4Q marks positive 2011 for Camden Property Trust
Camden Property Trust (CPT) saw its funds from operations rise to $64.3 million in the fourth quarter from $53.9 million in the year-earlier period as property revenue outpaced expenses.
The Houston-based real estate investment trust FFO brought in 84 cents a share compared with 73 cents in the fourth quarter.
REITs generally prefer to use FFO as the standard measure of financial performance. Net income attributable to common shareholders, another measure, rose to $46.8 million from $17.1 million.
Property revenue outgrew expenses for Camden,as its properties drew revenue of $144.5 million in the fourth quarter compared with $132.1 million in 2010. Expenses rose to $62.6 million from $58.9 million.
Camden acquired five communities for $135.5 million during the quarter with construction underway at eight, while it sold two properties for $24.6 million.
For all of 2011, Camden had a more modest FFO increase to $207.5 million, or $2.73 a share, from $194.3 million in 2010.
The company also released guidance of FFO a share between $3.30 to $3.55, as it expects revenue growth to continue to outpace expenses.
Camden held 196 properties as of Dec. 31, 10 more than at the end of 2010.