HOUSTON – HOUSTON (AP) _ Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $111.4 million, or $1.15 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.13 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $39.4 million, or 41 cents per share.
The real estate investment trust posted revenue of $230.7 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $230.5 million.
Camden expects full-year funds from operations to be $4.62 to $4.82 per share.
The company's shares have decreased 7.5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $85.20, a climb of 4 percent in the last 12 months.
_____
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on CPT at https://www.zacks.com/ap/CPT
The hottest stories ripped from the headlines, from crime to courts, legal and scandal.
