2016 Q4 Form 10-Q Financial Statement

#000090634516000082 Filed on October 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $217.1M $220.2M $212.6M
YoY Change 1.0% 3.59% -0.24%
Cost Of Revenue $80.60M $86.90M $85.60M
YoY Change -1.71% 1.52% 0.35%
Gross Profit $136.5M $133.4M $127.0M
YoY Change 2.63% 5.04% -0.63%
Gross Profit Margin 62.86% 60.57% 59.74%
Selling, General & Admin $12.60M $10.80M $11.80M
YoY Change -3.82% -8.47% 14.56%
% of Gross Profit 9.23% 8.1% 9.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.70M $62.90M $61.40M
YoY Change 1.79% 2.44% 3.72%
% of Gross Profit 45.93% 47.15% 48.35%
Operating Expenses $73.70M $72.00M $71.20M
YoY Change 1.24% 1.12% 5.64%
Operating Profit $62.80M $61.40M $55.80M
YoY Change 4.32% 10.04% -7.62%
Interest Expense -$20.30M $23.08M $23.67M
YoY Change -6.88% -2.53% 3.08%
% of Operating Profit -32.32% 37.58% 42.43%
Other Income/Expense, Net
YoY Change
Pretax Income $42.50M $303.8M $33.79M
YoY Change -25.96% 799.28% -14.87%
Income Tax $400.0K $400.0K $500.0K
% Of Pretax Income 0.94% 0.13% 1.48%
Net Earnings $40.89M $290.9M $37.04M
YoY Change -32.51% 685.28% -3.24%
Net Earnings / Revenue 18.83% 132.09% 17.42%
Basic Earnings Per Share $0.45 $3.23 $0.41
Diluted Earnings Per Share $0.45 $3.21 $0.41
COMMON SHARES
Basic Shares Outstanding 87.48M shares 89.67M shares 89.16M shares
Diluted Shares Outstanding 90.01M shares 89.53M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $237.4M $313.7M $10.40M
YoY Change 2139.62% 2916.35% -84.27%
Cash & Equivalents $237.4M $313.7M $10.38M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $24.00M $24.00M $25.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $261.4M $337.7M $35.50M
YoY Change 632.21% 851.27% -61.45%
LONG-TERM ASSETS
Property, Plant & Equipment $5.486B $5.469B $5.814B
YoY Change -2.16% -5.94% 2.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $130.3M $130.0M $34.70M
YoY Change 286.65% 274.64% -1.42%
Other Assets $9.100M $8.700M $20.20M
YoY Change -96.29% -56.93% 248.28%
Total Long-Term Assets $5.767B $5.751B $5.998B
YoY Change -3.92% -4.13% 3.07%
TOTAL ASSETS
Total Short-Term Assets $261.4M $337.7M $35.50M
Total Long-Term Assets $5.767B $5.751B $5.998B
Total Assets $6.028B $6.088B $6.034B
YoY Change -0.16% 0.9% 2.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $137.8M $143.2M $131.5M
YoY Change 3.3% 8.9% -10.73%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $23.00M
YoY Change -100.0%
Total Short-Term Liabilities $256.0M $292.1M $276.4M
YoY Change -2.25% 5.68% 5.54%
LONG-TERM LIABILITIES
Long-Term Debt $2.481B $2.481B $2.692B
YoY Change -8.32% -7.86% -1.88%
Other Long-Term Liabilities $196.0M $194.5M $169.0M
YoY Change 10.61% 15.09% 9.31%
Total Long-Term Liabilities $2.677B $2.675B $2.861B
YoY Change -7.16% -6.5% -1.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $256.0M $292.1M $276.4M
Total Long-Term Liabilities $2.677B $2.675B $2.861B
Total Liabilities $2.856B $2.895B $3.065B
YoY Change -6.84% -5.56% -1.12%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.678B $3.676B $3.660B
YoY Change 0.42% 0.42% 0.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $373.3M $373.6M $387.1M
YoY Change -3.48% -3.49% -2.61%
Treasury Stock Shares 10.33M shares 10.34M shares 10.71M shares
Shareholders Equity $3.015B $3.040B $2.820B
YoY Change
Total Liabilities & Shareholders Equity $6.028B $6.088B $6.034B
YoY Change -0.16% 0.9% 2.06%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $40.89M $290.9M $37.04M
YoY Change -32.51% 685.28% -3.24%
Depreciation, Depletion And Amortization $62.70M $62.90M $61.40M
YoY Change 1.79% 2.44% 3.72%
Cash From Operating Activities $85.60M $135.4M $123.1M
YoY Change -18.86% 9.99% -7.44%
INVESTING ACTIVITIES
Capital Expenditures -$80.30M -$104.2M -$95.50M
YoY Change -3.83% 9.11% -22.23%
Acquisitions
YoY Change
Other Investing Activities $1.400M $375.8M -$7.200M
YoY Change -93.69% -5319.44% -204.35%
Cash From Investing Activities -$79.00M $271.7M -$102.7M
YoY Change 28.87% -364.56% -11.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -83.20M -447.9M -26.50M
YoY Change 89.52% 1590.19% -180.55%
NET CHANGE
Cash From Operating Activities 85.60M 135.4M 123.1M
Cash From Investing Activities -79.00M 271.7M -102.7M
Cash From Financing Activities -83.20M -447.9M -26.50M
Net Change In Cash -76.60M -40.80M -6.100M
YoY Change -25633.33% 568.85% -112.2%
FREE CASH FLOW
Cash From Operating Activities $85.60M $135.4M $123.1M
Capital Expenditures -$80.30M -$104.2M -$95.50M
Free Cash Flow $165.9M $239.6M $218.6M
YoY Change -12.22% 9.61% -14.54%

Facts In Submission

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us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
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18600000 USD
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16400000 USD
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78200000 USD
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0 USD
CY2015Q3 us-gaap Depreciation And Amortization
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61336000 USD
us-gaap Depreciation And Amortization
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179260000 USD
CY2016Q3 us-gaap Depreciation And Amortization
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62832000 USD
us-gaap Depreciation And Amortization
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187379000 USD
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4059000 USD
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11936000 USD
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4327000 USD
us-gaap Depreciation Depletion And Amortization
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179260000 USD
us-gaap Depreciation Depletion And Amortization
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187379000 USD
CY2015Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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53380000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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151400000 USD
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53679000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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156804000 USD
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0 USD
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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0 USD
CY2016Q3 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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0 USD
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0 USD
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0 USD
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5442000 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
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239063000 USD
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0 USD
CY2015Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
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14592000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
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42637000 USD
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19184000 USD
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8.60
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2600000 USD
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195300000 USD
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183500000 USD
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527000000 USD
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521000000 USD
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8700000 USD
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3900000 USD
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10200000 USD
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29400000 USD
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85200000 USD
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30500000 USD
us-gaap Equity Method Investment Summarized Financial Information Revenue
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89900000 USD
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0 USD
us-gaap Gain Loss On Disposition Of Assets
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85192000 USD
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262719000 USD
us-gaap Gain Loss On Disposition Of Assets
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295397000 USD
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85192000 USD
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295397000 USD
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us-gaap General And Administrative Expense
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34836000 USD
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CY2015Q3 us-gaap Income Loss From Continuing Operations
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32137000 USD
us-gaap Income Loss From Continuing Operations
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173890000 USD
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us-gaap Income Loss From Continuing Operations
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396088000 USD
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33785000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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182962000 USD
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303821000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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414508000 USD
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33287000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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181628000 USD
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303421000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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4907000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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14832000 USD
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0 USD
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382842000 USD
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1574000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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4487000 USD
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1866000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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5052000 USD
us-gaap Income Taxes Paid
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1584000 USD
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2314000 USD
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33000 USD
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9974000 USD
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3938000 USD
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2133000 USD
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3281000 USD
us-gaap Increase Decrease In Property And Other Taxes Payable
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18509000 USD
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22564000 USD
CY2015Q3 us-gaap Interest And Other Income
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us-gaap Interest And Other Income
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308000 USD
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us-gaap Interest Costs Capitalized
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14900000 USD
CY2016Q3 us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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13800000 USD
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23076000 USD
us-gaap Interest Expense
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69936000 USD
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65748000 USD
us-gaap Interest Paid Net
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62995000 USD
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33698000 USD
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30046000 USD
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2400000 USD
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1000000 USD
us-gaap Lease And Rental Expense
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3100000 USD
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CY2016Q3 us-gaap Liabilities
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
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CY2016Q3 us-gaap Liabilities And Stockholders Equity
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0 USD
CY2016Q3 us-gaap Liabilities Fair Value Disclosure Nonrecurring
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0 USD
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
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0.01
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1500000 USD
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1100000 USD
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645200000 USD
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175800000 USD
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247100000 USD
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9500000 USD
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13200000 USD
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19900000 USD
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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145552000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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317653000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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291300000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Income Loss
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188722000 USD
CY2016Q3 us-gaap Net Income Loss
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290898000 USD
us-gaap Net Income Loss
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CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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7738000 USD
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12523000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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17216000 USD
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36785000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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187160000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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289273000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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772788000 USD
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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36785000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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187160000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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289273000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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772788000 USD
us-gaap Noncontrolling Interest Increase From Business Combination
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9500000 USD
us-gaap Noncontrolling Interest Increase From Business Combination
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0 USD
CY2015Q4 us-gaap Notes Payable
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CY2016Q3 us-gaap Notes Payable
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1. Description of Business</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business</font><font style="font-family:inherit;font-size:10pt;">. Formed on May&#160;25, 1993, Camden Property Trust, a Texas real estate investment trust ("REIT"), is primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, we owned interests in, operated, or were developing </font><font style="font-family:inherit;font-size:10pt;">158</font><font style="font-family:inherit;font-size:10pt;"> multifamily properties comprised of </font><font style="font-family:inherit;font-size:10pt;">54,925</font><font style="font-family:inherit;font-size:10pt;"> apartment homes across the United States. Of the </font><font style="font-family:inherit;font-size:10pt;">158</font><font style="font-family:inherit;font-size:10pt;"> properties, </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> properties were under construction which will consist of a total of </font><font style="font-family:inherit;font-size:10pt;">2,419</font><font style="font-family:inherit;font-size:10pt;"> apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.</font></div></div>

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