Camden: 4Q Earnings Snapshot
HOUSTON (AP) _ Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $119.4 million, or $1.23 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $1.22 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 $39.2 million, or 41 cents per share.
The real estate investment trust posted revenue of $244.9 million in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $243.4 million.
For the year, the company reported funds from operations of $464 million, or $4.77 per share. Revenue was reported as $954.5 million.
For the current quarter ending in April, Camden expects its per-share funds from operations to range from $1.18 to $1.22.
The company expects full-year funds from operations in the range of $4.97 to $5.17 per share.
The company’s shares have risen 10 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $96.92, a rise of 12 percent in the last 12 months.