Real estate investment trust Camden Property Trust (CPT) reported on Thursday a wider year-over-year loss for the fourth quarter, hurt by lower rental revenues as well as higher impairment losses.The company also provided earnings guidance for the first quarter and the full year 2010, below consensus estimate.
The Houston, Texas-based company reported a net loss of $79.29 million or $1.19 per share for the fourth quarter, wider than $34.91 million or $0.63 per share in the prior-year quarter.
Income from continuing operations widened to $79.39 million or $1.19 per share from $33.05 million or $0.64 per share in the prior-year quarter.
Negative funds from operations or FFO for the quarter was $36.32 million or $0.53 per share, compared to positive FFO of $10.10 million or $0.17 per share in the year-ago quarter. On average, 17 analysts polled by Thomson Reuters expected the company to earn $0.63 per share for the fourth quarter. Analysts' estimates typically exclude special items.
FFO for the latest quarter include $1.24 per share impact from impairment losses on land held for development and predevelopment investments, while the year-ago quarter included $0.88 per share impact from impairment losses on land held for development and predevelopment investments, and a $0.15 per share impact from gains related to early retirement of debt.
Excluding these non-recurring items, adjusted FFO for the quarter declined to $0.71 per share from last year's $0.90 per share.
Total property revenues for the quarter decreased to $153.06 million from $157.64 million in the same quarter last year. Six Wall Street analysts had a consensus revenue estimate of $132.22 million for the quarter.
Rental revenues for the fourth quarter declined to $131.42 million from $137.92 million in the prior-year quarter, while other property revenues amounting to $21.64 million rose from $19.72 million in the year-ago quarter.
Net operating income for the fourth quarter decreased to $95.03 million from $98.60 million in the corresponding quarter a year ago. Total non-property income was $5.23 million, compared to a loss $10.36 million in the year-ago quarter.
For the fourth quarter, same-property net operating income or NOI declined 5.5% from last year, with revenues declining 5.1% and expenses also decreasing 4.4%. Meanwhile, same-property physical occupancy levels for the combined portfolio averaged 92.9%, down from 93.7% last year.
Total property expenses for the quarter edged down to $58.04 million from $59.04 million in the prior-year quarter, and total other expenses increased to $93.94 million from $77.98 million in the comparable quarter a year ago.
For fiscal 2009, Camden Property reported a net loss of $50.80 million or $0.80 per share, compared to net income of $70.97 million or $1.28 per share in the prior year. Loss from continuing operations sharply widened to $62.43 million or $1.09 per share from $3.02 million or $0.26 per share in the year ago.
Funds from operations for the year dropped to $109.95 million or $1.68 per share from $169.59 million or $2.90 per share in the previous year. Excluding items, adjusted FFO declined to $3.04 per share from $3.54 per share a year back. Analysts expected the company to report earnings of $2.91 per share for fiscal 2009.
Total property revenues for the full year edged down to $623.93 million from $624.02 million reported in fiscal 2008. The Street was looking for full-year 2009 revenues of $560.31 million.
Looking ahead to the first quarter of fiscal 2010, FFO is expected to be between $0.64 and $0.68 per share. The Street is looking for earnings of $0.68 per share for the first quarter.
For fiscal 2010, the company expects FFO in a range of $2.35 to $2.65 per share. Analysts currently anticipate the company to earn $2.66 per share for the full-year 2010.
CPT closed Monday's regular trading session at $37.82, down $0.47 or 1.23% on a volume of 1.13 million shares, higher than the three-month average volume of 1.13 million shares.
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