HOUSTON-Based on solid earnings numbers from Q1 2013, Camden Property Trust has updated its earnings guidance for the remainder of the year, based on current and anticipated views of the multifamily market. The full-year funds from operations is forecast between $3.89 and $4.05 per diluted share, while earnings per share is forecast to range from $1.79 to $1.95 per diluted share.

The reason for the updated guidance was the first quarter report of $0.97 per diluted share which, according to Camden president and trust manager D. Keith Oden, was $0.03 per share higher than the $0.94 per share midpoint of the guidance range. Oden also pointed out during the REIT's Q1 earnings call that the projected FFO per diluted share between $0.96 and $1 per share forecast during Q2 are the result of a $0.02 per share increase in FFO due to growth in property net operating income as a result of the following:

An approximate 1.9% expected sequential increase in same-property NOI as revenue growth from the combination of rental rate increases, higher occupancies and increases in fee income as the REIT moves into the peak leasing periods more than offsets an expected increase in property expenses due to the normal seasonal summer increase in utilities and repair and maintenance costs
The NOI contribution from the company's non-same-property communities and development communities.

During the call, Oden also noted that same-store growth and protected transactional assumptions for 2013 will remain the same, though the REIT is increasing the bottom end of its full-year FFO by $0.04, with the full FFO per share to be between $3.89 to $4.05 per diluted share.

Other stats of note in Camden's Q1 earnings report include:

An EPS of $63.5 million ($0.72 per diluted share) versus $88.8 million ($1.07 per diluted share) for the same period in 2012.
Same property NOI increased by 6.7% compared to the first quarter of 2012. Revenues increased 5.9% and expenses increased 4.5%.
Occupancy across the portfolio averaged 95.2%, versus 95.1% during Q4 2012 and 94.9% during Q1 of 2012.
The company acquired the 356-unit Camden Post Oak in Houston and sold the 770-unit Camden Live Oaks in Tamps (for approximately $63.4 million) and the 526-unit Camden Reserve (for approximately $40.5 million).

Instant Insights /

Camden Increases Earnings Guidance

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