HOUSTON (AP) — 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 $189.8 million, or $1.72 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.68 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 $38.8 million, or 36 cents per share.
The real estate investment trust, based in Houston, posted revenue of $390.6 million in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $388 million.
For the current quarter ending in June, Camden expects its per-share funds from operations to range from $1.67 to $1.71.
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