Camden: 2Q Earnings Snapshot
HOUSTON (AP) _ Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $128.6 million, or $1.28 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $1.27 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 $42.4 million, or 43 cents per share.
The real estate investment trust posted revenue of $255.8 million in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $252.4 million.
Camden expects full-year funds from operations to be $5.03 to $5.15 per share.
The company’s shares have climbed 22% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $107.65, a rise of 19% in the last 12 months.