EX-99.1 2 exhibit991earningsreleaseq.htm EXHIBIT 99.1
CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2015 OPERATING RESULTS
Houston, TEXAS (October 29, 2015) - Camden Property Trust (NYSE:CPT) today announced operating results for the three and nine months ended September 30, 2015.
Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and Net Income Attributable to Common Shareholders (“EPS”) for the three and nine months ended September 30, 2015 are detailed below.

| Three Months Ended | Nine Months Ended
| September 30 | September 30
Per Diluted Share | 2015 | 2014 | 2015 | 2014
FFO | $1.14 | $1.09 | $3.34 | $3.19
AFFO | $0.91 | $0.89 | $2.77 | $2.71
EPS | $0.41 | $0.43 | $2.09 | $1.28

A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.
Same Property Results

| Quarterly Growth |  | Sequential Growth |  | Year to Date Growth |
| 3Q15 vs. 3Q14 |  | 3Q15 vs. 2Q15 |  | 2015 vs. 2014 |
Revenues | 5.5 | % | 2.1 | % | 5.1 | %
Expenses | 5.7 | % | 4.8 | % | 5.2 | %
Net Operating Income ("NOI") | 5.5 | % | 0.6 | % | 5.0 | %

| 3Q15 |  | 3Q14 |  | 2Q15 |
Occupancy | 96.0 | % | 95.9 | % | 95.9 | %

“We are pleased to report another solid quarter of earnings growth,” said Richard Campo, Camden’s Chairman and CEO. “Operating fundamentals in the apartment industry remain favorable, and we expect 201 6 to be another strong year for our business.”
The Company defines same property communities as communities owned and stabilized as of January 1, 2014. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.
Development Activity
Lease-up was completed during the third quarter at Camden Foothills in Scottsdale, AZ and the property is currently 94% occupied. Construction was completed during the quarter at Camden Flatirons located in Denver, CO and Camden Glendale located in Glendale, CA.

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

|  | Total | Total | CPT % |  | % Leased |
Community Name | Location | Units | Cost | Owned |  | as of 10/28/2015 |
Camden Hayden | Tempe, AZ | 234 | $44.2 | 100 | % | 88 | %
Camden Flatirons | Denver, CO | 424 | 79.2 | 100 | % | 81 | %
Camden Glendale | Glendale, CA | 303 | 112.8 | 100 | % | 57 | %
TOTAL |  | 961 | $236.2 |  |

Development Communities - Construction Ongoing ($ in millions)

|  | Total | Total | CPT % |  | % Leased |
Community Name | Location | Units | Budget | Owned |  | as of 10/28/2015 |
Camden Paces | Atlanta, GA | 379 | $117.0 | 100 | % | 67 | %
Camden Southline | Charlotte, NC | 266 | 48.0 | 31.3 | % | 68 | %
Camden Chandler | Chandler, AZ | 380 | 73.0 | 100 | % | 67 | %
Camden Gallery | Charlotte, NC | 323 | 58.0 | 100 | % |
Camden Victory Park | Dallas, TX | 423 | 82.0 | 100 | % |
The Camden | Los Angeles, CA | 287 | 145.0 | 100 | % |
Camden Lincoln Station | Denver, CO | 267 | 56.0 | 100 | % |
Camden NoMa II | Washington, DC | 405 | 115.0 | 100 | % |
Camden Shady Grove | Rockville, MD | 457 | 116.0 | 100 | % |
Camden McGowen Station | Houston, TX | 315 | 90.0 | 100 | % |
TOTAL |  | 3,502 | $900.0 |  |

Acquisition/Disposition Activity
Subsequent to quarter-end, the Company acquired a 5.8-acre land parcel in Gaithersburg, MD for $13.3 million for the future development of approximately 365 apartment homes. The Company also disposed of Camden Providence Lakes, a 260-home community in Brandon, FL for $33.0 million subsequent to quarter-end.
Earnings Guidance
Camden updated its earnings guidance for 2015 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for fourth quarter 2015 as detailed below.

Per Diluted Share | 4Q15 | 2015
FFO | $1.17 - $1.21 | $4.51 - $4.55
EPS | $0.62 - $0.66 | $2.71 - $2.75

Same Property Growth | 2015 Range | 2015 Midpoint
Revenue | 5.1% - 5.3% | 5.2%
Expenses | 5.1% - 5.3% | 5.2%
NOI | 5.1% - 5.3% | 5.2%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2015 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call
The Company will hold a conference call on Friday, October 30, 2015 at 11:00 a.m. Central Time to review its third quarter 2015 results and discuss its outlook for future performance. To participate in the call, please dial (888) 317-6003 (Domestic) or (412) 317-6061 (International) by 10:50 a.m. Central Time and enter passcode: 3697045, or join the live webcast of the conference call by accessing the Investors section of the Company’s website at camdenliving.com. 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 (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. 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, 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 170 properties containing 59,147 apartment homes across the United States. Upon completion of 10 properties under development, the Company’s portfolio will increase to 62,649 apartment homes in 180 properties. Camden was recently named by FORTUNE® Magazine for the eighth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #10.
For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (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,
| 2015 | 2014 |  | 2015 | 2014
OPERATING DATA |  |  |  |  |
Property revenues |  |  |  |  |
Rental revenues |  | $194,515 |  |  | $184,247 |  |  |  | $571,461 |  |  | $543,649 |
Other property revenues | 32,670 |  | 28,851 |  |  | 91,809 |  | 83,870 |
Total property revenues | 227,185 |  | 213,098 |  |  | 663,270 |  | 627,519 |
Property expenses |  |  |  |  |
Property operating and maintenance | 58,062 |  | 55,228 |  |  | 164,532 |  | 158,239 |
Real estate taxes | 26,044 |  | 23,447 |  |  | 76,774 |  | 70,640 |
Total property expenses | 84,106 |  | 78,675 |  |  | 241,306 |  | 228,879 |
Non-property income |  |  |  |  |
Fee and asset management | 1,902 |  | 2,131 |  |  | 5,083 |  | 7,301 |
Interest and other income | 107 |  | 430 |  |  | 308 |  | 762 |
Income/(loss) on deferred compensation plans | (3,438 | ) | (765 | ) |  | (1,871 | ) | 1,934 |
Total non-property income | (1,429 | ) | 1,796 |  |  | 3,520 |  | 9,997 |
Other expenses |  |  |  |  |
Property management | 5,884 |  | 5,416 |  |  | 17,928 |  | 17,108 |
Fee and asset management | 1,227 |  | 1,240 |  |  | 3,424 |  | 3,746 |
General and administrative | 11,790 |  | 10,331 |  |  | 33,120 |  | 30,410 |
Interest | 23,265 |  | 22,967 |  |  | 72,288 |  | 68,846 |
Depreciation and amortization | 65,079 |  | 59,179 |  |  | 190,337 |  | 174,528 |
Amortization of deferred financing costs | 725 |  | 836 |  |  | 2,143 |  | 2,493 |
Expense/(benefit) on deferred compensation plans | (3,438 | ) | (765 | ) |  | (1,871 | ) | 1,934 |
Total other expenses | 104,532 |  | 99,204 |  |  | 317,369 |  | 299,065 |
Gain on sale of operating properties, including land | — |  | 1,808 |  |  | 85,192 |  | 3,609 |
Impairment associated with land holdings | — |  | — |  |  | — |  | (1,152 | )
Equity in income of joint ventures | 1,574 |  | 863 |  |  | 4,487 |  | 5,889 |
Income from continuing operations before income taxes | 38,692 |  | 39,686 |  |  | 197,794 |  | 117,918 |
Income tax expense | (498 | ) | (353 | ) |  | (1,334 | ) | (1,228 | )
Net income | 38,194 |  | 39,333 |  |  | 196,460 |  | 116,690 |
Less income allocated to non-controlling interests from continuing operations | (1,150 | ) | (1,050 | ) |  | (7,738 | ) | (3,099 | )
Net income attributable to common shareholders |  | $37,044 |  |  | $38,283 |  |  |  | $188,722 |  |  | $113,591 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |  |  |  |  |
Net income | $38,194 | $39,333 |  | $196,460 | $116,690
Other comprehensive income |  |  |  |  |
Unrealized loss on cash flow hedging activities | — |  | (417 | ) |  | — |  | (417 | )
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 38 |  | 20 |  |  | 112 |  | 49 |
Comprehensive income | 38,232 |  | 38,936 |  |  | 196,572 |  | 116,322 |
Less income allocated to non-controlling interests from continuing operations | (1,150 | ) | (1,050 | ) |  | (7,738 | ) | (3,099 | )
Comprehensive income attributable to common shareholders |  | $37,082 |  |  | $37,886 |  |  |  | $188,834 |  |  | $113,223 |
PER SHARE DATA |  |  |  |  |
Total earnings per common share – basic |  | $0.41 |  |  | $0.43 |  |  |  | $2.10 |  |  | $1.28 |
Total earnings per common share – diluted | 0.41 |  | 0.43 |  |  | 2.09 |  | 1.28 |
Weighted average number of common shares outstanding: |  |  |  |  |
Basic | 89,164 |  | 88,146 |  |  | 89,102 |  | 87,882 |
Diluted | 90,341 |  | 89,353 |  |  | 89,450 |  | 89,052 |

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,
| 2015 | 2014 |  | 2015 | 2014
FUNDS FROM OPERATIONS |  |  |  |  |
Net income attributable to common shareholders |  | $37,044 |  |  | $38,283 |  |  |  | $188,722 |  |  | $113,591 |
Real estate depreciation and amortization | 63,852 |  | 58,039 |  |  | 186,818 |  | 170,606 |
Adjustments for unconsolidated joint ventures | 2,300 |  | 1,340 |  |  | 6,782 |  | 3,980 |
Income allocated to non-controlling interests | 1,150 |  | 1,050 |  |  | 7,738 |  | 3,099 |
Gain on sale of unconsolidated joint venture properties | — |  | — |  |  | — |  | (3,566 | )
Gain on sale of operating properties, net of tax | — |  | — |  |  | (85,145 | ) | — |
Funds from operations |  | $104,346 |  |  | $98,712 |  |  |  | $304,915 |  |  | $287,710 |
Less: recurring capitalized expenditures (a) | (21,508 | ) | (18,074 | ) |  | (52,002 | ) | (43,484 | )
Adjusted funds from operations - diluted |  | $82,838 |  |  | $80,638 |  |  |  | $252,913 |  |  | $244,226 |
PER SHARE DATA |  |  |  |  |
Funds from operations - diluted |  | $1.14 |  |  | $1.09 |  |  |  | $3.34 |  |  | $3.19 |
Adjusted funds from operations - diluted | 0.91 |  | 0.89 |  |  | 2.77 |  | 2.71 |
Distributions declared per common share | 0.70 |  | 0.66 |  |  | 2.10 |  | 1.98 |
Weighted average number of common shares outstanding: |  |  |  |  |
FFO/AFFO - diluted | 91,426 |  | 90,439 |  |  | 91,347 |  | 90,138 |
PROPERTY DATA |  |  |  |  |
Total operating properties (end of period) (b) | 171 |  | 170 |  |  | 171 |  | 170 |
Total operating apartment homes in operating properties (end of period) (b) | 59,407 |  | 60,038 |  |  | 59,407 |  | 60,038 |
Total operating apartment homes (weighted average) | 52,323 |  | 52,964 |  |  | 51,881 |  | 52,778 |

(a) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(b) Includes joint ventures and properties held for sale.
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN |  | BALANCE SHEET
|  | (In thousands)

(Unaudited)

| Sep 30, 2015 |  | Jun 30, 2015 |  | Mar 31, 2015 |  | Dec 31, 2014 |  | Sep 30, 2014 |
ASSETS |  |  |  |  |
Real estate assets, at cost |  |  |  |  |
Land |  | $1,047,453 |  |  | $1,034,649 |  |  | $1,012,684 |  |  | $1,003,422 |  |  | $997,349 |
Buildings and improvements | 6,237,648 |  | 6,134,510 |  | 5,979,985 |  | 5,890,498 |  | 5,894,453 |
| 7,285,101 |  | 7,169,159 |  | 6,992,669 |  | 6,893,920 |  | 6,891,802 |
Accumulated depreciation | (1,914,469 | ) | (1,860,923 | ) | (1,798,955 | ) | (1,738,862 | ) | (1,813,124 | )
Net operating real estate assets | 5,370,632 |  | 5,308,236 |  | 5,193,714 |  | 5,155,058 |  | 5,078,678 |
Properties under development, including land | 443,469 |  | 488,565 |  | 519,454 |  | 527,596 |  | 576,269 |
Investments in joint ventures | 34,705 |  | 35,731 |  | 36,526 |  | 36,429 |  | 35,180 |
Properties held for sale | 13,168 |  | — |  | — |  | 27,143 |  | — |
Total real estate assets | 5,861,974 |  | 5,832,532 |  | 5,749,694 |  | 5,746,226 |  | 5,690,127 |
Accounts receivable – affiliates | 25,053 |  | 25,855 |  | 25,652 |  | 25,977 |  | 25,954 |
Other assets, net (a) | 130,360 |  | 120,082 |  | 122,326 |  | 124,888 |  | 123,999 |
Cash and cash equivalents | 10,375 |  | 16,508 |  | 174,353 |  | 153,918 |  | 66,127 |
Restricted cash | 6,126 |  | 5,791 |  | 5,034 |  | 5,898 |  | 5,769 |
Total assets | $6,033,888 | $6,000,768 | $6,077,059 | $6,056,907 | $5,911,976
LIABILITIES AND EQUITY |  |  |  |  |
Liabilities |  |  |  |  |
Notes payable |  |  |  |  |
Unsecured | $1,811,739 | $1,770,491 | $1,838,203 | $1,837,911 | $1,837,621
Secured | 903,468 |  | 904,196 |  | 904,914 |  | 905,628 |  | 906,328 |
Accounts payable and accrued expenses | 131,532 |  | 128,532 |  | 134,438 |  | 157,232 |  | 147,255 |
Accrued real estate taxes | 57,642 |  | 43,905 |  | 23,269 |  | 39,149 |  | 54,369 |
Distributions payable | 64,276 |  | 64,253 |  | 64,261 |  | 60,386 |  | 60,265 |
Other liabilities (b) | 96,679 |  | 100,515 |  | 102,163 |  | 100,058 |  | 94,230 |
Total liabilities | 3,065,336 |  | 3,011,892 |  | 3,067,248 |  | 3,100,364 |  | 3,100,068 |
Commitments and contingencies |  |  |  |  |
Non-qualified deferred compensation share awards | 72,316 |  | 69,791 |  | 69,902 |  | 68,134 |  | 60,363 |
Equity |  |  |  |  |
Common shares of beneficial interest | 976 |  | 976 |  | 976 |  | 976 |  | 974 |
Additional paid-in capital | 3,660,482 |  | 3,657,537 |  | 3,656,105 |  | 3,667,448 |  | 3,649,750 |
Distributions in excess of net income attributable to common shareholders | (452,257 | ) | (426,614 | ) | (403,518 | ) | (453,777 | ) | (568,142 | )
Treasury shares, at cost | (387,114 | ) | (387,172 | ) | (388,181 | ) | (396,626 | ) | (397,497 | )
Accumulated other comprehensive loss (c) | (2,307 | ) | (2,345 | ) | (2,382 | ) | (2,419 | ) | (1,474 | )
Total common equity | 2,819,780 |  | 2,842,382 |  | 2,863,000 |  | 2,815,602 |  | 2,683,611 |
Non-controlling interests | 76,456 |  | 76,703 |  | 76,909 |  | 72,807 |  | 67,934 |
Total equity | 2,896,236 |  | 2,919,085 |  | 2,939,909 |  | 2,888,409 |  | 2,751,545 |
Total liabilities and equity |  | $6,033,888 |  |  | $6,000,768 |  |  | $6,077,059 |  |  | $6,056,907 |  |  | $5,911,976 |
(a) Includes net deferred charges of: |  | $14,452 |  |  | $11,921 |  |  | $12,432 |  |  | $13,219 |  |  | $14,361 |
(b) Includes deferred revenues of: |  | $1,918 |  |  | $843 |  |  | $1,728 |  |  | $1,848 |  |  | $1,734 |
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligation, and unrealized loss 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 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. Definitions of recurring capital expenditures are subjective. Accordingly, there can be no assurance our basis for computing this non-GAAP measure is comparable with that of other REITs. A reconciliation of FFO to AFFO is provided below:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 | 2014 |  | 2015 | 2014
Net income attributable to common shareholders |  | $37,044 |  |  | $38,283 |  |  |  | $188,722 |  |  | $113,591 |
Real estate depreciation and amortization | 63,852 |  | 58,039 |  |  | 186,818 |  | 170,606 |
Adjustments for unconsolidated joint ventures | 2,300 |  | 1,340 |  |  | 6,782 |  | 3,980 |
Income allocated to non-controlling interests | 1,150 |  | 1,050 |  |  | 7,738 |  | 3,099 |
Gain on sale of unconsolidated joint venture properties | — |  | — |  |  | — |  | (3,566 | )
Gain on sale of operating properties, net of tax | — |  | — |  |  | (85,145 | ) | — |
Funds from operations |  | $104,346 |  |  | $98,712 |  |  |  | $304,915 |  |  | $287,710 |
Less: recurring capitalized expenditures | (21,508 | ) | (18,074 | ) |  | (52,002 | ) | (43,484 | )
Adjusted funds from operations |  | $82,838 |  |  | $80,638 |  |  |  | $252,913 |  |  | $244,226 |
Weighted average number of common shares outstanding: |  |  |  |  |
EPS diluted | 90,341 |  | 89,353 |  |  | 89,450 |  | 89,052 |
FFO/AFFO diluted | 91,426 |  | 90,439 |  |  | 91,347 |  | 90,138 |
Earnings per common share - diluted |  | $0.41 |  |  | $0.43 |  |  |  | $2.09 |  |  | $1.28 |
FFO per common share - diluted |  | $1.14 |  |  | $1.09 |  |  |  | $3.34 |  |  | $3.19 |
AFFO per common share - diluted |  | $0.91 |  |  | $0.89 |  |  |  | $2.77 |  |  | $2.71 |

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). A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:

| 4Q15 |  | Range |  | 2015 |  | Range
| Low | High |  | Low | High
Expected earnings per common share - diluted |  | $0.62 |  |  | $0.66 |  |  |  | $2.71 |  |  | $2.75 |
Expected real estate depreciation and amortization | 0.70 |  | 0.70 |  |  | 2.72 |  | 2.72 |
Expected adjustments for unconsolidated joint ventures | 0.03 |  | 0.03 |  |  | 0.10 |  | 0.10 |
Expected income allocated to non-controlling interests | 0.01 |  | 0.01 |  |  | 0.10 |  | 0.10 |
(Gain) on sale of unconsolidated joint venture property | — |  | — |  |  | — |  | — |
Realized (gain) on sale of operating properties | — |  | — |  |  | (0.93 | ) | (0.93 | )
Estimated (gain) on sale of operating property | (0.19 | ) | (0.19 | ) |  | (0.19 | ) | (0.19 | )
Expected FFO per share - diluted |  | $1.17 |  |  | $1.21 |  |  |  | $4.51 |  |  | $4.55 |

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 September 30, |  | Nine months ended September 30,
| 2015 | 2014 |  | 2015 | 2014
Net income attributable to common shareholders |  | $37,044 |  |  | $38,283 |  |  |  | $188,722 |  |  | $113,591 |
Less: Fee and asset management | (1,902 | ) | (2,131 | ) |  | (5,083 | ) | (7,301 | )
Less: Interest and other income | (107 | ) | (430 | ) |  | (308 | ) | (762 | )
Less: Income/(loss) on deferred compensation plans | 3,438 |  | 765 |  |  | 1,871 |  | (1,934 | )
Plus: Property management | 5,884 |  | 5,416 |  |  | 17,928 |  | 17,108 |
Plus: Fee and asset management | 1,227 |  | 1,240 |  |  | 3,424 |  | 3,746 |
Plus: General and administrative | 11,790 |  | 10,331 |  |  | 33,120 |  | 30,410 |
Plus: Interest | 23,265 |  | 22,967 |  |  | 72,288 |  | 68,846 |
Plus: Depreciation and amortization | 65,079 |  | 59,179 |  |  | 190,337 |  | 174,528 |
Plus: Amortization of deferred financing costs | 725 |  | 836 |  |  | 2,143 |  | 2,493 |
Plus: Expense/(benefit) on deferred compensation plans | (3,438 | ) | (765 | ) |  | (1,871 | ) | 1,934 |
Less: Gain on sale of operating properties, including land | — |  | (1,808 | ) |  | (85,192 | ) | (3,609 | )
Less: Impairment associated with land holdings | — |  | — |  |  | — |  | 1,152 |
Less: Equity in income of joint ventures | (1,574 | ) | (863 | ) |  | (4,487 | ) | (5,889 | )
Plus: Income tax expense | 498 |  | 353 |  |  | 1,334 |  | 1,228 |
Plus: Income allocated to non-controlling interests from continuing operations | 1,150 |  | 1,050 |  |  | 7,738 |  | 3,099 |
Net Operating Income (NOI) |  | $143,079 |  |  | $134,423 |  |  |  | $421,964 |  |  | $398,640 |
"Same Property" Communities |  | $130,695 |  |  | $123,929 |  |  |  | $386,416 |  |  | $367,863 |
Non-"Same Property" Communities | 7,982 |  | 3,919 |  |  | 25,442 |  | 11,425 |
Development and Lease-Up Communities | 2,943 |  | 269 |  |  | 5,610 |  | 297 |
Dispositions/Other | 1,459 |  | 6,306 |  |  | 4,496 |  | 19,055 |
Net Operating Income (NOI) |  | $143,079 |  |  | $134,423 |  |  |  | $421,964 |  |  | $398,640 |

EBITDA
EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, 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, and income (loss) allocated to non-controlling 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 September 30, |  | Nine months ended September 30,
| 2015 | 2014 |  | 2015 | 2014
Net income attributable to common shareholders |  | $37,044 |  |  | $38,283 |  |  |  | $188,722 |  |  | $113,591 |
Plus: Interest | 23,265 |  | 22,967 |  |  | 72,288 |  | 68,846 |
Plus: Amortization of deferred financing costs | 725 |  | 836 |  |  | 2,143 |  | 2,493 |
Plus: Depreciation and amortization | 65,079 |  | 59,179 |  |  | 190,337 |  | 174,528 |
Plus: Income allocated to non-controlling interests from continuing operations | 1,150 |  | 1,050 |  |  | 7,738 |  | 3,099 |
Plus: Income tax expense | 498 |  | 353 |  |  | 1,334 |  | 1,228 |
Less: Gain on sale of operating properties, including land | — |  | (1,808 | ) |  | (85,192 | ) | (3,609 | )
Less: Impairment associated with land holdings | — |  | — |  |  | — |  | 1,152 |
Less: Equity in income of joint ventures | (1,574 | ) | (863 | ) |  | (4,487 | ) | (5,889 | )
EBITDA |  | $126,187 |  |  | $119,997 |  |  |  | $372,883 |  |  | $355,439 |