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Camden Property Trust Announces Second Quarter 2013 Operating Results

Camden Property Trust (NYSE: CPT) today announced operating results for the three and six months ended June 30, 2013.

Funds From Operations (“FFO”)

FFO for the second quarter of 2013 totaled $1.02 per diluted share or $91.4 million, as compared to $0.89 per diluted share or $76.7 million for the same period in 2012. FFO for the three months ended June 30, 2013 included: a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $1.0 million or $0.01 per diluted share charge related to executive separation costs.

FFO for the six months ended June 30, 2013 totaled $1.99 per diluted share or $178.1 million, as compared to $1.72 per diluted share or $145.3 million for the same period in 2012. FFO for the six months ended June 30, 2013 included: a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; a $1.0 million or $0.01 per diluted share charge related to executive separation costs; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land. FFO for the six months ended June 30, 2012 included a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $72.2 million or $0.81 per diluted share for the second quarter of 2013, as compared to $21.8 million or $0.26 per diluted share for the same period in 2012. EPS for the three months ended June 30, 2013 included: a $24.9 million or $0.28 per diluted share gain on sale of discontinued operations; a $13.0 million or $0.15 per diluted share gain on sale of unconsolidated joint venture properties; a $3.8 million or $0.04 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $1.0 million or $0.01 per diluted share charge related to executive separation costs.

Stock quotes in this article: CPT 

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