According to a Camden press release, the Houston-based REIT's most recent FFO totaled 75 cents per share or $32.2 million in comparison to 90 cents per share or $40.1 million for first quarter 2002. Net income also dropped 12 cents per share to 20 cents at the first quarter close.
Camden, one of the nation's largest multifamily REITs, had occupancy fall to 91.4% from 92% a year ago in a 143-property portfolio with 50,790 units. Camden delivered two new communities in the quarter: Camden Ybor City in Tampa, and Camden Vineyards in Murrieta, CA. Currently, Camden Ybor is 85% occupied and Camden Vineyards, 90% leased.
The REIT's pipeline has four communities under construction: Camden Sierra at Otay Ranch and Camden Tuscany, both in San Diego; Camden Oak Crest in Houston; and Camden Harbor View in Long Beach, CA. All but Camden Harbor View will deliver this year, with that completion set for first quarter 2004.
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