Camden Property Trust Q3 FFO Rises

(RTTNews) - Camden Property Trust (CPT) reported that its third-quarter 2014 funds from operations totaled $98.7 million or $1.09 per share, up from $93.3 million or $1.04 per share for the same period in 2013.

FFO for the latest-quarter included a $1.8 million or $0.02 per diluted share gain on sale of land. FFO for the prior year included a $1.2 million or $0.01 per diluted share impact from a promoted equity interest related to the sale of joint venture properties.

Quarterly earnings were $38.3 million or $0.43 per share for the third quarter of 2014, as compared to $70.7 million or $0.79 per share for the same period in 2013.

Total property revenues were $213.10 million up from $199.74 million in the previous year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.07 per share and revenues of $211.70 million for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter 2014 earnings guidance is $1.08 to $1.12 per share for FFO and $0.40 to $0.44 per share for EPS. Guidance for EPS excludes future gains on real estate transactions. Analysts project fourth-quarter earnings of $1.09 per share.

Camden updated its FFO earnings guidance for 2014 based on its current and expected views of the apartment market and general economic conditions. Full-year 2014 FFO is expected to be $4.27 to $4.31 per share, and full-year 2014 EPS is expected to be $1.67 to $1.71 per diluted share. Analysts expect annual earnings of $4.26 per share.

The Company's 2014 earnings guidance is based on projections of same property revenue growth between 4.4% and 4.6%, expense growth between 3.6% and 4.0%, and NOI growth between 4.75% and 5.05%.