Camden Property Trust Q2 Profit Down

(RTTNews) - Camden Property Trust (CPT) Thursday reported second-quarter net income of $91.1 million or $0.84 per share, compared to $497.3 million or $4.54 per share last year.

Property revenues for the quarter were $385.5 million, compared to $361.7 million last year.

Funds from operations for the quarter were $184.0 million or $1.67 per share, compared to $179.9 million or $1.64 per share last year.

Core funds from operations for the quarter were $187.6 million or $1.70 per share, compared to $177.1 million or $1.61 per share last year.

Core adjusted funds from operations for the quarter were $166.6 million or $1.51 per share, compared to $155.7 million or $1.42 per share last year.

Analysts polled by Thomson Reuters expected earnings of $0.35 per share for the quarter on revenues of $383.52 million for the quarter.

Looking forward to the third quarter, the company expects earnings of $0.41-$0.45 per share and FFO per share of $1.71-$1.75.

For the full year 2023, the company now expects earnings of $2.07 to $2.17 per share and FFO per share of $6.80 - $6.90.