"Based on current market conditions and a slower than anticipated recovery in the multifamily sector, we are revising our guidance for 2002," said Richard Campo, chairman and CEO. "We are now expecting same property NOI to decline in the range of 0% to (2%). FFO is expected to be $3.60 to $3.68 per share, with EPS between $1.29 and $1.37 per share excluding gains on sales." Quarterly changes lie on the horizon to keep pace with the market, according to Camden.

The first quarter FFO stayed flat at 90 cents per share or $40.1 million when compared to the 2001 Q1. Earnings per share dropped to 32 cents from 41 cents per share. Camden reported an average occupancy of 91.7% at its 51,045 units. Last year at this time, the portfolio was 94.7% occupied. Revenues decreased by 1.6% while operating expenses increased 1.6%, producing a 3.3% decline in same property NOI.

On the supply side, Camden is constructing Camden Harbour View in Long Beach, CA, Camden Vineyards in Murrieta, CA, Camden Oak Crest in Houston and Camden Miramar V in Corpus Christi. Before the year is done, Camden's portfolio will increase to 52,412 apartment homes in 147 properties.

Also in the first quarter, Camden spent about $70.2 million for two apartment communities in Tampa. The Marina Pointe II, being renamed Camden Bay, is a 352-unit property; while Camden Ybor City is a 454-unit property.