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

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

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

During the call, Oden also noted that same-store growth andprotected transactional assumptions for 2013 will remain the same,though the REIT is increasing the bottom end of its full-year FFOby $0.04, with the full FFO per share to be between $3.89 to $4.05per 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 $88.8million ($1.07 per diluted share) for the same period in 2012.
• Same property NOI increased by 6.7% compared to the firstquarter of 2012. Revenues increased 5.9% and expenses increased4.5%.
• 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 Houstonand 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).