"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%.

Occupancy rates are slightly higher, coming in at 94.6% for the quarter, up from 94% in third quarter 1999. For the 38,417 apartment homes included in the third quarter "same-property" results, revenues have increased 3.9% while operating expenses are up 0.7%, producing a 6.0% increase in same-property net operating income. A year-to-date analysis shows same property NOI is riding at 4.5%, with revenue growth of 3.3% and expense growth of 1.2%.

During the third quarter, Camden has completed a 151-unit expansion at the Miramar student housing facility in Corpus Christi, TX. Lease-ups have been completed at the Park at Greenway and the Park at Holly Springs in Houston. The Park properties in Orlando, Louisville, Phoenix and Dallas are still being leased, while the Park at Crown Valley in Southern California has just started its marketing campaign. Camden is calling for 2001 completions of more multifamily projects in Dallas and Southern California.