HOUSTON (AP) _ Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $191.6 million, or $1.74 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.76 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 $45.7 million, or 42 cents per share.
The real estate investment trust posted revenue of $375.9 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $375 million.
For the year, the company reported funds from operations of $719.6 million, or $6.59 per share. Revenue was reported as $1.42 billion.
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