HOUSTON (AP) — HOUSTON (AP) — Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $187.9 million, or $1.71 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.67 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 $42.9 million, or 40 cents per share.
The real estate investment trust, based in Houston, posted revenue of $387.2 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $384.8 million.
For the current quarter ending in September, Camden expects its per-share funds from operations to range from $1.66 to $1.70.
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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
