HOUSTON-Camden Property Trust's Q3 2013 earnings showed steady increase across most categories. Specifically, the REIT's funds from operations totaled $1.04 per diluted share (or $93.3 million) versus the $0.93 per diluted share (or $82.1 million) for the same period in 2012. Part of the reason for the increase was the sale of 14 joint venture properties during Q2 2013.

On the net income end, earnings per share stood at $0.80 per diluted share ($70.7 million) compared to $0.35 per diluted share) $30.7 million for the same period in 2012. The EPS for the three months ending Sept. 30 included a $34.4 million share gain on sale of discontinued item, as well as a $1.2 million impact from additional promoted equity interest related to the above-mentioned property sales.

Other earnings highlights were:

• An NOI increase of 5.6% year-over-year, with revenues increasing by 4.3% and expenses increasing 2.1%.
• Two acquisitions during the quarter for a total of $116.5 million. The REIT bought the 170-unit Camden Sotelo in Tempe, AZ and the 592-unit Camden Vantage in Atlanta, GA.
• Two dispositions during the quarter for a total of $54.9 million. The 224-unit Camden Pinnacle and 276-unit Camden Centennial, both in Denver, CO. sold. Also sold: the 256-unit Camden Gardens and the 304-unit Camden Springs, both in Dallas.
• Construction launch for the 220-unit Camden Foothills in Scottsdale, AZ; the 234-unit Camden Hayden in Tempe, AZ and the 323-unit Camden Gallery in Charlotte, NC.