HOUSTON—Locally based Camden Property Trust recently revealed results for the three months ended March 31, 2017. The news showed another solid quarter for the company, according to Richard Campo, Camden’s chairman and CEO.
Campo noted that “Demand for rental housing remains strong, and our operating performance is consistent with our expectations for another good year in 2017.”
The company said it had net income of $34.9 million, or 38 cents per share. The real estate investment trust posted revenue of $219.5 million in the period
During the quarter, construction was completed during the quarter at Camden Gallery in Charlotte, NC and lease-up was completed subsequent to quarter-end. Lease-up was also completed at The Camden in Hollywood, CA during the quarter, and leasing began at Camden NoMa II in Washington, DC and Camden Shady Grove in Rockville, MD.
Subsequent to quarter-end, the company acquired approximately 8.2 acres of land in San Diego, CA for future development.
Outside analyst, BTIG, a global financial services firm, which specializes in institutional trading, investment banking research and related brokerage services, said in the Q1 review of CPT’s numbers that the reported FFO of $1.09 was in-line with the street and $0.01 below its previous estimates.
“As expected, Houston was the weakest major market in the Camden portfolio with revenue growing (3.3%),” said BTIG. “While we expect continued weakness in Houston during 2017, our buy thesis is based on this market rebounding in 2018 with more balanced supply and demand.”
Another analyst, RBCM, said that CPT’s numbers met its estimate and consensus. “All the major line items were in line with our firm.”
An analyst at the firm, Wes Golladay, said that D.C. was a bright spot for the company this quarter. “Although CPT should have an easier comp in D.C. in 2017 due to an asset-specific issue last year, Camden’s largest market is off to a solid start.”