HOUSTON (AP) _ Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $110.4 million, or $1.09 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.15 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 $16.5 million, or 17 cents per share.
The real estate investment trust posted revenue of $250.7 million in the period, which met Street forecasts.
For the current quarter ending in October, Camden expects its per-share funds from operations to range from $1.14 to $1.20.
The company's shares have fallen 12% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $92.97, a decline of 12% in the last 12 months.