HOUSTON (AP) — HOUSTON (AP) — Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $186.8 million, or $1.70 per share, in the period.
The average estimate of eight 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 $108.9 million, or $1 per share.
The real estate investment trust, based in Houston, posted revenue of $395.7 million in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $399.4 million.
For the current quarter ending in December, Camden expects its per-share funds from operations to range from $1.71 to $1.75.
The company expects full-year funds from operations in the range of $6.83 to $6.87 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CPT at https://www.zacks.com/ap/CPT
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