HOUSTON – HOUSTON (AP) _ Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $117.1 million, or $1.20 per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of $1.19 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 $38.9 million, or 40 cents per share.
The real estate investment trust posted revenue of $241.8 million in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $238.8 million.
Camden expects full-year funds from operations to be $4.74 to $4.78 per share.
The company's shares have increased 2 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $94, a rise of 3 percent in the last 12 months.
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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
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