HOUSTON (AP) — HOUSTON (AP) — Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $183 million, or $1.66 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.68 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 $41.9 million, or 39 cents per share.
The real estate investment trust, based in Houston, posted revenue of $378.2 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $377.8 million.
For the current quarter ending in June, Camden expects its per-share funds from operations to range from $1.66 to $1.70.
The company expects full-year funds from operations in the range of $6.74 to $6.98 per share.
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