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Press Release: Camden Property Trust Announces -3-

· 02/04/2021 16:15
CAMDEN BALANCE SHEETS (In thousands) (Unaudited) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, 2020 2020 2020 2020 2019 ----------- ----------- ----------- ----------- ------------- ASSETS Real estate assets, at cost Land $1,225,214 $1,216,942 $1,206,656 $1,206,130 $1,199,384 Buildings and improvements 7,763,748 7,677,676 7,597,165 7,547,150 7,404,090 ---------- ---------- ---------- ---------- ---------- 8,988,962 8,894,618 8,803,821 8,753,280 8,603,474 Accumulated depreciation (3,034,186) (2,944,769) (2,857,124) (2,770,848) (2,686,025) ---------- ---------- ---------- ---------- ---------- Net operating real estate assets 5,954,776 5,949,849 5,946,697 5,982,432 5,917,449 Properties under development, including land 564,215 522,664 514,336 467,288 512,319 Investments in joint ventures 18,994 20,992 21,735 22,318 20,688 ---------- ---------- ---------- ---------- ---------- Total real estate assets 6,537,985 6,493,505 6,482,768 6,472,038 6,450,456 Accounts receivable -- affiliates 20,158 20,152 21,432 20,344 21,833 Other assets, net (a) 216,276 217,534 211,823 196,544 248,716 Cash and cash equivalents 420,441 589,614 601,584 22,277 23,184 Restricted cash 4,092 3,918 4,093 4,367 4,315 ---------- ---------- ---------- ---------- ---------- Total assets $7,198,952 $7,324,723 $7,321,700 $6,715,570 $6,748,504 ========== ========== ========== ========== ========== LIABILITIES AND EQUITY Liabilities Notes payable Unsecured $3,166,625 $3,225,799 $3,224,871 $2,606,876 $2,524,099 Accounts payable and accrued expenses 175,608 183,654 167,453 156,841 171,719 Accrued real estate taxes 66,156 87,159 62,499 32,365 54,408 Distributions payable 84,147 84,137 84,138 84,112 80,973 Other liabilities (b) 189,829 177,967 172,172 164,052 215,581 ---------- ---------- ---------- ---------- ---------- Total liabilities 3,682,365 3,758,716 3,711,133 3,044,246 3,046,780 Equity Common shares of beneficial interest 1,069 1,068 1,068 1,069 1,069 Additional paid-in capital 4,581,710 4,577,813 4,574,387 4,569,995 4,566,731 Distributions in excess of net income attributable to common shareholders (791,079) (737,556) (689,809) (623,570) (584,167) Treasury shares, at cost (341,412) (341,831) (341,637) (342,778) (348,419) Accumulated other comprehensive income (loss) (c) (5,383) (5,431) (5,797) (6,163) (6,529) ---------- ---------- ---------- ---------- ---------- Total common equity 3,444,905 3,494,063 3,538,212 3,598,553 3,628,685 Non-controlling interests 71,682 71,944 72,355 72,771 73,039 ---------- ---------- ---------- ---------- ---------- Total equity 3,516,587 3,566,007 3,610,567 3,671,324 3,701,724 ---------- ---------- ---------- ---------- ---------- Total liabilities and equity $7,198,952 $7,324,723 $7,321,700 $6,715,570 $6,748,504 ========== ========== ========== ========== ========== (a) Includes net deferred charges of: $2,299 $2,686 $3,031 $3,399 $3,658 (b) Includes deferredCAMDEN FUNDS FROM OPERATIONS (In thousands, except per share and property data amounts) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, ------------------------ --------------------------- 2020 2019 2020 2019 ------------- --------- ------------- ------------ FUNDS FROM OPERATIONS Net income attributable to common shareholders (a) $29,193 $95,014 $123,911 $219,623 Real estate depreciation and amortization 89,504 83,137 357,489 328,045 Adjustments for unconsolidated joint ventures 2,550 2,251 9,483 8,987 Gain on sale of operating properties, net of tax -- (49,901) -- (49,901) Gain on sale of unconsolidated joint venture property -- (6,204) -- (6,204) Income allocated to non-controlling interests 1,188 1,289 4,849 4,838 -------- --- -------- --------- --------- Funds from operations $122,435 $125,586 $495,732 $505,388 -------- --- -------- --------- --------- Less: recurring capitalized expenditures (b) (21,619) (21,109) (77,525) (72,172) Adjusted funds from operations $100,816 $104,477 $418,207 $433,216 ======== === ======== ========= ========= PER SHARE DATA Funds from operations - diluted $1.21 $1.24 $4.90 $5.04 Adjusted funds from operations - diluted 1.00 1.04 4.13 4.32 Distributions declared per common share 0.83 0.80 3.32 3.20 Weighted average number of common shares outstanding: FFO/AFFO - diluted 101,255 100,932 101,186 100,332 PROPERTY DATA Total operating properties (end of period) (c) 167 164 167 164 Total operating apartment homes in operating properties (end of period) (c) 56,850 56,107 56,850 56,107 Total operating apartment homes (weighted average) 49,270 48,875 49,128 48,549

and the Resident Relief Funds, and approximately $120.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $1,028.5 million recognized for the twelve months ended December 31, 2019, made up of approximately $911.1 million of rental revenue and approximately $117.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $7.5 million and $6.9 million for the three months ended December 31, 2020 and 2019, respectively. For the twelve months ended December 31, 2020 we recognized $28.9 million of revenue related to utility rebilling to residents. This compares to revenue related to utility rebilling to residents of $26.3 million for the twelve months ended December 31, 2019.

(b) Net income attributable to common shareholders was negatively impacted for the three and twelve months ended December 31, 2020 by an approximate $3.5 million non-cash adjustment to retail straight-line rent receivables. Net income attributable to common shareholders was also negatively impacted for the twelve months ended December 31, 2020 by approximately $14.8 million of COVID-19 Related Impact, which consists of the Resident Relief Funds, Employee Relief Fund, direct COVID-19 expenses, and bonus paid to on-site employees. Please refer to page 29 of the supplement, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

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

(a) Net income attributable to common shareholders was negatively impacted for the three and twelve months ended December 31, 2020 by an approximate $3.5 million non-cash adjustment to retail straight-line rent receivables. Net income attributable to common shareholders was also negatively impacted for the twelve months ended December 31, 2020 by approximately $14.8 million of COVID-19 Related Impact, which consists of the Resident Relief Funds, Employee Relief Fund, direct COVID-19 expenses, and bonus paid to on-site employees. Please refer to page 29 of the supplement, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

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

(c) 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.

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February 04, 2021 16:15 ET (21:15 GMT)