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.
Camden acquired three stabilized communities during the third quarter for a total of $135.0 million: Camden Creekstone, a 223-home apartment community in Atlanta, GA; Camden Landmark, a 469-home apartment community in Ontario, CA; and Camden Henderson, a 106-home apartment community in Dallas, TX. The Company also purchased the remaining 75% non-controlling ownership interest in a fully-consolidated joint venture during the quarter. Camden Travis Street, a 253-home apartment community in Houston, TX, is now wholly-owned by the Company.
During the quarter the Company acquired 12.0 acres of land located in Austin, TX for future development of a multifamily community. Subsequent to quarter-end Camden acquired 2.4 acres of land in Plantation, FL for future development of a multifamily community.Disposition Activity Camden disposed of one joint venture community during the quarter, which was owned by one of the Company’s funds. Camden South Congress, a 253-home apartment community in Austin, TX, was sold for approximately $54.4 million. Camden’s proportionate share of the gain was approximately $2.9 million. Subsequent to quarter-end, the Company sold two wholly-owned communities for a total of $26.6 million: Camden Laurel Ridge, a 183-home apartment community in Austin, TX; and Camden Steeplechase, a 290-home apartment community in Houston, TX. The Company also sold Camden Passage, a 596-home joint venture apartment community in Kansas City, MO for approximately $40.7 million subsequent to quarter-end. Development Activity Lease-ups were completed during the quarter at three development communities: Camden Montague, a 192-home project in Tampa, FL which is currently 96% occupied; Camden LaVina, a 420-home project in Orlando, FL, which is currently 96% occupied; and Camden Summerfield II, a 187-home project in Landover, MD, which is currently 95% occupied.
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