HOUSTON (AP) — HOUSTON (AP) — Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $187.6 million, or $1.70 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.69 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 $80.7 million, or 74 cents per share.
The real estate investment trust, based in Houston, posted revenue of $396.5 million in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $393.8 million.
For the current quarter ending in September, Camden expects its per-share funds from operations to range from $1.67 to $1.71.
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