Camden Property Trust (CPT, Financial) filed Quarterly Report for the period ended 2012-06-30.
Camden Property Trust has a market cap of $5.7 billion; its shares were traded at around $70.24 with a P/E ratio of 25 and P/S ratio of 8.7. The dividend yield of Camden Property Trust stocks is 3.2%.
and $24.9 million for the three and six months ended June 30, 2012, respectively, as compared to the same periods in 2011. Property expenses from non-same store and development and lease-up communities increased approximately $5.8 million and $10.0 million for the three and six months ended June 30, 2012, respectively, as compared to the same periods in 2011. The increases during the periods were primarily due to approximately $11.8 million and $20.5 million of revenues and approximately $4.8 million and $8.3 million of expenses recognized during the three and six months ended June 30, 2012, respectively, related to twelve joint venture communities we consolidated during January 2012, which were previously accounted for in accordance with the equity method of accounting. The increases were also related to the completion and partial lease-up of four properties in our development pipeline during the first half of 2012.
Property management expense, which represents regional supervision and accounting costs related to property operations, decreased approximately $0.3 million for each of the three and six months ended June 30, 2012, as compared to the same periods in 2011. Property management expenses were approximately 2.6% and 2.8% of total property revenues for the three and six months ended June 30, 2012, respectively, and approximately 3.2% and 3.3% for the three and six months ended June 30, 2011, respectively. The decreases were primarily due to timing of training costs for our property management personnel, partially offset by higher salaries, benefits, and incentive compensation expenses.
The increase in general and administrative expense during the six months ended June 30, 2012 as compared to the same period in 2011 was primarily due to increases in salaries, benefits and incentive compensation expenses of approximately $1.3 million and an increase in professional fees of approximately $1.0 million. The increase was also due to an increase in trust manager fees of approximately $0.2 million and an increase in acquisition costs of approximately $0.1 million. These increases were offset by approximately $2.1 million in one-time bonuses awarded to all non-executive employees in the first quarter of 2011. General and administrative expenses were 5.1% and 5.0% of total property revenues and non-property income, excluding income (loss) on deferred compensation plans, for the three and six months ended June 30, 2012, respectively. Excluding the $2.1 million one-time bonus awards, general and administrative expenses were 4.9% and 4.8% of total property revenues and non-property income, excluding income (loss) on deferred compensation plans, for the three and six months ended June 30, 2011, respectively.
Additional cash outflows used in investing activities during the six months ended June 30, 2012 related to the acquisitions of one operating property and the controlling interests in twelve former joint ventures, net of cash acquired, totaling approximately $171.3 million, and outflows for investments in joint ventures of approximately $5.7 million primarily relating to one acquisition by one of our funds, in which we own a 20% interest. During the six months ended June 30, 2011, cash outflows for investments in joint ventures of approximately $35.1 million were due to twelve acquisitions completed by our funds. The outflows during the six months ended June 30, 2012 were partially offset by proceeds of $54.1 million from the sale of three operating properties and by distributions from our joint ventures of approximately $4.0 million. The outflows during the six months ended June 30, 2011 were partially offset by proceeds of $19.3 million from the sale of three operating joint venture properties in March 2011 and proceeds of $19.1 million received from the sales of two land development properties to one of our joint ventures during the three months ended June 30, 2011. These outflows during the six months ended June 30, 2011, were further offset by proceeds received from the sale of our available-for-sale investment of $4.5 million during February 2011, and payments received on notes receivable from affiliates of approximately $3.3 million.
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Camden Property Trust has a market cap of $5.7 billion; its shares were traded at around $70.24 with a P/E ratio of 25 and P/S ratio of 8.7. The dividend yield of Camden Property Trust stocks is 3.2%.
Highlight of Business Operations:
Same store rental revenues increased approximately $8.3 million, or 6.2%, during the three months ended June 30, 2012, as compared to the same period in 2011 due to a 5.6% increase in average rental rates and a 0.4% increase in average occupancy for our same store portfolio. During the three months ended June 30, 2012, average rental rates on new leases were 6.0% higher than expiring lease rates and average renewal rates were 8.3% higher than expiring leases rates. Same store rental revenues increased approximately $17.0 million, or 6.4% during the six months ended June 30, 2012 as compared to the same period in 2011, due to a 5.5% increase in average rental rates and a 0.7% increase in average occupancy for our same store portfolio. During the six months ended June 30, 2012, average rental rates on new leases were 4.8% higher than expiring lease rates and average renewal rates were 8.2% higher than expiring lease rates. We believe the increases to rental revenue were due in part to a gradually improving economy, favorable demographics, a modest supply of new multifamily housing, and a decline in home ownership rates. Additionally, there was a $1.2 million and $2.8 million increase in other property revenue during the three and six months ended June 30, 2012, respectively, as compared to the same periods in 2011, primarily due to increases in revenues from ancillary income from our utility rebilling programs and miscellaneous fees and charges.and $24.9 million for the three and six months ended June 30, 2012, respectively, as compared to the same periods in 2011. Property expenses from non-same store and development and lease-up communities increased approximately $5.8 million and $10.0 million for the three and six months ended June 30, 2012, respectively, as compared to the same periods in 2011. The increases during the periods were primarily due to approximately $11.8 million and $20.5 million of revenues and approximately $4.8 million and $8.3 million of expenses recognized during the three and six months ended June 30, 2012, respectively, related to twelve joint venture communities we consolidated during January 2012, which were previously accounted for in accordance with the equity method of accounting. The increases were also related to the completion and partial lease-up of four properties in our development pipeline during the first half of 2012.
Property management expense, which represents regional supervision and accounting costs related to property operations, decreased approximately $0.3 million for each of the three and six months ended June 30, 2012, as compared to the same periods in 2011. Property management expenses were approximately 2.6% and 2.8% of total property revenues for the three and six months ended June 30, 2012, respectively, and approximately 3.2% and 3.3% for the three and six months ended June 30, 2011, respectively. The decreases were primarily due to timing of training costs for our property management personnel, partially offset by higher salaries, benefits, and incentive compensation expenses.
The increase in general and administrative expense during the six months ended June 30, 2012 as compared to the same period in 2011 was primarily due to increases in salaries, benefits and incentive compensation expenses of approximately $1.3 million and an increase in professional fees of approximately $1.0 million. The increase was also due to an increase in trust manager fees of approximately $0.2 million and an increase in acquisition costs of approximately $0.1 million. These increases were offset by approximately $2.1 million in one-time bonuses awarded to all non-executive employees in the first quarter of 2011. General and administrative expenses were 5.1% and 5.0% of total property revenues and non-property income, excluding income (loss) on deferred compensation plans, for the three and six months ended June 30, 2012, respectively. Excluding the $2.1 million one-time bonus awards, general and administrative expenses were 4.9% and 4.8% of total property revenues and non-property income, excluding income (loss) on deferred compensation plans, for the three and six months ended June 30, 2011, respectively.
Additional cash outflows used in investing activities during the six months ended June 30, 2012 related to the acquisitions of one operating property and the controlling interests in twelve former joint ventures, net of cash acquired, totaling approximately $171.3 million, and outflows for investments in joint ventures of approximately $5.7 million primarily relating to one acquisition by one of our funds, in which we own a 20% interest. During the six months ended June 30, 2011, cash outflows for investments in joint ventures of approximately $35.1 million were due to twelve acquisitions completed by our funds. The outflows during the six months ended June 30, 2012 were partially offset by proceeds of $54.1 million from the sale of three operating properties and by distributions from our joint ventures of approximately $4.0 million. The outflows during the six months ended June 30, 2011 were partially offset by proceeds of $19.3 million from the sale of three operating joint venture properties in March 2011 and proceeds of $19.1 million received from the sales of two land development properties to one of our joint ventures during the three months ended June 30, 2011. These outflows during the six months ended June 30, 2011, were further offset by proceeds received from the sale of our available-for-sale investment of $4.5 million during February 2011, and payments received on notes receivable from affiliates of approximately $3.3 million.
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