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Results improve for Vegas apartment complex owner

Monday, Aug. 9, 2004 | 11:15 a.m.

HOUSTON -- Camden Property Trust last week reported a profit of $7.7 million or 18 cents per share for the second quarter ended June 30, up from $6 million or 14 cents in the year-ago quarter.

Revenue grew 5.6 percent to $109 million.

The company said occupancy averaged 94.3 percent across its communities nationwide during both the first and second quarters of 2004, compared with 91.4 percent and 92.4 percent in the first and second quarters of 2003, respectively.

Camden is a real estate investment trust that focuses on ownership, development, acquisition, and management of apartment communities. It is based in Houston.

In Las Vegas, Camden owns and operates 17 Camden communities and is manager and part-owner with Sierra-Nevada Multi-Family Investment LLC Partnership in 17 Oasis apartment communities. Camden owns one apartment complex in Reno.

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