Camden: 3Q Earnings Snapshot
HOUSTON (AP) _ Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $126.6 million, or $1.25 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.18 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 $35 million, or 35 cents per share.
The real estate investment trust posted revenue of $265.7 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $258.2 million.
Camden expects full-year funds from operations to be $4.90 to $4.96 per share.
The company's shares have fallen 17% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $87.80, a drop of 23% in the last 12 months.
_____
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
