The company also offered first-quarter and 2009 guidance that fell in line with analysts' estimates.

Camden said late Monday its funds from operations, or FFO, fell to $10.1 million, or 17 cents per share, in the fourth quarter, from $57.1 million, or 94 cents per share, in the year-ago period.

The quarter included $51.3 million in charges related to losses on land.

On average, analysts polled by Thomson Reuters expected FFO of 1 cent per share.

FFO, which adds such items as amortization and depreciation back to net income, is considered a key measure of strength for real estate investment trusts because it provides a more accurate picture of cash performance.

The company also reported a net loss of $34.9 million during the quarter, compared to a profit of $81 million in the previous year.

Quarterly revenue rose more than 5 percent to $157.6 million from $149.5 million in the prior year.

For the year, FFO totaled $169.6 million, or $2.90 per share, down from $227.2 million, or $3.66 per share, in 2007. Analysts were expecting yearly FFO of $2.74 per share.

Camden also said it's expecting first-quarter FFO between 80 cents per share and 84 cents per share, and 2009 FFO between $3.15 per share and $3.45 per share. Analysts are forecasting 84 cents per share for the quarter and $3.31 per share for the year.

Shares of the REIT rose 1 cent to $24.70 in midday trading.