Camden results drop in the second quarter

Thursday, Aug. 8, 2002 | 10:47 a.m.

Houston-based Camden Property Trust, an apartment community owner and developer with 39 rental communities in Las Vegas, said last week its results fell in the second quarter.

Camden's profit, or funds from operations, in the second quarter of 2002 was $37.5 million, or 83 cents a share, down from $42 million, or 94 cents a share, in the same quarter a year ago.

The results fell below analyst expectations of about 89 cents a share, said Thomson First Call.

Camden attributed the results to a weakening apartment market, citing company-wide vacancy levels averaging 8 percent in the second quarter, compared to 6 percent in the same quarter a year ago.

In addition, the company said operating expenses at its properties increased 5 percent.

Camden also applied a new brand name to its 127 apartment communities across the nation in the second quarter.

Formerly under the Oasis nameplate, the real estate investment trust's local properties have been rebranded using the Camden identity.

Camden's largest portfolio concentration is in Las Vegas, where about 25 percent of its apartment communities are located.

Camden officials could not be reached for comment.