a50365195ex99-1.htm

Exhibit 99.1

CAMDEN PROPERTY TRUST ANNOUNCES

SECOND QUARTER 2012 OPERATING RESULTS

Houston, TEXAS (August 2, 2012) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and six months ended June 30, 2012.

Funds From Operations (“FFO”)

FFO for the second quarter of 2012 totaled $0.89 per diluted share or $76.7 million, as compared to $0.40 per diluted share or $30.4 million for the same period in 2011. FFO for the three months ended June 30, 2011 included: a $0.40 per diluted share impact related to a $29.8 million loss on the discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; and a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land.

FFO for the six months ended June 30, 2012 totaled $1.72 per diluted share or $145.3 million, as compared to $1.12 per diluted share or $84.5 million for the same period in 2011. FFO for the six months ended June 30, 2012 included a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units. FFO for the six months ended June 30, 2011 included: a $0.40 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.04 per diluted share impact related to the sale of an available-for-sale investment; and a $2.1 million or $0.03 per diluted share impact for General & Administrative (“G&A”) costs related to a one-time bonus awarded to all non-executive employees.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $21.8 million or $0.26 per diluted share for the second quarter of 2012, as compared to a net loss of $16.6 million or $0.23 per diluted share for the same period in 2011. EPS for the three months ended June 30, 2011 included: a $0.42 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; and a $4.7 million or $0.07 per diluted share gain on sale of undeveloped land.

For the six months ended June 30, 2012, the Company reported EPS of $110.5 million or $1.32 per diluted share, as compared to a net loss of $9.3 million or $0.13 per diluted share for the same period in 2011. EPS for the six months ended June 30, 2012 included: a $40.2 million or $0.48 per diluted share impact related to the gain on acquisition of the controlling interest in twelve joint ventures; a $32.5 million or $0.39 per diluted share impact related to the gain on sale of discontinued operations; and, a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units. EPS for the six months ended June 30, 2011 included: a $0.42 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.07 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.05 per diluted share impact related to gain on sale of an available-for-sale investment; a $2.1 million or $0.03 per diluted share impact for G&A costs related to a one-time bonus awarded to all non-executive employees; and a $1.1 million or $0.02 per diluted share impact from gain on sale of three joint venture interests.

A reconciliation of net income attributable to common shareholders to FFO is included in the financial tables accompanying this press release.

Same Property Results

For the 47,724 apartment homes included in consolidated same property results, second quarter 2012 same property NOI increased 8.6% compared to the second quarter of 2011, with revenues increasing 6.1% and expenses increasing 2.1%. On a sequential basis, second quarter 2012 same property NOI increased 2.4% compared to the first quarter of 2012, with revenues increasing 2.2% and expenses increasing 1.9% compared to the prior quarter. On a year-to-date basis, 2012 same property NOI increased 9.1%, with revenues increasing 6.4% and expenses increasing 2.3% compared to the same period in 2011. Same property physical occupancy levels for the portfolio averaged 95.3% during the second quarter of 2012, compared to 94.9% in both the second quarter of 2011 and first quarter of 2012.

The Company defines same property communities as communities owned and stabilized as of January 1, 2011, excluding properties held for sale and communities under major redevelopment. A reconciliation of net income attributable to common shareholders to net operating income and same property net operating income is included in the financial tables accompanying this press release.

Acquisition Activity

Camden acquired one multifamily community with 477 apartment homes located in Dallas, TX during the quarter for approximately $76.0 million. Subsequent to quarter-end, the Company acquired a multifamily community with 223 apartment homes located in Atlanta, GA for approximately $25.3 million.

During the quarter the Company also acquired 4.7 acres of land located in Dallas, TX for future development of a multifamily community.

Development Activity

Construction was completed during the quarter at Camden Montague, a 192 apartment home project with a current cost of $20 million in Tampa, FL, which began leasing in February 2012 and is currently 99% leased. Lease-ups continued during the quarter at three completed communities: Camden LaVina, a $56 million project with 420 apartment homes in Orlando, FL, which is currently 88% leased; Camden Summerfield II, a 187 apartment home project with a current cost of $25 million in Landover, MD, which is currently 98% leased; and Camden Royal Oaks II, a $13 million project with 104 apartment homes in Houston, TX, which is currently 39% leased. Lease-up activity is also underway at two communities which are currently under construction: Camden Westchase Park, a $52 million project with 348 apartment homes in Tampa, FL which is currently 59% leased; and Camden Town Square, a $66 million project with 438 apartment homes in Orlando, FL which began leasing during the quarter and is currently 41% leased.

Construction began during the quarter at Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes, and continued at two additional wholly-owned development communities: Camden City Centre II in Houston, TX, a $36 million project with 268 apartment homes, and Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes. Construction also continued during the quarter on two joint venture communities: Camden Amber Oaks II in Austin, TX, a $25 million project with 244 apartment homes, which is currently 59% leased, and Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes.

Equity Issuance

During the second quarter, Camden issued 2,572,609 common shares through its at-the-market (“ATM”) share offering programs at an average price of $66.55 per share, for total net consideration of approximately $168.5 million. Subsequent to quarter-end, the Company issued an additional 938,380 common shares through its ATM program at an average price of $69.34 per share, for total net consideration of approximately $64.1 million. Year-to-date through July 2012, Camden has issued 4,215,234 common shares through its ATM programs at an average price of $66.73 per share, for total net consideration of approximately $276.9 million.

Earnings Guidance

Camden updated its earnings guidance for 2012 based on its current and expected views of the apartment market and general economic conditions. Full-year 2012 FFO is expected to be $3.50 to $3.58 per diluted share, and full-year 2012 EPS is expected to be $1.94 to $2.02 per diluted share. Third quarter 2012 earnings guidance is $0.88 to $0.92 per diluted share for FFO and $0.30 to $0.34 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2012 earnings guidance is based on projections of same property revenue growth between 5.5% and 6.5%, expense growth between 2.5% and 3.0%, and NOI growth between 7.5% and 8.5%. Additional information on the Company’s 2012 financial outlook and a reconciliation of expected net income attributable to common shareholders to expected FFO are included in the financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Friday, August 3, 2012 at 11:00 a.m. Central Time to review its second quarter 2012 results and discuss its outlook for future performance. To participate in the call, please dial (866) 843-0890 (Domestic) or (412) 317-9250 (International) by 10:50 a.m. Central Time and enter passcode: 7289205, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.

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.

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 200 properties containing 67,917 apartment homes across the United States. Upon completion of seven properties under development, the Company's portfolio will increase to 70,125 apartment homes in 207 properties. Camden was recently named by FORTUNE® Magazine for the fifth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #7.

For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at www.camdenliving.com.

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

(Unaudited)	Three Months Ended						Six Months Ended
	June 30,						June 30,
OPERATING DATA	2012			2011			2012			2011
Property revenues
Rental revenues		$159,318			$138,167			$313,037			$274,002
Other property revenues		26,727			23,235			51,659			45,002
Total property revenues		186,045			161,402			364,696			319,004

Property expenses
Property operating and maintenance		51,119			46,232			100,338			91,038
Real estate taxes		19,338			17,558			37,709			34,902
Total property expenses		70,457			63,790			138,047			125,940

Non-property income
Fee and asset management		3,608			2,471			6,531			4,309
Interest and other income (loss)		(65	)		86			(753	)		4,857
Income (loss) on deferred compensation plans		(2,185	)		1,375			5,601			7,329
Total non-property income		1,358			3,932			11,379			16,495

Other expenses
Property management		4,851			5,109			10,135			10,428
Fee and asset management		1,444			1,670			3,187			2,890
General and administrative		9,730			8,032			18,409			17,820
Interest		26,247			28,381			52,930			58,118
Depreciation and amortization		53,310			44,754			103,428			90,605
Amortization of deferred financing costs		900			1,890			1,812			3,417
Expense (benefit) on deferred compensation plans		(2,185	)		1,375			5,601			7,329
Total other expenses		94,297			91,211			195,502			190,607


Gain on acquisition of controlling interests in joint ventures		-			-			40,191			-
Gain on sale of properties, including land		-			4,748			-			4,748
Gain on sale of unconsolidated joint venture interests		-			-			-			1,136
Loss on discontinuation of hedging relationship		-			(29,791	)		-			(29,791	)
Equity in income of joint ventures		632			16			998			390
Income (loss) from continuing operations before income taxes		23,281			(14,694	)		83,715			(4,565	)
Income tax expense - current		(434	)		(256	)		(658	)		(1,576	)
Income (loss) from continuing operations		22,847			(14,950	)		83,057			(6,141	)
Income from discontinued operations		-			895			353			1,687
Gain on sale of discontinued operations, net of tax		-			-			32,541			-
Net income (loss)		22,847			(14,055	)		115,951			(4,454	)
Less income allocated to noncontrolling interests from continuing operations		(1,084	)		(781	)		(1,909	)		(1,337	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			(11	)		(670	)		(20	)
Less income allocated to perpetual preferred units		-			(1,750	)		(776	)		(3,500	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			-			(2,075	)		-
Net income (loss) attributable to common shareholders		$21,763			$(16,597	)		$110,521			$(9,311	)


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)		$22,847			$(14,055	)		$115,951			$(4,454	)
Other comprehensive income
Unrealized loss on cash flow hedging activities		-			(2,189	)		-			(2,692	)
Reclassification of net losses on cash flow hedging activities		-			33,786			-			39,552
Reclassification of gain on available-for-sale investment to earnings, net of tax		-			-			-			(3,309	)
Reclassification of prior service cost on post retirement obligations		8			-			16			-
Comprehensive income		22,855			17,542			115,967			29,097
Less income allocated to noncontrolling interests from continuing operations		(1,084	)		(781	)		(1,909	)		(1,337	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			(11	)		(670	)		(20	)
Less income allocated to perpetual preferred units		-			(1,750	)		(776	)		(3,500	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			-			(2,075	)		-
Comprehensive income attributable to common shareholders		$21,771			$15,000			$110,537			$24,240


PER SHARE DATA
Net income (loss) attributable to common shareholders - basic		$0.26			$(0.23	)		$1.34			$(0.13	)
Net income (loss) attributable to common shareholders - diluted		0.26			(0.23	)		1.32			(0.13	)
Income (loss) from continuing operations attributable to common shareholders - basic		0.26			(0.24	)		0.95			(0.15	)
Income (loss) from continuing operations attributable to common shareholders - diluted		0.26			(0.24	)		0.94			(0.15	)

Weighted average number of common and
common equivalent shares outstanding:
Basic		83,223			72,343			81,554			72,126
Diluted		83,846			72,343			84,461			72,126

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					Six Months Ended
	June 30,					June 30,
FUNDS FROM OPERATIONS	2012		2011			2012			2011

Net income (loss) attributable to common shareholders (a)		$21,763		$(16,597	)		$110,521			$(9,311	)
Real estate depreciation from continuing operations		52,197		43,505			101,206			88,108
Real estate depreciation and amortization from discontinued operations		-		977			186			1,948
Adjustments for unconsolidated joint ventures		2,038		1,813			4,313			3,819
Income allocated to noncontrolling interests		709		653			1,802			1,036
(Gain) on acquisition of controlling interests in joint ventures		-		-			(40,191	)		-
(Gain) on sale of discontinued operations, net of tax		-		-			(32,541	)		-
(Gain) on sale of unconsolidated joint venture interests		-		-			-			(1,136	)
Funds from operations - diluted		$76,707		$30,351			$145,296			$84,464

PER SHARE DATA
Funds from operations - diluted		$0.89		$0.40			$1.72			$1.12
Cash distributions		0.56		0.49			1.12			0.98

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		86,067		75,523			84,461			75,273

PROPERTY DATA
Total operating properties (end of period) (b)		199		196			199			196
Total operating apartment homes in operating properties (end of period) (b)		67,694		67,212			67,694			67,212
Total operating apartment homes (weighted average)		53,720		50,883			53,338			50,849
Total operating apartment homes - excluding discontinued operations (weighted average)		53,720		49,062			53,048			49,061


(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the three and six months ended June 30, 2011.
(b) Includes joint ventures.

CAMDEN	BALANCE SHEETS
							(In thousands)


(Unaudited)	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2012			2012			2011			2011			2011
ASSETS
Real estate assets, at cost
Land		$893,910			$868,964			$768,016			$766,302			$760,397
Buildings and improvements		5,203,675			5,068,560			4,751,654			4,758,397			4,711,552
		6,097,585			5,937,524			5,519,670			5,524,699			5,471,949
Accumulated depreciation		(1,505,862	)		(1,458,451	)		(1,432,799	)		(1,421,867	)		(1,378,630	)
Net operating real estate assets		4,591,723			4,479,073			4,086,871			4,102,832			4,093,319
Properties under development, including land		297,712			301,282			299,870			274,201			237,549
Investments in joint ventures		47,776			49,436			44,844			37,033			39,398
Properties held for sale		-			-			11,131			-			-
Total real estate assets		4,937,211			4,829,791			4,442,716			4,414,066			4,370,266
Accounts receivable - affiliates		29,940			29,742			31,035			31,395			30,401
Other assets, net (a)		88,002			89,706			88,089			87,657			90,346
Cash and cash equivalents		52,126			49,702			55,159			56,099			63,148
Restricted cash		5,295			5,074			5,076			5,357			4,898
Total assets		$5,112,574			$5,004,015			$4,622,075			$4,594,574			$4,559,059



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,381,152			$1,380,952			$1,380,755			$1,380,560			$1,380,368
Secured		1,015,260			1,050,154			1,051,357			1,052,544			1,053,699
Accounts payable and accrued expenses		87,041			105,370			93,747			97,613			78,460
Accrued real estate taxes		31,607			17,991			21,883			37,721			27,424
Distributions payable		49,135			47,594			39,364			39,319			38,966
Other liabilities (b)		83,471			90,423			109,276			111,043			123,829
Total liabilities		2,647,666			2,692,484			2,696,382			2,718,800			2,702,746

Commitments and contingencies

Perpetual preferred units		-			-			97,925			97,925			97,925

Equity
Common shares of beneficial interest		945			919			845			839			834
Additional paid-in capital		3,501,354			3,327,961			2,901,024			2,861,139			2,823,690
Distributions in excess of net income attributable to common shareholders		(674,221	)		(648,074	)		(690,466	)		(700,897	)		(676,367	)
Treasury shares, at cost		(430,958	)		(437,215	)		(452,003	)		(452,244	)		(459,134	)
Accumulated other comprehensive income (loss) (c)		(667	)		(675	)		(683	)		201			93
Total common equity		2,396,453			2,242,916			1,758,717			1,709,038			1,689,116
Noncontrolling interests		68,455			68,615			69,051			68,811			69,272
Total equity		2,464,908			2,311,531			1,827,768			1,777,849			1,758,388
Total liabilities and equity		$5,112,574			$5,004,015			$4,622,075			$4,594,574			$4,559,059



(a) Includes:
net deferred charges of:		$14,432			$15,267			$16,102			$16,868			$14,484

(b) Includes:
deferred revenues of:		$2,012			$2,337			$2,140			$2,213			$2,181
distributions in excess of investments in joint ventures of:		$16,499			$16,298			$30,596			$31,799			$31,040
fair value adjustment of derivative instruments:		$5,918			$11,574			$16,486			$22,192			$27,977

(c) Represents the fair value adjustment of derivative instruments and amortization of prior service costs on post retirement obligations.

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 attributable to common shares computed in accordance
with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization,
and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,
including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance
because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a
company's real estate between periods or as compared to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2012		2011			2012			2011
Net income (loss) attributable to common shareholders (a)		$21,763		$(16,597	)		$110,521			$(9,311	)
Real estate depreciation from continuing operations		52,197		43,505			101,206			88,108
Real estate depreciation and amortization from discontinued operations		-		977			186			1,948
Adjustments for unconsolidated joint ventures		2,038		1,813			4,313			3,819
Income allocated to noncontrolling interests		709		653			1,802			1,036
(Gain) on acquisition of controlling interests in joint ventures		-		-			(40,191	)		-
(Gain) on sale of discontinued operations, net of tax		-		-			(32,541	)		-
(Gain) on sale of unconsolidated joint venture interests		-		-			-			(1,136	)
Funds from operations - diluted		$76,707		$30,351			$145,296			$84,464

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		83,846		72,343			84,461			72,126
FFO diluted		86,067		75,523			84,461			75,273

Net income (loss) attributable to common shareholders - diluted		$0.26		$(0.23	)		$1.32			$(0.13	)
FFO per common share - diluted		$0.89		$0.40			$1.72			$1.12


(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the three and six months ended June 30, 2011.

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 net income attributable to common shareholders (EPS). A reconciliation of the ranges provided for expected
net income attributable to common shareholders per diluted share to expected FFO per diluted share is provided below:

	3Q12 Range					2012 Range
	Low		High			Low			High

Expected net income attributable to common shareholders per share - diluted		$0.30		$0.34			$1.94			$2.02
Expected real estate depreciation from continuing operations		0.55		0.55			2.30			2.30
Expected real estate depreciation and amortization from discontinued operations		0.00		0.00			0.00			0.00
Expected adjustments for unconsolidated joint ventures		0.02		0.02			0.10			0.10
Expected income allocated to noncontrolling interests		0.01		0.01			0.04			0.04
Realized (gain) on acquisition of controlling interests in joint ventures		0.00		0.00			(0.49	)		(0.49	)
Realized (gain) on sale of discontinued operations, net of tax		0.00		0.00			(0.39	)		(0.39	)
Expected FFO per share - diluted		$0.88		$0.92			$3.50			$3.58

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements 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. 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						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net income (loss) attributable to common shareholders		$21,763			$(16,597	)		$110,521			$(9,311	)
Less: Fee and asset management income		(3,608	)		(2,471	)		(6,531	)		(4,309	)
Less: Interest and other (income) loss		65			(86	)		753			(4,857	)
Less: Income (loss) on deferred compensation plans		2,185			(1,375	)		(5,601	)		(7,329	)
Plus: Property management expense		4,851			5,109			10,135			10,428
Plus: Fee and asset management expense		1,444			1,670			3,187			2,890
Plus: General and administrative expense		9,730			8,032			18,409			17,820
Plus: Interest expense		26,247			28,381			52,930			58,118
Plus: Depreciation and amortization		53,310			44,754			103,428			90,605
Plus: Amortization of deferred financing costs		900			1,890			1,812			3,417
Plus: Expense (benefit) on deferred compensation plans		(2,185	)		1,375			5,601			7,329
Less: Gain on acquisition of controlling interests in joint ventures		-			-			(40,191	)		-
Less: Gain on sale of properties, including land		-			(4,748	)		-			(4,748	)
Less: Gain on sale of unconsolidated joint venture interests		-			-			-			(1,136	)
Plus: Loss on discontinuation of hedging relationship		-			29,791			-			29,791
Less: Equity in income of joint ventures		(632	)		(16	)		(998	)		(390	)
Plus: Income tax expense - current		434			256			658			1,576
Less: Income from discontinued operations		-			(895	)		(353	)		(1,687	)
Less: Gain on sale of discontinued operations, net of tax		-			-			(32,541	)		-
Plus: Income allocated to noncontrolling interests from continuing operations		1,084			781			1,909			1,337
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			11			670			20
Plus: Income allocated to perpetual preferred units		-			1,750			776			3,500
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			-			2,075			-
Net Operating Income (NOI)		$115,588			$97,612			$226,649			$193,064

"Same Property" Communities		$103,563			$95,360			$204,668			$187,616
Non-"Same Property" Communities		9,491			2,195			17,940			5,271
Development and Lease-Up Communities		1,536			-			2,216			-
Other		998			57			1,825			177
Net Operating Income (NOI)		$115,588			$97,612			$226,649			$193,064

EBITDA
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 discontinued operations, net of tax, and income (loss) allocated to noncontrolling interests.
The Company considers 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 EBITDA is provided below:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net income (loss) attributable to common shareholders		$21,763			$(16,597	)		$110,521			$(9,311	)
Plus: Interest expense		26,247			28,381			52,930			58,118
Plus: Amortization of deferred financing costs		900			1,890			1,812			3,417
Plus: Depreciation and amortization		53,310			44,754			103,428			90,605
Plus: Income allocated to perpetual preferred units		-			1,750			776			3,500
Plus: Write off of original issuance costs on redeemed perpetual preferred units		-			-			2,075			-
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			11			670			20
Plus: Income allocated to noncontrolling interests from continuing operations		1,084			781			1,909			1,337
Plus: Income tax expense - current		434			256			658			1,576
Plus: Real estate depreciation and amortization from discontinued operations		-			977			186			1,948
Less: Gain on sale of properties, including land		-			(4,748	)		-			(4,748	)
Less: Gain on sale of unconsolidated joint venture interests		-			-			-			(1,136	)
Less: Gain on acquisition of controlling interests in joint ventures		-			-			(40,191	)		-
Less: Equity in income of joint ventures		(632	)		(16	)		(998	)		(390	)
Less: Gain on sale of discontinued operations, net of tax		-			-			(32,541	)		-
Plus: Loss on discontinuation of hedging relationship		-			29,791			-			29,791
EBITDA		$103,106			$87,230			$201,235			$174,727