HOUSTON (AP) _ Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $120.7 million, or $1.22 per share, in the period.
The average estimate of 10 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 $38.6 million, or 40 cents per share.
The real estate investment trust posted revenue of $248.6 million in the period, which beat Street forecasts. Nine analysts surveyed by Zacks expected $246.5 million.
Camden expects full-year funds from operations to be $4.99 to $5.15 per share.
The company's shares have risen 14% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $99.94, a rise of 16% 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