Camden property trust announces third quarter 2022 operating results
Houston--(business wire)--camden property trust (nyse:cpt) (the "company") announced today operating results for the three and nine months ended september 30, 2022. net income attributable to common shareholders (“eps”), funds from operations (“ffo”), and adjusted funds from operations (“affo”) for the three and nine months ended september 30, 2022 are detailed below. a reconciliation of eps to ffo is included in the financial tables accompanying this press release. three months ended nine months ended september 30, september 30, per diluted share 2022 2021 2022 2021 eps(1)(2) $0.27 $0.29 $5.62 $0.90 ffo(1) $1.70 $1.36 $4.85 $3.88 affo(1) $1.47 $1.17 $4.28 $3.38 (1) for the three and nine months ended september 30, 2022, eps, ffo, and affo included approximately $0.01 per diluted share in storm-related expenses related to hurricane ian. (2) for the nine months ended september 30, 2022, eps included a non-cash gain on acquisition of unconsolidated joint venture interests of approximately $4.37 per diluted share. quarterly growth sequential growth year-to-date growth same property results 3q22 vs. 3q21 3q22 vs. 2q22 2022 vs. 2021 revenues 11.7% 3.1% 11.6% expenses(1) 4.0% 2.8% 4.1% net operating income ("noi")(1) 16.3% 3.2% 16.0% (1) for the three and nine months ended september 30, 2022, same property results exclude approximately $1.0 million of storm-related expenses related to hurricane ian. same property results 3q22 3q21 2q22 occupancy 96.6% 97.2% 96.9% for 2022, the company defines same property communities as communities wholly-owned and stabilized since january 1, 2021, excluding communities under redevelopment and properties held for sale. a reconciliation of net income to noi and same property noi is included in the financial tables accompanying this press release. operating statistics - same property portfolio new lease and renewal data - date signed (1) october 2022* october 2021 3q22 3q21 new lease rates 5.2% 17.6% 11.8% 19.2% renewal rates 9.4% 13.8% 11.5% 12.3% blended rates 6.9% 15.9% 11.6% 15.6% new lease and renewal data - date effective (2) october 2022* october 2021 3q22 3q21 new lease rates 8.0% 19.1% 14.2% 16.2% renewal rates 11.3% 13.1% 14.0% 8.8% blended rates 9.7% 16.0% 14.1% 12.2% *data as of october 24, 2022 (1) average change in same property new lease and renewal rates vs. expiring lease rates when signed. (2) average change in same property new lease and renewal rates vs. expiring lease rates when effective. occupancy and turnover data october 2022* october 2021 3q22 3q21 occupancy 96.1% 97.2% 96.6% 97.2% annualized gross turnover 49% 47% 59% 55% annualized net turnover 41% 39% 51% 47% *data as of october 24, 2022 development activity during the quarter, lease-up was completed at camden buckhead in atlanta, ga and camden hillcrest in san diego, ca and construction commenced at camden woodmill creek in the woodlands, tx and camden long meadow farms in richmond, tx. additionally, leasing began at camden atlantic in plantation, fl and leasing continued at camden tempe ii in phoenix, az. development communities - construction ongoing ($ in millions) total total % leased community name location homes estimated cost as of 10/24/2022 camden atlantic plantation, fl 269 $100.0 40% camden tempe ii tempe, az 397 115.0 33% camden noda charlotte, nc 387 105.0 camden durham durham, nc 420 145.0 camden village district raleigh, nc 369 138.0 camden woodmill creek the woodlands, tx 189 75.0 camden long meadow farms richmond, tx 188 80.0 total 2,219 $758.0 capital markets transactions during the quarter, the company amended and restated its existing unsecured credit facility adding a $300 million delayed draw unsecured term loan facility and increased the capacity of the unsecured revolving credit facility from $900 million to $1.2 billion, for a total facility capacity of $1.5 billion. the company also extended the maturity date of its $40 million unsecured floating rate term loan with an unrelated third party to mature in 2024. subsequent to quarter end, camden's board of trust managers increased its share repurchase authorization from $269 million to $500 million. no share repurchases were made during the quarter or subsequent to quarter end. liquidity analysis as of september 30, 2022, camden had over $1.5 billion of liquidity comprised of approximately $62.0 million in cash and cash equivalents, and nearly $1.5 billion of availability under its unsecured credit facility and delayed draw unsecured term loan facility. at quarter-end, the company had $348.4 million left to fund under its existing wholly-owned development pipeline. earnings guidance camden updated its earnings guidance for 2022 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for fourth quarter 2022 as detailed below. expected eps excludes gains, if any, from real estate transactions not completed by quarter end. 4q22 2022 2022 midpoint per diluted share range range current prior change eps $0.36 - $0.40 $5.98 - $6.02 $6.00 $5.97 $0.03 ffo $1.72 - $1.76 $6.57 - $6.61 $6.59 $6.58 $0.01 2022 2022 midpoint same property growth range current prior change revenues 11.00% - 11.50% 11.25% 11.25% —% expenses 4.75% - 5.25% 5.00% 5.00% —% noi 14.25% - 15.25% 14.75% 14.75% —% camden intends to update its earnings guidance to the market on a quarterly basis. additional information on the company’s 2022 financial outlook and a reconciliation of expected eps to expected ffo are included in the financial tables accompanying this press release. conference call friday, october 28, 2022 at 10:00 am ct domestic dial-in number: (888) 317-6003; international dial-in number: (412) 317-6061 passcode: 5737190 webcast: https://investors.camdenliving.com the company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. the dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to management during the q&a session of the call. 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 (713) 354-2787. 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 at the time of this publication, and the company assumes no obligation to update or supplement these statements because of subsequent events. about camden camden property trust, an s&p 500 company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. camden owns interests in and operates 171 properties containing 58,433 apartment homes across the united states. upon completion of 7 properties currently under development, the company’s portfolio will increase to 60,652 apartment homes in 178 properties. camden has been recognized as one of the 100 best companies to work for® by fortune magazine for 15 consecutive years, most recently ranking #26. for additional information, please contact camden’s investor relations department at (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, 2022 2021 2022 2021 operating data property revenues (a) $ 373,772 $ 294,130 $ 1,046,847 $ 838,221 property expenses (b) property operating and maintenance 84,649 71,337 234,504 200,360 real estate taxes 48,182 38,731 136,448 113,611 total property expenses 132,831 110,068 370,952 313,971 non-property income fee and asset management 617 3,248 4,257 7,717 interest and other income 88 443 2,881 1,032 income/(loss) on deferred compensation plans (6,275 ) (843 ) (28,450 ) 9,183 total non-property income/(loss) (5,570 ) 2,848 (21,312 ) 17,932 other expenses property management 6,732 6,640 21,228 19,200 fee and asset management 556 1,159 2,090 3,310 general and administrative 14,002 14,960 44,526 44,428 interest 29,192 24,987 82,756 72,715 depreciation and amortization 158,877 111,462 429,749 304,189 expense/(benefit) on deferred compensation plans (6,275 ) (843 ) (28,450 ) 9,183 total other expenses 203,084 158,365 551,899 453,025 gain on sale of operating property — — 36,372 — gain on acquisition of unconsolidated joint venture interests — — 474,146 — equity in income of joint ventures — 2,540 3,048 6,652 income from continuing operations before income taxes 32,287 31,085 616,250 95,809 income tax expense (737 ) (480 ) (2,213 ) (1,292 ) net income 31,550 30,605 614,037 94,517 less income allocated to non-controlling interests (1,706 ) (1,122 ) (6,133 ) (3,508 ) net income attributable to common shareholders $ 29,844 $ 29,483 $ 607,904 $ 91,009 consolidated statements of comprehensive income net income $ 31,550 $ 30,605 $ 614,037 $ 94,517 other comprehensive income reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 369 372 1,107 1,117 comprehensive income 31,919 30,977 615,144 95,634 less income allocated to non-controlling interests (1,706 ) (1,122 ) (6,133 ) (3,508 ) comprehensive income attributable to common shareholders $ 30,213 $ 29,855 $ 609,011 $ 92,126 per share data total earnings per common share - basic $ 0.27 $ 0.29 $ 5.66 $ 0.90 total earnings per common share - diluted 0.27 0.29 5.62 0.90 weighted average number of common shares outstanding: basic 108,466 103,071 107,314 101,119 diluted 108,506 103,171 108,099 101,199 (a) we elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. for the three months ended september 30, 2022, we recognized $373.8 million of property revenue which consisted of approximately $332.0 million of rental revenue and approximately $41.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. this compares to property revenue of $294.1 million recognized for the three months ended september 30, 2021, made up of approximately $259.1 million of rental revenue and approximately $35.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. for the nine months ended september 30, 2022, we recognized $1,046.8 million of property revenue which consisted of approximately $929.9 million of rental revenue and approximately $116.9 million of amounts received under contractual terms for other services considered to be non-lease contracts. this compares to the $838.2 million of property revenue recognized for the nine months ended september 30, 2021, made up of approximately $737.8 million of rental revenue and approximately $100.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. revenue related to utility rebilling to residents was $9.8 million and $7.9 million for the three months ended september 30, 2022 and 2021, respectively and was $27.5 million and $23.2 million for the nine months ended september 30, 2022 and 2021, respectively. (b) for both the three and nine months ended september 30, 2022 expenses include approximately $1.0 million in storm-related expenses related to hurricane ian. 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, 2022 2021 2022 2021 funds from operations net income attributable to common shareholders (a) $ 29,844 $ 29,483 $ 607,904 $ 91,009 real estate depreciation and amortization 156,065 108,931 421,808 296,760 adjustments for unconsolidated joint ventures — 2,674 2,709 7,903 income allocated to non-controlling interests 1,706 1,122 6,133 3,508 gain on sale of operating property — — (36,372 ) — gain on acquisition of unconsolidated joint venture interests — — (474,146 ) — funds from operations $ 187,615 $ 142,210 $ 528,036 $ 399,180 less: recurring capitalized expenditures (b) (26,001 ) (19,717 ) (61,682 ) (51,205 ) adjusted funds from operations $ 161,614 $ 122,493 $ 466,354 $ 347,975 per share data funds from operations - diluted $ 1.70 $ 1.36 $ 4.85 $ 3.88 adjusted funds from operations - diluted 1.47 1.17 4.28 3.38 distributions declared per common share 0.94 0.83 2.82 2.49 weighted average number of common shares outstanding: ffo/affo - diluted 110,112 104,812 108,972 102,879 property data total operating properties (end of period) (c) 171 172 171 172 total operating apartment homes in operating properties (end of period) (c) 58,433 58,682 58,433 58,682 total operating apartment homes (weighted average) 58,427 51,011 55,881 50,202 (a) net income attributable to common shareholders for the three and nine months ended september 30, 2022 included approximately $1.0 million of storm-related expenses related to hurricane ian. (b) capital expenditures necessary to help preserve the value of and maintain the functionality at our communities. (c) includes joint ventures and properties held for sale, if any. note: please refer to the following pages for definitions and reconciliations of all non-gaap financial measures presented in this document. camden balance sheets (in thousands) (unaudited) sep 30, 2022 jun 30, 2022 mar 31, 2022 dec 31, 2021 sep 30, 2021 assets real estate assets, at cost land $ 1,706,396 $ 1,695,118 $ 1,343,209 $ 1,349,594 $ 1,317,431 buildings and improvements 10,574,820 10,440,037 8,651,674 8,624,734 8,536,620 12,281,216 12,135,155 9,994,883 9,974,328 9,854,051 accumulated depreciation (3,709,487 ) (3,572,764 ) (3,436,969 ) (3,358,027 ) (3,319,206 ) net operating real estate assets 8,571,729 8,562,391 6,557,914 6,616,301 6,534,845 properties under development, including land 529,076 581,844 488,100 474,739 428,622 investments in joint ventures — — 13,181 13,730 17,788 total real estate assets 9,100,805 9,144,235 7,059,195 7,104,770 6,981,255 accounts receivable – affiliates 13,258 13,258 13,258 18,664 18,686 other assets, net (a) 231,645 249,865 254,763 234,370 252,079 cash and cash equivalents 62,027 72,095 1,129,716 613,391 428,226 restricted cash 6,390 6,563 5,778 5,589 5,321 total assets $ 9,414,125 $ 9,486,016 $ 8,462,710 $ 7,976,784 $ 7,685,567 liabilities and equity liabilities notes payable unsecured $ 3,173,198 $ 3,222,252 $ 3,671,309 $ 3,170,367 $ 3,169,428 secured 514,843 514,698 — — — accounts payable and accrued expenses 212,558 195,070 169,973 191,651 191,648 accrued real estate taxes 125,210 86,952 36,988 66,673 88,116 distributions payable 103,620 103,621 100,880 88,786 87,919 other liabilities (b) 176,334 186,143 197,021 193,052 194,634 total liabilities 4,305,763 4,308,736 4,176,171 3,710,529 3,731,745 equity common shares of beneficial interest 1,156 1,156 1,127 1,126 1,114 additional paid-in capital 5,893,623 5,890,792 5,396,267 5,363,530 5,180,783 distributions in excess of net income attributable to common shareholders (525,127 ) (452,865 ) (848,074 ) (829,453 ) (954,880 ) treasury shares (329,027 ) (328,975 ) (329,521 ) (333,974 ) (334,066 ) accumulated other comprehensive loss (c) (2,632 ) (3,001 ) (3,370 ) (3,739 ) (4,266 ) total common equity 5,037,993 5,107,107 4,216,429 4,197,490 3,888,685 non-controlling interests 70,369 70,173 70,110 68,765 65,137 total equity 5,108,362 5,177,280 4,286,539 4,266,255 3,953,822 total liabilities and equity $ 9,414,125 $ 9,486,016 $ 8,462,710 $ 7,976,784 $ 7,685,567 (a) includes net deferred charges of: $ 8,961 $ 307 $ 693 $ 969 $ 1,336 (b) includes deferred revenues of: $ 331 $ 358 $ 384 $ 334 $ 208 (c) represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net 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 depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, and adjustments for unconsolidated joint ventures to reflect ffo on the same basis. 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 depreciable real estate, 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. our definition of recurring capital expenditures may differ from other reits, and there can be no assurance our basis for computing this measure is comparable to other reits. a reconciliation of ffo to affo is provided below: three months ended september 30, nine months ended september 30, 2022 2021 2022 2021 net income attributable to common shareholders $ 29,844 $ 29,483 $ 607,904 $ 91,009 real estate depreciation and amortization 156,065 108,931 421,808 296,760 adjustments for unconsolidated joint ventures — 2,674 2,709 7,903 income allocated to non-controlling interests 1,706 1,122 6,133 3,508 gain on sale of operating property — — (36,372 ) — gain on acquisition of unconsolidated joint venture interests — — (474,146 ) — funds from operations $ 187,615 $ 142,210 $ 528,036 $ 399,180 less: recurring capitalized expenditures (26,001 ) (19,717 ) (61,682 ) (51,205 ) adjusted funds from operations $ 161,614 $ 122,493 $ 466,354 $ 347,975 weighted average number of common shares outstanding: eps diluted 108,506 103,171 108,099 101,199 ffo/affo diluted 110,112 104,812 108,972 102,879 three months ended september 30, nine months ended september 30, 2022 2021 2022 2021 total earnings per common share - diluted $ 0.27 $ 0.29 $ 5.62 $ 0.90 real estate depreciation and amortization 1.42 1.04 3.84 2.88 adjustments for unconsolidated joint ventures — 0.02 0.02 0.07 income allocated to non-controlling interests 0.01 0.01 0.05 0.03 gain on sale of operating property — — (0.33 ) — gain on acquisition of unconsolidated joint venture interests — — (4.35 ) — ffo per common share - diluted $ 1.70 $ 1.36 $ 4.85 $ 3.88 less: recurring capitalized expenditures (0.23 ) (0.19 ) (0.57 ) (0.50 ) affo per common share - diluted $ 1.47 $ 1.17 $ 4.28 $ 3.38 camden non-gaap financial measures definitions & reconciliations (in thousands, except per share amounts) (unaudited) 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). guidance excludes gains, if any, from real estate transactions not sold as of quarter close due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales. a reconciliation of the ranges provided for diluted eps to expected ffo per diluted share is provided below: 4q22 range 2022 range low high low high expected earnings per common share - diluted $ 0.36 $ 0.40 $ 5.98 $ 6.02 expected real estate depreciation and amortization 1.34 1.34 5.18 5.18 expected adjustments for unconsolidated joint ventures — — 0.02 0.02 expected income allocated to non-controlling interests 0.02 0.02 0.07 0.07 (gain) on acquisition of unconsolidated joint venture interests — — (4.34 ) (4.34 ) reported (gain) on sale of operating properties — — (0.34 ) (0.34 ) expected ffo per share - diluted $ 1.72 $ 1.76 $ 6.57 $ 6.61 note: this table contains forward-looking statements. please see paragraph regarding forward-looking statements earlier in this document. net operating income (noi) noi is defined by the company as property revenue less property operating and maintenance expenses less real estate taxes. noi is further detailed in the components of property noi schedules on page 11 of the supplement. 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, 2022 2021 2022 2021 net income $ 31,550 $ 30,605 $ 614,037 $ 94,517 less: fee and asset management income (617 ) (3,248 ) (4,257 ) (7,717 ) less: interest and other income (88 ) (443 ) (2,881 ) (1,032 ) less: income/(loss) on deferred compensation plans 6,275 843 28,450 (9,183 ) plus: property management expense 6,732 6,640 21,228 19,200 plus: fee and asset management expense 556 1,159 2,090 3,310 plus: general and administrative expense 14,002 14,960 44,526 44,428 plus: interest expense 29,192 24,987 82,756 72,715 plus: depreciation and amortization expense 158,877 111,462 429,749 304,189 plus: expense/(benefit) on deferred compensation plans (6,275 ) (843 ) (28,450 ) 9,183 less: gain on sale of operating property — — (36,372 ) — less: gain on acquisition of unconsolidated joint venture interests — — (474,146 ) — less: equity in income of joint ventures — (2,540 ) (3,048 ) (6,652 ) plus: income tax expense 737 480 2,213 1,292 noi $ 240,941 $ 184,062 $ 675,895 $ 524,250 "same property" communities $ 191,278 $ 164,486 $ 555,629 $ 478,822 non-"same property" communities 48,979 14,378 115,908 30,803 development and lease-up communities 230 — 230 8 hurricane expenses (1,000 ) — (1,000 ) — other 1,454 5,198 5,128 14,617 noi $ 240,941 $ 184,062 $ 675,895 $ 524,250 camden non-gaap financial measures definitions & reconciliations (in thousands, except per share amounts) (unaudited) adjusted ebitda adjusted 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 acquisition of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, loss on early retirement of debt, as well as income (loss) allocated to non-controlling interests. the company considers adjusted 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. annualized adjusted ebitda is adjusted ebitda as reported for the period multiplied by 4 for quarter results and by 1.33 for nine month results. a reconciliation of net income attributable to common shareholders to adjusted ebitda is provided below: three months ended september 30, nine months ended september 30, 2022 2021 2022 2021 net income attributable to common shareholders $ 29,844 $ 29,483 $ 607,904 $ 91,009 plus: interest expense 29,192 24,987 82,756 72,715 plus: depreciation and amortization expense 158,877 111,462 429,749 304,189 plus: income allocated to non-controlling interests 1,706 1,122 6,133 3,508 plus: income tax expense 737 480 2,213 1,292 plus: hurricane expenses 1,000 — 1,000 — less: gain on sale of operating property — — (36,372 ) — less: gain on acquisition of unconsolidated joint venture interests — — (474,146 ) — less: equity in income of joint ventures — (2,540 ) (3,048 ) (6,652 ) adjusted ebitda $ 221,356 $ 164,994 $ 616,189 $ 466,061 annualized adjusted ebitda $ 885,424 $ 659,976 $ 821,585 $ 621,415 net debt to annualized adjusted ebitda the company believes net debt to annualized adjusted ebitda to be an appropriate supplemental measure of evaluating balance sheet leverage. net debt is defined by the company as the average monthly balance of total debt during the period, less the average monthly balance of cash and cash equivalents during the period. the following tables reconcile average total debt to net debt and computes the ratio to adjusted ebitda for the following periods: net debt: average monthly balance for the average monthly balance for the three months ended september 30, nine months ended september 30, 2022 2021 2022 2021 unsecured notes payable $ 3,211,216 $ 3,169,116 $ 3,260,272 $ 3,168,181 secured notes payable 514,795 — 343,148 — total debt 3,726,011 3,169,116 3,603,420 3,168,181 less: cash and cash equivalents (29,853 ) (297,048 ) (250,438 ) (311,558 ) net debt $ 3,696,158 $ 2,872,068 $ 3,352,982 $ 2,856,623 net debt to annualized adjusted ebitda: three months ended september 30, nine months ended september 30, 2022 2021 2022 2021 net debt $ 3,696,158 $ 2,872,068 $ 3,352,982 $ 2,856,623 annualized adjusted ebitda 885,424 659,976 821,585 621,415 net debt to annualized adjusted ebitda 4.2x 4.4x 4.1x 4.6x
