HOUSTON (AP) — HOUSTON (AP) — Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $193.1 million, or $1.76 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.73 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 $156 million, or $1.44 per share.
The real estate investment trust, based in Houston, posted revenue of $390.8 million in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $394.6 million.
For the year, the company reported funds from operations of $757.2 million. Revenue was reported as $1.57 billion.
Camden expects full-year funds from operations in the range of $6.60 to $6.90 per share.
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