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Camden Property Trust Turns Corner With Third Quarter Gains

HOUSTON-Camden Property Trust expects to end the year on a high note, based on results from the third quarter. The FFO's up; revenues are too and so are occupancies--all positive signs that the tide is turning.

By Jack Burney | Updated on November 22, 2000

HOUSTON-With third quarter 2000 funds from operations of 88-cents per share running 8.9% above third quarter 1999, and occupancy levels showing a 0.6% rise, Camden Property Trust believes it has turned the corner and perceives a brighter fourth quarter.

“Clearly we have turned the corner in Houston and expect to see positive results in the fourth quarter as the market continues to strengthen,” says Keith Oden, Camden’s president. Camden had reported FFO for the third quarter of $39.5 million in comparison to $38.4 million for the same period in 1999. This year’s third quarter revenues tally $102.4 million, up from $94.2 million in third quarter 1999. Year-to-date, Camden’s FFO is $2.60 per diluted share or $116.4 million in comparison to $2.37 per share or $113.7 million in 1999, an increase of 10.1%.

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