATIONS

 

 

(In thousands, except per share amounts)

 

(Unaudited)

 

 

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of depreciable real estate, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to AFFO is provided below:

 

 

Three Months Ended March 31,

 

 

2022

2021

Net income attributable to common shareholders

 

$80,745

 

$31,347

 

Real estate depreciation and amortization

 

110,537

 

90,707

 

Adjustments for unconsolidated joint ventures

 

2,709

 

2,599

 

Income allocated to non-controlling interests

 

2,856

 

1,126

 

Gain on sale of operating property

 

(36,372

)

 

Funds from operations

 

$160,475

 

$125,779

 

 

 

 

 

Less: recurring capitalized expenditures

 

(14,251

)

(12,680

)

 

 

 

 

Adjusted funds from operations

 

$146,224

 

$113,099

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

EPS diluted

 

106,152

 

99,621

 

FFO/AFFO diluted

 

107,025

 

101,341

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2022

 

2021

 

Total Earnings Per Common Share - Diluted

 

$0.76

 

$0.31

 

Real estate depreciation and amortization

 

1.02

 

0.89

 

Adjustments for unconsolidated joint ventures

 

0.03

 

0.03

 

Income allocated to non-controlling interests

 

0.03

 

0.01

 

Gain on sale of operating property

 

(0.34

)

 

FFO per common share - Diluted

 

$1.50

 

$1.24

 

 

 

 

 

Less: recurring capitalized expenditures

 

(0.13

)

(0.12

)

 

 

 

 

AFFO per common share - Diluted

 

$1.37

 

$1.12

 

CAMDEN

 

NON-GAAP FINANCIAL MEASURES

 

 

DEFINITIONS & RECONCILIATIONS

 

 

(In thousands, except per share amounts)

 

 

 

(Unaudited)

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, from real estate transactions not sold as of quarter close 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:

 

2Q22

Range

 

2022

Range

 

Low

High

 

Low

High

Expected earnings per common share - diluted

$0.09

$0.13

 

$1.25

 

$1.49

 

Expected real estate depreciation and amortization

1.50

1.50

 

5.38

 

5.38

 

Expected adjustments for unconsolidated joint ventures

 

0.03

 

0.03

 

Expected income allocated to non-controlling interests

0.01

0.01

 

0.07

 

0.07

 

Reported (gain) on sale of operating properties

 

(0.34

)

(0.34

)

Expected FFO per share - diluted

$1.60

$1.64

 

$6.39

 

$6.63

 

 

 

 

 

 

 

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

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 12 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:

 

 

Three months ended March 31,

 

 

2022

2021

Net income

 

$83,601

 

$32,473

 

Less: Fee and asset management income

 

(2,450

)

(2,206

)

Less: Interest and other income

 

(2,131

)

(332

)

Less: Income/(loss) on deferred compensation plans

 

7,497

 

(3,626

)

Plus: Property management expense

 

7,214

 

6,124

 

Plus: Fee and asset management expense

 

1,175

 

1,132

 

Plus: General and administrative expense

 

14,790

 

14,222

 

Plus: Interest expense

 

24,542

 

23,644

 

Plus: Depreciation and amortization expense

 

113,138

 

93,141

 

Plus: Expense/(benefit) on deferred compensation plans

 

(7,497

)

3,626

 

Less: Gain on sale of operating property

 

(36,372

)

 

Less: Equity in income of joint ventures

 

(3,048

)

(1,914

)

Plus: Income tax expense

 

590

 

352

 

NOI

 

$201,049

 

$166,636

 

 

 

 

 

"Same Property" Communities

 

$181,278

 

$156,996

 

Non-"Same Property" Communities

 

16,677

 

5,286

 

Development and Lease-Up Communities

 

915

 

21

 

Other

 

2,179

 

4,333

 

NOI

 

$201,049

 

$166,636

 

CAMDEN

 

NON-GAAP FINANCIAL MEASURES

 

 

DEFINITIONS & RECONCILIATIONS

 

 

(In thousands, except per share amounts)

 

 

 

(Unaudited)

Adjusted EBITDA

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, loss on early retirement of debt, as well as income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:

 

 

Three months ended March 31,

 

 

2022

2021

Net income attributable to common shareholders

 

$80,745

 

$31,347

 

Plus: Interest expense

 

24,542

 

23,644

 

Plus: Depreciation and amortization expense

 

113,138

 

93,141

 

Plus: Income allocated to non-controlling interests

 

2,856

 

1,126

 

Plus: Income tax expense

 

590

 

352

 

Less: Gain on sale of operating property

 

(36,372

)

 

Less: Equity in income of joint ventures

 

(3,048

)

(1,914

)

Adjusted EBITDA

 

$182,451

 

$147,696

 

Annualized Adjusted EBITDA

 

$729,804

 

$590,784

 

Net Debt to Annualized Adjusted EBITDA

The Company believes Net Debt to Annualized Adjusted EBITDA to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net debt and computes the ratio to Adjusted EBITDA for the following periods:

Net Debt:

 

 

Average monthly balance for the

 

 

Three months ended March 31,

 

 

2022

2021

Unsecured notes payable

 

$3,337,661

 

$3,167,246

 

Total debt

 

3,337,661

 

3,167,246

 

Less: Cash and cash equivalents

 

(690,159

)

(289,901

)

Net debt

 

$2,647,502

 

$2,877,345

 

 

 

 

 

 

 

 

 

Net Debt to Annualized Adjusted EBITDA:

 

Three months ended March 31,

 

2022

2021

Net debt

$2,647,502

$2,877,345

Annualized Adjusted EBITDA

729,804

590,784

Net Debt to Annualized Adjusted EBITDA

3.6x

4.9x

ХЬЮСТОН--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) ("Компания") объявила сегодня операционные результаты за три месяца, закончившихся 31 марта 2022 года. Чистая прибыль, приходящаяся на Обыкновенных акционеров (“EPS”), Средства от операций (“FFO”) и Скорректированные Средства от операций (“AFFO”) за три месяца, закончившихся 31 марта 2022 года, подробно описаны ниже. Сверка EPS с FFO включена в финансовые таблицы, прилагаемые к настоящему пресс-релизу.

 

Three Months Ended

 

March 31

Per Diluted Share

2022

2021

EPS

$0.76

$0.31

FFO

$1.50

$1.24

AFFO

$1.37

$1.12

 

Quarterly Growth

Sequential Growth

Same Property Results

1Q22 vs. 1Q21

1Q22 vs. 4Q21

Revenues

11.1%

2.6%

Expenses

3.8%

6.3%

Net Operating Income ("NOI")

15.5%

0.6%

Same Property Results

1Q22

1Q21

4Q21

Occupancy

97.1%

95.9%

97.1%

На 2022 год Компания определяет те же имущественные сообщества как сообщества, находящиеся в полной собственности и стабилизированные с 1 января 2021 года, исключая сообщества, находящиеся в стадии реконструкции, и объекты, предназначенные для продажи. Сверка чистой прибыли с NOI и тем же NOI имущества включена в финансовые таблицы, прилагаемые к настоящему пресс-релизу.

Operating Statistics - Same Property Portfolio

New Lease and Renewal Data - Date Signed (1)

April 2022*

April 2021

1Q22

1Q21

New Lease Rates

14.7%

4.5%

15.8%

(1.0)%

Renewal Rates

14.1%

4.8%

13.2%

3.3%

Blended Rates

14.4%

4.6%

14.4%

1.0%

 

 

 

 

 

New Lease and Renewal Data - Date Effective (2)

April 2022*

April 2021

1Q22

1Q21

New Lease Rates

14.8%

1.7%

16.1%

(2.6)%

Renewal Rates

13.2%

3.1%

14.1%

2.8%

Blended Rates

14.0%

2.3%

15.1%

(0.1)%

 

 

 

 

 

 

*Data as of April 24, 2022
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.
(2) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

Occupancy and Turnover Data

April 2022*

April 2021

1Q22

1Q21

Occupancy

96.9%

96.5%

97.1%

95.9%

Annualized Gross Turnover

39%

47%

41%

45%

Annualized Net Turnover

35%

37%

36%

35%

 

*Data as of April 24, 2022

Деятельность в области развития

В течение квартала была завершена сдача в аренду Camden Lake Eola в Орландо, Флорида, а аренда продолжилась в Camden Hillcrest в Сан-Диего, Калифорния.

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

 

 

Total

Total

% Leased

Community Name

Location

Homes

Cost

as of 4/24/2022

Camden Hillcrest

San Diego, CA

132

$90.8

55%

Development Communities - Construction Ongoing ($ in millions)

 

 

Total

Total

% Leased

Community Name

Location

Homes

Estimated Cost

as of 4/24/2022

Camden Buckhead

Atlanta, GA

366

$163.5

81%

Camden Atlantic

Plantation, FL

269

100.0

 

Camden Tempe II

Tempe, AZ

397

115.0

 

Camden NoDa

Charlotte, NC

387

105.0

 

Camden Durham (a)

Durham, NC

420

145.0

 

Total

 

1,839

$628.5

 

 

(a) Revised project scope now includes an additional 66 apartment homes being developed on land.

Деятельность по Приобретению/Отчуждению

В течение квартала Camden приобрела земельный участок площадью 15,9 акра в Ричмонде, штат Техас, для целей будущего развития. По итогам квартала Компания приобрела два земельных участка общей площадью 42,6 га в Шарлотте, Северная Каролина, для целей будущего развития.

Компания также продала 245-квартирный жилой комплекс в Ларго, штат Мэриленд, в течение квартала примерно за 71,9 миллиона долларов.

В апреле 2022 года Camden приобрела оставшиеся 68,7% акций двух дискреционных фондов за денежное вознаграждение в размере примерно 1,1 миллиарда долларов, после корректировки на наше предположение о примерно 514 миллионах долларов существующего обеспеченного ипотечного долга Фондов, который оставался непогашенным. В настоящее время Компания владеет 100% долей в 7247 многоквартирных домах.

Операции на рынках капитала

В течение квартала Компания выпустила 159 368 обыкновенных акций в рамках своей программы размещения акций на рынке (“ATM”) по средней цене 165,01 доллара за акцию, общая чистая выручка составила около 26,2 миллиона долларов. По итогам квартала Camden выпустила 2 900 000 обыкновенных акций в рамках публичного размещения акций и получила около 490,3 млн долларов чистой выручки. Компания использовала чистую выручку для сокращения заимствований по своей необеспеченной кредитной линии на сумму 900 миллионов долларов.

Анализ ликвидности

По состоянию на 31 марта 2022 года у Camden было около 1,5 миллиарда долларов ликвидности, состоящей из примерно 1,1 миллиарда долларов в виде денежных средств и их эквивалентов, а также 385,4 миллиона долларов в рамках необеспеченной кредитной линии. После окончания квартала Компания использовала все наличные денежные средства для финансирования приобретения оставшихся 68,7% акций двух дискреционных фондов, рассмотренных выше. На конец квартала у Компании оставалось 182,3 миллиона долларов для финансирования в рамках существующего полностью принадлежащего ей проекта развития, и не было запланированных сроков погашения долга до 3кв22.

Руководство по доходам

Camden обновила свои прогнозы по доходам на 2022 год, основываясь на своих текущих и ожидаемых взглядах на рынок квартир и общие экономические условия, и предоставила рекомендации на второй квартал 2022 года, как подробно описано ниже. Ожидаемая прибыль на акцию исключает прибыль, если таковая имеется, от сделок с недвижимостью, не завершенных к концу квартала.

 

2Q22

2022

2022 Midpoint

Per Diluted Share

Range

Range

Current

Prior

Change

EPS

$0.09 - $0.13

$1.25 - $1.49

$1.37

$1.80

$(0.43)

FFO

$1.60 - $1.64

$6.39 - $6.63

$6.51

$6.24

$0.27

 

 

 

 

 

 

 

 

2022

2022 Midpoint

Same Property Growth

 

Range

Current

Prior

Change

Revenues

 

9.50% - 11.00%

10.25%

8.75%

1.50%

Expenses

 

3.70% - 4.70%

4.20%

3.00%

1.20%

NOI

 

12.50% - 15.00%

13.75%

12.00%

1.75%

Camden намерена ежеквартально обновлять свои прогнозы по прибыли для рынка. Дополнительная информация о финансовых перспективах Компании на 2022 год и сверка ожидаемой прибыли на акцию с ожидаемым FFO включены в финансовые таблицы, прилагаемые к данному пресс-релизу.

Конференц-связь

Пятница, 29 апреля 2022 года, 10:00 утра по североамериканскому времени

Внутренний Телефонный номер: (888) 317-6003; Международный телефонный номер: (412) 317-6061

Код доступа: 2141538

Веб-трансляция: https://services.choruscall.com/mediaframe/webcast.html ?webcastid=72CIXemn

Компания настоятельно рекомендует заинтересованным сторонам присоединиться к звонку через веб-трансляцию, чтобы просмотреть любые связанные с ним видеоролики, слайд-презентации и т.д. Телефонная линия будет зарезервирована для аккредитованных аналитиков и инвесторов, которые планируют задать вопросы руководству во время сеанса вопросов и ответов во время звонка.

Дополнительную финансовую информацию можно получить в разделе "Инвесторы" веб-сайта Компании в разделе "Отчеты о доходах" или позвонив в Отдел по связям с инвесторами Camden по телефону (713) 354-2787.

Прогнозные заявления

В дополнение к исторической информации, этот пресс-релиз содержит прогнозные заявления в соответствии с федеральным законом о ценных бумагах. Эти заявления основаны на текущих ожиданиях, оценках и прогнозах относительно отрасли и рынков, на которых работает Camden, убеждениях руководства и допущениях, сделанных руководством. Прогнозные заявления не являются гарантией будущих результатов и сопряжены с определенными рисками и неопределенностями, которые трудно предсказать. Факторы, которые могут привести к тому, что фактические результаты или результаты деятельности Компании будут существенно отличаться от тех, которые предусмотрены прогнозными заявлениями, описаны в разделе “Факторы риска” в Годовом отчете Camden по форме 10-K и в других документах, поданных в Комиссию по ценным бумагам и биржам (SEC). Прогнозные заявления, сделанные в сегодняшнем пресс-релизе, отражают текущее мнение руководства на момент этой публикации, и Компания не берет на себя никаких обязательств обновлять или дополнять эти заявления из-за последующих событий.

Camden Property Trust, компания S &P 500, является компанией по недвижимости, в основном занимающейся владением, управлением, развитием, перепланировкой, приобретением и строительством многоквартирных жилых комплексов. Camden владеет долями участия и управляет 170 объектами недвижимости, содержащими 58 055 многоквартирных домов по всей территории Соединенных Штатов. После завершения строительства 5 объектов недвижимости, находящихся в стадии разработки, портфель компании увеличится до 59 894 многоквартирных домов в 175 объектах недвижимости. Camden уже 15 лет подряд признается журналом FORTUNE одной из 100 лучших компаний для работы®, заняв в последний раз 26-е место.

Для получения дополнительной информации, пожалуйста, свяжитесь с Отделом по связям с инвесторами Camden по телефону (713) 354-2787 или зайдите на наш веб-сайт по адресу camdenliving.com .

CAMDEN

OPERATING RESULTS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

2022

2021

OPERATING DATA

 

 

 

 

 

 

 

Property revenues (a)

 

$311,359

 

$267,568

 

 

 

 

 

Property expenses

 

 

 

Property operating and maintenance

 

70,437

 

63,479

 

Real estate taxes

 

39,873

 

37,453

 

Total property expenses

 

110,310

 

100,932

 

 

 

 

 

Non-property income

 

 

 

Fee and asset management

 

2,450

 

2,206

 

Interest and other income

 

2,131

 

332

 

Income/(loss) on deferred compensation plans

 

(7,497

)

3,626

 

Total non-property income/(loss)

 

(2,916

)

6,164

 

 

 

 

 

Other expenses

 

 

 

Property management

 

7,214

 

6,124

 

Fee and asset management

 

1,175

 

1,132

 

General and administrative

 

14,790

 

14,222

 

Interest

 

24,542

 

23,644

 

Depreciation and amortization

 

113,138

 

93,141

 

Expense/(benefit) on deferred compensation plans

 

(7,497

)

3,626

 

Total other expenses

 

153,362

 

141,889

 

 

 

 

 

Gain on sale of operating property

 

36,372

 

 

Equity in income of joint ventures

 

3,048

 

1,914

 

Income from continuing operations before income taxes

 

84,191

 

32,825

 

Income tax expense

 

(590

)

(352

)

Net income

 

83,601

 

32,473

 

Less income allocated to non-controlling interests

 

(2,856

)

(1,126

)

Net income attributable to common shareholders

 

$80,745

 

$31,347

 

 

 

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

Net income

 

$83,601

 

$32,473

 

Other comprehensive income

 

 

 

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

 

369

 

373

 

Comprehensive income

 

83,970

 

32,846

 

Less income allocated to non-controlling interests

 

(2,856

)

(1,126

)

Comprehensive income attributable to common shareholders

 

$81,114

 

$31,720

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

Total earnings per common share - basic

 

$0.77

 

$0.31

 

Total earnings per common share - diluted

 

0.76

 

0.31

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

Basic

 

105,336

 

99,547

 

Diluted

 

106,152

 

99,621

 

(a)

We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended March 31, 2022, we recognized $311.4 million of property revenue which consisted of approximately $277.0 million of rental revenue and approximately $34.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $267.6 million recognized for the three months ended March 31, 2021, made up of approximately $235.8 million of rental revenue and approximately $31.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $8.3 million and $7.7 million for the three months ended March 31, 2022 and 2021, respectively.

 

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

CAMDEN

FUNDS FROM OPERATIONS

(In thousands, except per share and property data amounts)

 

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

2022

2021

FUNDS FROM OPERATIONS

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$80,745

 

$31,347

 

Real estate depreciation and amortization

 

110,537

 

90,707

 

Adjustments for unconsolidated joint ventures

 

2,709

 

2,599

 

Income allocated to non-controlling interests

 

2,856

 

1,126

 

Gain on sale of operating property

 

(36,372

)

 

Funds from operations

 

$160,475

 

$125,779

 

 

 

 

 

Less: recurring capitalized expenditures (a)

 

(14,251

)

(12,680

)

 

 

 

 

Adjusted funds from operations

 

$146,224

 

$113,099

 

 

 

 

 

PER SHARE DATA

 

 

 

Funds from operations - diluted

 

$1.50

 

$1.24

 

Adjusted funds from operations - diluted

 

1.37

 

1.12

 

Distributions declared per common share

 

0.94

 

0.83

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

FFO/AFFO - diluted

 

107,025

 

101,341

 

 

 

 

 

PROPERTY DATA

 

 

 

Total operating properties (end of period) (b)

 

170

 

167

 

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

 

58,055

 

56,851

 

Total operating apartment homes (weighted average)

 

50,935

 

49,439

 

(a)

Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

 

(b)

Includes joint ventures and properties held for sale, if any.

 

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

CAMDEN

BALANCE SHEETS

(In thousands)

 

(Unaudited)

 

 

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021

Mar 31,
2021

ASSETS

 

 

 

 

 

Real estate assets, at cost

 

 

 

 

 

Land

$1,343,209

 

$1,349,594

 

$1,317,431

 

$1,285,634

 

$1,233,937

 

Buildings and improvements

8,651,674

 

8,624,734

 

8,536,620

 

8,288,865

 

7,863,707

 

 

9,994,883

 

9,974,328

 

9,854,051

 

9,574,499

 

9,097,644

 

Accumulated depreciation

(3,436,969

)

(3,358,027

)

(3,319,206

)

(3,219,085

)

(3,124,504

)

Net operating real estate assets

6,557,914

 

6,616,301

 

6,534,845

 

6,355,414

 

5,973,140

 

Properties under development, including land

488,100

 

474,739

 

428,622

 

443,100

 

541,958

 

Investments in joint ventures

13,181

 

13,730

 

17,788

 

18,415

 

18,800

 

Total real estate assets

7,059,195

 

7,104,770

 

6,981,255

 

6,816,929

 

6,533,898

 

Accounts receivable – affiliates

13,258

 

18,664

 

18,686

 

19,183

 

19,502

 

Other assets, net (a)

254,763

 

234,370

 

252,079

 

241,687

 

213,126

 

Cash and cash equivalents

1,129,716

 

613,391

 

428,226

 

374,556

 

333,402

 

Restricted cash

5,778

 

5,589

 

5,321

 

4,762

 

4,105

 

Total assets

$8,462,710

 

$7,976,784

 

$7,685,567

 

$7,457,117

 

$7,104,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Liabilities

 

 

 

 

 

Notes payable

 

 

 

 

 

Unsecured

$3,671,309

 

$3,170,367

 

$3,169,428

 

$3,168,492

 

$3,167,557

 

Accounts payable and accrued expenses

169,973

 

191,651

 

191,648

 

155,057

 

159,111

 

Accrued real estate taxes

36,988

 

66,673

 

88,116

 

66,696

 

33,155

 

Distributions payable

100,880

 

88,786

 

87,919

 

86,689

 

84,282

 

Other liabilities (b)

197,021

 

193,052

 

194,634

 

193,975

 

185,852

 

Total liabilities

4,176,171

 

3,710,529

 

3,731,745

 

3,670,909

 

3,629,957

 

 

 

 

 

 

 

Equity

 

 

 

 

 

Common shares of beneficial interest

1,127

 

1,126

 

1,114

 

1,098

 

1,070

 

Additional paid-in capital

5,396,267

 

5,363,530

 

5,180,783

 

4,953,703

 

4,588,056

 

Distributions in excess of net income attributable to common shareholders

(848,074

)

(829,453

)

(954,880

)

(897,761

)

(842,628

)

Treasury shares

(329,521

)

(333,974

)

(334,066

)

(334,161

)

(335,511

)

Accumulated other comprehensive loss (c)

(3,370

)

(3,739

)

(4,266

)

(4,638

)

(5,010

)

Total common equity

4,216,429

 

4,197,490

 

3,888,685

 

3,718,241

 

3,405,977

 

Non-controlling interests

70,110

 

68,765

 

65,137

 

67,967

 

68,099

 

Total equity

4,286,539

 

4,266,255

 

3,953,822

 

3,786,208

 

3,474,076

 

Total liabilities and equity

$8,462,710

 

$7,976,784

 

$7,685,567

 

$7,457,117

 

$7,104,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Includes net deferred charges of:

$693

 

$969

 

$1,336

 

$1,655

 

$2,031

 

 

 

 

 

 

 

(b) Includes deferred revenues of:

$384

 

$334

 

$208

 

$232

 

$256

 

 

 

 

 

 

 

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

 

CAMDEN

 

NON-GAAP FINANCIAL MEASURES

 

 

DEFINITIONS & RECONCILIATIONS

 

 

(In thousands, except per share amounts)

 

(Unaudited)

 

 

Этот документ содержит некоторые финансовые показатели, не относящиеся к GAAP, которые, по мнению руководства, полезны при оценке эффективности акционерного капитала REIT. Определения и расчеты финансовых показателей, не относящихся к GAAP, Camden могут отличаться от тех, которые используются другими REIT, и, следовательно, могут быть несопоставимыми. Финансовые показатели, не относящиеся к GAAP, не следует рассматривать в качестве альтернативы чистой прибыли в качестве показателя нашей операционной деятельности или чистым денежным средствам, полученным от операционной деятельности, в качестве показателя нашей ликвидности.

Национальная ассоциация инвестиционных фондов недвижимости (“NAREIT”) в настоящее время определяет FFO как чистую прибыль (рассчитанную в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах Америки ("GAAP")), исключая износ и амортизацию, связанные с недвижимостью, прибыли (или убытки) от продажи определенных активы недвижимости (амортизируемая недвижимость), обесценение определенных активов недвижимости (амортизируемая недвижимость), прибыли или убытки от изменения контроля и корректировки для неконсолидированных совместных предприятий для отражения FFO на той же основе. Наш расчет разводненного FFO также предполагает конвертацию всех потенциально разводняющих ценных бумаг, включая определенные неконтролирующие доли участия, которые конвертируются в обыкновенные акции. Мы считаем, что FFO является подходящим дополнительным показателем операционной эффективности, поскольку, исключая прибыли или убытки от продажи амортизируемой недвижимости и амортизацию, FFO может помочь в сравнении операционной эффективности инвестиций компании в недвижимость между периодами или для разных компаний. Сверка чистой прибыли, причитающейся простым акционерам, с FFO представлена ниже:

В дополнение к FFO мы вычисляем скорректированный FFO ("AFFO") в качестве дополнительного показателя операционной эффективности. AFFO рассчитывается с использованием FFO за вычетом текущих капитальных затрат, которые необходимы для сохранения ценности и поддержания функциональности в наших сообществах. Наше определение постоянных капитальных затрат может отличаться от других REIT, и нет никакой гарантии, что наша основа для расчета этого показателя сопоставима с другими REIT. Сверка FFO с AFFO приведена ниже:

 

 

Three Months Ended March 31,

 

 

2022

2021

Net income attributable to common shareholders

 

$80,745

 

$31,347

 

Real estate depreciation and amortization

 

110,537

 

90,707

 

Adjustments for unconsolidated joint ventures

 

2,709

 

2,599

 

Income allocated to non-controlling interests

 

2,856

 

1,126

 

Gain on sale of operating property

 

(36,372

)

 

Funds from operations

 

$160,475

 

$125,779

 

 

 

 

 

Less: recurring capitalized expenditures

 

(14,251

)

(12,680

)

 

 

 

 

Adjusted funds from operations

 

$146,224

 

$113,099

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

EPS diluted

 

106,152

 

99,621

 

FFO/AFFO diluted

 

107,025

 

101,341

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2022

 

2021

 

Total Earnings Per Common Share - Diluted

 

$0.76

 

$0.31

 

Real estate depreciation and amortization

 

1.02

 

0.89

 

Adjustments for unconsolidated joint ventures

 

0.03

 

0.03

 

Income allocated to non-controlling interests

 

0.03

 

0.01

 

Gain on sale of operating property

 

(0.34

)

 

FFO per common share - Diluted

 

$1.50

 

$1.24

 

 

 

 

 

Less: recurring capitalized expenditures

 

(0.13

)

(0.12

)

 

 

 

 

AFFO per common share - Diluted

 

$1.37

 

$1.12

 

CAMDEN

 

NON-GAAP FINANCIAL MEASURES

 

 

DEFINITIONS & RECONCILIATIONS

 

 

(In thousands, except per share amounts)

 

 

 

(Unaudited)

Ожидаемый FFO рассчитывается методом, соответствующим историческому FFO, и считается подходящим дополнительным показателем ожидаемых операционных показателей по сравнению с ожидаемой прибылью на одну обыкновенную акцию (EPS). Руководство исключает прибыль, если таковая имеется, от сделок с недвижимостью, которые не были проданы по состоянию на конец квартала из-за неопределенных сроков и масштабов отчуждения имущества и связанных с этим прибылей/убытков от продаж. Ниже приводится сверка диапазонов, предусмотренных для разводненной прибыли на акцию, с ожидаемым FFO на разводненную акцию:

 

2Q22

Range

 

2022

Range

 

Low

High

 

Low

High

Expected earnings per common share - diluted

$0.09

$0.13

 

$1.25

 

$1.49

 

Expected real estate depreciation and amortization

1.50

1.50

 

5.38

 

5.38

 

Expected adjustments for unconsolidated joint ventures

 

0.03

 

0.03

 

Expected income allocated to non-controlling interests

0.01

0.01

 

0.07

 

0.07

 

Reported (gain) on sale of operating properties

 

(0.34

)

(0.34

)

Expected FFO per share - diluted

$1.60

$1.64

 

$6.39

 

$6.63

 

 

 

 

 

 

 

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

Чистый операционный доход (NOI)

NOI определяется Компанией как доход от собственности за вычетом расходов на эксплуатацию и техническое обслуживание имущества за вычетом налогов на недвижимость. NOI более подробно описан в Компонентах списков NOI собственности на странице 12 приложения. Компания считает, что NOI является подходящим дополнительным показателем операционной эффективности к чистой прибыли, причитающейся простым акционерам, поскольку он отражает операционную эффективность наших сообществ без распределения накладных расходов на управление имуществом корпоративного уровня или общих и административных расходов. Сверка чистой прибыли, приходящейся на долю обыкновенных акционеров, с чистой операционной прибылью представлена ниже:

 

 

Three months ended March 31,

 

 

2022

2021

Net income

 

$83,601

 

$32,473

 

Less: Fee and asset management income

 

(2,450

)

(2,206

)

Less: Interest and other income

 

(2,131

)

(332

)

Less: Income/(loss) on deferred compensation plans

 

7,497

 

(3,626

)

Plus: Property management expense

 

7,214

 

6,124

 

Plus: Fee and asset management expense

 

1,175

 

1,132

 

Plus: General and administrative expense

 

14,790

 

14,222

 

Plus: Interest expense

 

24,542

 

23,644

 

Plus: Depreciation and amortization expense

 

113,138

 

93,141

 

Plus: Expense/(benefit) on deferred compensation plans

 

(7,497

)

3,626

 

Less: Gain on sale of operating property

 

(36,372

)

 

Less: Equity in income of joint ventures

 

(3,048

)

(1,914

)

Plus: Income tax expense

 

590

 

352

 

NOI

 

$201,049

 

$166,636

 

 

 

 

 

"Same Property" Communities

 

$181,278

 

$156,996

 

Non-"Same Property" Communities

 

16,677

 

5,286

 

Development and Lease-Up Communities

 

915

 

21

 

Other

 

2,179

 

4,333

 

NOI

 

$201,049

 

$166,636

 

CAMDEN

 

NON-GAAP FINANCIAL MEASURES

 

 

DEFINITIONS & RECONCILIATIONS

 

 

(In thousands, except per share amounts)

 

 

 

(Unaudited)

Скорректированный показатель EBITDA

Скорректированный показатель EBITDA определяется Компанией как прибыль до вычета процентов, налогов, износа и амортизации, включая чистый операционный доход от прекращенной деятельности, исключая долю в (доходе) убытке совместных предприятий, (прибыль) убыток от продажи неконсолидированных долей участия в совместных предприятиях, прибыль от приобретения контрольного пакета акций в совместных предприятиях, прибыль от продажи операционной собственности, включая землю, убытки от досрочного погашения долга, а также доходы (убытки), отнесенные на неконтролирующие доли участия. Компания считает Скорректированный показатель EBITDA подходящим дополнительным показателем операционных показателей к чистой прибыли, причитающейся простым акционерам, поскольку он представляет собой доход до вычета неденежной амортизации и стоимости долга и исключает прибыли или убытки от продажи имущества. Скорректированный показатель EBITDA в годовом исчислении - это скорректированный показатель EBITDA, отраженный в отчетности за период, умноженный на 4 для результатов квартала. Сверка чистой прибыли, приходящейся на долю обыкновенных акционеров, с скорректированной EBITDA представлена ниже:

 

 

Three months ended March 31,

 

 

2022

2021

Net income attributable to common shareholders

 

$80,745

 

$31,347

 

Plus: Interest expense

 

24,542

 

23,644

 

Plus: Depreciation and amortization expense

 

113,138

 

93,141

 

Plus: Income allocated to non-controlling interests

 

2,856

 

1,126

 

Plus: Income tax expense

 

590

 

352

 

Less: Gain on sale of operating property

 

(36,372

)

 

Less: Equity in income of joint ventures

 

(3,048

)

(1,914

)

Adjusted EBITDA

 

$182,451

 

$147,696

 

Annualized Adjusted EBITDA

 

$729,804

 

$590,784

 

Отношение чистого долга к скорректированной EBITDA в годовом исчислении

Компания считает, что отношение чистого долга к скорректированной в годовом исчислении EBITDA является подходящим дополнительным показателем оценки левереджа баланса. Чистый долг определяется Компанией как среднемесячный остаток Общей задолженности за период за вычетом среднемесячного остатка Денежных средств и их эквивалентов за период. В следующих таблицах приведена сверка среднего общего долга с чистым долгом и рассчитано отношение к скорректированной EBITDA за следующие периоды:

Net Debt:

 

 

Average monthly balance for the

 

 

Three months ended March 31,

 

 

2022

2021

Unsecured notes payable

 

$3,337,661

 

$3,167,246

 

Total debt

 

3,337,661

 

3,167,246

 

Less: Cash and cash equivalents

 

(690,159

)

(289,901

)

Net debt

 

$2,647,502

 

$2,877,345

 

 

 

 

 

 

 

 

 

Net Debt to Annualized Adjusted EBITDA:

 

Three months ended March 31,

 

2022

2021

Net debt

$2,647,502

$2,877,345

Annualized Adjusted EBITDA

729,804

590,784

Net Debt to Annualized Adjusted EBITDA

3.6x

4.9x

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