HOUSTON – HOUSTON (AP) _ Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $116.1 million, or $1.19 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.18 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 $38.7 million, or 40 cents per share.
The real estate investment trust posted revenue of $237.1 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $234.7 million.
Camden expects full-year funds from operations to be $4.68 to $4.80 per share.
The company's shares have risen slightly since the beginning of the year. In the final minutes of trading on Thursday, shares hit $92.49, a rise of 3.5 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