Camden Property Trust (CPT)

7:28 ET Camden Property swings to quarterly income on sale gain

SAN FRANCISCO (MarketWatch) -- Camden Property Trust (CPT) Thursday evening said it swung to third-quarter net income, as the company recorded a gain of $2.07 per share from gain the sale of land, operating properties, joint venture properties and discontinued operations, of $125.5 million, or $2.07 a share. During the same period in the prior year, the net loss was $2.32 million, or 5 cents a share. The real estate company engaged in the multifamily apartment communities said total property revenue for the quarter rose to $154.6 million from $136.6 million in the prior year. Camden added that quarterly per-share funds from operations rose to $1.24 from 76 cents in the prior year. For 2006, per-share FFO is expected to be $3.82 to $3.88. For the fourth quarter, per-share FFO is expected to be from 81 cents to 87 cents. Camden sees per-share income of $3.60 to $3.66 for 2006, and of 17 cents to 23 cents for the fourth quarter.