Camden Property Trust funds from operations jump in 1Q

Camden Property Trust (CTP) reported first-quarter funds from operations of 83 cents a share, or $68.6 million, a 15% jump from 72 cents a share, or $54.1 million, in the year-ago period.

Camden beat analysts’ earnings estimates of 80 cents a share, according to Zacks Investment Research.

The Houston-based real estate investment trust reported net income attributable to common shareholders of $88.8 million, or $1.07 a share, blasting off from $7.3 million, or 10 cents a share, a year earlier. The large increase is a result of gains on both acquisitions and discontinued operations.

For the 47,724 apartment homes included in Camden’s same property results, first quarter same property net operating income increased 9.6% compared to the first quarter of 2011, with revenues increasing 6.8% and expenses increasing 2.4%.

On a sequential basis, first quarter 2012 same property NOI increased 0.8%, with revenues increasing 1.5% and expenses increasing 2.8% compared to the prior quarter.

Occupancy levels for the portfolio averaged 94.9% during the first quarter, versus 94.5% in the fourth quarter of 2011 and 94% in the first quarter of 2011.

On January 25, Camden purchased the remaining 80% ownership interest in 12 joint ventures for about $99.5 million, and assumed about $272.6 million in mortgage debt, which was subsequently retired. The company now owns 100% of the interests in 4,034 apartment homes located in Dallas, Houston, Las Vegas, Phoenix, and Southern California, and consolidated those entities for financial reporting purposes as of the acquisition date.

Camden also acquired one multifamily community with 350 apartment homes located in Raleigh, N.C. for approximately $44.2 million through one of its funds.

The company disposed of three operating properties during the period, totaling $55.6 million and resulting in a gain on sale of $32.5 million. Those properties are Camden Vista Valley, a 357-home community located in Mesa, Ariz.; Camden Landings, a 220-home apartment community located in Orlando, Fla.; and Camden Creek, a 456-home apartment community located in Houston.


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