Camden Property Trust Announces Third Quarter 2017 Operating Results

Oct 26, 2017 04:15 pm
HOUSTON -- 

Camden Property Trust (NYSE:CPT) today announced operating results for the three and nine months ended September 30, 2017. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and nine months ended September 30, 2017 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

 
        Three Months Ended         Nine Months Ended
September 30 September 30
Per Diluted Share         2017     2016         2017     2016
EPS $0.38     $3.21 $1.20     $8.60
FFO $1.11 $1.13 $3.35 $3.49
AFFO         $0.92     $0.92         $2.87     $3.01
 

EPS, FFO and AFFO for the three and nine months ended September 30, 2017 included approximately $0.05 per diluted share in expenses related to Hurricanes Harvey and Irma.

 
        Quarterly Growth     Sequential Growth     Year-to-Date Growth
Same Property Results         3Q17 vs. 3Q16     3Q17 vs. 2Q17     2017 vs. 2016
Revenues 2.5% 1.1% 2.8%
Expenses 3.9% 4.1% 3.4%
Net Operating Income ("NOI")         1.7%     (0.5)%     2.5%
 
 
Same Property Results         3Q17     3Q16     2Q17
Occupancy         95.9 %     95.8 %     95.4 %
 

“Operating performance across Camden’s portfolio remains strong, and with recent improvements in the Houston apartment market as a result of Hurricane Harvey, we have raised our full-year 2017 guidance for same property revenue and NOI growth,” said Richard J. Campo, Camden’s Chairman and CEO.

The Company defines same property communities as communities owned and stabilized as of January 1, 2016, excluding properties held for sale. Reported same property expenses for 2017 exclude approximately $3.9 million of property level expenses related to Hurricanes Harvey and Irma. 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, lease-up was completed at Camden Victory Park in Dallas, TX. Construction was completed during the quarter at Camden Lincoln Station in Denver, CO, and construction commenced at Camden RiNo in Denver, CO.

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

 
              Total       Total       % Leased
Community Name         Location       Units       Cost       as of 10/25/2017
Camden Lincoln Station Denver, CO 267 $56.4 87%
Camden NoMa II         Washington, DC       405       106.9       61%
Total                 672       $163.3        
 

Development Communities - Construction Ongoing ($ in millions)

 
              Total       Total       % Leased
Community Name         Location       Units       Budget       as of 10/25/2017
Camden Shady Grove Rockville, MD 457 $116.0 45%
Camden McGowen Station Houston, TX 315 90.0
Camden Washingtonian Gaithersburg, MD 365 90.0
Camden North End I Phoenix, AZ 441 105.0
Camden Grandview II Charlotte, NC 28 21.0
Camden RiNo         Denver, CO       233       75.0        
Total                 1,839       $497.0        
 

Acquisition/Disposition Activity

In July 2017, the Company entered into a sales contract for Camden Miramar, its student housing community located in Corpus Christi, TX, for approximately $78.0 million. Closing of this sale is not guaranteed and is subject to, among other items, the satisfactory due diligence and financing by the purchaser. The Company has included a $0.01 per share impact for this potential disposition in its FFO guidance for the fourth quarter and full-year 2017, assuming a December 2017 closing date.

Equity Issuances

During the quarter, Camden completed a public offering of 4,750,000 common shares at a net price of $93.18 per share, for net proceeds before expenses of approximately $442.6 million. The Company also issued 28,111 common shares through its ATM program at an average price of $90.44 per share, for total net consideration of approximately $2.5 million.

Hurricane Expenses

The Company incurred approximately $5.0 million or $0.05 per diluted share in expenses during the quarter related to Hurricanes Harvey and Irma, as detailed below. Property expenses from Hurricanes Harvey and Irma have been excluded from same property results.

 
Property Expenses         $3.9 million
Equity in Income of Joint Ventures $0.4 million
General and Administrative Expense         $0.7 million
Total Hurricane Expenses         $5.0 million
 

Earnings Guidance

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

 
          4Q17       2017       2017 Midpoint        
Per Diluted Share         Range       Range       Current       Prior       Change
EPS         $0.47 - $0.51       $1.66 - $1.70       $1.68       $1.70       $(0.02)
FFO         $1.16 - $1.20       $4.51 - $4.55       $4.53       $4.57       $(0.04)
 

The Company updated its guidance for 2017 same property growth, which was previously provided in July 2017.

 
          2017       2017 Midpoint        
Same Property Growth         Range       Current       Prior       Change
Revenues         2.80% - 3.00%       2.90%       2.80%       0.10 %
Expenses 3.95% - 4.15% 4.05% 4.10% (0.05 )%
NOI         2.10% - 2.40%       2.25%       2.00%       0.25 %
 

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2017 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call
Friday, October 27, 2017 at 11:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 6883383
Webcast: http://services.choruscall.com/links/cpt171027.html

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

Forward-Looking Statements

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

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 156 properties containing 54,038 apartment homes across the United States. Upon completion of 6 properties under development, the Company’s portfolio will increase to 55,877 apartment homes in 162 properties. Camden was recently named by FORTUNE® Magazine for the tenth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #22.

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

 

CAMDEN

OPERATING RESULTS

(In thousands, except per share amounts)

 
 

(Unaudited)

        Three Months Ended September 30,         Nine Months Ended September 30,
2017     2016   2017     2016

OPERATING DATA

   
Property revenues
Rental revenues $ 194,690 $ 187,771 $ 573,262 $ 564,136
Other property revenues   33,488       32,464     97,807       95,172  
Total property revenues   228,178       220,235     671,069       659,308  
 
Property expenses
Property operating and maintenance (a) 60,090 53,679 164,188 156,804
Real estate taxes   28,193       26,695     83,916       80,875  
Total property expenses   88,283       80,374     248,104       237,679  
 
Non-property income
Fee and asset management 2,116 1,667 5,806 5,223
Interest and other income 385 927 1,579 1,366
Income on deferred compensation plans   3,648       3,494     11,706       4,781  
Total non-property income   6,149       6,088     19,091       11,370  
 
Other expenses
Property management 6,201 5,590 19,782 19,147
Fee and asset management 973 911 2,818 2,861
General and administrative (b) 12,266 10,810 37,585 34,836
Interest 21,210 23,076 66,132 69,936
Depreciation and amortization 67,014 62,832 195,781 187,379
Expense on deferred compensation plans   3,648       3,494     11,706       4,781  
Total other expenses   111,312       106,713     333,804       318,940  
 
Loss on early retirement of debt — — (323 ) —
Gain on sale of operating properties, including land — 262,719 — 295,397
Equity in income of joint ventures (c)   1,255       1,866     4,857       5,052  
Income from continuing operations before income taxes 35,987 303,821 112,786 414,508
Income tax expense   (512 )     (400 )   (1,008 )     (1,204 )
Income from continuing operations 35,475 303,421 111,778 413,304
Income from discontinued operations — — — 7,605
Gain on sale of discontinued operations, net of tax   —       —     —       375,237  
Net income 35,475 303,421 111,778 796,146

Less income allocated to non-controlling interests from

continuing operations

  (1,091 )     (12,523 )   (3,345 )     (17,216 )
Net income attributable to common shareholders $ 34,384     $ 290,898   $ 108,433     $ 778,930  
 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income $35,475 $303,421 $111,778 $796,146
Other comprehensive income
Unrealized gain on cash flow hedging activities 1,754 — 1,754 —

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

loss on post retirement obligation

  34       32     102       97  
Comprehensive income 37,263 303,453 113,634 796,243

Less income allocated to non-controlling interests from

continuing operations

  (1,091 )     (12,523 )   (3,345 )     (17,216 )
Comprehensive income attributable to common shareholders $ 36,172     $ 290,930   $ 110,289     $ 779,027  
 

PER SHARE DATA

 
Total earnings per common share - basic $ 0.38 $ 3.23 $ 1.20 $ 8.63
Total earnings per common share - diluted 0.38 3.21 1.20 8.60
Earnings per share from continuing operations - basic 0.38 3.23 1.20 4.35
Earnings per share from continuing operations - diluted 0.38 3.21 1.20 4.34
 
Weighted average number of common shares outstanding:
Basic 91,011 89,669 90,351 89,524
Diluted 92,033 90,012 91,345 89,858
 
 

(a)

 

Includes approximately $3.9 million in storm-related expenses related to Hurricanes Harvey and Irma for both the three and nine months ended September 30, 2017.

(b)

Includes approximately $0.7 million in storm-related expenses related to Hurricanes Harvey and Irma for both the three and nine months ended September 30, 2017.

(c)

Includes approximately $0.4 million in storm-related expenses related to Hurricanes Harvey and Irma for both the three and nine months ended September 30, 2017.

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 September 30,       Nine Months Ended September 30,
2017     2016 2017     2016

FUNDS FROM OPERATIONS

       
 
Net income attributable to common shareholders (a) $ 34,384 $ 290,898 $ 108,433 $ 778,930
Real estate depreciation and amortization 65,489 61,264 191,092 182,694
Real estate depreciation from discontinued operations — — — 4,327
Adjustments for unconsolidated joint ventures 2,223 2,266 6,650 6,944
Income allocated to non-controlling interests 1,091 12,523 3,345 17,216
Gain on sale of operating properties, net of tax — (262,719 ) — (294,954 )
Gain on sale of discontinued operations, net of tax   —         —     —         (375,237 )
Funds from operations $ 103,187       $ 104,232   $ 309,520       $ 319,920  
 
Less: recurring capitalized expenditures (b) (17,506 ) (19,246 ) (43,975 ) (43,609 )
               
Adjusted funds from operations - diluted $ 85,681       $ 84,986   $ 265,545       $ 276,311  
 

PER SHARE DATA

Funds from operations - diluted $ 1.11 $ 1.13 $ 3.35 $ 3.49
Adjusted funds from operations - diluted 0.92 0.92 2.87 3.01
Distributions declared per common share 0.75 0.75 2.25 2.25
Special Distributions declared per common share — 4.25 — 4.25
 
Weighted average number of common shares outstanding:
FFO/AFFO - diluted 93,111 91,901 92,424 91,749
 

PROPERTY DATA

Total operating properties (end of period) (c) 156 151 156 151
Total operating apartment homes in operating properties (end of period) (c) 54,038 52,506 54,038 52,506
Total operating apartment homes (weighted average) 46,546 46,702 46,103 49,521
Total operating apartment homes - excluding discontinued operations (weighted average) 46,546 46,702 46,103 47,426
 
 

(a)

 

Net income attributable to common shareholders for the three and nine months ended September 30, 2017 included approximately $5.0 million of storm-related expenses related to Hurricanes Harvey and Irma.

 

(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.

 

CAMDEN

BALANCE SHEETS

(In thousands)

 

(Unaudited)

       

Sep 30,

2017

   

Jun 30,

2017

   

Mar 31,

2017

   

Dec 31,

2016

   

Sep 30,

2016

ASSETS                
Real estate assets, at cost
Land $ 1,016,097 $ 1,008,459 $ 984,523 $ 967,375 $ 962,507
Buildings and improvements   6,269,561         6,199,435         6,071,203         5,967,023         5,910,347  
7,285,658 7,207,894 7,055,726 6,934,398 6,872,854
Accumulated depreciation   (2,080,989 )       (2,016,259 )       (1,952,809 )       (1,890,656 )       (1,829,563 )
Net operating real estate assets 5,204,669 5,191,635 5,102,917 5,043,742 5,043,291
Properties under development, including land 363,481 373,294 377,107 442,292 425,452
Investments in joint ventures   28,420         29,665         30,062         30,254         30,046  
Total real estate assets 5,596,570 5,594,594 5,510,086 5,516,288 5,498,789
Accounts receivable – affiliates 23,620 23,592 23,634 24,028 23,998
Other assets, net (a) 189,253 155,784 147,922 142,010 143,059
Short-term investments (b) — — — 100,000 100,000
Cash and cash equivalents 350,274 16,318 245,529 237,364 313,742
Restricted cash   9,178         8,312         8,175         8,462         8,691  
Total assets $ 6,168,895       $ 5,798,600       $ 5,935,346       $ 6,028,152       $ 6,088,279  
 
 
 
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured $ 1,338,117 $ 1,437,608 $ 1,583,819 $ 1,583,236 $ 1,582,655
Secured 866,134 866,292 866,476 897,352 897,971
Accounts payable and accrued expenses 127,557 116,754 120,086 137,813 143,193
Accrued real estate taxes 70,027 48,559 24,682 49,041 66,079
Distributions payable 72,962 69,347 69,326 69,161 82,861
Other liabilities (c)   154,506         134,851         123,654         118,959         122,270  
Total liabilities 2,629,303 2,673,411 2,788,043 2,855,562 2,895,029
 
Commitments and contingencies
Non-qualified deferred compensation share awards 73,015 84,050 75,704 77,037 72,222
 
Equity
Common shares of beneficial interest 1,028 978 978 978 978
Additional paid-in capital 4,134,206 3,678,660 3,675,737 3,678,277 3,675,806
Distributions in excess of net income attributable to common shareholders (383,584 ) (351,910 ) (317,642 ) (289,180 ) (261,324 )
Treasury shares, at cost (364,736 ) (364,785 ) (365,923 ) (373,339 ) (373,597 )
Accumulated other comprehensive loss (d)   (7 )       (1,795 )       (1,829 )       (1,863 )       (1,816 )
Total common equity 3,386,907 2,961,148 2,991,321 3,014,873 3,040,047
Non-controlling interests   79,670         79,991         80,278         80,680         80,981  
Total equity   3,466,577         3,041,139         3,071,599         3,095,553         3,121,028  
Total liabilities and equity $ 6,168,895       $ 5,798,600       $ 5,935,346       $ 6,028,152       $ 6,088,279  
 
 
 
 
 
(a) Includes:
net deferred charges of: $ 1,312 $ 1,487 $ 1,683 $ 1,915 $ 2,140
fair value adjustment of derivative instruments: $ 1,754 $ — $ — $ — $ —
 
(b) Our short-term investments consisted wholly of a certificate of deposit that had a maturity date of January 4, 2017.
 
(c) Includes deferred revenues of: $ 1,463 $ 513 $ 1,455 $ 1,541 $ 1,598
 
(d) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized gain 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.

 

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

September 30,

     

Nine Months Ended

September 30,

2017     2016 2017     2016
Net income attributable to common shareholders $ 34,384     $ 290,898 $ 108,433     $ 778,930
Real estate depreciation and amortization 65,489 61,264 191,092 182,694
Real estate depreciation from discontinued operations — — — 4,327
Adjustments for unconsolidated joint ventures 2,223 2,266 6,650 6,944
Income allocated to non-controlling interests 1,091 12,523 3,345 17,216
Gain on sale of operating properties, net of tax — (262,719 ) — (294,954 )
Gain on sale of discontinued operations, net of tax   —         —     —         (375,237 )
Funds from operations $ 103,187       $ 104,232   $ 309,520       $ 319,920  
 
Less: recurring capitalized expenditures (17,506 ) (19,246 ) (43,975 ) (43,609 )
               
Adjusted funds from operations $ 85,681       $ 84,986   $ 265,545       $ 276,311  
 
Weighted average number of common shares outstanding:
EPS diluted 92,033 90,012 91,345 89,858
FFO/AFFO diluted 93,111 91,901 92,424 91,749
 
Total earnings per common share - diluted $ 0.38 $ 3.21 $ 1.20 $ 8.60
FFO per common share - diluted $ 1.11 $ 1.13 $ 3.35 $ 3.49
AFFO per common share - diluted $ 0.92 $ 0.92 $ 2.87 $ 3.01
 

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:

 
       

4Q17 Range

     

2017 Range

Low     High Low     High
Expected earnings per common share - diluted $ 0.47     $ 0.51 $ 1.66     $ 1.70
Expected real estate depreciation and amortization 0.66 0.66 2.73 2.73
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     0.03         0.03
Expected FFO per share - diluted $ 1.16 $ 1.20 $ 4.51 $ 4.55
 

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

 

CAMDEN

NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
 

(Unaudited)

 

Net Operating Income (NOI)

 

NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:

 
 
       

Three months ended

September 30,

     

Nine months ended

September 30,

2017     2016 2017     2016
Net income $ 35,475     $ 303,421 $ 111,778     $ 796,146
Less: Fee and asset management income (2,116 ) (1,667 ) (5,806 ) (5,223 )
Less: Interest and other income (385 ) (927 ) (1,579 ) (1,366 )
Less: Income on deferred compensation plans (3,648 ) (3,494 ) (11,706 ) (4,781 )
Plus: Property management expense 6,201 5,590 19,782 19,147
Plus: Fee and asset management expense 973 911 2,818 2,861
Plus: General and administrative expense 12,266 10,810 37,585 34,836
Plus: Interest expense 21,210 23,076 66,132 69,936
Plus: Depreciation and amortization expense 67,014 62,832 195,781 187,379
Plus: Expense on deferred compensation plans 3,648 3,494 11,706 4,781
Plus: Loss on Early Retirement of Debt — — 323 —
Less: Gain on sale of operating properties, including land — (262,719 ) — (295,397 )
Less: Equity in income of joint ventures (1,255 ) (1,866 ) (4,857 ) (5,052 )
Plus: Income tax expense 512 400 1,008 1,204
Less: Income from discontinued operations — — — (7,605 )
Less: Gain on sale of discontinued operations, net of tax   —         —     —         (375,237 )
Net Operating Income (NOI) $ 139,895 $ 139,861 $ 422,965 $ 421,629
 
"Same Property" Communities $ 127,894 $ 125,738 $ 381,074 $ 371,788
Non-"Same Property" Communities 12,855 9,532 39,659 26,661
Development and Lease-Up Communities 2,166 4 3,248 4
Hurricane Expenses (3,944 ) — (3,944 ) —
Dispositions/Other   924         4,587     2,928         23,176  
Net Operating Income (NOI) $ 139,895 $ 139,861 $ 422,965 $ 421,629
 

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

September 30,

   

Nine months ended

September 30,

2017     2016 2017     2016
Net income attributable to common shareholders $ 34,384     $ 290,898 $ 108,433     $ 778,930
Plus: Interest expense 21,210 23,076 66,132 69,936
Plus: Depreciation and amortization expense 67,014 62,832 195,781 187,379
Plus: Income allocated to non-controlling interests from continuing operations 1,091 12,523 3,345 17,216
Plus: Income tax expense 512 400 1,008 1,204
Plus: Real estate depreciation from discontinued operations — — — 4,327
Less: Gain on sale of operating properties, including land — (262,719 ) — (295,397 )
Plus: Loss on Early Retirement of Debt — — 323 —
Less: Equity in income of joint ventures (1,255 ) (1,866 ) (4,857 ) (5,052 )
Less: Gain on sale of discontinued operations, net of tax   —         —     —         (375,237 )
Adjusted EBITDA $ 122,956 $ 125,144 $ 370,165 $ 383,306
 

Camden Property Trust
Kim Callahan, 713-354-2549