HOUSTON (AP) _ Camden Property Trust (CPT) on Thursday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $130.5 million, or $1.29 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.28 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 $43.6 million, or 44 cents per share.
The real estate investment trust posted revenue of $260.7 million in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $258.9 million.
Camden expects full-year funds from operations to be $5 to $5.04 per share.
The company's shares have increased 30% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $114.38, a rise of 27% in the last 12 months.